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State Revolving Fund

What is the State Revolving Fund (SRF)?

Advanced Wastewater Treatment PlantA State Revolving Fund (SRF) is a fund administered by a U.S. state for the purpose of providing low-interest loans for investments in water and sanitation infrastructure (e.g., sewage treatment, stormwater management facilities, drinking water treatment), as well as for the implementation of nonpoint source pollution control and estuary protection projects. SRF receives its initial capital from federal grants and state contributions. It then "revolves" through the repayment of principal and the payment of interest on outstanding loans.

There are currently two SRF programs, the Clean Water State Revolving Fund created under the Clean Water Act, and the Drinking Water State Revolving Fund created under the Safe Drinking Water Act.

SRF in Florida

Funding for wastewater construction began in 1957 with the Federal construction grants program and accelerated dramatically with the passage of the Clean Water Act in 1972. During the next 16 years Florida received an average of $125 million grant dollars per year. Amendments to the Clean Water Act in 1987 called for the replacement of the long-standing federal Construction Grants program with the innovative CWSRF program.

The first loans from the Clean Water SRF were made in 1989 to the City of Tampa for $17,928,000. By the end of FY 2015, the program will exceed $4 billion in loans. The Safe Drinking Water Act of 1996 established a Drinking Water SRF program to protect the safety of drinking water. The Drinking Water SRF made its first grant in August 1998 to Lloyd Water Works, and its first loan to Tradewinds Utilities in October 1998.

Today, the SRF program is by far DEP's largest funding program and makes $200-300 million or more available, primarily to local governments, each year. Funds are currently available for Clean Water and Drinking Water SRF projects.

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Interest Rates

The CWSRF financing rate is determined using the Bond Buyer 20-Bond GO Index average market rate for the full weeks occurring during the three months in the preceding fiscal quarter and applying that average rate to a formula which also uses the affordability index and population served or to be served as variables in the calculation. The affordability calculation spreadsheet is available to provide an estimation of the loan financing rate.  Note that the rate calculated is only valid in the current quarter. There are up to 1.2% in additional rate reductions that may be assessed based on Davis Bacon requirements, Buy American requirements, asset management plan, and “green” projects. The DWSRF financing rate is 60% of the market rate.

CWSRF Financing Rate Formula

FR = MR – 4 + (4/(1+(100/AI)3)) – 1/Log(P)


FR = financing rate
MR = Market Rate
AI = Affordability Index
P = Population served or to be served by the sponsor


Graph of SRF interest rates: CWSRF Annual Average = 0.31, DWSRF = 2.21, and Bond = 3.68.

Program Contacts

Davis Bacon Guidance

Wastewater and Stormwater Project Loans

Small Community Wastewater Facilities Grants

Drinking Water Project Loans

CWSRF/DWSRF Side by Side Program Comparison

Operator Certification

Contaminated Private Wells

Green Project Business Cases



Signage Guidance for Capitalization Grant Projects

Frequently Asked Questions

State Bond Loan Program

OCULUS (Electronic Document Management)

Other Water Project Funding Sources

NEW! EPA's Water Infrastructure Finance and Innovation Act (WIFIA) Program Information

Match your project to other funding sources!

Project assistance Request Forms are available. They will be reviewed by all groups, agencies and programs that provide financing to Florida utilities.  For more information on available funding, see the Florida Rural Water Association's brochure.


To sign up for future updates from the Division of Water Restoration Assistance on the availability of water project funding and other related news, please enter your email address below.


Get information on all SRF loans from our interactive SRF mapping application.

Map of Florida showing locations of SRF funded projects.

Last updated: September 05, 2017

  2600 Blair Stone Road M.S. 3500   Tallahassee, Florida 32399   850-245-8336 (phone) / 850-245-8356 (fax) 
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