Title: Florida Green Finance Authority, September 30, 2025 Financial Statements
Subject: florida green finance authority 2025 audit
Author: berger toombs elam gaines and frank

Florida Green Finance Authority

ANNUAL FINANCIAL REPORT

September 30, 2025

Florida Green Finance Authority

ANNUAL FINANCIAL REPORT

September 30, 2025

TABLE OF CONTENTS

Page Number

REPORT OF INDEPENDENT AUDITORS

1-3

MANAGEMENT’S DISCUSSION AND ANALYSIS

4-10

BASIC FINANCIAL STATEMENTS
Government-wide Financial Statements Statement of Net Position Statement of Activities
Fund Financial Statements
Balance Sheet – Governmental Funds Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund

11
12

13

14

15

16

17

Notes to Financial Statements

18-36

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

37-38

MANAGEMENT LETTER

39-42

INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES

43

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors Florida Green Finance Authority Florida

Report on Audit of the Financial Statements

Opinion

We have audited the financial statements of the governmental activities and each major fund of Florida Green Finance Authority (the “Authority”), as of and for the year ended September 30, 2025, and the related notes to financial statements, which collectively comprise the Authority’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the Authority as of September 30, 2025, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS), and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Authority and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

- 1 -

To the Board of Supervisors

Florida Green Finance Authority

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Authority’s ability to continue as a going concern for one year beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore, is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we:

•

Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts, and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Authority’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Authority’s ability to continue as a going concern for a reasonable period of time.

•

•

•

•

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis be presented to supplement the basic financial statements.

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To the Board of Supervisors

Florida Green Finance Authority

Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information

Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with Florida Statutes 218.39(3)(c) but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated September 21, 2026 on our consideration of the Authority’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts and grant agreements and other matters.

The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Authority’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Authority’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida

September 21, 2026

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Florida Green Finance Authority MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2025

Management’s discussion and analysis of Florida Green Finance Authority’s (the “Authority”) financial performance provides an objective and easily readable analysis of the Authority’s financial activities. The analysis provides summary financial information for the Authority and should be read in conjunction with the Authority’s financial statements.

OVERVIEW OF THE FINANCIAL STATEMENTS

The Authority’s basic financial statements comprise three components: 1) Government-wide financial statements, 2) Fund financial statements, and 3) Notes to financial statements. The Government-wide financial statements present an overall picture of the Authority’s financial position and results of operations. The Fund financial statements present financial information for the Authority’s major funds. The Notes to financial statements provide additional information concerning the Authority’s finances.

The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and the change in net position. Governmental activities are primarily supported by special assessments.

The statement of net position presents information on all assets and liabilities of the Authority, with the difference between assets and liabilities reported as net position. Net position is reported in three categories: net investment in capital assets, restricted, and unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.

The statement of activities presents information on all revenues and expenses of the Authority and the change in net position. Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the Authority. To assist in understanding the Authority’s operations, expenses have been reported as governmental activities. Governmental activities financed by the Authority include general government, physical environment and debt service.

Fund financial statements present financial information for governmental funds.

These

statements provide financial information for the major funds of the Authority.	Governmental

fund financial statements provide information on the current assets and liabilities of the funds, changes in current financial resources (revenues and expenditures), and current available resources.

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Florida Green Finance Authority MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2025

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Fund financial statements include a balance sheet and a statement of revenues, expenditures and changes in fund balances for all governmental funds. A statement of revenues, expenditures, and changes in fund balances – budget and actual is provided for the Authority’s General Fund.  Fund financial statements provide more detailed information

about the Authority’s activities.

Individual funds are established by the Authority to track

revenues that are restricted to certain uses or to comply with legal requirements.

The government-wide financial statement is designed to provide the reader with a broad overview of the Authority’s finances, in a manner similar to a private sector business. In the government-wide statement of net position, the governmental activities column is presented on a consolidated basis and is reported on a full-accrual economic resource basis, which recognizes all non-current assets and receivables as well as all non-current debt and obligations. The effect of interfund activity has been eliminated from the government-wide financial statements. In contrast, the governmental fund financial statements are grouped into funds to account for and to maintain control over resources that have been segregated for specific activities or objectives. The fund financial statements are presented using the current financial resources measurement focus and the modified accrual basis whereas revenues are recorded when collected in the current period or within 60 days of year-end and expenditures are recorded when a liability is incurred. The difference between the two statements arises primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. A reconciliation of the government-wide and the fund financial statement is provided to illustrate these differences.

Notes to financial statements provide additional detail concerning the financial activities and financial balances of the Authority. Additional information about the accounting practices of the Authority, investments of the Authority, capital assets and long-term debt are some of the items included in the notes to financial statements.

Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2025.

♦

The Authority’s total assets exceeded total liabilities by $10,080,031 (net position). Unrestricted net position for Governmental Activities was $5,903,472. Restricted net position for Governmental Activities was $4,176,559.

♦

Governmental Activities revenues totaled $25,535,246 while governmental activities expenses totaled $34,879,349.

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Florida Green Finance Authority MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2025

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the Authority

The following schedule provides a summary of the assets, liabilities and net position of Authority and is presented by category for comparison purposes.

the

Net Position

Governmental Activities

2025

2024

Current assets Restricted assets
Total Assets

$ 152,765,786
	12,425,982 
	165,191,768 

$  172,516,476
	22,137,398 
	194,653,874 

Current liabilities Non-current liabilities
Total Liabilities

5,486,942
	149,624,795 
	155,111,737 

5,633,850
	169,595,890 
	175,229,740 

Net position - restricted Net position - unrestricted
Total Net Position

4,176,559
	5,903,472 
 $	10,080,031 

392,617
	19,031,517 
 $	19,424,134 

The decrease in current assets is primarily due to the decrease in assessments receivable.

The decrease in restricted assets and total liabilities is primarily due to the redemption of long-term debt in the current year.

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Florida Green Finance Authority MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2025

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the Authority (Continued)

The following schedule provides a summary of the changes in net position of the Authority and is presented by category for comparison purposes.

Change in Net Position

	Governmental Activities	

	2025	

	2024	

Program Revenues Charges for services
General Revenues Investment earnings Miscellaneous
Total Revenues

$ 25,306,033

$ 64,999,031

27,946
	201,267 
	25,535,246 

38,427
	273,336 
	65,310,794 

Expenses
General government Physical environment Interest and other charges
Total Expenses

469,649
24,058,716
	10,350,984 
	34,879,349 

496,671
34,969,696
	16,875,600 
	52,341,967 

Change in Net Position

(9,344,103)

12,968,827

Net Position - Beginning of Year

	19,424,134 

	6,455,307 

Net Position - End of Year

 $ 10,080,031 

 $ 19,424,134 

The decrease in charges for services is related to the decrease in assessments for clean energy projects in the current year.

