Century Gardens At Tamiami Community Development District

Final Budget For Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

CONTENTS

TABLE OF CONTENTS

Budget Summary

Final Budget	I
Detailed Final Budget	II
Clubhouse Operating Budget	III
Debt Service
Final Series 2014 Debt Service Fund Budget (Expansion Units)	IV
Final Series 2016 Debt Service Fund Budget (Original Units)	V
Final Series 2017 Debt Service Fund Budget (Tract B Townhomes)	VI
Final Series 2018 Debt Service Fund Budget (Clubhouse)	VII
Assessment Comparison
Assessment Comparison	VIII

FINAL BUDGET
CENTURY GARDENS AT TAMIAMI COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020
BUDGET	
Administrative Assessments	48,638	
Maintenance Assessments	46,330	
Clubhouse Assessments	343,994	
Debt Assessments (Series 2014 - Expansion Area)	431,583	
Debt Assessments (Series 2016 - Original Units)	439,191	
Debt Assessments (Series 2017 - Townhomes)	42,452	
Debt Assessments (Series 2018 - Clubhouse)	305,685	
Other Revenue	0	
Interest Income	480	
		
TOTAL REVENUES	$	1,658,353	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Engineering - Annual Report/Inspections	1,750	
Park Landscaping Maintenance (Includes Mulch)	15,000	
Park Maintenance	5,000	
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	1,200	
General Maintenance	5,600	
Maintenance Contingency	1,200	
TOTAL MAINTENANCE EXPENDITURES	$	43,550	
		
TOTAL CLUBHOUSE EXPENDITURES	$	323,354	
		
ADMINISTRATIVE ASSESSMENTS		
Supervisor Fees	1,500	
Payroll Taxes - Employer	115	
Management	31,020	
Legal	12,000	
Assessment Roll	7,500	
Audit Fees	6,000	
Arbitrage Rebate Fees	1,300	
Insurance	4,750	
Legal Advertisements	800	
Miscellaneous	900	
Postage	325	
Office Supplies	600	
Dues & Subscriptions	175	
Trustee Fees	16,000	
Continuing Disclosure Fees	1,400	
Website Management	2,000	
Administrative Contingency	1,200	
TOTAL ADMINISTRATIVE EXPENDITURES	$	87,585	
		
TOTAL EXPENDITURES	$	454,489	
		
EXCESS/ (SHORTFALL)	$	1,203,864	
		
Bond Payments (Series 2014 - Expansion Units)	(405,688)	
Bond Payments (Series 2016 - Original Units)	(412,839)	
Bond Payments (Series 2017 - Townhomes)	(39,905)	
Bond Payments (Series 2018 - Clubhouse)	(287,344)	
		
BALANCE	$	58,088	
		
County Appraiser & Tax Collector Fee	(33,158)	
Discounts For Early Payments	(66,315)	
		
NET EXCESS/ (SHORTFALL)	$	(41,385)	
		
Carryover From Prior Year	41,385	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
CENTURY GARDENS AT TAMIAMI COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018 ACTUAL	
FISCAL YEAR 2018/2019 BUDGET	
FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	
Administrative Assessments	52,631	53,934	48,638	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	38,926	41,053	46,330	Expenditures/.94	
Clubhouse Assessments	0	343,994	343,994	Expenditures/.94	
Debt Assessments (Series 2014 - Expansion Area)	433,167	431,583	431,583	Payment To Trustee/.94	
Debt Assessments (Series 2016 - Original Units)	439,183	439,191	439,191	Payment To Trustee/.94	
Debt Assessments (Series 2017 - Townhomes)	13,411	42,452	42,452	Payment To Trustee/.94	
Debt Assessments (Series 2018 - Clubhouse)	0	305,685	305,685	Payment To Trustee/.94	
Other Revenue	1,675	0	0	Other Revenue	
Interest Income	502	420	480	Interest Estimated At $40 Per Month	
					
