Century Gardens Community Development District

Final Budget For Fiscal Year 2024/2025
October 1, 2024 - September 30, 2025

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 2014/2024 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 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2024/2025 BUDGET	
Administrative Assessments	86,333	
Maintenance Assessments	73,697	
Debt Assessments (Series 2007)	81,002	
Debt Assessments (Series 2014-2024)	203,164	
Debt Assessments (Series 2019)	117,273	
Other Revenues	0	
Interest Income	720	
		
TOTAL REVENUES	$562,189	
		
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	4,100	
Insurance	7,400	
Legal Advertisements	2,000	
Miscellaneous	1,100	
Postage	250	
Office Supplies	700	
Dues & Subscriptions	175	
Trustee Fees	11,800	
Continuing Disclosure Fee	500	
Website Management	2,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$83,473	
		
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	
		
Improvements - Landscape/Forestry	6,115	
Improvements - Reserve Contingency	2,400	
Total Improvements	8,515	
		
TOTAL MAINTENANCE EXPENDITURES	$69,275	
		
TOTAL EXPENDITURES	$152,748	
		
REVENUES LESS EXPENDITURES	$409,441	
		
Payment To Trustee (Series 2007)	(76,385)	
Payment To Trustee (Series 2014-2024)	(190,975)	
Payment To Trustee (Series 2019)	(111,350)	
		
BALANCE	$30,731	
		
County Appraiser & Tax Collector Fee	(10,777)	
Discounts For Early Payments	(21,554)	
		
EXCESS/ (SHORTFALL)	($1,600)	
		
Carryover From Prior Year	1,600	
		
NET EXCESS/ (SHORTFALL)	-	

I

DETAILED FINAL BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2022/2023 ACTUAL	FISCAL YEAR ACTUAL 2023/2024
AS OF 5/31/2024	
FISCAL YEAR 2023/2024 BUDGET	
FISCAL YEAR 2024/2025 BUDGET	

COMMENTS	
Administrative Assessments	83,653	86,231	86,349	86,333	Expenditures Less Interest/.94	
Maintenance Assessments	77,691	72,783	73,697	73,697	Expenditures/.94	
Debt Assessments (Series 2007)	81,003	80,040	81,002	81,002	Bond Payments/.94	
Debt Assessments (Series 2014-2024)	348,168	343,888	348,166	203,164	Bond Payments/.94	
Debt Assessments (Series 2019)	117,274	115,839	117,273	117,273	Bond Payments/.94	
Other Revenues	0	0	0	0		
Interest Income	8,689	9,452	480	720	Projected At $60 Per Month	
						
TOTAL REVENUES	$716,478	$708,233	$706,967	$562,189		
						
EXPENDITURES						
ADMINISTRATIVE EXPENDITURES						
Supervisor Fees	1,500	2,200	5,000	5,000	Supervisor Fees	
Payroll Taxes	114	168	400	400	Projected At 8% Of Supervisor Fees	
Management	28,848	19,232	28,848	28,848	No Change From 2023/2024 Budget	
Secretarial	4,200	2,800	4,200	4,200	No Change From 2023/2024 Budget	
Legal	6,909	7,040	9,000	9,000	No Change From 2023/2024 Budget	
Assessment Roll	6,000	0	6,000	6,000	As Per Contract	
Audit Fees	3,900	4,000	4,000	4,100	$100 Increase From 2023/2024 Budget	
Insurance	6,501	6,874	6,800	7,400	Fiscal Year 2023/2024 Expenditure Was $6,874	
Legal Advertisements	363	0	700	2,000	
Costs Will Increase Due To Closing Of The Miami Business Review	
Miscellaneous	736	779	1,125	1,100	$25 Decrease From 2023/2024 Budget	
Postage	156	115	275	250	$25 Decrease From 2023/2024 Budget	
Office Supplies	349	234	725	700	$25 Decrease From 2023/2024 Budget	
Dues & Subscriptions	175	175	175	175	No Change From 2023/2024 Budget	
Trustee Fees	11,611	7,531	11,900	11,800	No Change From 2023/2024 Budget	
Continuing Disclosure Fee	500	0	500	500	No Change From 2023/2024 Budget	
Website Management	2,000	1,333	2,000	2,000	No Change From 2023/2024 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$73,862	$52,481	$81,648	$83,473		
						
