CFO Jimmy Patronis: Florida Prepared for ‘Fiscal Storm’
August 10, 2022 Updated 8:34 A.M. ET
MIAMI (FLV) – In an interview with Florida’s Voice, Florida Chief Financial Officer Jimmy Patronis praised Florida’s strong economy and savings in case the state needs to weather a financial storm.
“For the first time in the history of the state we’ve got a AAA bond rating by all three credit rating agencies. It means we have a really good FICO credit score. When we borrow money, we’re borrowing it cheaper than any other state in the union,” Patronis said.
Patronis applauded Gov. Ron DeSantis for vetoing $3.1 billion in the state budget. The governor vetoed the money while citing concerns for possible economic downturns due to the federal government’s policies.
“We are preparing for the fiscal storm that this state could feel,” Patronis said.
Florida has a $21.8 billion surplus, making it the highest in state history.
“Despite the headwinds created by the Biden administration’s policies, Florida is in a strong fiscal position because we preserved freedom and kept our economy open,” DeSantis said when he announced the surplus numbers.
The CFO is part of DeSantis’ cabinet. The position serves as the state’s business manager with other jobs including investigating arson.
“I still manage the state’s checkbook. Just on what I’ve been able to have that is obligated spending, we have managed that for over half a billion dollars with it just interest alone because we invest well too in the state,” Patronis said.
In May, Florida crushed revenue projections and collected nearly $742 million above predictions. Preliminary data for June collections are approximately $950 million above estimates, according to the governor’s statement.
Florida’s budget surplus includes:
– $2.7 billion in Florida’s Rainy-Day Fund (Budget Stabilization Fund) – the highest in state history.
– $15.7 billion in unallocated General Revenue.
– $2.8 billion in unallocated trust funds.
– $499 million in the newly created Emergency Preparedness and Response Fund.
