From the News Service of Florida
Revenues will fall between $857 million and $1.2 billion next year depending on which forecast is ultimately approved by economists meeting Tuesday to tweak general revenue figures in preparation for the 2012 Legislature.
Anticipated drops in sales tax revenue and documentary stamp collects are among the leading factors leading to the expected lower forecast.
The revenue estimating conference is expected to conclude its work later Tuesday. Going forward, lawmakers will see a drop of up to $1.5 billion in the 2013-2014 fiscal year.
State Rep. Denise Grimsley, who chairs the House Appropriations Committe, just sent out this statement about the new numbers:
"Today's projections from the general revenue estimating conference confirm that Florida faces yet another challenging budget year. 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."
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