April 23, 2024

State general revenue tops forecast

State general-revenue tax collections were more than 6 percent higher than anticipated in February, though economists cautioned that part of that result could be deceptive.

The Legislature’s Office of Economic & Demographic Research on Monday 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.

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.

“This 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,” the report said.

General revenue taxes are closely watched because they play a key role in funding various state operations, including education, health care and prisons.

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.

Tags: News Service of Florida

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