Kansas Gov. Sam Brownback waves after delivering his State of the State address to a combined session at the Kansas State Capitol on Thursday, Jan. 15, 2015, in Topeka.

TOPEKA ? Republican Gov. Sam Brownback was preparing Tuesday to give his annual State of the State address to a less-friendly Kansas Legislature that already is wrestling with serious budget problems.

The governor was scheduled to speak Tuesday evening to a joint session of the GOP-controlled House and Senate. The address gives Brownback a chance to outline his agenda for the 90-day legislative session and tout his policies.

Spokeswoman Melika Willoughby said Brownback would discuss budget issues. He planned to release detailed budget recommendations Wednesday.

Kansas faces a projected $342 million shortfall in its current budget and gaps totaling $1.1 billion in funding for existing programs through June 2019. The state has struggled to balance its budget since Republican legislators slashed income taxes in 2012 and 2013 at Brownback’s urging.

The tax cuts were designed to stimulate the economy but even some GOP voters concluded last year that the effort had been a bust. They ousted 14 conservative Brownback allies in GOP primaries in August, and another 10 lost seats in November. While Republicans retain supermajorities in both chambers, both Democrats and GOP moderates saw gains.

While lawmakers in both parties support rolling back some of the income tax cuts, legislators don’t believe they can raise revenues quickly enough to plug the hole in the current budget before the fiscal year ends June 30. They’ve been pondering one-time accounting moves to avoid immediate spending cuts.

House Appropriations Committee Chairman Troy Waymaster said Tuesday that tapping a $320 million state investment fund is an option “worth looking at.” Legislators have been discussing the idea for several weeks.

Waymaster, a Bunker Hill Republican, said the possibilities include making a loan backed by the investment fund or liquidating it it to help finance general government programs.

Legislators created the investment fund in 2000 and deposited idle state tax dollars to boost the state’s interest earnings. State Treasurer Ron Estes has said Kansas could realize about $40 million in investment gains if it liquidated the fund.

Waymaster said: “We’re being cautious and pragmatic and methodical.”