TALLAHASSEE – Bolstered in part by an increase in last-minute hurricane supply purchases, the state’s general revenue in October topped expectations by 4.9%.
A report posted online Wednesday by the Florida Legislature’s Office of Economic & Demographic Research showed Florida had net general revenue during the month of nearly $3.45 billion, which was about $161.8 million more than anticipated when a panel of economists revised projections in August.
The economists’ report Wednesday attributed the gain to “higher-than-expected” sales tax collections, earnings on investments, and corporate income tax.
Sales taxes generated $2.79 billion of the revenue collected in October, which was about $100 million more than projected, while earnings on investments were $49.8 million more than expected for the month.
Corporate income taxes were $34.8 million higher than expected. October collections reflect activity that largely occurred in September. Hurricane Helene came ashore in Taylor County on Sept. 26 and continued north along the Gulf Coast.
“The preparatory stage of a hurricane typically causes an uptick in sales tax revenues as the demand for hurricane-related supplies increases, as well as evacuee-boosted lodging activity in less affected areas,” the report said.
General revenue is closely watched because it plays a major role in funding education, health and prison programs.
The economists meet periodically during the year to update projections, which are used by lawmakers in negotiating an annual state budget.
