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STATEWIDE OVERVIEW AND TAXES

The Governor’s total recommendation for the Fiscal Year 2020-2021 Bolder, Brighter, Better Future budget is $91.4 billion. The General Revenue portion is $35.0 billion. The General Revenue funds available for the Fiscal Year 2020-2021 budget year increased by $1.4 billion from the previous fiscal year, a 4.3 percent increase. Florida’s total reserves are $5.6 billion, more than 6 percent of the total recommended budget for Fiscal Year 2020-2021.

Budget Savings

The Bolder, Brighter, Better Future budget recommends $480.5 million in savings and a reduction of 141 positions. Notable savings contained in the Governor’s recommended budget include:

Administrative and operational efficiencies of $24.3 million; Elimination of Earmarks are $84.8 million; Elimination of the Best and Brightest Teacher and Principal Program is $284.5 million; Debt service savings of $54.6 million; Workload adjustment savings of $6.0 million; Contract and lease savings are $19.6 million; and Reduced excess budget authority of $6.7 million.

Taxpayer Savings

Governor DeSantis is committed to continuing to cut Floridians’ tax burden. The Bolder, Brighter, Better Future budget proposes tax relief of $312 million. Florida’s per capita state tax burden of $1,917 is currently the fourth lowest among all states. Governor DeSantis believes in keeping taxes low to help Florida’s future generations.

Governor DeSantis’ $312 million tax cut package includes funding for: An 8-day Back-to-School Sales Tax Holiday to save families $56 million – The holiday covers clothing up to $60, school supplies up to $15, and computers priced at $1,000 or less. A 10-day Disaster Preparedness Sales Tax Holiday to save families $9 million – The holiday covers items needed during disasters including generators priced at $750 or less. Property tax relief of $247.3 million – The Bolder, Brighter, Better Future budget reduces the property tax millage rate by 0.126 in the required local effort in the Florida Education Finance Program (FEFP).

Florida Reserves

$1.4 billion in unallocated General Revenue $1.7 billion in the Budget Stabilization Fund $1.7 billion in unallocated Trust Funds $0.8 billion in Tobacco reserves $5.6 billion in Total Reserves

Florida Retirement System

Pension Unfunded Liability – The unfunded actuarial liability (UAL) of the Florida Retirement System (FRS) Defined Benefit Program amounted to $29.2 billion on June 30, 2019. Based on an actuarial liability of $190.2 billion and an actuarial value of assets of $161.0 billion, the program is 84.6 percent funded as of June 30, 2019.

The Bolder, Brighter, Better Future budget implements several key recommendations of the independent actuary and proposes to fully fund the recommended contributions to the UAL for state employees, as well as makes substantive changes to strengthen the long-term solvency of pensions. This helps Florida continue to have one of the best-funded pension plans of the largest states in the nation.