State of Florida general revenue collections in August came in $285.7 million higher than forecast, according to a report posted Tuesday by the Legislature’s Office of Economic & Demographic Research.
The report said the state collected nearly $3.528 billion in general revenue, topping a forecast that was issued in August. The August collections largely reflect economic activity in July, according to the report.
General revenue is closely watched because it plays a key role in funding state education, health-care and prison programs. Collections have consistently topped expectations during the past year.
The new report showed that sales taxes — the largest part of general revenue — topped expectations by $136.9 million in August.
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The sales-tax numbers included higher-than-anticipated collections related to such things as tourism and auto sales.
Meanwhile, the report warned of continuing concerns about lagging consumer savings.
During the 2018-2019 fiscal year, before the COVID-19 pandemic caused upheaval in the economy, 7.9 percent of personal income went into savings. The new report said Floridians had a “subpar” savings rate of 3.9 percent.
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