Century Gardens Community Development District

Proposed Budget For Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

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 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021
BUDGET	
Administrative Assessments	82,497	
Maintenance Assessments	71,340	
Debt Assessments (Series 2007)	81,002	
Debt Assessments (Series 2014)	348,166	
Debt Assessments (Series 2019)	117,273	
Other Revenues	0	
Interest Income	240	
		
TOTAL REVENUES	$700,518	
		
EXPENDITURES		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	2,000	
Payroll Taxes	160	
Management	28,452	
Secretarial	4,200	
Legal	9,000	
Legal - Extraordinary	0	
Assessment Roll	6,000	
Audit Fees	3,300	
Insurance	6,000	
Legal Advertisements	600	
Miscellaneous	1,750	
Postage	350	
Office Supplies	800	
Dues & Subscriptions	175	
Trustee Fees	12,000	
Continuing Disclosure Fee	1,000	
Website Management	2,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$77,787	
		
MAINTENANCE EXPENDITURES		
Lawn/Landscape Maintenance	29,500	
Aquatic Lake Maintenance	4,200	
Preserve Area	1,000	
Irrigation Maintenance	2,500	
Miscellaneous Maintenance	3,000	
Electricity	3,300	
Engineering/Inspections	1,500	
Field Operations Management	1,500	
Palms Treatment - Maintenance/Replacement	3,500	
		
Improvements - Landscape/Forestry	5,115	
Improvements - Reserve Contingency	5,000	
Improvements - Reserve Contingency (Townhomes)	6,945	
Total Improvements	17,060	
		
TOTAL MAINTENANCE EXPENDITURES	$67,060	
		
TOTAL EXPENDITURES	$144,847	
		
REVENUES LESS EXPENDITURES	$555,671	
		
Payment To Trustee (Series 2007)	(76,385)	
Payment To Trustee (Series 2014)	(327,276)	
Payment To Trustee (Series 2019)	(111,350)	
		
BALANCE	$40,660	
		
County Appraiser & Tax Collector Fee	(13,553)	
Discounts For Early Payments	(27,107)	
		
EXCESS/ (SHORTFALL)	$0	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	-	

Available Funds As Of 2/29/20	$	167,560.00	

Lennar Contribution Funds As Of 2/29/20	$	30,000.00	

Estimated Fund Balance As Of 9/30/20	$	80,000.00	
Fiscal Year 2020/2021 Carryover Budget	$	-	
Estimated Reserve Funds As Of 9/30/20	$	80,000.00	

DETAILED PROPOSED BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR ACTUAL 2019/2020
AS OF 2/29/2020	
FISCAL YEAR 2019/2020 BUDGET	
FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	
Administrative Assessments	56,212	76,044	81,831	82,497	Expenditures Less Interest/.94	
Maintenance Assessments	77,389	66,479	72,148	71,340	Expenditures/.94	
Debt Assessments (Series 2007)	81,002	77,579	81,002	81,002	Bond Payments/.94	
Debt Assessments (Series 2014)	348,167	315,925	348,166	348,166	Bond Payments/.94	
Debt Assessments (Series 2019)	0	113,182	117,273	117,273	Bond Payments/.94	
Other Revenues	80,355	3,835	0	0		
Interest Income	391	114	180	240	Projected At $20 Per Month	
						
