Florida TaxWatch is praising the state Legislature for working to be more efficient with taxpayer dollars after an evaluation of bills passed in the most recent term showed revenue to the state would decline by more than $550 million.
That reduction would still leave $1.65 billion in general revenue reserves for the fiscal year.
Fiscal stewards in the Legislature wisely did not spend all of their available revenue,” said Dominic Calabro, president and chief executive of Florida TaxWatch, in a release. “Rather, they left a considerable amount in reserves, which strengthens Florida’s fiscal future. However, TaxWatch encourages the Legislature to improve the integrity and transparency of the appropriations process to ensure accountability in budgeting.”
The Legislature did, however, fall short of its $500 million tax cut goal. The package reduces state and local revenue by $398.8 million this year, and $469.4 million next year.
In addition to bills reducing revenue, a few measures were passed by the 2014 Legislature to slightly increase revenues, including possible sales tax revenue from medical cannabis and an increase in collection of E911 fees.
The cuts will provide only $128 million more in general revenue available for the next budget, Florida TaxWatch said.
