Century Gardens Community Development District

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

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 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019 BUDGET	
Administrative Assessments	55,138	
Maintenance Assessments	77,388	
Debt Assessments (Series 2007)	81,002	
Debt Assessments (Series 2014)	348,166	
Other Revenues	0	
Interest Income	120	
		
TOTAL REVENUES	$561,814	
		
EXPENDITURES		
ADMINISTRATIVE EXPENDITURES		
Management	27,300	
Secretarial	4,200	
Legal	9,000	
Assessment Roll	6,000	
Audit Fees	3,000	
Insurance	6,171	
Legal Advertisements	600	
Miscellaneous	1,500	
Postage	350	
Office Supplies	800	
Dues & Subscriptions	175	
Trustee Fee	7,700	
Continuing Disclosure Fee	500	
Website Management	1,500	
TOTAL ADMINISTRATIVE EXPENDITURES	$68,796	
		
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	
Field Operations Management	1,500	
Palms Treatment - Maintenance/Replacement	10,000	
		
Improvements - Landscape/Forestry	12,700	
Improvements - Reserve Contingency	5,000	
Total Improvements	17,700	
		
TOTAL MAINTENANCE EXPENDITURES	$72,745	
		
TOTAL EXPENDITURES	$141,541	
		
REVENUES LESS EXPENDITURES	$420,273	
		
Payment To Trustee (Series 2007)	(76,385)	
Payment To Trustee (Series 2014)	(327,276)	
		
BALANCE	$16,612	
		
County Appraiser & Tax Collector Fee	(11,152)	
Discounts For Early Payments	(22,306)	
		
EXCESS/ (SHORTFALL)	($16,846)	
		
Carryover From Prior Year	16,846	
		
NET EXCESS/ (SHORTFALL)	-	

Bank Balance As Of 5/31/18	$	129,248.69	
Accounts Payable As Of 5/31/18	$	6,383.27	
Available Funds As Of 5/31/18	$	122,865.42	

Estimated Fund Balance As Of 9/30/18	$	75,000.00	
Fiscal Year 2018/2019 Carryover Budget	$	16,846.00	
Estimated Reserve Funds As Of 9/30/19	$	58,154.00	

6/5/2018  1:18 PM	I

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

REVENUES	
FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR ACTUAL 2017/2018
AS OF 5/31/2018	
FISCAL YEAR 2017/2018 BUDGET	
FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	
Administrative Assessments	58,308	54,681	56,786	55,138	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	75,793	72,631	75,793	77,388	Expenditures/.94	
Debt Assessments (Series 2007)	77,226	79,031	81,002	81,002	Bond Payments/.94	
Debt Assessments (Series 2014)	348,167	332,341	343,527	348,166	Bond Payments/.94	
Other Revenues	0	0	0	0		
Interest Income	283	221	60	120	Projected At $10 Per Month	
						
TOTAL REVENUES	$559,777	$538,905	$557,168	$561,814		
						
EXPENDITURES						
ADMINISTRATIVE EXPENDITURES						
Management	26,304	17,536	26,304	27,300	CPI Adjustments	
Secretarial	4,200	2,800	4,200	4,200	No Change From 2017/2018 Budget	
Legal	8,380	7,001	9,000	9,000	No Change From 2017/2018 Budget	
Assessment Roll	6,000	0	6,000	6,000	As Per Contract	
Audit Fees	3,000	3,000	3,000	3,000	Accepted Amount For 2017/2018 Audit	
Insurance	5,100	5,610	5,610	6,171	Insurance Company Estimate	
Legal Advertisements	541	73	550	600	$50 Increase From 2017/2018 Budget	
Miscellaneous	1,291	1,503	1,000	1,500	$500 Increase From 2017/2018 Budget	
Postage	193	147	350	350	No Change From 2017/2018 Budget	
Office Supplies	776	448	800	800	No Change From 2017/2018 Budget	
Dues & Subscriptions	175	175	175	175	No Change From 2017/2018 Budget	
Trustee Fee	7,209	3,500	7,300	7,700	Series 2014 Trustee (US Bank) Increasing Fees In 2018/2019	
Continuing Disclosure Fee	500	0	500	500	No Change From 2017/2018 Budget	
Website Management	1,500	1,000	1,500	1,500	No Change From 2017/2018 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$65,169	$42,793	$66,289	$68,796		
						
MAINTENANCE EXPENDITURES						
Lawn/Landscape Maintenance	22,676	25,095	25,000	25,000	No Change From 2017/2018 Budget	
Aquatic Lake Maintenance	4,615	2,800	3,275	3,275	No Change From 2017/2018 Budget	
Preserve Area	0	0	1,970	1,970	No Change From 2017/2018 Budget	
Irrigation Maintenance	1,371	734	5,000	5,000	No Change From 2017/2018 Budget	
Miscellaneous Maintenance	785	2,645	3,000	3,000	No Change From 2017/2018 Budget	
Electricity	2,591	1,746	3,300	3,300	No Change From 2017/2018 Budget	
Engineering/Inspections	1,020	204	2,000	2,000	No Change From 2017/2018 Budget	
Field Operations Management	0	0	0	1,500	Field Operations Management	
Palms Treatment - Maintenance/Replacement	830	2,360	10,000	10,000	No Change From 2017/2018 Budget	
						
Improvements - Landscape/Forestry	1,520	14,100	12,700	12,700	No Change From 2017/2018 Budget	
Improvements - Reserve Contingency	0	0	5,000	5,000	No Change From 2017/2018 Budget	
Total Improvements	1,520	14,100	17,700	17,700		
						
