Ron DeSantis

The district plans to price about $100 million of bonds Thursday, the first since Gov. Ron DeSantis took over control of it by appointing its board of supervisors.

Tourism raised $35.2 billion in taxes in 2022, consisting of $18.9 billion in federal tax revenue, $8.1 billion in state tax revenue and $8.2 billion in local tax receipts, according to a report.

The bond division undertook two transactions last week to retire outstanding taxable public education capital outlay and state revolving fund bonds. The transactions used $200 million in program funds, along with additional money, to pay down $400 million in state debt.

The Florida Department of Economic Opportunity said the state unemployment rate in May was steady at 2.6% for the fifth straight month, the lowest among the 10 largest states in the nation.

"This recent escalation of the Disney-DeSantis fight is unnerving, but it doesn't make that fight any more consequential for the municipal market," said Justin Marlowe of the University of Chicago.

"When the rating agencies developed and rolled out their ESG scores, they said their ESG scores would not impact an issuer's credit rating. We are holding them to their word," said Ben Watkins, director of the state Division of Bond Finance.

The Florida Legislature has passed a law that bans the issuance of municipal bonds, such as green bonds that use environmental, social or governance criteria. The bill now heads to Gov. Ron DeSantis for his signature.

"Florida may have the statutory authority to abrogate an agreement, but  what does that say for things going forward?" asks Joseph Krist, publisher of Muni Credit News. "Why couldn't an anti-development administration do the same thing in reverse to somewhere like the Villages?"

"Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security," said Gov. Ron DeSantis.

So far 12 states have enacted ESG statutes with 67 pending statues in 28 states, according to the Morgan Lewis law firm. Florida's anti-ESG bill goes farthest.

Gov. Ron DeSantis on Monday signed the bill to rename the Reedy Creek Improvement District and end Disney's self-governance. Separately, the Legislature will look at prohibiting the issuance of environmental, social and governance bonds and using associated ratings.

"The main point is that this is a change primarily in name only," said Ben Watkins, head of the state's Bond Division. "There will be no impact on debt whatsoever."

Natalie Cohen of The Public Purse and John Mousseau of Cumberland Advisors take a deep dive into what’s happening in Reedy Creek in the wake of the Florida battle between Gov. Ron DeSantis and the Disney Co. Is it a portent of things to come or just a tempest in a teapot? Chip Barnett hosts the podcast recorded June 9. (33 minutes)

The state says the Centers for Disease Control's anti-COVID-19 safety protocols for the cruise ship industry are illegally burdensome and exceed its authority.

Over half of the $4.3 billion rise in the $96.6 billion budget proposal is related to costs associated with the COVID-19 pandemic.

The lawsuits concern bond disclosure in South Carolina, a Florida toll bridge default, and the federal water rights fight between Florida and Georgia.

The legal wrangling over whether the state can control expressways in Miami-Dade County is expected to rage on well into 2021.

Task forces studying three proposed toll road projects failed to conclude if there is a need for the new corridors or modifications of existing roads.

Florida is taking public comments about a toll road program that would add more than 300 miles of highway across broad swaths of the state.

Even with revised estimates amid the pandemic, year-over-year revenue collections in Florida were down 4.6% in August compared with 2019.