RECORD BREAKING Numbers for Brevard County, Tax Decreases, Space Funding INCREASES

  • Brevard County proposed a $1.83B budget for the 2022-2023 year
  • Space Coast Office of Tourism plans to spend $9.78M in marketing for the next budget year
  • National Defense Authorization Act authorizes a projected $857.46B for 2023 spending on Military Defense

 

Brevard County’s 2022-23 budget has seen an increase of 4.80% from the 2021-22 budget. The increase is due to the American Rescue Plan Act funding, as well as funds carrying forward with multi-year projects. Although the federal funds helped increased the county’s budget, Brevard County did not need to increase local property tax. The county’s tax rate has decreased to stay within charter revenue limitations. Even as property values increased, staying within the charter revenue limitations has made this year the ninth year in a row that reduced taxes.

Brevard County plans to utilize a multitude of tactics to attract tourism to the Space Coast. With a record of a $9.78m marketing budget for the 2022-23 budget year, the county expects to bring in more tax collections from tourism. The 2020-21 budget year accumulated a total of $16.94m in tourist tax collections, which is expected to be surpassed by 2021-22 which will total over $20m. Marketing will include seasonal campaigns, billboards, airport signs, partnerships, events, commercials, and social media.

The current administration has a proposed Space Force budget for the 2023 budget year of $24.5b and is predicted to increase year over year by 4.2% which will level off by 2027. Future budgets for space may potentially be cut as lawmakers have mentioned in their statements that rising interest rates and nearing recession could take place. Although, Andrew Pen, Defense and aerospace industry analyst, articulated that space programs account for only 1.3% of the federal discretionary investment and 2.7% of the Department of Defense which is a fraction of the total 2023 budget. Pen also mentioned due to the current Space Race with China as well as the space industry providing value back, it should maintain budget growth in the future.

Cited Sources:

Analysis: Space Force budget growth could be short lived

House Armed Services bill proposes $75 million for rapid space launch activities

https://www.floridatoday.com/story/news/local/2022/07/18/proposed-2022-23-brevard-county-budget-totals-1-83-billion/10084757002/

https://www.floridatoday.com/story/money/business/2022/07/18/space-coast-office-tourism-plans-record-spending-market-area/10064181002/

https://www.saffm.hq.af.mil/FM-Resources/Budget/

https://rollcall.com/2022/07/18/senate-ndaa-has-13-billion-extra-for-defense-inflation/