Florida Green Finance Authority

Proposed Budget For Fiscal Year 2021/2022
October 1, 2021 - September 30, 2022

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET III	COMMERCIAL BUDGET
IV	RESIDENTIAL BUDGET V	PARTICPANTS
VI	COMMERCIAL BONDS

FLORIDA GREEN FINANCE AUTHORITY
FISCAL YEAR 2021/2022 OCTOBER 1, 2021 - SEPTEMBER 30, 2022
(Combined Commercial and Residential)

	
FISCAL YEAR 2021/2022 BUDGET	
		
REVENUES		
Projected Carry Forward Surplus	100,000	
O & M Funding Contributions	236,536	
O & M Assessments (Commercial)	0	
Loan Revenues (Residential)	11,000,000	
Bond/Loan Revenues (Commercial)	0	
Other Revenue - Commercial Closing Fees	10,000	
Other Revenue - Buy In	0	
Other Revenue - Administrator Cost Sharing	74,927	
Interest Income	300	
TOTAL REVENUES	$	11,421,763	
		
VARIABLE EXPENDITURES		
Assessment Roll	109,350	
Miscellaneous	9,516	
TOTAL VARIABLE EXPENDITURES	$	118,866	
		
FIXED EXPENDITURES		
Management	36,000	
Legal	57,000	
Audit Fees	15,000	
Insurance	3,650	
Legal Advertisements	15,000	
New County Set-up Fee	1,000	
Dues	800	
Trustee Fees	7,500	
Website Management	2,000	
Financial Advisory Fees	10,000	
TOTAL FIXED EXPENDITURES	$	147,950	
		
TOTAL EXPENDITURES	$	266,816	
		
REVENUES LESS EXPENDITURES	$	11,154,947	
		
Loan Payments (Residential)	(10,820,000)	
Bond/Loan Payments (Commercial)	0	
		
BALANCE	$	334,947	
		
Fees (Residential)	(180,000)	
Fees (Commercial)	0	
		
Excess/ (Shortfall)	$	154,947	
		
Program Reinvestment (Residential)	(144,947)	
Program Reinvestment (Commercial)	(10,000)	
		
Net Excess/ (Shortfall)	$	(0)	
		
Projected Fiscal Year-End Fund Balance	100,000	

Approximate Participants As Of May 2021	Commencing Fiscal Year 2019/2020: 2,595
Commencing Fiscal Year 2017/2018: 510	Commencing Fiscal Year 2020/2021: 3,737
Commencing Fiscal Year 2018/2019: 1,602	Commencing Fiscal Year 2021/2022: 2,491 Total: 10,935

DETAILED PROPOSED BUDGET FLORIDA GREEN FINANCE AUTHORITY FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022
(Combined Commercial and Residential)

	
FISCAL YEAR 2019/2020 ACTUAL	
FISCAL YEAR 2020/2021 BUDGET	
FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	
					
REVENUES					
Projected Carry Forward Surplus		100,000	100,000		
O & M Funding Contributions	344,583	228,304	236,536	FY 2020/2021 O&M Revenue As Of 5-20-21 Was $55,815	
O & M Assessments (Commercial)	9,316	9,326	0	BrandsMart Has Paid Off 2015-1 Bond	
Loan Revenues (Residential)	9,377,154	10,000,000	11,000,000	Loan Revenues (Residential)	
Bond/Loan Revenues (Commercial)	1,158,911	1,450,000	0	Line Item Eliminated From O&M Budget	
Other Revenue - Commercial Closing Fees	24,986	0	10,000		
Other Revenue - Buy In	10,000		0		
Other Revenue - Administrator Cost Sharing	9,980		74,927		
Interest Income	1,009	300	300	Interest Estimated At $25 Per Month	
TOTAL REVENUES	$   10,935,939	$    11,787,930	$     11,421,763		
					
VARIABLE EXPENDITURES					
Assessment Roll	93,630	91,130	109,350	10,935 X $10 - Based On Approximate Participants	
Miscellaneous	3,900	9,000	9,516	Miscellaneous	
TOTAL VARIABLE EXPENDITURES	$	97,530	$	100,130	$	118,866		
					
