Silver Palms Community Development District

Final Budget For Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019 BUDGET	
Administrative Assessments	61,340	
Maintenance Assessments	38,970	
Debt Assessments	122,447	
Interest Income	120	
		
TOTAL REVENUES	$	222,877	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Lawn Maintenance/Landscaping	22,000	
Aquatic Maintenance	2,000	
Maintenance/District Improvements	4,150	
Engineering/Inspections	1,700	
Contingency/Reserve	6,782	
TOTAL MAINTENANCE EXPENDITURES	36,632	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	6,000	
Payroll Taxes (Employer)	480	
Management	18,144	
Secretarial	2,700	
Legal	8,000	
Assessment Roll	3,500	
Audit Fees	3,900	
Insurance	6,356	
Legal Advertisements	575	
Miscellaneous	1,200	
Postage	325	
Office Supplies	575	
Dues & Subscriptions	175	
Trustee Fee	4,100	
Continuing Disclosure Fee	250	
Website Management	1,500	
TOTAL ADMINISTRATIVE EXPENDITURES	$	57,780	
		
TOTAL EXPENDITURES	$	94,412	
		
REVENUES LESS EXPENDITURES	$	128,465	
		
Bond Payments	(115,100)	
		
BALANCE	$	13,365	
		
County Appraiser & Tax Collector Fee	(4,455)	
Discounts For Early Payments	(8,910)	
		
Excess/ (Shortfall)	$	-	
		
Carryover Funds From Prior Year	0	
		
Net Excess/ (Shortfall)	$	-	

5/10/2018 1:36 PM	I

DETAILED FINAL BUDGET
SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2016/2017
ACTUAL	
FISCAL YEAR 2017/2018
BUDGET	
FISCAL YEAR 2018/2019
BUDGET	

COMMENTS	
Administrative Assessments	59,878	60,599	61,340	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	40,526	39,711	38,970	Expenditures /.94	
Debt Assessments	122,447	122,447	122,447	Bond Payments/.94	
Interest Income	252	120	120	Estimated At $10.00 Per Month	
					
TOTAL REVENUES	$	223,103	$	222,877	$	222,877		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Lawn Maintenance/Landscaping	11,790	16,700	22,000	$5,300 Increase From 2017/2018 Budget	
Aquatic Maintenance	2,000	2,000	2,000	No Change From 2017/2018 Budget	
Maintenance/District Improvements	0	4,150	4,150	No Change From 2017/2018 Budget	
Engineering/Inspections	850	1,700	1,700	No Change From 2017/2018 Budget	
Contingency/Reserve	0	12,779	6,782	$5,997 Decrease From 2017/2018 Budget	
TOTAL MAINTENANCE EXPENDITURES	14,640	37,329	36,632		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	2,400	6,000	6,000	No Change From 2017/2018 Budget	
Payroll Taxes (Employer)	184	480	480	Projected At 8% Of Supervisor Fees	
Management	17,412	17,772	18,144	CPI Adjustment	
Secretarial	2,700	2,700	2,700	No Change From 2017/2018 Budget	
Legal	6,223	8,000	8,000	No Change From 2017/2018 Budget	
Assessment Roll	3,500	3,500	3,500	As Per Contract	
Audit Fees	3,700	3,800	3,900	$100 Increase From 2017/2018 Budget	
Insurance	5,778	6,356	6,356	Insurance Company Estimate	
Legal Advertisements	384	600	575	$25 Decrease From 2017/2018 Budget	
Miscellaneous	332	1,200	1,200	No Change From 2017/2018 Budget	
Postage	114	350	325	$25 Decrease From 2017/2018 Budget	
Office Supplies	273	600	575	$25 Decrease From 2017/2018 Budget	
Dues & Subscriptions	175	175	175	No Change From 2017/2018 Budget	
Trustee Fee	3,708	3,800	4,100	Trustee (US Bank) Increasing Fees In 2018/2019	
Continuing Disclosure Fee	250	250	250	No Change From 2017/2018 Budget	
Website Management	1,500	1,500	1,500	No Change From 2017/2018 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	48,633	$	57,083	$	57,780		
					
TOTAL EXPENDITURES	$	63,273	$	94,412	$	94,412		
					
REVENUES LESS EXPENDITURES	$	159,830	$	128,465	$	128,465		
					
Bond Payments	(116,675)	(115,100)	(115,100)	2019 P & I Payments Less Earned Interest	
					
BALANCE	$	43,155	$	13,365	$	13,365		
					
County Appraiser & Tax Collector Fee	(2,145)	(4,455)	(4,455)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(8,354)	(8,910)	(8,910)	Four Percent Of Total Assessment Roll	
					
Excess/ (Shortfall)	$	32,656	$	-	$	-		
					
Carryover Funds From Prior Year	0	0	0	Carryover Funds From Prior Year	
					
Net Excess/ (Shortfall)	$	32,656	$	-	$	-		

5/10/2018 1:36 PM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 BUDGET	FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	

Interest Income	
188	
50	
50	
Projected Interest For 2018/2019	

NAV Tax Collection	
116,675	
115,100	
115,100	
Maximum Debt Service Collection	

Total Revenues	
$	116,863	
$	115,150	
$	115,150		

EXPENDITURES					

Principal Payments	
65,000	
65,000	
70,000	
Principal Payment Due In 2019	

Interest Payments	
49,075	
45,906	
43,713	
Interest Payments Due In 2019	

Bond Redemption	
0	
4,244	
1,437	
Estimated Excess Debt Collections	

Total Expenditures	
$	114,075	
$	115,150	
$	115,150		

Excess/ (Shortfall)	
$	2,788	
$	-	
$	-		

Series 2014 Bond Refunding Information		
Original Par Amount =	$1,660,000	Annual Principal Payments Due:	May 1st	
Interest Rate =	3.25% - 8.25%	May 1st	May 1st & November 1st	
Issue Date =	April 2014	Annual Interest Payments Due:		
Maturity Date =	May 2034	May 1st & November 1st		

Par Amount As Of 1/1/18 =	
$1,445,000			

5/10/2018  1:36 PM	III

Silver Palms Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2015/2016	2016/2017	2017/2018	2018/2019	
Assessment	Assessment	Assessment	Projected Assessment	
Before Discount*	Before Discount*	Before Discount*	Before Discount*	

Administrative	
$	296.80	
$	297.44	
$	301.49	
$	
305.18	
Maintenance	$	202.26	$	201.62	$	197.57	$	193.88	

Debt

$	609.19

$	609.19

$	609.19

$	609.19

Total

$	1,108.25	$

1,108.25	$

1,108.25	$

1,108.25

* Assessments Include the Following :	                            4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee
Community Information:		                                                Total Units	201

5/10/2018  1:36 PM	IV