From surplus to shortfall: Florida economists project deficits to come
State economists project Florida will have a $3.8 billion surplus in the next fiscal year, but that’s followed by shortfalls of $1.5 billion and $6.6 billion in the following years if spending trends from the last three years continue. The numbers come from the Long-Range Financial Outlook, a document prepared each year by state economists to estimate the future revenues and spending for the next three fiscal years, based on the previous three years’ worth of spending. [Source: Florida Times-Union]
Florida rents increased by nearly 40% between 2019 and 2023, report finds
Homelessness among Florida families rose by 28% in the last three years, a report from the University of Florida found. The 2025 Rental Market Study conducted by UF Shimberg Center for Housing Studies found that rent for multifamily units in Florida rose by 39% between 2019 and 2023, as 1 million households entered the state. “Florida’s strong population growth has collided with limited housing supply, pushing rents beyond what many families can afford,” said Anne Ray, manager of the Florida Housing Data Clearinghouse at the Shimberg Center. [Source: Florida Phoenix]
Warm seas help stone crabs reach the Chesapeake. What does that mean for crabs in Florida?
Over the summer, crabbers in Chesapeake Bay pulled up four funny looking creatures. They were not the bay’s normal, skinny blue crabs, but instead, chunky stone crabs, the delectable crustaceans whose claws sell for between $40 and $70 — or more — per pound. The stone crab range expansion may eventually bode well for Chesapeake crabbers, but the warm waters that made it possible are not necessarily a good sign for the crabs in Florida. [Source: Orlando Sentinel]
Florida investment firms hold billions in foreign assets
The 924 investment services firms in Florida that reported assets under management hold a combined $3.5 trillion in total AUM, including $950 billion from foreign investors. The largest holders of non-US AUM are all located in South Florida and include multiple firms with 100% foreign investors. The 10 largest investment firms in the state hold a combined $2 trillion in AUM, or approximately 57% of the total amount reported by firms in Florida. [Source: Tampa Bay Business Journal]
Ambrosia beetle, Laurel Wilt threatening Florida's avocado trees
Laurel wilt is a disease spread by the non-native red bay ambrosia beetle that affects trees in the laurel family. The disease, which originated from infested wood packing material, has killed native red bay and avocado trees across the southeastern U.S. Symptoms include sawdust strings on the trunk and rapid wilting of the tree's crown, with no cure once symptoms appear. [Source: Florida Times-Union]
Ready to respond
As Florida enters the height of hurricane season, one thing is certain. Preparation is everything. For a telecommunications leader like Comcast, preparation doesn’t begin with the first warning, it’s a year-round mission rooted in strategy, service and technology. Staying connected goes beyond convenience. It keeps lines of communication open and enables safety and recovery for impacted communities. From advanced technology to boots-on-the-ground crews, Comcast is working to ensure Floridians can rely on their Xfinity and Comcast Business services during storm season. [Sponsored report]
ALSO AROUND FLORIDA:
› Miami-Dade tax collector vows to crack down on businesses violating Cuba embargo
The first elected Miami-Dade county tax collector has issued a stern warning to local businesses violating U.S. sanctions on Cuba. Citing a 1993 Florida law statute and a Miami Dade County ordinance, Tax Collector Dariel Fernandez said his office will revoke or refuse to renew local business tax receipts, formerly known as occupational licenses, for people or entities engaging in unauthorized business activities with Cuba. These are documents required to conduct business in the county.
› Orlando anticipates all-renewable energy buildings by 2027
Orlando is on the verge of powering its municipal buildings entirely by renewable energy, and is on pace to reach that goal three years ahead of schedule. But the city’s green goals have also drawn a critical eye from Florida’s Department of Governmental Efficiency, or DOGE, which is auditing the city alongside several other local governments across the state. In his recent State of the City speech, Mayor Buddy Dyer said that the city was on track to run city facilities with solar by early 2027 — an initiative he said boasts environmental and economic benefits.
› Jacksonville first responder leadership speaks against proposed millage rate cut
As Jacksonville City Council prepares to cut the property tax rate, the union leaders of the city’s first responders said Sept. 5 they are against the reduction. Mayor Donna Deegan’s proposed $2.02 billion 2025-26 budget does not include a cut, but Council has been laying groundwork to reduce the millage rate by one-eighth of a mill. The cut from 11.3169 to 11.1919 mills in Jacksonville, with varying rates in Baldwin and the Beaches, would reduce the city’s revenue by about $13 million.
› Price to protect Fort Lauderdale from intensifying storms: $1.6 billion
Fort Lauderdale will need to spend at least $1.6 billion over the next decade to protect its neighborhoods from devastating floods caused by extreme storms, city-hired experts say. That $1.6 billion is in 2025 dollars, not accounting for inflation. The longer it takes to do the work, the more the cost will go up. An outside consultant delivered the news during a recent City Hall meeting, drawing alarm from city officials about the staggering cost of shielding neighborhoods from worsening storms.
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› After backlash, Florida suspends licenses for manta ray captures
Florida’s wildlife agency has temporarily suspended licenses that allow aquariums to capture threatened sharks and rays as it weighs permanent changes to its rules, according to a letter made public Friday. The action follows the controversial capture of a giant manta ray for SeaWorld Abu Dhabi in July near Panama City Beach that outraged some Floridians and sparked concerns from a bipartisan group of state and federal lawmakers.
› In downtown St. Petersburg, a proposed $134M tower hits height hurdles
Plans to demolish seven structures within the Downtown St. Petersburg National Register Historic District to build a 21-story, $134 million luxury apartment tower will have to wait until November. However, the Development Review Commission’s concerns focused more on the proposed building’s height and compatibility with the surrounding neighborhood. Attorney Don Mastry, who represents Stadler Development, agreed to defer Wednesday’s vote rather than face a potential denial.
› Brevard teachers to get 2% salary increase with multi-year contract agreement
A little less than a month into the 2025-2026 school year, Brevard Public Schools tentatively agreed to a three-year collective bargaining contract with the teachers union, securing Space Coast teachers a 2% salary increase and more affordable healthcare. The updated contract includes raises for teachers, lower insurance deductibles and additional pay for certain employees.
› Jacksonville surf park developer says project is in jeopardy; city seeking incentives
The city is seeking to offer a $4.6 million incentive for the proposed Jacksonville Surf Park after its developer, Aventuur Inc., said new cost estimates have put the overall project in jeopardy. The 5.5-acre park, part of a larger, 45-acre space, is planned in the eTown development in South Jacksonville. It has an estimated capital investment of $100 million.