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December 1, 1995

COMPTROLLER'S MEMORANDUM NO. 10 (1995-96)

SUBJECT: INTEREST RATE FOR 1996


Section 55.03(1), Florida Statutes, requires the Comptroller, on December 1 of each year beginning in 1994, to set the rate of interest that shall be payable on judgments and decrees for the year beginning the following January 1. Additionally, Sections 215.422(3)(a), 337.141(3) and 687.01, Florida Statutes, were amended to require the use of interest at the rate established in Section 55.03(1), Florida Statutes, for the late payment to vendors for goods and services purchased by the State, for late payments on applicable construction or maintenance contracts administered by the Department of Transportation, and for cases where a rate of interest is not specified in a contract, respectively. The interest rate for payments to health care providers pursuant to Section 215.422(13), Florida Statutes, remains at 1% per month or .03333% per day. Rule 3A-25, Florida Administrative Code, establishes the procedures for computing the interest rate on an annual basis.

The 1996 interest rate established pursuant to Section 55.03, Florida Statutes, has been set at 10.0% per annum or .02740% per day and shall be payable as set forth in the preceding paragraph.

The Prompt Payment System will be modified to begin using the new interest rate effective January 1, 1996.

Comptroller's Memorandums Nos. 09 and 10 (1994-95) contain suggested language for inclusion in purchase orders and contracts. Agencies are reminded to include an agency telephone number on all purchase orders issued, to ensure vendor accessibility to purchasing offices.

If additional information is needed, please contact the Bureau of Special Programs at 488-2924, Suncom 278-2924.