Gabrielle Russon
Senate President Ben Albritton is hailing the Legislature’s plan to pay off $830 million in state debt early as historic.
SB 1906, filed by Sen. Jason Brodeur, a Lake Mary Republican, is setting up a recurring Debt Reduction Program within the State Board of Administration to cut down on the state’s debt by making $250 million in annual transfers.
Speaking with reporters before Monday’s budget vote, Albritton said the debt reduction initiative comes “with a trigger” in case Florida’s economic outlook changes.
“Of course, if revenues fall, that’s not mandatory,” he said about the debt payments. “But as long as the state is growing and as long as revenues are growing, having $250 million applied to state debt every year is just common sense.”
In addition, SB 2500 also calls for $580 million to go toward debt repayment during the 2025-26 fiscal year.
“SB 2500 includes $580 million for the Division to eliminate outstanding state bonds and make any other payments necessary to save on debt service payments and reduce state debt,” according to a Senate press release in advance of the budget vote Monday.
“Specifically, from those funds up to $230 million will be used to pay off state bonds of the Department of Environmental Protection, and for the Save Our Everglades and Florida Forever Programs.”
In the Senate press release, Albritton quoted a bible verse that makes the rounds often on popular financial and conservative personality Dave Ramsey’s show: “Proverbs 22:7 reminds us the borrower is slave to the lender.”
Brodeur also issued his own remarks.
“This legislation builds on the commitments this Legislature has made in past partnership with Gov. (Rick) Scott and Gov. (Ron) DeSantis to reduce Florida’s overall debt burden,” Brodeur said.
“In fact, Florida’s tax-supported debt has decreased by $10.3 billion or 48% since 2015. This legislation and our overall budget demonstrate our strong commitment to reducing spending, cutting taxes, and saving for the future — wise fiscal stewardship by any measure.”
