The Florida TaxWatch Budget Watch series has been detailing the rapid recovery of the state government’s revenue collections from the initial precipitous drop in the early months of the COVID-19 pandemic. We have highlighted how current General Revenue (GR) estimates are back above the last pre-pandemic estimates. Coupled with billions of dollars in federal aid, Florida is in enviable fiscal shape as the Legislature heads into the 2022 Regular Session.
The massive amount of federal funding provided in the six stimulus acts provides an unprecedented opportunity to improve Florida and fund programs and infrastructure that have had long-standing backlogs with few past feasible opportunities to address to this degree.
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 General Revenue (GR) collections continue to exceed expectations throughout the pandemic and the new forecast paints a rosy budget picture for legislators as they head toward the 2022 Session.
Florida TaxWatch is pleased to present taxpayers with a guide to the FY2021-22 state budget, which went into effect July 1, 2021.