Gov. Mitch Daniels this morning announced an additional $300 million to $400 million in state spending cuts, including no pay raises for state employee and a moratorium on most state building projects.

Daniels said the cuts are necessary after state revenue projections missed for the fourth straight month. State tax collections in October were $46 million, or 4 percent, short of projections.

Since the fiscal year began July 1, the state revenue has dipped $309 million below projections, or 7.4 percent below forecast.

The spending cuts Daniels announced today are aimed at making up those losses, and will include:

— An additional 5 percent in spending cuts by all state agencies. This on top of a 5 percent cut Daniels ordered in July.

— No pay raises for state employees, which will save $20 million.

— All building projects for state agencies will be deferred.

— Some earmarked or dedicated funds, not generally used for day-to-day state expenses, will be transferred into the state’s general fund.

Exactly how much the cuts will save is unclear, because many specifics are still be identified, said Budget Director Chris Ruhl.

“At this point, we’ve seen enough to know that new actions are necessary if we’re going to protect Indiana taxpayers against the tax increases that are happening in most of the rest of America,” Daniels said.

“With regret, we’re going to take a series of actions on top of the hundreds we’ve already taken to live within our means in Indiana.”