Silver Palms Community Development District

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

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

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

REVENUES	
FISCAL YEAR 2022/2023 BUDGET	
Administrative Assessments	61,482	
Maintenance Assessments	38,828	
Debt Assessments	122,447	
Interest Income	180	
		
TOTAL REVENUES	$	222,937	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Lawn Maintenance/Landscaping	24,000	
Aquatic Maintenance	2,000	
Maintenance/District Improvements	4,205	
Engineering/Inspections	1,900	
Contingency/Reserve	4,394	
TOTAL MAINTENANCE EXPENDITURES	36,499	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	5,000	
Payroll Taxes (Employer)	400	
Management	19,728	
Secretarial	2,700	
Legal	8,000	
Assessment Roll	3,500	
Audit Fees	3,700	
Insurance	6,420	
Legal Advertisements	550	
Miscellaneous	950	
Postage	250	
Office Supplies	500	
Dues & Subscriptions	175	
Trustee Fee	4,100	
Continuing Disclosure Fee	250	
Website Management	1,750	
TOTAL ADMINISTRATIVE EXPENDITURES	$	57,973	
		
TOTAL EXPENDITURES	$	94,472	
		
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)	$	-	

6/9/2022 9:19 AM	I

DETAILED FINAL BUDGET
SILVER PALMS 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	
Administrative Assessments	61,601	61,664	61,482	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	38,874	38,646	38,828	Expenditures /.94	
Debt Assessments	122,447	122,447	122,447	Bond Payments/.94	
Interest Income	221	180	180	Estimated At $15 Per Month	
					
TOTAL REVENUES	$	223,143	$	222,937	$	222,937		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Lawn Maintenance/Landscaping	21,955	22,000	24,000	$2,000 Increase From 2021/2022 Budget	
Aquatic Maintenance	2,000	2,000	2,000	No Change From 2021/2022 Budget	
Maintenance/District Improvements	154	4,205	4,205	No Change From 2021/2022 Budget	
Engineering/Inspections	1,075	1,900	1,900	No Change From 2021/2022 Budget	
Contingency/Reserve	0	6,223	4,394	$1,829 Decrease From 2021/2022 Budget	
TOTAL MAINTENANCE EXPENDITURES	25,184	36,328	36,499		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	3,000	6,000	5,000	Supervisor Fees	
Payroll Taxes (Employer)	230	480	400	Projected At 8% Of Supervisor Fees	
Management	18,900	19,164	19,728	CPI Adjustment (Capped At 3%)	
Secretarial	2,700	2,700	2,700	No Change From 2021/2022 Budget	
Legal	4,985	8,000	8,000	No Change From 2021/2022 Budget	
Assessment Roll	3,500	3,500	3,500	As Per Contract	
Audit Fees	3,600	3,700	3,700	Accepted Amount For 2021/2022 Audit	
Insurance	5,513	6,000	6,420	Insurance Estimate	
Legal Advertisements	293	550	550	No Change From 2021/2022 Budget	
Miscellaneous	322	1,000	950	$50 Decrease From 2021/2022 Budget	
Postage	116	250	250	No Change From 2021/2022 Budget	
Office Supplies	168	525	500	$25 Decrease From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	No Change From 2021/2022 Budget	
Trustee Fee	4,080	4,100	4,100	No Change From 2021/2022 Budget	
Continuing Disclosure Fee	250	250	250	No Change From 2021/2022 Budget	
Website Management	1,750	1,750	1,750	No Change From 2021/2022 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	49,582	$	58,144	$	57,973		
					
TOTAL EXPENDITURES	$	74,766	$	94,472	$	94,472		
					
REVENUES LESS EXPENDITURES	$	148,377	$	128,465	$	128,465		
					
Bond Payments	(116,653)	(115,100)	(115,100)	2023 P & I Payments Less Earned Interest	
					
BALANCE	$	31,724	$	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	(8,397)	(8,910)	(8,910)	Four Percent Of Total Assessment Roll	
					
Excess/ (Shortfall)	$	21,182	$	-	$	-		
					
Carryover Funds From Prior Year	0	0	0	Carryover Funds From Prior Year	
					
Net Excess/ (Shortfall)	$	21,182	$	-	$	-		

6/9/2022 9:19 AM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET
SILVER PALMS 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	
6	
25	
10	
Projected Interest For 2022/2023	

NAV Tax Collection	
116,653	
115,100	
115,100	
Maximum Debt Service Collection	

Total Revenues	
$	116,659	
$	115,125	
$	115,110		

EXPENDITURES					

Principal Payments	
75,000	
75,000	
80,000	
Principal Payment Due In 2023	

Interest Payments	
39,975	
36,319	
33,800	
Interest Payments Due In 2023	

Bond Redemption	
0	
3,806	
1,310	
Estimated Excess Debt Collections	

Total Expenditures	
$	114,975	
$	115,125	
$	115,110		

Excess/ (Shortfall)	
$	1,684	
$	-	
$	-		

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 1/1/22 =	$1,155,000			

6/9/2022 9:19 AM	III

Silver Palms 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	
$	304.89	
$	305.65	
$	306.79	
$	
305.88	
Maintenance	$	194.17	$	193.41	$	192.27	$	193.18	

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

6/9/2022 9:19 AM	IV