OPPAGA text logo with graphic of FL historic capitol
OPPAGA text logo with graphic of FL historic capitol

State Board of Administration of Florida

Bond Finance

What is the purpose of the division?

The mission of the Division of Bond Finance is to provide capital financing for state and selected local government agencies, typically by issuing tax-exempt bonds. The division issues bonds to finance critical infrastructure projects such as school construction, environmental land acquisition, transportation projects, and state facilities.

How does the division operate?

Although administratively housed within the State Board of Administration, the division is chaired by the Governor, with the Attorney General serving as the secretary of the board and the Chief Financial Officer serving as the treasurer of the board. The division administers bonding programs for the departments of Education, Transportation, Environmental Protection, and Management Services, as well as the Florida Turnpike System and the Board of Governors. 

What services does the division provide?

Specific services performed by the Division of Bond Finance include
  • 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.

How are these activities funded?

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 2018-19 operating budget is shown below.
Salaries and Benefits $ 2,452,988.90
Other Personal Services 2,076,813.67
Expenses 354,696.97
Other Capital Outlay 21,000
Total Budget $ 4,905,509.54
Source: State Board of Administration.
The division's Arbitrage Compliance Unit's Fiscal Year 2018-19 operating budget is shown below.
Salaries and Benefits $ 375.056.12
Other Personal Services 119,962.50
Expenses 27,560.27
Other Capital Outlay 7,000
Total Budget $ 529,578.89
Source:State Board of Administration.


Debt Report. In December 2018, the Division of Bond Finance issued the 2018 Debt Report, which reviews changes in the State's debt position that occurred over the last year.  The report's major findings include the following.
  • Total state direct debt outstanding as of June 30, 2018, was $21 billion, a $1.6 billion decrease from the prior fiscal year. Total debt has decreased by $7.1 billion over the last eight years, continuing the trend that began in 2011.
  • Annual debt service payments increased by $117 million in Fiscal Year 2018 to $2.3 billion.
  • Approximately $3.6 billion of debt is projected to be issued over the next ten years, primarily for transportation projects.
  • University and direct support organization (DSO) debt combined totals $3.4 billion as of June 30, 2018. University and DSO debt has been increasing while state direct debt has been decreasing. DSO debt represents nearly 77% of all debt for universities and has accounted for nearly 95% of the $430 million increase in university and DSO debt over the last seven years.
  • Public-Private Partnerships (PPPs) are an increasingly popular financing mechanism that adds short and long-term liabilities to the state's balance sheet. PPPs have added approximately $6.0 billion in state direct debt since inception, with about $3.8 billion currently outstanding.

Where can I find related OPPAGA reports?

A complete list of related OPPAGA reports is available on our website.

Where can I get more information?

Other Reports
State of Florida 2018 Debt Report, Division of Bond Finance, December 2018.
State of Florida 2017 Debt Report, Division of Bond Finance, December 2017.

What are the applicable statutes?

Articles VII and XII, Constitution of the State of Florida, and Ch. 75, (Bond Validation Act), and ss. 215.57 through 215.83 (State Bond Act), Florida Statutes.

Whom do I contact for help?

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