FOR IMMEDIATE RELEASE
April 10, 2023
Logan Elizabeth Padgett
“As the 2023 Florida Legislative Session moves into the second half and budget negotiations take hold of the process, The James Madison Institute is pleased to present “The Conservative Florida Budget: Fiscal Year 2024.”
A new report by Dr. Vance Ginn, senior fellow at The James Madison Institute and president of Ginn Economic Consulting recommends that the state continue to limit the burden of government spending. The Conservative Florida Budget (CFB) sets a maximum threshold in all funds appropriations for FY 2024 of $116.2 billion. This maximum threshold is based on the 5.5% rate of the 3-year average of population growth plus inflation over the last three years from 2020 to 2022, which reasonably represents the average taxpayer’s ability to pay for government spending.
“Legislators should use the CFB as a guide this session. Given the economic headwinds from the poor fiscal and monetary policies out of D.C. contributing to elevated inflation and risks of a deep recession along with past state budget excesses, the Legislature should pass a budget well below the CFB, similar to the Governor’s budget. Doing so will ensure a conservative budget that will help keep more money in taxpayers’ pockets through larger tax relief, so families and entrepreneurs have the most opportunities to flourish.” — Dr. Vance Ginn, Senior Fellow, The James Madison Institute; President, Ginn Economic Consulting
“Florida continues to set the pace on efficiency of state government budgets. This is one of many reasons why we lead the nation in people moving to the Sunshine State. Adopting the Conservative Florida Budget principle will help guide future legislatures over the years to ensure Florida maintains its status as a well-run model for the rest of the country.”—Sal Nuzzo, Senior Vice President, The James Madison Institute
The James Madison Institute is a 501(c)3 organization dedicated to the ideals of limited government, economic freedom, federalism and individual liberty coupled with individual responsibility. The institute conducts research on such issues as criminal justice, health care, taxes and regulatory environments.