Expenditure during the second phase (excluding disbursements under the FAP) reached USD 115 million. Revenue for the same period was estimated at BRL 530 million, for a financial gap of BRL 270 million (Funbio, 2012). Uma modelagem financeira para as Unidades de Conseruagao do Arpa, MMA (2015), Fifth National Report to the Convention on Biological Diversity. About 40% of protected areas are Private Natural Heritage Reserves, which however cover less than 1% of the total area under SNUC. Municipal protected areas are often within cities and hence significantly smaller in size. Federal protected areas are roughly balanced with respect to strict protection and sustainable use areas, while subnational governments have primarily established sustainable use areas (Figure 5.2).