Request for Proposal 2018-3 for Lessor, Consolidated Equipment Financing Program

Supplement to Voluntary Filing RE: Impact of Changes to Florida SunPass Electronic Tolling System on Turnpike and Alligator Alley Bonds (Posted 08/17/2018)

Impact of Changes to Florida SunPass Electronic Tolling System on Turnpike and Alligator Alley Bonds (Posted 07/25/2018)

Impact of Changes to Florida SunPass Electronic Tolling System on Turnpike and Alligator Alley Bonds

Notice of Upgrade of State of Florida General Obligation, Appropriations, and Lottery Revenue Bond Ratings

Posted: June 22, 2018

Rating Presentation - May 2018

Posted: June 25, 2018

Recent State Financial Developments (Including Impact of Hurricane Irma) Dated 06/04/2018.

May 30, 2018 Revenue Estimating Conference General Revenue Fund Financial Outlook Statement posted June 14, 2018.

To Whom it May Concern:

Moody’s Investors Service has completed their review and confirmed the Aa2 rating and stable outlook on the following bonds.

State of Florida, Department of Transportation State Infrastructure Bank Revenue Bonds, Series 2005A and 2007

April 24, 2018

Re:    Review for Possible Rating Downgrade

To Whom it May Concern:
    
    Moody’s Investors Service has placed the following bonds on review for possible rating downgrade due to the credit quality of the underlying pool participants.

    State of Florida, Department of Transportation State Infrastructure Bank Revenue Bonds, Series 2005A and 2007

FLORIDA 2018-19 BUDGET

The 2018 legislative session ended March 11, 2018, with the State Legislature adopting the General Appropriations Act for Fiscal Year 2018-19 and other bills approving spending authority (collectively, the “2018-19 Budget”).  The Governor signed the General Appropriations Act on March 16, 2018. After the Governor’s $64 million in line-item vetoes, the 2018-19 Budget totals $89.3 billion, which is $4.3 billion (5.1%) more than the Fiscal Year 2017-18 Budget of $85 billion.  The General Fund budget totals approximately $32.8 billion and will be funded primarily from general revenue collections and $391.8 million in trust fund transfers.

Posted: March 20, 2018

Florida Legislature Adopts 2018-19 Budget

The 2018 legislative session ended March 11, 2018, with the State Legislature adopting the General Appropriations Act for Fiscal Year 2018-19 and other bills approving spending authority (collectively, the “2018-19 Budget”) in the total amount of approximately $89.3 billion.  The proposed 2018-19 Budget is approximately $4.3 billion (5.1%) more than the Fiscal Year 2017-18 Budget of $85 billion.  The proposed General Fund budget totals approximately $32.8 billion and will be funded primarily from general revenue collections and $404.3 million in trust fund transfers.  The proposed 2018-19 Budget includes a $66.5 million transfer to the Budget Stabilization Fund which will increase the balance of that fund to $1.48 billion.  The bills comprising the 2018-19 Budget will ultimately be presented to the Governor and he will then have 15 days to either sign the bills into law; veto bills in their entirety; veto individual line item appropriations; or do nothing, which will result in the bill(s) becoming law without the Governor’s signature.

Posted: March 14, 2018

Super-Majority Vote for Legislation Increasing Taxes or Fees

The Legislature has proposed an amendment to the Florida Constitution which, if approved by the voters, would require a two-thirds vote of each house of the Legislature to adopt legislation authorizing a new state tax or fee or raising any state tax or fee.  If approved by 60% of the voters in a statewide election this fall, the amendment will take effect on January 8, 2019. 

Posted: March 9, 2018

Request for Proposals 2018-2 for Municipal Advisor

Recent State Financial Developments (Including Impact of Hurricane Irma) Dated 04/02/2018.

Updated information regarding the costs of Hurricane Irma is located at the link above. For your convenience, we have redlined the material changes from the prior update posted on December 13, 2017.

Release of Florida Governor’s Recommended Budget for Fiscal Year 2018-19

The Governor released his recommended Fiscal Year 2018-19 budget on November 14, 2017.  The recommended budget totals $87.4 billion, an increase of approximately $2.4 (2.9%) over the Fiscal Year 2017-18 adopted budget of $85 billion.  The details of the Governor’s recommended budget can be found at http://www.securingfloridasfuturebudget.com.  The State Legislature will consider the Governor’s recommendations when adopting the State’s budget during the 2018 legislative session which will commence January 9, 2018.

Posted: November 16, 2017

February 23, 2018 Revenue Estimating Conference General Revenue Fund Financial Outlook Statement posted February 27, 2018.

REVISIONS TO FISCAL 2016-17 YEAR-END GENERAL FUND BALANCE INFORMATION

The Fiscal 2016-17 projected year-end General Fund balance has been revised downward from $1.55 billion to $1.24 billion due primarily to 2017 legislation directing $300 million of a $400 million BP settlement payment from the General Revenue Fund to the Triumph Gulf Coast Trust Fund. When including the Budget Stabilization Fund, General Fund reserves at fiscal year-end are now projected to total approximately $2.62 billion.

Posted:  July 11, 2017

PRELIMINARY FISCAL 2017-18 BUDGET

            The State Legislature completed the regular and special legislative sessions and has passed the General Appropriations Act and other spending bills (collectively, the “2017-18 Budget”) totaling $85 billion.  The proposed 2017-18 Budget is approximately $2.7 billion (3.3%) over the current fiscal year budget of $82.3 billion.  The spending bills passed during the special session that ended June 9, 2017, totaled approximately $12 billion and include funding for public education and economic development.  These bills are subject to review and approval or veto by the Governor.  The proposed General Fund budget totals approximately $31.5 billion and will be funded primarily from general revenue collections and $448.2 million in trust fund transfers.

Posted: June 20, 2017

FLORIDA 2017-18 BUDGET AND SPECIAL SESSION OF THE LEGISLATURE

On June 2, 2017, Governor Rick Scott signed the Appropriations Act for fiscal year 2017-18.  The Governor also vetoed almost $12 billion in spending, approximately $11.5 billion of which was for funding public schools.  The Governor has called a special legislative session, from   June 7-9, 2017, to address spending for public education and funding for economic development and tourism.  Any additional appropriations approved during the special session will be subject to approval or veto by the Governor.

Posted: June 6, 2017

Governor Rick Scott called a special legislative session which was held from June 7-9, 2017, to primarily provide additional spending in the 2017-18 fiscal year for public education, economic development and tourism.  The special session successfully concluded on June 9, 2017, by the Legislature approving additional funding for these programs.  The legislation approved during the special session is subject to approval or veto by the Governor.  Additional information relating to the State’s budget will be provided as it becomes available.

Posted: June 12, 2017

Florida Legislature Adopts 2017-18 Budget

The 2017 legislative session ended May 8, 2017, with the State Legislature adopting the General Appropriations Act for Fiscal Year 2017-18 (the “Budget”) in the amount of $82.4 billion.  The proposed General Fund budget totals approximately $30.9 billion and will be funded primarily from general revenue collections and $542.3 million in trust fund transfers. The Budget will ultimately be presented to the Governor and he will then have 15 days to review the Budget and deliver any veto message.

Posted:  May 17, 2017

Recent State Financial Developments (Including Impact of Hurricane Irma) Dated September 24, 2018.

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