State of Florida Preparation and Initial Response to COVID-19 Recession

Hai (David) Guo and Mark D. Robbins

Municipal Finance Journal, 2020, vol. 41, issue 2, 25 - 36

Abstract: Florida’s economy and government finances were strong going into the COVID-19 recession. Florida began feeling the effects of the pandemic in early to mid-March 2020, which is reflected by the state’s unemployment rate increase and the sales tax collection decline. Florida has several constitutional and statutory provisions that address potential deficits, including an elaborate system of consensus estimating conferences, a budget stabilization fund, and other sources of reserves to help the state in a recession. Florida’s fiscal response to the economic slowdown focused on modest budget cuts by executive action. The governor’s budget remarks anticipate a quick recovery and substantial federal aid. If the negative effects of the recession persist and if federal assistance to states does not come, then Florida will have to make further budget cuts or dip into its substantial reserves or both.

Date: 2020
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