Century Gardens At Tamiami Community Development District

Final Budget For Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL EXPANSION AREA 2018 PROJECT BUDGET (CLUBHOUSE)

DETAILED FINAL DEBT SERVICE FUND BUDGET (SERIES 2014) V      DETAILED FINAL DEBT SERVICE FUND BUDGET (SERIES 2016) VI    DETAILED FINAL DEBT SERVICE FUND BUDGET (SERIES 2017) VII       ASSESSMENT COMPARISON

FINAL BUDGET
CENTURY GARDENS AT TAMIAMI COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019 BUDGET	
Administrative Assessments	53,934	
Maintenance Assessments	41,053	
Clubhouse Assessments	649,679	
Debt Assessments (Series 2014 - Expansion Area)	431,583	
Debt Assessments (Series 2016 - Original Units)	439,191	
Debt Assessments (Series 2017 - Townhomes)	42,452	
Other Revenue	0	
Interest Income	420	
		
TOTAL REVENUES	$		1,658,312	
		
EXPENDITURES		
MAINTENANCE  EXPENDITURES		
Engineering - Annual Report/Inspections	1,750	
Park Maintenance - Lawn & Landscape Service (Includes Mulch)	15,000	
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	6,000	
Maintenance Contingency	1,200	
TOTAL MAINTENANCE EXPENDITURES	$		38,590	
		
TOTAL CLUBHOUSE EXPENDITURES	$		610,698	
		
ADMINISTRATIVE ASSESSMENTS		
Supervisor Fees	1,500	
Payroll Taxes - Employer	115	
Management	30,228	
Legal	9,000	
Assessment Roll	7,500	
Audit Fees	4,000	
Arbitrage Rebate Fees (Series 2014)	650	
Arbitrage Rebate Fee (Series 2016)	650	
Arbitrage Rebate Fee (Series 2017)	0	
Insurance	6,325	
Legal Advertisements	800	
Miscellaneous	900	
Postage	325	
Office Supplies	600	
Dues & Subscriptions	175	
Trustee Fee (Series 2014)	4,500	
Trustee Fee (Series 2016)	4,100	
Trustee Fee (Series 2017)	3,250	
Continuing Disclosure Fee (Series 2007/2016)	500	
Continuing Disclosure Fee (Series 2014)	500	
Continuing Disclosure Fee (Series 2017)	500	
Website Management	1,500	
Administrative Contingency	1,200	
TOTAL ADMINISTRATIVE EXPENDITURES	$		78,818	
		
TOTAL EXPENDITURES	$		728,106	
		
EXCESS/ (SHORTFALL)	$		930,206	
		
Bond Payments (Series 2014 - Expansion Units)	(405,688)	
Bond Payments (Series 2016 - Original Units)	(412,839)	
Bond Payments (Series 2017 - Townhomes)	(39,905)	
		
BALANCE	$		71,774	
		
County Appraiser & Tax Collector Fee	(33,158)	
Discounts For Early Payments	(66,316)	
		
NET EXCESS/ (SHORTFALL)	$		(27,700)	
		
Carryover From Prior Year	27,700	
		
NET EXCESS/ (SHORTFALL)	$		-	

DETAILED FINAL BUDGET
CENTURY GARDENS AT TAMIAMI COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2016/2017 ACTUAL	
FISCAL YEAR 2017/2018 BUDGET	
FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	
Administrative Assessments	58,047	51,820	53,934	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	34,762	38,926	41,053	Expenditures/.94	
Clubhouse Assessments	0	0	649,679	Expenditures/.94	
Debt Assessments (Series 2014 - Expansion Area)	433,220	426,755	431,583	Payment To Trustee/.94	
Debt Assessments (Series 2016 - Original Units)	439,131	433,803	439,191	Payment To Trustee/.94	
Debt Assessments (Series 2017 - Townhomes)	0	0	42,452	Payment To Trustee/.94	
Other Revenue	1,400	0	0	Other Revenue	
Interest Income	494	420	420	Interest Estimated At $35 Per Month	
					
