Century Gardens Community Development District

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

CONTENTS

TABLE OF CONTENTS

Budget Summary

Proposed Budget	I
Detailed Proposed Budget	II
Debt Service
Proposed Series 2007 Debt Service Fund Budget	III
Proposed Series 2014 Debt Service Fund Budget	IV
Proposed Series 2019 Debt Service Fund Budget	V
Assessment Comparison
Assessment  Comparison	VI

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

REVENUES	
FISCAL YEAR 2019/2020 BUDGET	
Administrative Assessments	80,331	
Maintenance Assessments	80,000	
Debt Assessments (Series 2007)	81,002	
Debt Assessments (Series 2014)	348,166	
Debt Assessments (Series 2019)	117,273	
Other Revenues	0	
Interest Income	180	
		
TOTAL REVENUES	$706,952	
		
EXPENDITURES		
ADMINISTRATIVE  EXPENDITURES		
Management	27,816	
Secretarial	4,200	
Legal	9,500	
Assessment Roll	6,000	
Audit Fees	3,250	
Insurance	6,000	
Legal Advertisements	600	
Miscellaneous	2,000	
Postage	350	
Office Supplies	800	
Dues & Subscriptions	175	
Trustee Fee	12,000	
Continuing Disclosure Fee	1,000	
Website Management	2,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$75,691	
		
MAINTENANCE  EXPENDITURES		
Lawn/Landscape Maintenance	30,000	
Aquatic Lake Maintenance	4,200	
Preserve Area	1,200	
Irrigation Maintenance	3,500	
Miscellaneous Maintenance	4,500	
Electricity	3,300	
Engineering/Inspections	1,500	
Field Operations Management	1,500	
Palms Treatment - Maintenance/Replacement	5,000	
		
Improvements - Landscape/Forestry	15,500	
Improvements - Reserve Contingency	5,000	
Total Improvements	20,500	
		
TOTAL MAINTENANCE EXPENDITURES	$75,200	
		
TOTAL EXPENDITURES	$150,891	
		
REVENUES LESS EXPENDITURES	$556,061	
		
Payment To Trustee (Series 2007)	(76,385)	
Payment To Trustee (Series 2014)	(327,276)	
Payment To Trustee (Series 2019)	(111,350)	
		
BALANCE	$41,050	
		
County Appraiser & Tax Collector Fee	(13,683)	
Discounts For Early Payments	(27,367)	
		
EXCESS/ (SHORTFALL)	$0	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	-	

Bank Balance As Of 2/28/19	$	182,333.67	
Accounts Payable As Of 2/28/19	$	2,979.28	
Available Funds As Of 2/28/19	$	179,354.39	

Estimated Fund Balance As Of 9/30/19	$	82,000.00	
Fiscal Year 2019/2020 Carryover Budget	$	5,000.00	
Estimated Reserve Funds As Of 9/30/20	$	77,000.00	

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

REVENUES	
FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR ACTUAL 2018/2019
AS OF 2/28/2019	
FISCAL YEAR 2018/2019 BUDGET	
FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	
Administrative Assessments	58,099	50,848	55,138	80,331	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	75,793	70,973	77,388	80,000	Expenditures/.94	
Debt Assessments (Series 2007)	81,002	77,579	81,002	81,002	Bond Payments/.94	
Debt Assessments (Series 2014)	348,167	316,255	348,166	348,166	Bond Payments/.94	
Debt Assessments (Series 2019)	0	0	0	117,273	Bond Payments/.94	
Other Revenues	0	60,000	0	0		
Interest Income	310	180	120	180	Projected At $15 Per Month	
						
