Florida outlook projects $1B budget deficit by 2029-30

Florida’s latest long-range financial outlook projects General Revenue surpluses for the next two fiscal years before expenditures exceed available revenue by about $1 billion in 2029-30. The Legislative Budget Commission projects surpluses of $7.1 billion in 2027-28 and $3.4 billion in 2028-29, followed by a $1.025 billion deficit. The outlook marks a significant improvement from last year, when a $6.6 billion deficit was projected for 2028-29. The new forecast identifies $16.8 billion in General Revenue needs over three years for critical and other high-priority budget drivers. The largest needs are in statewide issues, human services and natural resources. The projections reflect current law and assume no new or expanded programs.