This week, Florida TaxWatch (FTW) released “The Taxpayers’ Guide to Florida’s FY2023-24 State Budget,” providing an overview of Florida’s Fiscal Year 2023-24 state budget, which was passed by the Florida Legislature during the 2023 Legislative Session and signed by Gov. Ron DeSantis on June 15, 2023.
The guide analyzes all appropriations for the new fiscal year that began on July 1, 2023, net of the governor’s vetoes, including the $117 billion General Appropriations Act (GAA), “back-of-the-bill” spending, and appropriations made in general bills. After the governor’s vetoes, these items total $118.7 billion in spending, which means Florida’s state budget has grown by 28.6 percent in the last three years, the largest three-year growth since the housing bubble and economic boom of Fiscal Year 2004-05 through Fiscal Year 2006-07.
Florida TaxWatch President and CEO Dominic Calabro offered some thoughts on the guide.
“This year, the Florida Legislature allocated $117 billion in the main budget document, which included significant investments in education, infrastructure, the environment, and more, while also enacting record tax cuts and maintaining appropriate levels of reserves. In addition, there was another $1.5 billion in appropriations contained in legislation, such as the critically important affordable housing bill known as the ‘Live Local Act’. It’s clear that state spending has increased, but Florida TaxWatch commends both lawmakers and Gov. Ron DeSantis for their commitment to handling taxpayer dollars responsibly and ensuring Florida remains the best state in the nation to live, work, and raise a family,” he said.
“Still, it should be noted that Florida’s budget surplus is dwindling – the state is expected to have $5.3 billion in unobligated General Revenue after this year’s budget, and while that is an exceptional amount, it is down from the $17.7 billion balance that was estimated to be remaining at the end of this fiscal year. What’s more, economists are expecting economic growth to slow considerably in the near future, so Florida TaxWatch believes it’s imperative that the governor and legislature strive to uphold Florida’s esteemed reputation as a beacon of fiscal stewardship moving forward,” Calabro added.
“In addition to providing many facts and figures explaining this year’s budget and detailing the spending highlights, Florida TaxWatch’s annual Budget Guide also provides past data to put it in historical context. Florida TaxWatch hopes elected leaders, policymakers, staff, and members of the media find this guide helpful to understand where and how their tax dollars are being spent, empowering them to hold their state government accountable during the year ahead,” he said in conclusion.
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