(The Center Square) — The nonprofit group Florida TaxWatch released its annual Taxpayers Guide to Florida’s fiscal 2024-2025 state budget, which details the current outlay and provides past data to put it in a historical context.
According to the budget report, the Legislature has more than the $118.6 billion earmarked in the General Appropriations Act, with additional spending occurring in general bills that happens every year, according to Florida TaxWatch.
What makes this year’s budget stand out, however, is the almost $2 billion in extra funding being spent above the state budget, an increase from the $1.4 billion in additional spending in fiscal 2023-2024’s budget.
A total of 122 new state employee positions have been created, part of the $2 billion outlay, with most funds coming from the General Revenue Fund. More than $800 million is recurring spending, including a $717 million health care bill and another $536 million on landmark environmental efforts.
Florida TaxWatch noted that including all of the extra spending pushes the fiscal 2024-25 budget to a total of $118.6 billion, even after Gov. Ron DeSantis vetoed almost $1 billion out of the budget.
Lawmakers using the appropriations act to get funds for the current year, is also commonplace. Florida TaxWatch points out that funds appropriated by lawmakers for fiscal 2023-24 are more than $3 billion, with $1.7 billion coming from the General Revenue Fund.
Over the past three years, the state budget has grown by 28.6%, the largest growth since between 2004 and 2007. This does not include the $26 billion the state received for federal pandemic relief funds.
While Florida TaxWatch praised DeSantis and lawmakers for largely spending taxpayer money responsibly, using funds to improve infrastructure, water quality, and affordable housing, they note that local member projects have ballooned to over $2.8 billion before vetoes. Another $500 million has been allocated to further pay down state debt.
The Sunshine State’s budget surplus is dwindling, falling to an expected $5.7 billion in unobligated general revenue funds, from the $21.3 billion estimated to remain at the end of fiscal 2022-23 and $8.7 billion left in fiscal 2023-24.
Florida TaxWatch further notes that unprecedented growth is not expected to continue in the future and recommends that lawmakers remain responsible with taxpayer money.
Published August 14, 2024