The decrease in physical environment is related to less funding of qualifying energy improvements in the current year.

The decrease in interest and other charges is primarily due to lower costs associated with debt issuances in the current year.

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Florida Green Finance Authority MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2025

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

General Fund Budgetary Highlights

Final budgeted expenditures exceeded actual expenditures for the year primarily because project fees and assessment roll fees were less than anticipated.

The budget was amended primarily for assessment roll fees, project fees and closing fees that were higher than anticipated in the original budget.
Debt Management
Governmental Activities debt includes the following:

♦

In April 2014, the Authority issued a $49,556 PACE Financing Agreement to finance solar improvements. The initial funding was $5,020. The balance outstanding at September 30, 2025 was $3,320.

♦

In February 2018, the Authority issued $2,595,469 Series 2018 (Dadeland Mall) Special Assessment Revenue Bonds. The Bonds were issued to finance certain qualifying energy improvements. The balance outstanding at September 30, 2025 was $1,212,490.

♦

In June 2018, the Authority issued $2,814,989 Series 2018 (Orlando International Premium Outlets) Special Assessment Revenue Bonds. In November 2018, the Authority amended and restated Special Assessment Revenue Bonds, Series 2018 (Orlando International Premium Outlets Project) for additional funding of $2,747,301. The amended bond is represented as Special Assessment Revenue Bonds, Series 2018A (Orlando International Premium Outlets Project) for a total issuance amount of
$5,562,290. The Bonds were issued to finance certain qualifying energy improvements. The balance outstanding at September 30, 2025 was $4,695,846.

♦

In September 2020, the Authority issued $3,930,000 Series 2020-B (Home 2-Palm Bay) Special Assessment Revenue Bonds. The Bonds were issued to finance certain qualifying energy improvements. The balance outstanding at September 30, 2025 was
$3,698,363.

♦

In September 2020, the Authority issued $5,643,500 Series 2020-C (Hyatt-Palm Bay) Special Assessment Revenue Bonds. The Bonds were issued to finance certain qualifying energy improvements. The balance outstanding at September 30, 2025 was
$5,310,868.

- 8 -

Florida Green Finance Authority MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2025

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Debt Management (Continued)

♦

In November 2020, the Authority issued $3,340,018 Series 2020-D (Pruitt Health - Lutz) Special Assessment Revenue Bonds. The Bonds were issued to finance certain qualifying energy improvements. The balance outstanding at September 30, 2025 was
$3,211,681.
In October 2021, the Authority issued $37,650,000 Series 2021-1 (LeMeridien) Special Assessment Revenue Bonds. The Bonds were issued to finance certain qualifying energy  improvements.  The  balance  outstanding  at  September  30,  2025  was
$36,047,715.
In December 2021, the Authority issued $30,600,000 Series 2021-2 (Sheraton - Palmetto) Special Assessment Revenue Bonds. The Bonds were issued to finance certain qualifying energy improvements. The balance outstanding at September 30, 2025 was $30,024,685.

♦

♦

♦

In March 2022, the Authority issued $5,335,050 Series 2022-1 (Pruitt Health - Pensacola) Special Assessment Revenue Bonds. The Bonds were issued to finance certain qualifying energy improvements. The balance outstanding at September 30, 2025 was $5,235,880.

♦

In March 2022, the Authority issued $7,200,000 Series 2022-2 (Certus – Waterford Lakes) Special Assessment Revenue Bonds. The Bonds were issued to finance certain qualifying energy improvements. The balance outstanding at September 30, 2025 was
$7,069,370.
In July 2022, the Authority issued $3,961,068 Series 2022-3 (Spanish Moss Apartments) Special Assessment Revenue Bonds. The Bonds were issued to finance certain qualifying energy improvements. The balance outstanding at September 30, 2025 was
$3,961,068.

♦

♦

In December 2022, the Authority issued $8,640,000 Series 2022-4 (Certus Vero Beach) Special Assessment Revenue Bonds. The Bonds were issued to finance certain qualifying energy improvements. The balance outstanding at September 30, 2025 was
$8,640,000.

♦

In October 2023, the Authority issued $31,569,162 Series 2023-1 (Proper South Beach Miami FL) Special Assessment Revenue Bonds. The Bonds were issued to finance certain qualifying energy improvements. In the current year, these bonds were fully redeemed.

♦

In December 2023, the Authority issued $14,400,000 Series 2023-2 (Marriott Palmetto FL) Special Assessment Revenue Bonds. The Bonds were issued to finance certain qualifying energy improvements. The balance outstanding at September 30, 2025 was
$14,400,000.

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Florida Green Finance Authority MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2025

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Debt Management (Continued)

♦

In January 2024, the Authority issued $14,515,442 Series 2024-1 (Delray Beach Delray FL) Special Assessment Revenue Bonds. The Bonds were issued to finance certain qualifying energy improvements. The balance outstanding at September 30, 2025 was
$14,515,442.

♦

In February 2025, the Authority issued $14,151,503 Series 2025-1 (South Bank Hotel Jacksonville, FL) Special Assessment Revenue Bonds. The Bonds were issued to finance certain qualifying energy improvements. The balance outstanding at September 30, 2025 was $14,151,503.

Economic Factors and Next Year’s Budget
The Authority anticipates continuing to work with the third-party administrator to issue additional bonds and loans for Enhanced Energy Products.
Request for Information

The financial report is designed to provide a general overview of Florida Green Finance Authority’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Florida

Green Finance Authority, Gardens, Florida 33410.

Special

District

Services,

Inc.,

2501A

Burns

Road,

Palm

Beach

- 10 -

Florida Green Finance Authority STATEMENT OF NET POSITION
September 30, 2025

Governmental Activities

ASSETS
Current Assets Cash
Accounts receivable Assessments receivable Restricted Assets
Cash
Total Current Assets

$

458,947
128,131
152,178,708

	12,425,982 
	165,191,768 

LIABILITIES
Current Liabilities
Accounts payable and accrued expenses Accrued interest
Bonds and loans payable Total Current Liabilities
Non-current Liabilities Bonds and loans payable
Total Liabilities

311,930
2,621,576
	2,553,436 
	5,486,942 

	149,624,795 
	155,111,737 

NET POSITION
Restricted for debt service Unrestricted
Total Net Position

4,176,559
	5,903,472 
 $  10,080,031 

See accompanying notes to financial statements.

