Florida Tax Collections Top Estimate

By The News Service of Florida

State general-revenue tax collections in May were 4.2 percent higher than expected, according to a report released Tuesday by the Legislature’s Office of Economic & Demographic Research.

The report said net general revenue during the month totaled about $4.48 billion, $182.4 million more than expected when a forecast was issued in January. Sales-tax revenue accounted for $3.121 billion of the total collections, which was $71.9 million more than forecast.

Among other general-revenue sources that topped estimates were insurance taxes, earnings on investments and documentary-stamp taxes on real estate transactions.

Sources that fell below forecast amounts included corporate filing fees, beverage taxes, highway safety fees and tobacco taxes. The state’s Revenue Estimating Conference will update the forecast in August.

General revenue is closely watched because it plays a major role in funding education, health and prison programs.