GREEN CORRIDOR PROPERTY ASSESSED CLEAN ENERGY (PACE) DISTRICT TOWN OF CUTLER BAY, FLORIDA
FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

GREEN CORRIDOR PROPERTY ASSESSED CLEAN ENERGY (PACE) DISTRICT TOWN OF CUTLER BAY, FLORIDA

TABLE OF CONTENTS

	Page	
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-5	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	6	
Statement of Activities	7	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	8	
Reconciliation of Balance Sheet – Governmental Funds to the
Statement of Net Position	
9	
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds	
10	
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities	
11	
Notes to the Financial Statements	12-21	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – General Fund	
22	
Notes to Required Supplementary Information	23	
OTHER INFORMATION		
Data Elements Required by Florida Statute 218.39(3)(c)	24	
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	

25-26	
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	

27	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
28-29	

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors
Green Corridor Property Assessed Clean Energy (PACE) District Town of Cutler Bay, Florida

951 Yamato Road ▪ Suite 280 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities and each major fund of Green Corridor Property Assessed Clean Energy (PACE) District, Town of Cutler Bay, Florida (“District”) as of and for the fiscal year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
In our opinion, the 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 District as of September 30, 2023, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
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. 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 District 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 opinions.
Responsibilities of Management for the Financial Statements
The District’s 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.
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 District’s ability to continue as a going concern for twelve months 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 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, 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 District’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 District’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 and budgetary comparison information be presented to supplement the basic financial statements. 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 auditing standards generally accepted in the United States of America, 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 we 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 Included in the Financial Report
Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c) but does not include the financial statements and our auditor's report thereon. Our opinions on the 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 financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the 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 our report dated June 27, 2024 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, 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 District’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 District’s internal control over financial reporting and compliance.

June 27, 2024

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Green Corridor Property Assessed Clean Energy (PACE) District, Town of Cutler Bay, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2023. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.
FINANCIAL HIGHLIGHTS

The assets of the District exceeded its liabilities at the close of the most recent fiscal year resulting in a net position balance of $10,391,327.

The change in the District’s total net position in comparison with the prior fiscal year was ($3,776,813), a decrease. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2023, the District’s governmental funds reported combined ending fund balances of $10,391,327, a decrease of ($3,361,813) in comparison with the prior fiscal year. A portion of the fund balance is restricted for debt service, non-spendable for prepaid items, assigned to subsequent year’s expenditures, and the remaining fund balance unassigned fund balance which is available for spending at the District’s discretion.
OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: 1) government- wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.

The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

The government-wide financial statements include all governmental activities that are principally supported by contributions from the Administrator and assessments. The District does not have any business-type activities. The governmental activities of the District include the general government (management), PACE program service and PACE financing functions.
Fund Financial Statements

A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds.

Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains three governmental funds for external reporting. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, debt service fund and capital projects fund, all of which are considered major funds.

The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget.

Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.

As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, assets exceeded liabilities at the close of the most recent fiscal year.
GOVERNMENT-WIDE FINANCIAL ANALYSIS

Key components of the District’s net position are reflected in the following table:

	NET POSITION
SEPTEMBER 30,		
	2023	2022	
Current and other assets	$	26,104,853  $	31,074,443	
Assessments receivables - long term		1,039,171,390	1,123,052,317  Total assets		1,065,276,243	1,154,126,760 
Current liabilities	15,713,526	16,906,303
Long-term liabilities		1,039,171,390	1,123,052,317 
Total liabilities		1,054,884,916	1,139,958,620  Net position
Restricted	7,706,995	11,229,122	
Unrestricted	2,684,332	2,939,018	
Total net position	 $	10,391,327  $	14,168,140 
The restricted portion represents amounts restricted by the various bond indentures. The balance of unrestricted net position may be used to meet the District’s obligations.
The District’s net position decreased during the most recent fiscal year. The majority of the decrease represents the extent to which the cost of operations exceeded ongoing program revenues.