- 11 -

Florida Green Finance Authority STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2025

Net (Expenses) Revenues and Changes in Net Position Governmental

Program Revenues Charges for

Activities

Functions/Programs

Expenses

Services

Primary government Governmental Activities General government Physical environment Interest and other charges Total Governmental Activities

$	(469,649)
(24,058,716)
	(10,350,984)
 $ (34,879,349)

$

231,281
-

$

(238,368)
(24,058,716)

	25,074,752 
 $ 25,306,033 

	14,723,768 
(9,573,316)

General revenues: Investment earnings Miscellaneous
Total General Revenues

27,946
	201,267 
	229,213 

Change in Net Position

(9,344,103)

Net Position - October 1, 2024
Net Position - September 30, 2025

	19,424,134 
 $	10,080,031 

See accompanying notes to financial statements.

- 12 -

Florida Green Finance Authority BALANCE SHEET - GOVERNMENTAL FUNDS
September 30, 2025

Governmental Funds

Total Governmental Funds

Debt Service

Capital Projects

ASSETS

General

Cash
Accounts receivable Assessments receivable Restricted Assets
Cash
Total Assets

$

458,947
128,131
3,796

$

-
- 152,174,912

$

-
-
-

$

458,947
128,131
152,178,708

-

6,407,518

6,018,464

12,425,982

$

590,874

$ 158,582,430

$

6,018,464

$ 165,191,768

LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES

LIABILITIES
Accounts payable and accrued expenses

$

311,930

$

-

$

-

$

311,930

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues

3,796

152,174,912

-

152,178,708

FUND BALANCES
Restricted for debt service Restricted for capital projects Unassigned
Total Fund Balances

-
- 275,148

6,407,518
-
-

- 6,018,464
-

6,407,518
6,018,464
275,148

275,148

6,407,518

6,018,464

12,701,130

Total Liabilities, Deferred Inflows of Resources and Fund Balances

$

590,874

$ 158,582,430

$

6,018,464

$ 165,191,768

See accompanying notes to financial statements.

- 13 -

Florida Green Finance Authority RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES
TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2025

Total Governmental Fund Balances

$	12,701,130

Amounts reported for governmental activities in the Statement of Net Position are different because:

Assessments receivable in future years are recognized as deferred inflows at the fund level, however, these receivables were recognized as revenues in a prior year.

152,178,708

Long-term liabilities, including bonds and loans payable, are not due and payable in the current period, and therefore, are not reported at the fund level.

(152,178,231)

Accrued interest expense for long-term debt is not a current financial use and, therefore, is not reported at the fund level.

(2,621,576)

Net Position of Governmental Activities

 $	10,080,031 

See accompanying notes to financial statements.

- 14 -

Florida Green Finance Authority
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS
For the Year Ended September 30, 2025

Governmental Funds

Total Governmental Funds

Debt Service

Capital Projects

General

Revenues
Special assessments Investment earnings Miscellaneous
Total Revenues
Expenditures Current
General government Physical environment
Debt service Principal Interest Other
Total Expenditures

$

231,518
27,946

$ 44,832,758
-
	- 
	44,832,758 

$

-
-

$ 45,064,276
27,946
	201,267 
	45,293,489 

	201,267 
	460,731 

	- 
	- 

469,649
-

-
-

- 24,058,716

469,649
24,058,716

237
247
	- 
	470,133 

33,909,509
6,966,059
	1,608,457 
	42,484,025 

-
-
	1,833,874 
	25,892,590 

33,909,746
6,966,306
	3,442,331 
	68,846,748 

Excess revenues over/(under) expenditures 	(9,402)

	2,348,733 

  (25,892,590)

	(23,553,259)

Other Financing Sources/(Uses) Issuance of long-term debt Transfers in
Transfers out
Total Other Financing Sources/(Uses)

-
-
	- 
	- 

4,000
517,691
	- 
	521,691 

14,147,503
-
	(517,691)
	13,629,812 

14,151,503
517,691
	(517,691)
	14,151,503 

Net change in fund balances

(9,402)

2,870,424

(12,262,778)

(9,401,756)

	284,550 

	3,537,094 

	18,281,242 

	22,102,886 

Fund Balances - October 1, 2024

 $	275,148 

 $  6,407,518 

 $  6,018,464 

 $ 12,701,130 

Fund Balances - September 30, 2025

See accompanying notes to financial statements.

- 15 -

Florida Green Finance Authority
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2025

Net Change in Fund Balances - Total Governmental Funds

$  (9,401,756)

Amounts reported for governmental activities in the Statement of Activities are different because:

Current payments on assessments receivable are recognized as unavailable revenues at the fund level. These payments were recognized as revenues in a prior year at the government-wide level. This is the current year change.

(19,758,243)

The issuance of long-term debt is reflected as an other financing source at the fund level; however, it is an increase in non-current liabilities at the government-wide level.

(14,151,503)

Principal payments on long-term debt are expenditures at the fund level; however, these payments reduce liabilities at the government-wide level.

33,909,746

In the Statement of Activities, interest is accrued on outstanding and matured bonds; whereas at the fund level, interest expenditures are reported
when due. This is the change in accrued interest from the prior year.

	57,653 

Change in Net Position of Governmental Activities

 $  (9,344,103)

See accompanying notes to financial statements.
- 16 -

Florida Green Finance Authority
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended September 30, 2025

Variance with Final Budget Positive (Negative)

Original Budget

Final Budget

Actual

Revenues
Special assessments Investment earnings Miscellaneous
Total Revenues

$

270,000
300
97,050

$

225,052
26,500
73,136

$

231,518
27,946
201,267

$

6,466
1,446
128,131

367,350

324,688

460,731

136,043

Expenditures Current
General government Debt Service
Principal Interest
Total Expenditures

403,255

527,819

469,649

58,170

-
-

-
-

237
247

(237)
(247)

403,255

527,819

470,133

57,686

Net change in fund balances

(35,905)

(203,131)

(9,402)

193,729

Fund Balances - October 1, 2024

100,000

284,549

284,550

1

$

64,095

$

81,418

$

275,148

$

193,730

Fund Balances - September 30, 2025

See accompanying notes to financial statements.

- 17 -

Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Authority have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The Authority's more significant accounting policies are described below.

1.

