Century Gardens Village Community Development District

Proposed Budget For Fiscal Year 2021/2022
October 1, 2021 - September 30, 2022

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 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2021/2022 BUDGET	
Administrative Assessments	75,263	
Maintenance Assessments	66,106	
Debt Assessments	212,048	
Other Revenues	0	
Interest Income	300	
		
TOTAL REVENUES	$	353,717	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Engineering/Inspections	1,500	
Street/Roadway Maintenance	17,200	
Field Operations Management	1,800	
Miscellaneous Community Projects	32,765	
Capital Improvements	3,625	
Maintenance Contingency	5,250	
TOTAL MAINTENANCE EXPENDITURES	$	62,140	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	3,000	
Payroll Taxes	230	
Management	32,892	
Legal	8,500	
Assessment Roll	7,500	
Audit Fees	3,200	
Insurance	6,000	
Legal Advertisements	850	
Miscellaneous	1,800	
Postage	375	
Office Supplies	425	
Dues & Subscriptions	175	
Trustee Fee	3,500	
Continuing Disclosure Fee	600	
Website Management	2,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$	71,047	
		
TOTAL EXPENDITURES	$	133,187	
		
REVENUES LESS EXPENDITURES	$	220,530	
		
Bond Payments	(199,325)	
		
BALANCE	$	21,205	
		
County Appraiser & Tax Collector Fee	(7,068)	
Discounts For Early Payments	(14,137)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

3/5/2021 9:01 AM	I

DETAILED PROPOSED BUDGET
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2019/2020 ACTUAL	
FISCAL YEAR 2020/2021 BUDGET	
FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	
Administrative Assessments	75,554	75,003	75,263	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	49,015	48,218	66,106	Expenditures/.94	
Debt Assessments	235,947	236,142	212,048	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	433	300	300	Interest Estimated At $25 Per Month	
					
TOTAL REVENUES	$	360,949	$	359,663	$	353,717		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Engineering/Inspections	975	1,500	1,500	No Change From 2020/2021 Budget	
Street/Roadway Maintenance	0	17,200	17,200	No Change From 2020/2021 Budget	
Field Operations Management	1,800	1,800	1,800	No Change From 2020/2021 Budget	
Miscellaneous Community Projects	6,850	15,950	32,765	Miscellaneous Community Projects	
Capital Improvements	0	3,625	3,625	No Change From 2020/2021 Budget	
Maintenance Contingency	6,800	5,250	5,250	No Change From 2020/2021 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	16,425	$	45,325	$	62,140		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	1,600	3,000	3,000	No Change From 2020/2021 Budget	
Payroll Taxes	122	230	230	Supervisor Fees * 7.65%	
Management	31,728	32,448	32,892	CPI Adjustment	
Legal	8,175	8,500	8,500	No Change From 2020/2021 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,200	3,300	3,200	Excepted Amount For 2020/2021 Audit	
Insurance	5,251	6,000	6,000	Insurance Estimate	
Legal Advertisements	620	900	850	$50 Decrease From 2020/2021 Budget	
Miscellaneous	800	1,800	1,800	No Change From 2020/2021 Budget	
Postage	84	400	375	$25 Decrease From 2020/2021 Budget	
Office Supplies	274	450	425	$25 Decrease From 2020/2021 Budget	
Dues & Subscriptions	175	175	175	No Change From 2020/2021 Budget	
Trustee Fee	3,500	3,500	3,500	No Change From 2020/2021 Budget	
Continuing Disclosure Fee	600	600	600	No Change From 2020/2021 Budget	
Website Management	2,000	2,000	2,000	No Change From 2020/2021 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	65,629	$	70,803	$	71,047		
					
TOTAL EXPENDITURES	$	82,054	$	116,128	$	133,187		
					
REVENUES LESS EXPENDITURES	$	278,895	$	243,535	$	220,530		
					
Bond Payments	(225,450)	(221,973)	(199,325)	2022 P & I Payments Less Earned Interest	
					
BALANCE	$	53,445	$	21,562	$	21,205		
					
County Appraiser & Tax Collector Fee	(3,477)	(7,187)	(7,068)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(12,565)	(14,375)	(14,137)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	37,403	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	37,403	$	-	$	-		

3/5/2021 9:01 AM	II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
CENTURY GARDENS VILLAGE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	FISCAL YEAR 2019/2020 ACTUAL	FISCAL YEAR 2020/2021 BUDGET	FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	

Interest Income	
2,148	
400	
25	
Projected Interest For FY 2021/2022	

NAV Tax Collection	
225,450	
221,973	
199,325	
Maximum Debt Service Collection	

Total Revenues	
$	227,598	
$	222,373	
$	199,350		

EXPENDITURES					

Principal Payments	
90,000	
95,000	
110,000	
Principal Payment Due In 2022	

Interest Payments	
134,385	
127,373	
83,395	
Interest Payments Due In 2022	

Bond Redemption	
35,000	
0	
5,955	
Estimated Excess Debt Collections	

Total Expenditures	
$	259,385	
$	222,373	
$	199,350		

Excess/ (Shortfall)	
$	(31,787)	
$	-	
$	-		

Series 2020 Bond Refunding Information

Original Par Amount =	$2,469,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	3.00% - 4.00%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	December 2020			
Maturity Date =

Par Amount As Of 1/1/21 =	May 2037

$2,469,000			

3/5/2021 9:01 AM	III

Century Gardens Village Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year

2018/2019	2019/2020	2020/2021	2021/2022

  Assessment*	Assessment*	Assessment*	Projected Assessment* 

Administrative Assessment For Townhomes	$	270.44	$	273.91	$	275.75	$	276.71	
Maintenance Assessment For Townhomes	$	186.27	$	180.21	$	177.28	$	243.05	
Debt Assessment For Townhomes	$	654.45	$	655.74	$	656.29	$	589.54	

Total	
$	
1,111.16	
$	
1,109.86	
$	
1,109.32	
$	
1,109.30	

Administrative Assessment For Single Family Homes	$	270.44	$	273.91	$	275.75	$	276.71	
Maintenance Assessments For Single Family Homes	$	186.27	$	180.21	$	177.28	$	243.05	
Debt Assessment For Single Family Homes	$	1,265.85	$	1,268.35	$	1,269.40	$	1,139.47	

Total	
$	1,722.56	
$	
1,722.47	
$	
1,722.43	
$	
1,659.23	

* 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	

3/5/2021 9:01 AM	IV