Research Library

Budget & Appropriations

An Analysis of the Tax Treatment of Credit Unions: Value of Florida Credit Unions’ Exemption Is Now $259 Million

Budget & Appropriations, Cost Savings, Economic Development, Local Government, Research, Taxes
/ Budget & Appropriations, Cost Savings, Economic Development, Local Government, Research, Taxes / 2 minutes of reading

Originally designed to serve specific community segments, credit unions have since expanded their reach and service offerings, making their tax exemptions increasingly valuable. From 1997’s exemption value of $89.1 million, the exemption’s worth has risen to $259 million in 2023. This report sheds light on the industry’s transformations, recent trends like mergers and acquisitions, and reevaluates the rationale behind the tax exemptions. It aims to fuel informed discussions on credit union taxation and their exemption status.

State General Revenue Estimates Increase Again

Budget & Appropriations, Research
/ Budget & Appropriations, Research / 1 minute of reading

The August 18 General Revenue Estimating Conference (REC) increased Florida’s general revenue projections by $1.567 billion (3.6 percent) in the current budget year and $1.203 billion (2.6 percent) in FY2024-25–a two-year total of $2.770 billion.  Add in the $1.084 billion that actual collections exceeded the previous estimate in the last four months of FY2022-23, and the Legislature has an additional $3.854 billion available for next state budget.  The new estimate accounts for the $1 billion reduction in revenues from 2023 tax relief and other legislative changes. 

2023 Budget Turkey Watch Report

Budget & Appropriations, Budget Turkeys, Research, Taxpayer Guide
/ Budget & Appropriations, Budget Turkeys, Research, Taxpayer Guide / 5 minutes of reading

This is the Florida TaxWatch annual independent review of Florida’s FY2023-24 budget process. The report was started in 1983 and promotes oversight and integrity in the state’s budgeting process based on the principle that: because money appropriated by the Legislature belongs to the taxpayers of Florida, the process must be thorough, thoughtful, transparent, and accountable.  Every appropriation should receive proper deliberation and public scrutiny.  This includes member-requested projects.  

$670 Million Added to the New State Budget Through the Sprinkle Lists Deserves Close Scrutiny During the Governor’s Veto Deliberations

Budget & Appropriations, Budget Turkeys, Research
/ Budget & Appropriations, Budget Turkeys, Research / 2 minutes of reading

Florida’s new state budget for FY2023-24 carries a price tag of $117.0 billion, which is a 6.2 percent increase over current spending. The budget also contains a few billion dollars in spending that is technically appropriated for FY2022-23, so it is not included in the $117.0 billion total. 

The What, Why, and How of the Florida TaxWatch Budget Turkey Watch Report

Budget & Appropriations, Budget Turkeys, Research
/ Budget & Appropriations, Budget Turkeys, Research / 2 minutes of reading

The annual Florida TaxWatch Budget Turkey Watch Report was started in 1983 and promotes oversight and integrity in the state’s budgeting process. The report identifies appropriations that circumvent proper review, transparency, and accountability standards and is presented to the Governor for inclusion in his or her veto considerations

Budget Sprinkle Lists Diminish Confidence in the Budget Process and Should Be Discontinued

Budget & Appropriations, Budget Turkeys, Research
/ Budget & Appropriations, Budget Turkeys, Research / 2 minutes of reading

Ten years ago, the Legislature began a budgeting practice that is not in the interest of sound budgeting, transparency, thoughtful deliberation, or the taxpayers of Florida. The practice in question is the introduction of Supplemental Funding lists. These have – come to be commonly known, and even referred to by legislators, as the “Sprinkle Lists” – as in the “sprinkling” of millions of additional dollars for appropriations projects around the state at the last-minute during budget conference. 

Water Turkeys: Despite Increased Funding for Florida’s Water Resources and the Creation of New Competitive Grants Processes, Local Member Earmarks are Proliferating

Budget & Appropriations, Budget Turkeys, Research
/ Budget & Appropriations, Budget Turkeys, Research / 2 minutes of reading

Florida has been making very large investments in the protection and restoration of the state’s water resources. On his second day in office, Governor Ron DeSantis issued an Executive Order making water a top priority. The Executive Order called for funding of $2.5 billion over four years—$625 million a year—to significantly expedite Everglades restoration and enhance the protection of our water systems. This goal was surpassed, with $3.3 billion appropriated by the Florida Legislature in the last four years for specific key water funding in addition to hundreds of millions more in water-related appropriations also in the state budget.

BudgetWatch: New General Revenue Estimates Add $7 Billion for the Next Budget

Budget & Appropriations
/ Budget & Appropriations / 2 minutes of reading

In what has been a regular occurrence, the Florida General Revenue (GR) Estimating Conference significantly increased the estimate of the amount of GR that will be collected. This is the sixth conference in a row that has produced a rosier revenue forecast. The last reduced estimate came at the August 2020 conference, just as the coronavirus pandemic began its relatively short-lived slowdown of Florida’s revenue collections.

BudgetWatch: New General Revenue Estimates Add $7 Billion for the Next Budget

Budget & Appropriations, Research
/ Budget & Appropriations, Research / 2 minutes of reading

In what has been a regular occurrence, the Florida General Revenue (GR) Estimating Conference significantly increased the estimate of the amount of GR that will be collected. This is the sixth conference in a row that has produced a rosier revenue forecast. The last reduced estimate came at the August 2020 conference, just as the coronavirus pandemic began its relatively short-lived slowdown of Florida’s revenue collections.

