Florida Voters to Decide Budget Fund Cap in November

Amendment 1 proposes increasing the state's budget stabilization fund cap to 25% of general revenue collections.

Updated on Oct. 27, 2026 in Saving

Bold flat-color editorial illustration of the Florida peninsula, representing institutional state financial policy. — Florida voters will decide in November 2026 whether to pass Amendment 1, which would increase the state's budget stabilization fund cap to 25%. AI Illustration. Upload story photo >

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In November 2026, Florida voters will decide whether to increase the state's budget stabilization fund cap to 25% of general revenue. The proposal, known as Amendment 1, requires at least 60% voter approval to pass.

Why it matters

The amendment aims to ensure the state remains prepared for storms, emergencies, and economic downturns without needing to raise taxes. Currently, the state holds $16.4 billion in total general revenue reserves.

A Stetson University survey shows 46% support for Amendment 1, which aims to raise the fund cap to 25% of general revenue. The state currently holds $16.4 billion in reserves, representing 31.5% of last year's collections.

The players

Ron DeSantis

He is the current Governor of Florida who vetoed a proposed $750 million transfer to the state's budget stabilization fund earlier in 2026.

Florida Legislature

This is the state's lawmaking body that passed the proposal for the constitutional amendment via joint resolution HJR 5019.

The details

The Florida Legislature passed the proposal via joint resolution HJR 5019 with a 100-1 vote in the House and a 29-4 vote in the Senate. If approved, the state will be required to transfer the lesser of $750 million or the amount needed to reach the cap annually.

The budget stabilization fund stood at $1.5 billion in 2019.
Governor Ron DeSantis vetoed a $750 million transfer to the fund earlier in 2026.
Stetson University released survey results in October 2026.
Voters will decide on Amendment 1 in November 2026.

Market Dynamics

The proposed change to the state's budget reserve limit represents a significant alteration to the existing framework of the Florida Constitution. This amendment seeks to adjust the fiscal safety net parameters, reflecting a long-term strategy for managing the state's financial stability.

This amendment could impact the state's long-term fiscal health and tax policy by mandating higher reserve contributions. Taxpayers may see less direct impact on their daily finances, but the change influences how the state manages rainy-day funds during economic cycles.

The takeaway

Voters should note that the amendment requires a 60% supermajority to pass this November. Proponents suggest it is a prudent measure to ensure financial readiness for future emergencies without adjusting tax rates.