MAINTENANCE EXPENDITURES						
Lawn/Landscape Maintenance	39,230	28,696	33,000	33,000	No Change From 2023/2024 Budget	
Aquatic Lake Maintenance	4,771	3,273	5,200	5,200	No Change From 2023/2024 Budget	
Preserve Area	0	0	1,000	1,000	No Change From 2023/2024 Budget	
Irrigation Maintenance	475	160	3,500	3,500	No Change From 2023/2024 Budget	
Miscellaneous Maintenance	4,617	1,025	5,760	5,760	No Change From 2023/2024 Budget	
Electricity	2,492	1,432	3,300	3,300	No Change From 2023/2024 Budget	
Engineering/Inspections	1,060	405	2,000	2,000	No Change From 2023/2024 Budget	
Field Operations Management	1,500	1,000	1,500	1,500	No Change From 2023/2024 Budget	
Palms Treatment - Maintenance/Replacement	0	1,615	3,500	3,500	No Change From 2023/2024 Budget	
Pressure Cleaning	0	1,350	2,000	2,000	No Change From 2023/2024 Budget	
						
Improvements - Landscape/Forestry	0	0	6,115	6,115	No Change From 2023/2024 Budget	
Improvements - Reserve Contingency	0	0	2,400	2,400	Reserve Contingency	
Total Improvements	0	0	8,515	8,515		
						
TOTAL MAINTENANCE EXPENDITURES	$54,145	$38,956	$69,275	$69,275		
						
TOTAL EXPENDITURES	$128,007	$91,437	$150,923	$152,748		
						
REVENUES LESS EXPENDITURES	$588,471	$616,796	$556,044	$409,441		
						
Payment To Trustee (Series 2007)	(77,192)	(76,249)	(76,385)	(76,385)	2025 Principal & Interest Payments	
Payment To Trustee (Series 2014-2024)	(331,779)	(327,597)	(327,276)	(190,975)	2025 Principal & Interest Payments	
Payment To Trustee (Series 2019)	(111,754)	(110,351)	(111,350)	(111,350)	2025 Principal & Interest Payments	
						
BALANCE	$67,746	$102,599	$41,033	$30,731		
						
County Appraiser & Tax Collector Fee	(6,808)	(6,716)	(13,678)	(10,777)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(26,458)	(26,343)	(27,355)	(21,554)	Four Percent Of Total Assessment Roll	
						
EXCESS/ (SHORTFALL)	$34,480	$69,540	$0	($1,600)		
						
Carryover From Prior Year	0	0	0	1,600	Carryover From Prior Year	
						
NET EXCESS/ (SHORTFALL)	$34,480	$69,540	-	-		

II

DETAILED FINAL DEBT SERVICE FUND (SERIES 2007) BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	FISCAL YEAR 2022/2023 ACTUAL	FISCAL YEAR 2023/2024 BUDGET	FISCAL YEAR 2024/2025 BUDGET	

COMMENTS	

Interest Income	
3,844	
100	
400	
Projected Interest For 2024/2025	

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

Total Revenues	
$81,036	
$76,485	
$76,785		

EXPENDITURES					

Principal Payments	
35,000	
40,000	
40,000	
Principal Payment Due In 2025	

Interest Payments	
39,390	
36,313	
34,593	
Interest Payments Due In 2025	

Bond Redemption	
0	
172	
2,192	
Estimated Excess Debt Collections	

Total Expenditures	
$74,390	
$76,485	
$76,785		

Excess/ (Shortfall)	
$6,646	
$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 1/1/24 =	May 2037

$745,000			

III

DETAILED FINAL DEBT SERVICE FUND (SERIES 2014-2024) BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	FISCAL YEAR 2022/2023 ACTUAL	FISCAL YEAR 2023/2024 BUDGET	FISCAL YEAR 2024/2025 BUDGET	

