The Florida Senate Committee on Appropriations advanced a bill Wednesday to the chamber floor, as well as the implementing bill and conforming bills, associated with a balanced budget for the impending 2025-2026 fiscal year.
Sen. Ed Hooper (R-Clearwater), who chairs the committee, provided details of SB 2500 in a press release. The proposed budget includes several measures to boost revenue while staying fiscally sound to the benefit of Floridians.
“This budget reflects a return to a more normal budget spending pattern, aligned with our revenues over the long term. Our revenues are increasing, but instead of spending all of we have, we are paying down debt, setting aside reserves, and creating opportunities for significant tax relief so Floridians can keep more of their hard-earned money,” Hooper said.
Among its highlights, SB 2500 reduces state spending, lowers per capita spending, and reduces the growth of state bureaucracy. The bill also calls for the early payoff of state debt while accounting for significant, broad-based tax relief and maintaining historic state reserves for emergencies.
“On the heels of historic state revenue balances and influxes of time-limited federal stimulus funds related to the pandemic, our revenue forecasts, while still growing, have stabilized," Sen. Ben Albritton said. "This year we are right-sizing our budget for the long-term, spending less, while setting aside robust rainy-day funds, and accounting for meaningful, broad-based tax relief."
Additionally, the bill would provide reporting requirements in the budgets to protect taxpayer dollars, including strengthening accountability, transparency, and oversight of government spending.
SB 2500 makes several other improvements to Florida's growth.
They include transportation infrastructure, health care workforce, its environment including Everglades restoration, citrus recovery, clean water resiliency, and the preservation of working farms and ranches along Florida’s Wildlife Corridor to support the state's critical agricultural market.
On the educational front, the bill would provide record funding to the state's K-12 schools and more academic choice opportunities for parents. SB 2500 also would fund career and technical education and training to school districts and colleges.
“Floridians expect us to spend their tax dollars wisely. Florida has a great framework for accountability and transparency, but we can always do better. Throughout this budget, we are implementing new ways to collect meaningful data to measure outcomes and ensure taxpayer resources are being utilized wisely," Albritton said.
