Florida Green	
Finance Authority	

Proposed Budget For	
Fiscal Year 2024/2025	
October 1, 2024 - September 30, 2025	

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

COMMERCIAL BUDGET

RESIDENTIAL BUDGET
PARTICIPANTS

COMMERCIAL BONDS

PROPOSED BUDGET
FLORIDA GREEN FINANCE AUTHORITY
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025
(Combined Commercial and Residential)

FISCAL YEAR	
	2024/2025	
	BUDGET	
		
REVENUES		
Projected Carry Forward Surplus	100,000	
O & M Funding Contributions	270,000	
O & M Assessments (Commercial)	0	
Loan Revenues (Residential)	20,043,547	
Loan Revenues (Commercial)	0	
Other Revenue - Commercial Closing Fees	10,000	
Other Revenue - Administrator Cost Sharing	78,050	
Interest Income	300	
TOTAL REVENUES	$	20,501,897	
		
VARIABLE EXPENDITURES		
Assessment Roll	247,797	
Miscellaneous	10,000	
TOTAL VARIABLE EXPENDITURES	$	257,797	
		
FIXED EXPENDITURES		
Management	48,000	
Legal	57,000	
Audit Fees	16,500	
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	$	154,100	
		
TOTAL EXPENDITURES	$	411,897	
		
REVENUES LESS EXPENDITURES	$	20,090,000	
		
Loan Payments (Residential)	-19,700,000	
Loan Payments (Commercial)	0	
		
BALANCE	$	390,000	
		
Fees (Residential)	-280,000	
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	

Approx. Participants As Of June 2024: 22,527 (this number will decrease as prepaid & matured loans are removed from the roll). Approx. Additions For 2024/2025: 5568

DETAILED PROPOSED BUDGET
FLORIDA GREEN FINANCE AUTHORITY
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025
(Combined Commercial and Residential)

FISCAL YEAR 2022/2023 ACTUAL	
FISCAL YEAR 2023/2024 BUDGET	
FISCAL YEAR 2024/2025 BUDGET	

COMMENTS	
					
REVENUES					
Projected Carry Forward Surplus	0	100,000	100,000		
O & M Funding Contributions	262,588	270,000	270,000	No Change From 2023/2024 Budget	
O & M Assessments (Commercial)	0	0	0	BrandsMart Has Paid Off 2015-1 Bond	
Loan Revenues (Residential)	24,894,209	18,540,000	20,043,547	Loan Revenues (Residential)	
Loan Revenues (Commercial)	753,619	0	0	Loan Revenues (Commercial)	
Other Revenue - Commercial Closing Fees	16,416	10,000	10,000		
Other Revenue - Administrator Cost Sharing	36,771	73,542	78,050		
Interest Income	12,362	300	300	Interest Estimated At $25 Per Month	
TOTAL REVENUES	$ 25,975,965	$ 18,993,842	$  20,501,897		
					
VARIABLE EXPENDITURES					
Assessment Roll	187,940	201,670	247,797	22,527 X $11 - Based On Approximate Participants	
Miscellaneous	8,929	10,000	10,000	Miscellaneous	
TOTAL VARIABLE EXPENDITURES	$	196,869	$	211,670	$	257,797		
					
FIXED EXPENDITURES					
Management	37,080	38,134	48,000	Per New Management Contract	
Legal	59,283	57,000	57,000	No Change From 2023/2024 Budget	
Audit Fees	13,000	15,000	16,500	Per Contract	
Insurance	3,680	3,900	3,900	Insurance Estimate	
Legal Advertisements	4,339	9,000	9,000	No Change From 2023/2024 Budget	
New County Set-up Fee	1,000	1,000	1,000	Estimated At One New County	
Dues & Subscriptions	800	1,200	1,200	No Change From 2023/2024 Budget	
Trustee Fees	0	4,000	4,000	No Change From 2023/2024 Budget	
Website Management	1,500	2,000	2,000	No Change From 2023/2024 Budget	
Miscellaneous - postage, office supplies, etc.	2,280	1,500	1,500	No Change From 2023/2024 Budget	
Financial Advisory Fees	0	10,000	10,000	Financial Advisory Fees	
TOTAL FIXED EXPENDITURES	$	122,962	$	142,734	$	154,100		
					