TOTAL MAINTENANCE EXPENDITURES	$35,408	$49,684	$71,245	$72,745		
						
TOTAL EXPENDITURES	$100,577	$92,477	$137,534	$141,541		
						
REVENUES LESS EXPENDITURES	$459,200	$446,428	$419,634	$420,273		
						
Payment To Trustee (Series 2007)	(73,549)	(75,177)	(76,385)	(76,385)	2019 P & I Payments Less Earned Interest	
Payment To Trustee (Series 2014)	(331,100)	(316,723)	(322,915)	(327,276)	2019 P & I Payments Less Earned Interest	
						
BALANCE	$54,551	$54,528	$20,334	$16,612		
						
County Appraiser & Tax Collector Fee	(5,394)	(5,182)	(11,061)	(11,152)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(19,985)	(20,303)	(22,123)	(22,306)	Four Percent Of Total Assessment Roll	
						
EXCESS/ (SHORTFALL)	$29,172	$29,043	($12,850)	($16,846)		
						
Carryover From Prior Year	0	0	12,850	16,846	Carryover From Prior Year	
						
NET EXCESS/ (SHORTFALL)	$29,172	$29,043	-	-		

Bank Balance As Of 5/31/18	$	129,248.69	
Accounts Payable As Of 5/31/18	$	6,383.27	
Available Funds As Of 5/31/18	$	122,865.42	

Estimated Fund Balance As Of 9/30/18	$	75,000.00	
Fiscal Year 2018/2019 Carryover Budget	$	16,846.00	
Estimated Reserve Funds As Of 9/30/19	$	58,154.00	

6/5/2018  1:18 PM	II

DETAILED FINAL DEBT SERVICE FUND (SERIES 2007) BUDGET
CENTURY GARDENS 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	
406	
75	
100	
Projected Interest For 2018/2019	

NAV Tax Collection	
73,549	
76,385	
76,385	

2019 Series 2007 NAV Tax Collection	

Total Revenues	
$73,955	
$76,460	
$76,485		

EXPENDITURES					

Principal Payments	
25,000	
30,000	
30,000	
Principal Payment Due In 2019	

Interest Payments	
48,480	
46,460	
44,945	
Interest Payments Due In 2019	

Bond Redemption	
0	
0	
1,540	
Estimated Excess Debt Collections	

Total Expenditures	
$73,480	
$76,460	
$76,485		

Excess/ (Shortfall)	
$475	
$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 =

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

$935,000			

6/5/2018 1:18 PM	III

DETAILED FINAL DEBT SERVICE FUND (SERIES 2014) BUDGET
CENTURY GARDENS 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	
499	
50	
100	
Projected Interest For 2018/2019	

NAV Tax Collection	
331,100	
321,215	
327,276	
Maximum Debt Service Collection	

Total Revenues	
$331,599	
$321,265	
$327,376		

EXPENDITURES					

Principal Payments	
150,000	
155,000	
160,000	
Principal Payment Due In 2019	

Interest Payments	
119,850	
111,265	
105,910	
Interest Payments Due In 2019	

Additional Principal Payments	
50,000	
55,000	
55,000	
Additional Principal Payments	

Bond Redemption	
0	
0	
6,466	
Estimated Excess Debt Collections	

Total Expenditures	
$319,850	
$321,265	
$327,376		

Excess/ (Shortfall)	
$11,749	
$0	
$0		

The Special Assessment Series 2014 Refunding Bonds were originally projected to reduce Debt Assessments by approximately $200 per unit (breaking down to $200 X 330 = $66,000 per year) in annual savings. The Century Gardens CDD Board Of Supervisors motioned to breakout the projected $200 per unit Debt Assessments savings as follows:
25% went towards reducing the annual Debt Assessments by approximately $50 per unit ($50 X 330 = $16,500 per year);

75% went towards additional Principal Payments (Based on the Extraordinary Redemption Amounts Schedule) used for reducing interest payments in the final ten years of bond amortization (avoiding higher interest rates) and eliminating the last four years of the principal payments due to the mandatory additional principal payments that are being made in addition to the
regularly scheduled principal payments (per the Trust Indenture).

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 =

Par Amount As Of 1/1/18 =	May 2034

$3,295,000	May 1st & November 1st		

6/5/2018 1:18 PM	IV

Century Gardens Community Development District Assessment Comparison

	 	Fiscal Year 2015/2016
Assessment Before Discount* 	Fiscal Year 2016/2017
Assessment Before Discount* 		

 	Fiscal Year 2017/2018
Assessment Before Discount* 	

 	Fiscal Year 2018/2019
Projected Assessment Before Discount* 	

Administrative		

$164.93	

$141.65			

$141.61		

$137.50	
Maintenance		$165.77	$189.01			$189.01		$192.99	
Series 2014 Debt		$1,055.05	$1,055.05			$1,055.05		$1,055.05	
Total For Original Units		$1,385.75	$1,385.71			$1,385.67		$1,385.54	

Administrative		
$164.93	
$141.65			
$141.61		
$137.50	
Maintenance		$165.77	$189.01			$189.01		$192.99	
Series 2007 Debt		$1,106.54	$1,097.69			$1,140.87		$1,140.87	
Total For Expansion Units		$1,437.24	$1,428.35			$1,471.49		$1,471.36	

* 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	6/5/2018 1:18 PM