SILVER PALMS COMMUNITY DEVELOPMENT
DISTRICT

MIAMI-DADE COUNTY SPECIAL BOARD MEETING APRIL 17, 2023
6:00 P.M.

Special District Services, Inc. 8785 SW 165th Avenue, Suite 200
Miami, FL 33193

www.silverpalmscdd.org 786.347.2711 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile

AGENDA SILVER PALMS
COMMUNITY DEVELOPMENT DISTRICT
Meeting Room at Mercedes Benz of Cutler Bay 10701 SW 211th Street
Cutler Bay, Florida 33189
SPECIAL BOARD MEETING
April 17, 2023
6:00 p.m.

Call to Order
Proof of Publication	Page 1
Establish Quorum
Additions or Deletions to Agenda
Comments from the Public for Items Not on the Agenda
Approval of Minutes
March 20, 2023 Regular Board Meeting Minutes	Page 2
New Business
FMS Bond Presentation of the Special Assessment Refunding Bonds, Series 2023	Page 9
Consider Approval of Resolution No. 2023-02 – Approving a Proposed Budget for
FY 2023/2024	Page 18
Old Business
Administrative Matters
Financial Update	Page 25
Additional Board Member/Staff Comments
Adjourn

Location
Miami-Dade County, Florida
Notice Text
NOTICE OF SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT
SPECIAL BOARD MEETING
The Board of Supervisors of the Silver Palms Community Development District ("District") will hold a Special Board Meeting on April 17, 2023, at 6:00 p.m. in a Meeting Room of Mercedes Benz of Cutler Bay located at 10701 SW 211th Street, Cutler Bay, Florida 33189 for the purpose of considering any business that may properly come before the Board.
A copy of the agenda may be obtained from the District's website (www.silverpalmscdd.org) or at the offices of the District Manager, Special District Services, located at 2501A Burns Road, Palm Beach Gardens, Florida 33410 during normal business hours.
The meeting is open to the public and will be conducted in accordance with the provisions of Florida law for community development districts. The meeting may be continued to a date, time, and place to be specified on the record at the meeting. There may be occasions when staff or Supervisors may participate by speaker telephone.
Any person requiring special accommodations at this meeting because of a disability or physical impairment should contact the District Office at (561) 630- 4922 at least forty-eight (48) hours prior to the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service at 1-800-955-8770, for aid in contacting the District Office.
Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that person will need a record of proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.
Meetings may be cancelled from time to time without advertised notice. District Manager
SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT
www.silverpalmscdd.org 4/7 23-53/0000654958M

SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING
MARCH 20, 2023

CALL TO ORDER

The March 20, 2023, Regular Board Meeting of the Silver Palms Community Development District (the “District”) was called to order at 6:02 p.m. in a Meeting Room of Mercedes Benz of Cutler Bay located at 10701 SW 211th Street, Cutler Bay, Florida 33189.

PROOF OF PUBLICATION

Proof of publication was presented that Notice of the Regular Board Meeting had been published in the Miami Daily Business Review on March 10. 2023, as legally required.

ESTABLISH A QUORUM

It was determined that the attendance of the following Supervisors constituted a quorum and it was in order to proceed with the meeting: Chairperson Lisa Riley, Vice Chairman Miguel Zaiter and Supervisors Omar Reyes, Bryan Riley and Ashley Riley.

Staff in attendance included: District Manager Gloria Perez of Special District Services, Inc.; General Counsel Gregory George of Billing, Cochran, Lyles, Mauro & Ramsey, P.A.; and District Engineer Angel Camacho of Alvarez Engineers, Inc.

Also present was Miguel Reto of Landshore Enterprises, LLC.

ADDITIONS OR DELETIONS TO THE AGENDA

There were no additions or deletions to the agenda.

COMMENTS FROM THE PUBLIC FOR ITEMS NOT ON THE AGENDA

There were no comments from the public for items not on the agenda.

APPROVAL OF MINUTES
December 19, 2022, Public Hearing

A MOTION was made by Supervisor Bryan Riley, seconded by Supervisor Ashley Riley and passed unanimously approving the minutes of the December 19, 2022, Public Hearing, as presented.

NEW BUSINESS
Consider District Counsel Request for Adjustment to Fee Structure

District Counsel requested an adjustment to the fee structure, as presented in the meeting booklet. The Board went over the information provided.