TOTAL REVENUES	$	979,495	$	1,658,312	$	1,658,353		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Engineering - Annual Report/Inspections	1,380	1,750	1,750	No Change From 2018/2019 Budget	
Park Landscaping Maintenance (Includes Mulch)	6,265	15,000	15,000	No Change From 2018/2019 Budget	
Park Maintenance	0	0	5,000	Park Maintenance	
Street/Roadway & Stormwater System Maintenance	1,905	6,000	6,000	No Change From 2018/2019 Budget	
Irrigation System Pump Station Maintenance	1,365	2,400	2,400	No Change From 2018/2019 Budget	
FPL Power	0	1,800	1,800	No Change From 2018/2019 Budget	
Entrance Feature(s) Signage Maintenance	0	3,600	3,600	No Change From 2018/2019 Budget	
Field Operation Management	840	840	1,200	$360 Increase From 2018/2019 Budget	
General Maintenance	451	6,000	5,600	$400 Decrease From 2018/2019 Budget	
Maintenance Contingency	0	1,200	1,200	No Change From 2018/2019 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	12,206	$	38,590	$	43,550		
					
TOTAL CLUBHOUSE EXPENDITURES	$	12,838	$	610,698	$	323,354		
					
ADMINISTRATIVE ASSESSMENTS					
Supervisor Fees	0	1,500	1,500	No Change From 2018/2019 Budget	
Payroll Taxes - Employer	0	115	115	Supervisor Fees * 7.65%	
Management	29,616	30,228	31,020	CPI Adjustments	
Legal	12,821	9,000	12,000	$3,000 Increase From 2018/2019 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,400	4,000	6,000	Increased Due To Two Additional Bond Issues	
Arbitrage Rebate Fees	1,300	1,300	1,300	Fees For Two Bonds (2014,2016)
2017 & 2018 Bonds Qualify For Small User Exception	
Insurance	5,750	6,325	4,750	Insurance Estimate	
Legal Advertisements	1,536	800	800	No Change From 2018/2019 Budget	
Miscellaneous	1,100	900	900	$200 Increase From 2018/2019 Budget	
Postage	508	325	325	No Change From 2018/2019 Budget	
Office Supplies	1,375	600	600	No Change From 2018/2019 Budget	
Dues & Subscriptions	175	175	175	No Change From 2018/2019 Budget	
Trustee Fees	8,209	11,850	16,000	Trustee Fees For Four Bonds (2014,2016,2017,2018)	
Continuing Disclosure Fees	1,050	1,500	1,400	Disclosure Fees For Four Bonds (2014,2016,2017,2018)	
Website Management	1,500	1,500	2,000	$500 Increase From 2018/2019 Budget	
Administrative Contingency	0	1,200	1,200	Administrative Contingency	
TOTAL ADMINISTRATIVE EXPENDITURES	$	75,840	$	78,818	$	87,585		
					
TOTAL EXPENDITURES	$	100,884	$	728,106	$	454,489		
					
EXCESS/ (SHORTFALL)	$	878,611	$	930,206	$	1,203,864		
					
Bond Payments (Series 2014 - Expansion Units)	(412,618)	(405,688)	(405,688)	2020 P & I Payments Less Earned Interest	
Bond Payments (Series 2016 - Original Units)	(418,512)	(412,839)	(412,839)	2020 P & I Payments Less Earned Interest	
Bond Payments (Series 2017 - Townhomes)	(13,411)	(39,905)	(39,905)	2020 P & I Payments Less Earned Interest	
Bond Payments (Series 2018 - Clubhouse)	0	0	(287,344)	2020 P & I Payments Less Earned Interest	
					
BALANCE	$	34,070	$	71,774	$	58,088		
					
County Appraiser & Tax Collector Fee	(9,272)	(33,158)	(33,158)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(36,245)	(66,316)	(66,315)	Four Percent Of Total Assessment Roll	
					
NET EXCESS/ (SHORTFALL)	$	(11,447)	$	(27,700)	$	(41,385)		
					
