Friday, April 17, 2020, Tallahassee – The national economic forecast looks grim, at least for the immediate future, according to a letter Fla. Senate President Bill Galvano (R-Bradenton) shared with fellow Senators yesterday. However, Galvano’s economic forecast didn’t specifically detail the effects to Florida’s own state budget, approved last month by the Legislature but still pending presentation to the Governor for his action.
Instead, Galvano offered a summary of unemployment and reemployment statistics, various references to national economic forecasts and details on the effect the recently passed federal CARES act will have here in Florida. He also provided a number of key dates relating largely to pending state-specific reports that should give Senators a clearer picture of where Florida stands. The virus pandemic’s effects on the state’s economy will almost certainly force lawmakers to reexamine their spending plan for FY 2020-21 which starts on July 1st.
Florida’s record $93.2-billon budget, approved by Legislators just as the Covid-19 virus was grabbing hold across Florida in late March, has not yet reached the Governor’s desk for his final action. To date, only 16 of the just over 200 bills passed by the House and Senate during this year’s session have been reviewed and approved by the Governor.
Click here to review a copy of President Galvano’s letter. We share it as additional insight for business considerations.