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FLORIDA DEVELOPMENT FINANCE CORPORATION <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br />JUNE 30, 2017 <br />Changes in Net Position <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 />Revenue: <br />Fees <br />Expenses: <br />General and administrative <br />Salaries and wages <br />Professional fees <br />Other <br />Program: <br />PACE program <br />FRED <br />Total expenses <br />Change in Net Position <br />Net Position, beginning of year <br />Net Position, end of year <br />Fiscal Year Fiscal Year <br />2017 2016 <br />$ 613 $ 1,011 $ <br />Dollar <br />Change <br />(398) <br />318 <br />66 <br />252 <br />328 <br />520 <br />(192) <br />88 <br />75 <br />13 <br />254 <br />2 <br />105 <br />- <br />149 <br />2 <br />991 <br />766 <br />225 <br />(378) <br />1,469 <br />245 <br />1,224 <br />(623) <br />245 <br />$ 1.091 S <br />1.469 $ <br />(3781 <br />The increase in expenses is due to higher than expected PACE -related expenses related to providing a more <br />turn -key level of service through the formation of the Florida Resiliency and Energy District ("FRED"), which <br />serves as the mechanism for placing the voluntary special assessments on the tax roll; an increase in personnel <br />costs; and reimbursable expenses related to the All Aboard Florida project. <br />61 <br />