Key elements of the change in net position are reflected in the following table:

CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
Revenues:	2023	2022
Program revenues
Charges for services	$	109,349,885	$	388,142,073	
Operating grants and contributions	475,177	941,367	
General revenues
Unrestricted investment earnings	
49,201	
20,334	
Total revenues	109,874,263	389,103,774	
Expenses:
General government	
410,187	
325,427	
Program services	59,864	167,306	
PACE qualifying costs and other fees	40,568,601	327,607,608	
Interest and other fees	72,612,424	69,231,979	
Total expenses	113,651,076	397,332,320	
Change in net position	(3,776,813)	(8,228,546)	
Net position - beginning	14,168,140	22,396,686	
Net position - ending	$	10,391,327	$	14,168,140	
As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2023 was $113,651,076. The costs of the District’s activities were paid primarily by program revenues. Program revenues consist of primarily of assessments to be collected from property owners to be used for the debt service on the individual projects. Program revenues decreased primarily due to less prepayments of assessments in the current fiscal year. Total expenditures decreased due primarily to less projects as a result of a temporary suspension of operations in the current fiscal year.
GENERAL BUDGETING HIGHLIGHTS

An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2023.

DEBT ADMINISTRATION
At September 30, 2023, the District owed $1,039,171,390 related to the Bonds financing for its governmental activities. More detailed information about the District’s capital debt is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND OTHER EVENTS
The District operations are expected to increase as the PACE program expands throughout the State of Florida.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens, land owners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Green Corridor Property Assessed Clean Energy (PACE) District’s Finance Department at 5385 N. Nob Hill Road, Sunrise, Florida 33351.

GREEN CORRIDOR PROPERTY ASSESSED CLEAN ENERGY (PACE) DISTRICT TOWN OF CUTLER BAY, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2023

	Governmental
	Activities		
ASSETS		
Cash	$	2,685,525	
Investments	117,776	
Assessments receivable - Current	15,587,571	
Prepaid items	6,986	
Due from other	35,606	
Restricted assets:		
Investments	7,671,389	
Assessments receivable - Long term	  1,039,171,390 	
Total assets	  1,065,276,243 	
LIABILITIES
Accounts payable	
125,955	
Accrued interest payable	15,587,571	
Non-current liabilities:		
Due in more than one year	  1,039,171,390 	
Total liabilities	  1,054,884,916 	
NET POSITION		
Restricted for debt service	7,706,995	
Unrestricted		2,684,332 	
Total net position	 $	10,391,327 	

See notes to the financial statements

GREEN CORRIDOR PROPERTY ASSESSED CLEAN ENERGY (PACE) DISTRICT TOWN OF CUTLER BAY, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

Net (Expense) Revenue and Changes in Net
		Program Revenues	Position  Charges	Operating
for		Grants and	Governmental Functions/Programs		Expenses	Services	Contributions		Activities	 Primary government:
Governmental activities:
General government	$	410,187	$	-	$	166,164	$	(244,023)	
Program services	59,864	-	-	(59,864)	
PACE qualifying costs and other fees	40,568,601	36,737,461	309,013	(3,522,127)	
Interest and other fees			72,612,424		72,612,424		-		-	 Total governmental activities		113,651,076	109,349,885	475,177	(3,826,014) 

General revenues:
Unrestricted investment earnings		49,201 	
Total general revenues		49,201 	
Change in net position	(3,776,813)	
Net position - beginning		14,168,140 	
Net position - ending	 $	10,391,327 	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2023

ASSETS

	Major Funds	
Debt
General	Service

Total Governmental Funds

Cash	$	2,685,525	$	-	$	2,685,525	
Investments	117,776	7,671,389	7,789,165	
Assessments receivable	-	1,054,758,961	1,054,758,961	
Due from other	-	35,606	35,606	
Prepaid items	6,986	-	6,986	
Total assets	$	2,810,287	$ 1,062,465,956	$ 1,065,276,243	

LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable	$	125,955	$	-	$	125,955	
Total liabilities	125,955	-	125,955	

Deferred inflows of resources:
Unavailable revenue	-	1,054,758,961	1,054,758,961	
Total deferred inflows of resources	-	1,054,758,961	1,054,758,961	

Fund balances:
Nonspendable:
Prepaid items	6,986	-	6,986	
Restricted for:
Debt service	
-	
7,706,995	
7,706,995	
Assigned to:
Subsequent year's expenditures	
837,947	
-	
837,947	
Unassigned	1,839,399	-	1,839,399	
Total fund balances	2,684,332	7,706,995	10,391,327	