Attorney	Current Rate	Proposed Rate	Increased Amount

Partner	$235	$275	$40	
Associate	$190	$225	$35	

A MOTION was made by Supervisor Bryan Riley, seconded by Supervisor Ashley Riley and passed unanimously approving District Counsel’s requested for an adjustment to the fee structure, as presented.

Consider District Engineer Request for Adjustment to Fee Structure

The District Engineer requested an adjustment to the fee structure, as presented in the meeting booklet. The Board went over the information provided.

A MOTION was made by Supervisor Zaiter, seconded by Supervisor Ashley Riley and passed unanimously approving the District Engineer’s request for an adjustment to the fee structure, as presented.

Landshore Enterprises’ Presentation Regarding Lake Shoreline Restoration Project and Review of Proposed Project Costs

Presented in the meeting book was a cover letter from Landshore Enterprises followed by details, including an aerial identifying the proposed phases and estimates for lake shoreline restoration within the District.

Attachments included:

#4017: Estimate is for shoreline restoration of the entire lake in the amount of $399,148;
#4018: Estimate is for shoreline restoration of Phase I for 1,282 liner feet in the amount of $183,957; and

#4019: Estimate is for shoreline restoration of Phase II for 1,698 linear feet in the amount of
$230,930.

Mr. Reto went over the information and estimates and also provided a handout.

The new hand out provided an option that would reduce the scope of work and lower some of the cost as follows:

#4017: Estimate is for shoreline restoration of the entire lake in the amount of $399,148 reducing the cost to $363,717;

#4018: Estimate is for shoreline restoration of Phase I for 1,282 liner feet in the amount of
$183,957,reducing the cost to $168,066; and

#4019: Estimate is for shoreline restoration of Phase II for 1,698 linear feet in the amount of
$230,930, reducing the cost to $210,542.
The Board was unanimous in that if the project were to be done, it would be done in its entirety. Landshore Enterprises’ findings:
Landshore conducted a field visit on November 14, 2022, and determined that, for most of the shoreline, the slope leading from the top of the slope to the waterline is very steep, ranging from 2H:1V to 3H:1V. These steep slopes are a concern and potentially a safety hazard and that BMPs recommend a Side Slope factor of 4H:1V.

It was noted that another district currently going through the permitting process for a similar project is being required to address the berm. Should this be a requirement for our District, the cost is estimated to be approximately $120,000 more than the projected cost.

A lengthy discussion ensued followed by:

A MOTION was made by Supervisor Ashley Riley, seconded by Supervisor Bryan Riley and unanimously passed authorizing the scheduling of a Special Meetings for April 17, 2023, to consider the Proposed Budget and to address any business that may come before the Board; and the addition of another Special Meeting on June 26, 2023, to consider the Final Budget and to address any business that may come before the Board, in the Second Floor Meeting Room of Mercedes Benz of Cutler Bay located at 10701 SW 211th Street, Cutler Bay, Florida 33189, with the start time of 6:00 p.m.; and further authorizes the advertisement of same, as required by law.

Consider Resolution No. 2023-01 – Revised Fiscal Year 2022/2023 Meeting Schedule

Mrs. Perez presented Resolution No. 2023-01, entitled:

RESOLUTION NO. 2023-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT, ESTABLISHING A REGULAR MEETING SCHEDULE FOR FISCAL YEAR 2022/2023 AND

SETTING	THE	TIME	AND	LOCATION	OF	SAID	DISTRICT MEETINGS; AND PROVIDING AN EFFECTIVE DATE.

Mrs. Perez read the title of the resolution into the record and noted that meetings would remain at the same location in the Meeting Room on the Second Floor of Mercedes Benz of Cutler Bay located at 10701 SW 211th Street, Cutler Bay, Florida 33189, with the start time of 6:30 p.m.; and further noting the following schedule:
March 20, 2023
May 22, 2023
September 18, 2023

A MOTION was made by Supervisor Zaiter, seconded by Supervisor Bryan Riley and unanimously passed adopting Resolution No. 2023-01, ratifying and approving the Revised Fiscal Year 2022/2023 Regular Meeting Schedule, holding meetings in the Second Floor Meeting Room of Mercedes Benz of Cutler Bay located at 10701 SW 211th Street, Cutler Bay, Florida 33189, with the start time of 6:00 p.m.; and further authorizes the advertisement of same, as required by law.