TOTAL REVENUES	$	967,054	$	951,724	$	1,658,312		
					
EXPENDITURES					
MAINTENANCE  EXPENDITURES					
Engineering - Annual Report/Inspections	2,500	1,750	1,750	No Change From 2017/2018 Budget	
Park Maintenance - Lawn & Landscape Service (Includes Mulch)	4,135	15,000	15,000	No Change From 2017/2018 Budget	
Street/Roadway & Stormwater System Maintenance	0	6,000	6,000	No Change From 2017/2018 Budget	
Irrigation System Pump Station Maintenance	0	2,400	2,400	No Change From 2017/2018 Budget	
FPL Power	0	1,800	1,800	No Change From 2017/2018 Budget	
Entrance Feature(s) Signage Maintenance	0	3,600	3,600	No Change From 2017/2018 Budget	
Field Operation Management	0	840	840	No Change From 2017/2018 Budget	
Miscellaneous Maintenance	5,701	5,200	6,000	$800 Increase From 2017/2018 Budget	
Maintenance Contingency	0	0	1,200	Maintenance Contingency	
TOTAL MAINTENANCE EXPENDITURES	$	12,336	$	36,590	$	38,590		
					
TOTAL CLUBHOUSE EXPENDITURES	$	-	$	-	$	610,698		
					
ADMINISTRATIVE  ASSESSMENTS					
Supervisor Fees	0	1,500	1,500	No Change From 2017/2018 Budget	
Payroll Taxes - Employer	0	115	115	Supervisor Fees * 7.65%	
Management	29,016	29,616	30,228	CPI Adjustment	
Legal	9,031	9,000	9,000	No Change From 2017/2018 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,500	3,400	4,000	May Increase Due To Additional Bond Issues	
Arbitrage Rebate Fees (Series 2014)	650	650	650	No Change From 2017/2018 Budget	
Arbitrage Rebate Fee (Series 2016)	1,950	650	650	No Change From 2017/2018 Budget	
Arbitrage Rebate Fee (Series 2017)	0	0	0	Qualifies For The Small User Exception	
Insurance	5,457	6,150	6,325	Insurance Company Exception	
Legal Advertisements	2,052	850	800	$50 Decrease From 2017/2018 Budget	
Miscellaneous	105	900	900	No Change From 2017/2018 Budget	
Postage	236	325	325	No Change From 2017/2018 Budget	
Office Supplies	753	550	600	$50 Increase From 2017/2018 Budget	
Dues & Subscriptions	175	175	175	No Change From 2017/2018 Budget	
Trustee Fee (Series 2014)	4,500	4,500	4,500	No Change From 2017/2018 Budget	
Trustee Fee (Series 2016)	0	3,750	4,100	Trustee (US Bank) Increasing Fees In 2018/2019	
Trustee Fee (Series 2017)	0	0	3,250	First Year Of Expenditure	
Continuing Disclosure Fee (Series 2007/2016)	500	500	500	No Change From 2017/2018 Budget	
Continuing Disclosure Fee (Series 2014)	500	500	500	No Change From 2017/2018 Budget	
Continuing Disclosure Fee (Series 2017)	0	0	500	First Year Of Expenditure	
Website Management	1,500	1,500	1,500	No Change From 2017/2018 Budget	
Administrative Contingency	0	0	1,200	Administrative Contingency	
TOTAL ADMINISTRATIVE EXPENDITURES	$	67,425	$	72,131	$	78,818		
					
TOTAL EXPENDITURES	$	79,761	$	108,721	$	728,106		
					
EXCESS/ (SHORTFALL)	$	887,293	$	843,003	$	930,206		
					
Bond Payments (Series 2014 - Expansion Units)	(412,942)	(401,150)	(405,688)	2019 P & I Payments Less Earned Interest	
Bond Payments (Series 2016 - Original Units)	(418,905)	(407,775)	(412,839)	2019 P & I Payments Less Earned Interest	
Bond Payments (Series 2017 - Townhomes)	0	0	(39,905)	2019 P & I Payments Less Earned Interest	
					
