Fiscal Year 2023: Florida's Continuing Success in Debt Reduction (2024)

FAQs

What is the debt of Florida in 2023? ›

As of June 30, 2023, the total outstanding direct debt of Florida was $16.3 billion, an $800 million decrease from the prior fiscal year. This continues a downward trend that began in FY 2011, totaling an $11.9 billion reduction, or 42 percent of the total outstanding debt.

Florida has no state income tax. The state has paid down debt over the past several years, and this year's budget includes a $14.6 billion surplus, which doesn't include the $200 million that came in over revenue estimates in February.

Since Governor Ron DeSantis took office, the State of Florida has paid down over 36% of its overall outstanding tax-supported state debt.

Qualifying Floridians can get out of debt in 36-60 payments. Debt settlement allows Florida residents to get out of debt for a percentage of what they owe. You can settle debt on your own and negotiate with individual creditors and collectors or enroll in a debt settlement program to get professional help.

Florida's economic data continues to indicate economic stability and confidence among Florida's workforce as the state's labor force grew by 2.2 percent (+243,000) over-the-year in January 2024, which is faster than the national over-the-year rate of 0.8 percent, including 16,000 net new workforce participants in ...

According to WalletHub's rankings, Florida has the seventh best economy in the U.S.

1. Hawaii: The Most Indebted State. The state ranks third-highest for household debt per capita, with the average resident carrying a debt of $82,650. To provide context, this debt load is a considerable financial strain, constituting 89.39% of the median income.

Florida Per Capita Debt Balance is at a current level of 60.59K, up from 60.04K last quarter and up from 57.63K one year ago. This is a change of 0.92% from last quarter and 5.14% from one year ago.

Over the past 100 years, the U.S. federal debt has increased from $403 B in 1923 to $33.17 T in 2023. Comparing a country's debt to its gross domestic product (GDP) reveals the country's ability to pay down its debt.

The bill, relating to the General Appropriations Act for Fiscal Year 2023-2024, provides for a total budget of $117 billion, including: $46.5 billion from the General Revenue Fund (GR) $3.2 billion from the Education Enhancement Trust Fund.

Which country has the most debt 2023? ›

Japan has the highest debt to GDP ratio, standing at 262%. This is followed by Venezuela at 241% and Greece at 193%.