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2016 Economic Preview

Economic Development, Research
/ Economic Development, Research / 2 minutes of reading

As we kick off 2016, Floridians can look forward to consistent growth in the Florida economy. As shown in the December 2015 Economic Commentary, Florida experienced strong job growth in 2015, adding nearly a quarter of a million jobs. Heading into 2016, Florida’s job market is widely expected to maintain its course as the Florida economy as a whole continues to strengthen. One of the most commonly used metrics to measure a state’s economy is the Real Gross State Product (RGSP), which measures the value of economic output for a given state, adjusted for price changes stemming from inflation or deflation. Florida’s RGSP is expected to grow 3.1 percent in 2016, which is roughly a half a percentage point higher than the United States.

Statement From Dominic M. Calabro, President And CEO Of Florida Taxwatch On Governor Rick Scott’s Budget Plan For Fiscal Year 2016-17

Press Releases
/ Press Releases / 1 minute of reading

“The Governor’s budget includes smart, targeted tax cuts to stimulate business growth while investing in critical areas like child protection and education to ensure all Floridians have the opportunity to pursue success in school and in life,” said Dominic M. Calabro, President and CEO of Florida TaxWatch.

Budget Watch – 2016-17 Legislative Budget Requests

Budget & Appropriations, Corrections/Judicial, Education, Energy & Environment, Health Care, Research, Retirement, Transportation
/ Budget & Appropriations, Corrections/Judicial, Education, Energy & Environment, Health Care, Research, Retirement, Transportation / 2 minutes of reading

Florida’s state government agencies have requested $77.835 billion in funding from the Legislature for FY2016-17, which is $1.2 billion (1.6 percent) more than these agencies are expected to spend in the current year. The total request is made up of $29.481 billion in general revenue (GR) and $48.354 billion in trust funds. The GR request is an increase of $854.5 million (3.0 percent). The latest revenue estimates forecast $31.653 billion in GR will be available for FY2016-17 meaning that the agency requests would leave GR reserves of $2 billion.

Growing Economy Means More Money for 2016-17 State Budget

Press Releases
/ Press Releases / 2 minutes of reading

State economists predict lawmakers will have $657.5 million more than previously anticipated for the next state budget. The latest General Revenue (GR) forecast shows the state’s GR fund is expected to reach $31.6 billion for the 2016-17 budget year. The growing available funds mean recurring revenues exceed current recurring expenses by $1.6 billion.

Budget Watch – General Revenue Forecast for FY 2016-17

Research, Taxpayer Guide
/ Research, Taxpayer Guide / 2 minutes of reading

State economists predict lawmakers will have $657.5 million more than previously anticipated for the next state budget. The latest General Revenue (GR) forecast shows the state’s GR fund is expected to reach $31.6 billion for the 2016-17 budget year. The growing available funds mean recurring revenues exceed current recurring expenses by $1.6 billion.

2015 How Florida Compares: Taxes

Research, Taxes, Taxpayer Guide
/ Research, Taxes, Taxpayer Guide / 1 minute of reading

Florida has always had the reputation of being a low tax state. While this common perception is borne out by the newest available data contained in this report, the full picture is more complicated. This report provides detailed tax ranking information for Florida as compared to the rest of the nation.

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