FIXED EXPENDITURES					
Management	35,000	36,000	36,000	$3,000 Per Month	
Legal	48,495	57,000	57,000	No Change From 2020/2021 Budget	
Audit Fees	12,500	15,000	15,000	No Change From 2020/2021 Budget	
Insurance	3,150	3,500	3,650	Insurance Estimate	
Legal Advertisements	7,419	15,000	15,000	No Change From 2020/2021 Budget	
New County Set-up Fee	3,000	1,000	1,000	Estimated At One New County	
Dues	175	800	800	No Change From 2020/2021 Budget	
Trustee Fees	3,640	7,500	7,500	No Change From 2020/2021 Budget	
Website Management	1,500	2,000	2,000	No Change From 2020/2021 Budget	
Financial Advisory Fees	15,000	0	10,000	Financial Advisory Fees	
TOTAL FIXED EXPENDITURES	$	129,879	$	137,800	$	147,950		
					
TOTAL EXPENDITURES	$	227,409	$	237,930	$	266,816		
					
REVENUES LESS EXPENDITURES	$   10,708,530	$    11,550,000	$     11,154,947		
					
Loan Payments (Residential)	(9,264,840)	(9,850,000)	(10,820,000)	Loan Payments (Residential)	
Bond/Loan Payments (Commercial)	(1,150,119)	(1,430,000)	0	Line Item Eliminated From O&M Budget	
					
BALANCE	$	293,571	$	270,000	$	334,947		
					
Fees (Residential)	(101,583)	(150,000)	(180,000)	Fees (Residential)	
Fees (Commercial)	(11,335)	(20,000)	0	Line Item Eliminated From O&M Budget	
					
Excess/ (Shortfall)	$	180,653	$	100,000	$	154,947		
					
Program Reinvestment (Residential)	0	0	(144,947)	Program Reinvestment	
Program Reinvestment (Commercial)	0	0	(10,000)	Program Reinvestment	
					
Net Excess/ (Shortfall)	$	180,653	$	100,000	$	(0)		
					
Projected Fiscal Year-End Fund Balance	0	200,000	100,000		

Approximate Participants As Of May 2021	Commencing Fiscal Year 2019/2020: 2,595	Total: 10,935	
Commencing Fiscal Year 2017/2018: 510	Commencing Fiscal Year 2020/2021: 3,737		
Commencing Fiscal Year 2018/2019: 1,602	Commencing Fiscal Year 2021/2022: 2,491		

(Commercial Only)

FISCAL YEAR 2021/2022
COMMERCIAL BUDGET	
		
REVENUES		
Commercial Carryover Credit	0	
O & M Assessments (Commercial)	0	
Bond/Loan Revenues (Commercial)	0	
Other Revenue - Commercial Closing Fees	10,000	
Other Revenue - Administrator Cost Sharing	74,927	
Other Revenue - Buy In	0	
TOTAL REVENUES	$	84,927	
		
VARIABLE EXPENDITURES		
Miscellaneous	952	
TOTAL VARIABLE EXPENDITURES	$	952	
		
FIXED EXPENDITURES		
Management	18,000	
Legal	28,500	
Audit Fees	7,500	
Insurance	1,825	
Legal Advertisements	7,500	
New County Set-up Fee	500	
Dues	400	
Trustee Fees	3,750	
Website Management	1,000	
Financial Advisory Fees	5,000	
TOTAL FIXED EXPENDITURES	$	73,975	
		
TOTAL EXPENDITURES	$	74,927	
		
REVENUES LESS EXPENDITURES	$	10,000	
		
Bond/Loan Payments (Commercial)	0	
		
BALANCE	$	10,000	
		
Fees (Commercial)	0	
		
Excess/ (Shortfall)	$	10,000	
		
Program Reinvestment/Carryover Credit	(10,000)	
		
Net Excess/ (Shortfall)	$	-	
		
Projected Fiscal Year-End Fund Balance	0	

(Residential Only)

	
FISCAL YEAR 2021/2022
RESIDENTIAL BUDGET	
		
REVENUES		
Projected Carry Forward Surplus	100,000	
O & M Funding Contributions	236,536	
Loan Revenues (Residential)	11,000,000	
Interest Income	300	
TOTAL REVENUES	$	11,336,836	
		
VARIABLE EXPENDITURES		
Assessment Roll	109,350	
Miscellaneous	8,564	
TOTAL VARIABLE EXPENDITURES	$	117,914	
		
