Statement by Florida TaxWatch President and CEO Dominic M. Calabro on General Revenue Estimating Conference Findings
Tallahassee, Fla. – The following statement is to be attributed to Dominic M. Calabro, President and CEO of Florida TaxWatch, in response to the findings from the General Revenue Estimating Conference (GREC) held yesterday, Tues., Aug. 16, 2022.
“The latest general revenue forecast shows that Florida is in an enviable financial position, with general revenue collections having significantly exceeded estimates for 22 consecutive months. Year-end collections for the 2021-22 Fiscal Year beat the estimate by $3.8 billion in just the last six months – and remarkably, by nearly $1 billion in June alone – meaning the total collections were 32 percent greater than the pre-pandemic high point in 2018-2019.
“Further, according to the state’s General Revenue Estimating Conference, we can expect additional revenue of $3.5 billion in Fiscal Year 2022-23 and $1.8 billion in 2023-24. That brings our budget surplus for the current fiscal year to $13.7 billion.
“The state’s economists credit the additional sales tax revenue to consumers spending down savings, as well as the impact of higher inflation, which drives up the prices that sales taxes are based upon. We believe the recent implementation of a longtime Florida TaxWatch priority, e-fairness – which finally leveled the playing field by requiring out-of-state businesses to remit sales taxes – is also a contributing factor.
“Overall, this is good news for taxpayers, as these funds will keep our bond rating high and bolster the Florida Legislature’s efforts to craft a 2023-2024 budget that addresses education, housing, healthcare, workforce, and other critical needs. What’s more, it should give our elected leaders another opportunity to return some of this windfall back to taxpayers.
“Moving forward, Florida TaxWatch will continue to monitor and analyze these developments, working closely with elected officials to avoid wasteful spending and ensure taxpayers’ best interests are being served, particularly now, when record inflation, housing challenges, and much more are directly impacting their pocketbooks.”
A new Florida TaxWatch BudgetWatch report will be issued next week, providing more detail and analysis of the new revenue forecast and what it means for the state’s 2022-23 budget outlook.
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