Florida Tax Revenue Tops Projection
The state’s general revenue collections in Aug. totaled $3.6 billion, 4.3% higher than expected, thanks to a boost from sales taxes and earnings on investments.
TALLAHASSEE, Fla. – State general-revenue collections in August were 4.3% higher than projected, according to state officials. With a boost from sales taxes and earnings on investments, Florida had net general revenue during the month of $3.639 billion, $149.5 million more than anticipated when a panel of economists revised projections on Aug. 14.
A report posted online Tuesday by the Legislature’s Office of Economic & Demographic Research showed sales taxes accounted for $2.892 billion of the August revenue, $60 million higher than expected.
Earnings on investments totaled $169.9 million, which was $84 million more than anticipated.
General revenue is closely watched because it plays a major role in funding education, health and prison programs. The economists meet periodically during the year to update projections, which are used by lawmakers in negotiating an annual state budget.
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