Florida Green Finance Authority

Proposed Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

CONTENTS

PROPOSED BUDGET

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

OCTOBER 1, 2022 - SEPTEMBER 30, 2023
(Combined Commercial and Residential)

	
FISCAL YEAR 2022/2023 BUDGET	
		
REVENUES		
Projected Carry Forward Surplus	100,000	
O & M Funding Contributions	211,864	
Loan Revenues (Residential)	18,000,000	
Other Revenue - Commercial Closing Fees	10,000	
Other Revenue - Administrator Cost Sharing	73,542	
Interest Income	300	
TOTAL REVENUES	$	18,395,706	
		
VARIABLE EXPENDITURES		
Assessment Roll	131,010	
Miscellaneous	9,516	
TOTAL VARIABLE EXPENDITURES	$	140,526	
		
FIXED EXPENDITURES		
Management	37,080	
Legal	57,000	
Audit Fees	15,000	
Insurance	3,900	
Legal Advertisements	12,000	
New County Set-up Fee	3,000	
Dues & Subscriptions	1,200	
Trustee Fees	4,000	
Website Management	2,000	
Financial Advisory Fees	10,000	
TOTAL FIXED EXPENDITURES	$	145,180	
		
TOTAL EXPENDITURES	$	285,706	
		
REVENUES LESS EXPENDITURES	$	18,110,000	
		
Loan Payments (Residential)	(17,750,000)	
Bond/Loan Payments (Commercial)	0	
		
BALANCE	$	360,000	
		
Fees (Residential)	(250,000)	
Fees (Commercial)	0	
		
Excess/ (Shortfall)	$	110,000	
		
Program Reinvestment (Residential)	(100,000)	
Program Reinvestment (Commercial)	(10,000)	
		
Net Excess/ (Shortfall)	$	-	
		
Projected Fiscal Year-End Fund Balance	100,000	

Approximate Participants As Of June 2022: 13,101 Approximate Additions For 2022/2023: 3,081

DETAILED PROPOSED BUDGET FLORIDA GREEN FINANCE AUTHORITY FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023
(Combined Commercial and Residential)

FISCAL YEAR 2020/2021 ACTUAL	
FISCAL YEAR 2021/2022 BUDGET	
FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	
					
REVENUES					
Projected Carry Forward Surplus		100,000	100,000		
O & M Funding Contributions	92,908	236,536	211,864	FY 2021/2022 O&M Revenue As Of 5-19-22 Was $90,289	
O & M Assessments (Commercial)	9,316	0	0	BrandsMart Has Paid Off 2015-1 Bond	
Loan Revenues (Residential)	17,259,558	11,000,000	18,000,000	Loan Revenues (Residential)	
Other Revenue - Commercial Closing Fees	6,346	10,000	10,000		
Other Revenue - Administrator Cost Sharing	8,922	74,927	73,542		
Interest Income	1,266	300	300	Interest Estimated At $25 Per Month	
TOTAL REVENUES	$  17,378,316	$  11,421,763	$	18,395,706		
					
VARIABLE EXPENDITURES					
Assessment Roll	113,565	109,350	131,010	13,101 X $10 - Based On Approximate Participants	
Miscellaneous	2,281	9,516	9,516	Miscellaneous	
TOTAL VARIABLE EXPENDITURES	$	115,846	$	118,866	$	140,526		
					
FIXED EXPENDITURES					
Management	36,000	36,000	37,080	CPI (Capping at 3%) Increase per Contract	
Legal	54,894	57,000	57,000	No Change From 2021/2022 Budget	
Audit Fees	12,500	15,000	15,000	No Change From 2021/2022 Budget	
Insurance	3,308	3,650	3,900	Insurance Estimate	
Legal Advertisements	4,459	15,000	12,000	$3,000 Decrease From 2021/2022 Budget	
New County Set-up Fee	1,000	1,000	3,000	Estimated At Three New Counties	
Dues & Subscriptions	1,112	800	1,200	$400 Increase From 2021/2022 Budget	
Trustee Fees	0	7,500	4,000	Decreased Due To 2015-1 Bond Payoff	
Website Management	1,500	2,000	2,000	No Change From 2021/2022 Budget	
Financial Advisory Fees	0	10,000	10,000	Financial Advisory Fees	
TOTAL FIXED EXPENDITURES	$	114,773	$	147,950	$	145,180		
					
