Century Gardens At Tamiami Community Development District

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

CONTENTS

I	AMENDED FINAL OPERATING FUND BUDGET II	AMENDED FINAL CLUBHOUSE BUDGET
III	AMENDED FINAL DEBT SERVICE FUND BUDGET (SERIES 2014) IV	AMENDED FINAL DEBT SERVICE FUND BUDGET (SERIES 2016) V	AMENDED FINAL DEBT SERVICE FUND BUDGET (SERIES 2017) VI	AMENDED FINAL DEBT SERVICE FUND BUDGET (SERIES 2018)

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

REVENUES	FISCAL YEAR 2019/2020 BUDGET
10/1/19 - 9/30/20	AMENDED FINAL BUDGET
10/1/19 - 9/30/20	YEAR TO DATE ACTUAL
10/1/19 - 9/29/20	
Administrative Assessments	48,638	53,258	53,258	
Maintenance Assessments	46,330	46,330	46,330	
Clubhouse O&M Assessments	343,994	343,994	343,994	
Debt Assessments - Series 2014 (Expansion Units)	431,583	431,584	431,584	
Debt Assessments - Series 2016 (Original Units)	439,191	437,192	437,192	
Debt Assessments - Series 2017 (Townhomes)	42,452	42,453	42,453	
Debt Assessments - Series 2018 (Clubhouse)	305,685	305,685	305,685	
Other Revenues	0	0	0	
Other Revenues - Clubhouse	0	1,480	1,480	
Interest Income	480	1,291	1,291	
TOTAL REVENUES	$	1,658,353	$	1,663,267	$	1,663,267	
				
EXPENDITURES				
ADMINISTRATIVE EXPENDITURES				
Supervisor Fees	1,500	0	0	
Payroll Taxes (Employer)	115	0	0	
Management	31,020	31,020	31,020	
Legal	12,000	14,978	14,978	
Assessment Roll	7,500	7,500	7,500	
Audit Fees	6,000	5,100	5,100	
Arbitrage Rebate Fees	1,300	1,300	650	
Insurance	4,750	6,038	6,038	
Legal Advertisements	800	850	620	
Miscellaneous	900	1,200	862	
Postage	325	290	279	
Office Supplies	600	425	396	
Dues & Subscriptions	175	175	175	
Trustee Fees	16,000	15,959	15,959	
Continuing Disclosure Fees	1,400	1,400	1,400	
Website Management	2,000	2,000	2,000	
Administrative Contingency	1,200	600	0	
TOTAL ADMINISTRATIVE EXPENDITURES	$	87,585	$	88,835	$	86,977	
				
MAINTENANCE EXPENDITURES				
Engineering - Annual Report/Inspections	1,750	1,145	1,145	
Park Landscaping Maintenance (Includes Mulch)	15,000	13,000	11,971	
Park Maintenance	5,000	500	0	
Street/Roadway & Stormwater System Maintenance	6,000	6,000	6,000	
Irrigation System Pump Station Maintenance	2,400	500	0	
FPL Power	1,800	0	0	
Entrance Feature(s) Signage Maintenance	3,600	500	0	
Field Operation Management	1,200	1,200	1,200	
General Maintenance	5,600	1,500	0	
Maintenance Contingency	1,200	600	0	
TOTAL MAINTENANCE EXPENDITURES	$	43,550	$	24,945	$	20,316	
				
TOTAL CLUBHOUSE EXPENDITURES	$	323,354	$	272,711	248,831	
				
TOTAL EXPENDITURES	$	454,489	$	386,491	$	356,124	
				
REVENUES LESS EXPENDITURES	$	1,203,864	$	1,276,776	$	1,307,143	
				
Bond Payments - Series 2014 (Expansion Units)	(405,688)	(411,690)	(411,690)	
Bond Payments - Series 2016 (Original Units)	(412,839)	(416,618)	(416,618)	
Bond Payments - Series 2017 (Townhomes)	(39,905)	(40,432)	(40,432)	
Bond Payments - Series 2018 (Clubhouse)	(287,344)	(291,573)	(291,573)	
				
BALANCE	$	58,088	$	116,463	$	146,830	
				
County Appraiser & Tax Collector Fee	(33,158)	(15,985)	(15,985)	
Discounts For Early Payments	(66,315)	(61,014)	(61,014)	
				
EXCESS/ (SHORTFALL)	$	(41,385)	$	39,464	$	69,831	
				
Carryover From Prior Year	41,385	41,385	0	
				
NET EXCESS/ (SHORTFALL)	$	-	$	80,849	$	69,831	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	
LESS PROJECTED CLUBHOUSE RESERVE AS OF 9/30/20	
OPERATING FUND BALANCE AS OF 9/30/20	

$354,368	
$39,464	
$393,832	
$201,680	
$192,152	

Notes
Carryover From Prior Year Of $41,385 was used to reduce Fiscal Year 2019/2020 Assessments. Carryover From Prior Year Of $44,940 to be used to reduce Fiscal Year 2020/2021 Assessments.

