State revenues continue to come in below projections, according to the most recent report by the Florida Office of Economic and Demographic Research.
General revenue collections for May were $123.1 million under the estimates adopted by the general revenue estimating conference on March 11. Total general revenue now is $263.9 million, or 8.3% under the estimate for fiscal 2008, which ends Monday.
Sales tax receipts — the largest component of state budget general revenue — were $42.8 million, or 2.85%, under estimate for May. Taxes on consumer non-durable purchases were $40.7 million, or 8% under estimate, and sales taxes on vehicle purchases were $27.4 million, or 9.5% less than anticipated.
“The majority of [general revenue] sources came in under estimate for the month,” the EDR report said. “Among the large sources, corporate income tax was $23.6 million under estimate, continuing to show the effects of the economic slowdown.”
Florida has no personal income tax.
