• issuing bonds for or on behalf of state agencies and authorities;
• administering the volume cap allocation for private activity bonds;
• providing an arbitrage compliance program for state bond issues;
• providing technical assistance on new financing programs and legislative proposals;
• maintaining a system for local government bond issuance reporting; and
• providing coordination for continuing bond disclosure filings.

The Division of Bond Finance does not receive an annual legislative appropriation. Instead, the division receives compensation from fees it charges to each state or local agency requesting services relating to the sale of bond issues. Fees are charged in accordance with a fee schedule adopted by resolution of the division, as required by ss. 215.65(3) and 215.655(2), Florida Statutes.

The division's Revenue Bond Fee Unit's Fiscal Year 2020-21 operating budget, the most recent available, is shown below.

The division's Arbitrage Compliance Unit's Fiscal Year 2020-21 operating budget, the most recent available, is shown below.

Debt Report. In December 2020, the Division of Bond Finance issued the 2020 Debt Report, which reviews changes in the State's debt position that occurred over the last year and provides information on other matters important to the State's credit ratings. The report's major findings include the following.  

• State Debt. Total State direct debt outstanding as of June 30, 2020, was $19.2 billion—a $1.4 billion decrease from the prior fiscal year and continuing a downward trend which began in 2011 totaling $9.0 billion, or 32%.

• Benchmark Debt Ratio. The state’s benchmark debt ratio—debt service to revenues available to pay debt service—increased in FY 2020 to 5.49% from 4.64% in FY 2019. The benchmark ratio increased due to the combined effect from lower revenue, due to the economic impact of COVID-19 and increasing debt service payments, due to the variability in PPP payments. The benchmark debt ratio remained below the 6% policy target for a seventh consecutive year and is forecasted to continue below the policy target due to the projected growth in revenues and restrained debt issuance. 

• Bond Ratings. In late September 2020, the State’s bond ratings were all affirmed which was significant in light of the economic, fiscal and budgetary consequences precipitated by COVID-19. In their reports, the rating agencies recognize the State will likely see lingering revenue impacts related to the pandemic but expect the state to maintain healthy reserves and continue the history of making timely budget adjustments and returning to structural budget balance to continue to support the triple-A ratings.

• Pension Funding. Florida continued to make important progress in lowering its investment return assumption and made incremental improvement by reducing the amortization policy to 25 years from 30 years. The investment return assumption, which had been lowered from 7.75% to 7.2% over the previous six years, was reduced to 7.0%.

Other Reports

Recent State Financial Developments, Division of Bond Finance, April 2021.

State Rating Presentation, Division of Bond Finance, September 2020. 

Websites of Interest

State of Florida Division of Bond Finance 

Monthly State Revenue Updates

Ben Watkins, Director of Bond Finance, 850-488-4782

Website