Florida Green Finance Authority

Final Budget For Fiscal Year 2023/2024
October 1, 2023 - September 30, 2024

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

COMMERCIAL BUDGET

RESIDENTIAL BUDGET

PARTICIPANTS

COMMERCIAL BONDS

(Combined Commercial and Residential)

	
FISCAL YEAR 2023/2024
BUDGET	
		
REVENUES		
Projected Carry Forward Surplus	100,000	
O & M Funding Contributions	270,000	
O & M Assessments (Commercial)	0	
Loan Revenues (Residential)	18,540,000	
Loan Revenues (Commercial)	0	
Other Revenue - Commercial Closing Fees	10,000	
Other Revenue - Administrator Cost Sharing	73,542	
Interest Income	300	
TOTAL REVENUES	$	18,993,842	
		
VARIABLE EXPENDITURES		
Assessment Roll	201,670	
Miscellaneous	10,000	
TOTAL VARIABLE EXPENDITURES	$	211,670	
		
FIXED EXPENDITURES		
Management	38,134	
Legal	57,000	
Audit Fees	15,000	
Insurance	3,900	
Legal Advertisements	9,000	
New County Set-up Fee	1,000	
Dues & Subscriptions	1,200	
Trustee Fees	4,000	
Website Management	2,000	
Miscellaneous - postage, office supplies, etc.	1,500	
Financial Advisory Fees	10,000	
TOTAL FIXED EXPENDITURES	$	142,734	
		
TOTAL EXPENDITURES	$	354,404	
		
REVENUES LESS EXPENDITURES	$	18,639,438	
		
Loan Payments (Residential)	(18,280,000)	
Loan Payments (Commercial)	0	
		
BALANCE	$	359,438	
		
Fees (Residential)	(260,000)	
Fees (Commercial)	0	
		
Excess/ (Shortfall)	$	99,438	
		
Program Reinvestment (Residential)	(100,000)	
Program Reinvestment (Commercial)	(10,000)	
		
Net Excess/ (Shortfall)	$	(10,562)	
		
Projected Fiscal Year-End Fund Balance	89,438	

Approx. Participants As Of August 2023: 19,029 Approx. Additions For 2023/2024: 6,186

	
FISCAL YEAR 2021/2022 ACTUAL	
FISCAL YEAR 2022/2023 BUDGET	
FISCAL YEAR 2023/2024 BUDGET	

COMMENTS	
					
REVENUES					
Projected Carry Forward Surplus	0	100,000	100,000		
O & M Funding Contributions	147,907	211,864	270,000	FY 2022/2023 O&M Revenue As Of 5-31-23 Was $192,126	
O & M Assessments (Commercial)	265	0	0	BrandsMart Has Paid Off 2015-1 Bond	
Loan Revenues (Residential)	19,681,088	18,000,000	18,540,000	Loan Revenues (Residential)	
Loan Revenues (Commercial)	1,581,078	0	0	Loan Revenues (Commercial)	
Other Revenue - Commercial Closing Fees	185,098	10,000	10,000		
Other Revenue - Administrator Cost Sharing	49,804	73,542	73,542		
Interest Income	58	300	300	Interest Estimated At $25 Per Month	
TOTAL REVENUES	$ 21,645,298	$ 18,395,706	$  18,993,842		
					
VARIABLE EXPENDITURES					
Assessment Roll	139,805	131,010	201,670	20,176 X $10 - Based On Approximate Participants	
Miscellaneous	84,941	9,516	10,000	Miscellaneous	
TOTAL VARIABLE EXPENDITURES	$	224,746	$	140,526	$	211,670		
					
FIXED EXPENDITURES					
Management	36,000	37,080	38,134	CPI (Capping at 3%) Increase per Contract	
Legal	36,059	57,000	57,000	No Change From 2022/2023 Budget	
Audit Fees	13,000	15,000	15,000	No Change From 2022/2023 Budget	
Insurance	3,424	3,900	3,900	Insurance Estimate	
Legal Advertisements	4,413	12,000	9,000	$3,000 Decrease From 2022/2023 Budget	
New County Set-up Fee	6,000	3,000	1,000	Estimated At One New County	
Dues & Subscriptions	800	1,200	1,200	No Change From 2022/2023 Budget	
Trustee Fees	0	4,000	4,000	Decreased Due To 2015-1 Bond Payoff	
Website Management	1,500	2,000	2,000	No Change From 2022/2023 Budget	
Miscellaneous - postage, office supplies, etc.	1,585	0	1,500		
Financial Advisory Fees	0	10,000	10,000	Financial Advisory Fees	
TOTAL FIXED EXPENDITURES	$	102,781	$	145,180	$	142,734		
					
