Adopted Budget
Fiscal Year 2023

Islands at Doral Townhomes Community Development District

June 7, 2022

Islands at Doral Townhomes
Community Development District

TABLE OF CONTENTS

Page#

General Fund Budget Narrative

1
2-3

Debt Service Fund Budget
Amortization Schedule

4
5

Islands at Doral Townhomes
Community Development District

General Fund

Adopted Budget
 	FY 2022	

Actual Thru
     4/30/2022	

Projected Next
     5 Months	

Total Projected
     9/30/2022	

Adopted Budget
 	FY 2023	

 Description	

Revenues

Carryforward Surplus
Special Assessments - On Roll

$19,325
$63,246

$25,323
$62,301

$0
$1,377

$25,323
$63,678

$8,430
$63,246

Total Revenues

 	$82,571 

 	$87,624 

 	$1,377 

 	$89,001 

 	$71,676 

Expenditures

Administrative Supervisor Fees FICA Taxes Engineering Fees Dissemination Agent Assessment Roll Attorney Fees Annual Audit Trustee Fees Management Fees Website Compliance Telephone
Postage
Printing & Binding Insurance
Legal Advertising Other Current Charges Office Supplies
Dues, Licenses & Subscriptions

$5,000
$383
$2,150
$1,000
$2,000
$10,335
$3,700
$3,500
$22,660
$1,000
$50
$250
$500
$6,529
$650
$250
$100
$175

$600
$46
$53
$583
$2,000
$3,000
$3,700
$1,750
$13,218
$583
$0
$35
$11
$6,436
$0
$0
$0
$175

$2,000
$153
$2,098
$417
$0
$7,335
$0
$1,750
$9,442
$417
$50
$215
$490
$0
$650
$250
$100
$0

$2,600
$199
$2,150
$1,000
$2,000
$10,335
$3,700
$3,500
$22,660
$1,000
$50
$250
$500
$6,436
$650
$250
$100
$175

$5,000
$383
$2,150
$1,000
$2,000
$10,335
$3,700
$3,500
$23,793
$1,000
$50
$250
$500
$6,840
$650
$250
$100
$175

Total Administrative

 	$60,232 

 	$32,190 

 	$25,365 

 	$57,555 

 	$61,676 

Maintenance Utilities - FPL Contingency Reserves

$7,680
$0
$14,659

$4,602
$0
$0

$3,320
$0
$15,094

$7,922
$0
$15,094

$8,000
$2,000
$0

Total Maintenance

 	$22,339 

 	$4,602 

 	$18,414 

 	$23,016 

 	$10,000 

Total Expenditures

 	$82,571 

 	$36,792 

 	$43,779 

 	$80,571 

 	$71,676 

Excess Revenues/(Expenditures)

 	$0

$50,832

($42,402)

$8,430

$0

Page 1

FY 2022
Gross Assessments		$66,575.00 Minus Collections&Discounts (5%)	 		($3,328.75)
Net Assessments	 	$63,246.25 No. of Units			145
Net Per Unit Assessments	$436.18
Gross Per Unit Assessments	$459.14

FY 2023
$66,575.00 ($3,328.75)

$63,246.25

145
$436.18
$459.14

Islands at Doral Townhomes
Community Development District

General Fund

REVENUES:

Special Assessments
The District will levy a non-ad-valorem special assessment on all taxable property Operating Expenditures for the fiscal year.

within the District to fund al the General

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 Taxes
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.

Dissemination Agent
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 un-rated bond issues.

Trustee Fees
The District issued Series 2016 Special Assessment Revenue Bonds which are held with a Trustee at Hancock Bank. The amount of the trustee fees is based on the agreement between Hancock Bank and the District.

Assessment Roll
The District has contracted with GMS-SF, LLC for the certifications of the District’s annual maintenance and debt service assessments to the Miami-Dade County Tax Collector.

Attorney Fees
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 annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

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.

Website Compliance
Per Section 189.069 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 GMS-SF, LLC and updated as required by the Statute.

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.

Page 2

Islands at Doral Townhomes
Community Development District

General Fund

Administrative: (continued)

Insurance
The District's General Liability & Public Officials Liability Insurance policy will be bound with a qualified 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. this category for the District.

This is the only expense under

Maintenance:

Utilities
The cost of electricity for the district’s street lighting.

Contingency
Any replacements or repairs.