Reporting Entity
Florida Green Finance Authority was established on June 11, 2012 pursuant to an Interlocal Agreement between the Town of Lantana and the Town of Mangonia Park (the “Originating Parties”) and subsequent parties who have since become members of the Authority (“Parties”) and the Florida Interlocal Cooperation Act of 1969, Chapter 163, Florida Statutes. The Authority was established for the purpose of issuing revenue bonds and other debt obligations to provide financing for the cost of certain improvements as defined by Section 163.08, Florida Statutes (“PACE ACT”), including energy efficiency improvements, renewable energy improvements and wind resistance improvements (“Qualifying Improvements”). The Authority shall exercise any or all powers granted under Sections
163.01 and 163.08, Florida Statutes as well as powers, privileges and authorities which the Originating Parties and Parties might exercise separately. The Authority is governed by an up to seven-member Board of Directors appointed by the governing bodies of each of the Originating Parties and five additional Directors. The authority plans to appoint one Director from each of the five geographic regions that make up the water management districts in Florida. These five Directors will be appointed by the first governing body that joins the Authority within each water management district.
As required by GAAP, these financial statements present the Florida Green Finance Authority (the primary government) as a stand-alone government. The reporting entity for the Authority includes all functions of government in which the Authority’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.
Based upon the application of the above-mentioned criteria as set forth in Governmental Accounting Standards Board, the Authority has not identified a component unit.

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Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.

Measurement Focus and Basis of Accounting

The basic financial statements of the Authority are composed of the following:

•

Government-wide financial statements

•

Fund financial statements

•

Notes to financial statements

a.

Government-wide Financial Statements

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Government-wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.

Governmental activities are supported by special assessments and interest. Program revenues include charges for services and payments made by parties outside of the reporting government’s citizenry if that money is restricted to a particular program. Program revenues are netted with program expenses in the Statement of Activities to present the net cost of each program

Amounts paid to acquire capital assets are capitalized as assets, rather than reported as

an expenditure.

Proceeds of long-term debt are recorded as liabilities in the

government-wide financial statements, rather than as an other financing source.

Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.

b.

Fund Financial Statements

The underlying accounting system of the Authority is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

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Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.

Measurement Focus and Basis of Accounting (Continued)

b.

Fund Financial Statements (Continued)

Governmental Funds

The Authority classifies fund balance in accordance with Governmental Accounting Standards Board Statement 54 – Fund Balance Reporting and Governmental Fund Type Definitions. The Statement requires the fund balance for governmental funds to be reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.

The Authority has various policies governing the fund balance classifications.

Nonspendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.

Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by the state constitution, external resource providers, or through enabling legislation.

Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the Authority’s management company.

Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collected within the current period or soon thereafter, to pay liabilities of the current period. For this purpose, the Authority considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.

Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period.

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Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.

Measurement Focus and Basis of Accounting (Continued)

b.

Fund Financial Statements (Continued)

Governmental Funds (Continued)

Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”. Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.

Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

Amounts expended to acquire capital assets are recorded as expenditures in the year that resources are expended, rather than as fund assets. The proceeds of long-term debt are recorded as other financing sources rather than as a fund liability.

Debt service expenditures are recorded only when payment is due.

3.

Basis of Presentation

a. Governmental Major Funds

General Fund – The General Fund is the Authority’s primary operating fund.

It

accounts for all financial resources of the general government, except those required to be accounted for in another fund.

Debt Service Fund – The Debt Service Fund accounts for debt service requirements to retire the revenue bonds and loans issued by the Authority.

Capital Projects Fund – The Capital Projects Fund accounts for construction of certain qualifying improvements to properties within the boundaries of the Authority.

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Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

3.

Basis of Presentation (Continued)

b. Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets and non-current governmental liabilities, such as long-term debt, be reported in the governmental activities column in the government-wide Statement of Net Position.

4.

Assets, Liabilities, Deferred Inflows of Resources, and Net Position

a.

Cash and Investments

Chapter 280, Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.

The Authority is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:

1.

Direct obligations of the United States Treasury;

2.

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;

3.

Interest-bearing time deposits or savings accounts in authorized qualified public depositories;

4.

Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.

Cash equivalents include time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less and held in a qualified public depository as defined by Section 280.02, Florida Statutes.

b.

Restricted Net Position

Certain net position of the Authority will be classified as restricted on the statement of net position because their use is limited either by law through constitutional provisions or enabling legislation; or by restrictions imposed externally by creditors.

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Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

4.

Assets, Liabilities, Deferred Inflows of Resources, and Net Position (Continued)

c.

Budgets

Budgets are prepared and adopted after a public hearing for the governmental funds, pursuant to Chapter 189, Florida Statutes. The Authority utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. Formal budgets are adopted for the general and debt service funds. The legal level of budgetary control is at the fund level. As a result, deficits in the budget variance columns of the accompanying financial statements may occur. All budgeted appropriations lapse at year end.

d.

Deferred Inflows of Resources

Deferred inflows of resources represent the acquisition of net position/fund balance that is applicable to a future reporting period. The unavailable revenues are reported only at the fund level. The source of the unavailable revenues is assessments receivable on qualifying improvements to properties within the Authority. The revenues will be recognized in the period the amounts become available.

e.

Use of Estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statement date and the reported amounts of revenues and

expenditures estimates.

during

the

reporting

period.

Actual

results

could

differ

from

those

- 23 -

Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS

1.

Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position

“Total fund balances” of the Authority’s governmental funds, $12,701,130, differs from “net position” of governmental activities, $10,080,031, reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net Position versus the current financial resources focus of the Governmental Fund Balance Sheet. The effect of the differences is illustrated below.

Deferred inflows of resources

The assessments receivable in future years are recognized as deferred inflows of resources at the fund level, however, these amounts were recognized as revenues at the government-wide level in a prior year.

Deferred inflows of resources

$	152,178,708

Long-term debt transactions

Long-term liabilities applicable to the Authority’s governmental activities are not due and payable in the current period and accordingly are not reported at the governmental fund level. All liabilities are reported in the Statement of Net Position. Balances at September 30, 2025 were:

Bonds and loans payable

$	(152,178,231)

Accrued interest

Accrued liabilities in the Statement of Net Position differ from the amount reported at the governmental fund level due to the accrued interest on bonds.

Accrued interest

$	(2,621,576)

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Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)

2.

Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities

The “net change in fund balances” for government funds, $(9,401,756), differs from the “change in net position” for governmental activities, $(9,344,103), reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below.

Assessments receivable

Revenues in the current period associated with the current year payments on assessments receivable were recognized as revenues at the government-wide level in a prior year.

Assessment revenues

$	(19,758,243)

Long-term debt transactions

Repayments of loan principal are reported as expenditures at the governmental fund level

and, thus, have the effect of reducing have been used.

fund

balance

because

current financial resources

Principal payments Issuance of long-term debt
Total

$

33,909,746

	(14,151,503)

$	19,758,243 

Some expenses reported in the Statement of Activities do not require the use of current financial resources, therefore, are not reported as expenditures at the governmental fund level.

