COLUMBIA, Mo. (AP) — Missouri Gov. Mike Parson is cutting hundreds of millions of dollars from the state budget.

Parson on Tuesday signed the upcoming fiscal year’s budget while cutting close to $450 million in planned spending.

Parson says the cuts are necessary to keep the budget balanced after revenues tanked because of the coronavirus pandemic.

Revenues are down 7.4% this fiscal year compared to last year.

Parson could undo the $450 million in cuts if revenues increase unexpectedly in the coming months.