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TALLAHASSEE (CBSMiami/AP) – For the fourth year in a row, the Sunshine State’s debt has decreased.

Florida’s debt has fallen to $24.2 billion, according to an annual report presented to Governor Rick Scott and members of the Cabinet Tuesday.

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.

One of the reasons is that the state has been able to refinance bonds at lower interest rates.

But Florida has also been borrowing less money because an environmental land-buying program has concluded.

Scott has also made it a priority to limit borrowing by the state during his term as governor.

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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