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Budget Watch - New Estimates Add More than $2 Billion to Available GR for the Budget Now Being Developed By The Legislature

The General Revenue Estimating Conference (REC) met on April 6 and increased Florida’s general revenue (GR) projections by $1.476 billion in the current budget year and $551 million in FY2021-22.1 This two-year total increase of $2.027 billion, coupled with the $2.109 billion increase from the December 2020 REC, restores more than three-fourths of the $5.4 billion two-year reduction in the estimates adopted in August 2020 – the first REC after COVID-19 hit Florida.

As the 2021 Legislature develops the next state budget, the fiscal position the state finds itself in is remarkable when it appeared, just a little more than a year ago, that we were heading towards a fiscal disaster. The Legislature will now have $38.5 billion in GR available for the next budget, almost $1 billion more than anticipated back in March 2020 when
the current budget passed and before pandemic-related costs and revenue losses were considered.

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The Potential Impacts of New Tariffs on Florida’s Economy

The Potential Impacts of New Tariffs on Florida’s Economy

On April 2nd, 2025, a universal 10 percent tariff on all countries was announced by the federal government, with a few countries facing additional reciprocal tariffs of up to 50 percent. A week after the announcement, due to intense volatility in the bond market, a 90-day suspension on the tariffs was announced, with the exception of a 145 percent tariff on certain Chinese goods.

 

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How Childcare Costs Impact Florida’s Economy

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The impact of childcare, as the data suggest, is prominent on Florida’s economy. Losses incurred from turnover and absenteeism of working parents can be avoided with friendlier workplace policies and higher investment in affordable childcare. As an important part of the industry, treating childcare workers better financially can help maintain the workforce in childcare and add to the economy of Florida. Impactful measures that can alleviate the pressing childcare issues mentioned can further grow Florida’s economy.

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