Florida posted a state-record surplus of $21.8 billion for the recently concluded fiscal year (July 1, 2021 to June 30, 2022), easily outpacing expectations for that 12-month cycle.
The state's general revenue collections had increased about 24% from the prior year through May, according to Florida's Office of Economic & Demographic Research.
For May alone, tax collections were $742 million above estimates; and the collections for June were even higher than preliminary estimates, at roughly $950 million, according to Florida Gov. Ron DeSantis.
"Despite the headwinds created by the Biden administration's policies, Florida is in a strong fiscal position because we preserved freedom and kept our economy open," DeSantis said in a statement.
DeSantis added: "Our responsible policies have allowed us to make record investments to support our communities, promote education, protect the environment, and provide record tax relief for Floridians, all while building record reserves to protect the state against the reckless fiscal policies from Washington."
Accounting for Florida's surplus: A record $15.7 billion in unallocated general revenue, $2.8 billion in unallocated trust funds, and $2.7 billion in the Budget Stabilization Fund, otherwise known as its Rainy-Day Fund, the largest in state history.
The surplus also includes $499 million in the newly formed Emergency Preparedness and Response Fund, according to various media reports.
The state's unemployment rate remains constant at 3%, or 0.6% lower than the national average. In fact, Florida's unemployment figures have registered lower than the national rate for 18 consecutive months.
And from May 2021 and May 2022, Florida's workforce grew by 313,000 jobs, or 3%, faster than the national rate.
Also, for that same May 2021-May 2022 cycle, Florida's total private sector employment increased by 459,500 jobs, at a rate of 5.9% — significantly faster than the national rate of 5.1% for the same 12 months.
Florida is also experiencing record growth on the tourism end.
According to VISIT FLORIDA, 36 million people visited the Sunshine State in the first quarter of 2022, a 39.6% increase from the same period last year — marking the third consecutive quarter in which Florida's overall visitation eclipsed pre-pandemic levels.
Also, revenue generated from tourist spending saves Florida families more than $1,600 in taxes every year.
Additionally, bed tax revenues collected by counties have in total funded nearly $445 million in environmental projects over the past five fiscal years, including "coral restoration, wetland mitigation, park maintenance and beautification, natural disaster recovery, and turtle rehabilitation."
And in a recent VISIT FLORIDA survey, nearly 60% of Floridians "have a deep appreciation of their home state and its tourism industry," and roughly 70% say they are "proud to live in Florida."