Amidst international market uncertainty, the state General Revenue Estimating Conference decreased its original estimate of General Revenue collections that would be available for the state budget. The Legislature will have $395.6 million less than previously estimated in October, with $31.257 billion available for the fiscal year 2016-17 state budget.
Florida TaxWatch's January Budget Watch analyzes the effect that the new estimates will have on the Governor's call for $1 billion in tax cuts, historic levels of per-student public school funding and a $250 million "Enterprise Fund" to entice businesses to Florida. The lower estimates mean that the Legislature will have a smaller amount to spend on these budget items.
These estimates make the recommendations in the Government Efficiency Task Force interim report even more important, as they can help the state realize significant cost savings and meet future budget needs.
"Today’s estimate shows how ripples in the global economy can quickly affect our state and communities. Our state’s economy remains strong with growth in almost every sector but it is critically important that we protect taxpayers’ money with a vigilant focus on government efficiency. I encourage all lawmakers to review the recommendations from the Government Efficiency Task Force and I applaud the Senate for taking a key step toward ensuring a solid review of government spending with SPB 7052."
January's Budget Watch can be found here.