BALANCE	$	55,446	$	34,078	$	71,774		
					
County Appraiser & Tax Collector Fee	(10,783)	(19,026)	(33,158)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(33,986)	(38,052)	(66,316)	Four Percent Of Total Assessment Roll	
					
NET EXCESS/ (SHORTFALL)	$	10,677	$	(23,000)	$	(27,700)		
					
Carryover From Prior Year	0	23,000	27,700	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	10,677	$	-	$	-		

DETAILED FINAL EXPANSION AREA 2018 PROJECT BUDGET (CLUBHOUSE)
CENTURY GARDENS AT TAMIAMI COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

CLUBHOUSE OPERATIONS & MAINTENANCE EXPENDITURES	

FISCAL YEAR 2016/2017 ACTUAL	

FISCAL YEAR 2017/2018 BUDGET	

FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	

Access Control	
0	
0	
1,200	
Access Control	

Alarm Monitoring	
0	
0	
1,500	
Monitoring Of Clubhouse Fire & Security Alarm Systems	

Air Conditioning Maintenance Contract	
0	
0	
1,200	
Air Conditioning Maintenance Contract	

Bank Charges	
0	
0	
2,400	
Bank Charges	

Circuit Training Equipment Maintenance	
0	
0	
1,500	
Cost Of Servicing Gym Equipment	

Cable & Internet Service	
0	
0	
2,400	
Cable & Internet Service	

Coupon Booklets	
0	
0	
2,676	
Coupon Booklets	

Electricity	
0	
0	
21,600	
Electricity For Club Lighting, Pool, Cabana & Irrigation Pump	

Insurance - Property & Liability	
0	
0	
18,000	
Insurance - Property & Liability	

Insurance - Windstorm	
0	
0	
3,600	
Insurance - Windstorm	

Insurance - Umbrella	
0	
0	
3,900	
Insurance - Umbrella	

Irrigation Repairs & Maintenance	
0	
0	
1,200	
Irrigation Repairs & Maintenance	

Janitorial Supplies	
0	
0	
26,400	
Janitorial Supplies	

Landscape Maintenance	
0	
0	
14,400	
Landscape Maintenance	

Landscape Maintenance (Includes Mulching)	
0	
0	
6,300	
Landscape Maintenance (Includes Mulching)	

Legal And Professional Fees	
0	
0	
1,500	
Legal Costs For Foreclosures	

Management Fees	
0	
0	
21,360	
$4 Per Home/Lot Per Month	

Miscellaneous Expense	
0	
0	
1,200	
Miscellaneous Expense	

Office Supplies	
0	
0	
2,400	
Office Supplies	

Payroll - Club Staff	
0	
0	
131,818	
Payroll - Club Staff	

Pest Control - Interior & Exterior	
0	
0	
1,200	
Pest Control - Interior & Exterior	

Pool & Spa Maintenance	
0	
0	
10,500	
Pool & Spa Maintenance	

Pool & Spa Repairs	
0	
0	
2,400	
Pool & Spa Repairs	

Printing & Postage	
0	
0	
2,400	
Printing & Postage	

Property Taxes	
0	
0	
6,000	
Property Taxes	

Repairs & Maintenance	
0	
0	
2,400	
Repairs & Maintenance	

Resident Social Expense	
0	
0	
6,000	
Expenses Related To Social Events	

Telephone	
0	
0	
1,200	
Telephone	

Trash Collection	
0	
0	
2,700	
Trash Collection	

Water & Sewer	
0	
0	
4,200	
Water & Sewer	

Contingency	
0	
0	
17,800	
Contingency	

TOTAL CLUBHOUSE OPERATIONS & MAINTENANCE EXPENDITURES	
$		
-	
$		
-	
$	
323,354		

TOTAL CLUB OPERATIONS & MAINTENANCE EXPENDITURES &					

CLUB DEBT (BONDS)					

