Governor Ron DeSantis news conference regarding the 2020/2021 state budget, June 29, 2020. Courtesy, Florida Channel
When the Florida Legislature in late March, just as the Coronavirus pandemic ramped up, passed its $93.2 billion budget for the state’s new fiscal year that began last Wednesday, it knew the coronavirus was going to change that number dramatically in the interim months. Instead, the virus hammered the budget, with virus-related expenses soaring and state revenue taking a nosedive. This past week, Governor DeSantis signed the final budget, eliminating a bit more than $1 billion in spending, including vetoing 664 items from general revenue and trust funds.
The Governor preserved his priority budget agenda promises of more than $350 million in tax relief, $500 million in raises for K-12 teacher & staff salaries, funding increases for higher education, and more than $625 million for Everglades restoration and water resources protection. Full highlights are available here. Meanwhile, general revenue is $1.46 billion below estimate and that doesn’t include the soon to be released June shortfall. As an example, sales taxes came in $695 million below projections. Senate President Bill Galvano, in a memo to members, noted about $126 million of the total shortfall represents tax deferrals allowed because of the pandemic.
And you will note we won’t be doing an exhaustive update on the coronavirus but for those that want our perspective, we are happy to have a “zoom coffee” with you and talk through it! We read the headlines like Coronavirus-related lawsuits surge across U.S. – Insurance, civil rights claims lead COVID litigation but there’s plenty of news and views for you. Most importantly we want all of you to …ready? Wash your hands, keep your distance, and wear a mask! 🙂
LMA Newsletter of 7-6-20
