Florida tax revenues top forecast amounts for 8th consecutive month
Jim Turner
TALLAHASSEE Florida had an eighth consecutive month of tax revenues topping forecast amounts, as federal stimulus money continued pumping into the economy during the COVID-19 pandemic.
In a report released Wednesday, the Legislature’s Office of Economic & Demographic Research reported March general-revenue collections came in $299.6 million above an estimate included in a December forecast. That came even though tourism and hospitality-related industries continued to lag in the recovery.
The March number was bolstered by sales tax revenue, which accounted for a $201.1 million gain over the December forecast.
“This reflects activity that largely occurred in February, which benefited from a new round of stimulus checks to households, redirected spending from the hard-hit service sector and some consumers’ ability to draw down atypically large savings that built up during the pandemic,” the re
Sunburn â The morning read of whatâs hot in Florida politics â 4.7.21
Alcee Hastings made trails where previously there were no trails.
He was a fighter, a visionary, and Florida’s history cannot be written without including his chapter. As a civil rights fighter, he was arrested numerous times at sit-ins and demonstrations.
As a lawyer, Hastings battled fiercely for fairness and equality. He was the first Black federal judge in Florida.
RIP to Alcee Hastings, a trailblazing South Florida lawmaker who passed away Tuesday at 84.
He was elected to the U.S. House of Representatives in 1995 as a Democrat, and he served there until his death Tuesday following a battle with pancreatic cancer. Hastings was 84 years old.
Florida sales tax estimates get $2 billion bump
Published article
TALLAHASSEE, Fla. - As they piece together a new spending plan, state lawmakers can anticipate $2 billion more in tax revenue than previously forecast, months after facing the prospects of a major budget shortfall.
But while economists increased general-revenue estimates Tuesday, the state still faces financial fallout from the COVID-19 pandemic such as an increase in Medicaid caseloads and the potential that tourism, particularly from overseas travelers, might not return to normal levels until the 2022-2023 fiscal year.
Amy Baker, the coordinator of the Legislature’s Office of Economic & Demographic Research, said the state has been very fortunate with developments such as a huge influx of federal money.
State tax estimates get $2 billion bump
But there s still pandemic-related costs lawmakers must deal with.
As they piece together a new spending plan, state lawmakers can anticipate $2 billion more in tax revenue than previously forecast, months after facing the prospects of a major budget shortfall.
But while economists increased general-revenue estimates Tuesday, the state still faces financial fallout from the COVID-19 pandemic such as an increase in Medicaid caseloads and the potential that tourism, particularly from overseas travelers, might not return to “normal” levels until the 2022-2023 fiscal year.
Amy Baker, coordinator of the Legislature’s Office of Economic & Demographic Research, said the state has been “very fortunate” with developments such as a huge influx of federal money.