TOTAL EXPENDITURES	$	327,527	$	285,706	$	354,404		
					
REVENUES LESS EXPENDITURES	$ 21,317,771	$ 18,110,000	$  18,639,438		
					
Loan Payments (Residential)	(19,372,978)	(17,750,000)	(18,280,000)	Loan Payments (Residential)	
Loan Payments (Commercial)	(1,545,007)	0	0	Loan Payments (Commercial)	
					
BALANCE	$	399,786	$	360,000	$	359,438		
					
Fees (Residential)	(263,288)	(250,000)	(260,000)	Fees (Residential)	
Fees (Commercial)	(49,793)	0	0	Fees (Commercial)	
					
Excess/ (Shortfall)	$	86,705	$	110,000	$	99,438		
					
Program Reinvestment (Residential)	0	(100,000)	(100,000)	Program Reinvestment (Residential)	
Program Reinvestment (Commercial)	0	(10,000)	(10,000)	Program Reinvestment (Commercial)	
					
Net Excess/ (Shortfall)	$	86,705	$	-	$	(10,562)		
					
Projected Fiscal Year-End Fund Balance	0	100,000	89,438		

Approx. Participants As Of August 2023: 19,029

Approx. Additions For 2023/2024: 6,186

(Commercial Only)

FISCAL YEAR 2023/2024
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	1,000	
TOTAL VARIABLE EXPENDITURES	$	1,000	
		
FIXED EXPENDITURES		
Management	19,067	
Legal	28,500	
Audit Fees	7,500	
Insurance	1,950	
Legal Advertisements	4,500	
New County Set-up Fee	500	
Dues	600	
Trustee Fees	2,000	
Website Management	1,000	
Miscellaneous - postage, office supplies, etc.	750	
Financial Advisory Fees	5,000	
TOTAL FIXED EXPENDITURES	$	71,367	
		
TOTAL EXPENDITURES	$	72,367	
		
REVENUES LESS EXPENDITURES	$	11,175	
		
Bond/Loan Payments (Commercial)	0	
		
BALANCE	$	11,175	
		
Fees (Commercial)	0	
		
Excess/ (Shortfall)	$	11,175	
		
Program Reinvestment/Carryover Credit	(10,000)	
		
Net Excess/ (Shortfall)	$	1,175	
		
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 2023/2024
RESIDENTIAL BUDGET	
		
REVENUES		
Projected Carry Forward Surplus	100,000	
O & M Funding Contributions	270,000	
Loan Revenues (Residential)	18,540,000	
Interest Income	300	
TOTAL REVENUES	$	18,910,300	
		
VARIABLE EXPENDITURES		
Assessment Roll	201,670	
Miscellaneous	9,000	
TOTAL VARIABLE EXPENDITURES	$	210,670	
		
FIXED EXPENDITURES		
Management	19,067	
Legal	28,500	
Audit Fees	7,500	
Insurance	1,950	
Legal Advertisements	4,500	
New County Set-up Fee	500	
Dues	600	
Trustee Fees	2,000	
Website Management	1,000	
Miscellaneous - postage, office supplies, etc.	750	
Financial Advisory Fees	5,000	
TOTAL FIXED EXPENDITURES	$	71,367	
		
TOTAL EXPENDITURES	$	282,037	
		
REVENUES LESS EXPENDITURES	$	18,628,263	
		
Loan Payments (Residential)	(18,280,000)	
		
BALANCE	$	348,263	
		
Fees (Residential)	(260,000)	
		
Excess/ (Shortfall)	$	88,263	
		
Program Reinvestment (Residential)	(100,000)	
		
Net Excess/ (Shortfall)	$	(11,737)	
		
