Florida revenue narrowly misses August forecast

Florida collected $3.81 billion in net general revenue in August, falling $2 million short of the state’s latest forecast, according to the Legislature’s Office of Economic & Demographic Research. Sales tax collections, the state’s largest revenue source, totaled $2.99 billion, $43 million below projections, while insurance taxes missed estimates by $19.9 million. Corporate income taxes outperformed the forecast by $25.4 million, reaching $113.8 million. Documentary stamp taxes on real estate transactions also beat expectations by $8.2 million, totaling $68.9 million. State economists increased Florida’s general revenue forecast by nearly $1 billion in August.