Here is what Florida TaxWatch thinks the Legislature should do.
The 2022 legislative session begins today and, despite the pandemic, Florida is in an enviable fiscal position. The state’s current budget is record in size, as are our budget reserves. Revenue collections are back above pre-pandemic levels, and this Legislature will have even more money available for the next budget cycle, made possible by both strong economic performance and billions in unappropriated federal funds.
Fiscally, Florida is in good condition. This is also true of the state’s debt position. FY 2020-21 marks the eighth consecutive year with a debt ratio below the 6 percent target.
Have you ever wondered how Florida’s taxes stack up against the taxes in other states? If so, this report is for you.
2022 Legislature Heads into Session with a $7 Billion Budget Surplus
Last year, COVID-19’s arrival in Florida and the attendant economic shutdown had state forecasters—and virtually everyone else--predicting gloomy fiscal times for Florida. The 2020 legislative Long-Range Financial Outlook estimated that the 2021 Legislature would be facing a budget shortfall of $2.7 billion, and without significant spending cuts, the shortfalls would continue for at least two more years.
Florida TaxWatch is pleased to present taxpayers with a guide to the FY2021-22 state budget, which went into effect July 1, 2021.