{"id":9405,"date":"2024-04-03T12:07:07","date_gmt":"2024-04-03T17:07:07","guid":{"rendered":"https:\/\/nwfl4sale.com\/floridas-general-revenue-tops-forecast\/"},"modified":"2024-04-03T12:07:07","modified_gmt":"2024-04-03T17:07:07","slug":"floridas-general-revenue-tops-forecast","status":"publish","type":"post","link":"https:\/\/nwfl4sale.com\/floridas-general-revenue-tops-forecast\/","title":{"rendered":"Florida\u2019s General Revenue Tops Forecast"},"content":{"rendered":"
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Net general revenue in Feb. totaled nearly $3.538B, up $217.M, or 6% higher than projected. Analysts said the sales-tax portion could be misleading.<\/span><\/span><\/span><\/span><\/p>\n<\/div>\n TALLAHASSEE, Fla. \u2013 State general-revenue tax collections were more than 6% higher than anticipated in February, though economists cautioned that part of that result could be deceptive.<\/span><\/span><\/span><\/span><\/p>\n The Legislature\u2019s Office of Economic & Demographic Research released a report that showed net general revenue in February totaled nearly $3.538 billion, which was $217.6 million more than projected in a forecast released in January.<\/span><\/span><\/span><\/span><\/p>\n Sales-tax collections, which are the biggest part of general revenue, came in at almost $2.844 billion, which was $93.7 million more than anticipated for the month. But the report noted the sales-tax figure could be deceiving.<\/span><\/span><\/span><\/span><\/p>\n \u201cThis positive result, however, was primarily driven by procedural adjustments to estimated payments and unpaid liability that sent a deceptive signal about the underlying sales tax activity which was essentially on estimate for the month,\u201d the report said.<\/span><\/span><\/span><\/span><\/p>\n General revenue taxes are closely watched because they play a key role in funding various state operations, including education, health care and prisons.<\/span><\/span><\/span><\/span><\/p>\n In addition to sales taxes, revenue from corporate income taxes topped projections by $42.5 million in February, and earnings on investments were $25.1 million over projections. Meanwhile, insurance taxes were $17.7 million below the forecast.<\/span><\/span><\/span><\/span><\/p>\n \u00a9 2024 The News Service of Florida. All rights reserved.<\/span><\/span><\/span><\/span><\/p>\n<\/div><\/div>\n <\/p>\n <\/p>\n