State Bond Chief Gives Assurances, Points to Unknowns
"Although the financial impact to the state for the cost of responding to COVID-19 is anticipated to be significant, it is expected to be manageable," says Florida Division of Bond Finance Director Ben Watkins.
April 27, 2020 at 01:37 AM
7 minute read
Florida has enough cash on hand to make it through the end of this fiscal year and, beyond that, can manage what are expected to be major coronavirus-created revenue losses through budget cuts, reserves and federal funds, the head of state bond financing told investors this week.
Florida Division of Bond Finance Director Ben Watkins issued a "voluntary disclosure" on Tuesday, laying out a road map for how Gov. Ron DeSantis and the Legislature can deal with the impact of businesses shutting down or scaling back on state sales-tax collections, which comprise about 75% of general revenue.
"Although the financial impact to the state for the cost of responding to COVID-19 is anticipated to be significant, it is expected to be manageable," Watkins, who has held the post for 25 years, assured investors, referring to the deadly respiratory disease caused by the coronavirus.
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