Projected Fiscal Year-End Fund Balance	88,263	

Approx. Participants As Of August 2023: 19,029

Approx. Additions For 2023/2024: 6,186

PARTICIPANTS AS OF AUGUST 2023

COUNTY	
COMMENCING FISCAL YEAR 2019/2020	
COMMENCING FISCAL YEAR 2020/2021	
COMMENCING FISCAL YEAR 2021/2022	
COMMENCING FISCAL YEAR 2022/2023	
COMMENCING FISCAL YEAR 2023/2024	

TOTAL*	
							
Alachua	9	2	5	2	0	49	
Brevard	118	91	88	280	256	834	
Broward	767	1,139	660	1,020	2,147	6,728	
Charlotte	58	104	74	87	11	375	
Citrus	27	23	28	66	81	226	
Collier	30	12	0	0	0	51	
Escambia	0	0	1	0	1	2	
Hernando	105	90	34	0	0	238	
Hillsborough	338	469	165	0	0	1,381	
Indian River	0	0	0	1	1	2	
Jefferson	0	0	1	0	0	1	
Lake	0	0	0	1	0	1	
Lee	16	48	13	44	89	210	
Levy	2	4	5	4	7	24	
Manatee	54	122	84	90	113	472	
Marion	21	56	42	60	149	372	
Martin	6	39	14	19	58	143	
Miami-Dade	769	998	585	1358	2,253	6,193	
Monroe	0	0	10	3	7	20	
Okeechobee	0	0	0	5	18	23	
Orange	35	49	61	34	35	239	
Osceola	105	218	139	101	118	682	
Palm Beach	380	774	449	580	1,334	3,704	
Pasco	283	211	129	110	147	1,212	
Polk	0	5	16	14	21	56	
Sarasota	33	153	86	112	142	526	
Seminole	3	10	12	3	11	43	
Suwannee	0	0	0	0	1	1	
Volusia	3	5	1	7	19	35	
Sub-Total	3,162	4,622	2,702	4,001	7,019	23,843	
							
Less Prepayments	567	885	988	1,316	833	4,814	
							
Total	2,595	3,737	1,714	2,685	6,186	19,029	

Notes:
2023/2024 numbers are approximates.
Current year does not include prepayments that will be added before final roll submissions in September.
*Includes totals from years prior to those shown.

COMMERCIAL BONDS AS OF AUGUST 2023

BOND ISSUE	

ORIGINAL PAR AMOUNT	

CURRENT PAR AMOUNT	

MATURITY DATE	

ANNUAL ASSESSMENT AMOUNT	
					
Series 2014 Loan (E&M Spirits)	
$46,550.00	
$0.00	
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	
$1,725,209.81	
November 2028	
$350,856.55	
Series 2018A (Orlando Outlets Project)	
$5,562,289.94	
$4,967,014.62	
November 2039	
$496,899.34	
Series 2020-A (Avid Viera)	
$3,471,908.43	
$0.00	
November 2046	
$294,927.30	
Series 2020-B (Home 2-Palm Bay)	
$3,930,000.00	
$3,857,155.38	
November 2046	
$312,209.65	
Series 2020-C (Hyatt-Palm Bay)	
$5,643,500.00	
$5,538,894.75	
November 2046	
$447,438.17	
Series 2020-D (Pruitt Health - Lutz)	
$3,340,018.09	
$3,340,018.09	
November 2047	
$261,701.69	
Series 2021-1 (Le Meridien)	
$37,650,000.00	
$37,650,000.00	
November 2047	
$2,689,983.39	
Series 2021-2 (Sheraton - Palmetto)	
$30,600,000.00	
$30,600,000.00	
November 2048	
$2,418,304.48	
Series 2022-1 (Pruitt Health - Pensacola)	
$5,335,050.00	
$5,335,050.00	
November 2048	
$422,279.36	
Series 2022-2 (Certus Waterford Lakes)	
$7,200,000.00	
$7,200,000.00	
November 2048	
$572,722.58	
Series 2022-3 (Spanish Moss Apartments)	
$3,961,068.11	
$3,961,068.11	
November 2047	
$0.00	
Total	
$111,561,553.30	
$104,174,410.76		
$8,276,751.58	

Note:
BrandsMart Paid Off Series 2015-1 Bond In 2021. Avid Viera Paid Off Series 2020-A Bond In 2023.