Tallahassee - Thursday July 7, 2022: Governor Ron DeSantis has announced that the budget surplus for Fiscal Year 2021-22 is $21.8 billion. That is the highest in state history and more than 21% above the state budget for the fiscal year.
Tax collections in May were $742 million above estimates, and preliminary data for June collections are approximately $950 million above estimates.
“Our responsible policies have allowed us to make record investments to support our communities, promote education, protect the environment, and provide record tax relief for Floridians," said the Governor in a news release.
Budget surplus includes:
• $2.7 billion in Florida’s Rainy-Day Fund (Budget Stabilization Fund) – the highest in state history.
• $15.7 billion in unallocated General Revenue.
• $2.8 billion in unallocated trust funds.
• $499 million in the newly created Emergency Preparedness and Response Fund.
Employment outlook:
• The Unemployment rate has remained steady at 3.0 percent, and 0.6 percent point lower than the national rate. Florida’s statewide unemployment rate has been lower than the national rate for 18 consecutive months since December 2020.
• Florida’s statewide unemployment rate has declined or held steady for 22 consecutive months.
• Between May 2021 and May 2022, Florida’s labor force grew by 313,000, or 3.0 percent, faster than the national labor force growth rate of 2.2 percent over the year.
• Between May 2021 and May 2022, Florida’s total private sector employment grew by 459,500 jobs (5.9%), faster than the national private sector job growth rate of 5.1 percent over the year.
• As of May 2022, Florida employers have added jobs for 25 consecutive months since May 2020. Florida’s private sector over-the-year job growth rate has exceeded the nation’s for 14 consecutive months since April 2021.