November State Revenue Tops Expectations

November State Revenue Tops Expectations

The News Service of Florida

As Florida continues trying to claw itself out of financial problems caused by the COVID-19 pandemic, November general-revenue collections exceeded expectations and slightly topped collections in pre-pandemic November 2019, according to a report released Wednesday.

Net general revenue last month totaled $2.698 billion, up 2.1 percent from $2.642.2 billion in November 2019, according to the report from the Legislature’s Office of Economic & Demographic Research.

After the pandemic slammed the economy, state analysts in August substantially reduced general-revenue estimates for the 2020-2021 and 2021-2022 fiscal years. But revenue exceeded those reduced estimates by a combined total of nearly $1 billion in August, September, October and November, the report shows. November collections exceeded the revised estimate by $277.3 million.

General revenue includes a variety of sources, including sales taxes and corporate-income taxes.

Despite overall collections exceeding the August expectations, the report Wednesday said the tourism and hospitality industries continue to suffer. “The only significant over-the-year loss is attributed to declines in the tourism and hospitality-related industries, dropping receipts 20.3 percent below collections for the Tourism category in November 2019,” an executive summary said.

“Even though a significant part of the loss arises from a reduction in the number of out-of-state tourists, this category also includes sales to Florida residents at restaurants, local attractions and other leisure-based activities which have likewise been negatively affected by the pandemic.”

3 Responses to "November State Revenue Tops Expectations"

  1. “? If you trust your television, what you get is what you got… ‘cause when they own the information, oooohhh, the can bend it all they want… ?”

  2. While it is true to say that Covid it’s self had some impact on the economy, much more of the loss of economic activity can be attributed to the government shutdowns and closures of the last 9 months.

  3. Every year the same Legislative Economic office rolls out a doom and gloom economic forecast 4 to 6 weeks prior to the start of the Legislative session.
    This annual doom and gloom forecast has absolutely nothing to do with reality. It is necessary trickery to discourage newby Senators and Representatives from trying to get a piece of the Governor’s, Senate Preisedent’s, and Speaker of The House’s money for their own priorities.
    “Sit down Newbys and shut up! We have no money for your hair brained ideas.”
    Then as if by magic a week or two prior to the close of session enough money is “found” to fund the leadership’s priorities and just a few small bones and crumbs are tossed out to the Newbys.
    Happens every year!!
    Thats how it works!!

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