State of Florida has “AAA” Bond Rating

Monday, October 06, 2008

THE FLORIDA SENATE
SENATOR KEN PRUITT
President

MEMORANDUM
TO: All Senators
FROM: Ken Pruitt, President
SUBJECT: State Bond Rating
DATE: October 2, 2008



I would like to share with you all a report we received today from Ben Watkins, Florida Division of Bond Finance. The report, the S&P State Rating Review, states that our bond rating is currently at “AAA” with a stable outlook.  I am particularly encouraged by the following statement found in the review, “The stable outlook reflects the state’s strong budget reserves and demonstrated record of active budget management, as well as its long-term planning and forecasting.”

At the beginning of the year we discussed the budget challenges ahead and the importance of not yielding to the temptation of short-term solutions.  I want to commend the work of Senator Lisa Carlton and our Appropriation Chairs.  In the midst of a difficult budget year and tough decisions, it would have been easily to succumb to quick fixes.  However, you all worked tirelessly to produce a responsible budget.  The commitment to fiscal discipline and prudent spending is evident.

Once again, I am proud of the work of the Florida Senate.