Consider Resolution No. 2023-02 – Approving a Proposed Fiscal Year 2023/2024 Budget

Mrs. Perez presented Resolution No. 2023-02, entitled:

RESOLUTION NO. 2023-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2023/2024; AND PROVIDING AN EFFECTIVE DATE.

The Debt Service Assessment is the same (maximum) as last year. The interest rate is anticipated to increase after ten years. Therefore, the aim over the next few years is to make enough bond prepayments so that any rate increases will have a minimal effect on the District. The Administrative Budget is slightly higher than last year and the proposed Maintenance Budget is also higher than last year. Lawn/Maintenance Landscaping has increased and the Lake Bank Shoreline Erosion Control Restoration Project has been added to the budget.

Following is the projected cost breakdown for the District’s Lake Bank Erosion Control Shoreline Restoration Project, based on the estimates provided by Landshore Enterprises.

The estimates presented by Landshore Enterprises provide costs for the project materials and labor (excluding soft costs, inclusive of legal, engineering, advertising, permits, etc.)

Scenario #1
Should the project be done, all at one time estimated project costs without soft costs are approximately $400,000 + 20%, for soft costs, we are looking at approximately $480,000. This amount divided by 201 units would result in a substantial increase. This has been presented in Scenario #1.

This option would consist of a Maintenance increase from last year of $2,560.11 and an overall increase of $2,569.60.

Scenario #2
The project would be done in two (2) phases with a project start date in 2024. This Scenario provides for the project to be spread out over four (4) years:

Phase I – to be addressed within the next year; starting this project in the next fiscal year 23/24 with a project cost of approximately $200,000 + 20% for soft costs results in a total of $240,000. In this case, some of the reserve funds would be applied towards the initial project and consist of $100,000.

Therefore, the budgeted cost for Phase 1 would be $240,000 – $100,000 totaling in $140,000 applied to the budget for fiscal year 23/24.

This option would consist of a Maintenance increase of $760.59 and an overall increase of $770.08.

Phase II – to be addressed within the next 5 years; therefore starting this project during fiscal year 27/28 with project costs of approximately $230,000 + 20% for soft costs, $246,000 and adding costs for material increases in the ballparked of an additional 10%, which would bring the total to approximately $271,000.

Therefore, the budgeted cost for Phase II spread out over the remaining three (3) years (fiscal years 24/25, 25/26 and 26/27) would be approximately $100,000 each.

Scenario #3
Should the project be conducted in two (2) phases, pushing the time frame for project start dates further out than in Scenario #2, with a project start date of 2025, with the project being spread-out over Six (6) years:

Phase I – to be addressed within the next two (2) years; therefore starting this project in fiscal year 24/25,with a project cost of approximately $200,000 + 20% for soft costs or $240,000 total plus adding costs for material increases in the ballparked of an additional 10%, which would bring the total to approximately $265,000. The projected cost of $265,000 –$100,000 totaling in $165,000/2 fiscal years would be approximately $85,000 per year applied to the budgets for fiscal years 23/24 and 24/25.

Therefore, the budgeted costs for Phase 1 would be $265,000 for fiscal years 23/24 and 24/25.

This option would consist of a Maintenance increase of $469.50 and an overall increase of $478.99.

Phase II – to be addressed within the next 5 years, therefore starting this project during fiscal year 28/29 with project cost of approximately $230,000 + 20% for soft costs $246,000 and adding costs for material increases in the ballparked of an additional 10% providing for a project cost rounded off to $271,000.

Therefore, the budgeted cost for Phase II spread out over the remaining four (4) fiscal years 25/26, 26/27, 27/28 and 28/29 would be approximately $68,000 each year; but I would recommend remaining with a number between $75,000 and $80,000 due to inflation and anticipated cost increases over the extended time proposed in the option.

Mrs. Perez noted that all scenarios were based on estimated costs.

Because the overall assessment for 2023/2024 will be higher than that of the 2022/2023 assessment, letters to residents will be required.

Mrs. Perez noted that she reached out to Jon Kessler of FMS Bonds regarding an alternative option, which would be not to increase at this time and wait until next year when the District is eligible to refinance the bonds and to cash out for said project and is currently waiting to see if this option is feasible.

