Florida’s state economists are forecasting a nearly $1 billion budget surplus over the next year, powered by growth in sales tax collections and increased consumer spending spurred by lower gas prices.
According the Palm Beach Post, the state’s Revenue Estimating Conference concluded that lawmakers should have $30.6 billion in tax collections and other revenues available for the 2015-16 budget, which they will begin working on when the first legislative committee meetings begin in January.
“The recovery is definitely doing well,” said Amy Baker, coordinator of the Legislature’s Office of Economic and Demographic Research, and one of four analysts who made Monday’s forecast, the Palm Beach Post also reported.
It is not yet known how this projected surplus cash will be spent.