Net change in accrued interest payable

$	57,653

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Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE C – CASH AND INVESTMENTS

All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.

Custodial Credit Risk – Deposits

Custodial credit risk is the risk that in the event of a bank failure, the Authority's deposits may not be returned to it. The Authority follows the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2025, the Authority's bank balance and carrying value were $12,884,929. Exposure to custodial credit risk was as follows. The Authority maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by the Federal Deposit Insurance Corporation or collateralized under Chapter 280, Florida Statutes.

As of September 30, 2025, the Authority held no investments.

Interest Rate Risk

The formal investment policy of the Authority conforms with state statutory requirements and bond indentures for investment maturities as a means of managing its exposure to increasing interest rates.

Credit Risk

The Authority's investments are limited by state statutory requirements and bond compliance. The Authority has no investment policy that would further limit its investment choices.

Concentration of Credit Risk

The Authority places no limit on the amount it may invest in any one investment.

The types of deposits and investments and their level of risk exposure as of September 30, 2025 were typical of these items during the fiscal year then ended. The Authority considers any decline in fair value for certain investments to be temporary.

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Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE D – LONG-TERM DEBT

The following is a summary of debt activity for the Authority for the year ended September 30, 2025:

Long-term Debt at October 1, 2024

$

171,936,474

Issuance of long-term debt Principal payments

14,151,503
	(33,909,746)

Long-term Debt at September 30, 2025

$	152,178,231

Authority debt is comprised of the following at September 30, 2025:

Special Assessment Revenue Bonds, Series 2018 (Dadeland Mall Project)

$2,595,469 Series 2018 Bonds (Dadeland Mall), interest at 5.6%, maturing November 1, 2028, payable semi-annually on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited property owners. Current portion is $278,505.

$

1,212,490

Special Assessment Revenue Bonds, Series 2018A (Orlando International Premium Outlet Project)

$5,562,290 Series 2018A Bonds (Orlando Outlets), interest at 6.18%, maturing November 1, 2039, payable semi-annually on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited property owners. Current portion is $197,696.

4,695,846

Special Assessment Revenue Bonds, Series 2020-B (Home 2-Palm Bay)

$3,930,000 Series 2020-B Bonds (Home 2-Palm Bay), interest at 5.8%, maturing November 1, 2046, payable semi-annually on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited property owners. Current portion is $86,466.

3,698,363

- 27 -

Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE D – LONG-TERM DEBT (CONTINUED)

Special Assessment Revenue Bonds, Series 2020-C (Hyatt-Palm Bay)

$5,643,500 Series 2020-C Bonds (Hyatt-Palm Bay), interest at 5.8%, maturing November 1, 2046, payable semi-annually on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited property owners. Current portion is $124,166.

5,310,868

Special Assessment Revenue Bonds, Series 2020-D (Pruitt Health - Lutz)

$3,340,018 Series 2020-D Bonds (Pruitt Health - Lutz), interest at 5.75%, maturing November 1, 2047, payable semi-annually on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited property owners. Current portion is $69,833.

3,211,681

Special Assessment Revenue Bonds, Series 2021-1 (LeMeridien)

$37,650,000 Series 2021-1 Bonds (LeMeridien), interest at 5%, maturing November 1, 2047, payable semi-annually on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited property owners. Current portion is $862,564.

36,047,715

Special Assessment Revenue Bonds, Series 2021-2 (Sheraton - Palmetto)

$30,600,000 Series 2021-2 Bonds (Sheraton - Palmetto), interest at 5.7%, maturing November 1, 2048, payable semi-annually on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited property owners. Current portion is $608,564.

30,024,685

Special Assessment Revenue Bonds, Series 2022-1 (Pruitt Health - Pensacola)

$5,335,050 Series 2022-1 Bonds (Pruitt Health - Pensacola), interest at 5.78%, maturing November 1, 2048, payable semi-annually on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited property owners. Current portion is $104,982.

5,235,880

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Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE D – LONG-TERM DEBT (CONTINUED)

Special Assessment Revenue Bonds, Series 2022-2 (Certus - Waterford Lakes)

$7,200,000 Series 2022-2 Bonds (Certus - Waterford Lakes), interest at 5.95%, maturing November 1, 2048, payable semi-annually on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited property owners. Current portion is $138,511.

7,069,370

Special Assessment Revenue Bonds, Series 2022-3 (Spanish Moss Apartments)

$3,961,068	Series

2022-3

Bonds

(Spanish

Moss

Apartments), interest at 6.14%, maturing November 1, 2047,

payable	semi-annually	on	May	1	and	November	1;

collateralized	by

the

pledged

revenues

of	special

assessments levied against the benefited property owners. Current portion is $81,898.

3,961,068

Special Assessment Revenue Bonds, Series 2022-4 (Certus Vero Beach)

$8,640,000 Series 2022-4 Bonds (Certus Vero Beach), interest at 7.63%, maturing November 1, 2050, payable semi-annually on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited property owners.

8,640,000

Special Assessment Revenue Bonds, Series 2023-2 (Marriott Palmetto FL)

$14,400,000 Series 2023-2 Bonds (Marriott Palmetto FL), interest at 8.30%, maturing November 1, 2053, payable semi-annually on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited property owners.

14,400,000

Special Assessment Revenue Bonds, Series 2024-1 (Delray Beach Delray FL)

$14,515,442 Series 2024-1 Bonds (Delray Beach Delray FL), interest at 8.17%, maturing November 1, 2053, payable semi-annually on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited property owners.

14,515,442

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Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE D – LONG-TERM DEBT (CONTINUED)

Special Assessment Revenue Bonds, Series 2025-1 (South Bank Hotel Jacksonville, FL)
$14,151,503 Series 2025-1 Bonds (South Bank Hotel Jacksonville, FL), interest at 8.34%, maturing May 2, 2049, payable annually on May 2; collateralized by the pledged revenues of special assessments levied against the benefited property owners.

14,151,503

Loan Payable Due to Funding Group

$5,020 for the initial funding related to the financing agreement to be repaid by the property owner over 20 years beginning May 1, 2017 at an interest rate of 6.16%.

	3,320

Total Bonds and Loans Payable at September 30, 2025

$ 152,178,231

Master Bond Resolution

On June 26, 2014, the Authority adopted Resolution 2014-03 which authorized the issuance of not to exceed $2,500,000,000 Florida Green Finance Authority Revenue Bonds in various series for the purpose of providing funds to finance the cost of qualifying renewable energy, energy efficiency and conservation and wind resistance improvements for use by property owners within the jurisdiction of the Authority. The proceeds of the Bonds may be used only for purposes of funding Qualifying Improvements and expenses incidental thereto, as authorized by and in the manner set forth in the PACE Act. As of September 30, 2025, the Authority issued
$194,791,110.

