A new report shows Florida’s tax and other state revenue collections came in $407.1 million over estimate during the last budget year ending June 30. But legislative economist Amy Baker said Friday that news isn’t as good as it may appear.
Baker, who is coordinator of the Legislature’s Office of Economic and Demographic Research, said the state collected about $70 million in corporate taxes in June although they were not due until July due to a calendar quirk.
One-time payments also contributed to the over-estimate collections. That includes $300 million Florida received as part of a $25 billion national settlement with major mortgage companies over allegations they used deceptive foreclosure practices.
The brightest news is that sales tax collections came in $152.3 million over estimate.