Total liabilities, deferred inflows of resources and fund balances	

$	2,810,287	

$ 1,062,465,956	

$ 1,065,276,243	

See notes to the financial statements

RECONCILIATION OF BALANCE SHEET – GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
GOVERNMENTAL FUNDS SEPTEMBER 30, 2023

Total fund balances - governmental funds
Amounts reported for governmental activities in the statement of net position are different because:
The statement of activities includes the principal portion of the debt along with accrued interest as assessment revenue when the assessment lien is recorded for the individual projects. Governmental funds report the collection of assessments as

$	10,391,327

revenue when the revenues are available.	1,054,758,961
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.
Accrued interest payable	(15,587,571)
Bonds payable	 (1,039,171,390)  (1,054,758,961) 
Net position of governmental activities	 $	10,391,327 

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

	Major Funds		Total

Debt	Capital
General	Service	Projects

Governmental Funds

REVENUES		
Administrator contributions	$	581,164	$	-	$	-	$	581,164	
Assessment revenue	-	104,088,100	-	104,088,100	
Prepaid assessments	-	90,400,926	-	90,400,926	
Interest and other income	49,201	309,013	-	358,214	
Total revenues	630,365	194,798,039	-	195,428,404	

EXPENDITURES
Current:
General government	410,187	-	-	410,187	
Program services	59,864	-	-	59,864	
Debt service:
Principal	
-	
124,449,528	
-	
124,449,528	
Interest	-	71,227,704	-	71,227,704	
Other debt service fees	-	2,642,934	-	2,642,934	
Capital outlay:
Qualifying improvements	
-	
-	
34,138,417	
34,138,417	
Capitalized interest	-	-	3,169,202	3,169,202	
Fees and other costs	-	-	3,260,982	3,260,982	
Total expenditures	470,051	198,320,166	40,568,601	239,358,818	
Excess (deficiency) of revenues over (under) expenditures	

160,314	

(3,522,127)	

(40,568,601)	

(43,930,414)	

OTHER FINANCING SOURCES (USES)					
Proceeds from Bonds	-	-	40,568,601	40,568,601	
Total other financing sources (uses)	-	-	40,568,601	40,568,601	

Net change in fund balances	
160,314	
(3,522,127)	
-	
(3,361,813)	

Fund balances - beginning	
2,524,018	
11,229,122	
-	13,753,140	

Fund balances - ending	
$ 2,684,332	
$	7,706,995	
$	-	$	10,391,327	

See notes to the financial statements

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

Net change in fund balances - total governmental funds
Amounts reported for governmental activities in the statement of activities

$	(3,361,813)

are different because:		
The change in unavailable revenue represents an increase/decrease in the revenues of the government wide statements.	
(85,554,141)	
Governmental funds report the face amount of Bonds issued as financial resources when debt is first issued, whereas these amounts are eliminated in the statement of activities and recognized as long- term liabilities in the statement of net position.	

(40,568,601)	
Repayment of long-term liabilities are reported as expenditures in the governmental fund financial statements, but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.	

124,449,528	
The change in accrued interest on long-term liabilities between the current and prior fiscal years is recorded in the statement of activities, but not in the governmental fund financial statements.	

	1,258,214 	
Change in net position of governmental activities	 $	(3,776,813) 	

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORT ENTITY

Green Corridor Property Assessed Clean Energy (PACE) District Town of Cutler Bay, Florida (the "District") was created pursuant to the Florida Interlocal Cooperation Act of 1969, Chapter 163, Part I, Florida Statutes, as amended and pursuant to the provisions of a certain Amended and Restated Interlocal Agreement filed in the public records of Miami-Dade County on August 6, 2012 initially among the Town of Cutler Bay, Florida, the Village of Palmetto Bay, Florida, the Village of Pinecrest, Florida, the City of South Miami, Florida, the City of Coral Gables, Florida, Miami Shores Village, Florida and the City of Miami, Florida (the "Initial Members"), and subsequently among any additional counties or municipalities joining the District as a members.
The District was formed for the purpose, among other things, of issuing bonds and other debt obligations to provide funds for financing the cost of qualifying improvements as defined in Section 163.08, Florida Statutes (the "PACE Act”) including energy efficiency improvements, renewable energy improvements and wind resistance improvements (collectively, “Qualifying Improvements”). The District shall exercise any or all of the powers granted under Sections 163.01 and 163.08, F.S., as well as powers, privileges or authorities which the Initial Members and subsequent members might exercise separately, which include among other things, the power to finance Qualifying Improvements within the District service area, the power to borrow money and issue bonds, and the power to levy and assess non-ad valorem assessments either as the District or on behalf of the Initial Members or subsequent Members.