Special Assessment Revenue Bonds, Series 2018 (Dadeland Mall Project)

In February 2018, the Authority issued $2,595,469 Special Assessment Revenue Bonds, Series 2018 (Dadeland Mall Project). These bonds were issued to finance the cost of certain qualifying improvements for use by SDG Dadeland Associates, Inc. In addition, the Authority has entered into a financing agreement with SDG Dadeland Associates, Inc to provide up to $2,351,080 to SDG Dadeland Associates, Inc. for the sole purpose of paying the cost of Qualified Improvement on a certain property. In connection with the agreement, the Authority has levied a non-ad valorem assessment on the property. Principal is to be paid annually commencing November 1, 2019 through November 1, 2028.

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Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE D – LONG-TERM DEBT (CONTINUED)

Special Assessment Revenue Bonds, Series 2018A (Orlando International Premium Outlets Project)

In June 2018, the Authority issued $2,814,989 Special Assessment Revenue Bonds, Series 2018 (Orlando International Premium Outlets Project). These bonds were issued to finance the cost of certain qualifying improvements for use by Orlando Outlet Owner, LLC. In addition, the Authority has entered into a financing agreement with Orlando Outlet Owner, LLC to provide up to $2,607,890 to Orlando Outlet Owner, LLC for the sole purpose of paying the cost of Qualified Improvement on a certain property. In November 2018, the Authority amended and restated Special Assessment Revenue Bonds, Series 2018 (Orlando International Premium Outlets Project) for additional funding of $2,747,301. The amended bond is represented as Special Assessment Revenue Bonds, Series 2018A (Orlando International Premium Outlets Project) for a total issuance amount of $5,562,290. In addition, the Authority entered into a financing agreement with Orlando Outlet Owner, LLC to provide an addition $2,747,301 to Orlando Outlet Owner, LLC for the sole purpose of paying the cost of Qualified Improvement on a certain property. In connection with the agreement, the Authority has levied a non-ad valorem assessment on the property. Principal is to be paid annually commencing November 1, 2019 through November 1, 2039.

Special Assessment Revenue Bonds, Series 2020-B (Home 2-Palm Bay)
In September 2020, the Authority issued $3,930,000 Special Assessment Revenue Bonds, Series 2020-B (Home 2-Palm Bay). These bonds were issued to finance the cost of certain qualifying improvements for use by AD1 Urban Palm Bay, LLC. In addition, the Authority has entered into a financing agreement with AD1 Urban Palm Bay, LLC to provide up to $3,524,879 to AD1 Urban Palm Bay, LLC for the sole purpose of paying the cost of Qualified Improvement on a certain property. In connection with the agreement, the Authority has levied a non-ad valorem assessment on the property. Interest on the Bonds are to be paid semi-annually commencing November 1, 2020 through November 1, 2046. Principal is to be paid annually commencing November 1, 2022 through November 1, 2046.

Special Assessment Revenue Bonds, Series 2020-C (Hyatt-Palm Bay)
In September 2020, the Authority issued $5,643,500 Special Assessment Revenue Bonds, Series 2020-C (Hyatt-Palm Bay). These bonds were issued to finance the cost of certain qualifying improvements for use by AD1 Urban Palm Bay Place, LLC. In addition, the Authority has entered into a financing agreement with AD1 Urban Palm Bay Place, LLC to provide up to
$5,071,282 to AD1 Urban Palm Bay Place, LLC for the sole purpose of paying the cost of Qualified Improvement on a certain property. In connection with the agreement, the Authority has levied a non-ad valorem assessment on the property. Interest on the Bonds are to be paid semi-annually commencing November 1, 2020 through November 1, 2046. Principal is to be
paid annually commencing November 1, 2022 through November 1, 2046.

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Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE D – LONG-TERM DEBT (CONTINUED)

Special Assessment Revenue Bonds, Series 2020-D (Pruitt Health - Lutz)
In November 2020, the Authority issued $3,340,018 Special Assessment Revenue Bonds, Series 2020-D (Pruitt Health - Lutz). These bonds were issued to finance the cost of certain qualifying improvements for use by Hillsborough Healthcare Properties, Inc. In addition, the Authority has entered into a financing agreement with Hillsborough Healthcare Properties, Inc. to provide up to $2,798,267 to Hillsborough Healthcare Properties, Inc. for the sole purpose of paying the cost of Qualified Improvement on a certain property. In connection with the agreement, the Authority has levied a non-ad valorem assessment on the property. Interest on the Bonds are to be paid semi-annually commencing May 1, 2021 through November 1, 2047. Principal is to be paid annually commencing November 1, 2023 through November 1, 2047.

Special Assessment Revenue Bonds, Series 2021-1 (LeMeridien)

In October 2021, the Authority issued $37,650,000 Special Assessment Revenue Bonds, Series 2021 (LeMeridien). These bonds were issued to finance the cost of certain qualifying improvements for use by Cohen Dania Beach Hotel, LLC. In addition, the Authority has entered into a financing agreement with Dania Beach Hotel, LLC to provide up to $34,420,162 to Dania Beach Hotel, LLC for the sole purpose of paying the cost of Qualified Improvement on a certain property. In connection with the agreement, the Authority has levied a non-ad valorem assessment on the property. Interest on the Bonds are to be paid semi-annually commencing November 1, 2021 through November 1, 2047. Principal is to be paid annually commencing November 1, 2023 through November 1, 2047.

Special Assessment Revenue Bonds, Series 2021-2 (Sheraton - Palmetto)
In December 2021, the Authority issued $30,600,000 Special Assessment Revenue Bonds, Series 2021-2 (Sheraton - Palmetto). These bonds were issued to finance the cost of certain qualifying improvements for use by 600 US41, LLC. In addition, the Authority has entered into a financing agreement with 600 US41, LLC to provide up to $26,231,224 to 600 US41, LLC for the sole purpose of paying the cost of Qualified Improvement on a certain property. In connection with the agreement, the Authority has levied a non-ad valorem assessment on the property. Interest on the Bonds are to be paid semi-annually commencing May 1, 2022 through November 1, 2048. Principal is to be paid annually commencing November 1, 2024 through November 1, 2048.

