Florida to bring in more tax revenue than anticipated
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.
Recovering From COVID-19, New Florida Spending Plan Includes Estimated $2 Billion Increase In Tax Revenue
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Tax collections are coming in $2 billion better than anticipated
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Chambers advance preliminary spending plans as Florida budget battles begin John Haughey, The Center Square © Provided by Washington Examiner
The Florida House’s tentative $97.1 billion spending plan allocates more than $10 billion in federal pandemic assistance while the Senate’s proposed preliminary $95 billion budget makes believe it doesn’t exist.
How that somehow makes sense and how it comes together into one Fiscal Year 2022 (FY22) budget that aligns with Gov. Ron DeSantis’ $96.6 billion spending request – now $100.9 billion with $4.3 billion in federal monies added – will be the gritty nub of contention the next five weeks before the session adjourns on April 30.
Both chambers’ appropriations committees gave preliminary approvals to their proposed FY22 spending plans Wednesday.
Sunburn â The morning read of whatâs hot in Florida politics â 3.8.21
Good Monday morning. â
What they’re reading on the Plaza level: As Florida’s Governor continues to defend himself against various slays related to his COVID-19 response and, now, vaccine rollout,
Ron DeSantis‘ role in the virus has been vindicating. The state’s numbers are lower than places with Democratic Governors, like New York and California, but its economy, saved from extended lockdowns, is thriving. No doubt Team DeSantis is already prepping news conference quips to tout their success.
Ron DeSantis gets vindicated. Image via AP.
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Two reasons Republicans outperformed polls: We know the 2020 election was so last year, but the Monday morning quarterbacking persists, nonetheless. FiveThirtyEight ponders two theories on why polls underestimated GOP success: former President