If so, with this option, the proposed Administrative Budget would be slightly higher than last year. The proposed Maintenance Budget is slightly higher than last year. The estimated available funds as of 9-30-23 are expected to be approximately $195,000. A carryover balance of $5,500 would be applied ($0 was set up last year). Because the overall assessment for 2023/2024 is currently the same as the 2022/2023 assessment, letters to residents would not be needed.

The Board TABLED this item until the upcoming Special Board Meeting scheduled for April 17, 2023.

OLD BUSINESS

There were no Old Business items to come before the Board.

ADMINISTRATIVE MATTERS
Financial Update

Mrs. Perez presented the financials in the meeting book and briefly reviewed them with the Board, pointing out that available funds as of February 28, 2023, were $260,818.39.

BOARD MEMBER/STAFF ADDITIONAL COMMENTS/REQUESTS

There were no further Board Member or Staff additional comments.

ADJOURNMENT

There being no further business to come before the Board, a MOTION was made by Supervisor Lisa Riley, seconded by Supervisor Ashley Riley and passed unanimously adjourning the Meeting at 6:34 p.m.

ATTESTED BY:

 	
Secretary/Assistant Secretary	Chairperson/Vice-Chair

Presentation to: Silver Palms CDD

Proposed Refinancing of Series 2014 Loan

April 17, 2023

Disclosure

FMS ROLE AS PLACEMENT AGENT AND NOT FINANCIAL ADVISOR

FMSbonds, Inc., is providing the information contained in this document for discussion purposes only in anticipation of serving as placement agent. The primary role of FMSbonds, Inc., (“FMS”) as a placement agent, is to place securities with a view to distribute in an arm’s-length commercial transaction with the CDD. FMS may have financial and other interests that differ from those of the CDD. FMS is not acting as a municipal advisor, financial advisor or fiduciary to the CDD or any other person or entity. The information provided is not intended to be and should not be construed as “advice” within the meaning of Section 15B of the Securities Exchange Act of 1934. The CDD should consult with its own financial and/or municipal, legal, accounting, tax and other advisors, as applicable, to the extent it deems appropriate. Securities offered by FMSbonds, Inc, including annuities, are not insured by the FDIC or any government agency; are not deposits or other obligations of or guaranteed by FMSbonds, Inc. or any of its affiliates; and are subject to investment risks, including possible loss of the principal invested. FMSbonds, Inc. is a broker/dealer, member FINRA/SIPC. FMS has a policy that is designed to comply with the disclosure requirements under revised MSRB Rule G-23. In conjunction with these requirements, we are providing the following disclosure to all of our municipal underwriting clients.

Contents

Plan of Refinancing
FMS Bonds

Plan of Refinancing

Executive Summary

Silver Palms CDD issued its $2,015,000 of Series 2004 Bonds to finance a portion of the water, sewer, roadway improvements for the community.

When issued in 2004, the community was not built out and the Bonds were issued as Non Rated Bonds at an Interest Rate of 5.90% with a final maturity of May 1, 2034.

After all 201 units were constructed, the CDD refinanced its 2004 Bonds with a bank loan (“2014 Loan”). The Interest Rate on the 2014 Loan is currently fixed at 3.25% through 5/1/2024 and the 2014 Loan matures on 5/1/2034. After the upcoming 5/1/2023 principal payment the Loan will be outstanding in the amount of $990,000.

The Interest Rate on the 2014 Loan adjusts on 5/1/2024 (and again on 5/1/2029) to a rate based upon the following formula: 65% of the then-current yield on the 5-year Treasury Note + 300 basis points. If adjusted today, the Interest Rate would be ~5.40%. The Interest Rate Adjustment is capped at 8.40%.

At the time of the 2014 refinancing, it was recommended that the CDD should continue, though not required, to collect assessments at the then current interest rate of 5.90% and use money to hyper-amortize bonds, so that as of 5/1/2024 or 5/1/2029 if rates were higher, the assessments would NOT increase and the CDD could retire all the Bonds.
The board elected not to levy at the 5.90% rate. Accordingly, the outstanding balance is approximately $390,000 higher v. what was planned as part of the 2014 refinancing. See page 6.

Plan of Refinancing

Executive Summary (continued)

The rate adjustment occurs on 5/1/24, which would impact the interest due for all payments thereafter. The 2023 – 2024 budget will need to address the increase in debt service assessments to cover the November 1, 2024 payment.

The District is planning a new project which would cost approximately $450,000 (“2023 Project”).

The District could look to address the rate adjustment on the 2014 Loan and finance the 2023 Project.

