Introduction Fueled by a strong global presence in tourism, trade, and real estate development, Florida’s economy has grown to $1.87 trillion in 2025. If Florida […]
TALLAHASSEE, Fla. – Florida TaxWatch (FTW) today released the 2019 Budget Watch Report, following the Wednesday, August 14 General Revenue (GR) Estimating Conference, which met to develop a new revenue forecast for the state. The FTW report provides an independent analysis of the top issues discussed: Indian gaming revenue, Florida’s weaker economic forecast and the impact of the corporate income tax (CIT) reimbursements.
The General Revenue (GR) Estimating Conference met on August 14 to develop a new revenue forecast for Florida. It was a challenging and complex conference for the state’s economists. The uncertainty surrounding corporate income tax collections, the loss of Indian gaming revenue, a weaker economic forecast, and the impact of Hurricane Michael were some of the factors they were dealing with.
The eagerly awaited final General Revenue (GR) estimates to be used for the next state budget are out. Legislators and appropriations lobbyists were hoping for an infusion of cash to ease a tight budget year, made even tighter by hurricane-related costs and the competing costly priorities of the Governor and legislative leaders. Well, that did not happen. The estimates did not change much, decreasing by a total of $7.4 million.
Lawmakers received a small measure of positive fiscal news from state economists this week. The General Revenue (GR) Estimating Conference met on December 12, 2016 and increased its revenue forecast by $119.3 million in the current year (FY2016-17) and by $22.6 million for the next budget year (FY2017-18).
Florida’s latest cycle of revenue and expenditure estimating conferences show that Florida is still in a healthy post-recession recovery; however, the conferences have resulted in forecasts with slightly tempered expectations. Generally, projections of revenues were reduced from the previous estimates, even though the funds are expected to continue to grow year over year.
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