Cannon, Grimsley Comment on Florida's Revenue Projections

The state economists sitting as the Revenue Estimating Conference projected Thursday that next years revenues will not grow enough to overcome a $2 billion budget shortfall.

House Speaker Dean Cannon, R-Winter Park, and Rep. Denise Grimsley, R-Sebring, who chairs the House Appropriations Committee, released the following statements on the projections Thursday:

Cannon:

Todays numbers reveal no statistically significant change since our last estimate. There are inherent risks and uncertainty with any forecast, but none that cant be overcome with conservative budgeting, planning for contingencies and setting aside ample reserves.

One of the best ways we can hope to improve the outlook for future years is by demonstrating the certainty and stability that empowers private-sector job creators with the confidence to make informed decisions for their business and families. To do this, we must finish our work on time, within the allotted 60 days of the regular session.

There are many hard decisions ahead, and, once again, good and worthwhile programs in every area of the budget will see cuts. I have great confidence in Chairman Grimsley and I trust that she will work with our colleagues in the House and partners in the Senate to bring this difficult and complicated process in for an on-time conclusion.

Grimsley:

As we anticipated, the conference did not make significant changes to the forecast one way or another, indicating forecast stability since our last estimate. Estimators forecast a change of $26.1 million over the two-year period. This represents a change of five-100th of a percent (0.05%) of the anticipated total general revenue collections over that same time period. This stability provides further assurance that everything is in place at this time for our budget to move forward.

Todays revenue estimate also confirms that Florida will once again face a budget shortfall. While the shortfall will present many challenges as we prepare for the budget year, closing the gap is not insurmountable. We will once again face many difficult choices as we craft a budget that reflects the House priorities. Delaying these tough choices will not make them go away.

I look forward to working with my colleagues on the House Appropriations Committee and I am confident that we can once again balance the budget in a fiscally responsible and timely manner.