Florida Retirement Tax Impact on Your Local Economy

The harsh changes made to the Florida Retirement System during the 2011 Session have serious consequences for employees, employers and the Florida economy. Cuts in retirement benefits are painful for employees and local communities.

Teachers and ESPs make up the largest portion of the Florida Retirement System. Even modest changes in the sector have huge impacts on FRS.  As the 2013 Legislative Session approaches, Governor Scott and Legislative Leaders continue to talk about making additional modifications to the Florida Retirement System.  We can't afford more changes.

The table below calculates the county by county impact of the 3% retirement contribution from by school employees. It is important to note that the impact is actually much greater when calculated for all public employees.  Below is the 09-10 district salary amount reported to DOE and the amount the newly required 3% contribution has cost each local economy. Find your county. What does the Supreme Court ruling upholding the 3% retirement tax mean to your personal budget?

* Money lost to your economy= jobs lost in your community.

 

FL County 2009-10 reported salaries 3% contribution lost and no longer spent in your local community
Alachua $116,563,306 $3,496,899.18
Baker $20,049,246 $601,477.38
Bay $100,960,387 $3,028,811.61
Bradford $14,856,824 $445,704.72
Brevard $300,723,075 $9,021,692.25
Broward $1,129,019,277 $33,870,578.31
Calhoun $10,298,686 $308,960.58
Charlotte $78,849,771 $2,365,493.13
Citrus

$75,253,108

 $2,257,593.24
Clay $164,843,630 $4,945,308.90
Collier $204,656,300 $6,139,689.00
Columbia $45,534,658 $1,366,039.74
Dade $1,528,220,872 $45,846,626.16
DeSoto $19,533,501 $586,005.03
Dixie

$7,399,676

 $221,990.28
Duval $491,976,884 $14,759,306.52
Escambia $165,826,015 $4,974,780.45
Flagler $56,667,727 $1,700,031.81
Franklin $5,471,556 $164,146.68
Gadsden $24,422,210 $732,666.30
Gilchrist $11,316,806 $339,504.18
Glades $5,594,175 $167,825.25
Gulf $9,323,599 $279,707.97
Hamilton $8,559,384 $256,781.52
Hardee $20,933,878 $628,016.34
Hendry $25,463,037

$763,891.11
Hernando $94,557,585 $2,836,727.55
Highlands $48,618,371 $1,458,551.13
Hillsborough $859,461,545 $25,783,846.35
Holmes $13,699,372 $410,981.16
Indian River $73,828,100 $2,214,843.00
Jackson $32,561,159 $976,834.77
Jefferson $4,910,859 $147,325.77
Lafayette $4,906,660 $147,199.80
Lake $136,117,162 $4,083,514.86
Lee $329,452,773

$9,883,583.19
Leon $142,640,093 $4,279,202.79
Levy $25,660,167 $769,805.01
Liberty $6,442,391 $193,271.73
Madison $11,051,806 $331,554.18
Manatee $188,441,814 $5,653,254.42
Marion $184,482,814 $5,534,484.42
Martin $88,687,905 $2,660,637.15
Monroe $53,608,587 $1,608,257.61
Nassau $47,109,538 $1,413,286.14
Okaloosa $126,101,055 $3,783,031.65
Okeechobee

$28,667,783

 $860,033.49
Orange $682,738,093 $20,482,142.79
Osceola $194,094,298 $5,822,828.94
Palm Beach $788,798,055 $23,663,941.65
Pasco $285,717,008 $8,571,510.24
Pinellas

$488,990,060

 $14,669,701.80
Polk $362,582,349 $10,877,470.47
Putnam $49,545,087 $1,486,352.61
St. Johns $121,206,446 $3,636,193.38
St. Lucie $155,355,897 $4,660,676.91
Santa Rosa $94,760,193 $2,842,805.79
Sarasota $225,909,033 $6,777,270.99
Seminole $274,144,796 $8,224,343.88
Sumter $25,630,134 $768,904.02
Suwannee $24,007,214 $720,216.42
Taylor $13,020,309 $390,609.27
Union $10,311,158 $309,334.74
Volusia $267,867,607 $8,036,028.21
Wakulla $20,398,271 $611,948.13
Walton $38,355,614 $1,150,668.42
Washington $18,587,825 $557,634.75
Florida $11,285,344,572 $338,560,337
* This chart was created in 2011 shortly after the law passed.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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