Florida’s general revenue collections exceeded expectations by $411.4 million in April

by | Jun 3, 2024

Florida’s general revenue collections exceeded expectations by $411.4 million in April, totaling $4.1 billion, with significant contributions from sales tax and corporate income taxes.

Florida’s general revenue collections surpassed expectations by $411.4 million in April, according to the Office of Economic and Demographic Research (EDR), with the state collecting a total of $4.1 billion in revenue for the month.

Sales tax collections, which constitute the largest share of the state’s general revenue, surpassed expectations by $282 million, amounting to $2.96 billion. Corporate income taxes also contributed significantly, exceeding projections by $66.7 million, with collections totaling $294.6 million.

The figure marks the 10th consecutive month that Florida’s general revenue has outperformed projections. For the fiscal year to date, general revenue is now $2.36 billion above the forecast. The positive fiscal performance comes amid ongoing economic recovery efforts and increased consumer spending. The state’s unemployment rate remained at 2.6 performance in April, as tourism continued to rebound, further bolstering revenue.

“General Revenue collections for April 2024 showed a gain of $411.4 million (8.0 percent) against the adopted forecast by the General Revenue Estimating Conference (GR REC) on January 16, 2024,” EDR’s monthly revenue report states. “More than 92 percent of this gain came from Corporate Income Tax (80.2 percent) and Earnings on Investments (12.2 percent).”

State economists caution, however, that while the current trend is positive, external factors such as inflation and potential economic downturns could impact future revenue streams.


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