Florida’s amount of debt is rising after dropping four straight years.
That’s according to an annual report presented Tuesday to Gov. Rick Scott and members of the Cabinet.
The new report shows that Florida’s overall debt stood at $25.7 billion at the end of June. That’s an increase of $1.5 billion over the previous fiscal year.
The increase was primarily because of money borrowed to cover the expansion of Interstate 4 in Central Florida.
Scott pointed out during the presentation that tolls will cover the cost of the bonds.
Despite the slight increase this year, overall state debt has declined $2.5 billion since 2010.
During his time as governor Scott has also made it a priority to limit borrowing including issuing bonds to pay for school and college construction projects.
Republished with permission of the Associated Press.