Florida Revenue Conference Gives Bleak Budget Outlook

Floridas revenue forecast for the next budget year is bleak. And the outlook goes deeper into the red the following year.

The states revenue estimating conference is projecting that Floridas stalled economy will generate between $857 million and $1.2 billion less next year than initially projected.

The shortfall, due to vast drops in sales and document taxes, could grow to $1.5 billion in the following year.

A more set total is expected later this afternoon.

The shortfall means when legislators meet in January for the start of the regular session they will have that much less money to play with as they craft the 2012-13 budget than they put together for the current years $69 billion budget.

The state is also looking at revenue being nearly $500 million short of projections for the current year that runs through June 30, 2012. However, legislators have said they believe money set aside prior to the start of the fiscal year will cover that shortfall.

Last week, Senate President Mike Haridopolos, R-Merritt Island, said the overall shortfall could be $2 billion next year, while Sen. John Thrasher, R-Jacksonville, said he had been told it would be between $1.2 billion and $2.3 billion.

State Rep. Denise Grimsley, R-Sebring, chairwoman of the House Appropriations Committee, expressed confidence that the legislators will be able to hold the line on taxes without hindering efforts to allow businesses to create jobs.

Todays projections from the general revenue estimating conference confirm that Florida faces yet another challenging budget year, Grimsley stated in a release. As lawmakers, it is our constitutional duty to hold the line on spending as we work toward achieving a balanced budget with limited resources. Despite these challenges, I remain confident we can reach our goal without raising taxes on Floridians while also incentivizing the creation of more jobs.