TOTAL EXPENDITURES	$	230,619	$	266,816	$	285,706		
					
REVENUES LESS EXPENDITURES	$  17,147,697	$  11,154,947	$	18,110,000		
					
Loan Payments (Residential)	(17,044,928)	(10,820,000)	(17,750,000)	Loan Payments (Residential)	
					
BALANCE	$	102,769	$	334,947	$	360,000		
					
Fees (Residential)	(193,932)	(180,000)	(250,000)	Fees (Residential)	
					
Excess/ (Shortfall)	$	(91,163)	$	154,947	$	110,000		
					
Program Reinvestment (Residential)	0	(144,947)	(100,000)	Program Reinvestment	
Program Reinvestment (Commercial)	0	(10,000)	(10,000)	Program Reinvestment	
					
Net Excess/ (Shortfall)	$	(91,163)	$	-	$	-		
					
Projected Fiscal Year-End Fund Balance	0	100,000	100,000		

Approximate Participants As Of June 2022:	13,101

Approximate Additions For 2022/2023:	3,081

(Commercial Only)

FISCAL YEAR 2022/2023
COMMERCIAL BUDGET	
		
REVENUES		
O & M Assessments (Commercial)	0	
Bond/Loan Revenues (Commercial)	See Commercial Bond Page	
Other Revenue - Commercial Closing Fees	10,000	
Other Revenue - Administrator Cost Sharing	73,542	
Other Revenue - Buy In	0	
TOTAL REVENUES	$	83,542	
		
VARIABLE EXPENDITURES		
Miscellaneous	952	
TOTAL VARIABLE EXPENDITURES	$	952	
		
FIXED EXPENDITURES		
Management	18,540	
Legal	28,500	
Audit Fees	7,500	
Insurance	1,950	
Legal Advertisements	6,000	
New County Set-up Fee	1,500	
Dues	600	
Trustee Fees	2,000	
Website Management	1,000	
Financial Advisory Fees	5,000	
TOTAL FIXED EXPENDITURES	$	72,590	
		
TOTAL EXPENDITURES	$	73,542	
		
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)	$	0	
		
Projected Fiscal Year-End Fund Balance	$	-	
NOTE: A separate spreadsheet is kept to track provider specific carryover credit that can be applied to quarterly invoices.

(Residential Only)

	
FISCAL YEAR 2022/2023
RESIDENTIAL BUDGET	
		
REVENUES		
Projected Carry Forward Surplus	100,000	
O & M Funding Contributions	211,864	
Loan Revenues (Residential)	18,000,000	
Interest Income	300	
TOTAL REVENUES	$	18,312,164	
		
VARIABLE EXPENDITURES		
Assessment Roll	131,010	
Miscellaneous	8,564	
TOTAL VARIABLE EXPENDITURES	$	139,574	
		
FIXED EXPENDITURES		
Management	18,540	
Legal	28,500	
Audit Fees	7,500	
Insurance	1,950	
Legal Advertisements	6,000	
New County Set-up Fee	1,500	
Dues	600	
Trustee Fees	2,000	
Website Management	1,000	
Financial Advisory Fees	5,000	
TOTAL FIXED EXPENDITURES	$	72,590	
		
TOTAL EXPENDITURES	$	212,164	
		
REVENUES LESS EXPENDITURES	$	18,100,000	
		
Loan Payments (Residential)	(17,750,000)	
		
