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Dec 9, 2:13 PM EST

Florida debt falls for 4th year in a row


TALLAHASSEE, Fla. (AP) -- Florida's amount of debt keeps dropping and has now fallen to $24.2 billion.

That's according to an annual report presented Tuesday to Gov. Rick Scott and members of the Cabinet.

This marks the fourth year in a row that the amount of money the state owes has dropped. The state debt dropped $400 million during the fiscal year that ended on June 30.

State debt has declined $4 billion since 2010. Florida has been borrowing less money since then because an environmental land-buying program concluded. The state has also been able to refinance existing bonds with lower interest rates.

During his time as governor Scott has also made it a priority to limit borrowing. He called the latest report "good news" for the state.

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