Century Gardens Community Development District

Final Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

CONTENTS

TABLE OF CONTENTS

Budget Summary

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

FINAL BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023 BUDGET	
Administrative Assessments	82,413	
Maintenance Assessments	77,690	
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	$706,784	
		
EXPENDITURES		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	2,000	
Payroll Taxes	160	
Management	28,848	
Secretarial	4,200	
Legal	9,000	
Assessment Roll	6,000	
Audit Fees	3,900	
Insurance	6,100	
Legal Advertisements	725	
Miscellaneous	1,150	
Postage	300	
Office Supplies	750	
Dues & Subscriptions	175	
Trustee Fees	11,900	
Continuing Disclosure Fee	500	
Website Management	2,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$77,708	
		
MAINTENANCE EXPENDITURES		
Lawn/Landscape Maintenance	31,000	
Aquatic Lake Maintenance	5,200	
Preserve Area	1,000	
Irrigation Maintenance	3,500	
Miscellaneous Maintenance	3,000	
Electricity	3,300	
Engineering/Inspections	2,000	
Field Operations Management	1,500	
Palms Treatment - Maintenance/Replacement	3,500	
Traffic Calming Devices	10,000	
		
Improvements - Landscape/Forestry	6,115	
Improvements - Reserve Contingency	2,914	
Improvements - Reserve Contingency (Townhomes)	0	
Total Improvements	9,029	
		
TOTAL MAINTENANCE EXPENDITURES	$73,029	
		
TOTAL EXPENDITURES	$150,737	
		
REVENUES LESS EXPENDITURES	$556,047	
		
Payment To Trustee (Series 2007)	(76,385)	
Payment To Trustee (Series 2014)	(327,276)	
Payment To Trustee (Series 2019)	(111,350)	
		
BALANCE	$41,036	
		
County Appraiser & Tax Collector Fee	(13,679)	
Discounts For Early Payments	(27,357)	
		
EXCESS/ (SHORTFALL)	$0	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	-	

DETAILED FINAL BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2020/2021 ACTUAL	FISCAL YEAR ACTUAL 2021/2022
AS OF 4/30/2022	
FISCAL YEAR 2021/2022 BUDGET	
FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	
Administrative Assessments	83,215	81,151	82,466	82,413	Expenditures Less Interest/.94	
Maintenance Assessments	71,344	70,181	71,340	77,690	Expenditures/.94	
Debt Assessments (Series 2007)	81,002	79,688	81,002	81,002	Bond Payments/.94	
Debt Assessments (Series 2014)	348,166	342,502	348,166	348,166	Bond Payments/.94	
Debt Assessments (Series 2019)	117,273	115,364	117,273	117,273	Bond Payments/.94	
Other Revenues	0	0	0	0		
Interest Income	232	160	240	240	Projected At $20 Per Month	
						
TOTAL REVENUES	$701,232	$689,046	$700,487	$706,784		
						
EXPENDITURES						
ADMINISTRATIVE EXPENDITURES						
Supervisor Fees	1,400	600	2,000	2,000	Supervisor Fees	
Payroll Taxes	107	46	160	160	Projected At 8% Of Supervisor Fees	
Management	28,452	16,828	28,848	28,848	No Change From 2021/2022 Budget	
Secretarial	4,200	2,450	4,200	4,200	No Change From 2021/2022 Budget	
Legal	7,784	4,358	9,000	9,000	No Change From 2021/2022 Budget	
Assessment Roll	6,000	0	6,000	6,000	As Per Contract	
Audit Fees	3,700	2,500	3,800	3,900	Accepted Amount For 2021/2022 Audit	
Insurance	5,836	6,040	6,100	6,100	Insurance Estimate	
Legal Advertisements	710	48	625	725	$100 Increase From 2021/2022 Budget	
Miscellaneous	783	596	1,250	1,150	$100 Decrease From 2021/2022 Budget	
Postage	137	55	325	300	$25 Decrease From 2021/2022 Budget	
Office Supplies	181	179	775	750	$25 Decrease From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	175	No Change From 2021/2022 Budget	
Trustee Fees	11,610	7,531	12,000	11,900	$100 Decrease From 2021/2022 Budget	
Continuing Disclosure Fee	500	0	500	500	No Change From 2021/2022 Budget	
Website Management	2,000	1,167	2,000	2,000	No Change From 2021/2022 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$73,575	$42,573	$77,758	$77,708		
						
MAINTENANCE EXPENDITURES						
Lawn/Landscape Maintenance	30,474	23,001	29,500	31,000	$1,500 Increase From 2021/2022 Budget	
Aquatic Lake Maintenance	7,570	2,522	4,200	5,200	$1,000 Increase From 2021/2022 Budget	
Preserve Area	0	2,580	1,000	1,000	No Change From 2021/2022 Budget	
Irrigation Maintenance	3,788	2,230	2,500	3,500	$1,000 Increase From 2021/2022 Budget	
Miscellaneous Maintenance	2,359	1,350	3,000	3,000	No Change From 2021/2022 Budget	
Electricity	1,628	1,170	3,300	3,300	No Change From 2021/2022 Budget	
Engineering/Inspections	1,830	0	1,500	2,000	$500 Increase From 2021/2022 Budget	
Field Operations Management	1,500	875	1,500	1,500	No Change From 2021/2022 Budget	
Palms Treatment - Maintenance/Replacement	400	2,800	3,500	3,500	No Change From 2021/2022 Budget	
Traffic Calming Devices	0	0	0	10,000	Traffic Calming Devices	
						
Improvements - Landscape/Forestry	10,287	0	5,115	6,115	$1,000 Increase From 2021/2022 Budget	
Improvements - Reserve Contingency	0	0	5,000	2,914	Reserve Contingency	
Improvements - Reserve Contingency (Townhomes)	0	0	6,945	0	Line Item Eliminated	
Total Improvements	0	0	17,060	9,029		
						
