Tax Collections Top Projection

By The News Service of Florida

Florida’s general-revenue tax collections in August topped expectations by 3.4 percent. The Legislature’s Office of Economic & Demographic Research in a report Monday said Florida collected about $3.874 billion in net general revenue in August, $127.1 million more than economists had projected.

General revenue is closely watched because it plays a major role in funding education, health and prison programs. A panel of economists known as the Revenue Estimating Conference meets periodically during the year to update general-revenue projections.

The August revenue numbers were driven by sales-tax collections, which at $3.012 billion were $61.4 million over the expectation for the month. Earnings on state investments came in at $146 million, $27 million more than forecast. Insurance taxes, at $223.5 million for the month, were $12.8 million more than forecast. Documentary stamp taxes, which are collected primarily on real estate transactions, brought in $114.2 million for the month, $15.6 million over the forecast.