Title: CG Final Budget 2023-2024.xlsx
Author: JWalker

Century Gardens Community Development District

Final Budget For Fiscal Year 2023/2024
October 1, 2023 - September 30, 2024

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 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES | FISCAL YEAR 2023/2024 BUDGET
Administrative Assessments | 86,349
Maintenance Assessments | 73,697
Debt Assessments (Series 2007) | 81,002
Debt Assessments (Series 2014) | 348,166
Debt Assessments (Series 2019) | 117,273
Other Revenues | 0
Interest Income | 480
TOTAL REVENUES | $706,967
EXPENDITURES |
ADMINISTRATIVE EXPENDITURES |
Supervisor Fees | 5,000
Payroll Taxes | 400
Management | 28,848
Secretarial | 4,200
Legal | 9,000
Assessment Roll | 6,000
Audit Fees | 4,000
Insurance | 6,800
Legal Advertisements | 700
Miscellaneous | 1,125
Postage | 275
Office Supplies | 725
Dues & Subscriptions | 175
Trustee Fees | 11,900
Continuing Disclosure Fee | 500
Website Management | 2,000
TOTAL ADMINISTRATIVE EXPENDITURES | $81,648
MAINTENANCE EXPENDITURES |
Lawn/Landscape Maintenance | 33,000
Aquatic Lake Maintenance | 5,200
Preserve Area | 1,000
Irrigation Maintenance | 3,500
Miscellaneous Maintenance | 5,760
Electricity | 3,300
Engineering/Inspections | 2,000
Field Operations Management | 1,500
Palms Treatment - Maintenance/Replacement | 3,500
Pressure Cleaning | 2,000
Traffic Calming Devices | 0
Improvements - Landscape/Forestry | 6,115
Improvements - Reserve Contingency | 2,400
Total Improvements | 8,515
TOTAL MAINTENANCE EXPENDITURES | $69,275
TOTAL EXPENDITURES | $150,923
REVENUES LESS EXPENDITURES | $556,044
Payment To Trustee (Series 2007) | (76,385)
Payment To Trustee (Series 2014) | (327,276)
Payment To Trustee (Series 2019) | (111,350)
BALANCE | $41,033
County Appraiser & Tax Collector Fee | (13,678)
Discounts For Early Payments | (27,355)
EXCESS/ (SHORTFALL) | $0
Carryover From Prior Year | 0
NET EXCESS/ (SHORTFALL) | -