COMMENTS	

Interest Income	
13,053	
100	
100	
Projected Interest For 2024/2025	

NAV Tax Collection	
331,779	
327,276	
190,975	
Maximum Debt Service Collection	

Total Revenues	
$344,832	
$327,376	
$191,075		

EXPENDITURES					

Principal Payments	
170,000	
170,000	
118,000	
Principal Payment Due In 2025	

Interest Payments	
75,905	
66,300	
72,050	
Interest Payments Due In 2025	

Additional Principal Payments	
55,000	
55,000	
0	
Additional Principal Payments	

Bond Redemption	
0	
36,076	
1,025	
Estimated Excess Debt Collections	

Total Expenditures	
$300,905	
$327,376	
$191,075		

Excess/ (Shortfall)	
$43,927	
$0	
$0		

Series 2014 Refunding Bond Information

Original Par Amount =	$3,905,000	Annual Principal Payments Due:	May 1st	
Interest Rate = Issue Date = Maturity Date =	3.4% - 8.4%
June 2014
May 2034	May 1st
Annual Interest Payments Due: May 1st & November 1st	May 1st & November 1st	
Par Amount As Of 6/1/24	$1,815,000	To Be Refinanced On 6/6/24		

Series 2024 Refunding Bond Information	
Original Par Amount =	$1,500,000	Annual Principal Payments Due:	May 1st	
Interest Rate = Issue Date = Maturity Date =	5.00%
June 2024
May 2034	May 1st
Annual Interest Payments Due: May 1st & November 1st	May 1st & November 1st	
Par Amount As Of 7/1/24	$1,500,000			

5/30/2024 3:30 PM	IV

DETAILED FINAL DEBT SERVICE FUND (SERIES 2019) BUDGET
CENTURY GARDENS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024- SEPTEMBER 30, 2025

REVENUES	FISCAL YEAR 2022/2023 ACTUAL	FISCAL YEAR 2023/2024 BUDGET	FISCAL YEAR 2024/2025 BUDGET	

COMMENTS	

Interest Income	
2,971	
100	
400	
Projected Interest For 2024/2025	

NAV Tax Collection	
111,754	
111,350	
111,350	
Maximum Debt Service Collection	

Total Revenues	
$114,725	
$111,450	
$111,750		

EXPENDITURES					

Principal Payments	
31,000	
34,000	
35,000	
Principal Payment Due In 2025	

Interest Payments	
79,169	
77,328	
76,010	
Interest Payments Due In 2025	

Bond Redemption	
0	
122	
740	
Estimated Excess Debt Collections	

Total Expenditures	
$110,169	
$111,450	
$111,750		

Excess/ (Shortfall)	
$4,556	
$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 1/1/24 =	November 2049

$1,611,000	May 1st & November 1st		

V

Century Gardens Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2021/2022	2022/2023	2023/2024	2024/2025	
Assessment	Assessment	Assessment	Projected Assessment	
	Before Discount*	Before Discount*	 	Before Discount*	 	Before Discount*	

Administrative	$169.34	$169.23	$177.31	$177.28	
Maintenance	$159.49	$159.54	$151.34	$151.34	
Series 2014/2024 Debt	$1,055.05	$1,055.05	$1,055.05	$615.65	
Total For Original Units	$1,383.88	$1,383.82	$1,383.70	$944.27	
Administrative	$169.34	$169.23	$177.31	$177.28	
Maintenance	$159.49	$159.54	$151.34	$151.34	
Series 2007 Debt	$1,140.87	$1,140.87	$1,140.87	$1,140.87	
Total For Expansion Units	$1,469.70	$1,469.64	$1,469.52	$1,469.49	

Administrative	
$169.34	
$169.23	
$177.31	
$177.28	
Maintenance	$85.91	$159.54	$151.34	$151.34	
Series 2019 Debt	$1,363.64	$1,363.64	$1,363.64	$1,363.64	
Total For Lennar Expansion Units	$1,618.89	$1,692.41	$1,692.29	$1,692.26	

* 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).		

VI