TOTAL REVENUES	$643,516	$653,158	$700,600	$700,518		
						
EXPENDITURES						
ADMINISTRATIVE EXPENDITURES						
Supervisor Fees	1,200	400	2,000	2,000	Supervisor Fees	
Payroll Taxes	92	31	160	160	Projected At 8% Of Supervisor Fees	
Management	27,300	11,590	27,816	28,452	CPI Adjustment	
Secretarial	4,200	1,750	4,200	4,200	No Change From 2019/2020 Budget	
Legal	10,220	2,512	9,000	9,000	No Change From 2019/2020 Budget	
Legal - Extraordinary	20,000	0	0	0		
Assessment Roll	6,000	0	6,000	6,000	As Per Contract	
Audit Fees	3,000	0	3,250	3,300	$50 Increase From 2019/2020 Budget	
Insurance	5,000	5,251	6,000	6,000	Insurance Estimate	
Legal Advertisements	2,523	0	600	600	No Change From 2019/2020 Budget	
Miscellaneous	1,484	821	1,750	1,750	No Change From 2019/2020 Budget	
Postage	364	28	350	350	No Change From 2019/2020 Budget	
Office Supplies	919	147	800	800	No Change From 2019/2020 Budget	
Dues & Subscriptions	175	175	175	175	No Change From 2019/2020 Budget	
Trustee Fees	7,579	4,031	12,000	12,000	No Change From 2019/2020 Budget	
Continuing Disclosure Fee	500	0	1,000	1,000	No Change From 2019/2020 Budget	
Website Management	1,500	833	2,000	2,000	No Change From 2019/2020 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$92,056	$27,569	$77,101	$77,787		
						
MAINTENANCE EXPENDITURES						
Lawn/Landscape Maintenance	31,599	10,670	29,500	29,500	No Change From 2019/2020 Budget	
Aquatic Lake Maintenance	4,200	2,075	4,200	4,200	No Change From 2019/2020 Budget	
Preserve Area	0	0	1,000	1,000	No Change From 2019/2020 Budget	
Irrigation Maintenance	1,234	205	2,500	2,500	No Change From 2019/2020 Budget	
Miscellaneous Maintenance	6,812	1,701	3,000	3,000	No Change From 2019/2020 Budget	
Electricity	3,675	1,381	3,300	3,300	No Change From 2019/2020 Budget	
Engineering/Inspections	1,600	0	1,500	1,500	No Change From 2019/2020 Budget	
Field Operations Management	1,500	625	1,500	1,500	No Change From 2019/2020 Budget	
Palms Treatment - Maintenance/Replacement	1,170	850	3,500	3,500	No Change From 2019/2020 Budget	
						
Improvements - Landscape/Forestry	33,634	7,835	5,765	5,115	No Change From 2019/2020 Budget	
Improvements - Reserve Contingency	0	0	5,000	5,000	No Change From 2019/2020 Budget	
Improvements - Reserve Contingency (Townhomes)	0	0	7,055	6,945	Improvements - Reserve Contingency (Townhomes)	
Total Improvements	33,634	7,835	17,820	17,060		
						
TOTAL MAINTENANCE EXPENDITURES	$85,424	$25,342	$67,820	$67,060		
						
TOTAL EXPENDITURES	$177,480	$52,911	$144,921	$144,847		
						
REVENUES LESS EXPENDITURES	$466,036	$600,247	$555,679	$555,671		
						
Payment To Trustee (Series 2007)	(77,147)	(73,772)	(76,385)	(76,385)	2021 P & I Payments Less Earned Interest	
Payment To Trustee (Series 2014)	(332,274)	(300,422)	(327,276)	(327,276)	2021 P & I Payments Less Earned Interest	
Payment To Trustee (Series 2019)	0	(107,602)	(111,350)	(111,350)	2021 P & I Payments Less Earned Interest	
						
BALANCE	$56,615	$118,451	$40,668	$40,660		
						
County Appraiser & Tax Collector Fee	(5,419)	(6,232)	(13,556)	(13,553)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(20,433)	(25,641)	(27,112)	(27,107)	Four Percent Of Total Assessment Roll	
						
EXCESS/ (SHORTFALL)	$30,763	$86,578	$0	$0		
						
Carryover From Prior Year	0	0	0	0	Carryover From Prior Year	
						
NET EXCESS/ (SHORTFALL)	$30,763	$86,578	-	-		

167,560.00

$

Available Funds As Of 2/29/20

30,000.00

$

Lennar Contribution Funds As Of 2/29/20

Estimated Fund Balance As Of 9/30/20	$	80,000.00	
Fiscal Year 2020/2021 Carryover Budget	$	-	
Estimated Reserve Funds As Of 9/30/20	$	80,000.00	

DETAILED PROPOSED DEBT SERVICE FUND (SERIES 2007) BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 BUDGET	FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	

