November state revenue tops expectations

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But the hospitality industry continues to suffer.

As Florida continues trying to claw itself out of financial problems caused by the COVID-19 pandemic, November general-revenue collections exceeded expectations and slightly topped collections in pre-pandemic November 2019, according to a report released Wednesday.

Net general revenue last month totaled $2.698 billion, up 2.1% from $2.642.2 billion in November 2019, according to the report from the Legislature’s Office of Economic & Demographic Research.

After the pandemic slammed the economy, state analysts in August substantially reduced general-revenue estimates for the 2020-2021 and 2021-2022 fiscal years. But revenue exceeded those reduced estimates by a combined total of nearly $1 billion in August, September, October and November, the report shows.

November collections exceeded the revised estimate by $277.3 million. General revenue includes a variety of sources, including sales taxes and corporate-income taxes. Despite overall collections exceeding the August expectations, the report Wednesday said the tourism and hospitality industries continue to suffer.

“The only significant over-the-year loss is attributed to declines in the tourism and hospitality-related industries, dropping receipts 20.3% below collections for the Tourism category in November 2019,” an executive summary said. “Even though a significant part of the loss arises from a reduction in the number of out-of-state tourists, this category also includes sales to Florida residents at restaurants, local attractions and other leisure-based activities which have likewise been negatively affected by the pandemic.”

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Republished with permission from The News Service of Florida.

Wire Services


2 comments

  • Valerie Sprieser

    December 26, 2020 at 12:04 pm

    How many millions did Desantis steal from the CARE act money that he dropped into his general fund!!!!
    He stole millions of dollars from unemployed Floridians who never got the full CARE act money they were due! Desantis is a thief, corrupt incompetent idiot of a governor!

  • Frank Rizzo

    December 26, 2020 at 9:50 pm

    Florida needs to give that unexpected money to the poor and unemployed and then tax the rich and corporations until they choke to death.

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