Lawmakers in Florida are expected to have an historic US$30.6billion budget at their disposal for 2015, up 7.9% on the previous 12 months, says Dominic M. Calabro, president and ceo of the independent, not-for-profit public policy research institute, Florida TaxWatch.
“Florida’s economy is faster than most states, which is good news for all taxpayers and residents who rely on state services, from young school children in voluntary pre-K programs to the businesses who use incentives to grow and create jobs,” says Calabro. “The wise investments in our state economy are paying off, and more general revenue available to the governor and lawmakers will enable them to increase funding in core services.”
The revenue increases are the result of a strengthening economy and lower oil and petrol prices, which are boosting consumer confidence. Sales tax collections are up, says the report, as are stamp tax revenues thanks to growth in the housing market.