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FLORIDA DEVELOPMENT FINANCE CORPORATION <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br />JUNE 30, 2015 <br />This discussion and analysis of Florida Development Finance Corporation's (FDFC) financial performance <br />provides an overview of its financial activities for the fiscal year ended June 30, 2015 Please read it in <br />conjunction with the report of independent auditor and the basic financial statements. <br />Financial Highlights <br />FDFC facilitated the authorization and issuance of $222,460,000 in six (6) new money bonds and one (1) <br />refunding bond for the fiscal year ending June 30, 2015 It received application and issuance fees of $552,268 <br />In the past, FDFC primarily issued bonds for small manufacturers, but over time, it has served a variety of <br />501(c)3 not-for-profit institutions, including health-care, educational and foundations In FY14-15, FDFC served <br />a private school, several charter schools, a public radio station group and a senior living facility Current and <br />pending applications include projects such as charter schools, surface transportation, senior living, non -tax <br />credit Section 8 affordable housing and taxable bonds related to Property -Assessed Clean Energy ("PACE") <br />financings Even though the Fed Funds rate is projected to slowly increase by 40 2015, a relatively low interest <br />rate environment in the private activity bond market is expected to continue through FDFC's fiscal year ending <br />June 2016 <br />Overview of the Financial Statements <br />This discussion and analysis is intended to serve as an introduction to FDFC's basic financial statements The <br />basic financial statements also include notes that explain in more detail some of the information in the financial <br />statements <br />Required Basic Financial Statements <br />FDFC utilizes an enterprise fund for its financial reporting purposes This fund includes all activities of FDFC <br />The financial statements of FDFC report information about FDFC using accounting methods similar to those <br />used by private sector companies These statements offer short-term and long-term financial information about <br />its activities The statement of net position includes all of FDFC's assets and liabilities and provides information <br />about the nature and amounts of investments in resources (assets) and the obligations to FDFC's creditors <br />(liabilities) The statement of net position also provides the basis for computing rate of return, evaluating the <br />capital structure of FDFC and assessing liquidity and financial flexibility of FDFC <br />All of the current year's revenues and expenses are accounted for in the statement of revenues, expenses, and <br />changes in net position. This statement measures the success of FDFC's operations over the past year and <br />can be used to determine whether FDFC has successfully recovered all of its costs through its services <br />provided, as well as its profitability, and credit worthiness <br />The final required financial statement is the statement of cash flows. The primary purpose of this statement is to <br />provide information about FDFC's cash receipts and payments during the reporting period The statement <br />reports cash receipts, cash payments, and net changes in cash resulting from operating, investing, non -capital <br />financing and financing activities and provides answers to such questions as where did cash come from, what <br />was cash used for, and what was the change in the cash balance during the reporting period. <br />3 <br />12 <br />