New York State tax flow falls short of predictions.

New York State collected $133.5 million less in taxes arid fees than originally projected for the first four months of its 1994 fiscal year, but officials have taken the necessary steps to keep New York's $59 billion budget in balance, according to a report released yesterday by state Comptroller H. Carl McCall.

McCall attributed the revenue shortfall for the fiscal year that began April 1 to lower personal income tax collections.

But, McCall said the "use of conservative revenue estimates by the state Division of the Budget has thus far provided breathing room to manage such shortfalls without the need for legislative action."

The report, which calculated cash receipts, between April 1 and July 31, warned that a tough regional economy poses "significant risks," which may sharply reduce cash collected by the state this year.

"We just wanted to show there was an erosion of revenue, and it could be a problem if things don't turn around," said Cynthia Munk, a spokeswoman for the state comptroller's office. So far, Munk said, state budget officials "have made the adjustments."

The state budget division did not return a telephone call.

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