TALLAHASSEE, Fla. (AP) - Florida's amount of debt keeps dropping and has now fallen to $24.2 billion.
That's according to an annual report presented Tuesday to Gov. Rick Scott and members of the Cabinet.
This marks the fourth year in a row that the amount of money the state owes has dropped. The state debt dropped $400 million during the fiscal year that ended on June 30.
State debt has declined $4 billion since 2010. Florida has been borrowing less money since then because an environmental land-buying program concluded. The state has also been able to refinance existing bonds with lower interest rates.
During his time as governor Scott has also made it a priority to limit borrowing. He called the latest report "good news" for the state.
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