Carryover From Prior Year	0	27,700	41,385	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(11,447)	$	-	$	-		

DETAILED FINAL EXPANSION AREA 2018 PROJECT BUDGET (CLUBHOUSE)
CENTURY GARDENS AT TAMIAMI COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

CLUBHOUSE OPERATIONS & MAINTENANCE EXPENDITURES	
FISCAL YEAR 2018/2019
THROUGH MARCH 2019

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

COMMENTS	
Access Control	0	1,200	750	Access Control	
Alarm Monitoring	1,153	1,500	2,000	
Monitoring Of Clubhouse Fire & Security Alarm Systems	
Bank Charges	0	2,400	0	Line Item Eliminated	
Gym Equipment Maintenance	51	1,500	6,000	Gym Equipment Maintenance	
Cable & Internet Service	1,050	2,400	2,400	Cable & Internet Service	
Coupon Booklets	0	2,676	0	Line Item Eliminated	
FPL Power	5,036	21,600	17,000	
Electricity For Club Lighting, Pool, Cabana & Irrigation Pump	
General Maintenance & Repairs	4,088	4,800	18,000	General Maintenance & Repairs	
Insurance - Property/Casualty/Liability	11,458	25,500	19,100	Insurance - Property/Casualty/Liability	
Irrigation Repairs & Maintenance	0	1,200	2,000	Irrigation Repairs & Maintenance	
Janitorial Services & Supplies	12,951	26,400	30,000	Janitorial Services & Supplies	
Landscape Maintenance (Mulch & Plant Replacement)	8,221	20,700	23,200	
Landscape Maintenance (Mulch & Plant Replacement)	
Legal And Professional Fees	0	1,500	0	Line Item Eliminated	
Management Fees (Castle)	7,476	21,360	15,000	$2.80 Per Home/Lot Per Month	
Office & Kitchen Supplies	0	2,400	1,800	Office Supplies	
Payroll - Club Staff	45,518	131,818	114,744	Payroll - Club Staff - $9,562 Per Month	
Pest Control - Interior & Exterior	225	1,200	1,200	Pest Control - Interior & Exterior	
Pool & Spa Maintenance	9,711	12,900	24,000	Pool & Spa Maintenance	
Printing & Postage	45	2,400	500	Printing & Postage	
Property Taxes	0	6,000	6,000	Property Taxes	
Resident Social Expense	0	6,000	6,000	Expenses Related To Social Events	
Telephone	739	1,200	1,500	Telephone	
Trash Collection	0	2,700	1,000	Trash Collection	
Water & Sewer	1,774	4,200	4,200	Water & Sewer	
Computer Services	1,279	0	2,500	Computer Services	
Security	4,900	0	15,000	Security	
Oversight & Financial Management	3,000	0	6,000	Oversight & Financial Management	
Contingency	9,150	17,800	18,000	Contingency	

TOTAL CLUBHOUSE OPERATIONS & MAINTENANCE EXPENDITURES	$	83,817	$	323,354	$	337,894		
					
Carryover From Prior Year	
0	
0	
14,540	Carryover From Prior Year	

TOTAL CLUB OPERATIONS & MAINTENANCE EXPENDITURES					
Operating Expenditures		323,354	323,354	
$726.64 Per Year * 445 Units = $323,354	
				
Assessment Including Discounts & Fees ($726.64/.94 =	
				
$773.02 Per Year * 445 Units = $343,994)	

DETAILED FINAL DEBT SERVICE FUND (SERIES 2014) BUDGET
CENTURY GARDENS AT TAMIAMI COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
5,002	
100	
100	
Projected Interest For 2019/2020	

