Financial | WCTV Eyewitness News: Tallahassee, Thomasville, Valdosta

Sunshine State's Economic Forecast Looks Bright

By: Associated Press Email
By: Associated Press Email

Associated Press Release

TALLAHASSEE, Fla. (AP) -- Florida economists are projecting that the state's economy should continue to grow over the next three years.

State economists are meeting Friday to draw up estimates on how much money the state is expected to collect in taxes.

Preliminary forecasts show that economists are predicting state tax collections to grow between 3 percent and 5 percent between this year and 2016. These forecasts noted that the projections are being affected by ongoing federal budget cuts known as the sequester.

If the forecast holds then Gov. Rick Scott and the Republican-controlled Legislature will have a budget surplus heading into the 2014 election year.

The state's main tax is the 6-percent sales tax. Collections of the tax dropped at the height of the Great Recession but have been recovering since then.


Associated Press Release

TALLAHASSEE, Fla. (AP) -- Florida economists are drawing up forecasts for how much money the state is expected to collect in taxes over the next few years.

The economists meeting Friday will use the estimates for a three-year financial outlook that must be approved by a legislative panel in September.

Last March, economists concluded that growth in state tax collections would grow at a rate of 4.5 percent between July 2013 and June 2014.

Since that time, monthly collections have been on target.

If the forecast holds, Gov. Rick Scott and the Republican-controlled Legislature could have a budget surplus heading into the 2014 election year.

The state's main tax is the 6-percent sales tax. Collections of the tax dropped at the height of the Great Recession but have been recovering since then.


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