Lawmakers look to pump up rainy-day fund
Florida lawmakers Thursday started moving forward with a proposed constitutional amendment that supporters say would bulk up financial reserves to help the state weather potential problems such as economic recessions. But some Democrats and other critics opposed the proposal, which involves putting $750 million a year into a state rainy-day fund. They said lawmakers should instead use the money to address needs such as raising teacher pay and providing health care to children. [Source: News Service of Florida]
Business Beat - Week of June 6th
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Could Florida see permanent back-to-school, hurricane preparedness tax holidays?
Senate President Ben Albritton wants back-to-school and hurricane preparedness tax holidays made permanent. In comments to media, the Wauchula Republican said the House and Senate have agreed to build $350 million in tax relief into a budget framework. But he said the chambers have yet to cement what that will look like for Florida residents. He said the Legislature will eliminate the business rent tax this year, a levy only charged in the state of Florida. [Source: Florida Politics]
South Florida emerges as global hub for aerospace and marine maintenance
From the skies to the seas, South Florida is an international hub for maintenance, repair and overhaul – the sector powering the global operations of planes, helicopters, yachts, defense systems and more. Hollywood-based Heico Corp. is a prime example of how deeply integrated South Florida is in the global aerospace and defense industry. With approximately $4 billion in annual revenue and a market capitalization of about $32 billion, Heico operates100 subsidiaries in 29 states and 15 countries. [Source: South Florida Business Journal]
NOAA study links 2018 red tide to $2.7B loss in Florida tourism
New research from NOAA revealed that the 2018 red tide event caused $2.7 billion in losses. The harmful algal bloom left beaches empty and businesses that depend on tourism struggling to survive. Matt DePaolis, the Environmental Policy Director at the Sanibel Captiva Conservation Foundation, expressed the severity of the situation. "This was massive. This shut down our communities," said DePaolis. DePaolis highlighted that longer-lasting blooms, like the one in 2018, deprive coastal communities of tourists, their most vital economic resource. [Source: WINK News]
ALSO AROUND FLORIDA:
› Florida Supreme Court rules against Tampa taxi companies
The Florida Supreme Court on Thursday rejected arguments by Tampa-area taxi companies that a 2017 decision by the Legislature led to an unconstitutional “taking” of their property. The 2017 law dissolved the Hillsborough County Public Transportation Commission, which had long regulated the taxi industry, and sent regulatory authority to Hillsborough County, according to Thursday’s opinion. Under the commission, taxi companies had to obtain permits and certificates that could be transferred or sold.
› South Florida's Fortune 500 companies in 2025 fall in rankings, others show gains
Several of South Florida’s top-earning companies fell significantly in the latest Fortune 500 rankings. Published annually by Fortune magazine, the list offers a snapshot of the nation’s largest companies by revenue. This year, 10 South Florida-based businesses earned spots on the list, including five in the Top 200.
› Winter Park leaders irate over Today Show snub
Winter Park has had it up to the top of the Knowles Chapel steeple with giving away free publicity to the neighboring city of Orlando. Earlier this month the Today Show filmed its third hour of a Central Florida-focused telecast from Winter Park’s Central Park as a small crowd gathered to watch. But you wouldn’t have known the location from the May 22 broadcast.
› St. Petersburg approves $5 million more for Tropicana Field repairs
More money is flowing to Tropicana Field as the city is working toward getting the Tampa Bay Rays’ home ready in time for opening day 2026. The City Council on Thursday unanimously approved about $5.3 million more for repairs and expenses to help make that happen. That’s a total of $38.5 million approved to date. The total cost of the project, some of which will be covered by insurance, is still on track to cost around $56 million, city officials said.
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› Orlando ends minority- and women-owned business program
The City of Orlando has scrapped a four-decade-old program meant to help businesses owned by women and minorities land a piece of its millions of dollars in contracts, citing new federal rules against such initiatives. City officials said Wednesday they made the decision to suspend the Minority and Women Business Enterprise program in order to protect four anticipated federal grants totaling $37 million for renovations to the Orlando International Airport.
› $300M Tampa project positions Coke Florida for generational growth
Coca-Cola Beverages Florida’s new Hillsborough facility was built with efficiency and growth in mind. The property was built on a former cow farm and needed months of environment remediation in order for work to begin. The plan is to grow as needed so the company only used a portion of the acreage when constructing the new facility.
› Feds bust South Florida ring that collected $34 million in US loans during pandemic
At the peak of the pandemic, a ring of South Floridians jumped on the federal relief bandwagon and applied for more than $34 million in loans from the Small Business Administration to help them survive the public health crisis. Now, six ring members have been indicted on conspiracy, wire fraud and money laundering charges after the SBA guaranteed more than 90 of their bank-approved business loans between 2020 and 2021, federal prosecutors said Thursday.
› Lee Health adds $150M expansion to new Fort Myers health care campus
Just four months after breaking ground on its new Fort Myers health care campus, Lee Health announced this week a $150 million expansion to the facility. The expansion to the 53-acre Lee Health Fort Myers campus will include a four-story, 118,000-square-foot patient tower and a 7,600-square-foot on-site child care center for Lee Health team members. Lee Health said the expansion to phase one of the project is being made in response to the rapid population growth in Southwest Florida.