Majorca Isles Community Development District

Transcription

1 Revised Proposed Budget Fiscal Year 2018 Majorca Isles Community Development District June 2, 2018 PDMS FIRM L.L.C.

2 Majorca Isles Community Development District TABLE OF CONTENTS General Fund Budget Page 1 Narrative Page 23 Debt Service Fund Budget Page 4 Amortization Schedule Page 5

3 MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT Revised Adopted Actual Projected Total Proposed Budget Thru Next Projected Budget Description FY2017 6/10/ Months 9/30/2017 FY2018 Revenues Maintanance Assessments $150,412 $147,425 $2,987 $150,412 $304,475 Interest Income $250 $169 $110 $279 $250 Carry Froward Surplus $22,319 $26,249 $26,249 $26,651 TOTAL REVENUES $172,981 $173,843 $29,346 $150,691 $331,376 Expenditures Administrative Annual Audit $3,900 $276 $2,000 $2,000 $3,900 Arbitrage $1,250 $0 $521 $521 $1,250 Attorney $10,232 $7,732 $2,000 $9,732 $10,000 Computer Time $1,000 $667 $417 $1,083 $1,000 Dissemination $5,000 $7,250 $0 $7,250 $6,000 Dues, Licenses and Subscription $175 $191 $0 $191 $175 Engineering $1,035 $618 $0 $618 $1,966 FICA Expense $500 $367 $208 $576 $3,000 Insurance Expense $6,373 $1,870 $0 $1,870 $6,373 Legal Advertising $1,000 $499 $417 $915 $1,250 Management Fees $47,643 $35,070 $11,911 $46,981 $72,843 Office Supplies $250 $393 $143 $536 $600 Other Current Charges $500 $517 $208 $726 $500 Postage $850 $83 $150 $233 $420 Printing and Binding $1,000 $46 $150 $196 $240 Supervisor Fees $9,600 $3,939 $3,200 $7,139 $12,000 Telephone $150 $185 $38 $222 $150 Trustee Fees $5,000 $4,095 $4,095 $5,000 Website Compliance $500 $338 $125 $463 $500 Cabana Club House Operation $0 $0 $0 $0 $14,000 Community Outreach / Enhancement $0 $0 $0 $0 $42,000 TOTAL ADMINISTRATIVE $95,957 $64,135 $21,487 $85,347 $183,167 Field Miami Gardens Monitoring Fee $6,000 $0 $2,500 $2,500 $2,000 Security $46,562 $33,972 $11,641 $45,613 $102,000 Storm Water Drainage $0 $0 $0 $0 $4,800 Reserves $0 $0 $0 $0 $12,000 TOTAL FIELD 52,562 33,972 $14,141 $48,113 $120,800 TOTAL EXPENDITURES $148,519 $98,107 $35,628 $133,460 $303,967 EXCESS REVENUES/(EXPENDITURES) $24,462 $75,736 ($6,282) $17,231 $27,409 FY2014 FY2015 FY2016 FY2017 FY2018 Net Assessment $84,324 $84,324 $84,324 $150,412 $304,475 Plus collection fee and discount (5%) $4,438 $4,438 $4,438 $7,916 $16,025 Gross Assessment $88,762 $88,762 $88,762 $158,328 $320,500 No. of Units Net Per Unit Assessment $ $ $ $ $ Gross Per Unit Assessment $ $ $ $ $500.00

4 REVENUES: MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT PROPOSED GENERAL FUND BUDGET FISCAL YEAR 2018 Special Assessments The District will mail a non advalorem special assessment notice to all taxable property owners within the District to fund the General Operating Expenditures for the fiscal year. EXPENDITURES: Administrative: Supervisor Fees The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon all five supervisors attending the estimated 12 annual meetings. FICA Expense Represents the Employer's share of Social Security Engineering Fees The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc. Arbitrage The District is required to have an annual arbitrage rebate calculation on the District s Bonds. The District will contract with an independent auditing firm to perform the calculations. Dissemination The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)12(b)(5), which relates to additional reporting requirements for unrated bond issues. Attorney The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc. Annual Audit The District is required to annually conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The fee is based on similar Community Development Districts and includes the GASB 34 pronouncement. Trustee Fees The District issued Series 2015A Special Assessment Revenue Bonds which are held with a Trustee at US Bank. The amount of the trustee fees is based on the agreement between US Bank and the District. Management Fees The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services South Florida, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

