- The Florida Revenue Estimating Conference provided an overview of the state’s end-of-year financial outlook on Wednesday, focusing on General Revenue and the Educational Enhancement Trust Fund.
- The state’s projected General Revenue is $47.3 billion, exceeding initial estimates by over $1 billion due to FEMA reimbursements and other adjustments, including a $300,000 recovery from unused prior capital outlay.
- The outlook for Fiscal Year 2023-24 includes a $19.8 billion reduction in state budget expenditures, a $64 billion available fund pool for various sectors, and a dip in lottery ticket sales affecting the Educational Enhancement Trust Fund but is partially offset by rising interest earnings.
The Florida Revenue Estimating Conference convened on Wednesday to provide an overview of the state’s end-of-year financial outlook, with a particular focus on the General Revenue and the Educational Enhancement Trust Fund’s trajectory.
In relation to Wednesday’s computations, state economists integrated data up until August 11th, projecting general revenue amounting to $47.3 billion, a figure surpassing initial estimates by more than $1 billion. The number was reached by taking into account $4.9 million in financial assistance granted through Federal Emergency Management Agency reimbursements, in combination with a series of secondary adjustments including the restoration of capital outlay from previous years, leading to the recovery of $300,000.
Data also showed a $19.8 billion reduction in state budget expenditures for the ongoing fiscal year. The outlook for Fiscal Year 2023-24 presents a total available fund pool of $64 billion, directed toward various sectors including state operations ($25.1 billion), aid to local government ($19.3 billion), and fixed capital outlay ($997.2 million). Economists also acknowledged a $4 billion transfer from general revenue to the state trust fund.
For the General Revenue outlooks, Wednesday’s forecast is the second of three outlooks compiled over the summer period, with the final report slated for adoption following the general revenue conference on Friday using data from the trio of
In relevance to the Educational Enhancement Trust Fund future years revenue projection, the upcoming 2023-24 period predicts a dip in lottery ticket sales, with a projected $34 million reduction, bringing total sales to an estimated $2.3 billion.
However, interest earnings are anticipated to rise by $0.4 million, partially contributing to a $3.5 million increase in the Educational Enhancement Trust Fund. The gains are expected to bolster existing reserves.
Lottery ticket sales, which assist in contributing to the trust, are expected to decline into Fiscal Year 2024-25 and beyond, with a projected drop of $39.1 million in total sales, resulting in a total of $2.2644 billion. prolonged data indicates a trend of declining lottery ticket sales throughout the Fiscal Year 2027-28.
From a policy perspective, Senate Bill 250 played a role in introducing a $50 million general revenue transfer to the economic development trust fund. The measure also initiated the reversion and reappropriation of unspent funds, totaling $38.1 million. Ongoing fiscal planning identifies further reappropriations of $88.1 million.