District revenues for the first two months of fiscal 1986 were $11 million below projections, largely because of shortfalls in expected tax collections, according to an analysis by the D.C. Department of Finance and Revenue.

Alphonse G. Hill, deputy mayor for finance, said city officials will wait to see if revenues continue to fall below estimates before deciding whether to make budgetary changes. Revenues could rise in later months and make up for the recorded drop in October and November, he said.

The reported shortfalls appear to support recent statements by Mayor Marion Barry, who has described the District economy as "sluggish." The mayor, who transmitted the report to D.C. City Council Chairman David Clarke last week, is expected to present his budget for the coming fiscal year on Feb. 3.

Overall, the finance and revenue department report noted that the District took in $647.4 million during the first two months of fiscal 1986. Projections for those funds, the bulk of which are derived from the the federal payment to the city, were $658.5 million.

While property tax collections exceeded projections, revenues from general sales taxes and income taxes were off by 14 percent and 13 percent, respectively. In addition, the $52.5 million collected in general sales taxes was 3 percent less than the amount collected in the same period the year before. Income from nontax sources was up, however, primarily because of a "strong" showing in collections of traffic fines -- which were $2.7 million over projections for the period.