Report: Florida surplus is $2,900 per taxpayer

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(The Center Square) – Florida has more than enough money to pay its outstanding bills and earned a B grade in the 16th annual Financial State of the States 2025 report.

Released Thursday by Truth In Accounting, the analysis for fiscal year 2024 – ending June 30, 2024 – said any state with a taxpayer surplus between $1 and $9,999 gets a B. The report says $108.1 billion is available to pay $84.7 billion worth of bills, generating a $23.4 billion surplus or $2,900 per taxpayer in the nation’s third largest state.

The report says, “Florida may lose $11.1 billion in federal funding (8% of expenses) if allocations return to 2019 levels, adjusted only for inflation.”

Florida is 20th nationally and one of 20 states earning a B behind the five that achieved an A. Only those with a surplus earned an A (surplus $10,000 or greater per taxpayer) or B.

Seven states were graded C for taxpayer burden between $0 and $4,999; 13 were graded D ($5,000 to $20,000); and five got an F (greater than $20,000).

The bottom lines are reached by taking money needed to pay bills and dividing by the number of taxpayers. Truth In Accounting says, “Unfunded retirement liabilities were the largest contributing factor to state-level debt. One way states make their budgets look balanced when they are not is by shortchanging public pensions and other post-employment benefits funds.”