Operating Expenditures			
323,354	
$726.64 Per Year * 445 Units = $323,354	
Club Debt (Bonds)			 	287,344	$645.72 Per Year * 445 Units = $287,344	

TOTAL EXPANSION AREA 2018 PROJECT EXPENDITURES			
610,698		

8/21/2018 10:52 AM	III

DETAILED FINAL DEBT SERVICE FUND (SERIES 2014) BUDGET
CENTURY GARDENS AT TAMIAMI COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 BUDGET	FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	

Interest Income	
1,936	
25	
100	
Projected Interest For 2018/2019	

NAV Tax Collection	
412,942	
401,125	
405,688	
Maximum Debt Service Collection	

Total Revenues	
$	
414,878	
$	
401,150	
$	
405,788		

EXPENDITURES					

Principal Payments	
55,000	
115,000	
120,000	
Principal Payment Due In 2019	

Interest Payments	
295,850	
286,150	
281,550	
Interest Payments Due In 2019	

Bond Redemption	
0	
0	
$	
4,238	
Estimated Excess Debt Collections	

Total Expenditures	
$	
350,850	
$	
401,150	
$	
405,788		

Excess/ (Shortfall)	
$	
64,028	
$	
-	
$	
-		

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 =

Par Amount As Of 1-1-18=	November 2044

$5,905,000			

DETAILED FINAL DEBT SERVICE FUND (SERIES 2016) BUDGET
CENTURY GARDENS AT TAMIAMI COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 BUDGET	FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	

Interest Income	
21,033	
25	
100	
Projected Interest For 2018/2019	

NAV Tax Collection	
418,905	
407,775	
412,839	
Maximum Debt Service Collection	

Total Revenues	
$	
439,938	
$	
407,800	
$	
412,939		

EXPENDITURES					

Principal Payments	
170,000	
210,000	
215,000	
Principal Payment Due In 2019	

Interest Payments	
136,098	
197,800	
193,550	
Interest Payments Due In 2019	

Bond Redemption	
0	
0	
4,389	
Estimated Excess Debt Collections	

Total Expenditures	
$	
306,098	
$	
407,800	
$	
412,939		

Excess/ (Shortfall)	
$	
133,840	
$	
-	
$	
-		

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 2016			
Maturity Date =

Par Amount As Of 1-1-18 =	May 2037

$5,690,000			

DETAILED FINAL DEBT SERVICE FUND (SERIES 2017) BUDGET
CENTURY GARDENS AT TAMIAMI COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 BUDGET	FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	

Interest Income	
0	
0	
25	
Projected Interest For 2018/2019	

NAV Tax Collection	
0	
0	
39,905	
Maximum Debt Service Collection	

Total Revenues	
$	
-	
$	
-	
$	
39,930		

EXPENDITURES					

Principal Payments	
0	
0	
12,000	
Principal Payment Due In 2019	

Interest Payments	
0	
0	
27,343	
Interest Payments Due In 2019	

Bond Redemption	
0	
0	
587	
Estimated Excess Debt Collections	

Total Expenditures	
$	
-	
$	
-	
$	
39,930		

Excess/ (Shortfall)	
$	
-	
$	
-	
$	
-		

Series 2017 Bond Information

Original Par Amount =	$650,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	2.00% - 4.25%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	December 2017			
Maturity Date =

Par Amount As Of 1-1-18 =	December 2047

$650,000			

Century Gardens At Tamiami Community Development District Assessment Comparison

Original Units

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
2014/2015	2015/2016	2016/2017	2017/2018	2018/2019
Assessment	Assessment	Assessment	Assessment	Projected Assessment
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	$

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      $

60.53
46.08
719.47
826.08

Administrative Assessment For 30' Townhomes	$
Maintenance Assessment For 30' Townhomes	$
Debt Assessment For 30' Townhomes	$ 
Total	$

