Review of Federal Funding to Florida - Office of Economic ...

Office of Economic and Demographic Research
fifty states and ranked first among the states in both total and per capita insurance coverage. As
illustrated in Table 1-8 on page 24, flood insurance accounted for 99 percent of the total face value
of all federal insurance coverage provided to the state. The face values of insurance coverages to
Florida are summarized below.
Total
Face Value of
Insurance
Coverages
Annual
%
Change
Face Value of Insurance Coverages
Fiscal Years: 1998 to 2009
Foreign
Investment
Insurance
Flood
Crop
Life Insurance
FY
Insurance Insurance
for Veterans Other
2009 472,732,970,000 0.2% 468,567,622,000 2,855,011,000 - 1,291,834,000 18,504,000
2008 471,780,472,000 4.0% 467,050,858,000 3,333,899,000 - 1,376,388,000 19,328,000
2007 453,756,808,000 7.4% 450,322,395,000 3,218,412,000 45,000,000 143,365,000 27,636,000
2006 422,486,677,000 20.3% 417,921,144,000 4,368,404,000 17,364,000 162,203,000 17,563,000
2005 351,202,354,000 13.5% 347,978,543,000 3,009,503,000 35,800,000 166,831,000 11,676,000
2004 309,479,746,000 9.4% 306,582,634,000 2,668,739,000 9,360,000 172,441,000 46,572,000
2003 282,991,752,000 5.9% 280,053,010,000 2,688,462,000 26,967,000 172,717,000 50,596,000
2002 267,345,522,000 7.8% 264,475,634,000 2,632,304,000 21,273,000 174,773,000 41,538,000
2001 248,107,094,000 6.9% 245,623,396,000 2,279,284,000 1,380,000 179,131,000 23,902,000
2000 232,147,671,000 7.9% 229,902,940,000 2,046,118,000 - 179,306,000 19,307,000
1999 215,084,475,000 7.0% 213,524,683,000 1,272,628,000 108,402,000 178,762,000 -
1998 200,998,958,000 - 199,815,560,000 1,000,273,000 - 183,126,000 -
2. Dollar Volume of Guaranteed Loans
The second largest category of other financial assistance to states was guaranteed loans. Such
assistance to the fifty states totaled $504 billion, or $1,646 per capita, and represented 27 percent of
other financial assistance provided to states by the federal government. These loans to Florida
totaled $22.7 billion, or $1,224 per capita, and represented 4.6 percent of other financial assistance
to the state. As illustrated in Table 1-9 on page 25, Mortgage Insurance for Homes accounted for 54
percent of the total dollar volume of federal guaranteed loans made to the state. Florida had the 4 th
largest dollar volume of all states and the 3 rd largest volume of the most populous states and the
southern states. On a per capita basis, Florida ranked 45 th among all states, 5 th among the most
populous states, and 13 th among the southern states. The dollar volumes of guaranteed loans to
Florida are summarized below.
Total Dollar
Volume of
Guaranteed
Loans
Annual
%
Change
Dollar Volume of Guaranteed Loans
Fiscal Years: 1998 to 2009
Mortgage
Insurance
for Homes
Federal Family
Education
Loan Program
Mortgage
Insurance:
Condominiums
Dept. of
Agriculture:
Guaranteed
Loans
Veterans
FY
Housing Loans
2009 22,690,442,000 64.0% 12,277,709,000 4,310,680,000 3,915,498,000 553,178,000 1,025,844,000
2008 13,832,688,000 35.0% 8,629,714,000 663,209,000 2,799,001,000 455,992,000 330,907,000
2007 10,247,601,000 24.3% 2,838,998,000 3,368,948,000 1,878,479,000 204,626,000 908,601,000
2006 8,243,961,000 -5.7% 2,133,804,000 2,925,623,000 1,825,199,000 197,771,000 176,703,000
2005 8,740,942,000 -30.8% 2,607,483,000 2,858,184,000 1,750,948,000 312,473,000 225,005,000
2004 12,632,586,000 11.1% 5,621,421,000 2,497,149,000 2,742,847,000 527,581,000 474,988,000
2003 11,374,305,000 1.3% 7,130,454,000 1,639,424,000 1,085,084,000 685,632,000 233,773,000
2002 11,225,344,000 22.7% 7,113,378,000 1,639,424,000 924,673,000 654,312,000 251,113,000
10 Review of Federal Funding to Florida in Fiscal Year 2009