TALLAHASSEE, Fla. -

Florida's amount of debt keeps dropping and has now fallen to $24.6 billion.

The state's bond finance director, Ben Watkins, told lawmakers during a presentation Thursday that this marks the third year in a row that the amount of money that the state owes has dropped. Watkins said the state's debt dropped $1.6 billion in the budget year that ended on June 30.

There are several factors for the continued decline in state debt. One of the factors 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. The state has also been unable to borrow money for its main school construction fund because of declining utility tax revenues.