BALANCE	$	350,000	
		
Fees (Residential)	(250,000)	
		
Excess/ (Shortfall)	$	100,000	
		
Program Reinvestment (Residential)	(100,000)	
		
Net Excess/ (Shortfall)	$	(0)	
		
Projected Fiscal Year-End Fund Balance	100,000	

Approximate Participants As Of June 2022:	13,101

Approximate Additions For 2022/2023:	3,081

PARTICIPANTS AS OF JUNE 2022

COUNTY	
COMMENCING FISCAL YEAR 2018/2019	
COMMENCING FISCAL YEAR 2019/2020	
COMMENCING FISCAL YEAR 2020/2021	
COMMENCING FISCAL YEAR 2021/2022	
COMMENCING FISCAL YEAR 2022/2023	

TOTAL*	
							
Alachua	10	9	2	5	2	49	
Brevard	1	118	91	88	202	500	
Broward	661	767	1,139	660	768	4,329	
Charlotte	37	58	104	74	74	351	
Citrus	1	27	23	28	54	133	
Collier	9	30	12	0	0	51	
Escambia	0	0	0	1	0	1	
Hernando	9	105	90	34	0	238	
Hillsborough	340	338	469	165	0	1,381	
Indian River	0	0	0	0	1	1	
Jefferson	0	0	0	1	0	1	
Lake	0	0	0	0	1	1	
Lee	0	16	48	13	32	109	
Levy	1	2	4	5	1	14	
Manatee	9	54	122	84	74	343	
Marion	26	21	56	42	46	209	
Martin	0	6	39	14	11	77	
Miami-Dade	230	769	998	585	1057	3,639	
Monroe	0	0	0	10	3	13	
Okeechobee	0	0	0	0	3	3	
Orange	16	35	49	61	26	196	
Osceola	1	105	218	139	76	539	
Palm Beach	158	380	774	449	446	2,236	
Pasco	260	283	211	129	94	1,049	
Polk	0	0	5	16	12	33	
Sarasota	0	33	153	86	91	363	
Seminole	4	3	10	12	1	30	
Volusia	0	3	5	1	6	15	
Sub-Total	1,773	3,162	4,622	2,702	3,081	15,904	
							
Less Prepayments	171	567	885	1,126	0	2,803	
							
Total	1,602	2,595	3,737	1,576	3,081	13,101	

Notes:
2021/2022 prepayment numbers will continue to grow until the start of next year's enrollment.
2022/2023 numbers are approximates (enrollment continues through June 2022).
2022/2023 prepayments do not include any prepayments that occur between now and start of next year.
*Includes totals from years prior to those shown.

COMMERCIAL BONDS AS OF JUNE 2022

BOND ISSUE	

ORIGINAL PAR AMOUNT	

CURRENT PAR AMOUNT	

MATURITY DATE	

ANNUAL ASSESSMENT AMOUNT	
					
Series 2014 Loan (E&M Spirits)	
$46,550.00	
$9,203.87	
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	
$1,961,204.94	
November 2028	
$350,856.55	
Series 2018A (Orlando Outlets Project)	
$5,562,289.94	
$5,221,703.10	
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	
Series 2020-D (Pruitt Health - Lutz)	
$3,340,018.97	
$3,340,018.97	
November 2047	
$261,701.69	
Series 2021 (Le Meridien)	
$37,650,000.00	
$37,650,000.00	
November 2047	
$2,689,983.39	
Series 2021 (Sheraton-Palmetto)	
$30,600,000.00	
$30,600,000.00	
November 2048	
$0.00	
Series 2022 (Pruitt Health - Pensacola)	
$5,335,050.00	
$5,335,050.00	
November 2048	
$0.00	
Series 2022 (Certus Waterford Lakes)	
$7,200,000.00	
$7,200,000.00	
November 2048	
$0.00	
Total	
$107,600,486.07	
$104,362,589.31		
$4,863,445.16	

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