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FLORIDA DEVELOPMENT FINANCE CORPORATION <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br />JUNE 30, 2015 <br />Net Position (continued) <br />The changes in net position displayed below shows FDFC's activities during the past two fiscal years The <br />increase in net position for each year represents the extent to which revenues exceeded expenses during the <br />year <br />TABLE A-2: <br />Statements of Revenues, Expenses and Changes in Net Position <br />(In thousands of dollars) <br />Fiscal Year Fiscal Year Dollar <br />2015 2014 Change <br />Revenues <br />Fees $ 552 $ 304 $ 248 <br />Interest income 1 1 <br />Total revenues 553 305 248 <br />Expenses <br />General and administrative 74 10 64 <br />Professional fees 284 107 177 <br />Total expenses 358 117 241 <br />Change in Net Position 195 188 7 <br />Net Position, beginning of year 1,029 841 188 <br />Net Position, end of year $ 1,224 $ 1,029 $ 195 <br />As can be seen in Table A-2 above, the increase in operating revenue resulted directly from an increase in <br />issuance fees related to significantly more new bond issuances as compared to the prior year The increase in <br />operating expenses is due primarily to an increase in professional fees associated with bond issuance and the <br />establishing of a statewide PACE revenue bond program as legislatively provided in Florida Statute <br />§288 9606(7)(a) <br />5 <br />14 <br />