Massachusetts collected nearly 10% less in tax revenues in May than the same time last year and missed by about 7% a benchmark Gov. Maura Healey adjusted earlier this year as financial headwinds picked up their pace in the state, according to data released Wednesday afternoon.

The revenue haul in May represents a step back from a massive collection in April, when revenues beat expectations by more than $1 billion. That was largely driven by excess capital gains and a voter-approved income surtax, both revenue sources where dollars already have mandated purposes and cannot be used to level off general spending.

The Department of Revenue reported collecting $2.4 billion last month, or about $260 million less than in May 2023 and $192 million below projections set by the Healey administration. The state has so far brought in $36.6 billion this fiscal year, or 3.7% more compared to the same period in fiscal year 2023 and $700 million above year-to-date benchmarks.

But Massachusetts Taxpayer Foundation President Doug Howgate cautioned that Beacon Hill budget writers are not in the clear just yet as they look to balance the state’s budget with the end of the fiscal year approaching.

The state could still be in the red even though collections are running above year-to-date benchmarks because dollars from the surtax and excess capital gains need to be set aside for their intended purposes, he said.

“Once you adjust for surtax collections over that $1 billion threshold, we’re not ridiculously below benchmark, but it continues to be the case that I think it’s going to be a little touch and go as we close this year when you think about general fund revenues,” he said.

Department of Revenue Commissioner Geoffrey Snyder said May tax collections decreased “in all major tax types in comparison to May 2023.” Decreases in income tax withholding and sales tax were due, in part, “to typical timing factors in collections,” he said.

“The decrease in non-withheld income tax was driven mostly by a decrease in the number of payments received this May relative to May 2023. The decrease in corporate and business tax was due to an unfavorable increase in refunds. The decrease in ‘all other’ tax is mostly attributable to a decrease in estate tax, a category that tends to fluctuate,” he said in a statement.

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May is a “mid-size month” for collections, according to the Department of Revenue, which ranked it seventh of 12 months in seven of the last 10 years.

“Net revenue collections in May are influenced by the individual tax filing season, which generates both inflows and refund outflows during the month. Estimated payments from individuals and businesses are not significant in May,” the department said.

Sliding revenues this fiscal year have proved to be a thorn in lawmakers’ and the Healey administration’s side as they have pursued major spending initiatives.

Healey in January downgraded tax forecasts by $1 billion and unilaterally slashed $375 million from the fiscal year 2024 budget after months of dismal returns. That came after Beacon Hill approved a $1 billion-a-year package of tax cuts, which the governor has defended as “absolutely essential.”

Months later, the first-term Democrat put in place a pause on most state hiring and required agencies to seek approval from her budget writing department before bringing on new employees, save for some exceptions.

Budget writers in the House and Senate have also repeatedly stressed that crafting the fiscal year 2025 budget has been a challenge amid poor revenue returns.