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Florida

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FY2024 (proposed)
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Proposed Budget - Fiscal Year 2024

On February 1, Florida Governor Ron DeSantis introduced a $114.8 billion all funds budget for fiscal 2024, an increase of $3.8 billion or 3.5 percent from the current year budget. The general revenue portion of the budget totals $42.4 billion, a decrease of $304.3 million or 0.7 percent from fiscal 2023. Estimated general revenues (recurring and non-recurring) for fiscal 2024 were projected to be $42.5 billion at the time of the governor’s rollout, an increase of 1.2 percent over the fiscal 2023 estimated general revenues of $41.99 billion. Florida’s economists have since added $4.3 billion to the Fiscal Year 2024 projected General Revenue collections. The Governor’s budget factored in Fiscal Year 2023 actual collections, which included overages of over $2.3 billion. The general revenue ending balance is estimated at $6.9 billion in fiscal 2024 while all reserves combined would total $15.7 billion; the Budget Stabilization Fund is estimated at $3.4 billion.

Proposed Budget Highlights 

The proposed budget continues the governor’s commitment to K-12 students, parents and teachers, environmental resources, and law enforcement while also maintaining healthy reserves.

Taxpayer Savings

• Record $2 billion tax relief package, which includes the $500 million Toll Relief Program which began on January 1, 2023.
• Includes $1.5 billion in tax cuts through permanent and temporary exemptions:
  • Permanent sales tax exemption for baby and toddler necessities ($138.7 million); cribs and strollers ($3.9 million); gas stoves ($7.0 million); and over-the-counter pet medications ($33.6 million).
  • Permanent increase of savings to businesses who e-file to the first $60 of the sales tax return ($141.4 million).
  • One-year sales tax exemption for cosmetic and toiletries that contain medicinal ingredients ($72.0 million); dental and oral hygiene products ($45.3 million); children’s books ($17.3 million); children’s toys ($132.7 million); children’s athletic equipment ($42.5 million); household items under $25 ($138.0 million); pet foods ($170.2 million); and ENERGY STAR appliances ($82.4 million).
  • Two Back-to-School sales tax holidays ($210.0 million).
  • 14-day Disaster Preparedness sales tax holiday ($27.1 million).
  • 15-week Freedom Summer sales tax holiday ($224.0 million).
  • 7-day Skilled Worker Tool sales tax holiday ($13.0 million).
  • Two-year extension for the exemption on natural gas fuel tax ($1.2 million).
    
    

Education

• Increase of $200.0 million, for a total of $1 billion, to provide salary increases for new and veteran K-12 teachers and other eligible instructional personnel.
• Appropriates $26.0 billion for the K-12 financing program that includes increases for the Base Student Allocation ($121), mental health ($20 million), safe school initiatives ($40 million), and student transportation ($20 million).
• Includes $10.0 million for a new recruitment bonus for retired military veterans and first responders who commit to joining the teaching profession.
• The budget does not include any tuition or fee increases for the state’s colleges and universities.
• Includes more than $624.0 million to support workforce education programs including an increase of $5.0 million to develop the Teacher Registered Apprenticeship Program.
  
  

Environment

• Includes more than $614.0 million for Everglades restoration projects and $370.0 million for targeted water quality improvements.
• Provides $50.0 million to restore the state’s world-renowned springs.
• Invests $65.0 million to improve water quality and combat the effects and impacts of harmful algal blooms, including blue-green algae and red tide.
• Dedicates $45.0 million to infrastructure improvements and resource management at state parks.
  
  

Public Safety

• Includes $20.7 million to support law enforcement efforts to combat the opioid epidemic, including $20.0 million for the creation of the State Assistance for Fentanyl Education (SAFE) in Florida Program.
• Includes $30.0 million for a second round of $5,000 recruitment bonus payments for new law enforcement officers, including those relocating from other states.
• Provides $4.4 million to improve staffing levels at the Department of Corrections and $47.2 million to make correctional facilities safer.
  
  

Transportation and Economic Development

• Invests $4.0 billion of general revenue in the Moving Florida Forward Initiative to accelerate the development and completion of 20 priority transportation projects over four years to increase highway and road capacity and relieve congestion.
• Provides $402.7 million to fully fund two affordable housing trust funds.
• Provides $100.0 million for the second year of the Hometown Heroes Housing Program, which makes homeownership affordable for eligible frontline community workers and active military or veterans.
• Includes $100.0 million for the Florida Job Growth Grant Fund providing funding to local areas for proposed public infrastructure and workforce training projects.
  
  

Government Operations

• Recommends increasing the employer contribution for employee state retirement system investment accounts by an additional three percent of the member’s salary and increasing the pension benefits of retired members by four percent.
• Dedicates $1.0 billion of general revenue to a new state reserve fund, the State Investment Fund, which would be available as a reserve of last resort.
• Establishes the Debt Reduction Program and allocates $400.0 million to immediately pay down state debt with a portion of investment returns from the State Investment Fund serving as a funding source.
• Recommends $695.0 million for a state pay package including:
  • Across-the-board 5 percent pay increase for all state employees.
  • Additional 10 percent increase for certain “hard-to-hire” positions of importance for state government.
  • Targeted pay adjustments for critical staff of the Department of Children and Families child protection system and Department of Business and Professional Regulation licensing professionals.
  • Increase for correctional officers to $23 per hour.
  • Historic pay increase for state law enforcement officers.

Proposed Budget Information
Fiscal Year 2024 Budget Proposal 

Budget Highlights 

Budget FAQs 

Budget Presentation  

Governor’s Press Release