State Revenue Collections Exceed Estimates By 2.8 Percent

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Legislative Session Coverage

TALLAHASSEE (CBSMiami/AP) — Florida’s state general revenue collections are exceeding expectations. Translation: the state is making more money.

A monthly report by the Legislature’s Office of Economic and Demographic Research shows September’s collections exceeded state economists’ estimate by $54.6 million, or 2.8 percent.

Cumulative general revenue collections three months into the 2012-13 budget year stood at $162.6 million, or 2.9 percent, over estimate.

The majority of the state’s general revenue comes from sales tax, which was up by $24 million in September and by $36.3 million for the budget year.

Collections of beverage taxes, hospital fees, the documentary stamp tax on real estate transactions and the intangibles tax also came in over estimate.

Corporate income tax collections, though, were under estimate by $6.5 million in September and $4.7 million for the year.

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