TOTAL REVENUES	$563,371	$575,835	$561,814	$706,952		
						
EXPENDITURES						
ADMINISTRATIVE EXPENDITURES						
Management	26,304	11,375	27,300	27,816	CPI Adjustment	
Secretarial	4,200	1,750	4,200	4,200	No Change From 2018/2019 Budget	
Legal	11,715	3,575	9,000	9,500	$500 Increase From 2018/2019 Budget	
Assessment Roll	6,000	0	6,000	6,000	As Per Contract	
Audit Fees	3,000	0	3,000	3,250	$250 Increase From 2018/2019 Budget	
Insurance	5,610	5,000	6,171	6,000	Insurance Estimate	
Legal Advertisements	413	1,979	600	600	No Change From 2018/2019 Budget	
Miscellaneous	2,041	624	1,500	2,000	$500 Increase From 2018/2019 Budget	
Postage	217	238	350	350	No Change From 2018/2019 Budget	
Office Supplies	734	615	800	800	No Change From 2018/2019 Budget	
Dues & Subscriptions	175	175	175	175	No Change From 2018/2019 Budget	
Trustee Fee	7,209	0	7,700	12,000	Increased Due To Third Bond Issue	
Continuing Disclosure Fee	500	0	500	1,000	Increased Due To Third Bond Issue	
Website Management	1,500	625	1,500	2,000	$500 Increase From 2018/2019 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$69,618	$25,956	$68,796	$75,691		
						
MAINTENANCE EXPENDITURES						
Lawn/Landscape Maintenance	29,020	9,765	25,000	30,000	$5,000 Increase From 2018/2019 Budget	
Aquatic Lake Maintenance	4,200	1,400	3,275	4,200	$925 Increase From 2018/2019 Budget	
Preserve Area	0	0	1,970	1,200	$770 Decrease From 2018/2019 Budget	
Irrigation Maintenance	1,076	1,048	5,000	3,500	$1,500 Decrease From 2018/2019 Budget	
Miscellaneous Maintenance	4,204	4,476	3,000	4,500	$1,500 Increase From 2018/2019 Budget	
Electricity	2,942	1,325	3,300	3,300	No Change From 2018/2019 Budget	
Engineering/Inspections	1,054	0	2,000	1,500	$500 Decrease From 2018/2019 Budget	
Field Operations Management	0	625	1,500	1,500	No Change From 2018/2019 Budget	
Palms Treatment - Maintenance/Replacement	1,080	0	10,000	5,000	$5,000 Decrease From 2018/2019 Budget	
						
Improvements - Landscape/Forestry	29,578	32,309	12,700	15,500	$2,800 Increase From 2018/2019 Budget	
Improvements - Reserve Contingency	0	0	5,000	5,000	No Change From 2018/2019 Budget	
Total Improvements	29,578	32,309	17,700	20,500		
						
TOTAL MAINTENANCE EXPENDITURES	$73,154	$50,948	$72,745	$75,200		
						
TOTAL EXPENDITURES	$142,772	$76,904	$141,541	$150,891		
						
REVENUES LESS EXPENDITURES	$420,599	$498,931	$420,273	$556,061		
						
Payment To Trustee (Series 2007)	(77,129)	(73,770)	(76,385)	(76,385)	2020 P & I Payments Less Earned Interest	
Payment To Trustee (Series 2014)	(331,346)	(300,753)	(327,276)	(327,276)	2020 P & I Payments Less Earned Interest	
Payment To Trustee (Series 2019)	0	0	0	(111,350)	2020 P & I Payments Less Earned Interest	
						
BALANCE	$12,124	$124,408	$16,612	$41,050		
						
County Appraiser & Tax Collector Fee	(5,425)	(4,951)	(11,152)	(13,683)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(20,303)	(20,321)	(22,306)	(27,367)	Four Percent Of Total Assessment Roll	
						
EXCESS/ (SHORTFALL)	($13,604)	$99,136	($16,846)	$0		
						
Carryover From Prior Year	0	0	16,846	0	Carryover From Prior Year	
						
NET EXCESS/ (SHORTFALL)	($13,604)	$99,136	-	-		

Bank Balance As Of 2/28/19	$	182,333.67	
Accounts Payable As Of 2/28/19	$	2,979.28	
Available Funds As Of 2/28/19	$	179,354.39	

Estimated Fund Balance As Of 9/30/19	$	82,000.00	
Fiscal Year 2019/2020 Carryover Budget	$	5,000.00	
Estimated Reserve Funds As Of 9/30/20	$	77,000.00	

DETAILED PROPOSED DEBT SERVICE FUND (SERIES 2007) BUDGET
CENTURY GARDENS 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	
1,004	
100	
100	
Projected Interest For 2019/2020	