5 MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT PROPOSED GENERAL FUND BUDGET FISCAL YEAR 2018 Computer Time The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a Server which includes remote cloud back up facilities for data redundancy. Telephone Telephone and fax machine Postage Mailing of agenda packages, overnight deliveries, correspondence, etc. Printing & Binding Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc. Insurance The District will obtain a General Liability & Public Officials Liability Insurance policy with a firm that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts. Legal Advertising The District is required to advertise various notices for monthly Board meetings, public hearings etc in a newspaper of general circulation. Other Current Charges Bank charges and any other miscellaneous expenses that incurred during the year. Office Supplies Miscellaneous office supplies. Dues, Licenses & Subscriptions The District is required to pay an annual fee to the Department of Economic Opportunity for $175. Website Compliance Per Section F.S., all Districts must have a website by October 1, 2015 to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by PDMSFIRM, LLC and updated as required by the Statute. Miami Gardens Monitoring Fee The City Council for the City of Miami Gardens imposes an annual monitoring fee for each Community Development District that is located wholly within the boundaries of the City of Miami Gardens, in the amount of $1,000 per Community Development District, or $10.00 per residential unit, whichever is greater. Security Private security patrol throughout the community. Stormwater Drainage Maintenance Storm Drain Cleaning for all Storm Drains throughout the District.

6 Cabana Club HousePool Operation Staffing and Operation of Cabana Clubhouse and Pool Community outreach and enhancement Allocation to assist with District outreach and owner programs including District beautification

7 Majorca Isles Community Development District Debt Service Fund Series 2015 Special Assessment Revenue Bonds Adopted Actual Projected Total Proposed Budget Thru Next Projected Budget Description FY2017 5/31/ Months 9/30/2017 FY2018 Revenues Special Assessment A Bonds $461,431 $452,275 $9,156 $461,431 $462,181 Interest Income $0 $68 $35 $0 Carry Forward Surplus (1) $183,610 $143,535 $143,535 $143,535 TOTAL REVENUES $645,041 $452,343 $152,726 $604,966 $605,716 Expenditures Series 2015 Interest 11/01 $183,466 $183,466 $0 $0 $181,091 Interest 5/01 $183,466 $183,466 $0 $0 $181,091 Principal 05/01 $95,000 $95,000 $0 $0 $100,000 TOTAL EXPENDITURES $461,931 $461,931 $0 $0 $462,181 Other Sources and Uses Interfeund Transfer In/(Out) $0 $1,036 $1,036 $0 TOTAL OTHER SOURCES AND USES $0 $1,036 $1,036 $0 $0 EXCESS REVENUES (2) $183,110 $9,588 $152,726 $604,966 $143,535 Interest Expense 2015A 11/1/17 $181,091 Gross Annual Parcel Unit Count Assessment Total Sincelg Family 51 $850 $55,939 Townhome 590 $750 $588,147 Total 641 $644,086 Net Assessment $461,471 Plus collection fees & Discounts (5%) $24,288 Gross Assessment $485,759 (1) Carry Surplus is net of the reserve requirement (2) Capitialized Interest thru November 1, 2017

