Florida Sees Record Surplus for Fiscal Year 2021-22
Today, Governor Ron DeSantis announced the surplus for Fiscal Year 2021-22 is $21.8 billion – the highest in state history and more than 21 percent above the state budget for the fiscal year. Collections in May were $742 million above estimates, and preliminary data for June collections are approximately $950 million above estimates.
“Despite the headwinds created by the Biden administration’s policies, Florida is in a strong fiscal position because we preserved freedom and kept our economy open,” said Governor Ron DeSantis. “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, all while building record reserves to protect the state against the reckless fiscal policies from Washington.”
Florida’s record 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.
Florida continues to outpace the nation as Florida’s businesses continue to have robust employment opportunities.
- 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.