DeSantis executes early payoff of $400 million in state debt

TALLAHASSEE, Fla. (FLV) – Gov. Ron DeSantis announced his administration has just paid off $400 million of Florida’s debt through the Debt Reduction Program, which was included in the governor’s “Framework for Freedom” budget.

DeSantis’ office boasted that the early payoff will save taxpayers in the Sunshine State around $34 million.

Florida’s state debt has been paid down $5 billion since DeSantis took office in 2018. His office contrasted the state’s financial situation with that of the U.S. federal government, which had its national debt increase by more than $10 trillion during the same time.

“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.”

DeSantis’ office also said that “additional payoffs” can be expected over the coming fiscal year.

“Governor DeSantis championed the debt reduction program through the legislative process, and the Division is proud to have delivered on his vision, resulting in an expedited reduction in state debt at a savings to taxpayers,” Division of Bond Finance Director Ben Watkins said.

“I look forward to working with the Governor to explore additional opportunities to leverage Florida’s solid financial footing and further reduce the state’s financial obligations.”

According to a report, Florida’s debt was $17.1 billion as of June 30, 2022.

DeSantis signed the new state budget mid-June of this year, which notably included a total of $2.7 billion in tax relief for Floridians and record-breaking funding for education.

At the time, the governor bragged that Florida is the state with “the second lowest debt per capita in the entire United States.”