Well, holding an 85% approval tells me your taxes are too low. No, seriously. Due to the way the game works, you only need >50% approval to A) grow pop (actually 41% or better at 1x rate, 75% or better at 1.25x rate, and 100% at 2x rate) or

the single week that an election takes place.
I threw an idea out there of having mini-elections each week, but thus far no one has even commented on it. As it stands, the system can easily be abused in this way, and I don't know anyone who doesn't-though they may be doing so to different extents.
In any case, while you can technically dip as low as 21% after your growth is done (per planet basis, so overall may be higher than this, as some planets will more than likely have a lower approval due to pop/quality/etc), you can certainly go as low as 41% (not 40%, mind you, as then your growth shuts off-this is particularly important when you're cranking out transports...) or ~50% approval with no real downsides.
The above is planetary approval, however-your overall approval will probably be higher, as that's going to be the minimum for any given planet. You will probably want to crank up your overall approval a couple of notches the week or two before an election, particularly until you get the hang of the timing. I've found that in most cases, an overall approval of ~60% is sufficient to not lose any senate votings. 50% is iffy, as sometimes you lose, and sometimes you don't. For me, if I'm using a political party, I need those bonuses, so I'd rather keep them by losing some cash that turn.
The other thing you may want to consider is population. Based on your 85% approval, I'm guessing you don't have a population problem-which is a good thing. In general, you don't ever want more than one farm on a planet, and you also in general never want one on any civilization capital (i.e. your homeworld). However, you DO want that single farm, when you can get it, and after pop has reached the initial colony's 6B cap.
I hope someone else can answer your influence questions-to be honest I'm still a little fuzzy on that myself. What I can gather is that you A) need a minimum of 4x the native influence on the planet (viewable when you've reached either low or medium spying, I forget which) and

any value above 4x doesn't really matter. As far as anyone can tell, a planet with 100x the native influence on it won't flip any faster than a planet with only 4x. Though, you may want to check if that particular planet that refused to flip had a Re-Education center on it...that makes it immune to cultural flips.
Which reminds me of the game I had a planet flip the turn it built it, but that's another story.
As a note on the economy: Ship maintenance becomes a killer late game-and, in TA, all throughout. That's probably your biggest culprit, but I doubt it's the only one.