Century Gardens At Tamiami 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 (SERIES 2007/2016) IV	DETAILED FINAL DEBT SERVICE FUND BUDGET (SERIES 2014)
V	ASSESSMENT COMPARISON

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

REVENUES	
FISCAL YEAR 2017/2018
BUDGET		
Administrative Assessments	51,820	
Maintenance Assessments	38,926	
Debt Assessments (Series 2007/2016)	433,803	
Debt Assessments (Series 2014)	426,755	
Other Revenue	0	
Interest Income	420	
		
TOTAL REVENUES	$	951,724	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Engineering - Annual Report/Inspections	1,750	
Park Maintenance - Lawn & Landscape Service (Includes Mulch)	15,000	
Brick Paver Maintenance	0	
Street/Roadway & Stormwater System Maintenance	6,000	
Irrigation System Pump Station Maintenance	2,400	
FPL Power	1,800	
Entrance Feature(s) Signage Maintenance	3,600	
Field Operation Management	840	
Miscellaneous Maintenance	5,200	
TOTAL MAINTENANCE EXPENDITURES	$	36,590	
		
ADMINISTRATIVE ASSESSMENTS		
Supervisor Fees	1,500	
Payroll Taxes - Employer	115	
Management	29,616	
Legal	9,000	
Assessment Roll	7,500	
Audit Fees	3,400	
Arbitrage Rebate Fee (Series 2007/2016)	650	
Arbitrage Rebate Fee (Series 2014)	650	
Insurance	6,150	
Legal Advertisements	850	
Miscellaneous	900	
Postage	325	
Office Supplies	550	
Dues & Subscriptions	175	
Trustee Fee (Series 2007/2016)	3,750	
Trustee Fee (Series 2014)	4,500	
Continuing Disclosure Fee (Series 2007/2016)	500	
Continuing Disclosure Fee (Series 2014)	500	
Website Management	1,500	
TOTAL ADMINISTRATIVE EXPENDITURES	$	72,131	
		
TOTAL EXPENDITURES	$	108,721	
		
EXCESS/ (SHORTFALL)	$	843,003	
		
Bond Payments (Series 2007/2016)	(407,775)	
Bond Payments (Series 2014)	(401,150)	
		
BALANCE	$	34,078	
		
County Appraiser & Tax Collector Fee	(19,026)	
Discounts For Early Payments	(38,052)	
		
NET EXCESS/ (SHORTFALL)	$	(23,000)	
		
Carryover From Prior Year	23,000	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
CENTURY GARDENS AT TAMIAMI 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	78,027	57,125	51,820	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	17,036	34,755	38,926	Expenditures/.94	
Debt Assessments (Series 2007/2016)	544,793	431,966	433,803	Payment To Trustee/.94	
Debt Assessments (Series 2014)	433,039	426,090	426,755	Payment To Trustee/.94	
Other Revenue	0	0	0	Other Revenue	
Interest Income	535	360	420	Interest Estimated At $35 Per Month	
					
TOTAL REVENUES	$	1,073,430	$	950,296	$	951,724		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Engineering - Annual Report/Inspections	4,386	1,750	1,750	No Change From 2016/2017 Budget	
Park Maintenance - Lawn & Landscape Service (Includes Mulch)	5,040	13,200	15,000	$1,800 Increase From 2016/2017 Budget	
Brick Paver Maintenance	0	1,000	0	Line Item Eliminated	
Street/Roadway & Stormwater System Maintenance	0	6,000	6,000	No Change From 2016/2017 Budget	
Irrigation System Pump Station Maintenance	0	1,800	2,400	$600 Increase From 2016/2017 Budget	
FPL Power	0	1,800	1,800	No Change From 2016/2017 Budget	
Entrance Feature(s) Signage Maintenance	0	2,500	3,600	$1,100 Increase From 2016/2017 Budget	
Field Operation Management	0	720	840	$120 Increase From 2016/2017 Budget	
Miscellaneous Maintenance	0	3,900	5,200	$1,300 Increase From 2016/2017 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	9,426	$	32,670	$	36,590		
					
