By News Service of Florida
State general revenue collections for February exceeded expectations by $154.5 million, according to the Legislature’s Office of Economic & Demographic Research.
A monthly revenue report released Wednesday shows the state collected $4.01 billion in net general revenue in February, 4 percent above the anticipated amount from a revised forecast in January.
The state forecast is intended to help lawmakers make budget decisions. General revenue is closely watched because it plays a major role in funding education, health care and prison programs.
When revising the numbers in January, state economists increased the revenue projection for fiscal year 2025-2026, which ends June 30, by $502.5 million and the 2026-2027 projection by $70 million. At the time, the economists noted the “forecasting environment is generally stable,” but there was an “elevated” uncertainty regarding the economic outlook “from this point forward.”
Sales tax collections, which make up the largest part of state revenue, totaled $3.05 billion for the month of February. The total was $200,000 less than forecast or “virtually on estimate,” according to the office release.
Meanwhile, the $242.7 million in corporate income taxes exceeded the forecast by $108.2 million. Also, earnings on state investments totaled $120.3 million for the month, $500,000 above the forecast.
Documentary stamp taxes on real estate transactions totaled $96.1 million for the month, $14 million over the forecast.
Revenue from Indian gaming was at $89.6 million, matching the outlook, while the $16 million generated through the beverage tax was $1 million over the forecast. The $8.3 million brought in through the tobacco tax was $600,000 short of the forecast and the parimutuel tax generated $800,000, or $100,000 less than anticipated.