The District’s initial activities from its formation through 2013 were undertaken by Ygrene Florida Energy Fund, LLC the Districts Administrator (the “Administrator”) and were of an organizational and start-up nature, including securing the participation of local governments in its program, reviewing and registering contractors to participate in the program, undertaking the bond validation process, putting in place bond indentures, and securing funding sources for its bond program. All costs were paid by the Administrator. See Note 6 for additional information on the Administrator.

The District is governed by the Board of Directors ("Board") which is composed of up to seven members. The Board of Directors includes one Director appointed by the governing body of each Initial Member. The Board of Directors of the District exercise all powers granted to the District pursuant to Chapter 163, Florida Statutes.

The Board has, among other things, the following power and duties:
To fix the amount of all non-ad valorem assessments and/or fees necessary to operate the Florida Green Energy Green Corridor Program (the “Program”), the qualifying improvements program authorized by Section 163.08, F.S.
To make and pass policies, regulations, resolutions and orders, as may be necessary for the governance and management of the affairs of the District, for the execution of the powers, obligations and responsibilities vested in the District.
To adopt bylaws and rules of procedure, or amend those that may be initially adopted by the Originating Members.
To establish the powers, duties and compensation of all employees or contractors
To adopt annual budgets.
The financial statements were prepared in accordance with Governmental Accounting Standards Board (“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District is considered to be financially accountable and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment; operating-type special assessments for maintenance and debt service are treated as charges for services and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.

Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Assessments are recognized as revenues in the year in which the lien is placed on the subject property. Grants and similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.

Assessments
Assessments are non-ad valorem special assessments on benefited property with voluntary PACE assessment liens. The assessments are levied at the time the related debt issuance is authorized. The receivables are collected in annual installments together with assessments for interest and collection costs in amounts sufficient to meet the annual debt service requirements. The fiscal year for which annual assessments are levied begins on October 1 and become delinquent on April 1. For debt service assessments, amounts collected as advance payments are used to prepay a portion of the Bonds outstanding. Otherwise, assessments are collected annually to provide funds for the debt service on the portion of the Bonds which are not paid with prepaid assessments. Special assessments receivable represent the balance of outstanding assessments levied by the District to repay outstanding debt.
Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Government-Wide and Fund Financial Statements (Continued)
The District reports the following major governmental funds:

General Fund
The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.

Debt Service Fund
The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt.
Capital Projects Fund
The capital projects fund is used to account for financial resources to be used for the cost of qualifying improvements as defined in Section 163.08, Florida Statutes (the "PACE Act”) including energy efficiency improvements, renewable energy improvements and wind resistance improvements (collectively, Qualifying Improvements”).

When both restricted and unrestricted resources are available for use, it is the government’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.

Assets, Liabilities and Net Position or Equity
Restricted Assets
These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions

Deposits and Investments
The District’s cash and cash equivalents are considered to be cash on hand and demand deposits.
The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section 218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:
The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.
The State Board of Administration’s (“SBA”) Local Government Surplus Funds Trust Fund (“Florida PRIME”) is a“2a-7 like” pool. A “2a-7 like” pool is an external investment pool that is not registered with the Securities and Exchange Commission (“SEC”) as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC’s Rule 2a-7 of the Investment Company Act of 1940, which comprises the rules governing money market funds. Thus, the pool operates essentially as a money market fund. The District has reported its investment in Florida PRIME at amortized cost for financial reporting purposes.

Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.

The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.

Inventories and Prepaid Items
Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.

Capital Assets
Capital assets, which include property, plant and equipment are reported in the government activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.
The District has no capital assets at September 30, 2023. Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet
earned.

Long-Term Obligations
In the government-wide financial statements long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred.

In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.

Deferred inflows of resources represent an acquisition of net position that applies to future reporting period(s). For example, when an asset is recorded in the governmental fund financial statements, but the revenue is unavailable, the District reports a deferred inflow of resources on the balance sheet until such times as the revenue becomes available.

