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State economists start refining revenue estimate for 2017-18 budget

in Statewide by

State economists began crunching the numbers Monday morning as they work up how much money the state will have to craft the next yearly budget.

The Revenue Estimating Conference, made up of Governor’s Office and legislative forecasters, met to suss out income for the General Revenue Fund.

Their prognosis is only 0.2 percent off the previous estimate, the closest in five years, buoyed largely by overage in certain collections, like corporate taxes.

As reported last week, so far there is $32.46 billion available for the next session, or more than $2 billion appropriated this fiscal year.

Part of that amount is because of a large BP settlement payment from oil damage to the Gulf of Mexico.

Forecasters also said the amount of money paid to the state from dog and horse tracks who run card rooms was “higher than anticipated.”

The conference is expected to release their updated paperwork later today on the Office of Economic & Demographic Research’s website at http://edr.state.fl.us/Content/.

Before joining Florida Politics, journalist and attorney James Rosica was state government reporter for The Tampa Tribune. He attended journalism school in Washington, D.C., working at dailies and weekly papers in Philadelphia after graduation. Rosica joined the Tallahassee Democrat in 1997, later moving to the courts beat, where he reported on the 2000 presidential recount. In 2005, Rosica left journalism to attend law school in Philadelphia, afterwards working part time for a public-interest law firm. Returning to writing, he covered three legislative sessions in Tallahassee for The Associated Press, before joining the Tribune’s re-opened Tallahassee bureau in 2013. He can be reached at jim@floridapolitics.com.

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