Mainstream Media Notice: Florida Government's Debt Declining Rapidly Under Rick Scott

The Ledger has the scoop:

"Since the end of Florida's 2010 budget year, state debt has plummeted from $28.2 billion to $26.2 billion. The debt dropped most precipitously in the last fiscal year -- $1.5 billion -- which was fully under Gov. Rick Scott's watch.

"On the other hand, Florida has maintained its triple-A bond rating, which makes it cheaper to borrow money if the state needs it. The state's debt-to-cash ratio is improving -- expected to fall below the benchmark level of 7 percent by the end of this year. Florida's financial reserves are getting healthy, too, projected to rise to $2.6 billion in the next six months, according to a report submitted to Scott and the Florida Cabinet.

"'I think it's a real success story,' said Chief Financial Officer Jeff Atwater. 'Debt is a tax on the people of Florida just as much as a tax.'"

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Just last week, even Bloomberg took notice:

"Of the five most populous states, Florida alone saw its debt fall in the [last decade], said John Sugden, director of U.S. public finance at S&P. The drop to $26.2 billion as of June 30 from $28.2 billion in 2010 followed Scott's move to limit new issuance last fiscal year to the lowest since 1990, as well as reduced demand for infrastructure spending and refinancings that saved $1.1 billion.

"'It's a pretty rare achievement for an administration to bring down the actual level of debt,' said John Hallacy, head of municipal research at Bank of America Merrill Lynch in New York."

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