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.

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

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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.

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