Economists find lawmakers a few more dollars — but not enough
Thursday, January 12th, 2012 by John KennedyState economists found a few more dollars for lawmakers looking to close a $2 billion budget gap.
But not enough.
Revising their forecast from last October, the state’s Revenue Estimating Conference agreed that tax collections have climbed $48 million more than anticipated this year — but are expected to be $25.7 billion below forecast for 2012-13. The difference means legislators will have about $23 million in extra cash to spread around in the $66-billion budget they are just beginning to cobble together for the year beginning July 1.
“Nothing dramatic happened since the fall,” said Amy Baker, coordinator of the Legislature’s Office of Economic and Demographic Research, who is among those making Thursday’s forecast.
Rising costs and the state’s still-fragile economy have combined to leave lawmakers staring at a $2 billion shortfall next year. Still, that’s about half the hole they faced a year ago, a sign, analysts said, that Florida is slowly recovering from the recession.
Sales-tax receipts, the real driver of Florida’s budget, are up slightly. Corporate and real estate taxes also have picked up over the past year, analysts said. But signs of the troubled economy linger — with personal income down in Florida during the third quarter of 2011.
The state still has a two-year backlog of homes for sale, and the number of foreclosures in Florida continues to outstrip home sales, Baker said.





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