September 20, 2019
House and Senate Appropriations Committees
Office of Economic & Demographic Research Coordinator Amy Baker presented to both the House Appropriations Committee and Senate Appropriations Committee on the State’s Long Range Financial Outlook. The Outlook was adopted last week during the Joint Legislative Budget Commission.
The outlook cautioned lawmakers on key economic drivers that indicate a potential for a recession and reduced growth/revenue in the next fiscal year. The report also highlighted the Florida economy’s reliance on tourism which may be susceptible to global economic pressures.
Highlights of the presentation included noting the current 10-year expansion period which is the longest on record, slower expansion predicted in 2020 with the potential for a recession, the highest budget reserves in ten years, and stressed that revenue is trending $867 million lower over the next two fiscal years.