TALLAHASSEE, Fla. (WTXL) — On Friday, representatives of the State of Florida released an updated estimate of the state's general revenue for the 2020-2021 Fiscal Year of approximately $3.4 billion less than before the coronavirus pandemic.
The estimated loss in revenue is significant; however, it was predicted to be even more devastating.
In a statement, State Senator representing the 21st district Bill Galvano (R) said:
"While this updated estimate is very significant, the revised number is not as dire as earlier predictions had indicated that it would be. Florida’s economy, just like the people who call our state home, has proven to be resilient as businesses continue to work incredibly hard to safely reopen."
"While some of these myriad impacts [of the coronavirus] are temporary and may improve with the availability of a vaccine, there is no question that in certain cases, business models will change as we return to the work, leisure activities and traditions that make up our lives moving forward. Most importantly we must keep moving forward."
Galvano's statement also said that in March the state made moves to ensure $4 billion was in reserves for the Fiscal Year due to the coronavirus. Leaving Florida with "the security of significant, unused state reserves, as well as the availability of federal CARES Act funding, to offset substantial pandemic-related costs."
Offices represented included the Senate, House of Representatives, Executive Office of the Governor, and the Legislature’s Office of Economic and Demographic Research.