SHARE:
Florida's general revenue tops projection
State general revenue collections came in slightly above projections in January, despite sales taxes failing to meet expectations for the first time since July 2020.
The Legislature’s Office of Economic & Demographic Research on Tuesday released a report that showed net general revenue in January totaled $4.106 billion, which was $30.1 million more than projected in a forecast released in mid-January.
General revenue taxes are closely watched because they play a key role in funding education, health-care and prison programs.
The January revenues got a boost from earnings on state investments, which came in at $117.5 million, $61.8 million more than anticipated.
Also, the state collected $269.8 million in corporate income taxes, $57.4 million higher than projected.
In addition, insurance taxes topped expectations by $23.1 million, and beverage taxes were $20.2 million more than projected.
Sales taxes, however, are the largest source of general revenue.
Sales taxes totaled $3.396 billion in January, $108.6 million short of the projection.
Economists update general-revenue forecasts periodically during the year and track collections monthly.
