Officials said Tuesday that Mississippi tax collections fell 2 percent short of expectations in August.
Combined with a shortfall in July, state collections are now 5.9 percent behind for the first two months of the fiscal year.
A spokeswoman says Gov. Haley Barbour will decide in the next few days whether to order reductions in state spending.
The Republican governor said last week that education could be among the first state services to lose money if cuts are needed.
Barbour said schools, community colleges and universities received record funding this year, while many other state programs already are receiving significantly less money than they did two years ago.