BOSTON (AP) — A key Senate panel is preparing its version of the state budget amid indications that further belt-tightening may be needed.

The Senate Ways and Means Committee is scheduled to unveil the spending plan for the July 1 fiscal year on Tuesday, several weeks after the House version of a $40.3 billion budget was approved.

After that vote was taken, the state received some more negative fiscal news. Revenue officials say April tax collections missed the forecast by $241 million, leaving the state $462 million in the hole for the current fiscal year.

It remains unclear how that gap might affect the Senate’s planning for next year.

Some Democrats in the Senate have suggested the need for tax increases but Republican Gov. Charlie Baker and many House Democratic leaders remain opposed.

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