Page 3

Islands at Doral Townhomes
Community Development District

Debt Service Fund
Series 2016 Special Assessment Refunding Bonds

Adopted Budget
 	FY 2022	

Actual Thru
     4/30/2022	

Projected Next
     5 Months	

Total Projected
     9/30/2022	

Adopted Budget
 	FY 2023	

 Description	

Revenues

Carry Forward Surplus (1) Special Assessments - On Roll Interest Income

$64,200
$155,320
$1,500

$64,474
$152,982
$15

$0
$3,383
$5

$64,474
$156,365
$20

$66,699
$155,320
$0

Total Revenues

 	$221,019 

 	$217,471 

 	$3,388 

 	$220,859 

 	$222,018 

Expenditures

Series 2016 Interest - 11/01 Interest - 05/01 Principal - 05/01

$32,080
$32,080
$90,000

$32,080
$0
$0

$0
$32,080
$90,000

$32,080
$32,080
$90,000

$30,640
$30,640
$95,000

Total Expenditures

 	$154,160 

 	$32,080 

 	$122,080 

 	$154,160 

 	$156,280 

Excess Revenues/(Expenditures)

 	$66,859 

$185,391

($118,692)

$66,699

$65,738

11/1/23 Interest
Total

 	$29,120 
 	$29,120 

(1) Carry forward surplus is net of the reserve requirement

Page 4

FY 2022
Gross Assessments		$163,494.37 Minus Collections&Discounts (5%)		($8,174.72) Net Assessments	 $155,319.65 No. of Units			145
Net Per Unit Assessments	$1,071.17
Gross Per Unit Assessments	$1,127.55

FY 2023
$163,494.37 ($8,174.72)

$155,319.65

145
$1,071.17
$1,127.55

Islands at Doral Townhomes
Community Development District

Amortization Schedule Series 2016, Special Assessment Refunding Bonds

 	DATE 

 	BALANCE	

 	RATE	

 	PRINCIPAL	

 	INTEREST	

 	TOTAL	

11/01/23
05/01/24
11/01/24
05/01/25
11/01/25
05/01/26
11/01/26
05/01/27
11/01/27
05/01/28
11/01/28
05/01/29
11/01/29
05/01/30
11/01/30
05/01/31
11/01/31
05/01/32
11/01/32
05/01/33
11/01/33
05/01/34
11/01/34
05/01/35
11/01/35
05/01/36
11/01/36
05/01/37
11/01/37
05/01/38

$1,820,000.00
$1,820,000.00
$1,725,000.00
$1,725,000.00
$1,625,000.00
$1,625,000.00
$1,520,000.00
$1,520,000.00
$1,415,000.00
$1,415,000.00
$1,305,000.00
$1,305,000.00
$1,190,000.00
$1,190,000.00
$1,075,000.00
$1,075,000.00
$955,000.00
$955,000.00
$830,000.00
$830,000.00
$700,000.00
$700,000.00
$570,000.00
$570,000.00
$435,000.00
$435,000.00
$295,000.00
$295,000.00
$150,000.00
$150,000.00

3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%
3.20%

$0.00
$95,000.00
$0.00
$100,000.00
$0.00
$105,000.00
$0.00
$105,000.00
$0.00
$110,000.00
$0.00
$115,000.00
$0.00
$115,000.00
$0.00
$120,000.00
$0.00
$125,000.00
$0.00
$130,000.00
$0.00
$130,000.00
$0.00
$135,000.00
$0.00
$140,000.00
$0.00
$145,000.00
$0.00
$150,000.00

$29,120.00
$29,120.00
$27,600.00
$27,600.00
$26,000.00
$26,000.00
$24,320.00
$24,320.00
$22,640.00
$22,640.00
$20,880.00
$20,880.00
$19,040.00
$19,040.00
$17,200.00
$17,200.00
$15,280.00
$15,280.00
$13,280.00
$13,280.00
$11,200.00
$11,200.00
$9,120.00
$9,120.00
$6,960.00
$6,960.00
$4,720.00
$4,720.00
$2,400.00
$2,400.00

$0.00
$153,240.00
$0.00
$155,200.00
$0.00
$157,000.00
$0.00
$153,640.00
$0.00
$155,280.00
$0.00
$156,760.00
$0.00
$153,080.00
$0.00
$154,400.00
$0.00
$155,560.00
$0.00
$156,560.00
$0.00
$152,400.00
$0.00
$153,240.00
$0.00
$153,920.00
$0.00
$154,440.00
$0.00
$154,800.00

Total

$1,915,000.00

$560,800.00

$2,475,800.00

Page 5

11/01/22	$1,915,000.00	3.20%	$0.00	$30,640.00	$0.00
05/01/23	$1,915,000.00	3.20%	$95,000.00	$30,640.00	$156,280.00