Fund Equity/Net Position
In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.

The District can establish limitations on the use of fund balance as follows:
Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Directors. Commitments may be changed or lifted only by the Board of Directors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.
Assigned fund balance – Includes spendable fund balance amounts established by the Board of Directors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.

The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.

Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.
Other Disclosures

Use of Estimates
The preparation of 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 date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

NOTE 3 – BUDGETARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year end.
The District follows these procedures in establishing the budgetary data reflected in the financial statements.
Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
Public hearings are conducted to obtain public comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriation for annually budgeted funds lapse at the end of the year.

The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.
Investments
The District’s investments were held as follows at September 30, 2023:

 Amortized Cost	Credit Risk	Maturities	

Local Government Surplus	Weighted average of the fund

Trust Funds

$	117,776

S&P AAAm

portfolio: 35 days

Weighted average of the fund

Fidelity Gov Port-III		7,671,389 	S&P AAAm
 $	7,789,165 

portfolio: 29 days

Credit risk – For investments, credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments.
Concentration risk – The District places no limit on the amount the District may invest in any one issuer.

Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates.
However, the Bond Indenture limits the type of investments held using unspent proceeds.

Fair Value Measurement – When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASB Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques.
These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level 1: Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
Level 3: Investments whose inputs are unobservable.
The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.
Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. For external investment pools that qualify to be measured at amortized cost, the pool’s participants should also measure their investments in that external investment pool at amortized cost for financial reporting purposes. Accordingly, the District’s investments have been reported at amortized cost above.

NOTE 4 – DEPOSITS AND INVESTMENTS (Continued)

Investments (Continued)
External Investment Pool – With regard to redemption gates, Chapter 218.409(8)(a), Florida Statutes, states that “The principal, and any part thereof, of each account constituting the trust fund is subject to payment at any time from the moneys in the trust fund. However, the Executive Director may, in good faith, on the occurrence of an event that has a material impact on liquidity or operations of the trust fund, for 48 hours limit contributions to or withdrawals from the trust fund to ensure that the Board can invest moneys entrusted to it in exercising its fiduciary responsibility. Such action must be immediately disclosed to all participants, the Trustees, the Joint Legislative Auditing Committee, the Investment Advisory Council, and the Participant Local Government Advisory Council. The Trustees shall convene an emergency meeting as soon as practicable from the time the Executive Director has instituted such measures and review the necessity of those measures. If the Trustees are unable to convene an emergency meeting before the expiration of the 48-hour moratorium on contributions and withdrawals, the moratorium may be extended by the Executive Director until the Trustees are able to meet to review the necessity for the moratorium. If the Trustees agree with such measures, the Trustees shall vote to continue the measures for up to an additional 15 days. The Trustees must convene and vote to continue any such measures before the expiration of the time limit set, but in no case may the time limit set by the Trustees exceed 15 days.” With regard to liquidity fees, Florida Statute 218.409(4) provides authority for the SBA to impose penalties for early withdrawal, subject to disclosure in the enrollment materials of the amount and purpose of such fees. At present, no such disclosure has been made.
As of September 30, 2023, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant’s daily access to 100% of their account value.

NOTE 5 – LONG TERM LIABILITES
Series 2013 – Taxable Revenue Bonds
The District issued the Series 2013 Bonds as six separate Drawdown Bonds in an aggregate principal amount not to exceed $230,000,000 outstanding, and allowing for the repayments of amounts drawn down and the reborrowing of such repaid amounts. The Bonds are to be issued as various separate draw-down series with various maximum principal amounts, interest rate terms and maturities. The Series 2013 Bonds are no longer being used for PACE financing, however certain projects still exist that were financed under this Series.
Series 2015 – Taxable Revenue Bonds
The District issued the Series 2015 Bonds as four separate Drawdown Bonds in an aggregate principal amount not to exceed $375,000,000 outstanding, and allowing for the repayments of amounts drawn down and the reborrowing of such repaid amounts. The Bonds are to be issued as various separate draw-down series with various maximum principal amounts, interest rate terms and maturities. The Series 2015 Bonds are no longer being used for PACE financing, however certain projects still exist that were financed under this Series.

