Century Gardens Village Community Development District

Final Budget For Fiscal Year 2017/2018
October 1, 2017 - September 30, 2018

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 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	
FISCAL YEAR 2017/2018 BUDGET	
Administrative Assessments	48,472	
Maintenance Assessments	14,809	
O&M Assessments - Loan	54,468	
Debt Assessments	240,200	
Other Revenues	0	
Interest Income	300	
		
TOTAL REVENUES	$	358,249	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Engineering/Inspections	1,200	
Street/Road Maintenance	7,800	
Field Operations Management	1,320	
Maintenance Contingency	3,600	
TOTAL MAINTENANCE EXPENDITURES	$	13,920	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	3,000	
Payroll Taxes	230	
Management	30,504	
Legal	8,500	
Assessment Roll	7,500	
Audit Fees	3,200	
Insurance	6,005	
Legal Advertisements	1,100	
Miscellaneous	1,600	
Postage	500	
Office Supplies	450	
Dues & Subscriptions	175	
Trustee Fee	3,500	
Continuing Disclosure Fee	1,500	
Website Management	1,500	
2013 Improvement Loan - Principal & Interest	51,200	
TOTAL ADMINISTRATIVE EXPENDITURES	$	120,464	
		
TOTAL EXPENDITURES	$	134,384	
		
REVENUES LESS EXPENDITURES	$	223,865	
		
Bond Payments	(225,788)	
		
BALANCE	$	(1,923)	
		
County Appraiser & Tax Collector Fee	(7,159)	
Discounts For Early Payments	(14,318)	
		
EXCESS/ (SHORTFALL)	$	(23,400)	
		
Carryover From Prior Year	23,400	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	
FISCAL YEAR 2015/2016 ACTUAL	
FISCAL YEAR 2016/2017 BUDGET	
FISCAL YEAR 2017/2018 BUDGET	

COMMENTS	
Administrative Assessments	58,362	51,947	48,472	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	8,944	12,447	14,809	Expenditures/.94	
O&M Assessments - Loan	57,446	57,319	54,468	2013 Loan Principal & Interest/.94	
Debt Assessments	238,296	239,441	240,200	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	328	240	300	Interest Estimated At $25 Per Month	
					
TOTAL REVENUES	$	363,376	$	361,394	$	358,249		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Engineering/Inspections	1,150	1,200	1,200	No Change From 2016/2017 Budget	
Street/Road Maintenance	2,993	6,900	7,800	$900 Increase From 2016/2017 Budget	
Field Operations Management	0	1,200	1,320	$120 Increase From 2016/2017 Budget	
Maintenance Contingency	0	2,400	3,600	$1,200 Increase From 2016/2017 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	4,143	$	11,700	$	13,920		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	200	2,800	3,000	$200 Increase From 2016/2017 Budget	
Payroll Taxes	73	215	230	Supervisor Fees * 7.65%	
Management	29,676	29,880	30,504	CPI Adjustment	
Legal	7,594	8,500	8,500	No Change From 2016/2017 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,000	3,100	3,200	Accepted Amount For 2016/2017 Audit	
Insurance	5,350	5,800	6,005	Insurance Company Estimate	
Legal Advertisements	636	1,200	1,100	$100 Decrease From 2016/2017 Budget	
Miscellaneous	684	1,500	1,600	$100 Increase From 2016/2017 Budget	
Postage	101	600	500	$100 Decrease From 2016/2017 Budget	
Office Supplies	345	450	450	No Change From 2016/2017 Budget	
Dues & Subscriptions	175	175	175	No Change From 2016/2017 Budget	
Trustee Fee	3,500	3,500	3,500	No Change From 2016/2017 Budget	
Continuing Disclosure Fee	1,500	1,500	1,500	No Change From 2016/2017 Budget	
Website Management	1,500	1,500	1,500	No Change From 2016/2017 Budget	
2013 Improvement Loan - Principal & Interest	54,924	53,880	51,200	2013 Loan - Principal & Interest	
TOTAL ADMINISTRATIVE EXPENDITURES	$	116,758	$	122,100	$	120,464		
					
TOTAL EXPENDITURES	$	120,901	$	133,800	$	134,384		
					
REVENUES LESS EXPENDITURES	$	242,475	$	227,594	$	223,865		
					
Bond Payments	(226,498)	(225,075)	(225,788)	2018 P & I Payments Less Earned Interest	
					
BALANCE	$	15,977	$	2,519	$	(1,923)		
					
County Appraiser & Tax Collector Fee	(3,506)	(7,223)	(7,159)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(12,378)	(14,446)	(14,318)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	93	$	(19,150)	$	(23,400)		
					
Carryover From Prior Year	0	19,150	23,400	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	93	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	FISCAL YEAR 2015/2016 ACTUAL	FISCAL YEAR 2016/2017 BUDGET	FISCAL YEAR 2017/2018 BUDGET	

COMMENTS	

Interest Income	
379	
20	
100	
Projected Interest For FY 2017/2018	

NAV Tax Collection	
226,498	
225,075	
225,788	
2018 P & I Payments Less Earned Interest	

Total Revenues	
$	226,877	
$	225,095	
$	225,888		

EXPENDITURES					

Principal Payments	
75,000	
80,000	
85,000	
Principal Payment Due In 2018	

Interest Payments	
150,960	
145,095	
140,888	
Interest Payments Due In 2018	

Total Expenditures	
$	225,960	
$	225,095	
$	225,888		

Excess/ (Shortfall)	
$	917	
$	-	
$	-		

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 =	May 2037			

Century Gardens Village Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
Projected	2014/2015	2015/2016	2016/2017	2017/2018
   Assessment Assessment* Assessment* Assessment* Projected Assessment* 

Administrative Assessment For Townhomes	$	287.00	$	216.92	$	211.49	$	190.98	$	178.21	
Maintenance Assessment For Townhomes	$	-	$	35.20	$	32.85	$	45.76	$	54.44	
2013 Loan Assessment For Townhomes	$	-	$	211.00	$	211.00	$	211.00	$	211.00	
Debt Assessment For Townhomes	$	670.00	$	658.34	$	662.27	$	665.45	$	667.56	
Total	$	957.00	$	1,121.46	$	1,117.61	$	1,113.19	$	1,111.21	

Administrative Assessment For Single Family Homes	$	287.00	$	216.92	$	211.49	$	190.98	$	178.21	
Maintenance Assessments For Single Family Homes	$	-	$	35.20	$	32.85	$	45.76	$	54.44	
2013 Loan Assessment For Single Family Homes	$	-	$	211.00	$	211.00	$	211.00	$	211.00	
Debt Assessment For Single Family Homes	$ 1,295.00	$	1,273.39	$	1,280.98	$	1,287.14	$	1,291.22	
Total	$ 1,582.00	$	1,736.51	$	1,736.32	$	1,734.88	$	1,734.87	

* 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