8 Majorca Isles Amortization Schedule Community Development District Series 2015, Special Assessment Bonds (1) DATE BALANCE PRINCIPAL INTEREST TOTAL 11/01/15 $ 6,725,000 $ $ 89, $ 89, /01/16 $ 6,725,000 $ $ 183, $ 11/01/16 $ 6,725,000 $ $ 183, $ 366, /01/17 $ 6,725,000 $ 95, $ 183, $ 11/01/17 $ 6,630,000 $ $ 181, $ 459, /01/18 $ 6,630,000 $ 100, $ 181, $ 11/01/18 $ 6,530,000 $ $ 178, $ 459, /01/19 $ 6,530,000 $ 105, $ 178, $ 11/01/19 $ 6,425,000 $ $ 175, $ 459, /01/20 $ 6,425,000 $ 110, $ 175, $ 11/01/20 $ 6,315,000 $ $ 173, $ 459, /01/21 $ 6,315,000 $ 115, $ 173, $ 11/01/21 $ 6,200,000 $ $ 170, $ 458, /01/22 $ 6,200,000 $ 120, $ 170, $ 11/01/22 $ 6,080,000 $ $ 167, $ 457, /01/23 $ 6,080,000 $ 130, $ 167, $ 11/01/23 $ 5,950,000 $ $ 164, $ 461, /01/24 $ 5,950,000 $ 135, $ 164, $ 11/01/24 $ 5,815,000 $ $ 160, $ 459, /01/25 $ 5,815,000 $ 140, $ 160, $ 11/01/25 $ 5,675,000 $ $ 157, $ 457, /01/26 $ 5,675,000 $ 150, $ 157, $ 11/01/26 $ 5,525,000 $ $ 153, $ 460, /01/27 $ 5,525,000 $ 155, $ 153, $ 11/01/27 $ 5,370,000 $ $ 149, $ 457, /01/28 $ 5,370,000 $ 165, $ 149, $ 11/01/28 $ 5,205,000 $ $ 144, $ 458, /01/29 $ 5,205,000 $ 175, $ 144, $ 11/01/29 $ 5,030,000 $ $ 139, $ 459, /01/30 $ 5,030,000 $ 185, $ 139, $ 11/01/30 $ 4,845,000 $ $ 134, $ 459, /01/31 $ 4,845,000 $ 195, $ 134, $ 11/01/31 $ 4,650,000 $ $ 129, $ 459, /01/32 $ 4,650,000 $ 205, $ 129, $ 11/01/32 $ 4,445,000 $ $ 124, $ 458, /01/33 $ 4,445,000 $ 215, $ 124, $ 11/01/33 $ 4,230,000 $ $ 118, $ 457, /01/34 $ 4,230,000 $ 230, $ 118, $ 11/01/34 $ 4,000,000 $ $ 112, $ 460, /01/35 $ 4,000,000 $ 240, $ 112, $ 11/01/35 $ 3,760,000 $ $ 105, $ 457, /01/36 $ 3,760,000 $ 255, $ 105, $ 11/01/36 $ 3,505,000 $ $ 98, $ 459, /01/37 $ 3,505,000 $ 270, $ 98, $ 11/01/37 $ 3,235,000 $ $ 90, $ 459, /01/38 $ 3,235,000 $ 285, $ 90, $ 11/01/38 $ 2,950,000 $ $ 82, $ 458, /01/39 $ 2,950,000 $ 300, $ 82, $ 11/01/39 $ 2,650,000 $ $ 74, $ 457, /01/40 $ 2,650,000 $ 320, $ 74, $ 11/01/40 $ 2,330,000 $ $ 65, $ 460, /01/41 $ 2,330,000 $ 335, $ 65, $ 11/01/41 $ 1,995,000 $ $ 56, $ 456, /01/42 $ 1,995,000 $ 355, $ 56, $ 11/01/42 $ 1,640,000 $ $ 46, $ 457, /01/43 $ 1,640,000 $ 375, $ 46, $ 11/01/43 $ 1,265,000 $ $ 35, $ 456, /01/44 $ 1,265,000 $ 400, $ 35, $ 11/01/44 $ 865,000 $ $ 24, $ 459, /01/45 $ 865,000 $ 420, $ 24, $ 11/01/45 $ 445,000 $ $ 12, $ 456, /01/46 $ 445,000 $ 445, $ 12, $ 457, (1) Total $ 6,725,000 $ 6,214, $ 9,179, Please note that the Series 2015 Special Assessment Revenue Bonds has 3 maturities. Page 5