TALLAHASSEE, Fla. (The News Service of Florida) - Florida's budget will face increased pressure from the impact of Hurricane Michael.
That's according to a new report reviewed this week by the Senate Appropriations Committee shows.
The state's costs for emergency relief and recovery efforts related to Hurricane Michael, will exceed the costs for Hurricane Irma, according to the report.
The hurricane impact and factors like slower economic growth are enough for state analysts to now project that a potential $223 million budget surplus for 2019-2020 has likely disappeared.
Senate Appropriations Chairman Rob Bradley says the new report means lawmakers will have tough decisions to make as they work on next year's budget during the annual session that starts in March.
"We need to be probably even more diligent in making sure that we are very, very conservative in our approach and conservative in our projections," said Bradley.
Other factors that could impact state revenues in the next three years are a residential construction industry that has not reached its pre-recession peak and the impact of a stronger U.S. dollar on international tourism.
