Florida law requires that financial operations of the State be maintained through the General Revenue Fund, trust funds, and the Budget Stabilization Fund administered by the Chief Financial Officer (CFO). The majority of State tax revenues are deposited in the General Revenue Fund. Trust funds consist of monies which are segregated for a specified purpose. State monies are disbursed by the CFO via warrants or other orders pursuant to appropriations acts. The Governor and CFO are responsible for ensuring that sufficient revenues are collected to meet appropriations and that no deficits occur in State funds.

The State Constitution mandates the creation and maintenance of a Budget Stabilization Fund, in an amount not less than 5% and not more than 10 percent of the last fiscal year’s General Revenue Fund net revenue collections. Monies in the Budget Stabilization Fund may be transferred to the General Revenue Fund to offset a deficit or to provide emergency funding. Monies in this fund are constitutionally prohibited from being obligated or otherwise committed for any other purpose. Any withdrawals from the Budget Stabilization Fund must be restored from general revenues in five equal annual installments, commencing in the third fiscal year after the expenditure, unless the legislature establishes a different restoration schedule.

The State Constitution prohibits the legislature from appropriating nonrecurring general revenue funds for recurring purposes that exceed three percent of the general revenue funds estimated to be available. The legislature may override this prohibition by a three-fifths vote of the membership of each chamber. Nonrecurring general revenue funds are funds that are not expected to be available on an ongoing basis.

The State budget must be kept in balance from current revenues each State fiscal year—July 1- June 30—and the State may not borrow to fund governmental operations. Revenues in the General Revenue Fund which exceed amounts needed to fund appropriations or for transfers to the Budget Stabilization Fund are maintained as "unallocated general revenues."
 

Florida Annual Comprehensive Financial Report
The Office of the CFO annually compiles and publishes the Florida Comprehensive Annual Financial Report (CAFR). The CAFR may be accessed through the Department of Financial Services' web page at https://www.myfloridacfo.com/division/aa/reports/