TOTAL EXPENDITURES	$	319,830	$	354,404	$	411,897		
					
REVENUES LESS EXPENDITURES	$ 25,656,134	$ 18,639,438	$  20,090,000		
					
Loan Payments (Residential)	24,598,795	-18,280,000	-19,700,000	Loan Payments (Residential)	
Loan Payments (Commercial)	755,758	0	0	Loan Payments (Commercial)	
					
BALANCE	$ 51,010,688	$	359,438	$	390,000		
					
Fees (Residential)	304,869	-260,000	-280,000	Fees (Residential)	
Fees (Commercial)	189	0	0	Fees (Commercial)	
					
Excess/ (Shortfall)	$ 51,315,745	$	99,438	$	110,000		
					
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)	$ 51,315,745	$	(10,562)	$	-		
					
Projected Fiscal Year-End Fund Balance	0	89,438	100,000		

Approx. Participants As Of June 2024: 22,527 (this number will decrease as prepaid & matured loans are removed from the roll).

Approx. Additions For 2024/2025: 5568

PROPOSED BUDGET
FLORIDA GREEN FINANCE AUTHORITY
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025
(Commercial Only)

FISCAL YEAR 2024/2025
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	78,050	
Other Revenue - Buy In	0	
TOTAL REVENUES	$	88,050	
		
VARIABLE EXPENDITURES		
Miscellaneous	1,000	
TOTAL VARIABLE EXPENDITURES	$	1,000	
		
FIXED EXPENDITURES		
Management	24,000	
Legal	28,500	
Audit Fees	8,250	
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	$	77,050	
		
TOTAL EXPENDITURES	$	78,050	
		
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	$	-	
NOTE: A separate spreadsheet is kept to track provider specific carryover credit that can be applied to quarterly invoices.

PROPOSED BUDGET
FLORIDA GREEN FINANCE AUTHORITY
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025
(Residential Only)

FISCAL YEAR	
	2024/2025	
	RESIDENTIAL BUDGET	
		
REVENUES		
Projected Carry Forward Surplus	100,000	
O & M Funding Contributions	270,000	
Loan Revenues (Residential)	20,043,547	
Interest Income	300	
TOTAL REVENUES	$	20,413,847	
		
VARIABLE EXPENDITURES		
Assessment Roll	247,797	
Miscellaneous	9,000	
TOTAL VARIABLE EXPENDITURES	$	256,797	
		
FIXED EXPENDITURES		
Management	24,000	
Legal	28,500	
Audit Fees	8,250	
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	$	77,050	
		
TOTAL EXPENDITURES	$	333,847	
		
REVENUES LESS EXPENDITURES	$	20,080,000	
		
Loan Payments (Residential)	-19,700,000	
		
BALANCE	$	380,000	
		
Fees (Residential)	-280,000	
		
Excess/ (Shortfall)	$	100,000	
		
Program Reinvestment (Residential)	-100,000	
		
Net Excess/ (Shortfall)	$	-	
		
Projected Fiscal Year-End Fund Balance	100,000	

Approx. Participants As Of June 2024: 22,527 (this number will decrease as prepaid & matured loans are removed from the roll).

