Learn about Florida General Obligation Bond Programs, including Featured News and Our Team.
This is the official investor website for the State of Florida General Obligation debt financing programs issued by the Florida Division of Bond Finance on behalf of the State of Florida. The State's capital needs are managed by the Florida Division of Bond Finance. General Obligation Bonds may only be sold through bonding programs authorized by constitutional amendment. Currently, there are three outstanding General Obligation Bond programs, State Board of Education Public Education Capital Outlay (PECO) Bonds, State Board of Education Capital Outlay Bonds, and Department of Transportation Right-of-Way Acquisition and Bridge Construction Bonds. As of July 1, 2016 there was $10.4 billion in combined State of Florida General Obligation Bonds outstanding.
The PECO Bonds are issued for the purpose of financing capital outlay projects for the state system of public education (kindergarten to universities and vocational-technical centers) which are approved by the Florida Legislature. Such projects generally include classroom buildings, laboratories, heating and cooling equipment, and major remodeling and roof replacement. The PECO Bonds are payable primarily from gross receipts taxes on telecommunications and utilities and are also secured by the full faith and credit of the State of Florida.
The Capital Outlay Bonds are issued for the purpose of financing capital outlay projects for school districts and Florida College System Institutions. Such projects generally include classrooms, laboratories, maintenance facilities and parking lots. The Capital Outlay Bonds are payable primarily from the first revenues derived from the motor vehicle license tax in Florida and are also secured by the full faith and credit of the State of Florida.
The Right-of-Way Acquisition and Bridge Construction Bonds are issued to finance the acquisition of right-of-way for state roads and to finance state bridge construction. The bonds are payable primarily from certain motor fuel and diesel fuel taxes transferred to the State Transportation Trust Fund subject to the deduction of certain legislatively imposed fees and charges and are also secured by the full faith and credit of the State of Florida.
The state of Florida has experienced marked revenue growth in recent years and has implemented rigorous debt management policies to ensure prudent fiscal responsibility. Florida is a desirable location for living and travel. Florida is the 26th largest state with land area of 54,252 square miles and a water area of 4,308 square miles, with tidal shoreline in excess of 2,200 miles. Florida has 67 counties and approximately 405 municipalities. Florida’s Gross Domestic Product (“GDP”) represents the value of goods and services produced by the State, and serves as a broad measure of the State’s economy. The State's GDP for 2015 is estimated at $790 billion.
Florida’s governmental powers are divided among the executive, legislative and judicial branches. The State provides a wide range of services to its residents and to its local government units. The education system is the most extensive service provided by the State. The Florida Division of Bond Finance handles the State of Florida's debt financing programs through a single, centralized office.
RECENT STATE FINANCIAL DEVELOPMENTS (including impacts of Hurricanes) dated 6/25/2019.
Florida Fiscal Year 2019-20 Budget The 2019 legislative session ended May 4, 2019, with the State Legislature adopting the General Appropriations Act for Fiscal Year 2019-20. The Governor signed the General Appropriations Act on June 21, 2019. After the Governor’s $131.3 million in line-item vetoes, the 2019-20 Budget totals $90.98 billion, which is $1.7 billion (1.9%) more than the Fiscal Year 2018-19 Budget of $89.3 billion. The General Fund budget totals approximately $33.93 billion and will be funded primarily from general revenue collections and $336.5 million in trust fund transfers. Dated June 24, 2019.
Florida Governor Ron DeSantis released his recommended budget for Fiscal Year 2019-20 on Friday, February 1, 2019. The Governor’s total recommendation for the Fiscal Year 2019-20 budget is $91.3 billion, an increase of approximately $2 billion (2.2%) over the Fiscal Year 2018-19 adopted budget of $89.3 billion. The Governor’s recommended budget will be considered as the Florida Legislature formulates the state budget during the 2019 Legislative Session which begins March 5, 2019. More information regarding the Governor’s recommended budget can be found at www.boldvisionforabrighterfuture.com.
Dated February 5, 2019.