September state revenue outpaces latest expectations by $230M

Tax dollars
Senate President Bill Galvano says Florida generated $230.2 million more than expected last month.

As Florida and the nation learn to live with the COVID-19 pandemic, early signs suggest the state will draw in more revenue next year than state budget experts predicted last month.

A memo from Senate President Bill Galvano on Tuesday shows the state beat out its September expectations by $230.2 million. That report comes after last month’s update that showed August beating its expectations by $177.3 million.

Both monthly reports are good signs for the state’s economic recovery. Each update largely reflects economic activity from the month prior.

Florida has currently raised $406.1 million more than expected in the young fiscal year, which began in July, based on the latest revision from August. That month, the Legislature’s Office of Economic and Demographic Research revised the current fiscal year’s anticipated earnings down $3.4 billion to $34.4 billion.

Last month, EDR revised Florida’s anticipated revenue down $2.7 billion for the 2021-22 fiscal year, half of which is predicted to come from tourism losses. The recently surpassed expectations bode well for the state’s long-term recovery, which could last years.

Of the $230.2 million generated on top of the September revenue report expectations, $121.7 million came from sales tax collections. The previous report’s $177.3 million included $153.8 million in sales tax collections.

EDR, helmed by coordinator Amy Baker, creates the state’s budget analyses that determine how much funding the Legislature has to spend each year.

Galvano, who will leave the Senate next month after reaching his term limit, led the body as Senate President for two years. In what was his final revenue report memo to senators, he thanked Baker and EDR for their commitment, particularly during the pandemic.

“Reliable fiscal estimates are the cornerstone of our budgeting process,” Galvano wrote. “Ms. Baker’s team consistently provides a detailed analysis of our economy that we can depend on as we make fiscal decisions that impact millions of Floridians on a daily basis. EDR is second to none, and it has been an honor to serve alongside these outstanding public servants.”

At the request of Senate President-designate Wilton Simpson, Galvano signed a contract with Tampa General Hospital to develop safety plans during the 2021 Legislative Session. Tampa General and the Senate have yet to release those findings.

“As we look to the future, with the health, social, and economic impacts of COVID-19 still greatly impacting day to day life for Floridians across our state, there are many who remain understandably skeptical about Florida’s future,” Galvano said. “However, as I close what will be my last update on fiscal matters during my term as Senate President, I am optimistic because of the positive news in this report.”

Renzo Downey

Renzo Downey covers state government for Florida Politics. After graduating from Northwestern University in 2019, Renzo began his reporting career in the Lone Star State, covering state government for the Austin American-Statesman. Shoot Renzo an email at [email protected] and follow him on Twitter @RenzoDowney.


2 comments

  • Sonja Fitch

    October 28, 2020 at 5:40 am

    Kind of good news?! The unemployment and lay off numbers are still astronomical ! Folks are hurting! Folks are losing their homes be it rented or mortgaged! Health care is in the danger zone of failure! Food stamps and free food distribution are needed! WHERE ARE THE EXTRA TAX DOLLARS being generated? Did we under estimate the revenue? Not saying bad or good but more information please!

  • Whydoibother

    October 28, 2020 at 8:30 am

    More information? Every single source referenced in the article is public record and available with a few seconds of google searching. Another thing you can do is use the internet to compare Florida to other states. You can also research ICU capacity yourself. You can also find executive orders and federal legislation that have expanded food stamps and food distribution. All with a few minutes of internet research.

    Or you can sit there and be spoonfed whatever talking points validate your own ideology.

    And yes, they underestimated the revenue. That’s what “outpaces latest expectations” means. That’s good. You want your forecasts to be conservative. The trouble happens when it fails to meet expectations (that means they overestimated revenue).

Comments are closed.


#FlaPol

Florida Politics is a statewide, new media platform covering campaigns, elections, government, policy, and lobbying in Florida. This platform and all of its content are owned by Extensive Enterprises Media.

Publisher: Peter Schorsch @PeterSchorschFL

Contributors & reporters: Phil Ammann, Renzo Downey, Roseanne Dunkelberger, A.G. Gancarski, Anne Geggis, Kelly Hayes, Joe Henderson, Ryan Nicol, Jacob Ogles, Scott Powers, Gray Rohrer, Aimee Sachs, Jesse Scheckner, Christine Sexton, Andrew Wilson, Wes Wolfe, and Mike Wright.

Email: [email protected]
Twitter: @PeterSchorschFL
Phone: (727) 642-3162
Address: 204 37th Avenue North #182
St. Petersburg, Florida 33704




Sign up for Sunburn


Categories