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Slowing growth of Florida's economy may limit state spending

Posted at 7:07 AM, Aug 16, 2016
and last updated 2016-08-16 07:07:39-04

TALLAHASSEE, Fla. (AP) - Florida's economy is growing, but there are signs of weakness that are limiting how much money legislators will have to spend next year.

State economists on Monday drew up new forecasts to predict how much the state will collect in taxes.

Economists expect the state's main budget account to grow 3.6 percent during the fiscal year that ends next June. They are predicting growth as high as 4.6 percent in the 2017-18 fiscal year. These are slightly less than estimates from earlier this year.

Amy Baker, coordinator for the Office of Economic and Demographic Research, said there was no one factor to blame but cited Britain's vote to leave the European Union as affecting economic forecasts.

Legislators will likely have a budget surplus next year, but there may not be a lot available for new spending.

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