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Saving for a storm while it's already raining: Florida readies budget fund to offset federal cuts
Saving for a storm while it's already raining: Florida readies budget fund to offset federal cuts

Yahoo

time14-06-2025

  • Business
  • Yahoo

Saving for a storm while it's already raining: Florida readies budget fund to offset federal cuts

TALLAHASSEE, Fla. (WFLA) — With growing signs of a financial squeeze from Washington, including potential cuts to Medicaid, SNAP, and FEMA, Florida lawmakers are preparing not just for state budget cuts but also for uncertainty in D.C. The state relies on federal dollars for nearly one-third of its budget and any disruptions from D.C. could have a ripple effect here on the state level. So, the question is, are lawmakers doing enough to protect Floridians from the unexpected?'I do not believe in raising taxes. We agree in the opposite. Cutting taxes, cutting spending, wasteful spending,' said House Speaker Danny Perez (R-Miami). 'What we're doing is, we are putting the state in a position that, god forbid, we are in a recession, we are in the 2000s all over again, we have a budget stabilization fund that would be able to backstop and protect Floridians from having to be in an uncomfortable position.' Senate and House leadership say they are leaning on the budget stabilization fund, the state's rainy day reserve, in case of a recession, rising costs, or federal pull-back. 'We're doing things to make Florida's balance sheet more durable and difficult times, and we're setting more money aside to have as rainy-day reserves if things get difficult, that's a win that's a win,' said Senate President Ben Albritton (R-Wauchula). But not everyone at the statehouse agrees that leadership's strategy is hitting the right mark.'You don't get to talk about saving money for a rainy day when it's still raining, when it's already raining on the people of Florida,' said State Rep. Fentrice Driskell (D-Tampa). House Minority Leader Driskell said we shouldn't be cutting funding, we should be expanding the budget. 'It seems to me there's a lot of hot air about this Budget Stabilization Fund. There's a lot of hot air about saving money for a rainy day. But guess what? You only get to do that after you've met all of your other obligations,' said Driskell. 'The question is, do I believe this budget prepares Florida for what could be coming out of the DOGE cuts or just the changes that come out of Washington, D.C? And I would say yes,' said Senate President Albritton. It's now day 102 of the 60-day session, and Budget Chairs have been working all week, racing to finalize the final spending plan, which is now expected for a Monday vote. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Florida Senate, House reach agreement on the state budget
Florida Senate, House reach agreement on the state budget

Yahoo

time31-05-2025

  • Business
  • Yahoo

Florida Senate, House reach agreement on the state budget

The Brief According to Sen. Albritton's memo, the negotiated agreement includes $2.25 billion in recurring revenue reductions. This will include the elimination of the business rent tax ($900 million), permanent sales tax exemptions targeted towards Florida families ($350 million), and debt reduction ($250 million). The budget conference will begin on Tuesday, June 3, 2025. TALLAHASSEE, Fla. - Florida state Senator Ben Albritton released a statement yesterday to announce that an agreement had been reached with the house regarding the stage budget. The budget conference will begin on Tuesday, June 3, 2025. According to Sen. Albritton's memo, the negotiated agreement includes $2.25 billion in recurring revenue reductions. This will include the elimination of the business rent tax ($900 million), permanent sales tax exemptions targeted towards Florida families ($350 million), and debt reduction ($250 million). "We will also be taking up a joint resolution to amend the Florida Constitution to raise the cap on the Budget Stabilization Fund (BSF) from 10% to 25% and require an annual payment ($750 million) to the BSF until the cap has been reached," said Senator Albritton. The $750 million will be held in reserve for the next two fiscal years and will be automatically transferred to the BSF upon adoption of the amendment. In total, the framework set forth in these allocations provides for a fiscally responsible, balanced budget that reduces state spending, lowers per capita spending, and reduces the growth of state bureaucracy. The memorandum also states that the budget authorizes early payoff of state debt, accounts for significant, broad-based tax relief, and builds on historic state reserves for emergencies. New reporting requirements throughout the budget will safeguard taxpayer dollars and improve accountability, transparency, and oversight of government spending. I appreciate everyone's grace and patience during this time. I look forward to seeing you next week. STAY CONNECTED WITH FOX 35 ORLANDO: Download the FOX Local app for breaking news alerts, the latest news headlines Download the FOX 35 Storm Team Weather app for weather alerts & radar Sign up for FOX 35's daily newsletter for the latest morning headlines FOX Local:Stream FOX 35 newscasts, FOX 35 News+, Central Florida Eats on your smart TV The Source This information came from a memorandum provided by Florida Senator Ben Albritton on May 30, 2025.