NAV Tax Collection	
412,618	
405,688	
405,688	
Maximum Debt Service Collection	

Total Revenues	
$	417,620	
$	405,788	
$	405,788		

EXPENDITURES					

Principal Payments	
110,000	
120,000	
125,000	
Principal Payment Due In 2020	

Interest Payments	
288,350	
281,550	
276,750	
Interest Payments Due In 2020	

Bond Redemption	
0	
$	4,238	
$	4,038	
Estimated Excess Debt Collections	

Total Expenditures	
$	398,350	
$	405,788	
$	405,788		

Excess/ (Shortfall)	
$	19,270	
$	-	
$	-		

Series 2014 Bond Information
Original Par Amount =	$6,175,000	Annual Principal Payments Due =	November 1st	
Interest Rate = Issue Date = Maturity Date =	4.00% - 5.00%
September 2014
November 2044	Annual Interest Payments Due =	May 1st & November 1st	
Par Amount As Of 1-1-19=	$5,790,000			

DETAILED FINAL DEBT SERVICE FUND (SERIES 2016) BUDGET
CENTURY GARDENS AT TAMIAMI COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
864	
100	
100	
Projected Interest For 2019/2020	

NAV Tax Collection	
418,512	
412,839	
412,839	
Maximum Debt Service Collection	

Total Revenues	
$	419,376	
$	412,939	
$	412,939		

EXPENDITURES					

Principal Payments	
210,000	
215,000	
220,000	
Principal Payment Due In 2020	

Interest Payments	
199,900	
193,550	
189,200	
Interest Payments Due In 2020	

Bond Redemption	
0	
4,389	
3,739	
Estimated Excess Debt Collections	

Total Expenditures	
$	409,900	
$	412,939	
$	412,939		

Excess/ (Shortfall)	
$	9,476	
$	-	
$	-		

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 1-1-19 =	May 2037

$5,480,000			

DETAILED FINAL DEBT SERVICE FUND (SERIES 2017) BUDGET
CENTURY GARDENS AT TAMIAMI COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
109	
25	
25	
Projected Interest For 2019/2020	

Payment By Developer	
13,411	
0	
0		

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

Total Revenues	
$	13,520	
$	39,930	
$	39,930		

EXPENDITURES					

Principal Payments	
0	
12,000	
12,000	
Principal Payment Due In 2020	

Interest Payments	
13,411	
27,343	
26,938	
Interest Payments Due In 2020	

Bond Redemption	
0	
587	
992	
Estimated Excess Debt Collections	

Total Expenditures	
$	13,411	
$	39,930	
$	39,930		

Excess/ (Shortfall)	
$	109	
$	-	
$	-		

Series 2017 Bond Information
Original Par Amount =	$650,000	Annual Principal Payments Due =	December 15th	
Interest Rate = Issue Date = Maturity Date =	2.00% - 4.25%
December 2017
December 2047	Annual Interest Payments Due =	June 15th & December 15th	
Par Amount As Of 1-1-19 =	$638,000			

DETAILED FINAL DEBT SERVICE FUND (SERIES 2018) BUDGET
CENTURY GARDENS AT TAMIAMI COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
0	
25	
25	
Projected Interest For 2019/2020	

Payment By Developer	
0	
0	
0		

NAV Tax Collection	
0	
287,344	
287,344	
Maximum Debt Service Collection	

Total Revenues	
$	-	
$	287,369	
$	287,369		

EXPENDITURES					

Principal Payments	
0	
90,000	
95,000	
Principal Payment Due In 2020	

Interest Payments	
0	
193,044	
190,344	
Interest Payments Due In 2020	

Bond Redemption	
0	
4,325	
2,025	
Estimated Excess Debt Collections	

Total Expenditures	
$	-	
$	287,369	
$	287,369		

Excess/ (Shortfall)	
$	-	
$	-	
$	-		

Series 2018 Bond Information
Original Par Amount =	$4,850,000	Annual Principal Payments Due =	November 1st	
Interest Rate = Issue Date = Maturity Date =	3.00% - 4.25%
September 2018
November 2048	Annual Interest Payments Due =	May 1st & November 1st	
Par Amount As Of 1-1-19 =	$4,850,000			

Century Gardens At Tamiami Community Development District Assessment Comparison

Original Units

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
2015/2016	2016/2017	2017/2018	2018/2019	2019/2020
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	$

