Economists to Revise Revenue Estimates

TALLAHASSEE, Fla. (AP) — State economists will figure out just how bad Florida’s financial situation will be during the coming year.

Economists will meet Tuesday to draw up a new forecast on state tax collections amid signs that Florida’s economy has been stalling over the last few months.

Gov. Rick Scott and legislative leaders will rely on these forecasts to determine whether more cuts will be needed in 2012 to schools, health care and other state programs.

Preliminary estimates released last week suggested that state legislators may be confronted by a $2 billion shortfall next year due to dropping tax collections. Florida relies primarily on the state’s 6 percent sales tax to balance its budget.

Despite the shortfall, Scott is expected to ask lawmakers to approve another round of tax cuts.

Source: Associated Press