Florida lawmakers approve budget: $10 billion surplus, tax relief, $500 million debt payoff, more

TALLAHASSEE, Fla. – Florida lawmakers on Friday voted to approve a $117.46 billion state budget for the upcoming fiscal year.

That budget will include a $10 billion surplus, $500 million set aside for paying off the state’s debt and implement another round of tax cuts aimed at easing financial burdens on Floridians.

The tax relief totals $1.5 billion. Of that, $500 million is for property insurance tax relief. Lawmakers are also bringing back the “Freedom” summer tax holiday in July.

There will also be a tax holiday for tools Sept. 1-7.

With its approval, it will now head to Gov. Ron DeSantis for consideration.

Some of those tax breaks include holidays seen last year, such as disaster preparedness, back-to-school and mid-summer holidays.

Lawmakers completed negotiations on Tuesday morning, but the Florida Constitution mandates they wait 72 hours until voting on the yearly budget.

Other major funding includes:

• $45.6 billion for education
  • Increases on per-student spending, mental health, scholarships
  • No tuition increases for state colleges and universities
• $717 million for new “Live Healthy” package bolstering workforce, $46.5 billion for health care at-large
• $7.3 billion for criminal justice, toward facility improvements, expansions, rehabilitation, modernization
• $20.4 billion for infrastructure, tourism, transportation, economic development projects
• $9.9 billion for conservation and environmental efforts, agriculture programs that include land protection, research, more
  • $3.1 billion for the Department of Agriculture and Consumer Services
  • $3.4 billion for the Department of Environmental Protection
  • Hundreds of millions toward resource management legislation

In total, the budget is $117.46 billion. That is $3 billion more than what Gov. Ron DeSantis proposed late last year. The governor has the authority to line-item veto certain parts of the budget once lawmakers pass it.

“Here in the free state of Florida, we wisely utilized pandemic funds to make critical, one-time, generational investments in our infrastructure – from roads and bridges, to education facilities, to clean water and coastal resilience,” Passidomo said.

“As the timeline to spend pandemic funds is coming to end, we are making smart, fiscally-responsible adjustments and right-sizing our balanced budget to a level sustainable for the long term,” she said. “Our revenues are increasing, but instead of spending all of we have, we are paying down debt, setting aside historic reserves, and providing for meaningful tax relief, so Floridians can keep more of their hard-earned money.” 

Sen. Doug Broxson, R-Pensacola, chairman of the Senate Appropriations Committee, compared Florida to other states who are “making deep budget cuts and raising taxes” because of how they spent pandemic funds.

“[They] are now facing post-pandemic declining revenues and budget deficits, which is only making matters worse,” Broxson said. “Thanks to sound financial management throughout the pandemic by Governor DeSantis and the Legislature here in the Sunshine State, forward-looking investments are shoring up our infrastructure, helping to create good jobs in growing communities.”

Passidomo noted that the budget expands the wildlife corridor, and invests in land conservation and water protection.

Click here to view the budget summary.

The budget takes effect July 1.