Series 2016 – Taxable Revenue Bonds
The District issued the Series 2016 Bonds as four separate Drawdown Bonds in an aggregate principal amount not to exceed $345,000,000 outstanding, and allowing for the repayments of amounts drawn down and the reborrowing of such repaid amounts. The Bonds are to be issued as various separate draw-down series with various maximum principal amounts, interest rate terms and maturities.
Series 2017 – Taxable Revenue Bonds
The District issued the Series 2017 Bonds as various Drawdown Bonds in an aggregate principal amount not to exceed $2,000,000,000 outstanding, and allowing for the repayments of amounts drawn down and the reborrowing of such repaid amounts. The 2017 Second Supplemental Trust Indenture was created to add additional Drawdown Bonds in an aggregate principal amount not to exceed $2,000,000,000 outstanding, and allowing for the repayments of amounts drawn down and the reborrowing of such repaid amounts. The Bonds are to be issued as various separate draw-down series with various maximum principal amounts, interest rate terms and maturities. The Bond Indenture has been amended to provide for an adjustment to the interest rates to be used on PACE project financings.

Bond Terms
Each advance made under the Drawdown Bond is considered a Sub-Series of such Drawdown Bond and is registered by the Trustee with a separate sub-series number, will be secured solely by the Matching Collateral. The Matching Collateral consists of the financing agreement, the related assessments, and the related assessment lien on the subject property.

Principal and interest on the Sub-Series Bonds are paid in annual installment on June 30 starting in the first year after assessments are placed on the tax roll. The Sub-Series Bonds generally include a prepayment penalty of 5% in the event that the property owner prepays the assessments. The prepayment penalty have been eliminated for residential projects entered into subsequent to November 17, 2017. Certain Indentures provide for the property owner the option to buy down the applicable interest rate. The Sub-Series Bonds are subject to Optional Redemption from any source of funds as defined in the Indenture. The Indenture requires the creation of a revenue fund to be held by the Trustee.
Purchase Agreement
Ygrene Energy Fund Florida, LLC (“Ygrene”) will purchase the Sub-Series Bonds and pay the purchase price of the Sub-Series Bonds by making Advances pursuant to and in accordance with the Indenture. The District and the Trustee will convey and sell to the Purchaser all of the Matching Collateral for any Sub-Series Bond, including the Financing Agreements and all rights thereunder, including the rights to receive payment of the Assessments, to pursue judicial foreclosure of the liens associated with the Assessments, and to enforce the collection of the Assessments. The Sub-Series Bonds can be transferred by Ygrene or any other owner as defined in the Indentures.

Long-term debt activity
Long term debt transactions for the fiscal year ended September 30, 2023 were as follows:

	
Beginning Balance		
Additions	
Reductions	Ending
Balance	
Interest Rates	
Governmental activities							
Draw Down Bonds 5 year term	$	3,672,183	$	-	$	2,218,584	$	1,453,599	3.75% to 8.05%	
Draw Down Bonds 10 year term	87,645,723		2,344,407	16,052,326	73,937,804	1.99% to 8.87%	
Draw Down Bonds 15 year term	84,527,946		1,574,753	10,683,975	75,418,724	1.99% to 8.74%	
Draw Down Bonds 20 year term	411,245,011		6,970,858	45,737,038	372,478,831	1.99% to 8.74%	
Draw Down Bonds 25 year term	52,226,141		1,312,103	5,378,487	48,159,757	1.99% to 8.74%	
Draw Down Bonds 30 year term		483,735,313	28,366,480	44,379,118	467,722,675  1.99% to 8.87%
Total	 $	1,123,052,317	$	40,568,601	$	124,449,528	$  1,039,171,390 
The long-term debt transactions have been shown based on the term in years and not based on the original Bond Series used by the District at the time that the project was entered into.

Securitizations
During a prior fiscal year, a supplemental indenture was executed to securitize the assets represented by certain Sub-Series Bonds. The 2016-1 Bonds consist of $32,710,103 in individual Sub-Series Bonds. The Sub-Series Bonds were transferred to GoodGreen 2016-1 Trust Series Notes a securitization sponsored and administered by Ygrene. The securitization includes assets from California and Florida.

During a prior fiscal year, a supplemental indenture was executed to securitize the assets represented by certain Sub-Series Bonds. The 2017-1 Bonds consist of $77,399,971 in individual Sub-Series Bonds. The Sub-Series Bonds were transferred to GoodGreen 2017-1 Trust Series Notes a securitization sponsored and administered by Ygrene. The securitization includes assets from California and Florida.

