Century Gardens 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) IV      DETAILED FINAL DEBT SERVICE FUND BUDGET (SERIES 2014) V         ASSESSMENT COMPARISON

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

REVENUES	
FISCAL YEAR 2017/2018 BUDGET	
Administrative Assessments	56,786	
Maintenance Assessments	75,793	
Debt Assessments (Series 2007)	81,002	
Debt Assessments (Series 2014)	343,527	
Other Revenues	0	
Interest Income	60	
		
TOTAL REVENUES	$557,168	
		
EXPENDITURES		
ADMINISTRATIVE  EXPENDITURES		
Management	26,304	
Secretarial	4,200	
Legal	9,000	
Assessment Roll	6,000	
Audit Fees	3,000	
Arbitrage Rebate Fee	0	
Insurance	5,610	
Legal Advertisements	550	
Miscellaneous	1,000	
Postage	350	
Office Supplies	800	
Dues & Subscriptions	175	
Trustee Fee	7,300	
Continuing Disclosure Fee	500	
Website Management	1,500	
TOTAL ADMINISTRATIVE EXPENDITURES	$66,289	
		
MAINTENANCE  EXPENDITURES		
Lawn/Landscape Maintenance	25,000	
Aquatic Lake Maintenance	3,275	
Preserve Area	1,970	
Irrigation Maintenance	5,000	
Miscellaneous Maintenance	3,000	
Electricity	3,300	
Engineering/Inspections	2,000	
Palms Treatment - Maintenance/Replacement	10,000	
		
Improvements - Landscape/Forestry	12,700	
Improvements - Reserve Contingency	5,000	
Total Improvements	17,700	
		
TOTAL MAINTENANCE EXPENDITURES	$71,245	
		
TOTAL EXPENDITURES	$137,534	
		
REVENUES LESS EXPENDITURES	$419,634	
		
Payment To Trustee (Series 2007)	(76,385)	
Payment To Trustee (Series 2014)	(322,915)	
		
BALANCE	$20,334	
		
County Appraiser & Tax Collector Fee	(11,061)	
Discounts For Early Payments	(22,123)	
		
EXCESS/ (SHORTFALL)	($12,850)	
		
Carryover From Prior Year	12,850	
		
NET EXCESS/ (SHORTFALL)	-	

5/12/2017 9:54 AM	I

DETAILED FINAL BUDGET
CENTURY GARDENS 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	66,740	56,802	56,786	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	66,474	75,793	75,793	Expenditures/.94	
Debt Assessments (Series 2007)	78,565	77,226	81,002	Bond Payments/.94	
Debt Assessments (Series 2014)	348,167	343,723	343,527	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	61	60	60	Projected At $5 Per Month	
					
TOTAL REVENUES	$560,007	$553,604	$557,168		
					
EXPENDITURES					
ADMINISTRATIVE EXPENDITURES					
Management	26,304	26,304	26,304	No Change From 2016/2017 Budget	
Secretarial	4,200	4,200	4,200	No Change From 2016/2017 Budget	
Legal	9,343	9,000	9,000	No Change From 2016/2017 Budget	
Assessment Roll	6,000	6,000	6,000	As Per Contract	
Audit Fees	3,000	3,000	3,000	Accepted Amount For 2016/2017 Audit	
Arbitrage Rebate Fee	0	650	0	No Longer Required	
Insurance	5,000	5,250	5,610	Insurance Company Estimate	
Legal Advertisements	314	600	550	$50 Decrease From 2016/2017 Budget	
Miscellaneous	1,184	700	1,000	$300 Increase From 2016/2017 Budget	
Postage	253	350	350	No Change From 2016/2017 Budget	
Office Supplies	1,185	800	800	No Change From 2016/2017 Budget	
Dues & Subscriptions	175	175	175	No Change From 2016/2017 Budget	
Trustee Fee	7,209	7,300	7,300	No Change From 2016/2017 Budget	
Continuing Disclosure Fee	300	1,000	500	$500 Decrease From 2016/2017 Budget	
Website Management	1,500	1,500	1,500	No Change From 2016/2017 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$65,967	$66,829	$66,289		
					
MAINTENANCE EXPENDITURES					
Lawn/Landscape Maintenance	23,240	25,000	25,000	No Change From 2016/2017 Budget	
Aquatic Lake Maintenance	4,457	3,275	3,275	No Change From 2016/2017 Budget	
Preserve Area	230	1,970	1,970	No Change From 2016/2017 Budget	
Irrigation Maintenance	7,341	5,000	5,000	No Change From 2016/2017 Budget	
Miscellaneous Maintenance	2,727	3,000	3,000	No Change From 2016/2017 Budget	
Electricity	2,868	3,300	3,300	No Change From 2016/2017 Budget	
Engineering/Inspections	1,270	2,000	2,000	No Change From 2016/2017 Budget	
Palms Treatment - Maintenance/Replacement	0	10,000	10,000	No Change From 2016/2017 Budget	
					
