CFO Jimmy Patronis on State Bond Report: Florida’s Economy Continues to Flourish

TALLAHASSEE, Fla. – Today, Florida Chief Financial Officer (CFO) Jimmy Patronis issued the following statement following the release of the 2022 State Debt Report from the State of Florida Division of Bond Finance. According to the report, this year Florida’s debt has decreased by $1.3 billion, increased its revenues by 17% ($8.5 billion), and maintained its excellent AAA bond rating.

CFO Jimmy Patronis said, “Great news out of the State’s Division of Bond Finance today. The 2022 State Debt Report reflects that Florida’s economy is in excellent shape and continues to flourish. Thanks to the leadership of Governor DeSantis and the state Legislature, we have decreased our state debt by $1.3 billion dollars while increasing our reserves to an unprecedented $19.7 billion. Florida pensions remain strong and the state has maintained an excellent AAA bond rating; that’s factoring in Florida does not issue ESG labeled bonds. Also, the State has refunded over $16 billion in outstanding debt in the last 10 years. This is equivalent to $3.4 billion in debt service savings due to lower interest rates. While Washington flounders with inflation and spending policies pushing us further towards a recession, Florida is on the right track and is in the best fiscal health it has ever been. As your CFO, I will continue to advocate for policies that maintain Florida’s economic success and work hard to make our great state the most attractive place in the country to live, do business, and live the American dream.”

To view the full 2022 State Debt Report, click HERE.

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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).