Interest Income	
1,706	
100	
100	
Projected Interest For 2020/2021	

NAV Tax Collection	
77,147	
76,385	
76,385	
2021 Series 2007 NAV Tax Collection	

Total Revenues	
$78,853	
$76,485	
$76,485		

EXPENDITURES					

Principal Payments	
30,000	
30,000	
30,000	
Principal Payment Due In 2021	

Interest Payments	
45,703	
43,430	
41,915	
Interest Payments Due In 2021	

Bond Redemption	
0	
3,055	
4,570	
Estimated Excess Debt Collections	

Total Expenditures	
$75,703	
$76,485	
$76,485		

Excess/ (Shortfall)	
$3,150	
$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 1/1/20 =	May 2037

$870,000			

3/2/2020 12:07 PM	III

DETAILED PROPOSED DEBT SERVICE FUND (SERIES 2014) BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 BUDGET	FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	

Interest Income	
1,983	
100	
100	
Projected Interest For 2020/2021	

NAV Tax Collection	
332,274	
327,276	
327,276	
Maximum Debt Service Collection	

Total Revenues	
$334,257	
$327,376	
$327,376		

EXPENDITURES					

Principal Payments	
160,000	
160,000	
170,000	
Principal Payment Due In 2021	

Interest Payments	
105,825	
96,730	
89,250	
Interest Payments Due In 2021	

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

Bond Redemption	
0	
15,646	
13,126	
Estimated Excess Debt Collections	

Total Expenditures	
$320,825	
$327,376	
$327,376		

Excess/ (Shortfall)	
$13,432	
$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 1/1/20 =	May 2034

$2,870,000	May 1st & November 1st		

DETAILED PROPOSED DEBT SERVICE FUND (SERIES 2019) BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 BUDGET	FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	

Interest Income	
386	
0	
50	
Projected Interest For 2020/2021	

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

Bond Proceeds	
93,187	
0	
0		

Total Revenues	
$93,573	
$111,350	
$111,400		

EXPENDITURES					

Principal Payments	
0	
29,000	
30,000	
Principal Payment Due In 2021	

Interest Payments	
23,910	
81,976	
80,932	
Interest Payments Due In 2021	

Bond Redemption	
0	
374	
468	
Estimated Excess Debt Collections	

Total Expenditures	
$23,910	
$111,350	
$111,400		

Excess/ (Shortfall)	
$69,663	
$0	
$0		

Series 2019 Bond Information

Original Par Amount =	$1,733,000	Annual Principal Payments Due:	November 1st	
Interest Rate = Issue Date = Maturity Date =	3.6% - 5.0%
January 2019
November 2049	November 1st
Annual Interest Payments Due: May 1st & November 1st	May 1st & November 1st	
Par Amount As Of 1/1/20 =	$1,733,000			

Century Gardens Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2017/2018	2018/2019	2019/2020	2020/2021	
Assessment	Assessment	Assessment	Projected Assessment	
 	Before Discount*	Before Discount*	 	Before Discount*	 	Before Discount*	

Administrative	$141.61	$137.50	$168.03	$169.40	
Maintenance	$189.01	$192.99	$161.21	$159.49	
Series 2014 Debt	$1,055.05	$1,055.05	$1,055.05	$1,055.05	
Total For Original Units	$1,385.67	$1,385.54	$1,384.29	$1,383.94	

Administrative	
$141.61	
$137.50	
$168.03	
$169.40	
Maintenance	$189.01	$192.99	$161.21	$159.49	
Series 2007 Debt	$1,140.87	$1,140.87	$1,140.87	$1,140.87	
Total For Expansion Units	$1,471.49	$1,471.36	$1,470.11	$1,469.76	

Administrative	
$0.00	
$0.00	
$168.03	
$169.40	
Maintenance	$0.00	$0.00	$87.28	$85.91	
Series 2019 Debt	$0.00	$0.00	$1,363.64	$1,363.64	
Total For Lennar Expansion Units	$0.00	$0.00	$1,618.95	$1,618.95	

* 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. O&M Covenent Amount for Lennar Units is $255.31 ($240.00 before discounts and fees).
Series 2014 Annual Debt Assessment Rate Is $1,055.05		

VI	3/2/2020 12:07 PM