This bill amends Section 215.98 of the Florida Statutes to enhance the state's fiscal responsibility regarding debt management. It requires the Division of Bond Finance to prepare an annual debt affordability report that now includes additional information on strategies for retiring state debt, the amount of debt retired, and the associated savings. The report will also provide a recommendation on whether to continue the newly established Debt Reduction Program, which aims to reduce tax-supported debt by accelerating the retirement of bonds before maturity.

The bill creates the Debt Reduction Program within the State Board of Administration, authorizing the Division of Bond Finance to utilize funds for redeeming or extinguishing outstanding state bonds, excluding those from the Department of Transportation or the Florida Turnpike Enterprise. Additionally, it mandates the Chief Financial Officer to transfer $250 million from the General Revenue Fund to support this program starting in the 2025-2026 fiscal year, with any unspent funds reverting back to the General Revenue Fund at the end of each fiscal year. The act is set to take effect on July 1, 2025.

Statutes affected:
S 1906 Filed: 215.98