- 32 -

Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE D – LONG-TERM DEBT (CONTINUED)
Special Assessment Revenue Bonds, Series 2022-1 (Pruitt Health - Pensacola)
In March 2022, the Authority issued $5,335,050 Special Assessment Revenue Bonds, Series 2022-1 (Pruitt Health - Pensacola). These bonds were issued to finance the cost of certain qualifying improvements for use by Escambia Healthcare Properties, Inc. In addition, the Authority has entered into a financing agreement with Escambia Healthcare Properties, Inc. to provide up to $4,594,563 to Escambia Healthcare Properties, Inc. for the sole purpose of paying the cost of Qualified Improvement on a certain property. In connection with the agreement, the Authority has levied a non-ad valorem assessment on the property. Interest on the Bonds are to be paid semi-annually commencing May 1, 2022 through November 1, 2048. Principal is to be paid annually commencing November 1, 2024 through November 1, 2048.
Special Assessment Revenue Bonds, Series 2022-2 (Certus - Waterford Lakes)
In March 2022, the Authority issued $7,200,000 Special Assessment Revenue Bonds, Series 2022-2 (Certus - Waterford Lakes). These bonds were issued to finance the cost of certain qualifying improvements for use by Waterford Lakes Holdings, LLC. In addition, the Authority has entered into a financing agreement with Waterford Lakes Holdings, LLC to provide up to
$6,272,560 to Waterford Lakes Holdings, LLC for the sole purpose of paying the cost of Qualified Improvement on a certain property. In connection with the agreement, the Authority has levied a non-ad valorem assessment on the property. Interest on the Bonds are to be paid semi-annually commencing May 1, 2022 through November 1, 2048. Principal is to be paid annually commencing November 1, 2024 through November 1, 2048.
Special Assessment Revenue Bonds, Series 2022-3 (Spanish Moss Apartments)
In July 2022, the Authority issued $3,961,068 Special Assessment Revenue Bonds, Series 2022-3 (Spanish Moss Apartments). These bonds were issued to finance the cost of certain qualifying improvements for use by Spanish Moss Eco Apartments, LLC. In addition, the Authority has entered into a financing agreement with Spanish Moss Eco Apartments, LLC to provide up to $3,219,000 to Spanish Moss Eco Apartments, LLC for the sole purpose of paying the cost of Qualified Improvement on a certain property. In connection with the agreement, the Authority has levied a non-ad valorem assessment on the property. Interest on the Bonds are to be paid semi-annually commencing November 1, 2022 through November 1, 2047. Principal is
to be paid annually commencing November 1, 2025 through November 1, 2047.

Special Assessment Revenue Bonds, Series 2022-4 (Certus Vero Beach)

In December 2022, the Authority issued $8,640,000 Special Assessment Revenue Bonds, Series 2022-4 (Certus Vero Beach). These bonds were issued to finance the cost of certain qualifying improvements for use by VRO Holdings LLC. In addition, the Authority has entered into a financing agreement with VRO Holdings LLC to provide up to $7,080,888 to VRO Holdings LLC for the sole purpose of paying the cost of Qualified Improvement on a certain property. In connection with the agreement, the Authority has levied a non-ad valorem assessment on the property. Interest on the Bonds are to be paid semi-annually commencing May 1, 2023 through November 1, 2050. Principal is to be paid annually commencing November 1, 2028 through November 1, 2050.

- 33 -

Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE D – LONG-TERM DEBT (CONTINUED)

Special Assessment Revenue Bonds, Series 2023-1 (Proper South Beach Miami FL)

In October 2023, the Authority issued $31,569,162 Special Assessment Revenue Bonds, Series 2023-1 (Proper South Beach Miami FL). These bonds were issued to finance the cost of certain qualifying improvements for use by Shelborne Hotel Partners WC LP. In addition, the Authority has entered into a financing agreement with Shelborne Hotel Partners WC LP to provide up to
$25,000,000 to Shelborne Hotel Partners WC LP for the sole purpose of paying the cost of Qualified Improvement on a certain property. In the current year, these bonds were fully redeemed.

Special Assessment Revenue Bonds, Series 2023-2 (Marriott Palmetto FL)

In December 2023, the Authority issued $14,400,000 Special Assessment Revenue Bonds, Series 2023-2 (Marriott Palmetto FL). These bonds were issued to finance the cost of certain qualifying improvements for use by DE 286 LLC. In addition, the Authority has entered into a financing agreement with DE 286 LLC to provide up to $13,050,536 to DE 286 LLC for the sole purpose of paying the cost of Qualified Improvement on a certain property. In connection with the agreement, the Authority has levied a non-ad valorem assessment on the property. Interest on the Bonds are to be paid semi-annually commencing May 1, 2025 through November 1, 2053. Principal is to be paid annually commencing November 1, 2028 through November 1, 2053.

Special Assessment Revenue Bonds, Series 2024-1 (Delray Beach Delray FL)

In January 2024, the Authority issued $14,515,442 Special Assessment Revenue Bonds, Series 2024-1 (Delray Beach Delray FL).These bonds were issued to finance the cost of certain qualifying improvements for use by Rosebud 3rd Avenue, LLC. In addition, the Authority has entered into a financing agreement with Rosebud 3rd Avenue, LLC to provide up to
$12,000,000 to Rosebud 3rd Avenue, LLC for the sole purpose of paying the cost of Qualified Improvement on a certain property. In connection with the agreement, the Authority has levied a non-ad valorem assessment on the property. Interest on the Bonds are to be paid semi-annually commencing May 1, 2026 through November 1, 2053. Principal is to be paid annually commencing November 1, 2029 through November 1, 2053.

Special Assessment Revenue Bonds, Series 2025-1 (South Bank Hotel Jacksonville, FL)

In February 2025, the Authority issued $14,151,503 Special Assessment Revenue Bonds, Series 2025-1 (South Bank Hotel Jacksonville, FL).These bonds were issued to finance the cost of certain qualifying improvements for use by LEXDEVCOJAX, LLC. In addition, the Authority has entered into a financing agreement with LEXDEVCOJAX, LLC to provide up to $12,313,629 to LEXDEVCOJAX, LLC for the sole purpose of paying the cost of Qualified Improvement on a certain property. In connection with the agreement, the Authority has levied a non-ad valorem assessment on the property. Principal is to be paid annually commencing May 2, 2027 through May 2, 2049.

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Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE D – LONG-TERM DEBT (CONTINUED)

Loan Payable Due to Funding Group

In September 2015, the Authority received $5,020 for the initial funding related to the financing agreement. The amount will be repaid by the property owner over 20 years. The total assessment amount of $5,496 includes capitalized interest and other costs.