90.55      $
17.12      $

67.68      $
39.92      $

61.40      $
46.12      $

60.53      $
46.08      $

54.59
52.00

Debt Assessment For 22' Townhomes

$	891.64

$	719.47

$	719.47

$	719.47

$	719.47

Total

$	999.31 $

827.07 $

826.99 $

826.08 $

826.06

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

90.55      $
17.12      $

67.68      $
39.92      $

61.40      $
46.12      $

60.53      $
46.08      $

54.59
52.00

Debt Assessment For 30' Townhomes

$	1,081.53

$	873.67

$	873.67

$	873.67

$	873.67

Total

$	1,189.20 $

981.27 $

981.19 $

980.28 $

980.26

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

90.55      $
17.12      $

67.68      $
39.92      $

61.40      $
46.12      $

60.53      $
46.08      $

54.59
52.00

Debt Assessment For Single Family Homes

$	1,595.75

$	1,284.79

$	1,284.79

$	1,284.79

$	1,284.79

Total

$	1,703.42 $

1,392.39 $

1,392.31 $

1,391.40 $

1,391.38

Expansion Area Units
Administrative Assessment For Villas	$
Maintenance Assessment For Villas	$
Clubhouse O&M Assessment For Villas	$
Clubhouse Debt Assessment For Villas	$

90.55      $
23.44      $
-	$
-	$

67.68      $
42.59      $
-	$
-	$

61.40      $
46.12      $
-	$
-	$

60.53      $
46.08      $
773.02      $
686.94      $

54.59
52.00
773.02
686.94

Debt Assessment For Villas

$	744.68

$	744.68

$	744.68

$	744.68

$	744.68

Total

$	858.67 $

854.95 $

852.20 $

2,311.25 $

2,311.23

Administrative Assessment For Townhomes	$
Maintenance Assessment For Townhomes	$
Clubhouse O&M Assessment For Townhomes	$
Clubhouse Debt Assessment For Townhomes	$

90.55      $
23.44      $
-	$
-	$

67.68      $
42.59      $
-	$
-	$

61.40      $
46.12      $
-	$
-	$

60.53      $
46.08      $
773.02      $
686.94      $

54.59
52.00
773.02
686.94

Debt Assessment For Townhomes

$	944.68

$	944.68

$	944.68

$	944.68

$	944.68

Total

$	1,058.67 $

1,054.95 $

1,052.20 $

2,511.25 $

2,511.23

Administrative Assessment For Single Family Homes	$
Maintenance Assessment For Single Family Homes	$
Clubhouse O&M Assessment For Single Family Homes	$
Clubhouse Debt Assessment For Single Family Homes	$

90.55      $
23.44      $
-	$
-	$

67.68      $
42.59      $
-	$
-	$

61.40      $
46.12      $
-	$
-	$

60.53      $
46.08      $
773.02      $
686.94      $

54.59
52.00
773.02
686.94

Debt Assessment For Single Family Homes

$	1,595.75

$	1,595.75

$	1,595.75

$	1,595.75

$	1,595.75

Total

$	1,709.74 $

1,706.02 $

1,703.27 $

3,162.32 $

3,162.30

Tract B Townhomes
Administrative Assessment For Tract B Townhomes	$	-	$	-	$
Maintenance Assessment For Tract B Townhomes	$	-	$	-	$
Clubhouse O&M Assessment For Tract B Townhomes	$	-	$	-	$
Clubhouse Debt Assessment For Tract B Townhomes	$	-	$	-	$

-	$	93.92      $
-	$	46.08      $
-	$	773.02      $
-	$	686.94      $

88.00
52.00
773.02
686.94

Debt Assessment For Tract B Townhomes

$	-          $	- 

$	-          $	903.25

$	903.25

Total

$	-	$	-	$

-	$	2,503.21 $

2,503.21

* Assessments Include the Following :			
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			

6/4/2019 2:35 PM	VII