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

CLUBHOUSE REVENUES	FISCAL YEAR 2019/2020 BUDGET 10/1/19 - 9/30/20	AMENDED FINAL BUDGET
10/1/19 - 9/30/20	YEAR TO DATE ACTUAL
10/1/19 - 9/29/20	
Clubhouse - O&M Assessments	343,994	343,994	343,994	
Clubhouse - Rentals	0	700	700	
Cluhouse - Key Fobs	0	420	420	
Other Revenue - Clubhouse	0	360	360	
				
Total Cluhouse Revenues	$	343,994	$	345,474	$	345,474	
				
CLUBHOUSE OPERATIONS & MAINTENANCE EXPENDITURES				
Access Control	750	125	91	
Alarm Monitoring	2,000	1,000	684	
Gym Equipment Maintenance	6,000	1,250	737	
Cable & Internet Service	2,400	2,788	2,788	
FPL Power	17,000	8,949	8,949	
General Maintenance & Repairs	18,000	15,000	10,916	
Insurance - Property/Casualty/Liability	19,100	12,365	12,365	
Irrigation Repairs & Maintenance	2,000	1,000	600	
Janitorial Services & Supplies	30,000	11,000	9,090	
Landscape Maintenance (Mulch & Plant Replacement)	23,200	22,000	21,084	
Management Fees (Castle)	15,000	11,724	11,724	
Office & Kitchen Supplies	1,800	1,793	1,793	
Payroll - Club Staff	114,744	113,442	109,442	
Pest Control - Interior & Exterior	1,200	1,200	900	
Pool & Spa Maintenance	24,000	37,000	34,755	
Printing & Postage	500	0	0	
Property Taxes	6,000	0	0	
Resident Social Expense	6,000	1,075	1,075	
Telephone	1,500	0	0	
Trash Collection	1,000	0	0	
Water & Sewer	4,200	2,500	1,270	
Computer Services	2,500	2,000	1,545	
Security	15,000	13,000	11,285	
Oversight & Financial Management	6,000	6,000	6,000	
Contingency	18,000	7,500	1,738	
				
TOTAL CLUBHOUSE OPERATIONS & MAINTENANCE EXPENDITURES	$	337,894	$	272,711	$	248,831	
				
Clubhouse Revenues Less Expenditures	$	6,100	$	72,763	$	96,643	
				
County Appraiser & Tax Collector Fee	(6,811)	(3,306)	(3,306)	
Discounts For Early Payments	(13,829)	(12,691)	(12,691)	
				
Excess/ (Shortfall)	$	(14,540)	$	56,766	$	80,646	
				
Carryover From Prior Year	14,540	14,540	0	
				
Net Excess/ (Shortfall)	$	-	$	71,306	$	80,646	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$144,914	
$56,766	
$201,680	

Notes
Discounts and Fees Actual Amounts Estimated As 20.8% Of Total District Discounts & Fees.
Carryover From Prior Year Of $14,540 was used to reduce Fiscal Year 2019/2020 Assessments. Carryover From Prior Year Of $61,505 to be used to reduce Fiscal Year 2020/2021 Assessments.

REVENUES	FISCAL YEAR 2019/2020 BUDGET
10/1/19 - 9/30/20	AMENDED FINAL BUDGET
10/1/19 - 9/30/20	YEAR TO DATE ACTUAL
10/1/19 - 9/29/20	
Interest Income	100	3,092	3,092	
NAV Tax Collection	405,688	411,690	411,690	
Total Revenues	$	405,788	$	414,782	$	414,782	
				
EXPENDITURES				
Principal Payments	125,000	120,000	120,000	
Interest Payments	276,750	278,350	278,350	
Bond Redemption	4,038	0	0	

Total Expenditures	
$	405,788	
$	398,350	
$	398,350	
				
Net Excess/ (Shortfall)	$	-	$	16,432	$	16,432	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$427,234	
$16,432	
$443,666	

Notes
Reserve Fund Balance = $100,849*. Revenue Fund Balance = $342,817*.
Revenue Fund Account Balance To Be Used To Make 11/1/20 Bond Payment Of $262,975 - Principal Payment: $125,000 - Interest Payment: $137,975.
* Approximate Amounts