The proposed rate would be in the 4.75% range, greater than the current rate on the 2014 Loan but less than the likely reset rate to occur on 5/1/24.
* FMS has had preliminary discussions with a bank but has not received a term sheet or a commitment from a bank. As such the indicative rate referenced herein is preliminary and subject to change until a term sheet is received and subsequently signed by the District.

Plan of Refinancing

Executive Summary (continued)

	New Bank Loan PMT	
Period Ending	Current Payment Current Balance Principal	Coupon	Interest	Debt Servi	Savings	% Savings	Balance	
11/1/2014	$1,665,000						$1,660,000	
11/1/2015	$145,603	$1,620,000	$60,000	3.25%	$53,138	$113,138	$32,466	22%	$1,567,534	
11/1/2016	$147,694	$1,570,000	$60,000	3.25%	$51,188	$111,188	$36,506	25%	$1,471,028	
11/1/2017	$144,631	$1,520,000	$65,000	3.25%	$49,156	$114,156	$30,475	21%	$1,375,553	
11/1/2018	$146,416	$1,465,000	$65,000	3.25%	$47,044	$112,044	$34,372	23%	$1,276,181	
11/1/2019	$147,894	$1,405,000	$70,000	3.25%	$44,850	$114,850	$33,044	22%	$1,173,137	
11/1/2020	$144,219	$1,345,000	$70,000	3.25%	$42,575	$112,575	$31,644	22%	$1,071,494	
11/1/2021	$145,391	$1,280,000	$75,000	3.25%	$40,219	$115,219	$30,172	21%	$966,322	
11/1/2022	$146,256	$1,210,000	$75,000	3.25%	$37,781	$112,781	$33,475	23%	$857,847	
11/1/2023	$146,816	$1,135,000	$80,000	3.25%	$35,263	$115,263	$31,553	21%	$746,294	
11/1/2024	$147,069	$1,055,000	$80,000	3.25%	$32,663	$112,663	$34,406	23%	$631,887	

Plan of Refinancing

Proposed Loan – Summary of Key Terms

Par:	Par amount of Loan would increase as a result of new money.
Term:	Final and DEFINITE Maturity of 2034.
Debt Service:	Level debt service through maturity.
Coupon:	~4.75% fixed rate. No interest rate adjustment.
Rating:	No Rating required.
Reserve Fund:	$0. Current Loan has a ~$58,500 reserve fund.
Issuance Costs:	All costs financed in transaction. Savings numbers are shown net of all costs. Approximate all in costs of $125,000.
Timing:	Approximately 8-10 weeks to close depending on Board action.

Plan of Refinancing

Refinancing Summary

	Current Loan	Proposed Loan	
Bonds Outstanding (1)	$990,000	$1,492,000	
Interest Rate (2) (3)	3.25%-5.40%	4.75%	
Maximum Annual Debt Service (3) (4)	$121,523	$174,464	
Maximum Per Unit (3) (4)	$605	$868	
Reserve Fund	$58,511	$0	
Rate Adjustment	5/1/24 + 5/1/29	N/A	
Call Date	Anytime at Par	Non-Callable	
Final Maturity (5)	2034	2034	
REFINANCING SUMMARY

New Project Proceeds (5)
Annual Savings - District	

$450,000
N/A	
Par amount after 5/1/2023 amortization payment.
Assuming the current loan rate adjusts on 5/1/2024 to 5.40% thru 2034, the new per unit assessment is $656.
Proposed refinancing rate is preliminary, subjct to change until a term sheet is signed.
The numbers herein will be grossed up to include early payment discounts and collection costs.
This analysis assumes the new project money portion will mature in 2034 with the rest of the proposed loan, the new money portion maturity can go as far out as 2043, which would reduce annual payments by approximately
$115 per unit, but would increase the number of principal payments for just that portion by 10 years. The annual
payment without the new money portion would be $599 per unit.

Firm Overview and Experience

FMSbonds Overview

FMSbonds is one of the largest privately held municipal bond broker dealers in the US.
The firm, which has been in business for over 40 years, employs over 125 professionals which serve institutional and retail clients.
FMS	is the market	leader	in underwriting and	placing financings for Community Development Districts.
FMS personnel has handled over 500 financings for Community Development Districts representing over $10 billion in volume.
FMS has served as underwriter or placement agent on approximately 100 Community Development District financings in the South Florida area.

