State Gets Revenue Bump in February

State Gets Revenue Bump in February

By The News Service of Florida

As state lawmakers await updated projections that will help build next year’s state budget, they received a little more good news Tuesday, as monthly revenue collections continue to outpace expectations.

The Legislature’s Office of Economic & Demographic Research reported February general-revenue collections came in $298.5 million above a forecast for the month. That was the seventh consecutive month that revenues beat a revised — and reduced — forecast issued in August amid the COVID-19 pandemic.

“This reflects activity that largely occurred in January, 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 report said.

The Internal Revenue Service sent out payments from a December stimulus package to eligible taxpayers. The February numbers came after revenue topped the forecast for January by $246.7 million and by $336.7 million in December. The tourism and hospitality industry remained the biggest lag in revenue numbers.

“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 that have likewise been negatively affected by the pandemic,” the economists wrote in the report.

On Wednesday, the House Appropriations Committee will take up a $97.08 billion spending proposal for the fiscal year that starts July 1. The Senate Appropriations Committee, meanwhile, will consider a $95 billion spending plan. But those proposals are only initial steps as legislative leaders prepare to negotiate a final budget over the next month.

The state Revenue Estimating Conference will meet April 6 to update projections of general revenue — a process that is expected to provide an infusion of additional cash that can be used for the budget. General revenue collections have been up about $1.8 billion from the revised August forecast.

2 Responses to "State Gets Revenue Bump in February"

  1. Dead-nuts-on Snidely… ask anyone in Denver (with the integrity to tell the truth that is), and they’ll tell you that the black market on weed is alive, thriving, and growing by the minute. Not to mention crime rates, hospital bills, vehicle crashes, et al…

  2. Great job at the helm of Florida Governor.
    Remember this in 2022 voters and fight your lame urges to vote for Nikki Weed.
    Your fantasies of smoking legal weed probley wont come true anyway because of the necessary high cost. Once you pay Nikki Weed’s company’s exorbitant rate and add in State and Federal weed tax you wont be able to purchase enough legal weed to get a fly high. Legal weed will be just for very wealthy folks.

    The average weed voter will be so screwed in the end and you will still continue to purchase illegal weed from your current source…but then they also will have jacked up their prices to keep up with Nikki Weed’s legal weed price.
    You all weed heads are gonna really regret voting for legal weed Nikki Weed. Have you ever heard of government getting involved in anything and the price to buy it coming down? No of course you know that never happens.

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