Amendment 3 would set a state revenue limit based on population growth and inflation instead of using the current method based on personal income.
A "yes" vote means you want the state to change the way it calculates the revenue limit.
A "no" vote means you do not want the state to change the way it calculates the revenue limit.
This page contains a summary of Amendment three, which will be on the November ballot in Florida's Presidential General Election.
On the left hand side of this page you'll also find a link that allows you to download complete copies of each proposed initiative. This summary have been provided by the Florida Department of State Division of Elections.
This proposed amendment to the State Constitution replaces the existing state revenue limitation based on Florida personal income growth with a new state revenue limitation based on inflation and population changes.
Under the amendment, state revenues, as defined in the amendment, collected in excess of the revenue limitation must be deposited into the budget stabilization fund until the fund reaches its maximum balance, and thereafter shall be used for the support and maintenance of public schools by reducing the minimum financial effort required from school districts for participation in a state-funded education finance program, or, if the minimum financial effort is no longer required, returned to the taxpayers.
The Legislature may increase the state revenue limitation through a bill approved by a super majority vote of each house of the Legislature. The Legislature may also submit a proposed increase in the state revenue limitation to the voters. The Legislature must implement this proposed amendment by general law.
The amendment will take effect upon approval by the electors and will first apply to the 2014-2015 state fiscal year.
First Coast News