DETAILED FINAL BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES

FISCAL YEAR 2021/2022 ACTUAL

FISCAL YEAR ACTUAL 2022/2023
AS OF 5/31/2023

FISCAL YEAR 2022/2023 BUDGET

FISCAL YEAR 2023/2024 BUDGET

COMMENTS

Administrative Assessments | 82,910 | 81,126 | 82,413 | 86,349 | Expenditures Less Interest/.94
Maintenance Assessments | 71,340 | 75,992 | 77,690 | 73,697 | Expenditures/.94
Debt Assessments (Series 2007) | 81,003 | 79,170 | 81,002 | 81,002 | Bond Payments/.94
Debt Assessments (Series 2014) | 348,168 | 340,444 | 348,166 | 348,166 | Bond Payments/.94
Debt Assessments (Series 2019) | 117,274 | 114,679 | 117,273 | 117,273 | Bond Payments/.94
Other Revenues | 0 | 0 | 0 | 0 |
Interest Income | 259 | 4,795 | 240 | 480 | Projected At $40 Per Month
TOTAL REVENUES | $700,954 | $696,206 | $706,784 | $706,967 |
EXPENDITURES | | | | |
ADMINISTRATIVE EXPENDITURES | | | | |
Supervisor Fees | 900 | 900 | 2,000 | 5,000 | Supervisor Fees
Payroll Taxes | 69 | 69 | 160 | 400 | Projected At 8% Of Supervisor Fees
Management | 28,848 | 19,232 | 28,848 | 28,848 | No Change From 2022/2023 Budget
Secretarial | 4,200 | 2,800 | 4,200 | 4,200 | No Change From 2022/2023 Budget
Legal | 7,518 | 4,104 | 9,000 | 9,000 | No Change From 2022/2023 Budget
Assessment Roll | 6,000 | 0 | 6,000 | 6,000 | As Per Contract
Audit Fees | 3,800 | 0 | 3,900 | 4,000 | Accepted Amount For 2022/2023 Audit
Insurance | 6,040 | 6,501 | 6,100 | 6,800 | Insurance Estimate
Legal Advertisements | 410 | 79 | 725 | 700 | $25 Decrease From 2022/2023 Budget
Miscellaneous | 846 | 544 | 1,150 | 1,125 | $25 Decrease From 2022/2023 Budget
Postage | 139 | 105 | 300 | 275 | $25 Decrease From 2022/2023 Budget
Office Supplies | 320 | 261 | 750 | 725 | $25 Decrease From 2022/2023 Budget
Dues & Subscriptions | 175 | 175 | 175 | 175 | No Change From 2022/2023 Budget
Trustee Fees | 11,611 | 7,531 | 11,900 | 11,900 | No Change From 2022/2023 Budget
Continuing Disclosure Fee | 500 | 0 | 500 | 500 | No Change From 2022/2023 Budget
Website Management | 2,000 | 1,333 | 2,000 | 2,000 | No Change From 2022/2023 Budget
TOTAL ADMINISTRATIVE EXPENDITURES | $73,376 | $43,634 | $77,708 | $81,648 |
MAINTENANCE EXPENDITURES | | | | |
Lawn/Landscape Maintenance | 35,360 | 25,805 | 31,000 | 33,000 | $2,000 Increase From 2022/2023 Budget
Aquatic Lake Maintenance | 4,362 | 3,195 | 5,200 | 5,200 | No Change From 2022/2023 Budget
Preserve Area | 0 | 0 | 1,000 | 1,000 | No Change From 2022/2023 Budget
Irrigation Maintenance | 4,801 | 325 | 3,500 | 3,500 | No Change From 2022/2023 Budget
Miscellaneous Maintenance | 16,041 | 2,057 | 3,000 | 5,760 | $2,760 Increase From 2022/2023 Budget
Electricity | 2,039 | 1,631 | 3,300 | 3,300 | No Change From 2022/2023 Budget
Engineering/Inspections | 2,275 | 0 | 2,000 | 2,000 | No Change From 2022/2023 Budget
Field Operations Management | 1,500 | 1,000 | 1,500 | 1,500 | No Change From 2022/2023 Budget
Palms Treatment - Maintenance/Replacement | 2,800 | 0 | 3,500 | 3,500 | No Change From 2022/2023 Budget
Pressure Cleaning | 0 | 0 | 0 | 2,000 | Pressure Cleaning
Traffic Calming Devices | 0 | 0 | 10,000 | 0 | Line Item Eliminated
Improvements - Landscape/Forestry | 4,060 | 0 | 6,115 | 6,115 | No Change From 2022/2023 Budget
Improvements - Reserve Contingency | 6,130 | 0 | 2,914 | 2,400 | Reserve Contingency
Total Improvements | 10,190 | 0 | 9,029 | 8,515 |
TOTAL MAINTENANCE EXPENDITURES | $79,368 | $34,013 | $73,029 | $69,275 |
TOTAL EXPENDITURES | $152,744 | $77,647 | $150,737 | $150,923 |
REVENUES LESS EXPENDITURES | $548,210 | $618,559 | $556,047 | $556,044 |
Payment To Trustee (Series 2007) | (77,169) | (75,377) | (76,385) | (76,385) | 2024 P & I Payments Less Earned Interest
Payment To Trustee (Series 2014) | (331,688) | (324,132) | (327,276) | (327,276) | 2024 P & I Payments Less Earned Interest
Payment To Trustee (Series 2019) | (111,723) | (109,184) | (111,350) | (111,350) | 2024 P & I Payments Less Earned Interest
BALANCE | $27,630 | $109,866 | $41,036 | $41,033 |
County Appraiser & Tax Collector Fee | (6,742) | (6,645) | (13,679) | (13,678) | Two Percent Of Total Assessment Roll
Discounts For Early Payments | (26,409) | (26,458) | (27,357) | (27,355) | Four Percent Of Total Assessment Roll
EXCESS/ (SHORTFALL) | ($5,521) | $76,763 | $0 | $0 |
Carryover From Prior Year | 0 | 0 | 0 | 0 | Carryover From Prior Year
NET EXCESS/ (SHORTFALL) | ($5,521) | $76,763 | - | - |

