Committee Week 1B: Senate Convenes for First Committee Week 

Welcome to the 2024 Legislative Session! Members of the Florida Senate convened for the first of six interim Committee weeks before January’s 60-day regular session. Meanwhile, the House held their first round of committee meetings from September 18-22.  

The full schedule for interim committee meetings is as follows: 

• September 18-22, 2023 (House only) 
• October 9-13, 2023 (Senate only) 
• October 16-20, 2023 
• November 6-9, 2023 
• November 13-17, 2023 
• December 4-7, 2023 
• December 11-15, 2023 

Regular session will begin on Tuesday, January 9, 2024.  

Reminder! Register for FAC’s Upcoming Legislative Conference 

FAC will conclude our 2023-2024 Policy Development Process at our Legislative Conference in Hillsborough County, November 15-17. This is the last opportunity for members to make their voice heard on FAC’s legislative platform for the upcoming session. Policy Committees will discuss the outstanding policy proposals, hear presentations from subject matter experts, and ultimately finalize and adopt FAC’s 2024 Legislative Action Plan. Register here! 

On Tuesday, October 10th, the Senate Committee on Banking and Insurance met and heard from Steven Fielder who gave a presentation explaining the My Safe Florida Home Program and its current progress, as well as stating some of the program’s needs for the future. The My Safe Florida Home Program aims to protect single-family homes in Florida from wind damage and natural disasters. It offers grants with a state match or no match for low-income applicants. The program's budget includes allocations for home inspections, mitigation grants, education, and administration. To qualify, homes must meet certain criteria, and the grant covers roof and opening protection improvements. The process involves inspections, grant applications, contractor selection, and reimbursement. Current statistics show progress, with over 92,000 initial inspections approved, 20,890 grant applications approved, and $23 million in reimbursements. 

The program will provide an annual report with detailed statistics. The 2024/25 Legislative Budget Request for the Department of Financial Services includes funding for home inspections, grants, and administration to continue safeguarding Florida homes. 

You can follow the links attached to watch the presentation from the committee as well as read through the presentation materials here. 

On Tuesday, October 10th, the Senate Committee on Banking and Insurance met and heard from The Commissioner of Insurance Regulation, Micheal Yaworsky. He went on to discuss Florida's property insurance market and touched on recent legislative reforms that came about with SB 7052 and HB 837 in 2023. SB 7052 sought to establish essential consumer protections, b to bolster Florida's policyholders while strengthening regulatory authority. Meanwhile, HB 837 changed the framework, with the intention of increased fairness and accountability.  

In the wake of these reforms, five property and casualty insurers have been greenlit to enter Florida's market in 2023. Reinsurance costs saw an average increase of 27.03% from 2022, with all Florida carriers securing full coverage for 2023-2024. 

Commissioner Yaworsky acknowledged positive market indicators but cautions that the benefits may take time to reach consumers due to the complex nature of the insurance landscape. His presentation may be viewed here. 

On Wednesday, October 11, the Senate Appropriations committee heard from Amy Baker, Coordinator at the Office of Economic and Demographic Research, who discussed Florida’s long range financial outlook. The state’s economic landscape saw personal income in the state increase. Wage growth, influenced by employment fluctuations, is better understood when considering Florida's average annual wage relative to the US average, which has recently surpassed long-term averages. 

Demographically, Florida's population growth hinges on net migration, but there's been a decline in the prime working-age population. The youngest population group remains stable but with a slightly reduced share. Despite economic disruptions, household savings patterns, credit utilization, shifting spending behaviors, and inflation have played significant roles. Surprisingly, revenue collections have surpassed expectations. 



Florida's fiscal standing reveals total state reserves of $13.6 billion, equivalent to 29.8% of the General Revenue estimate for FY 2023-24. The Budget Stabilization Fund is nearing its constitutional maximum. Critical Needs have been identified, prompting a funding strategy that reduces reliance on General Revenue. A surplus is projected, although a substantial portion consists of nonrecurring dollars. Projected expenditures are on the rise, raising concerns about a potential long-term structural fiscal imbalance. In essence, Florida has exhibited economic resilience amid the pandemic, but vigilance is needed due to demographic shifts and fiscal considerations. You may view the presentation by Amy Baker here.