ADMINISTRATIVE ASSESSMENTS					
Supervisor Fees	0	1,250	1,500	$250 Increase From 2016/2017 Budget	
Payroll Taxes - Employer	0	96	115	Supervisor Fees * 7.65%	
Management	28,824	29,016	29,616	CPI Adjustment	
Legal	11,539	9,000	9,000	No Change From 2016/2017 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,700	3,700	3,400	$300 Decrease From 2016/2017 Budget	
Arbitrage Rebate Fee (Series 2007/2016)	650	650	650	No Change From 2016/2017 Budget	
Arbitrage Rebate Fee (Series 2014)	650	650	650	No Change From 2016/2017 Budget	
Insurance	5,350	6,150	6,150	No Change From 2016/2017 Budget	
Legal Advertisements	465	850	850	No Change From 2016/2017 Budget	
Miscellaneous	312	750	900	$150 Increase From 2016/2017 Budget	
Postage	181	350	325	$25 Decrease From 2016/2017 Budget	
Office Supplies	602	550	550	No Change From 2016/2017 Budget	
Dues & Subscriptions	175	175	175	No Change From 2016/2017 Budget	
Trustee Fee (Series 2007/2016)	3,709	3,750	3,750	No Change From 2016/2017 Budget	
Trustee Fee (Series 2014)	4,500	4,500	4,500	No Change From 2016/2017 Budget	
Continuing Disclosure Fee (Series 2007/2016)	500	500	500	No Change From 2016/2017 Budget	
Continuing Disclosure Fee (Series 2014)	500	1,000	500	No Change From 2016/2017 Budget	
Website Management	1,500	1,500	1,500	No Change From 2016/2017 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	70,657	$	71,937	$	72,131		
					
TOTAL EXPENDITURES	$	80,083	$	104,607	$	108,721		
					
EXCESS/ (SHORTFALL)	$	993,347	$	845,689	$	843,003		
					
Bond Payments (Series 2007/2016)	(516,369)	(406,048)	(407,775)	2018 P & I Payments Less Earned Interest	
Bond Payments (Series 2014)	(413,392)	(400,525)	(401,150)	2018 P & I Payments Less Earned Interest	
					
BALANCE	$	63,586	$	39,116	$	34,078		
					
County Appraiser & Tax Collector Fee	(10,350)	(18,999)	(19,026)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(37,821)	(37,997)	(38,052)	Four Percent Of Total Assessment Roll	
					
NET EXCESS/ (SHORTFALL)	$	15,415	$	(17,880)	$	(23,000)		
					
Carryover From Prior Year	0	17,880	23,000	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	15,415	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND (SERIES 2007/2016) BUDGET
CENTURY GARDENS AT TAMIAMI 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	
653	
0	
25	
Projected Interest For 2017/2018	

NAV Tax Collection	
516,369	
406,048	
407,775	

2018 P & I Payments Less Earned Interest	

Total Revenues	
$	
517,022	
$	
406,048	
$	
407,800		

EXPENDITURES					

Principal Payments	
135,000	
170,000	
210,000	
Principal Payment Due In 2018	

Interest Payments	
380,313	
236,048	
197,800	
Interest Payments Due In 2018	

Total Expenditures	
$	
515,313	
$	
406,048	
$	
407,800		

Excess/ (Shortfall)	
$	
1,709	
$	
-	
$	
-		

Series 2016 Bond Refunding Information

Original Par Amount =	$5,860,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	2.00% - 4.25%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	August 2036			
Maturity Date =	May 2037			

DETAILED FINAL DEBT SERVICE FUND (SERIES 2014) BUDGET
CENTURY GARDENS AT TAMIAMI 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	
490	
25	
25	
Projected Interest For 2017/2018	

Payment By Developer	
203,475	
0	
0		

NAV Tax Collection	
413,392	
400,525	
401,125	

2018 P & I Payments Less Earned Interest	

Total Revenues	
$	
617,357	
$	
400,550	
$	
401,150		

EXPENDITURES					

Principal Payments	
55,000	
110,000	
115,000	
Principal Payment Due In 2018	

Interest Payments	
295,850	
290,550	
286,150	
Interest Payments Due In 2018	

Total Expenditures	
$	
350,850	
$	
400,550	
$	
401,150		

Excess/ (Shortfall)	
$	
266,507	
$	
-	
$	
-		

Series 2014 Bond Information

Original Par Amount =	$6,175,000	Annual Principal Payments Due =	November 1st	
Interest Rate =	4.00% - 5.00%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	September 2014			
Maturity Date =	November 2044			

