The budget and a series of accompanying bills include spending on everything from new state planes to zoos. Gov. Ron DeSantis has line-item veto power, so it’s too early to know everything that will be in the budget when the fiscal year starts July 1.

Florida State Tax Collections Top Estimates

State general revenue came in $20.4 million higher than anticipated in August. A report posted Friday by the Legislature’s Office of Economic & Demographic Research said the state collected nearly $3.44 billion in net general revenue during the month.

State general revenue came in $20.4 million higher than anticipated in August. A report posted Friday by the Legislature’s Office of Economic & Demographic Research said the state collected nearly $3.44 billion in net general revenue during the month.

The amount topped a projection that was made Aug. 16 by the state’s Revenue Estimating Conference. The conference, a panel of economists, meets periodically to revise tax projections.

Before the Aug. 16 revisions, general-revenue collections had been coming in up to 20 percent higher than projected.

In the August revisions, the conference bumped up projected general revenue for the current 2022-2023 fiscal year and the 2023-2024 year by about $5.3 billion. General revenue is made up of a series of types of taxes.

In the news: First Lady Casey DeSantis Announces First $1 Million Distributed Through Florida Disaster Fund

The higher-than-anticipated collections in August largely stemmed from insurance taxes, which came in $28.8 million over estimate.

Sales-tax collections were $22.4 million less than anticipated. Economists also used the report to continue to warn about relatively low consumer savings.

The personal-savings rate stood at 3.5 percent in August, down from 5 percent for June and July. Before the COVID-19 pandemic, the rate in the 2018-2019 fiscal year stood at 7.9 percent.

The rate ballooned to 33.7 percent in April 2020 as people cut back on spending and started receiving federal stimulus checks.

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