Florida’s general revenue collections for November slightly surpassed projections, demonstrating the state’s continued economic resilience despite the impact of two hurricanes.
The Legislature’s Office of Economic & Demographic Research reported that overall collections reached $3.8454 billion, exceeding the August forecast by $47.7 million. This positive outcome was largely driven by strong earnings on investments, which exceeded expectations by $15.7 million.
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However, sales tax collections fell short of projections by $14.6 million. This shortfall is attributed to the impact of Hurricane Milton, which struck Florida’s Gulf Coast in early October. The storm disrupted economic activity, causing both a pre-hurricane surge in spending and a post-hurricane decline.
“Both Milton’s preparatory stage (causing an uptick in sales tax revenues) and crisis stage (producing downward pressure on sales tax revenues) occurred within the same month, somewhat offsetting each other’s effects on collections,” the report explained.
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The report also noted that recovery efforts related to Hurricane Helene, which hit the state in late September, likely contributed to the sales tax shortfall.
Despite these challenges, Florida’s overall revenue picture remains positive. General revenue is crucial for funding essential state programs such as education, healthcare, and prisons. The November figures suggest that the state is well-positioned to continue supporting these vital services.
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