Improvements - Landscape/Forestry	7,640	12,700	12,700	No Change From 2016/2017 Budget	
Improvements - Reserve Contingency	3,782	5,000	5,000	No Change From 2016/2017 Budget	
Total Improvements	11,422	17,700	17,700		
					
TOTAL MAINTENANCE EXPENDITURES	$53,555	$71,245	$71,245		
					
TOTAL EXPENDITURES	$119,522	$138,074	$137,534		
					
REVENUES LESS EXPENDITURES	$440,485	$415,530	$419,634		
					
Payment To Trustee (Series 2007)	(74,736)	(72,824)	(76,385)	2018 P & I Payments Less Earned Interest	
Payment To Trustee (Series 2014)	(327,900)	(323,100)	(322,915)	2018 P & I Payments Less Earned Interest	
					
BALANCE	$37,849	$19,606	$20,334		
					
County Appraiser & Tax Collector Fee	(5,395)	(10,994)	(11,061)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(20,450)	(21,987)	(22,123)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$12,004	($13,375)	($12,850)		
					
Carryover From Prior Year	0	13,375	12,850	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$12,004	-	-		

5/12/2017 9:54 AM	II

DETAILED FINAL DEBT SERVICE FUND (SERIES 2007) BUDGET
CENTURY GARDENS 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	
109	
25	
75	
Projected Interest For 2017/2018	

NAV Tax Collection	
74,736	
72,824	
76,385	

2018 P & I Payments Less Earned Interest	

Total Revenues	
$74,845	
$72,849	
$76,460		

EXPENDITURES					

Principal Payments	
25,000	
25,000	
30,000	
Principal Payment Due In 2018	

Interest Payments	
49,743	
47,849	
46,460	
Interest Payments Due In 2018	

Total Expenditures	
$74,743	
$72,849	
$76,460		

Excess/ (Shortfall)	
$102	
$0	
$0		

Series 2007 Bond Information

Original Par Amount =	$1,145,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	5.05%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	March 2007			
Maturity Date =	May 2037			

5/12/2017  9:54 AM	III

DETAILED FINAL DEBT SERVICE FUND (SERIES 2014) BUDGET
CENTURY GARDENS 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	
236	
50	
50	
Projected Interest For 2017/2018	

NAV Tax Collection	
327,900	
323,100	
321,215	

2018 P & I Payments Less Earned Interest	

Total Revenues	
$328,136	
$323,150	
$321,265		

EXPENDITURES					

Principal Payments	
140,000	
150,000	
155,000	
Principal Payment Due In 2018	

Interest Payments	
126,395	
118,150	
111,265	
Interest Payments Due In 2018	

Additional Principal Payments	
55,000	
55,000	
55,000	
Additional Principal Payments	

Total Expenditures	
$321,395	
$323,150	
$321,265		

Excess/ (Shortfall)	
$6,741	
$0	
$0		

Series 2014 Refunding Bond Information

Original Par Amount =	$3,905,000	Annual Principal Payments Due:	May 1st	
Interest Rate =	3.4% - 8.4%	May 1st	May 1st & November 1st	
Issue Date =	June 2014	Annual Interest Payments Due:		
Maturity Date =	May 2034	May 1st & November 1st		

5/12/2017 9:54 AM	IV

Century Gardens Community Development District Assessment Comparison

	 	Fiscal Year 2014/2015
Assessment Before Discount* 	Fiscal Year 2015/2016
Assessment Before Discount* 		

 	Fiscal Year 2016/2017
Assessment Before Discount* 	

 	Fiscal Year 2017/2018
Projected Assessment Before Discount* 	

Administrative		

$116.31	

$164.93			

$141.65		

$141.61	
Maintenance		$164.56	$165.77			$189.01		$189.01	
Series 2014 Debt		$1,105.09	$1,055.05			$1,055.05		$1,055.05	
Total For Original Units		$1,385.96	$1,385.75			$1,385.71		$1,385.67	

Administrative		
$116.31	
$164.93			
$141.65		
$141.61	
Maintenance		$164.56	$165.77			$189.01		$189.01	
Series 2007 Debt		$1,125.03	$1,106.54			$1,097.69		$1,140.87	
Total For Expansion Units		$1,405.90	$1,437.24			$1,428.35		$1,471.49	

* Assessments Include the Following :						
4% Discount for Early Payments						
1% County Tax Collector Fee						
1% County Property Appraiser Fee						

Community Information:						
Original Units				330		
Expansion Units				71		
Total Units				401		

Note: There are 401 units in the Century Gardens Community Development District.
When the District was formed there were 330 units in the Century Gardens Community Development District. When the District was expanded, there were 71 units added to the District.
Series 2014 Annual Debt Assessment Rate Is $1,055.05

V	5/12/2017 9:54 AM