Florida Legislature reaches budget agreement
Florida Legislature reaches budget agreement

Yahoo

time31-05-2025

  • Business
  • Yahoo

Florida Legislature reaches budget agreement

A memorandum from the Florida state Senate says lawmakers have agreed on a joint budget allocation with the House. The budget conference is scheduled to begin Tuesday. According to the statement, Senate President Ben Albritton says the negotiated agreement includes $2.25 billion in recurring revenue reductions, including the elimination of the business rent tax ($900 million), permanent sales tax exemptions targeted toward Florida families ($350 million), and debt reduction ($250 million). Albritton says lawmakers will also make joint resolution to amend the Florida Constitution to raise the cap on the Budget Stabilization Fund from 10% to 25% and require an annual payment of $750 million into the fund until the cap has been reached. The $750 million will be held in reserve for the next two fiscal years and will be automatically transferred to the Budget Stabilization Fund upon adoption of the amendment, he said. The memo continues: 'In total, the framework set forth in these allocations provides for a fiscally responsible, balanced budget that reduces state spending, lowers per capita spending, and reduces the growth of state bureaucracy. The budget authorizes early payoff of state debt, accounts for significant, broad-based tax relief, and builds on historic state reserves for emergencies. New reporting requirements throughout the budget will safeguard taxpayer dollars and improve accountability, transparency, and oversight of government spending.' Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.

With time running out, Florida's GOP-led Legislature forges budget deal
With time running out, Florida's GOP-led Legislature forges budget deal

Yahoo

time31-05-2025

  • Business
  • Yahoo

With time running out, Florida's GOP-led Legislature forges budget deal

TALLAHASSEE, Florida — Florida legislative leaders said late Friday they have forged a budget deal that will guarantee $2.25 billion shifted into tax cuts and reserves while also establishing a path for legislators to avoid a potential shutdown of state government this summer. The agreement does not include a permanent reduction in the overall sales tax rate, which at one point had been a top priority of state House Speaker Daniel Perez but had come under fire by Gov. Ron DeSantis amid a bitter feud between Sunshine State Republicans. The deal announced late Friday by Perez and Senate President Ben Albritton is on top-line level spending levels that will be used to hammer out a final budget in June. In a memo to senators, Albritton said the plan is for lawmakers to start budget conference meetings Tuesday, with the goal to work over the next two weeks and vote out the budget no later than June 16. 'The framework set forth in these allocations provides for a fiscally responsible, balanced budget that reduces state spending, lowers per capital spending, and reduces the growth of state bureaucracy,' Albritton wrote. Albritton and Perez have been at odds for weeks over the size and scale of potential tax cuts, as well as a disagreement on how much spending should be authorized in the coming year. Perez had maintained that the Republican-controlled Legislature and DeSantis had spent too much the last several years. The state House and Senate on Friday evening did not release all the details of the proposed deal, including the amount of state tax dollars that will be allocated to specific areas such as the environment, health care and education. A spokesperson for Albritton said those numbers would be released Monday. But the agreement calls for the Legislature to reduce 'recurring revenue' by $2.25 billion including the elimination of sales tax charged on commercial leases and what is being billed as 'permanent sales tax exemptions targeted toward Florida families.' This was not explained further, but Albritton earlier in the year had proposed the permanent elimination of sales taxes on clothing and shoes valued at less than $75. The $2.25 billion, however, also includes $750 million for the state's main budget reserve while also setting aside $250 million a year to pay off outstanding debt — another top priority for DeSantis. Legislative leaders also announced that they would ask voters to increase the size of the Budget Stabilization Fund mandated in the state constitution. The fund is currently capped at 10 percent of the net revenue collected for the state's main budget account. Lawmakers want voters to increase the amount authorized for the fund to 25 percent and to require the state to set aside $750 million a year until that cap is reached. The proposed amendment would go on the November 2026 ballot. Perez and Albritton have promised to keep $1.5 billion in reserves over the next two years before the ballot measure goes before voters. During their regular 60-day session, the state House and Senate initially pushed out starkly different spending plans that had a $4.4 billion spending gap as the House proposed a massive $5 billion permanent reduction in the state's sales taxes. The session was supposed to end earlier in early May, but lawmakers were forced to extend it beyond the normal 60 days due to their budget disagreement. On what was supposed to be the final day of the session, Albritton and Perez said they had agreed to slash taxes by $2.8 billion, including a permanent reduction in the state sales tax rate. But that deal blew up after DeSantis threatened to veto the sales tax plan, saying it would undermine efforts to cut property taxes the governor has been championing. Albritton earlier this month stated in a memo that many senators were also concerned about the impacts of such a large cut. Perez reacted harshly, saying Albritton had broken his promise.

