THE FLORIDA SENATE 2023 SUMMARY OF LEGISLATION PASSED
Committee on Appropriations SB 2500 — General Appropriations Act by Appropriations Committee
SB 2500, the General Appropriations Act for Fiscal Year 2023-2024, provides for a total budget of $117 billion, including: • $46.5 billion from the General Revenue Fund (GR) • $3.2 billion from the Education Enhancement Trust Fund • $1.9 billion from the Public Education Capital Outlay Trust Fund (PECO TF) • $65.5 billion from other trust funds (TF) • 113,746.76 full time equivalent positions (FTE) Increased Reserves and Debt Reduction •
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Total Reserves: $10.9 billion o $5.3 billion General Revenue Unallocated o $4.1 billion Budget Stabilization Fund o $1.4 billion added to the Emergency Preparedness and Response Fund $200 million to retire outstanding state debt
Major Issues Compensation and Benefits •
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Five percent pay increase for all state employees. In addition to the five percent acrossthe-board pay increase: o Agency Discretion Pay Increase Plans to address compression, recruitment, and retention o Correctional Officers – Starting salary to $45,760 ($22/hr.) and bonuses for high vacancy facilities o Department of Corrections Educational and Maintenance Staff – additional pay increases o Assistant State Attorneys and Public Defenders – additional pay increases Retirement - enhanced benefits o Retiree Health Insurance Subsidy increase of up to $75 per month o DROP Program - extension from 5 to 8 years for all employees, from 8 to 10 years for teachers o Special Risk - reduced normal retirement to age 55 or 25 years of service o Two percent increase to Investment Plan employer contributions
Education Capital Outlay Total Appropriations: $2.3 billion [$155.7 million GR; $2.2 billion TF] • State University System Projects - $682.2 million This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.
SB 2500
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