Approx. Additions For 2024/2025: 5568

FLORIDA GREEN FINANCE AUTHORITY PARTICIPANTS AS OF JUNE 2024

COUNTY	
COMMENCING FISCAL YEAR 2021/2022	
COMMENCING FISCAL YEAR 2022/2023	
COMMENCING FISCAL YEAR 2023/2024	
COMMENCING FISCAL YEAR 2024/2025	

TOTAL*	
						
Alachua	5	2	0	0	49	
Brevard	88	280	256	8	842	
Broward	660	1,020	2,147	1,736	8,464	
Charlotte	74	87	11	0	375	
Citrus	28	66	81	87	313	
Collier	0	0	0	1	52	
Escambia	1	0	1	1	3	
Hernando	34	0	0	0	238	
Highlands	0	0	0	1	1	
Hillsborough	165	0	0	0	1,381	
Indian River	0	1	1	2	4	
Jefferson	1	0	0	0	1	
Lake	0	1	0	3	4	
Lee	13	44	89	83	293	
Levy	5	4	7	2	26	
Manatee	84	90	113	142	614	
Marion	42	60	149	110	482	
Martin	14	19	58	21	164	
Miami-Dade	585	1358	2,253	1,723	7,916	
Monroe	10	3	7	7	27	
Okeechobee	0	5	18	3	26	
Orange	61	34	35	71	310	
Osceola	139	101	118	100	782	
Palm Beach	449	580	1,334	1,230	4,934	
Pasco	129	110	147	85	1,297	
Polk	16	14	21	17	73	
Sarasota	86	112	142	97	623	
Seminole	12	3	11	16	59	
Suwannee	0	0	1	0	1	
Volusia	1	7	19	22	57	
Sub-Total	2,702	4,001	7,019	5,568	29,411	
						
Less Prepayments	1,487	1,692	1,692	0	6,884	
						
Total	1,215	2,309	5,327	5,568	22,527	

Notes:
*Includes totals from years prior to those shown.
Prepayments include matured loans.
2024/2025 numbers are approximates.
2024/2025 prepayment numbers will continue to grow until the start of next year's enrollment.

FLORIDA GREEN FINANCE AUTHORITY COMMERCIAL BONDS AS OF JUNE 2024

BOND ISSUE	

ORIGINAL	

CURRENT		

ANNUAL	
	PAR	PAR	MATURITY	ASSESSMENT	
	AMOUNT	AMOUNT	DATE	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	
$1,475,815.41	
November 2028	
$350,856.55	
Series 2018A (Orlando Outlets Project)	
$5,562,289.94	
$4,791,944.72	
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	
$3,780,027.08	
November 2046	
$312,209.65	
Series 2020-C (Hyatt-Palm Bay)	
$5,643,500.00	
$5,428,138.12	
November 2046	
$447,438.17	
Series 2020-D (Pruitt Health - Lutz)	
$3,340,018.09	
$3,211,680.59	
November 2047	
$261,701.69	
Series 2021-1 (Le Meridien)	
$37,650,000.00	
$36,047,715.42	
November 2047	
$2,689,983.39	
Series 2021-2 (Sheraton - Palmetto)	
$30,600,000.00	
$30,024,684.65	
November 2048	
$2,418,304.48	
Series 2022-1 (Pruitt Health - Pensacola)	
$5,335,050.00	
$5,235,879.97	
November 2048	
$422,279.36	
Series 2022-2 (Certus Waterford Lakes)	
$7,200,000.00	
$7,069,369.65	
November 2048	
$572,722.58	
Series 2022-3 (Spanish Moss Apartments)	
$3,961,068.11	
$3,961,068.11	
November 2047	
$333,839.33	
Series 2022 (Certus Waterford Lakes)	
$8,640,000.00	
$8,640,000.00	
November 2050	
$684,084.69	
Series 2023 (Proper South Beach)	
$31,569,161.68	
$31,569,161.68	
November 2051	
$0.00	
Series 2023 (Marriott Palmetto)	
$14,400,000.00	
$14,400,000.00	
November 2053	
$1,251,355.67	
Series 2024 (Delray Beach Market)	
$14,515,442.07	
$14,515,442.07	
November 2053	
$0.00	
Total	
$180,686,157.05	
$170,150,927.47		
$10,546,031.27	

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