Florida debt drops $2 billion

TALLAHASSEE — Florida's debt load will drop in 2013, according to state finance officials.

It's the second straight year the debt will decrease, the Florida News Service reports, and it represents a $2 billion drop since 2010. It also means the state is now scheduled to go below its debt cap target, which is 7% next year, for the first time since 2008.

The total debt in the state, paid for with taxes, is now $26.2 billion. The debt rises to $43.7 billion when it includes funds not connected to taxes, according to the News Service. That list includes Citizens Property Insurance Corp. and the Florida Hurricane Catastrophe Fund.