RESOLUTION NO. 2023-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2023/2024; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Board of Supervisors (“Board”) of the Silver Palms Community Development District (“District”) is required by Chapter 190.008, Florida Statutes, to approve a Proposed Budget for each fiscal year; and,

WHEREAS, the Proposed Budget including the Assessments for Fiscal Year 2023/2024 has been prepared and considered by the Board.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT THAT:

Section 1.  The Proposed Budget including the Assessments for Fiscal Year 2023/2024 attached hereto as Exhibit “A” is approved and adopted.

Section 2.  A Public Hearing is hereby scheduled for June 26, 2023 at 6:00 p.m. in the Meeting Room at Mercedes Benz of Cutler Bay, 10701 SW 211th Street, Cutler Bay, Florida 33189, and/or utilizing communications media technology (whichever is applicable) for the purpose of receiving public comments on the Proposed Fiscal Year 2023/2024 Budget.

PASSED, ADOPTED and EFFECTIVE this 17th day of April, 2023.

ATTEST:	SILVER PALMS
COMMUNITY DEVELOPMENT DISTRICT

By:			By:		 Secretary/Assistant Secretary			Chairman/Vice Chairman

Silver Palms Community Development District

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

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	
FISCAL YEAR 2023/2024 BUDGET	
Administrative Assessments	63,389	
Maintenance Assessments	42,771	
Debt Assessments	185,600	
Interest Income	300	
TOTAL REVENUES	$	292,060	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Lawn Maintenance/Landscaping	27,000	
Aquatic Maintenance	2,000	
Maintenance/District Improvements	4,205	
Engineering/Inspections	3,000	
Lake Bank Erosion Control Shoreline Restoration Project	0	
Restoration Project - Phase 2	0	
Contingency/Reserve	4,000	
TOTAL MAINTENANCE EXPENDITURES	40,205	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	5,000	
Payroll Taxes (Employer)	420	
Management	20,316	
Secretarial	2,700	
Legal	9,000	
Assessment Roll	3,500	
Audit Fees	3,800	
Insurance	6,700	
Legal Advertisements	550	
Miscellaneous	900	
Postage	250	
Office Supplies	475	
Dues & Subscriptions	175	
Trustee Fee	4,100	
Continuing Disclosure Fee	250	
Website Management	1,750	
TOTAL ADMINISTRATIVE EXPENDITURES	$	59,886	
		
TOTAL EXPENDITURES	$	100,091	
		
REVENUES LESS EXPENDITURES	$	191,969	
		
Debt Payments	(174,464)	
		
BALANCE	$	17,505	
		
County Appraiser & Tax Collector Fee	(5,835)	
Discounts For Early Payments	(11,670)	
		
Excess/ (Shortfall)	$	-	
		
Carryover Funds From Prior Year	0	
		
Net Excess/ (Shortfall)	$	-	

DETAILED PROPOSED BUDGET
SILVER PALMS 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	
Administrative Assessments	61,742	61,482	63,389	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	38,646	38,828	42,771	Expenditures /.94	
Debt Assessments	122,447	122,447	185,600	Bond Payments/.94	
Interest Income	252	180	300	Estimated At $25 Per Month	
TOTAL REVENUES	$	223,087	$	222,937	$	292,060		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Lawn Maintenance/Landscaping	23,825	24,000	27,000	$3,000 Increase From 2022/2023 Budget	
Aquatic Maintenance	2,001	2,000	2,000	No Change From 2022/2023 Budget	
Maintenance/District Improvements	0	4,205	4,205	No Change From 2022/2023 Budget	
Engineering/Inspections	5,455	1,900	3,000	$1,100 Increase From 2022/2023 Budget	
Lake Bank Erosion Control Shoreline Restoration Project	0	0	0	Proposed Loan Is A Cash-Out Refinancing	
Restoration Project - Phase 2	0	0	0	Proposed Loan Is A Cash-Out Refinancing	
Contingency/Reserve	0	4,394	4,000	$394 Decrease From 2022/2023 Budget	
TOTAL MAINTENANCE EXPENDITURES	31,281	36,499	40,205		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	4,000	5,000	5,000	Supervisor Fees	
Payroll Taxes (Employer)	306	400	420	Projected At 8% Of Supervisor Fees	
Management	19,164	19,728	20,316	CPI Adjustment (Capped At 3%)	
Secretarial	2,700	2,700	2,700	No Change From 2022/2023 Budget	
Legal	8,219	8,000	9,000	$1,000 Increase From 2022/2023 Budget	
Assessment Roll	3,500	3,500	3,500	As Per Contract	
Audit Fees	3,700	3,700	3,800	$100 Increase From 2022/2023 Budget	
Insurance	5,706	6,420	6,700	Fiscal Year 2022/2023 Expenditure Was $6,134	
Legal Advertisements	360	550	550	No Change From 2022/2023 Budget	
Miscellaneous	591	950	900	$50 Decrease From 2022/2023 Budget	
Postage	183	250	250	No Change From 2022/2023 Budget	
Office Supplies	294	500	475	$25 Decrease From 2022/2023 Budget	
Dues & Subscriptions	175	175	175	No Change From 2022/2023 Budget	
Trustee Fee	4,080	4,100	4,100	No Change From 2022/2023 Budget	
Continuing Disclosure Fee	250	250	250	No Change From 2022/2023 Budget	
Website Management	1,750	1,750	1,750	No Change From 2022/2023 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	54,978	$	57,973	$	59,886		
					
