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,