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DeSantis touts record reserves, outlines property-tax relief plan to go to voters
Summary
Governor DeSantis said Florida has "maxed out" a $5 billion rainy-day fund and larger reserves, outlined targeted teacher-pay and transportation investments, and said a property-tax relief proposal for primary homesteads will need voter approval on the ballot.
Governor DeSantis said Tuesday that Florida's fiscal position is strong as his administration released a new budget, reporting the state'rainy-day fund at $5,000,000,000 and total reserves rising to about $17,000,000,000.
The governor told attendees the budget he presented holds overall spending near current levels — "basically same levels of spending, $117 billion" — while preserving substantial reserves. He said the state has pursued accelerated debt repayment, buying outstanding bonds on the open market to save interest costs, and that the program has retired a large share of historical debt under his tenure.
DeSantis highlighted several targeted spending priorities in the proposed budget: a dedicated fund of $1,580,000,000 that "can only be used for teacher pay," and a roughly $7,000,000,000 transportation infusion dubbed "Moving Florida Forward" to accelerate infrastructure projects.
On taxes, DeSantis reiterated that Florida has no state income tax and detailed exemptions he said reduce the sales-tax burden on essentials such as groceries, medication and baby supplies. He also said the state eliminated a business-rent tax that previously required filings from roughly 130,000 businesses.
Turning to property taxes, the governor argued homeowners are feeling pressure as assessed values rise and said the administration is developing a proposal focused on relief for Florida'residents' primary homesteaded property. "It's gotta go on the ballot," he said, adding that the measure would require voter approval because it involves the state constitution and local property taxation rules.
DeSantis also described work by the state chief financial officer to audit local spending and identify areas where budgets have increased beyond population and inflation adjustments. He said that review will show where additional scrutiny or reforms might be warranted but did not provide a timetable for the CFO'led findings.
The governor closed by saying the property-tax proposal will require legislative support and voter backing and that additional details will follow as the administration works through specifics.