113.65      $
17.46      $
1,077.67      $ 
1,208.78      $

90.55      $
17.12      $
1,081.53      $ 
1,189.20      $

67.68      $
39.92      $
873.67      $ 
981.27      $

61.40      $
46.12      $
873.67      $ 
981.19      $

60.53
46.08
873.67
980.28

Administrative Assessment For Single Family Homes	$
Maintenance Assessment For Single Family Homes	$
Debt Assessment For Single Family Homes	$ 
Total	$

113.65      $
17.46      $
1,586.54      $ 
1,717.65      $

90.55      $
17.12      $
1,595.75      $ 
1,703.42      $

67.68      $
39.92      $
1,284.79      $ 
1,392.39      $

61.40      $
46.12      $
1,284.79      $ 
1,392.31      $

60.53
46.08
1,284.79
1,391.40

Expansion Area Units
Administrative Assessment For Villas	$
Maintenance Assessment For Villas	$
Clubhouse Assessment For Villas***	$
Debt Assessment For Villas	$ 
Total	$

-	$
-	$
-	$
-	$ 
-	$

90.55      $
23.44      $
-	$
744.68      $ 
858.67      $

67.68      $
42.59      $
-	$
744.68      $ 
854.95      $

61.40      $
46.12      $
-	$
744.68      $ 
852.20      $

60.53
46.08
1,459.96
744.68
2,311.25

Administrative Assessment For Townhomes	$
Maintenance Assessment For Townhomes	$
Clubhouse Assessment For Townhomes***	$
Debt Assessment For Townhomes	$ 
Total	$

-	$
-	$
-	$
-	$ 
-	$

90.55      $
23.44      $
-	$
944.68      $ 
1,058.67      $

67.68      $
42.59      $
-	$
944.68      $ 
1,054.95      $

61.40      $
46.12      $
-	$
944.68      $ 
1,052.20      $

60.53
46.08
1,459.96
944.68
2,511.25

Administrative Assessment For Single Family Homes	$
Maintenance Assessment For Single Family Homes	$
Clubhouse Assessment For Single Family Homes***	$
Debt Assessment For Single Family Homes	$ 
Total	$

-	$
-	$
-	$
-	$ 
-	$

90.55      $
23.44      $
-	$
1,595.75      $ 
1,709.74      $

67.68      $
42.59      $
-	$
1,595.75      $ 
1,706.02      $

61.40      $
46.12      $
-	$
1,595.75      $ 
1,703.27      $

60.53
46.08
1,459.96
1,595.75
3,162.32

Tract B Townhomes
Administrative Assessment For Tract B Townhomes	$
Maintenance Assessment For Tract B Townhomes	$
Clubhouse Assessment For Tract B Townhomes***	$
Debt Assessment For Tract B Townhomes	$ 
Total	$

-	$
-	$
-	$
-	$ 
-	$

-	$
-	$
-	$
-	$ 
-	$

-	$
-	$
-	$
-	$ 
-	$

-	$
-	$
-	$
-	$ 
-	$

93.92
46.08
1,459.96
903.25
2,503.21

* Assessments Include the Following :	*** Assumes Issuance Of Bonds Prior To September 30, 2018			
4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee				
Community Information Original Units		
TOTAL UNITS		
22' Townhomes	188	Original Units:	446	
30' Townhomes	67	Expansion Area Units:	398	
Single Family Homes	191	Tract B Townhomes (Expansion Area):	47	
Total Original Units	446	Total Units	891	
Expansion Area Units Villas	
160	
Expansion - Single Family Homes Information		
Townhomes	101	Total Units	137	
Single Family Homes	137	Prepayments	1	
Total Expansion Area Units	398	Billed For Debt	136	
Tract B Townhomes (Expansion Area)	47			
Expansion Area Total Units	445			

8/21/2018 10:52 AM	VII