Century Gardens At Tamiami Community Development District Assessment Comparison

Original Units

Original	Series 2016	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
Projected	Maximum	2014/2015	2015/2016	2016/2017	2017/2018
Assessment	Debt Assessment	Assessment	Assessment	Assessment	Refunding  Assessment
Before Discount*	Before Discount*	Before Discount*	Before Discount*	Before Discount*	Before Discount*

Administrative Assessment For 22' Townhomes	$ Maintenance Assessment For 22' Townhomes	$
Debt Assessment For 22' Townhomes	$ 
Total	$

-	$
-	$
-	$ 
1,062.50	$

-	$
-	$
719.47	$ 
719.47	$

113.65	$
17.46	$
888.46	$ 
1,019.57	$

90.55	$
17.12	$
891.64	$ 
999.31	$

67.68	$
39.92	$
719.47	$
827.07	$

61.40
46.12
719.47
826.99

Administrative Assessment For 30' Townhomes	$	-	$	-	$	113.65	$	90.55	$	67.68	$	61.40	
Maintenance Assessment For 30' Townhomes	$	-	$	-	$	17.46	$	17.12	$	39.92	$	46.12	
Debt Assessment For 30' Townhomes	$ 	- 	$ 	873.67	$ 	1,077.67	$ 	1,081.53	$ 	873.67	$	873.67	

Total

$	1,250.00	$

873.67	$

1,208.78	$

1,189.20	$

981.27	$

981.19

Administrative Assessment For Single Family Homes	
$	
-	
$	
-	
$	
113.65	
$	
90.55	
$	
67.68	
$	61.40	
Maintenance Assessment For Single Family Homes	$	-	$	-	$	17.46	$	17.12	$	39.92	$	46.12	
Debt Assessment For Single Family Homes	$ 	- 	$ 	1,284.79	$ 	1,586.54	$ 	1,595.75	$ 	1,284.79	$	1,284.79	

Total

$	1,750.00	$

1,284.79	$

1,717.65	$

1,703.42	$

1,392.39	$

1,392.31

Expansion Area Units Administrative Assessment For Villas	

$	

-	

$	

-	

$	

-	

$	

90.55	

$	

67.68	

$	61.40	
Maintenance Assessment For Villas	$	-	$	-	$	-	$	23.44	$	42.59	$	46.12	
Debt Assessment For Villas	$ 	- 	$ 	- 	$ 	- 	$ 	744.68	$ 	744.68	$	744.68	
Total	$	744.68	$	-	$	-	$	858.67	$	854.95	$	852.20	

Administrative Assessment For Townhomes	
$	
-	
$	
-	
$	
-	
$	
90.55	
$	
67.68	
$	61.40	
Maintenance Assessment For Townhomes	$	-	$	-	$	-	$	23.44	$	42.59	$	46.12	
Debt Assessment For Townhomes	$ 	- 	$ 	- 	$ 	- 	$ 	944.68	$ 	944.68	$	944.68	
Total	$	944.68	$	-	$	-	$	1,058.67	$	1,054.95	$	1,052.20	

Administrative Assessment For Single Family Homes	
$	
-	
$	
-	
$	
-	
$	
90.55	
$	
67.68	
$	61.40	
Maintenance Assessment For Single Family Homes	$	-	$	-	$	-	$	23.44	$	42.59	$	46.12	
Debt Assessment For Single Family Homes	$ 	- 	$ 	- 	$ 	- 	$ 	1,595.75	$ 	1,595.75	$	1,595.75	
Total	$	1,595.75	$	-	$	-	$	1,709.74	$	1,706.02	$	1,703.27	

* Assessments Include the Following :  4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee		
** Assessments Include the Following :  1% County Tax Collector Fee
1% County Property Appraiser Fee	
Community Information:			
Original Units
22' Townhomes	
188		
30' Townhomes	67		
Single Family Homes	191		
Total Original Units	446		
Expansion Area Units Villas	
160		
Townhomes	101		
Single Family Homes	137		
Total Expansion Area Units	398		
Total Units Original Units	
446		
Expansion Area Units	398		
Total Units	844		

6/10/2017 1:36 PM	V