TALLAHASSEE, FLORIDA — Today, Governor Ron DeSantis announced the early payoff of $400 million of the state’s debt through the Debt Reduction Program, which the Governor proposed through his Framework for Freedom Budget.
TAXPAYERS SAVE NEARLY $34 MILLION
“While Washington has governed irresponsibly and ballooned the national debt, the Free State of Florida is providing a blueprint for fiscal responsibility,” DeSantis said. “We put Floridians front and center in every decision we make and are proud to continue saving them money through smart fiscal policy.”
Reducing state debt by accelerating the payoff of bonds prior to maturity allows the state to avoid high interest. Today’s move will save Florida taxpayers nearly $34 million.
Division of Bond Finance Director Ben Watkins said additional payoffs are expected over the fiscal year. Watkins is also exploring further opportunities to leverage Florida’s solid financial footing to reduce the state’s financial obligations.
DEBT DOWN $5 BILLION UNDER DESANTIS
Taking into account today’s announcement, Florida has now paid down approximately $5 billion in state debt since Governor DeSantis took office. In contrast, the national debt has increased by more than $10 trillion as a result of excessive spending.
The Framework for Freedom Budget established the Debt Reduction Program within the Division of Bond Finance. The transactions completed by the division used $200 million in appropriated funds along with additional available funding to pay down $400 million in state debt prior to maturity.
