HELENA, Mont. (AP) — A budget analysis shows the work that the Montana Legislature has done so far this session would leave the state in the black financially but with about half the cash reserves that Gov. Steve Bullock wants.

The preliminary analysis released Wednesday shows budget subcommittees cutting $46 million more in general fund spending than the governor’s budget proposal. The state would have $159 million in reserves in 2019, compared with the $300 million cushion Bullock is seeking.

The Republican-led Legislature is seeking to fix a budget shortfall by cutting government spending. Republican lawmakers so far have rejected the Democratic governor’s plan to lessen the cuts by increasing some taxes.

The analysis by the Legislative Fiscal Division adds up the initial numbers from various budget subcommittees and the cost of bills that have been approved by at least one committee.