During a prior fiscal year, supplemental indentures were executed to securitize the assets represented by certain Sub-Series Bonds. The 2017-2 Bonds consist of $108,916,259 in individual Sub-Series Bonds. The Sub-Series Bonds were transferred to GoodGreen 2017-2 Trust Series Notes a securitization sponsored and administered by Ygrene. The securitization includes assets from California and Florida.

Securitizations (Continued)
During a prior fiscal year, supplemental indentures were executed to securitize the assets represented by certain Sub-Series Bonds. The 2018-1 and 2019-1 consist of $275,800,000 and $212,408,000 in individual Sub-Series Bonds. The Sub-Series Bonds were transferred to GoodGreen 2018-1 and 2019-1 Trust Series Notes a securitization sponsored and administered by Ygrene. The securitization includes assets from California and Florida.

During a prior fiscal year, the District issued the Series 2020-1 taxable revenue bonds in the amount of
$271,996,575 to be used for securitizations. The Bonds are to be issued as various draw-down series with various maximum principal amounts, interest rate terms and maturities.

During the 2021 fiscal year, the District issued the Series 2021-1 taxable revenue bonds in the amount of
$292,121,733 to be used for securitizations. The Bonds are to be issued as various draw-down series with various maximum principal amounts, interest rate terms and maturities.
During the 2022 fiscal year, the District issued Series 2022-1 taxable revenue bonds in the amount of $281,400,518 to be used for securitizations. The Bonds are to be issued as various draw-down series with various maximum principal amounts, interest rate terms and maturities.
During the current fiscal year, the District issued Series 2022 taxable revenue bonds in an aggregate principal amount not to exceed $1,000,000,000 to be used for securitizations. The Bonds are to be issued as various draw- down series with various maximum principal amounts, interest rate terms and maturities.

During the current fiscal year, the District issued Series 2023-1 taxable revenue bonds in the amount of
$182,192,803 to be used for securitizations. The Bonds are to be issued as various draw-down series with various maximum principal amounts, interest rate terms and maturities.
NOTE 6 – THIRD PARTY ADMINISTRATION AGREEMENT

The District has entered into a Third Party Administration Agreement with the Administrator. The Administrator is responsible for providing services to the District for the design, implementation, and administration of the Program. The Agreement is for a five year term and will renew automatically for five successive year terms unless terminated as provided for in the Agreement.

The Administrator is entitled to impose and collect fees related to the Program. Fees consist of application, processing and underwriting, recording and disbursements and other fees as approved by the District which are charged to the property owner. Other than the application fees, the remaining fees are added to the balance financed by the property owner. In addition, capitalized interest is added for the period prior to placing the assessments on the tax roll. The Administrator also charges a 3% project oversight fee to Certified Contractors.

The Administrator has contracted with a sub-contractor who will manage the legal and procedural for placing the PACE assessments on the county property tax rolls. In the event of property tax default by the owners of any property against which a District PACE assessment has been recorded, the Administrator agrees to purchase the tax lien certificate.

The Administrator will aggregate and accumulate carbon credits that result from the projects. The Administrator and the District shall equally split the ownership of carbon credits accrued within the District.
NOTE 7 – RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The Administrator for the District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations.

The District has contracted with a management company to perform management services, which include financial and accounting services. Certain employees of the management company also serve as officers of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, computer and other administrative costs.

NOTE 9 – CONTINGENCIES

The District is involved in various claims and litigation arising in the ordinary course of operations, none of which, in the opinion of the Board of Supervisors and District Manager, will have a material effect on the District’s financial position.
NOTE 10 – SUBSEQUENT EVENTS
Bond Issuances

Series 2024-1
Subsequent to fiscal year end, the District issued Series 2024-1 taxable revenue bonds in the amount of
$127,337,475 to be used for securitizations. The Bonds are to be issued as various draw-down series with various maximum principal amounts, interest rate terms and maturities.

