For Immediate Release: Thursday, December 19, 2024
Contact: Office of Communications, Communications@MyFloridaCFO.com, 850.413.2842

CFO Jimmy Patronis: Florida’s 2024 Debt Report Highlights Fiscal Responsibility and Strong Economic Growth

TALLAHASSEE, Fla. – Today, Chief Financial Officer (CFO) Jimmy Patronis highlighted key findings in the 2024 Florida Debt Report, which provides a comprehensive overview of Florida's debt obligations and financial practices. Prepared annually by the Division of Bond Finance, the report reflects the state’s commitment to maintaining fiscal discipline while investing in future growth.

CFO Jimmy Patronis said, “DC’s been a dumpster fire for some time now, and right before the holidays, the Washington insiders decided to make it a Merry Christmas, not for their constituents, but instead for the special interests that they take their orders from. Luckily in Florida, we’ve deployed a successful strategy to lift our residents up: whatever Washington does, we do the complete opposite. See, in Florida, we’re accountable to our people, and we respect taxpayer dollars. That’s why as CFO, I’ve made it a priority to protect taxpayer dollars while working every day to strengthen Florida’s economy.”  

The 2024 Florida State Debt Report highlights Florida’s ongoing commitment to fiscal responsibility, showcasing our ability to manage debt effectively without compromising our economic strength. Despite inflationary challenges out of Washington, D.C., and recent devastating hurricanes, Florida’s economy continues to flourish while reining in outstanding debt. 

The CFO continued, “We've paid down $5.6 billion in state debt while increasing General Fund reserves by nearly 500 percent since 2018. Federal debt per taxpayer is roughly 322 times greater than in Florida, with each American owing more than $100,000 in federal debt obligations. While President-Elect Trump and his Administration head to D.C. to try to clean up this mess, Florida’s economy is once again leading the way, and Washington should follow suit.”

Key findings from the 2024 Florida State Debt Report include:

• Florida’s debt position improved in FY 2024, with the debt ratio dropping to a record low of 2.62%, well below the 6% target. Strategic use of funds from the Debt Reduction Program and refinancings reduced future interest costs and debt service. While ample resources are available for infrastructure needs, the low debt ratio also allows significant capacity for future investments if necessary.

• The State has continued to maintain exceptional reserve levels, with General Fund Reserves totaling $17.3 billion, or 35.9% of General Revenue, at the end of FY 2024. This level of reserves positions the State well to weather future economic cycles and unpredictable expenses while continuing to invest in infrastructure and key initiatives. The State’s continued near-record General Fund Reserves are recognized by the rating agencies as a credit strength and reflect the State’s prudent financial management.
   
• Florida is rated in the highest rating category, AAA, by each of the three major credit rating agencies. The State’s ratings reflect conservative financial management, low debt burden, increased reserves and continued economic growth.
   
• The State’s conservative financial management and ample reserves have been recognized by rating agencies with AAA credit ratings for Florida. Rating agencies expect that Florida will continue its sound financial management practices, make adequate pension contributions, and remain well positioned to financially absorb any potential impacts associated with environmental risks or property insurance market in order to maintain its credit ratings.

For more information on the 2024 Florida Debt Report, please click HERE. 

###

About CFO Jimmy Patronis 
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and X (@FLDFS).