Florida Amendment 1 on Tuesday's Ballot: Raising the Rainy-Day Fund Cap From 10% to 25% of General Revenue
Amendment 1 would let Florida hold up to 25% of general revenue in its Budget Stabilization Fund instead of 10%, require yearly transfers of up to $750 million toward that cap, and needs 60% of the vote to pass.
Every Florida voter will decide Amendment 1 on Tuesday, Nov. 3 — a legislatively referred constitutional amendment on the state's Budget Stabilization Fund, the reserve commonly called the rainy-day fund. It is the first of the three amendments on the ballot, and the one about how much money the state must keep in reserve before an emergency arrives.
A 'yes' vote would increase the amount that may be retained in the fund from 10% to 25% of net general revenue collections, according to the ballot summary compiled by Ballotpedia. It would also require the Legislature to transfer each year the lesser of $750 million or the amount required to reach the 25% level, unless certain conditions are met, and it sets conditions for withdrawing money from the fund. A 'no' vote leaves the current 10% cap in place, with no new required transfers.
The amendment has drawn support and opposition across the usual lines: the Republican Party of Florida and Florida TaxWatch support it, according to Ballotpedia, while Gov. Ron DeSantis and Americans for Tax Reform oppose it. Like every Florida constitutional amendment, Amendment 1 requires 60% approval to pass — not a simple majority. Polls in Palm Beach County are open 7 a.m. to 7 p.m. on Tuesday.
