Gov. Brad Little’s executive order for midyear spending cuts could avert a projected $79.9 million deficit caused by tax cuts and revenue shortfalls.

That’s according to a Tuesday revenue forecast from the Division of Financial Management (DFM). Little’s budget office said the state would collect $5.55 billion this fiscal year, $708 million less than DFM forecast in January and $854 million below the revenue target that the Legislature used to set the budget for this fiscal year, which began July 1 and ends June 30.

Little’s executive order attempts to ward off the deficit, DFM administrator Lori Wolff said Thursday. The Republican governor on Friday called for 3% holdbacks — midyear spending cuts — for all state agencies, except public schools , which should generate about $

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