Saving for a storm while it's already raining: Florida readies budget fund to offset federal cuts
The state relies on federal dollars for nearly one-third of its budget and any disruptions from D.C. could have a ripple effect here on the state level. So, the question is, are lawmakers doing enough to protect Floridians from the unexpected?'I do not believe in raising taxes. We agree in the opposite. Cutting taxes, cutting spending, wasteful spending,' said House Speaker Danny Perez (R-Miami). 'What we're doing is, we are putting the state in a position that, god forbid, we are in a recession, we are in the 2000s all over again, we have a budget stabilization fund that would be able to backstop and protect Floridians from having to be in an uncomfortable position.'
Senate and House leadership say they are leaning on the budget stabilization fund, the state's rainy day reserve, in case of a recession, rising costs, or federal pull-back.
'We're doing things to make Florida's balance sheet more durable and difficult times, and we're setting more money aside to have as rainy-day reserves if things get difficult, that's a win that's a win,' said Senate President Ben Albritton (R-Wauchula).
But not everyone at the statehouse agrees that leadership's strategy is hitting the right mark.'You don't get to talk about saving money for a rainy day when it's still raining, when it's already raining on the people of Florida,' said State Rep. Fentrice Driskell (D-Tampa).
House Minority Leader Driskell said we shouldn't be cutting funding, we should be expanding the budget.
'It seems to me there's a lot of hot air about this Budget Stabilization Fund. There's a lot of hot air about saving money for a rainy day. But guess what? You only get to do that after you've met all of your other obligations,' said Driskell.
'The question is, do I believe this budget prepares Florida for what could be coming out of the DOGE cuts or just the changes that come out of Washington, D.C? And I would say yes,' said Senate President Albritton.
It's now day 102 of the 60-day session, and Budget Chairs have been working all week, racing to finalize the final spending plan, which is now expected for a Monday vote.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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