October 12, 2011 Leave a comment
There was a big hullabaloo a few months ago because miraculously Rick Scott had secured a surplus. A statement even PolitiFact rated as half-true. No seriously. The link has facts. Click it. Cause wait for it. Hold your ears as you read this because Scanners-quality head explosions follow this sentence.
State economists now predict a $1.5 billion shortfall in revenue, after predictions for revenue fell short by $600 million. They also mention that the $1.2 billion surplus predicted in March erred by $968.3 million.
Lawmakers also turned away billions in federal transportation and health care money, and tried to boost the economy by including $70 million in tax incentives for the new Department of Economic Opportunity and $25 million for a three-day sales-tax holiday for back-to-school supplies in August.
But the tax breaks and attempts at austerity couldn’t stop the decline in revenues in every area of state government as the pace of the housing and employment recovery “has significantly slowed.”