State economists say Florida could rake in an additional $850 million next year if revenue expectations hold. Already state officials, including Governor Rick Scott are planning ways to spend that money. But one of the state’s financial watchdog groups says those officials may have far fewer dollars to count than they think.
The prospect of an $846 million surplus sounds good in theory. It comes after years of budget cuts due to the recession, and builds upon increased revenues from last year. But Kurt Wenner, a researcher with the state government spending watchdog group Florida TaxWatch, says the reality is much different:
“More than half the surplus is non-recurring revenue, and that’s money that shouldn’t be used for recurring expenses or recurring tax cuts because that money won’t be there the current year," Wenner says. " If the legislature were to spend all $846 million in recurring expenses, they would create a deficit in the next year’s budget."
A proposed $500 million tax break by Governor Rick Scott could wipe out most of the surplus, and that’s before lawmakers consider proposals to increase education funding. Wenner says one thing’s for sure -- $846 million isn’t nearly enough to get all the jobs done.
