Floridians,
As we cope with the effects of the COVID-19 threat in our communities, I want you to know that the health and safety of all Floridians is my top priority. Last week, out of an abundance of caution, the Department of Financial Services (DFS) offices were closed to the public and our staff are working from home remotely. We are still here to serve you and I want our customers to know that you can still receive assistance from our office by visiting MyFloridaCFO.com or by calling 1-877-MY-FL-CFO (693-5236).
As the Florida Legislature passed our state budget, I sent a letter to Governor Ron DeSantis, Senate President Bill Galvano, and House Speaker Jose Oliva last week on my recommendation to convene the Revenue Estimating Conference (REC) in order to assess the economic realities of the COVID-19 virus and associated response effort.
The Governor, as chief budget officer, must ensure that revenues collected will be sufficient to meet the appropriations and that no deficit occurs in any state fund. Working with the Governor, my office must also ensure that revenues collected will be sufficient to meet the appropriations. I believe considering the COVID-19 pandemic, the REC should convene to ensure there is sufficient revenue to pay for fiscal year 2020-2021.
We are at war in many ways with an unseen enemy, and a time of war is a time of uncertainty. Our job is to be as conscientious as possible when spending Florida taxpayer money. This means the REC must work quickly to make new projections based on new information. The State Board of Administration (SBA) should weigh-in and make an assessment about Florida’s AAA credit rating as it could be affected by spending from the rainy-day fund or the assumption of more state debt – either of which could be an option for COVID-19 spending.
Lastly, we have seen recent reports of an escalation in COVID-19 related fraud and scams including the threat of increased cyberattacks during this public health emergency. Remember, always take caution as you browse online and if an offer sounds too good to be true, it probably is. Report suspected fraud immediately at FraudFreeFlorida.com.
Stay safe, stay home, and heed all warnings from elected officials and your health department. As we know all too well when recovering from hurricanes, Floridians are resilient and we will get through this together.
For helpful COVID-19 resources for individuals, businesses, and first responders, visit MyFloridaCFO.com/coronavirus/.
Sincerely,
Jimmy Patronis
Chief Financial Officer
State of Florida