Pinellas Tax Collector
Share this

Pinellas Tax Collector

Monthly tax collections in Florida continue to exceed expectations, while state economists remain concerned inflation will affect consumer spending.

General-revenue collections in May topped projections by 21 percent, or $741.8 million, according to a report posted online Thursday by the Legislature’s Office of Economic & Demographic Research.

With sales taxes accounting for most of that boost, the state brought in nearly $4.27 billion in general revenue in May. Economists had earlier projected the collections would be about $3.53 billion. Since the initial stages of the COVID-19 pandemic, monthly revenues have repeatedly topped projections. During the first five months of 2022, collections exceeded expectations by $2.867 billion.

State economists continue to warn that inflation is providing a boost to the revenue figures but could eventually cause a strain. “The immediate response to inflation is an increase in sales tax collections that reflects the higher prices,” the report said. “Persistent inflation conditions, however, ultimately suppress collections as consumers begin to spend more money on non-taxable necessities like food and health care.” Meanwhile, personal savings, the percentage of disposable income that people save, “remained relatively steady” at 5.4 percent for May.

In the news: Biden Admin Monitoring New Florida “Parental Rights In Education” Law

The rate was up from 5.0 percent in March and 4.4 percent in April. During the 2018-2019 fiscal year, before the pandemic, the savings rate was 7.9 percent. Aided by federal stimulus money, the savings rate ballooned to 33.7 percent early in the pandemic.

Visit for Politics, Tampa Area Local News, Sports, and National Headlines. Support journalism by clicking here to our GiveSendGo or sign up for our free newsletter by clicking here. 

Android Users, Click Here To Download The Free Press App And Never Miss A Story. Follow Us On Facebook Here Or Twitter Here.

Copyright 2022 The Free Press, LLC, All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Share this
You May Also Like

Millionaire jailed for refusing to tear down Britain’s best man cave that includes cinema and casino

A millionaire has been jailed after defying a court order to tear…

Parolee Arrested For 6th Time This Year – Scioto County Daily News

A parolee with a growing history of parole and probation violations was…

Athletes of all ages flock to Rantoul for tournament weekend

RANTOUL, Ill. (WCIA) – It’s a big weekend for athletes from age…

Where are Allahnia and Kiely? – Crime Online

Two women are missing, one from Atlanta, Georgia, and one from Truckee,…

Wanted Woman Busted In Condemned House – Scioto County Daily News

A report of people inside a condemned house led to the arrest…

The secret aunt Camilla never met – born after her womanising grandfather cheated on pregnant wife

With little fanfare, a death notice for Sylvia Bunn was placed in…

Defense Had Plenty of Time To Question Juror They Now Accuse of Misconduct – Crime Online

CrimeOnline’s Nancy Grace doesn’t think Scott Peterson’s claims of juror misconduct hold…

80 years later, Navajo Code Talker marks group’s early days

PHOENIX – It’s been 80 years since the first Navajo Code Talkers…