With time running out, Florida's GOP-led Legislature forges budget deal
With time running out, Florida's GOP-led Legislature forges budget deal

Politico

time31-05-2025

  • Business
  • Politico

With time running out, Florida's GOP-led Legislature forges budget deal

TALLAHASSEE, Florida — Florida legislative leaders said late Friday they have forged a budget deal that will guarantee $2.25 billion shifted into tax cuts and reserves while also establishing a path for legislators to avoid a potential shutdown of state government this summer. The agreement does not include a permanent reduction in the overall sales tax rate, which at one point had been a top priority of state House Speaker Daniel Perez but had come under fire by Gov. Ron DeSantis amid a bitter feud between Sunshine State Republicans. The deal announced late Friday by Perez and Senate President Ben Albritton is on top-line level spending levels that will be used to hammer out a final budget in June. In a memo to senators, Albritton said the plan is for lawmakers to start budget conference meetings Tuesday, with the goal to work over the next two weeks and vote out the budget no later than June 16. 'The framework set forth in these allocations provides for a fiscally responsible, balanced budget that reduces state spending, lowers per capital spending, and reduces the growth of state bureaucracy,' Albritton wrote. Albritton and Perez have been at odds for weeks over the size and scale of potential tax cuts, as well as a disagreement on how much spending should be authorized in the coming year. Perez had maintained that the Republican-controlled Legislature and DeSantis had spent too much the last several years. The state House and Senate on Friday evening did not release all the details of the proposed deal, including the amount of state tax dollars that will be allocated to specific areas such as the environment, health care and education. A spokesperson for Albritton said those numbers would be released Monday. But the agreement calls for the Legislature to reduce 'recurring revenue' by $2.25 billion including the elimination of sales tax charged on commercial leases and what is being billed as 'permanent sales tax exemptions targeted toward Florida families.' This was not explained further, but Albritton earlier in the year had proposed the permanent elimination of sales taxes on clothing and shoes valued at less than $75. The $2.25 billion, however, also includes $750 million for the state's main budget reserve while also setting aside $250 million a year to pay off outstanding debt — another top priority for DeSantis. Legislative leaders also announced that they would ask voters to increase the size of the Budget Stabilization Fund mandated in the state constitution. The fund is currently capped at 10 percent of the net revenue collected for the state's main budget account. Lawmakers want voters to increase the amount authorized for the fund to 25 percent and to require the state to set aside $750 million a year until that cap is reached. The proposed amendment would go on the November 2026 ballot. Perez and Albritton have promised to keep $1.5 billion in reserves over the next two years before the ballot measure goes before voters. During their regular 60-day session, the state House and Senate initially pushed out starkly different spending plans that had a $4.4 billion spending gap as the House proposed a massive $5 billion permanent reduction in the state's sales taxes. The session was supposed to end earlier in early May, but lawmakers were forced to extend it beyond the normal 60 days due to their budget disagreement. On what was supposed to be the final day of the session, Albritton and Perez said they had agreed to slash taxes by $2.8 billion, including a permanent reduction in the state sales tax rate. But that deal blew up after DeSantis threatened to veto the sales tax plan, saying it would undermine efforts to cut property taxes the governor has been championing. Albritton earlier this month stated in a memo that many senators were also concerned about the impacts of such a large cut. Perez reacted harshly, saying Albritton had broken his promise.

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