TOTAL EXPENDITURES	$	86,259	$	94,472	$	100,091		
					
REVENUES LESS EXPENDITURES	$	136,828	$	128,465	$	191,969		
					
Debt Payments	(116,593)	(115,100)	(174,464)	2024 Principal & Interest Payments	
					
BALANCE	$	20,235	$	13,365	$	17,505		
					
County Appraiser & Tax Collector Fee	(2,143)	(4,455)	(5,835)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(8,508)	(8,910)	(11,670)	Four Percent Of Total Assessment Roll	
					
Excess/ (Shortfall)	$	9,584	$	-	$	-		
					
Carryover Funds From Prior Year	0	0	0	Carryover Funds From Prior Year	
					
Net Excess/ (Shortfall)	$	9,584	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
SILVER PALMS 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	
6	
10	
100	
Projected Interest For 2023/2024	

NAV Tax Collection	
116,593	
115,100	
174,464	
Maximum Debt Service Collection	

Total Revenues	
$	116,599	
$	115,110	
$	174,564		

EXPENDITURES					

Principal Payments	
75,000	
80,000	
80,000	
Principal Payment Due In 2024	

Interest Payments	
37,538	
33,800	
94,464	
Interest Payments Due In 2024	

Bond Redemption	
0	
1,310	
100	
Estimated Excess Debt Collections	

Total Expenditures	
$	112,538	
$	115,110	
$	174,564		

Excess/ (Shortfall)	
$	4,061	
$	-	
$	-		

Note: Proposed 2023 Loan, Which Includes Project Proceeds Of $450,000, Is Estimated At $1,492,000. Maximum Annual Debt Service Is Estimated At $174,464. Per Unit Debt Assessment Estimated At $923.40 Fiscal Year 2023/2024 Principal & Interest Payments Are Estimated.

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

Par Amount As Of 1/1/23 =	
$1,070,000			

Silver Palms 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	
$	305.65	
$	306.79	
$	305.88	
$	
315.37	
Maintenance	$	193.41	$	192.27	$	193.18	$	212.80	

Debt

$	609.19

$	609.19

$	609.19

$	923.40

Total

$	1,108.25	$

1,108.25	$

1,108.25	$

1,451.57

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

Silver Palms Community Development District

Financial Report For March 2023

Silver Palms Community Development District
Budget vs. Actual
October 2022 through March 2023

