New Forecast Continues Cloudy Budget Picture

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By BRANDON LARRABEE
THE NEWS SERVICE OF FLORIDA

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THE CAPITAL, TALLAHASSEE, March 17, 2017……… Another slight change Friday to the state’s estimated future tax revenues did little to alter the situation facing legislative budget-writers: a tight fit for the upcoming fiscal year and sizable shortfalls after that.

As a result, the Republican-dominated Legislature is expected to remain cautious as House and Senate leaders roll out budget proposals over the next couple of weeks.

“In terms of what they’re facing, they pretty much have the same picture,” said Amy Baker, head of the Legislature’s Office of Economic & Demographic Research, which helps develop the forecasts.

The projections on Friday increased by $115.2 million the revenue the state is projected to take in by June 30, 2018, when the upcoming 2017-2018 budget year ends. But the vast majority of that — $106.8 million — is one-time money that lawmakers won’t be able to rely on in future years.