Boca Raton council hears PFM analysis showing funding gap for proposed downtown government campus

At a workshop meeting on Dec. 1, 2025, the Boca Raton City Council heard PFM Group’s independent analysis of a proposed downtown government campus public‑private partnership (P3), which showed long‑term revenues but a near‑term funding shortfall.

Kevin Plensler of PFM told the council that, focusing on the presentation’s scenario 4, the project’s full build‑out produces an annual net fiscal impact of “just under $10,000,000 a year” once stabilized. Mallory Richards, also with PFM, presented high‑level projections showing net new operating revenues of $14,800,000 against estimated operating expenditures of $6,300,000 — a projected annual net fiscal benefit of about $8,500,000 in the model used for ongoing operations.

The analysis differentiated construction‑period economic effects from ongoing operational impacts and stressed conservative assumptions for debt sizing. Plensler said PFM excluded two developer‑proposed revenue items — a 1%…