Life Sciences Winner in FY09-10 Florida Budget

June 03, 2009

Gov. Charlie Crist signed Florida's $66.5 billion 2009-10 budget into law last week, providing a mixed bag of funding outcomes for the state's existing economic development programs.

The two main components of the Florida Biomedical Research Programs administered by the Florida Department of Health emerge with large funding increases. The James and Esther King Biomedical Research Program will be given $27.2 million from the state biomedical research trust fund in FY09-10, up from $9.9 million in the previous year. Similarly, the Bankhead-Coley Cancer Research Program will receive $25.0 million, an increase from $9.0 million last year.

Enterprise Florida, the state's main economic development organization, will receive $12.4 million - up from $11.9 million in the previous budget. Space Florida, concentrating on aerospace development, will receive $3.8 million - down from $4.0 million in the previous budget.

Just over $21.1 million will be used for the Qualified Target Industries Tax Refund Incentive, Qualified Defense Contractors Tax Refund Incentive, and the High Impact Performance Incentive programs, collectively a decrease of $500,000 from the previous fiscal year.

The state's Quick Action Closing Fund, used by the state to arrange capital when competing for high-wage jobs, will receive $13.5 million in the FY09-10 budget, down from $26.5 million in the previous year. Gov. Crist originally requested $45 million for the Closing Fund in this year's budget request.

The full text of SB2600, similar to the signed budget except for two line-item vetoes (one regarding a pay reduction for state employees and the other regarding the usage of general funds for gun permits), is available at: http://www.flgov.com/budget/sb_2600.pdf.

Floridabio