FIXED EXPENDITURES		
Management	18,000	
Legal	28,500	
Audit Fees	7,500	
Insurance	1,825	
Legal Advertisements	7,500	
New County Set-up Fee	500	
Dues	400	
Trustee Fees	3,750	
Website Management	1,000	
Financial Advisory Fees	5,000	
TOTAL FIXED EXPENDITURES	$	73,975	
		
TOTAL EXPENDITURES	$	191,889	
		
REVENUES LESS EXPENDITURES	$	11,144,947	
		
Loan Payments (Residential)	(10,820,000)	
		
BALANCE	$	324,947	
		
Fees (Residential)	(180,000)	
		
Excess/ (Shortfall)	$	144,947	
		
Program Reinvestment (Residential)	(144,947)	
		
Net Excess/ (Shortfall)	$	(0)	
		
Projected Fiscal Year-End Fund Balance	100,000	

Approximate Participants As Of May 2021	Commencing Fiscal Year 2019/2020: 2,595
Commencing Fiscal Year 2017/2018: 510	Commencing Fiscal Year 2020/2021: 3,737
Commencing Fiscal Year 2018/2019: 1,602	Commencing Fiscal Year 2021/2022: 2,491 Total: 10,935

PARTICIPANTS AS OF MAY 2021

COUNTY	
COMMENCING
FISCAL YEAR 2017/2018	
COMMENCING
FISCAL YEAR 2018/2019	
COMMENCING
FISCAL YEAR 2019/2020	
COMMENCING
FISCAL YEAR 2020/2021	
COMMENCING
FISCAL YEAR 2021/2022	

TOTAL	
							
Alachua	21	10	9	2	5	47	
Brevard	0	1	118	91	80	290	
Broward	334	661	767	1,139	614	3,515	
Charlotte	4	37	58	104	74	277	
Citrus	0	1	27	23	22	73	
Collier	0	9	30	12	0	51	
Escambia	0	0	0	0	1	1	
Hernando	0	9	105	90	34	238	
Hillsborough	69	340	338	469	166	1,382	
Jefferson	0	0	0	0	1	1	
Lee	0	0	16	48	13	77	
Levy	1	1	2	4	4	12	
Manatee	0	9	54	122	81	266	
Marion	18	26	21	56	38	159	
Martin	7	0	6	39	14	66	
Miami-Dade	0	230	769	998	518	2,515	
Monroe	0	0	0	0	10	10	
Orange	9	16	35	49	59	168	
Osceola	0	1	105	218	126	450	
Palm Beach	29	158	380	774	410	1,751	
Pasco	72	260	283	211	119	945	
Polk	0	0	0	5	15	20	
Sarasota	0	0	33	153	74	260	
Seminole	0	4	3	10	12	29	
Volusia	0	0	3	5	1	9	
Sub-Total	564	1,773	3,162	4,622	2,491	12,612	
							
Less Prepayments	54	171	567	885	0	1,677	
							
Total	510	1,602	2,595	3,737	2,491	10,935	

Notes:
2021/2022 Numbers Are Approximates.
2020-2021 prepayments do not include any prepayments that occur between now and start of next year.

COMMERCIAL BONDS AS OF MAY 2021

BOND ISSUE	

ORIGINAL
PAR AMOUNT	

CURRENT
PAR AMOUNT	

MATURITY DATE	

ANNUAL
ASSESSMENT AMOUNT	
					
Series 2014 Loan (E&M Spirits)	
$46,550.00	
$17,508.11	
May 2023	
$9,429.07	
Series 2015-1 (Brandsmart Project)	
$2,225,700.00	
$0.00	
-----	
$0.00	
Series 2018 (Dadeland Mall Project)	
$2,595,468.73	
$2,184,520.69	
November 2028	
$350,856.55	
Series 2018A (Orlando Outlets Project)	
$5,562,289.94	
$5,376,736.12	
November 2039	
$496,899.34	
Series 2020-A (Avid Viera)	
$3,471,908.43	
$3,471,908.43	
November 2046	
$294,927.30	
Series 2020-B (Home 2-Palm Bay)	
$3,930,000.00	
$3,930,000.00	
November 2046	
$312,209.65	
Series 2020-C (Hyatt-Palm Bay)	
$5,643,500.00	
$5,643,500.00	
November 2046	
$447,438.17	

Total	
$23,475,417.10	
$20,624,173.35		
$1,911,760.08	

Note:
BrandsMart Paid Off Series 2015-1 Bond In 2021.