Statutory Interest Rate

INTEREST RATE FOR THE YEAR 2011
Section 55.03(1), Florida Statutes, requires the Chief Financial Officer, on December 1 of each year beginning in 1994, to set the rate of interest that shall be payable on judgments and decrees for the year beginning the following January 1. Sections 215.422(3)(b), 337.141(3) and 687.01, Florida Statutes, were amended to require the use of interest at the rate established in Section 55.03(1), Florida Statutes, for the payment of interest applicable to the late payments to vendors for goods and services purchased by the State; for late payments on applicable construction or maintenance contracts administered by the Department of Transportation; and for cases where a rate of interest is not specified in a contract. The interest rate for payments to health care providers pursuant to Section 215.422(13), Florida Statutes, remains at 1% per month or .0003333 per day. Rule 69I-25, Florida Administrative Code, establishes the procedures for computing the interest rate on an annual basis.

The year 2011 interest rate established pursuant to Section 55.03, Florida Statutes, has been set at 6.0% per annum or .0001644 per day.

Legislation passed in 1994 granted authority to the Chief Financial Officer, DFS to set the interest rate on December 1 of each year and to publish it annually in the Florida Administrative Weekly at least once between the period December 1 and January 1. Please call the Vendor Ombudsman section within the Bureau of Accounting at (850) 413-5516 if additional information is needed.

Source: Florida Department of Financial Services