Florida TaxWatch Releases The Taxpayers' Guide to Florida’s Fiscal Year 2023-24 State Budget
FOR IMMEDIATE RELEASE: Tues., July 25, 2023
CONTACT: Aly Coleman Raschid, aly@on3pr.com, 850.391.5040
Florida TaxWatch Releases The Taxpayers' Guide to Florida’s Fiscal Year 2023-24 State Budget
TALLAHASSEE, Fla. – Today, 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 M. Calabro said, “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.
“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.
“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.”
This Budget Guide, along with an extensive portfolio of research and analyses, can be found on FTW’s Florida Budget Hub.
About Florida TaxWatch
As an independent, nonpartisan, nonprofit government watchdog and taxpayer research institute for more than forty years and the trusted eyes and ears of Florida taxpayers, Florida TaxWatch works to improve the productivity and accountability of Florida government. Its research recommends productivity enhancements and explains the statewide impact of fiscal and economic policies and practices on taxpayers and businesses. Florida TaxWatch is supported by its membership via voluntary, tax-deductible donations and private grants. Donations provide a solid, lasting foundation that has enabled Florida TaxWatch to bring about a more effective, responsive government that is more accountable to, and productive for, the citizens it serves since 1979. For more information, please visit www.floridataxwatch.org.
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