February Tax Collections Beat Projections

TALLAHASSEE (CBSMiami/NSF) – General revenue tax collections in February topped projections by 16.4 percent, according to a report posted Thursday by the Legislature's Office of Economic & Demographic Research.

Economists earlier had projected that the state would collect nearly $2.907 billion in general revenue during the month.

But it topped the projection by $475.7 million, with most of the gain coming from sales taxes.

The report, however, offered cautions about issues such as inflation and higher prices resulting in increased-sales tax collections.

Also, Floridians for the second month displayed a "subpar" personal saving rate, the report said. The rate, the percentage of disposable income that people save, stood at 6.3 percent in February.

Aided by federal stimulus money, the rate had ballooned to 33.7 percent during the early stages of the COVID-19 pandemic.

In the 2018-2019 fiscal year, before the pandemic, the rate was 7.2 percent.

General revenue is closely watched in state government, as it plays a key role in funding schools, health-care programs and prisons.

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