Finance

Florida First Budget

Get the latest updates for Florida’s State Budget. Catch the news on budget management as we bring you the fastest reports online.

Florida's Future

$618 Million in Tax Cuts

Florida spends $618 million in tax cuts while addressing the state for the upcoming projects.

Fighting for Florida Jobs

Florida once again becomes an early applicant in filing an employment request to the Federal government.

The new educational programs will create new and affordable learning opportunities for people in Florida.

Governor Rick Scott’s Securing
Florida’s Future Budget

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Watch live online and stay updated with all the major announcements in Florida’s budget.

State Budget

Florida state budget & finances

Revenues

Get the data on the revenue generated in every fiscal year.

Expenditures

Access the records of government expenditures on state projects.

State debt

Learn about the federal allowance and state debt online.

Environment for Future Generations

Governor speaks about the new eco-friendly construction programs that will address the environmental needs of Florida. Learn about the sustainable construction plans that will preserve the state’s resources for future generations.
State Budget Presentation

2017-2018 BUDGET View Budget by Appropriations Bill

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Learn about the state budget for all the US states.

Create Your Own Report

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Future Efficient

Budget Conversations Take Sharp Turn with Rise of COVID-19

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Florida Budget

Florida Budget and Finance Information

The following information is applicable to the years prior to the current fiscal year. Like the other states of America, Florida also elects its lawmakers and public officials to manage its finances. Their role involves generating revenues and approving expenditures for state development projects. Since the state budgets depend entirely on the anticipated revenues and planned expenditures, creating the budgets can sometimes become a complex process. When the revenues fall short of expenditures, the taxes for Florida will automatically go high. It can also have other effects like cut services and money lending. The decisions made by states also influence the policy decisions at the national levels. The environmental and energy regulations, local-level issues, and the Affordable Care Act also gets impacted.

planned expenditures

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  • The fiscal years 2014-2015 saw an increase in Floria’s spending by approximately $9 Billion. The reports showed the spending of $66.5 billion in 2014 and an estimated $75.5 billion in 2015. It was an 11.95% increase.
  • In the fiscal year 2014, the sales taxes and gross receipts amounted to a total of 82.1% of the total tax revenue. The licenses contributed a total of 6% to the total state tax collections.
  • In the fiscal year 2015, 26.2% of the state expenditures were used on education, while 32% of the expenditures were made for Medicaid.

Federal aid to the state budget

State governments also receive financial aid from the federal government for various joint programs that include education, transportation, sports, and Medicaid. The federal aid to the states accounted for 30% of Florida’s general revenues in 2013. The federal aid can vary for every state. Mississipi received $7.5 billion in federal aid in 2013, which was the highest federal aid in all states in the US. It accounted for 43% of the overall state revenue. North Dakota received $1.5 billion in 2013, which was only 19% and the lowest in all US states.

In 2013, Florida received $23.5 billion in federal aid, which was 31.5% of its total general revenue. Considering the population of the state is 2013, the federal aid was $1,202 per capita.

Budget Process

Budget Process

  • The budget process of Florida is given as follows. The state operates based on an annual budget cycle.
  • July is the month that starts a new fiscal year when the governor sends the budget instructions to the state agencies.
  • In the month of October, the state agencies submit their reports with budget requests to the governor.
  • The budget hearing for the next fiscal year takes place during the months of September and gets revised in January.
  • In February, the governor submits their proposed budget to the state legislature. The legislature adopts a budget in the month of April or May, which becomes active at the beginning of July. The budget is passed based on voting. The majority is required for any changes in the budget.