Florida's unemployment compensation trust fund will have a surplus again in six months. The fund will finally have a cash flow after running a deficit for nearly four years.
In 2007, Florida began spending more on unemployment benefits than it was collecting each month in unemployment taxes. But even at the end of 2008, the fund still had a surplus of $1.3 billion.
That changed as more workers lost jobs in the recession. Payouts of jobless benefits peaked in 2009. The fund soon ran out of money for the first time in state history.
Florida was forced to borrow money from the federal government, with interest, to cover unemployment claims. As the economy makes a slow recovery, the state is in a position over the next few months to repay the nearly $550 million left on the loan.
That will get the unemployment fund back into the black by May.