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Florida's General Revenue Tops Projection in January
Florida collected nearly $200 million more in general-revenue taxes in January than had been projected, with most of the jump coming from sales taxes, according to a report posted Wednesday by the Legislature’s Office of Economic & Demographic Research.
The state brought in about $4.066 billion in general revenue during the month, $199.7 million over an earlier projection. Sales-tax collections made up $183.5 million of the $199.7 million.
The report, however, urged caution in interpreting the results, saying the “overage had more to do with how the monthly estimates were constructed than a surprise in the underlying data.”
The report also said inflation helped boost the revenue numbers, which largely reflect sales and other economic activity that happened in December.
“It is also notable that the Consumer Price Index increased for January, with the all items index for the last 12 months increasing 7.5 percent before seasonal adjustment,” the report said. “The immediate response to inflation is an increase in sales tax collections that reflects the higher prices.”
