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Florida state budget (2008-2009)
| Note: This article was last updated in 2009. Click here for more recent information on state budgets and finances. |
Florida was one of five states most affected by the mortgage crisis and foreclosures, along with California, Arizona, Nevada and Illinois.[1] On January 14, 2009, the Florida legislature passed a deficit-elimination package aimed at closing the $2.8 billion gap facing the Florida state budget.[2]
Budget process
- See also: Florida state budget and finances
Florida's fiscal year runs from July 1 to June 30 of the following year.[3] Each July, the governor's office and the state legislature issue directions to state agencies to begin developing budget requests for the upcoming year.[3] The agencies submit their budget proposals to the governor by mid-October.[3] The governor's office reviews the requests in light of the available funds and economic conditions and submits the budget to the legislature for review.[3] The state's House and Senate pass appropriation bills that are ultimately incorporated into a General Appropriations bill that is presented to the governor for final review and signature.[3]
The state's governor can use a line-item veto to cancel specific appropriations without having to reject the bill in its entirety.[3] The governor's veto can be overridden only by a two-thirds vote of the members of each house.[3]
Budget status, 2008-2009
Beginning November 2006, Florida had the second most foreclosures in the country, with 95,862 homes foreclosed upon in the third quarter of that year.[4] In December 2008, Florida only implemented a voluntary 45-day moratorium on home foreclosures.[5] This led to a 20% decline in foreclosures for January 2009. The Florida foreclosure rate remained at 1 in 214 homes.[5]
The following table provides a glimpse into state expenditures and gross domestic product from 2000 to 2009.
| Fiscal year | General funds expenditures | Gross domestic product (millions) |
|---|---|---|
| 2001 | $91,800[6] | $497,423[7] |
| 2002 | $99,300[6] | $522,719[7] |
| 2003 | $107,400[6] | $559,021[7] |
| 2004 | $115,500[6] | $607,284[7] |
| 2005 | $130,900[6] | $670,237[7] |
| 2006 | $140,500[6] | $716,505[7] |
| 2007 | $150,900[6] | $734,519[7] |
| 2008 | $162,200[6] | $753,000[6] |
2008 deficit-elimination package
On January 14, 2009, the Florida legislature passed a deficit-elimination package.
Legislation
Florida Senate Bill 1796 "directs the Legislative Auditing Committee to provide oversight and management of a state website providing information on governmental appropriations and expenditures" and "requires the Executive Office of the Governor to establish a website providing information relating to each appropriation in the General Appropriations."[8] SB 1796 was signed by Governor Crist on May 27, 2009.[9]
See also
- Florida government sector lobbying
- Florida state budget and finances
Footnotes
- ↑ Fox Business, News Ideas by Brian Sullivan, "Nationwide Crisis" or Speculative Fallout? February 19, 2009
- ↑ Florida Today, Florida deficit-elimination plan passes, January 14, 2009
- ↑ 3.0 3.1 3.2 3.3 3.4 3.5 3.6 Florida Governor Charlie Crist, The People's Budget, Budget Process Overview
- ↑ Foreclosurelistings.com, Florida Ranks Second Among States with Most Foreclosures, November 13, 2006
- ↑ 5.0 5.1 Tampa Bay's 10 Connects.com, 1 in 214 Florida Homes in Foreclosure, February 12, 2009
- ↑ 6.0 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 US Government Spending, Florida State and Local Spending, 1992-2010
- ↑ 7.0 7.1 7.2 7.3 7.4 7.5 7.6 Iowa Workforce, Florida
- ↑ Florida Senate, "Senate 1796: Relating to Governmental Financial Information," accessed June 16, 2009
- ↑ Office of the Governor, "Governor Crist's Bill Actions Today," May 27, 2009
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