TALLAHASSEE (CBSMiami/NSF) – General revenue tax collections in February topped projections by 16.4 percent, according to a report posted Thursday by the Legislature’s Office of Economic & Demographic Research.
Economists earlier had projected that the state would collect nearly $2.907 billion in general revenue during the month.
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But it topped the projection by $475.7 million, with most of the gain coming from sales taxes.
The report, however, offered cautions about issues such as inflation and higher prices resulting in increased-sales tax collections.
Also, Floridians for the second month displayed a “subpar” personal saving rate, the report said. The rate, the percentage of disposable income that people save, stood at 6.3 percent in February.
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Aided by federal stimulus money, the rate had ballooned to 33.7 percent during the early stages of the COVID-19 pandemic.
In the 2018-2019 fiscal year, before the pandemic, the rate was 7.2 percent.
General revenue is closely watched in state government, as it plays a key role in funding schools, health-care programs and prisons.
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