Budget Cuts Loom As TaxWatch Unveils Annual 'Turkey' Report
Florida lawmakers are hoping state revenues rebound in order to avoid big cuts to the budget for the upcoming fiscal year. The most recent numbers show Florida was down by more than 870 million dollars from estimates due to the coronavirus shutdowns. Florida TaxWatch’s Dominic Colaboro says if Gov. Ron DeSantis is looking for cost-savings, he’s got about $136 million worth of them.
“We fear the worse news regarding the revenue shortfall is still yet to come. But we hope it will start an upward trajectory for economic recovery. This means serious action must be taken to limit spending and increase revenues moving forward," he said.
Tax Watch released its annual turkey watch report Thursday. The organization defines a budget turkey as a project that was added at the last minute and didn’t go through proper vetting. It’s not a reflection on worthiness. The budget goes into effect July 1.
Florida lawmakers are waiting to see whether the federal government will release more guidance regarding the use of CARES ACT money to offset revenue losses.
Calabro said that federal money should help offset the losses for the current fiscal year, but he believes lawmakers will have to return to Tallahassee to address budget shortfalls.