TALLAHASSEE — Gov. Rick Scott defended a tax cut that has resulted in a bond rating downgrade for the South Florida Water Management District.
Scott on Tuesday said the property tax reduction he proposed was the right thing to do.
The Legislature voted to reduce taxes by $210 million for four of the state's five water management districts.
The South Florida district took the biggest hit — $128 million.
As a result, Standard & Poor's downgraded the district's credit from its top rating of AAA to its second-best of AA-plus.
District officials say they have no plans to issue bonds in the foreseeable future.
If it does, though, its borrowing costs could increase by millions.
Scott said the district should make do with what it has instead of borrowing money.