Century Gardens Village Community Development District

Final Budget For Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019 BUDGET	
Administrative Assessments	73,559	
Maintenance Assessments	50,664	
O&M Assessments - Loan	0	
Debt Assessments	235,482	
Other Revenues	0	
Interest Income	300	
		
TOTAL REVENUES	$	360,005	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Engineering/Inspections	1,500	
Street/Roadway Maintenance	17,200	
Field Operations Management	1,800	
Street/Roadway Restoration Project	17,500	
Capital Improvements	3,625	
Maintenance Contingency	6,000	
TOTAL MAINTENANCE EXPENDITURES	$	47,625	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	3,000	
Payroll Taxes	230	
Management	31,140	
Legal	8,500	
Assessment Roll	7,500	
Audit Fees	3,300	
Insurance	6,250	
Legal Advertisements	1,000	
Miscellaneous	1,800	
Postage	500	
Office Supplies	450	
Dues & Subscriptions	175	
Trustee Fee	3,500	
Continuing Disclosure Fee	600	
Website Management	1,500	
2013 Improvement Loan - Principal & Interest	0	
TOTAL ADMINISTRATIVE EXPENDITURES	$	69,445	
		
TOTAL EXPENDITURES	$	117,070	
		
REVENUES LESS EXPENDITURES	$	242,935	
		
Bond Payments	(221,353)	
		
BALANCE	$	21,582	
		
County Appraiser & Tax Collector Fee	(7,194)	
Discounts For Early Payments	(14,388)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

4/25/2018 4:44 PM	I

DETAILED FINAL BUDGET
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2016/2017 ACTUAL	
FISCAL YEAR 2017/2018 BUDGET	
FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	
Administrative Assessments	52,876	48,472	73,559	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	12,448	14,809	50,664	Expenditures/.94	
O&M Assessments - Loan	57,320	54,468	0	2013 Loan - Paid Off In 2018	
Debt Assessments	239,443	240,200	235,482	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	311	300	300	Interest Estimated At $25 Per Month	
					
TOTAL REVENUES	$	362,398	$	358,249	$	360,005		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Engineering/Inspections	2,270	1,200	1,500	$300 Increase From 2017/2018 Budget	
Street/Roadway Maintenance	16,837	7,800	17,200	$9,400 Increase From 2017/2018 Budget	
Field Operations Management	1,200	1,320	1,800	$480 Increase From 2017/2018 Budget	
Street/Roadway Restoration Project	0	0	17,500	Street/Roadway Restoration Project	
Capital Improvements	0	0	3,625	Capital Improvements	
Maintenance Contingency	1,632	3,600	6,000	$2,400 Increase From 2017/2018 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	21,939	$	13,920	$	47,625		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	800	3,000	3,000	No Change From 2017/2018 Budget	
Payroll Taxes	61	230	230	Supervisor Fees * 7.65%	
Management	29,880	30,504	31,140	CPI Adjustment	
Legal	6,544	8,500	8,500	No Change From 2017/2018 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,100	3,200	3,300	$100 Increase From 2017/2018 Budget	
Insurance	5,562	6,005	6,250	Insurance Estimate	
Legal Advertisements	292	1,100	1,000	$100 Decrease From 2017/2018 Budget	
Miscellaneous	533	1,600	1,800	$200 Increase From 2017/2018 Budget	
Postage	106	500	500	No Change From 2017/2018 Budget	
Office Supplies	374	450	450	No Change From 2017/2018 Budget	
Dues & Subscriptions	175	175	175	No Change From 2017/2018 Budget	
Trustee Fee	3,500	3,500	3,500	No Change From 2017/2018 Budget	
Continuing Disclosure Fee	1,500	1,500	600	$900 Decrease From 2017/2018 Budget	
Website Management	1,500	1,500	1,500	No Change From 2017/2018 Budget	
2013 Improvement Loan - Principal & Interest	54,752	51,200	0	2013 Loan - Principal & Interest - Paid Off In 2018	
TOTAL ADMINISTRATIVE EXPENDITURES	$	116,179	$	120,464	$	69,445		
					
TOTAL EXPENDITURES	$	138,118	$	134,384	$	117,070		
					
REVENUES LESS EXPENDITURES	$	224,280	$	223,865	$	242,935		
					
Bond Payments	(228,075)	(225,788)	(221,353)	2019 P & I Payments Less Earned Interest	
					
BALANCE	$	(3,795)	$	(1,923)	$	21,582		
					
County Appraiser & Tax Collector Fee	(3,494)	(7,159)	(7,194)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(12,621)	(14,318)	(14,388)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(19,910)	$	(23,400)	$	-		
					
Carryover From Prior Year	0	23,400	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(19,910)	$	-	$	-		

4/25/2018 4:44 PM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 BUDGET	FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	

Interest Income	
1,193	
100	
200	
Projected Interest For FY 2018/2019	

NAV Tax Collection	
228,075	
225,788	
221,353	
2019 P & I Payments Less Earned Interest	

Total Revenues	
$	229,268	
$	225,888	
$	221,553		

EXPENDITURES					

Principal Payments	
80,000	
85,000	
85,000	
Principal Payment Due In 2019	

Interest Payments	
147,135	
140,888	
136,553	
Interest Payments Due In 2019	

Total Expenditures	
$	227,135	
$	225,888	
$	221,553		

Excess/ (Shortfall)	
$	2,133	
$	-	
$	-		

Series 2007 Bond Information

Original Par Amount =	$3,440,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	5.10%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	March 2007			
Maturity Date =

Par Amount As Of 1/1/18 =	May 2037

$2,805,000			

4/25/2018 4:44 PM	III

Century Gardens Village Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
Projected	2015/2016	2016/2017	2017/2018	2018/2019
   Assessment Assessment* Assessment* Assessment* Projected Assessment* 

Administrative Assessment For Townhomes	$	287.00	$	211.49	$	190.98	$	178.21	$	270.44	
Maintenance Assessment For Townhomes	$	-	$	32.85	$	45.76	$	54.44	$	186.27	
2013 Loan Assessment For Townhomes	$	-	$	211.00	$	211.00	$	211.00	$	-	
Debt Assessment For Townhomes	$	670.00	$	662.27	$	665.45	$	667.56	$	654.45	
Total	$	957.00	$	1,117.61	$	1,113.19	$	1,111.21	$	1,111.16	

Administrative Assessment For Single Family Homes	$	287.00	$	211.49	$	190.98	$	178.21	$	270.44	
Maintenance Assessments For Single Family Homes	$	-	$	32.85	$	45.76	$	54.44	$	186.27	
2013 Loan Assessment For Single Family Homes	$	-	$	211.00	$	211.00	$	211.00	$	-	
Debt Assessment For Single Family Homes	$ 1,295.00	$	1,280.98	$	1,287.14	$	1,291.22	$	1,265.85	
Total	$ 1,582.00	$	1,736.32	$	1,734.88	$	1,734.87	$	1,722.56	

* Assessments Include the Following :		
4% Discount for Early Payments 1% County Tax Collector Fee
1% County Property Appraiser Fee		
Community Information:		
Townhomes	178	
Single Family Units	94	
Total Units	272	

4/25/2018 4:44 PM	IV