TOTAL MAINTENANCE EXPENDITURES	$59,836	$36,528	$67,060	$73,029		
						
TOTAL EXPENDITURES	$133,411	$79,101	$144,818	$150,737		
						
REVENUES LESS EXPENDITURES	$567,821	$609,945	$555,669	$556,047		
						
Payment To Trustee (Series 2007)	(77,192)	(75,867)	(76,385)	(76,385)	2023 P & I Payments Less Earned Interest	
Payment To Trustee (Series 2014)	(332,028)	(326,078)	(327,276)	(327,276)	2023 P & I Payments Less Earned Interest	
Payment To Trustee (Series 2019)	(111,677)	(109,832)	(111,350)	(111,350)	2023 P & I Payments Less Earned Interest	
						
BALANCE	$46,924	$98,168	$40,658	$41,036		
						
County Appraiser & Tax Collector Fee	(6,750)	(6,624)	(13,552)	(13,679)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(25,993)	(26,409)	(27,106)	(27,357)	Four Percent Of Total Assessment Roll	
						
EXCESS/ (SHORTFALL)	$14,181	$65,135	$0	$0		
						
Carryover From Prior Year	0	0	0	0	Carryover From Prior Year	
						
NET EXCESS/ (SHORTFALL)	$14,181	$65,135	-	-		

DETAILED FINAL DEBT SERVICE FUND (SERIES 2007) BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR 2020/2021 ACTUAL	FISCAL YEAR 2021/2022 BUDGET	FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	

Interest Income	
9	
25	
25	
Projected Interest For 2022/2023	

NAV Tax Collection	
77,192	
76,385	
76,385	
Maximum Debt Service Collection	

Total Revenues	
$77,201	
$76,410	
$76,410		

EXPENDITURES					

Principal Payments	
30,000	
35,000	
35,000	
Principal Payment Due In 2023	

Interest Payments	
42,673	
40,274	
38,506	
Interest Payments Due In 2023	

Bond Redemption	
0	
1,136	
2,904	
Estimated Excess Debt Collections	

Total Expenditures	
$72,673	
$76,410	
$76,410		

Excess/ (Shortfall)	
$4,528	
$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 1/1/22 =	May 2037

$815,000			

DETAILED FINAL DEBT SERVICE FUND (SERIES 2014) BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR 2020/2021 ACTUAL	FISCAL YEAR 2021/2022 BUDGET	FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	

Interest Income	
18	
25	
25	
Projected Interest For 2022/2023	

NAV Tax Collection	
332,028	
327,276	
327,276	
Maximum Debt Service Collection	

Total Revenues	
$332,046	
$327,301	
$327,301		

EXPENDITURES					

Principal Payments	
170,000	
170,000	
170,000	
Principal Payment Due In 2023	

Interest Payments	
91,205	
81,600	
73,950	
Interest Payments Due In 2023	

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

Bond Redemption	
0	
20,701	
28,351	
Estimated Excess Debt Collections	

Total Expenditures	
$316,205	
$327,301	
$327,301		

Excess/ (Shortfall)	
$15,841	
$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 1/1/22 =	May 2034

$2,430,000	May 1st & November 1st		

DETAILED FINAL DEBT SERVICE FUND (SERIES 2019) BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR 2020/2021 ACTUAL	FISCAL YEAR 2021/2022 BUDGET	FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	

Interest Income	
5	
25	
25	
Projected Interest For 2022/2023	

NAV Tax Collection	
111,677	
111,350	
111,350	
Maximum Debt Service Collection	

Total Revenues	
$111,682	
$111,375	
$111,375		

EXPENDITURES					

Principal Payments	
29,000	
31,000	
32,000	
Principal Payment Due In 2023	

Interest Payments	
81,454	
79,769	
78,568	
Interest Payments Due In 2023	

Bond Redemption	
0	
606	
807	
Estimated Excess Debt Collections	

Total Expenditures	
$110,454	
$111,375	
$111,375		

Excess/ (Shortfall)	
$1,228	
$0	
$0		

Series 2019 Bond Information

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

Par Amount As Of 1/1/22 =	November 2049

$1,674,000	May 1st & November 1st		

Century Gardens Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2019/2020	2020/2021	2021/2022	2022/2023	
Assessment	Assessment	Assessment	Projected Assessment	
	Before Discount*	Before Discount*	 	Before Discount*	 	Before Discount*	

Administrative	$168.03	$169.40	$169.34	$169.23	
Maintenance	$161.21	$159.49	$159.49	$159.54	
Series 2014 Debt	$1,055.05	$1,055.05	$1,055.05	$1,055.05	
Total For Original Units	$1,384.29	$1,383.94	$1,383.88	$1,383.82	

Administrative	
$168.03	
$169.40	
$169.34	
$169.23	
Maintenance	$161.21	$159.49	$159.49	$159.54	
Series 2007 Debt	$1,140.87	$1,140.87	$1,140.87	$1,140.87	
Total For Expansion Units	$1,470.11	$1,469.76	$1,469.70	$1,469.64	

Administrative	
$168.03	
$169.40	
$169.34	
$169.23	
Maintenance	$87.28	$85.91	$85.91	$159.54	
Series 2019 Debt	$1,363.64	$1,363.64	$1,363.64	$1,363.64	
Total For Lennar Expansion Units	$1,618.95	$1,618.95	$1,618.89	$1,692.41	

* 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 for FY 20, 21 & 22 was $255.31 ($240.00 before discounts and fees). Series 2014 Annual Debt Assessment Rate Is $1,055.05		

VI	4/30/2022 11:04 AM