Century Gardens Village Community Development District

Proposed Budget For Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020 BUDGET	
Administrative Assessments	74,503	
Maintenance Assessments	49,015	
O&M Assessments - Loan	0	
Debt Assessments	235,947	
Other Revenues	0	
Interest Income	300	
		
TOTAL REVENUES	$	359,765	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Engineering/Inspections	1,500	
Street/Roadway Maintenance	17,200	
Field Operations Management	1,800	
Street/Roadway Restoration Project	15,950	
Capital Improvements	3,625	
Maintenance Contingency	6,000	
TOTAL MAINTENANCE EXPENDITURES	$	46,075	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	3,000	
Payroll Taxes	230	
Management	31,728	
Legal	8,500	
Assessment Roll	7,500	
Audit Fees	3,200	
Insurance	6,250	
Legal Advertisements	950	
Miscellaneous	1,800	
Postage	450	
Office Supplies	450	
Dues & Subscriptions	175	
Trustee Fee	3,500	
Continuing Disclosure Fee	600	
Website Management	2,000	
2013 Improvement Loan - Principal & Interest	0	
TOTAL ADMINISTRATIVE EXPENDITURES	$	70,333	
		
TOTAL EXPENDITURES	$	116,408	
		
REVENUES LESS EXPENDITURES	$	243,357	
		
Bond Payments	(221,790)	
		
BALANCE	$	21,567	
		
County Appraiser & Tax Collector Fee	(7,189)	
Discounts For Early Payments	(14,378)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

2/25/2019 10:46 AM	I

DETAILED PROPOSED BUDGET
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018 ACTUAL	
FISCAL YEAR 2018/2019 BUDGET	
FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	
Administrative Assessments	49,404	73,559	74,503	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	14,809	50,664	49,015	Expenditures/.94	
O&M Assessments - Loan	57,392	0	0	2013 Loan - Paid Off In 2018	
Debt Assessments	240,200	235,482	235,947	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	275	300	300	Interest Estimated At $25 Per Month	
					
TOTAL REVENUES	$	362,080	$	360,005	$	359,765		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Engineering/Inspections	850	1,500	1,500	No Change From 2018/2019 Budget	
Street/Roadway Maintenance	18,816	17,200	17,200	No Change From 2018/2019 Budget	
Field Operations Management	1,320	1,800	1,800	No Change From 2018/2019 Budget	
Street/Roadway Restoration Project	0	17,500	15,950	$1,550 Decrease From 2018/2019 Budget	
Capital Improvements	0	3,625	3,625	No Change From 2018/2019 Budget	
Maintenance Contingency	12,226	6,000	6,000	No Change From 2018/2019 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	33,212	$	47,625	$	46,075		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	1,300	3,000	3,000	No Change From 2018/2019 Budget	
Payroll Taxes	99	230	230	Supervisor Fees * 7.65%	
Management	30,504	31,140	31,728	CPI Adjustment	
Legal	9,775	8,500	8,500	No Change From 2018/2019 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,200	3,300	3,200	Accepted Amount For 2018/2019 Audit	
Insurance	5,750	6,250	6,250	Insurance Estimate	
Legal Advertisements	364	1,000	950	$50 Decrease From 2018/2019 Budget	
Miscellaneous	1,136	1,800	1,800	No Change From 2018/2019 Budget	
Postage	94	500	450	$50 Decrease From 2018/2019 Budget	
Office Supplies	433	450	450	No Change From 2018/2019 Budget	
Dues & Subscriptions	175	175	175	No Change From 2018/2019 Budget	
Trustee Fee	3,500	3,500	3,500	No Change From 2018/2019 Budget	
Continuing Disclosure Fee	1,500	600	600	No Change From 2018/2019 Budget	
Website Management	1,500	1,500	2,000	$500 Increase From 2018/2019 Budget	
2013 Improvement Loan - Principal & Interest	49,940	0	0	2013 Loan - Principal & Interest - Paid Off In 2018	
TOTAL ADMINISTRATIVE EXPENDITURES	$	116,770	$	69,445	$	70,333		
					
TOTAL EXPENDITURES	$	149,982	$	117,070	$	116,408		
					
REVENUES LESS EXPENDITURES	$	212,098	$	242,935	$	243,357		
					
Bond Payments	(229,571)	(221,353)	(221,790)	2019 P & I Payments Less Earned Interest	
					
BALANCE	$	(17,473)	$	21,582	$	21,567		
					
County Appraiser & Tax Collector Fee	(3,491)	(7,194)	(7,189)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(12,542)	(14,388)	(14,378)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(33,506)	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(33,506)	$	-	$	-		

2/25/2019 10:46 AM	II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
3,066	
200	
300	
Projected Interest For FY 2019/2020	

NAV Tax Collection	
229,571	
221,353	
221,790	
2020 P & I Payments Less Earned Interest	

Total Revenues	
$	232,637	
$	221,553	
$	222,090		

EXPENDITURES					

Principal Payments	
85,000	
85,000	
90,000	
Principal Payment Due In 2020	

Interest Payments	
143,055	
136,553	
132,090	
Interest Payments Due In 2020	

Total Expenditures	
$	228,055	
$	221,553	
$	222,090		

Excess/ (Shortfall)	
$	4,582	
$	-	
$	-		

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 1/1/19 =	May 2037

$2,720,000			

2/25/2019 10:46 AM	III

Century Gardens Village Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year

2016/2017	2017/2018	2018/2019	2019/2020

   Assessment*      Assessment* 	Assessment*	 Projected Assessment* 

Administrative Assessment For Townhomes	$	190.98	$	178.21	$	270.44	$	273.91	
Maintenance Assessment For Townhomes	$	45.76	$	54.44	$	186.27	$	180.21	
2013 Loan Assessment For Townhomes	$	211.00	$	211.00	$	-	$	-	
Debt Assessment For Townhomes	$	665.45	$	667.56	$	654.45	$	655.74	
Total	$	1,113.19	$	1,111.21	$	1,111.16	$	1,109.86	

Administrative Assessment For Single Family Homes	$	190.98	$	178.21	$	270.44	$	273.91	
Maintenance Assessments For Single Family Homes	$	45.76	$	54.44	$	186.27	$	180.21	
2013 Loan Assessment For Single Family Homes	$	211.00	$	211.00	$	-	$	-	
Debt Assessment For Single Family Homes	$	1,287.14	$	1,291.22	$	1,265.85	$	1,268.35	
Total	$	1,734.88	$	1,734.87	$	1,722.56	$	1,722.47	

* 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	

2/25/2019 10:46 AM	IV