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State May Run Budget Surplus In 2012

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(Source: AP)

(Source: AP)

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TALLAHASSEE, Fla. (CBSMiami.com) – Florida lawmakers will convene a joint legislative panel Wednesday to hear from state economists on a new three-year financial outlook for the state budget.

Economists said the state may have a small budget surplus by next year. For the past several years, legislators have had to make massive cuts to the state budget due to major budget shortfalls during the Great Recession.

But, economists have warned that the forecast is shaky because the growth estimates could be damaged by the stagnant U.S. economy.

Florida’s constitution requires that the Legislative Budget Commission annually review an outlook that looks at spending and tax revenues.

The commission is also scheduled to review proposed budgets by the state’s five water management districts.

(TM and © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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