Dear Fellow Floridian:
For more than a decade, the insurance industry has argued that
increasing property insurance rates have been due to the increasing cost
of reinsurance, which is what insurers use to transfer portions of their
risk to other parties. But recently, it is has been reported by
reinsurance professionals and analytics firms that catastrophe
reinsurance pricing has decreased by as much as 20 percent.
It only makes sense that if insurance companies raised their rates on
Florida families because the reinsurance market drove their costs up,
they should be able to lower the cost of insurance for Florida families
now that reinsurance prices have fallen. So this week, I sent a
letter to the Office of Insurance Regulation Commissioner Kevin
McCarty asking for an explanation as to why rates have not
Floridians deserve to know when they can begin seeing savings in
their insurance bills.
Chief Financial Officer
State of Florida
Florida Has Reduced Its Outstanding Debt
At a meeting of the Florida Cabinet this week, the
Division of Bond Finance reported that Florida has
reduced its outstanding debt by another $1.6 billion during the
2012/13 fiscal year. Over the past three fiscal years, we have
reduced our debt by $3.5 billion from $28.2 billion in 2010 to
$24.6 billion in 2013.
We have proved yet again that an unwavering commitment to
make tough decisions in tight financial times equates to a more
prosperous Florida. These decisions have preserved our AAA
credit rating, reduced our debt, and continued to cultivate an
attractive, stable business environment. Additionally, we have
refinanced our outstanding debt to lower interest rates, which
serves as another example of how fiscal discipline helps keep
money in the pockets of hardworking Floridians.
I commend the Director of the Division of Bond Finance Ben Watkins for his
diligent efforts and commitment to our fellow Floridians.
'Be Scam Smart' Workshop for Seniors
CFO Atwater is partnering with the Orange County Sheriff’s Office to
offer a Be Scam Smart Workshop for seniors as part of his Operation
S.A.F.E. (Stop Adult Financial Exploitation) initiative. This workshop
is the third of seven
Be Scam Smart workshops held in Florida in August.
You may register now for the workshop in the Orange County/Orlando
area on Wednesday, August 14th, from 10:00 a.m. to 11:30 a.m. at the
Marks Street Senior Center, 99 E. Marks St., Orlando, FL 32803.
Operation S.A.F.E. helps protect seniors by educating them about scams such
as fake lotteries and repair scams, and how these scams work. The initiative was
launched in May with workshops in Cape Coral, Venice, Delray Beach, Clearwater,
the Villages and Miami. Operation S.A.F.E. is part of CFO Atwater’s On Guard for
Seniors initiative, which educates seniors on specific financial topics such as
annuities, identity theft, reverse mortgages and long-term care insurance. The
Escambia County Sheriff’s Office participated in the August 1 workshop by
discussing local scams affecting seniors such as the grandparent scam,
telemarketing scams and contractor fraud.
To see a calendar of workshops, register for a workshop, or share a flyer
with friends and family, visit
or call the CFO’s Consumer Helpline at 877-MY-FL-CFO (877-693-5236).
Innovation Drives Florida's Economy
Florida has worked hard to create an environment for long-term growth and
investment that allows businesses to better serve their communities and
employ more of their neighbors. This culture of economic innovation has
be recognized as the “Most Innovative State in the Nation” by
Fast Company magazine this year.
Beginning with this edition on biotechnology, Florida’s Bottom Line
is presenting a three-part series on
Innovative Florida, highlighting the people and
industries that are driving our future as a diversified economy. We are now
recognized as one of the most attractive areas worldwide for the
biotechnology industry, with more than 200 biotechnology companies calling
The quarterly edition of Florida's Bottom Line is
complemented by its often-updated website,
www.MyFloridaCFO.com/FloridasBottomLine. When new
economic data is released, it can be found here. Florida's consumer
confidence, retail index, employment statistics and various other
resources will keep you up-to-date.