Series 2014 Bond Information		
Original Par Amount =	$6,175,000	Annual Principal Payments Due:	
Interest Rate =	4.00% - 5.00%	November 1st	
Issue Date =	September 2014	Annual Interest Payments Due:	
Maturity Date =	November 2044	May 1st & November 1st	
Par Amount As Of 9/30/20 =	$5,650,000		

REVENUES	FISCAL YEAR 2019/2020 BUDGET
10/1/19 - 9/30/20	AMENDED FINAL BUDGET
10/1/19 - 9/30/20	YEAR TO DATE ACTUAL
10/1/19 - 9/29/20	
Interest Income (2016)	100	311	311	
NAV Tax Collection	412,839	416,618	416,618	
Total Revenues	$	412,939	$	416,929	$	416,929	
				
EXPENDITURES				
Principal Payments (2016)	220,000	220,000	220,000	
Interest Payments (2016)	189,200	191,088	191,088	
Bond Redemption	3,739	15,000	15,000	
Total Expenditures	$	412,939	$	426,088	$	426,088	
				
Net Excess/ (Shortfall)	$	-	$	(9,159)	$	(9,159)	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$356,508	
($9,159)	
$347,349	

Notes
Reserve Fund Balance = $207,974*. Revenue Fund Balance = $139,375*.
Revenue Fund Account Balance To Be Used To Make 11/1/20 Interest Payment Of $93,188.
* Approximate Amounts

Series 2016 Bond Refunding Information		
Original Par Amount =	$5,860,000	Annual Principal Payments Due:	
Interest Rate =	2.00% - 4.25%	May 1st	
Issue Date =	August 2016	Annual Interest Payments Due:	
Maturity Date =	May 2037	May 1st & November 1st	
Par Amount As Of 9/30/20 =	$5,030,000		

REVENUES	FISCAL YEAR 2019/2020 BUDGET
10/1/19 - 9/30/20	AMENDED FINAL BUDGET
10/1/19 - 9/30/20	YEAR TO DATE ACTUAL
10/1/19 - 9/29/20	
Interest Income (2017)	25	323	323	
Payment By Developer	0	40,432	40,432	
NAV Tax Collection	39,905	0	0	
Total Revenues	$	39,930	$	40,755	$	40,755	
				
EXPENDITURES				
Principal Payments (2017)	12,000	12,000	12,000	
Interest Payments (2017)	26,938	27,140	27,140	
Bond Redemption	992	0	0	
Total Expenditures	$	39,930	$	39,140	$	39,140	
				
Net Excess/ (Shortfall)	$	-	$	1,615	$	1,615	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$38,611	
$1,615	
$40,226	

Notes
Reserve Fund Balance = $9,986*. Revenue Fund Balance = $30,240*.
Revenue Fund Account Balance To Be Used To Make 12/15/20 Bond Payment Of $25,469 - Principal Payment: $12,000 - Interest Payment: $13,469.
* Approximate Amounts

Series 2017 Bond Information		
Original Par Amount =	$650,000	Annual Principal Payments Due:	
Interest Rate =	2.00% - 4.25%	December 15th	
Issue Date =	December 2017	Annual Interest Payments Due:	
Maturity Date =	December 2047	June 15th & December 15th	
Par Amount As Of 9/30/20 =	$626,000		

REVENUES	FISCAL YEAR 2019/2020 BUDGET
10/1/19 - 9/30/20	AMENDED FINAL BUDGET
10/1/19 - 9/30/20	YEAR TO DATE ACTUAL
10/1/19 - 9/29/20	
Interest Income (2018)	25	2,554	2,554	
NAV Tax Collection	287,344	291,573	291,573	
Total Revenues	$	287,369	$	294,127	$	294,127	
				
EXPENDITURES				
Principal Payments (2018)	95,000	90,000	90,000	
Interest Payments (2018)	190,344	191,694	191,694	
Bond Redemption	2,025	0	0	
Total Expenditures	$	287,369	$	281,694	$	281,694	
				
Net Excess/ (Shortfall)	$	-	$	12,433	$	12,433	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$345,029	
$12,433	
$357,462	

Notes
Reserve Fund Balance = $143,812*. Revenue Fund Balance = $213,650*.
Revenue Fund Account Balance To Be Used To Make 11/1/19 Bond Payment Of $190,172 - Principal Payment: $95,000 - Interest Payment: $95,172.
* Approximate Amounts

Series 2018 Bond Information		
Original Par Amount =	$4,850,000	Annual Principal Payments Due:	
Interest Rate =	3.00% - 4.25%	November 1st	
Issue Date =	September 2018	Annual Interest Payments Due:	
Maturity Date =	November 2048	May 1st & November 1st	
Par Amount As Of 9/30/20 =	$4,760,000