More bad news expected from Florida revenue estimate

TALLAHASSEE, Fla. (AP) - A new state revenue estimate is expected to result in more bad financial news.

Preliminary figures Friday showed it could cut at least $1.2 billion from the previous estimate in August for the current budget year and $2 billion for the next year.

State economists meet three times a year to revise the estimate of how much general tax revenue Florida is expected to collect.

They've reduced each of the last several estimates because time the state's economy has proven worse than previously thought.

The August estimate also forecast a deficit of about $1.3 billion in the current budget year that ends June 30. It's expected to increase Friday.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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