Florida lawmakers on Thursday moved forward with a proposed constitutional amendment aimed at significantly bolstering the state’s financial reserves, a move supporters say will better prepare Florida for potential economic downturns and other unforeseen challenges.

The proposal (HJR 5019 and SJR 1908) seeks to increase the cap on the state’s existing Budget Stabilization Fund, often referred to as the “rainy-day fund,” from 10 percent of general-revenue collections to 25 percent.

This would allow the fund to grow from approximately $4.75 billion to an estimated $11.88 billion based on current fiscal year figures. The amendment would also mandate an annual transfer of $750 million into the fund.

House Speaker Daniel Perez, R-Miami, emphasized the preventative nature of the measure, stat

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