Florida General Revenue Collections Top Projections

By The News Service of Florida

General revenue tax collections in June slightly topped a projection, as consumers continued to make purchases ahead of anticipated tariff impacts.

In a report released Friday, the Legislature’s Office of Economic & Demographic said Florida collected about $4.85 billion in net general revenue in June, $31.6 million more than economists projected in a March forecast.

“June collections reflect activity that largely occurred in May and several factors explain the net result, including consumers’ pre-buying of goods in advance of the expected impact of tariffs,” the report said.

It was the second consecutive month that economists said revenue collections were affected by people preparing for tariffs that have been a key part of President Donald Trump’s economic platform. General revenue is closely watched because it plays a major role in funding education, health and prison programs. The biggest source of general revenue is sales taxes.

A panel of economists known as the Revenue Estimating Conference meets periodically during the year to update projections, which are used by lawmakers in negotiating the state budget. An updated revenue projection is expected to be issued Friday.

The June revenue report showed Florida collected $3.099 billion in sales taxes, $192.4 million more than forecast. Earnings on investments came in at $141 million, $34 million higher than predicted. Some other key sources of revenue came in below projections. That included corporate-income tax collections, which totaled $991.3 million, $171.4 million less than forecast.