Florida TaxWatch is pleased to present taxpayers with a guide to the FY2024-25 state budget, which went into effect July 1, 2024. The 2024 Legislature appropriated a total of $118.6 billion for FY2024-25. This Budget Guide includes all appropriations for the new fiscal year— the General Appropriations Act (GAA), “back-of-the-bill” spending, and appropriations made in general bills—net of the Governor’s vetoes.
The 2024 Florida Legislative Session Wrap-Up offers a concise yet thorough review of the session's key outcomes. With a $117.5 billion budget, over $1 billion in tax relief, and nearly $10 billion in reserves, the Legislature addressed crucial issues in healthcare, education, insurance, and the environment. The report provides an insightful overview of the bills and budget items that passed, as well as notable legislation that failed to advance, making it an essential resource for understanding the current state of Florida policy and its implications for residents and taxpayers.
The Florida TaxWatch's 2024 Legislative Session Taxpayer Roundup report provides a comprehensive overview of significant tax legislation in Florida, highlighting nearly $1 billion in tax relief measures, including toll credits and potential property tax savings through a proposed constitutional amendment. Key successes include substantial tax cuts, sales tax holidays, and new tax credits aimed at supporting employment and child care.
CURRENT YEAR SURPLUS NOW $8.8 BILLION
The August 18 General Revenue Estimating Conference (REC) increased Florida’s general revenue projections by $1.567 billion (3.6 percent) in the current budget year and $1.203 billion (2.6 percent) in FY2024-25--a two-year total of $2.770 billion. Add in the $1.084 billion that actual collections exceeded the previous estimate in the last four months of FY2022-23, and the Legislature has an additional $3.854 billion available for next state budget. The new estimate accounts for the $1 billion reduction in revenues from 2023 tax relief and other legislative changes.
An analysis of the transparency and accountability of the budget process
This is the Florida TaxWatch annual independent review of Florida’s FY2023-24 budget process. The report was started in 1983 and promotes oversight and integrity in the state’s budgeting process based on the principle that: because money appropriated by the Legislature belongs to the taxpayers of Florida, the process must be thorough, thoughtful, transparent, and accountable. Every appropriation should receive proper deliberation and public scrutiny. This includes member-requested projects.