May 7, 2024
SHARE:
2009 Industry Outlook
Government 2009
Road Block: Already dealing with declining tax revenue and investment income, local governments are being locked out of the bond markets.
Cynthia Barnett | 1/1/2009
The Not-So-Sunny State
Florida’s anticipated tax collections are down another $2.3 billion, according to state economists, meaning still more cuts to balance the state’s $66-billion budget. Revenue from home sales, sales tax and corporate income tax collections are all down, Amy Baker, coordinator of the Office of Economic and Demographic Research, said in her most recent report to the Legislature. At the same time, Medicaid and criminal justice costs are up — in part because of the faltering economy. The coming year is likely to be worse, Baker said. Shortfalls in the 2009-10 budget look to be at least $3.8 billion.