NAV Tax Collection	
77,129	
76,385	
76,385	

2020 Series 2007 NAV Tax Collection	

Total Revenues	
$78,133	
$76,485	
$76,485		

EXPENDITURES					

Principal Payments	
30,000	
30,000	
30,000	
Principal Payment Due In 2020	

Interest Payments	
47,218	
44,945	
43,430	
Interest Payments Due In 2020	

Bond Redemption	
0	
1,540	
3,055	
Estimated Excess Debt Collections	

Total Expenditures	
$77,218	
$76,485	
$76,485		

Excess/ (Shortfall)	
$915	
$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 1/1/19 =	May 2037

$905,000			

3/4/2019 1:11 PM	III

DETAILED PROPOSED DEBT SERVICE FUND (SERIES 2014) BUDGET
CENTURY GARDENS 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	
686	
100	
100	
Projected Interest For 2019/2020	

NAV Tax Collection	
331,346	
327,276	
327,276	
Maximum Debt Service Collection	

Total Revenues	
$332,032	
$327,376	
$327,376		

EXPENDITURES					

Principal Payments	
155,000	
160,000	
160,000	
Principal Payment Due In 2020	

Interest Payments	
112,965	
105,910	
96,730	
Interest Payments Due In 2020	

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

Bond Redemption	
0	
6,466	
15,646	
Estimated Excess Debt Collections	

Total Expenditures	
$322,965	
$327,376	
$327,376		

Excess/ (Shortfall)	
$9,067	
$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 1/1/19 =	May 2034

$3,085,000	May 1st & November 1st		

DETAILED PROPOSED DEBT SERVICE FUND (SERIES 2019) BUDGET
CENTURY GARDENS 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	
0	
0	
Projected Interest For 2019/2020	

NAV Tax Collection	
0	
0	
111,350	
Maximum Debt Service Collection	

Total Revenues	
$0	
$0	
$111,350		

EXPENDITURES					

Principal Payments	
0	
0	
29,000	
Principal Payment Due In 2020	

Interest Payments	
0	
0	
81,976	
Interest Payments Due In 2020	

Bond Redemption	
0	
0	
374	
Estimated Excess Debt Collections	

Total Expenditures	
$0	
$0	
$111,350		

Excess/ (Shortfall)	
$0	
$0	
$0		

Series 2019 Bond Information

Original Par Amount =	$1,733,000	Annual Principal Payments Due:	November 1st	
Interest Rate =	3.6% - 5.0%	May 1st	May 1st & November 1st	
Issue Date =	January 2019	Annual Interest Payments Due:		
Maturity Date =

Par Amount As Of 2/1/19 =	November 2049

$1,733,000	May 1st & November 1st		

Century Gardens Community Development District Assessment  Comparison

	

 	Fiscal Year 2016/2017
Assessment Before Discount* 	Fiscal Year 2017/2018
Assessment Before Discount* 	

 	Fiscal Year 2018/2019
Assessment Before Discount* 	

 	Fiscal Year 2019/2020
Projected Assessment Before Discount* 	

Administrative		

$141.65	

$141.61		

$137.50		

$164.96	
Maintenance		$189.01	$189.01		$192.99		$164.28	
Series 2014 Debt		$1,055.05	$1,055.05		$1,055.05		$1,055.05	
Total For Original Units		$1,385.71	$1,385.67		$1,385.54		
$1,384.29	

Administrative		
$141.65	
$141.61		
$137.50		
$164.96	
Maintenance		$189.01	$189.01		$192.99		$164.28	
Series 2007 Debt		$1,097.69	$1,140.87		$1,140.87		$1,140.87	
Total For Expansion Units		$1,428.35	$1,471.49		$1,471.36		
$1,470.11	

Administrative		
$0.00	
$0.00		
$0.00		
$164.96	
Maintenance		$0.00	$0.00		$0.00		$164.28	
Series 2019 Debt		$0.00	$0.00		$0.00		$1,363.64	
Total For Lennar Expansion Units		$0.00	$0.00		$0.00		
$1,692.88	

* 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	
Lennar Expansion Units	86	
Total Units	487	

Note: There are 487 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.
When the District was expanded for the Lennar Units, there were 86 units added to the District. Series 2014 Annual Debt Assessment Rate Is $1,055.05		

V	3/4/2019  1:11 PM