Florida voters rejected Amendment 1 on Nov. 3, leaving the state’s existing Budget Stabilization Fund limits unchanged. The proposed constitutional amendment would have allowed Florida to set aside more money for emergencies and unexpected revenue shortfalls.
Florida's emergency savings fund will remain under its existing constitutional limits after voters turned down Amendment 1 on Nov. 3. The proposal drew about 59.3% support, just shy of the 60% needed for passage. It would have raised the cap on the state's Budget Stabilization Fund from 10% to 25% of the previous fiscal year's net general revenue collections and required additional annual deposits of up to $750 million. The fund helps Florida manage emergencies and unexpected revenue shortfalls. Its current limit remains in place.
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