A Closer Look at Florida’s Sales Tax Exemptions

Budget & Appropriations, Cost Savings, Research, Taxes
/ Budget & Appropriations, Cost Savings, Research, Taxes / 2 minutes of reading

The six percent sales and use tax is Florida state government’s largest revenue sourceby far, currently bringing in approximately $36 billion annually. When the almost $6 billion in local option sales tax collections is included with the state tax, the $42 billion total collections make the sales tax the number one tax source for all Florida governments, topping the $40 billion local property tax.

Fiscal Year 2022: Florida Reduces Debt Ratio

Blog, Budget & Appropriations, Cost Savings, Economic Development, Research, Taxes
/ Blog, Budget & Appropriations, Cost Savings, Economic Development, Research, Taxes / 7 minutes of reading

Florida has remained in good financial standing this past fiscal year. This is also true of the state’s debt position. FY 2021-22 marks the ninth consecutive year with a debt ratio below the six percent target established by the Legislature. In addition:

Budget Watch – How Will the 2023 Legislature Handle a Record $13.5 Billion Budget Surplus?

Budget & Appropriations, Research
/ Budget & Appropriations, Research / 2 minutes of reading

As Florida TaxWatch has been detailing in our Budget Watch series,1 the state’s fiscal circumstances have been steadily improving since the initial shock (and resultant revenue loss) at the beginning of the pandemic. Even with historic state spending and tax cuts over the last two budgets, record reserves still exist. Florida’s tax system continues to produce revenue at a breakneck pace, with actual collections beating the estimate in each month over the last two year. Lately, the magnitude of the overage has been staggering. In the last three months of FY2021-22 (April-June), collections exceeded estimates by $2.545 billion (23.9 percent).

ARE BIG PROPERTY VALUE INCREASES GOING TO MEAN BIG TAX INCREASES?

Budget & Appropriations, Research, Taxes
/ Budget & Appropriations, Research, Taxes / 5 minutes of reading

Florida’s housing market is raging, with growth in property values not seen since the housing bubble. Property appraisers certified the state’s taxable value for 2022 on July 1 and these values are currently being used by local governments and school districts in setting new property tax rates and developing budgets for FY 2022-23. The growth in property values has set the stage for what could be significant tax increases for Florida’s citizens and businesses.

Florida’s FY2022-23 State Budget

Budget & Appropriations, Corrections/Judicial, Economic Development, Education, Energy & Environment, Health Care, Insurance, Research, Taxpayer Guide, Tourism, Transportation
/ Budget & Appropriations, Corrections/Judicial, Economic Development, Education, Energy & Environment, Health Care, Insurance, Research, Taxpayer Guide, Tourism, Transportation / 2 minutes of reading

Florida TaxWatch is pleased to present taxpayers with a guide to the FY2022-23 state budget, which went into effect July 1, 2022. The report includes all appropriations for the new fiscal year— the General Appropriations Act (GAA), “back-of-bill” spending, and general bills—net of the Governor’s vetoes.

2022 Budget Turkey Watch

Budget & Appropriations, Budget Turkeys, Research
/ Budget & Appropriations, Budget Turkeys, Research / 3 minutes of reading

The $112.1 billion budget passed by the Florida Legislature for FY2022-23 contains 166 appropriations items worth $281.0 million qualifying as Budget Turkeys. These are only a portion of the record-setting more than 1,200 member projects in the new budget worth $2.8 billion. In addition, the Legislature created a new program to allow members to request at least $80 million in additional local projects from the federal State Fiscal Recovery Fund.

2022 Florida Legislative Session Wrap-Up

Budget & Appropriations, Corrections/Judicial, Economic Development, Education, Energy & Environment, Health Care, Research, Retirement, Taxpayer Guide, Tourism, Transportation
/ Budget & Appropriations, Corrections/Judicial, Economic Development, Education, Energy & Environment, Health Care, Research, Retirement, Taxpayer Guide, Tourism, Transportation / 2 minutes of reading

The 2022 legislative session is over, even if it ran a little long. Florida TaxWatch and the state’s taxpayers had a number of successes. Many bills and budget issues supported by our research and recommendations passed. Our research and input that raised concerns with legislation, helped to improve them or fail passage, including changes to the tax audit system and a very costly approach to improving data privacy

HOUSE AND SENATE BUDGET PROPOSALS ARE $3.3 BILLION APART

Budget & Appropriations, Research
/ Budget & Appropriations, Research / 2 minutes of reading

The House and Senate have passed their respective budgets and now must hold budget conference meetings to hammer out the differences. An agreement must be reached on every number and every word in the 400-plus page appropriations bill. Budget negotiations are never easy and this year will be no exception, even with so much money available.

New General Revenue Estimates Add Another $4.0 Billion to Amount Available for the Next Budget

Budget & Appropriations, Research
/ Budget & Appropriations, Research / 3 minutes of reading

With state coffers already swelling, the General Revenue Estimating Conference (REC) met on January 21, 2022, to develop the state’s new forecast for general revenue (GR) collections. This is the revenue estimate that the 2022 Legislature will use for the new FY2022-23 state budget. The REC increased its estimate for GR collections by $3.3 billion in the current year (FY2021-22) and by $704 million in FY 2022-23. This means lawmakers have another $4 billion available to spend. Florida was already in its best fiscal shape in history.

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