GREEN CORRIDOR PROPERTY ASSESSED CLEAN ENERGY (PACE) DISTRICT TOWN OF CUTLER BAY, FLORIDA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

Budgeted
	Amounts	 Original &
Final

Actual Amounts

Variance with Final Budget - Positive (Negative)

REVENUES		
Administrator contributions	$	750,000	$	581,164	$	(168,836)	
Interest	5,000	49,201	44,201	
Total revenues	755,000	630,365	(124,635)	

EXPENDITURES
Current:
General government	453,704	410,187	43,517	
Program services	825,000	59,864	765,136	
Total expenditures	1,278,704	470,051	808,653	

Excess (deficiency) of revenues over (under) expenditures	

(523,704)	

160,314	

684,018	
OTHER FINANCING SOURCES
Carry forward	
523,704	
-	
(523,704)	
Total other financing sources	523,704	-	(523,704)	

Net change in fund balance	
 $	-		
160,314	
 $	160,314 	

Fund balance - beginning	
	2,524,018 	
Fund balance - ending	 $ 2,684,332 	

See notes to required supplementary information

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles).

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2023.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FLORIDA STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 UNAUDITED

Element	Comments

Number of District employees compensated in the last pay period of the District’s fiscal year being reported.
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being reported.

Not applicable

2

Employee compensation	Not applicable
Independent contractor compensation	$391,027.00
Construction projects to begin on or after October 1; (>$65K)	Not applicable
Budget variance report	See page 22 of annual financial report Ad Valorem taxes;		Not applicable
Millage rate	Not applicable
Ad valorem taxes collected F	Not applicable
Outstanding Bonds:	Not applicable

Non ad valorem special assessments
Special assessment rate	Debt service - Range Range $103.35 -
$68,764.21
Special assessments collected	$194,489,026 net of fees Outstanding Bonds:
Multiple Bond Series with multiple terms	see Note 5 for details

951 Yamato Road ▪ Suite 280 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

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
To the Board of Supervisors
Green Corridor Property Assessed Clean Energy (PACE) District Town of Cutler Bay, 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, the financial statements of the governmental activities and each major fund of Green Corridor Property Assessed Clean Energy (PACE) District, Town of Cutler Bay, Florida (“District”) as of and for the fiscal year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated June 27, 2024.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the 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 the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’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 a 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.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. 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.

June 27, 2024

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
To the Board of Supervisors
Green Corridor Property Assessed Clean Energy (PACE) District Town of Cutler Bay, Florida
We have examined Green Corridor Property Assessed Clean Energy (PACE) District, Town of Cutler Bay, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2023. Management is responsible for District’s compliance with those requirements. Our responsibility is to express an opinion on District’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the District’s compliance with specified requirements.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2023.
This report 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, management, and the Board of Supervisors of Green Corridor Property Assessed Clean Energy (PACE) District, Town of Cutler Bay, Florida and is not intended to be and should not be used by anyone other than these specified parties.

June 27, 2024

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Green Corridor Property Assessed Clean Energy (PACE) District Town of Cutler Bay, Florida
Report on the Financial Statements

We have audited the accompanying basic financial statements of Green Corridor Property Assessed Clean Energy (PACE) District, Town of Cutler Bay, Florida ("District") as of and for the fiscal year ended September 30, 2023, and have issued our report thereon dated June 27, 2024.
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 the Financial Statements Performed in Accordance with Government Auditing Standards; and 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 June 27, 2024, should be considered in conjunction with this management letter.

Purpose of this Letter
The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General for the State of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following:

Current year findings and recommendations.
Status of prior year findings and recommendations.
Compliance with the Provisions of the Auditor General of the State of Florida.

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, as applicable, management, and the Board of Supervisors of Green Corridor Property Assessed Clean Energy (PACE) District, Town of Cutler Bay, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Green Corridor Property Assessed Clean Energy (PACE) District, Town of Cutler Bay, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.

June 27, 2024

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

2022-01, 2021-01, 2020-01, 2019-02, 2018-05 Fair Market Value “FMV” Documentation – Recommendation has been implemented.
2022-02, 2021-02, 2020-02, 2019-03 Bond Compliance – finding will not be repeated due to circumstances beyond the control of District management.

COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following:

A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report.

There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2022, except as noted above.
Any recommendations to improve the local governmental entity's financial management.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2023.
Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2023.

The name or official title and legal District of the District are disclosed in the notes to the financial statements.
The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.

We applied financial condition assessment procedures and no deteriorating financial conditions were noted. It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 24.