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PECO running dry as revenue source for universities

Florida lawmakers face what one committee chairman calls an “extraordinary challenge” to pay for state university capital costs.

Revenue from a gross receipts tax on electricity and communication services peaked in 2007 at about $1.4 billion and is expected to decline this year to around $1 billion. That tax money is used to back bonds to pay for new construction, maintenance and renovation of facilities. The drop in collections is significant enough that last year lawmakers had to add $250 million from general revenue and the lottery to the Public Education Capital Outlay trust fund, the entity that finances education construction projects.

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