General Revenue Tops Projection

State general-revenue collections in February topped a projection by about $98.7 million. A report posted online Monday by the Legislature’s Office of Economic & Demographic Research showed Florida had net general revenue during the month of nearly $3.747 billion. That topped a projection issued in August. Sales taxes generated about $3.056 billion in February, which was $74.9 million more than anticipated. Also, earnings on state investments came in at $123.7 million in February, which was $37.8 million more than forecast. In contrast, the $102 million collected in corporate income taxes was $26.9 million less than anticipated. A panel of economists known as the Revenue Estimating Conference meets periodically through the year to update projections, which are used by lawmakers in negotiating the state budget. The panel issued such an update March 14, but the report posted Monday compared the February collections to the August projection. General revenue is closely watched because it plays a major role in funding education, health and prison programs.