DETAILED FINAL DEBT SERVICE FUND (SERIES 2007) BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES | FISCAL YEAR 2021/2022 ACTUAL | FISCAL YEAR 2022/2023 BUDGET | FISCAL YEAR 2023/2024 BUDGET | COMMENTS
Interest Income | 359 | 25 | 100 | Projected Interest For 2023/2024
NAV Tax Collection | 77,169 | 76,385 | 76,385 | Maximum Debt Service Collection
Total Revenues | $77,528 | $76,410 | $76,485 |
EXPENDITURES | | | |
Principal Payments | 35,000 | 35,000 | 40,000 | Principal Payment Due In 2024
Interest Payments | 41,158 | 38,506 | 36,313 | Interest Payments Due In 2024
Bond Redemption | 0 | 2,904 | 172 | Estimated Excess Debt Collections
Total Expenditures | $76,158 | $76,410 | $76,485 |
Excess/ (Shortfall) | $1,370 | $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 1/1/23 =

May 2037

$780,000

DETAILED FINAL DEBT SERVICE FUND (SERIES 2014) BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES | FISCAL YEAR 2021/2022 ACTUAL | FISCAL YEAR 2022/2023 BUDGET | FISCAL YEAR 2023/2024 BUDGET | COMMENTS
Interest Income | 19 | 25 | 100 | Projected Interest For 2023/2024
NAV Tax Collection | 331,688 | 327,276 | 327,276 | Maximum Debt Service Collection
Total Revenues | $331,707 | $327,301 | $327,376 |
EXPENDITURES | | | |
Principal Payments | 170,000 | 170,000 | 170,000 | Principal Payment Due In 2024
Interest Payments | 83,555 | 73,950 | 66,300 | Interest Payments Due In 2024
Additional Principal Payments | 55,000 | 55,000 | 55,000 | Additional Principal Payments
Bond Redemption | 0 | 28,351 | 36,076 | Estimated Excess Debt Collections
Total Expenditures | $308,555 | $327,301 | $327,376 |
Excess/ (Shortfall) | $23,152 | $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 1/1/23

May 2034

$2,205,000

May 1st & November 1st

DETAILED FINAL DEBT SERVICE FUND (SERIES 2019) BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023- SEPTEMBER 30, 2024

REVENUES | FISCAL YEAR 2021/2022 ACTUAL | FISCAL YEAR 2022/2023 BUDGET | FISCAL YEAR 2023/2024 BUDGET | COMMENTS
Interest Income | 5 | 25 | 100 | Projected Interest For 2023/2024
NAV Tax Collection | 111,723 | 111,350 | 111,350 | Maximum Debt Service Collection
Total Revenues | $111,728 | $111,375 | $111,450 |
EXPENDITURES | | | |
Principal Payments | 30,000 | 32,000 | 34,000 | Principal Payment Due In 2024
Interest Payments | 80,351 | 78,568 | 77,328 | Interest Payments Due In 2024
Bond Redemption | 0 | 807 | 122 | Estimated Excess Debt Collections
Total Expenditures | $110,351 | $111,375 | $111,450 |
Excess/ (Shortfall) | $1,377 | $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 1/1/23 =

November 2049

$1,643,000

May 1st & November 1st

Century Gardens Community Development District Assessment Comparison

Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year
2020/2021 | 2021/2022 | 2022/2023 | 2023/2024
Assessment | Assessment | Assessment | Projected Assessment
	Before Discount*	Before Discount*	 	Before Discount*	 	Before Discount*	

Administrative | $169.40 | $169.34 | $169.23 | $177.31
Maintenance | $159.49 | $159.49 | $159.54 | $151.34
Series 2014 Debt | $1,055.05 | $1,055.05 | $1,055.05 | $1,055.05
Total For Original Units | $1,383.94 | $1,383.88 | $1,383.82 | $1,383.70
Administrative | $169.40 | $169.34 | $169.23 | $177.31
Maintenance | $159.49 | $159.49 | $159.54 | $151.34
Series 2007 Debt | $1,140.87 | $1,140.87 | $1,140.87 | $1,140.87
Total For Expansion Units | $1,469.76 | $1,469.70 | $1,469.64 | $1,469.52
Administrative | $169.40 | $169.34 | $169.23 | $177.31
Maintenance | $85.91 | $85.91 | $159.54 | $151.34
Series 2019 Debt | $1,363.64 | $1,363.64 | $1,363.64 | $1,363.64
Total For Lennar Expansion Units | $1,618.95 | $1,618.89 | $1,692.41 | $1,692.29

* 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	6/5/2023 11:46 AM

6/5/2023 11:46 AM