Amendment 03:State BudgetsReplaces existing revenue limits with a new limitation based on inflation and population changes
This proposed amendment to the State Constitution replaces the existing state revenue limitation based on Florida personal income growth with a new state revenue limitation based on inflation and population changes. Under the amendment, state revenues, as defined in the amendment, collected in excess of the revenue limitation must be deposited into the budget stabilization fund until the fund reaches its maximum balance, and thereafter shall be used for the support and maintenance of public schools by reducing the minimum financial effort required from school districts for participation in a state-funded education finance program, or, if the minimum financial effort is no longer required, returned to the taxpayers. The Legislature may increase the state revenue limitation through a bill approved by a super majority vote of each house of the Legislature. The Legislature may also submit a proposed increase in the state revenue limitation to the voters. The Legislature must implement this proposed amendment by general law. The amendment will take effect upon approval by the electors and will first apply to the 2014-2015 state fiscal year.
what your vote means
A YES means the state may set a new limit for the amount of taxes it can collect based on inflation and population change. Any additional tax revenue collected will be put into a “rainy day fund.” Once that fund reaches 10 percent of the total annual budget, the Florida Legislature will lower property taxes or distribute tax relief.
A NO means the state’s tax limitations will not change.
|1||PUBLIC EDUCATION DEFENSE FUND||$545,000|
|2||PICO NATIONAL NETWORK||$439,843|
|3||SERVICE EMPLOYEES INTERNATIONAL UNION||$200,000|
|4||PATRIOT MAJORITY USA||$200,000|
|5||PICO ACTION FUND||$143,000|