Century Gardens Village Community Development District

Proposed Budget For Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

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 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021 BUDGET	
Administrative Assessments	75,003	
Maintenance Assessments	48,218	
Debt Assessments	236,142	
Other Revenues	0	
Interest Income	300	
		
TOTAL REVENUES	$	359,663	
		
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	5,250	
TOTAL MAINTENANCE EXPENDITURES	$	45,325	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	3,000	
Payroll Taxes	230	
Management	32,448	
Legal	8,500	
Assessment Roll	7,500	
Audit Fees	3,300	
Insurance	6,000	
Legal Advertisements	900	
Miscellaneous	1,800	
Postage	400	
Office Supplies	450	
Dues & Subscriptions	175	
Trustee Fee	3,500	
Continuing Disclosure Fee	600	
Website Management	2,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$	70,803	
		
TOTAL EXPENDITURES	$	116,128	
		
REVENUES LESS EXPENDITURES	$	243,535	
		
Bond Payments	(221,973)	
		
BALANCE	$	21,562	
		
County Appraiser & Tax Collector Fee	(7,187)	
Discounts For Early Payments	(14,375)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

2/23/2020 12:38 PM	I

DETAILED PROPOSED BUDGET
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2018/2019 ACTUAL	
FISCAL YEAR 2019/2020 BUDGET	
FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	
Administrative Assessments	74,465	74,503	75,003	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	50,664	49,015	48,218	Expenditures/.94	
Debt Assessments	235,482	235,947	236,142	Bond Payments/.94	
Other Revenues	3,073	0	0		
Interest Income	265	300	300	Interest Estimated At $25 Per Month	
					
TOTAL REVENUES	$	363,949	$	359,765	$	359,663		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Engineering/Inspections	1,400	1,500	1,500	No Change From 2019/2020 Budget	
Street/Roadway Maintenance	10,605	17,200	17,200	No Change From 2019/2020 Budget	
Field Operations Management	1,800	1,800	1,800	No Change From 2019/2020 Budget	
Street/Roadway Restoration Project	0	15,950	15,950	No Change From 2019/2020 Budget	
Capital Improvements	0	3,625	3,625	No Change From 2019/2020 Budget	
Maintenance Contingency	6,221	6,000	5,250	$750 Decrease From 2019/2020 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	20,026	$	46,075	$	45,325		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	1,000	3,000	3,000	No Change From 2019/2020 Budget	
Payroll Taxes	76	230	230	Supervisor Fees * 7.65%	
Management	31,140	31,728	32,448	CPI Adjustment	
Legal	8,289	8,500	8,500	No Change From 2019/2020 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,200	3,200	3,300	$100 Increase From 2019/2020 Budget	
Insurance	5,000	6,250	6,000	Insurance Estimate	
Legal Advertisements	526	950	900	$50 Decrease From 2019/2020 Budget	
Miscellaneous	1,407	1,800	1,800	No Change From 2019/2020 Budget	
Postage	117	450	400	$50 Decrease From 2019/2020 Budget	
Office Supplies	360	450	450	No Change From 2019/2020 Budget	
Dues & Subscriptions	175	175	175	No Change From 2019/2020 Budget	
Trustee Fee	3,500	3,500	3,500	No Change From 2019/2020 Budget	
Continuing Disclosure Fee	600	600	600	No Change From 2019/2020 Budget	
Website Management	1,500	2,000	2,000	No Change From 2019/2020 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	64,390	$	70,333	$	70,803		
					
TOTAL EXPENDITURES	$	84,416	$	116,408	$	116,128		
					
REVENUES LESS EXPENDITURES	$	279,533	$	243,357	$	243,535		
					
Bond Payments	(224,862)	(221,790)	(221,973)	2021 P & I Payments Less Earned Interest	
					
BALANCE	$	54,671	$	21,567	$	21,562		
					
County Appraiser & Tax Collector Fee	(3,475)	(7,189)	(7,187)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(12,794)	(14,378)	(14,375)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	38,402	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	38,402	$	-	$	-		

2/23/2020 12:38 PM	II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 BUDGET	FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	

Interest Income	
5,184	
300	
400	
Projected Interest For FY 2020/2021	

NAV Tax Collection	
224,862	
221,790	
221,973	
2021 P & I Payments Less Earned Interest	

Total Revenues	
$	230,046	
$	222,090	
$	222,373		

EXPENDITURES					

Principal Payments	
85,000	
90,000	
95,000	
Principal Payment Due In 2021	

Interest Payments	
138,720	
132,090	
127,373	
Interest Payments Due In 2021	

Total Expenditures	
$	223,720	
$	222,090	
$	222,373		

Excess/ (Shortfall)	
$	6,326	
$	-	
$	-		

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 1/1/20 =	May 2037

$2,635,000			

2/23/2020 12:38 PM	III

Century Gardens Village Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year

2017/2018	2018/2019	2019/2020	2020/2021

  Assessment*	 Assessment* 	Assessment*	 Projected  Assessment*	

Administrative Assessment For Townhomes	$	178.21	$	270.44	$	273.91	$	275.75	
Maintenance Assessment For Townhomes	$	54.44	$	186.27	$	180.21	$	177.28	
2013 Loan Assessment For Townhomes	$	211.00	$	-	$	-	$	-	
Debt Assessment For Townhomes	$	667.56	$	654.45	$	655.74	$	656.29	

Total	
$	1,111.21	
$	1,111.16	
$	1,109.86	
$	
1,109.32	

Administrative Assessment For Single Family Homes	$	178.21	$	270.44	$	273.91	$	275.75	
Maintenance Assessments For Single Family Homes	$	54.44	$	186.27	$	180.21	$	177.28	
2013 Loan Assessment For Single Family Homes	$	211.00	$	-	$	-	$	-	
Debt Assessment For Single Family Homes	$	1,291.22	$	1,265.85	$	1,268.35	$	1,269.40	

Total	
$	1,734.87	
$	1,722.56	
$	1,722.47	
$	
1,722.43	

* 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	

2/23/2020 12:38 PM	IV