The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2025 are as follows:

Year Ending
  September 30,	

	Principal	

	Interest	

	Total	

2026
2027
2028
2029
2030
2031-2035
2036-2040
2041-2045
2046-2050
2051-2053

$

2,553,436
2,915,428
3,085,180
3,580,822
3,640,143
21,889,598
29,662,581
37,543,079
37,435,566

$

8,032,693
9,683,303
9,509,342
9,312,155
9,092,114
41,669,590
33,679,817
23,132,330
9,700,723

$

10,586,129
12,598,731
12,594,522
12,892,977
12,732,257
63,559,188
63,342,398
60,675,409
47,136,289

	9,872,398 

	1,627,551 

	11,499,949 

Totals

 $ 152,178,231 

 $ 155,439,618 

 $ 307,617,849 

Significant Bond Resolution Terms and Covenants

The Bond Indenture established certain amounts

be maintained in

a reserve account.	In

addition, the Bond Indenture has certain restrictions and requirements relating principally to the

use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the Authority on assessments to property owners. The Authority agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements.

NOTE E – RISK MANAGEMENT

The government is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters for which the government carries commercial insurance. There were no claims or settled claims from these risks that have exceeded commercial insurance coverage over the last three years.

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Florida Green Finance Authority NOTES TO FINANCIAL STATEMENTS
September 30, 2025

NOTE F – THIRD PARTY ADMINISTRATOR

The Renew Financial Group, LLC is the Third Party Administrator for the Authority and is responsible for providing certain services for the design, implementation and administration of the Florida Green Energy Works Program.

NOTE G – AUTHORITY MEMBERS

At September 30, 2025, the Members of the Authority are as follows:

Town of Lantana City of Stuart
Town of Mangonia Park City of Sebastian
City of West Palm Beach Martin County
City of Boynton Beach Pasco County
Village of Tequesta Escambia County City of Lake Worth City of Hollywood City of Gulfport City of Margate City of Fellsmere Alachua County Broward County Charlotte County
Hillsborough County Levy County

Orange County Palm Beach County Brevard County Citrus County
Lee County Marion County Manatee County
Miami-Dade County Osceola County Sarasota County Seminole County Monroe County Polk County Volusia County Indian River County Lake County Jefferson County Hernando County Collier County Suwannee County

NOTE H – INTERFUND TRANSFERS

Interfund transfers for the year ended September 30, 2025 consisted of the following:

	Transfers Out	
 Transfers In		 Capital Projects Fund 

Debt Service Fund

 $	517,691 

Interfund transfers were made in accordance with the Trust Indenture.

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INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors Florida Green Finance Authority Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards), the financial statements, as listed in the table of contents, of Florida Green Finance Authority, as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated September 21, 2026.

Report on Internal Control Over Financial Reporting

In planning and performing our audit, we considered Florida Green Finance Authority's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Florida Green

Finance Authority’s internal control.

Accordingly, we do not express an opinion on the

effectiveness of Florida Green Finance Authority's internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.

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To the Board of Supervisors Florida Green Finance Authority

Report on Compliance and Other Matters

As part of obtaining reasonable assurance about whether Florida Green Finance Authority's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida

September 21, 2026

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MANAGEMENT LETTER

To the Board of Supervisors Florida Green Finance Authority Florida

Report on the Financial Statements
We have audited the financial statements of Florida Green Finance Authority as of and for the year ended September 30, 2025, and have issued our report thereon dated September 21, 2026.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Florida Auditor General.
Other Reports and Schedule
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated September 21, 2026, should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been made to address findings and recommendations made in the preceding financial audit report. There were no findings or recommendations in the preceding financial audit report.

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To the Board of Supervisors

Florida Green Finance Authority

Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, requires us to apply appropriate procedures and communicate the results of our determination as to whether or not Florida Green Finance Authority met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that Florida Green Finance Authority did not meet any of the conditions described in Section 218.503(1), Florida Statutes.

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for Florida Green Finance Authority. It is management’s responsibility to monitor Florida Green Finance Authority’s financial condition; and our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same.

Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.

Specific Information

The information below was provided by management and has not been audited by us; therefore, we do not express an opinion or provide any assurance on the information.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)7, Rules of the Auditor General, Florida Green Finance Authority reported:

1)

The total number of Authority employees compensated in the last pay period of the Authority’s fiscal year as: 0
The total number of independent contractors, to whom nonemployee compensation was paid in the last month of the Authority’s fiscal year as: 2
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as: $0
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $95,096
Each construction project with a total cost of at least $65,000 approved by the Authority that is scheduled to begin on or after October 1, 2024, together with the total expenditures for such project as: N/A
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the Authority amends a final adopted budget under Section 189.016(6), Florida Statutes: The budget was amended, see below.

2)

3)

4)

5)

6)

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To the Board of Supervisors

Florida Green Finance Authority

Variance with Original Budget Positive (Negative)

Original Budget

Actual

Revenues
Special assessments Investment earnings Miscellaneous revenues
Total Revenues

$

270,000
300

$

231,518
27,946

$

(38,482)
27,646

	97,050 
	367,350 

	201,267 
	460,731 

	104,217 
	93,381 

Expenditures Current
General government Debt Service
Principal Interest
Total Expenditures

403,255

469,649

(66,394)

-
-

237
247

(237)
(247)

	403,255 

	470,133 

	(66,878)

Excess of revenues over/(under) expenditures

(35,905)

(9,402)

26,503

Fund Balances - October 1, 2024

	100,000 

	284,550 

	184,550 

Fund Balances - September 30, 2025

 $	64,095 

 $	275,148 

 $	211,053 

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)9, Rules of the Auditor General, Florida Green Finance Authority reported:

1)

The rate or rates of non-ad valorem special assessments imposed by the Authority:
$46.06 - $3,669,660.15 per unit
The amount of special assessments collected by or on behalf of the Authority:
$66,799,096
The total amount of outstanding bonds issued by the Authority and the terms of such bonds are as follows: See Note D

2)

3)

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To the Board of Supervisors

Florida Green Finance Authority

Additional Matters

Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or fraud, waste, or abuse, that has occurred or is likely to have occurred, that has an effect on the financial statements that is less than material, but which warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings.

Purpose of this Letter

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Board of Supervisors, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida

September 21, 2026

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INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES

To the Board of Supervisors Florida Green Finance Authority Florida

We have examined Florida Green Finance Authority’s compliance with Section 218.415, Florida Statutes during the year ended September 30, 2025. Management is responsible for Florida Green Finance Authority’s compliance with those requirements. Our responsibility is to express an opinion on Florida Green Finance Authority’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Florida Green Finance Authority’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Florida Green Finance Authority’s compliance with the specified requirements.

In our opinion, Florida Green Finance Authority complied, in all material aforementioned requirements during the year ended September 30, 2025.

respects,

with

the

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida

September 21, 2026

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