Following his swearing-in Tuesday, Florida Gov. Rick Scott gave an inauguration speech that focused on private businesses as the backbone of the state’s economy and prosperity, creating jobs, and cutting government regulations.

Scott gave no specifics about how he would change or fund state government, but said his plan generally is to eliminate the business tax and reduce property taxes.

By law, the state budget is not supported by property taxes, but local governments and schools are dependent on property taxes to support their budgets.

Scott said the state should focus on spending revenues in a smarter way, setting better priorities, and demanding more accountability.

“We’ll also re-examine every regulation to make sure its benefits outweigh its costs,” Scott pledged.

After officially becoming Florida’s 45th governor, Scott, a Republican, immediately signed several executive orders “to freeze job-killing regulations and require state agencies to verify legal immigration status,” according to a press release from his office.

Scott’s first step was to sign an order stopping the implementation of any new rules by agencies under the governor’s purview. He established the Office of Fiscal Accountability and Regulatory Reform to review all agency contracts and rules.

Scott also imposed a 90-day suspension on the execution of any contracts with a value of more than $1 million without first getting approval from the Office of Fiscal Accountability.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.