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Presentation to the Clerk of the Courts Executive Council Organizational Meeting July 15, 2008

Presentation to the Clerk of the Courts Executive Council Organizational Meeting July 15, 2008. by: Skip Burnside. Office of Economic & Demographic Research THE FLORIDA LEGISLATURE. Topic of Discussion.

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Presentation to the Clerk of the Courts Executive Council Organizational Meeting July 15, 2008

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  1. Presentation to the Clerk of the Courts Executive Council Organizational Meeting July 15, 2008 by: Skip Burnside Office of Economic & Demographic Research THE FLORIDA LEGISLATURE

  2. Topic of Discussion • The revenue estimating function of the Florida Legislative Office of Economic and Demographic Research (EDR) and Article V revenues.

  3. The Florida Constitution Article VII, Section 1 states that provision shall be made by law for raising sufficient revenue to defray the expenses of the state for each fiscal period.

  4. The Florida Statutes • Section 216.134 establishes the consensus estimating conference process that is administered by EDR. This process is responsible for developing the official estimate of revenue that is available to the Legislature to appropriate for the upcoming fiscal year. • In addition, the process requires the monthly monitoring of actual revenue receipts.

  5. Article V Revenues • Article V revenues are forecast in July/August each year and updated in November and March for the current and next three fiscal year periods. In addition, a long term forecast (10-year) is prepared annually. • Revenues are monitored continuously with reports provided to EDR by the Florida Departments of Financial Services and Revenue at least twice monthly (revenue trial balance for the preceding month the 1st of each month and COC Clearing TF reconciliation report around the 15th of each month). In addition, EDR communicates with COCC staff at least monthly and usually more often.

  6. Revenue Estimates • Article V revenues are presently estimated in 3 broad categories: • Filing fee revenues • End of the local fiscal year Clerks account revenues • COC Clearing Trust Fund transfer revenues

  7. Article V General Revenue History - Chart Millions of Dollars

  8. Millions of Dollars Article V General Revenue History - Table

  9. Impact Analysis EDR is also charged with developing the official estimate of the impact legislation will have on state revenue. This occurs through a consensus impact estimating conference process that involves regular meetings during the interim and throughout the legislative session.

  10. Senate Bill 1790 EDR worked with staff of the House, Senate, Florida Court System, Florida Department of Highway Safety and Motor Vehicles and Clerks Association and Corporation to estimate the impact on state revenues resulting from passage of SB 1790. SB 1790 was a measure required to implement the Appropriations Act (See slide # 3, Florida Constitution).

  11. Impact Estimate SB 1790 The annualized estimate for FY 2008-09 is $149.5 million, of which $131.9 million would be deposited in the State General Revenue Fund and will be monitored by EDR. The projected cash to be realized in the State General Revenue Fund as a result of passage of SB 1790 for Fiscal Year 2008-09, when taking collection lag into account, is $121 million.

  12. Estimated Article V Revenues Fiscal Year 2008-09 (Existing & SB 1790 Fees)

  13. In Conclusion The revenues provided in SB 1790 were required by law to fund the State General Appropriations Act and the state budget that became effective July 1, 2008 anticipates the receipt and expenditure of these revenues along with the previously existing Article V revenues. An official estimate of the amount of revenues that will be received from Article V sources has been established and receipts are monitored throughout the year. A monthly revenue report is prepared by EDR and in any month in which Article V revenues do not meet projections, an explanation as to why revenues were not as expected is provided.

  14. Questions • Are there any?

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