Debt in the Sunshine State has gone up by $1.5 billion dollars after dropping slightly over the last four years under Gov. Rick Scott, according to an annual report presented to the Florida Cabinet Tuesday. For the last four years, Florida’s debt has decreased, but road projects have changed that -- the busy Interstate 4, which runs through Central Florida, increased Florida’s debt to nearly $26 billion, a slight uptick of $1.5 billion from last year’s debt number.
Despite the increase, the state’s debt level is still lower than it was before Gov. Scott took office. In 2015, the state’s debt is still $2.5 billion less than it was in 2010, when it stood at $28.2 billion, according to state records.
Florida’s debt grew rapidly between 1992-2010, tripling during that time. Former Govs. Jeb Bush and Charlie Crist each saw increasing debt loads during their times as governor (especially Bush), a trend which Scott was quick to criticize when running against Crist in the 2014 gubernatorial election.
Reducing taxes and slashing the state’s debt have been some of the governor’s biggest priorities since he took office. The majority of Florida’s debt comes from school construction, which comprises nearly half (49 percent) of the state’s borrowing.
The primary cause for this year’s increase was road improvements on I-4, a 132-mile stretch of highway extending from Tampa to Daytona Beach. A $2.3 billion project, I-4 Ultimate, will improve a 21-mile stretch of highway in Orlando near Kirkman Road to Edgewater Drive.
Scott said money generated from the state’s tolls will cover the cost of the borrowed bonds. Lawmakers have also set aside $2 billion for the debt, a number which has doubled over the last 10 years.
Since taking office, Florida’s borrowing has slowed slightly. Road building also represents a significant portion of the state’s borrowing.
Reach Allison Nielsen at allison@sunshinestatenews.com.
