The Taxpayer's Guide to Florida's FY2024-25 State Budget

This Budget Guide highlights the fact that the $118.6 billion total for the GAA is not the only spending the Legislature did this session. There were also significant appropriations made in general bills. This happens every session, but the 2024 session stands out, as appropriations of more than $2.0 billion were made in other bills (along with the creation of 122 new state employee positions), exceeding last year’s $1.4 billion. Most of these appropriations come from General Revenue (GR) and more than $800 million is recurring spending. This includes $717 million in a major health care bill and $536 million in a landmark environmental bill. When that spending, along with $51.5 million in FY2024-25 appropriations made in the “back-of-the-bill”, is included, the total appropriated by the 2024 Legislature for the new fiscal year grows to $118.6 billion (even after subtracting the nearly $1 billion vetoed by the Governor).

It is also common for the Legislature to use the GAA to appropriate funds for the current, not the upcoming, fiscal year. This year, the amount of money appropriated for FY2023-24 by this budget is exceptional - $3.4 billion ($1.7 billion of which is from GR). Even though most of this money will be spent in FY2024-25, it is technically appropriated for FY2023-24, so it is not included in GAA total. This understates the amount actually appropriated during the session. This Budget Guide also does not include this spending in total appropriations for FY2024-25, but it does list each of these appropriations (see page 30). This includes appropriations for local water facility construction loans which were moved to the back of the bill at the last minute, reducing the GAA total by $1.259 billion.

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 FY2004-05 through FY2006-07. This does not include the spending of an additional $26 billion in federal pandemic-relief and state funds not included in appropriations totals.

The Governor and the Florida Legislature deserve credit for spending the money that has been available in a largely responsible manner. They were able to make significant investments in health care, infrastructure, water quality, and affordable housing, while enacting record tax cuts, paying down state debt, increasing state employee salaries, and maintaining high levels of reserves.

However, local member projects which generally have no statewide impact have also proliferated. The new budget contained a record level of member projects – more than 1,600 projects worth approximately $2.8 billion (before the vetoes).

The state is still in excellent fiscal health, but our budget surplus is dwindling. After accounting for all the spending in the General Appropriations Act and other substantive bills, the state is expected to have $5.7 billion in unobligated General Revenue (GR). While still an exceptional amount, the budget surplus is down from the $21.3 billion balance that was estimated to be remaining at the end of FY2022-23 and the $8.7 billion the state had left over in FY2023-24.

The growth in revenue the state has enjoyed will likely not continue. Economists are expecting growth to slow considerably in the near future. Florida must continue to be responsible with taxpayer money.

In addition to providing many facts and figures explaining this year’s budget and detailing the highlights, this guide also provides past budget data to put it in historical context. We hope this annual Budget Guide gives you the information you need to better understand where and how your hard-earned tax dollars are being spent.