• State economists report higher-than-expected estimated income figures for the Florida State Risk Management Trust Fund (SRMTF).
• SRMTF’s Fiscal Year 2022-23 income reached $274.8 million, due in part to a one-time General Revenue transfer of $70.0 million.
• Non-operating expenditures in FY 2022-23 were $160.0 million, $13.2 million below February’s estimate, with lower-than-expected workers’ compensation payouts.
• Projected FY 2023-24 to 2028-29 income is $231.1 million, driven by increased Casualty Premiums and Investment Income.

State economists report higher-than-expected estimated income figures for the Florida State Risk Management Trust Fund (SRMTF), signaling a positive financial outlook for the forthcoming fiscal years.

The SRMTF, which offers coverage to shield state property and workforce members from financial losses arising from damage, injuries, and alleged negligence, reached $274.8 million for Fiscal Year 2022-23. A contributing factor to the SRMTF’s rise was a one-time General Revenue transfer of $70.0 million.

Moreover, non-operating expenditures totaled $160.0 million in FY 2022-23. The reported number is $13.2 million below the February estimate, while workers’ compensation for both medical and indemnity were lower than forecasted, particularly with medical, which paid out $4.4 million less in claims than expected. Indemnity paid out $0.9 million less than projected in February, though the conference slightly lowered its estimates for the future.

Looking ahead, the SRMTF’s projected income for the FY 2023-24 through 2028-29 is expected to reach $231.1 million. The recalibrated forecast is attributed to two key factors: an upsurge in Casualty Premiums and Investment Income.

Property losses amounted to $18.1 million, marking a $5.7 million shortfall from the February forecast. The projection for FY 2023-24 has been revised downward by $11.5 million to $27.6 million, attributed to an adjusted assessment of Hurricane Ian claims for both years.

In addition to heightened income margins, general revenue collections for the month of June for the state surpassed initial projections by a significant margin. According to the Office of Economic and Demographic Research (EDR), total collections for the month amounted to $4.66 billion, representing a 10.2 percent increase over the adopted forecast assumptions made in March.

For FY 2022-23, General Revenue collections amounted to $47.33 billion, a 2.3 percent overestimate for the year. A primary component of the increased revenue was the performance of sales tax, which itself exceeded expectations by $293.4 million, an 11.1 percent rise above the estimate for the month.