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Fiscal Year 2023: Florida’s Continuing Success in Debt Reduction

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The 2023 Debt Report for Florida highlights the state’s strong financial standing, with a debt ratio below the 6% legislative target for the tenth consecutive year. Florida’s debt and debt service have decreased, while General Revenue collections increased by $3.3 billion. Rating agencies affirmed AAA ratings and a stable financial outlook. The report details Florida’s debt management strategies, including limiting debt accumulation and maintaining high reserves, contributing to a strong debt capacity and reduced future costs. Local government debt, however, remains comparatively high. The state’s prudent financial practices are underscored, benefiting taxpayers and indicating a healthy fiscal future.

Florida TaxWatch Releases The Taxpayers’ Guide to Florida’s Fiscal Year 2023-24 State Budget

Press Releases

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.

The Taxpayer’s Guide to Florida’s FY2023-24 State Budget

Research, Taxpayer Guide

Florida TaxWatch is pleased to present taxpayers with a guide to the FY2023-24 state budget, which went into effect July 1, 2023. The 2023 Legislature appropriated a total of $118.7 billion for FY2023-24. 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. 

Statement by Florida TaxWatch President and CEO Dominic M. Calabro on Two Sales Tax Holidays Beginning Saturday, July 1, 2023

Press Releases

Tallahassee, Fla. – The statement below, to be attributed to Florida TaxWatch President and CEO Dominic M. Calabro, pertains to the two sales tax holidays beginning Sat., July 1, 2023 – the ENERGY STAR Sales Tax Holiday (an extension of the existing sales tax holiday) and the new Gas Ranges and Cooktops Sales Tax Holiday. 

Florida TaxWatch Releases 2023 Budget Turkey Watch Report

Press Releases

Tallahassee, Fla. – Today, Florida TaxWatch (FTW) released its 2023 Budget Turkey Watch Report, an independent review of the state’s $117 billion Fiscal Year 2023-24 budget. Since 1983, FTW has provided Floridians with­­ this additional level of oversight by identifying individual appropriations that circumvent a thoughtful and thorough budget process. The annual Budget Turkey Watch Report is based on the principle that, because funds appropriated by the legislature belong to Florida taxpayers, the process must be transparent and accountable, and every appropriation should receive proper deliberation and public debate. 

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