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Observations and musings on Jacksonville Politics

Legislature agrees on budget cuts

The House and Senate conference committees came to an agreement on the $2.4 billion budget cuts this morning. From the St. Pete Times:

The House and Senate agreed this morning on the how to raid trust funds and savings accounts to close the state’s $2.4 billion budget deficit, sparing the State Transportation Trust Fund and shielding housing trust fund money from the deepest cuts.

That means the budget will be printed today, laid on members desks and be ready for final approval Wednesday.

The agreement appears to leave a $400m cushion in the budget in case the economy and state tax collections continue to nosedive. At a glance, here’s what the $2.8b plug/Sunday agreement looks like:

*$1.2b in total spending cuts, plus the following raids, sweeps and trims:

* $400m from the Budget Stabilization Fund

* 700m from the Lawton Chiles Endowment Fund

$190m from the Housing Trust Fund

$381m from other trust funds (we’ll find out which ones later)

$1.5m cut from the governor’s office (insted of just $1m)

$100,000 by getting rid of a state aircraft.

Next up, closing a $4-5 billion dollar budget hole during the regular legislative session that begins in March.

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Filed under: Florida, Florida Legislature, Florida Politics, , , ,

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