HARRISBURG -- It's only two months into the state's new fiscal year, but so far it's not a financially auspicious start.

As of Aug. 31, collections for the state's general fund stood at $3.4 billion, which is $117.6 million, or 3.3 percent, below the revenue estimate made in early July, when the 2008-09 budget of $28.3 billion was adopted.

The two-month results are better than the results for just August, when revenues were 6.6 percent less than anticipated, said state Revenue Secretary Tom Wolf.

But don't panic, he said. "This is only the second month of the fiscal year. It's too early to jump to any conclusions about where collections will be at the end of the fiscal year June 30.''

One of the state's biggest money-makers, the sales tax, brought in $693 million for August, or $28 million below the estimate. The personal income tax brought in $737 million last month, or $7.3 million below anticipation. Corporation tax revenue also was below the estimate.

Pennsylvania hasn't suffered as much as some other states from the ongoing national economic slowdown, but officials worry that the slowdown finally could be taking effect here. If revenues continue to fall off, state officials will likely have to slash some programs next spring or raise taxes, neither of which is an attractive option to legislators.