Florida’s economy is strong. If Florida were a country, its gross domestic product (GDP) would rank 14th among economies worldwide, and its ambitions do not stop there. Florida aims to be within the top ten economies by 2030. By this time, two in three jobs are expected to require specialized training, a credential, or a degree. To achieve its economic goal, Florida will need to continue developing its specialized workforce. With 120,000 students completing Florida College System (FCS) programs each year, the FCS plays a critical role in providing the talent pipeline necessary to reach Florida’s economic goal and does so at a very affordable cost to students and Florida taxpayers alike.

Florida has always endured a complex property insurance market due its unpredictable weather and proneness to hurricane catastrophes. Recent issues, however, have nearly pushed the market to the brink of collapse. With the combination of insurance company insolvencies, excessive litigation from fraud, and the recent devastation from Hurricane Ian, Florida’s crisis continues to worsen.

Florida TaxWatch is pleased to present taxpayers with a guide to the FY2022-23 state budget, which went into effect July 1, 2022. The report includes all appropriations for the new fiscal year— the General Appropriations Act (GAA), “back-of-bill” spending, and general bills—net of the Governor’s vetoes.

Florida is facing a property insurance crisis and the governor has called the legislature back to Tallahassee, May 23-27, to tackle the issue.  While the proposed bills to be discussed have not been filed yet, the Governor’s proclamation announcing the special session suggests areas that should be addressed, including reinsurance, building codes, litigation reform, and Citizens Property Insurance. Why is this such a pressing issue? 

With more than 8,400 miles of coastline and a flat, low-lying coastal topography, Florida is especially vulnerable to the effects of sea level rise. Tens of thousands of Florida homes and businesses are at increased risk from sea level rise. Much of Florida’s critical infrastructure is at low elevations, designed and built with little consideration of future sea level rise. The physical effect of changing climate translates into real economic impacts.