Florida Reaches Record State Budget Surplus: ‘We Preserved Freedom and Kept Our Economy Open’

July 7, 2022 Updated 6:39 PM ET

Gov. Ron DeSantis signs the largest tax relief in Florida's history
Gov. Ron DeSantis signs the largest tax relief in Florida's history

July 7, 2022 Updated 6:35 P.M. ET

TALLAHASSEE (FLV) – Gov. Ron DeSantis announced Florida’s budget surplus for Fiscal Year 2021-22 hit $21.8 billion, making it the highest in state history. 

“Despite the headwinds created by the Biden administration’s policies, Florida is in a strong fiscal position because we preserved freedom and kept our economy open,” DeSantis said.

In May, Florida crushed revenue projections and collected nearly $742 million above predictions. Preliminary data for June collections are approximately $950 million above estimates, according to the governor’s statement.

Florida’s surplus includes: 

$2.7 billion in Florida’s Rainy-Day Fund (Budget Stabilization Fund) – the highest in state history.

$15.7 billion in unallocated General Revenue.

$2.8 billion in unallocated trust funds.

$499 million in the newly created Emergency Preparedness and Response Fund.

“Our responsible policies have allowed us to make record investments to support our communities, promote education, protect the environment, and provide record tax relief for Floridians, all while building record reserves to protect the state against the reckless fiscal policies from Washington,” DeSantis said. 

The unemployment rate in Florida has remained at around 3%, and .6% under the national rate. The statewide unemployment rate has either declined or held steady for 22 consecutive months. 

Florida’s labor force has grown by 313,000 between May 2021 and May 2022. The state’s private sector also grew by 459,000 jobs and faster than the national private sector job growth rate of 5.1% over the year. 

In May, Governor DeSantis announced that Florida made up nearly half of the U.S. market share for international tourism.

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