Florida Repays Federal Government for Unemployment Compensation

This week, Florida closed the books on paying back the federalgovernment$3.5 billion which went to the Unemployment Compensation Trust Fund. Besides Florida, 13 other states have fully repaid the federal government for these funds but 22 other states are still repaying the borrowed money. The money was borrowed from August 2009 until earlier this month to help with unemployment compensation. Repaying the money was a major priority of the Republican legislative leadership -- namely now-Senate President Don Gaetz, R-Destin, and now-House Speaker Will Weatherford, R-Wesley Chapel -- last year.

Jesse Panuccio, the executivedirectorof the state Department of Economic Opportunity, credited Gov. Rick Scotts policies for helping Florida repay the federalgovernment.

This administrations sound fiscal policies, responsible budgeting, and commitment to getting Floridians back to work has enabled Floridas unemployment compensation trust fund to once again become solvent, said Panuccio on Thursday. This will allow Florida businesses to continue the private-sector job creation that has flourished since 2010.

Scott alsoreceivedsome praise from leaders of the business community.

Floridas unemployment compensation trust fund is once again in the black, said David Hart, the executive vice president of the Florida Chamber of Commerce, on Thursday. Floridas unemployment rate has dropped from 11.1 percent to 7.2 percent since Governor Scott was elected, and ultimately, putting Floridians back to work through private-sector job creation is the best way to keep our unemployment compensation system financially sound.

Governor Scotts focus on private-sector job creation has been a significant contributing factor to Florida being able to pay off its unemployment compensation federal debt more quickly, Hart continued. The Florida Chamber applauds legislators and Governor Scott for their efforts in helping position Florida to repay its debt and achieve a stronger and more predictable business climate.