SMART FISCAL MANAGEMENT
Florida has paid down $9 billion in debt under Governor Scott’s leadership including $5.5 billion in outstanding bond debt, as well as the $3.5 billion loan taken out in 2009, before the Governor took office, for the unemployment compensation program.
This has resulted in an approximately 28 percent reduction in outstanding debt since Governor Scott took office.
California and Illinois have more than double the debt per capita of Florida; New York has nearly triple the debt per capita; and New Jersey has nearly quadruple the debt per capita. Over the last five fiscal years, refinancing activity has generated gross debt service savings of approximately $2.1 billion. Refunding transactions executed over the last five years total nearly $10.4 billion – lowering the interest rate on about 43 percent of Florida’s total outstanding debt.
With historically low interest rates and Florida’s AAA credit ratings, Florida has saved an additional $247.7 million in gross debt service thus far in fiscal year 2016-17. The state has maintained its AAA credit ratings and most recently in 2016, the Turnpike system was upgraded by all three ratings agencies.