TALLAHASSEE - Florida will collect $541-million more in taxes through June than earlier expected and will end this fiscal year with a $1.6-billion balance, state forecasters agreed Friday.
Next fiscal year should bring "robust" growth in the sales tax, the main moneymaker for Florida, said the analysts, who studied trends and crunched numbers all day Friday before making their predictions.
Gov. Jeb Bush and state lawmakers will use the figures in writing a budget next year for the fiscal year that begins July 1.
Economists for the governor and the Legislature generally meet every spring and fall to produce a single forecast used by both branches of government.
The 2.6 percent increase in tax revenues that the economists agreed the state will collect this year stems from the strength in real estate market and the amount of refinancing that is still going on as homeowners seek to benefit from lower interest rates.
The unusually large ending balance is due in large part to the $950-million the state received from the federal government this summer as Washington gave states money to plug budget holes and stimulate the economy.
In addition to the $541-million in additional money expected this fiscal year, the economists increased the estimate for next year's collections by $144-million.
The 6-cent sales tax will bring in nearly $16.3-billion, $1-billion more than this year, the analysts agreed. But that growth rate of 6.3 percent is down slightly from the 6.9 percent forecast in March.
The governor was encouraged by the 18-month forecast, according to spokeswoman Alia Faraj.
"The nation has found difficult economic times but Florida did not raise taxes," Faraj said. "That would have basically left economic growth all but dormant."
Senate President Jim King, R-Jacksonville, said he also was pleased, but wished more of the expected increase in revenue next year was from recurring sources.
Of the $23.3-billion the state expects to have for its general revenue programs, nearly $2-billion is from one-time sources of money.
"We are going to need to be creative with every dollar," King said in a statement.
