State Board of Administration of Florida

Bond Finance

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For assistance, call 850-413-1254 or visit https://www.sbafla.com/bondfinance/

What is the purpose of the division?

The mission of the Division of Bond Finance is to provide capital financing for state agencies and associated entities, 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?

The Division of Bond Finance is administratively housed within the State Board of Administration and governed by the Governor and Cabinet. 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 associated entities;
administering the volume cap allocation for private activity bonds;
providing federal tax and 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
overseeing and providing coordination for annual SEC required 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 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 Fiscal Year 2022-23 operating budget, the most recent available, is shown below.

FTEs	17
Salaries and Benefits	$3,443,976.06
Other Personal Services	1,967,911.80
Expenses	457,023.19
Other Capital Outlay	65,500
Total Budget	$ 5,934,411.05
Source: State Board of Administration.

Updates

Debt Report. In December 2022, the Division of Bond Finance issued the 2022 Debt Report, which reviews changes in the State's debt position that occurred over the past 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, 2022, was $17.1 billion—a $1.3 billion decrease from the prior fiscal year. This continues a downward trend which began in 2011 totaling $11.1 billion or a 39% reduction in debt outstanding.
Benchmark Debt Ratio. The benchmark debt ratio decreased in Fiscal Year 2022 to 3.78%. The benchmark debt ratio has remained below the 6% policy target for eight consecutive years. Projections for the benchmark debt ratio remain consistently below 6% through 2032 but are dependent on the projected revenue stability.

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
Recent State Financial Developments, Division of Bond Finance, February 2023
State Rating Presentation, Division of Bond Finance, July 2022

Websites of Interest
State of Florida Division of Bond Finance
Monthly State Revenue Updates

What are the applicable statutes?

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

Whom do I contact for help?

Manager of External Affairs, 850-413-1254
Website