Florida debt drops $2 billion

TALLAHASSEE — Florida's debt load will drop in 2013, according to state finance officials.

It's the second straight year the debt will decrease, the Florida News Service reports, and it represents a $2 billion drop since 2010. It also means the state is now scheduled to go below its debt cap target, which is 7% next year, for the first time since 2008.

The total debt in the state, paid for with taxes, is now $26.2 billion. The debt rises to $43.7 billion when it includes funds not connected to taxes, according to the News Service. That list includes Citizens Property Insurance Corp. and the Florida Hurricane Catastrophe Fund.

Ben Watkins, the director of the state's Division of Bond Finance, delivered the news of the drop to Gov. Rick Scott and his cabinet, the News Service reports. Watkins attributed some of the drop in debt to reductions in bonding programs, including public education outlay construction projects.