Amendment 1: Budget Stabilization Fund

The law today

The Budget Stabilization Fund was created in 1992. Under Article III, Section 19(g) of the Florida Constitution, it must retain at least 5 percent and may not exceed 10 percent of the last completed fiscal year's net General Revenue collections; funds may be withdrawn only to cover General Revenue shortfalls or to provide funding for an emergency as defined by general law, and general law must provide for restoring the fund (Florida House final bill analysis).[6]

Official fiscal estimate

The House final bill analysis (nonpartisan staff) says: "The fiscal impact on the state is indeterminate but likely insignificant."[6]

Arguments made for

• Senate President Ben Albritton (R-Wauchula) said the proposal "makes Florida's balance sheet more durable in difficult times, and we're setting more money aside to have its rainy-day reserves if things get difficult."[3]
• House Speaker Daniel Perez (R-Miami) said: "After this bill passes, we will be in a better place, God forbid, there is a recession and, of course, there is a possibility of a recession." He added: "But what we do know is if we are in that position, God forbid, one day, the state of Florida will be prepared."[3]

Arguments made against

• Rich Templin, lobbyist for the Florida AFL-CIO, told the House Budget Committee: "We have so many needs and obligations that are still unmet. Why would we take money and put it in our retirement account?" Opponents in the committee hearing said lawmakers should instead use the money to address needs such as raising teacher pay and providing health care to children.[3]
• Gov. Ron DeSantis (R) wrote on X: "This is a foolish constitutional amendment proposal. We already have a maxed out rainy day fund and have run the largest surpluses in state history," and "I recommend a NO vote."[5]

On record in support

• Republican Party of Florida: officially endorsed Amendment 1; Chairman Evan Power said it "keeps Florida prepared for storms, emergencies, and downturns without raising taxes."[5][7]
• Senate President Ben Albritton and House Speaker Daniel Perez (at the time of passage): legislative leaders who backed the measure.[3][5]
• David Jolly, the Democratic nominee for governor: says he supports it, with an emphasis on guardrails on the money (per WLRN, citing Florida Politics).[7]

On record in opposition

• Gov. Ron DeSantis (R): "I recommend a NO vote."[5]
• U.S. Rep. Byron Donalds, the Republican nominee for governor: opposes it, according to a campaign spokesperson.[7]
• Florida AFL-CIO: lobbyist Rich Templin criticized the proposal at a House Budget Committee hearing.[3]
• Miami-Dade Democratic Party and Palm Beach County Democratic Party: recommend a no vote.[7]