Oct '22 - Mar 23	22/23 Budget	$ Over Budget	% of Budget
 			
Income

363.100 ꞏ Admin Assessments	60,541.91		61,482.00		-940.09		98.47%	
363.101 ꞏ Maintenance Assessments	38,150.84		38,828.00		-677.16		98.26%	
363.810 ꞏ Debt Assessment	120,308.92		122,447.00		-2,138.08		98.25%	
363.820 ꞏ Debt Assessment-Paid To Trustee	-114,415.85		-115,100.00		684.15		99.41%	
363.830 ꞏ County Tax Collector Fee	-2,102.49		-4,455.00		2,352.51		47.19%	
363.831 ꞏ Discounts for Early Payments	-8,618.55		-8,910.00		291.45		96.73%	
369.401 ꞏ Interest Income	2,321.73		180.00		2,141.73		1,289.85%	
Total Income	96,186.51		94,472.00		1,714.51		101.82%	
Expense								
511.122 ꞏ Payroll Tax Expense	229.50		400.00		-170.50		57.38%	
511.131 ꞏ Supervisors Fees	3,000.00		5,000.00		-2,000.00		60.0%	
511.306 ꞏ Lawn Maint/Landscaping	9,710.77		24,000.00		-14,289.23		40.46%	
511.307 ꞏ Aquatic Maintenance	997.98		2,000.00		-1,002.02		49.9%	
511.308 ꞏ Maint/District Improvements	0.00		4,205.00		-4,205.00		0.0%	
511.309 ꞏ Contingency/Reserve	0.00		4,394.00		-4,394.00		0.0%	
511.310 ꞏ Engineering	643.75		1,900.00		-1,256.25		33.88%	
511.311 ꞏ Management Fees	9,864.00		19,728.00		-9,864.00		50.0%	
511.312 ꞏ Secretarial Fees	1,350.00		2,700.00		-1,350.00		50.0%	
511.315 ꞏ Legal Fees	3,307.00		8,000.00		-4,693.00		41.34%	
511.318 ꞏ Assessment/Tax Roll	0.00		3,500.00		-3,500.00		0.0%	
511.320 ꞏ Audit Fees	0.00		3,700.00		-3,700.00		0.0%	
511.450 ꞏ Insurance	6,134.00		6,420.00		-286.00		95.55%	
511.480 ꞏ Legal Advertisements	443.93		550.00		-106.07		80.72%	
511.512 ꞏ Miscellaneous	471.49		950.00		-478.51		49.63%	
511.513 ꞏ Postage and Delivery	145.76		250.00		-104.24		58.3%	
511.514 ꞏ Office Supplies	262.80		500.00		-237.20		52.56%	
511.540 ꞏ Dues, License & Subscriptions	175.00		175.00		0.00		100.0%	
511.733 ꞏ Trustee Fees	0.00		4,100.00		-4,100.00		0.0%	
511.734 ꞏ Continuing Disclosure Fee	0.00		250.00		-250.00		0.0%	
511.750 ꞏ Website Management	874.98		1,750.00		-875.02		50.0%	
Total Expense	37,610.96		94,472.00		-56,861.04		39.81%	
Net Income		58,575.55			0.00			58,575.55			100.0%	

`	SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT MONTHLY FINANCIAL REPORT
MARCH 2023

REVENUES	
Annual Budget
10/1/22 - 9/30/23	
Actual Mar-23	Year
To Date Actual
10/1/22 - 3/31/23	
Administrative Assessments	61,482	918	60,542	
Maintenance Assessments	38,828	579	38,151	
Debt Assessments	122,447	1,827	120,309	
Interest Income	180	0	2,322	
Total Revenues	$	222,937	$	3,324	$	221,324	
				
EXPENDITURES				
Maintenance Expenditures				
Lawn Maintenance/Landscaping	24,000	1,570	9,711	
Aquatic Maintenance	2,000	167	998	
Maintenance/District Improvements	4,205	0	0	
Engineering/Inspections	1,900	0	644	
Contingency/Reserve	4,394	0	0	
Total Maintenance Expenditures	$	36,499	$	1,737	$	11,353	
				
Adminstrative Expenditures				
Supervisor Fees	5,000	1,000	3,000	
Payroll Taxes (Employer)	400	77	229	
Management	19,728	1,644	9,864	
Secretarial	2,700	225	1,350	
Legal	8,000	0	3,307	
Assessment Roll	3,500	0	0	
Audit Fees	3,700	0	0	
Insurance	6,420	0	6,134	
Legal Advertisements	550	102	444	
Miscellaneous	950	74	471	
Postage	250	0	146	
Office Supplies	500	10	263	
Dues & Subscriptions	175	0	175	
Trustee Fee	4,100	0	0	
Continuing Disclosure Fee	250	0	0	
Website Management	1,750	144	875	
Total Administrative Expenditures	$	57,973	$	3,276	$	26,258	
				
Total Expenditures	$	94,472	$	5,013	$	37,611	
				
Revenues Less Expenditures	$	128,465	$	(1,689)	$	183,713	
				
Bond Payments	(115,100)	(1,791)	(114,416)	
				
Balance	$	13,365	$	(3,480)	$	69,297	
				
County Appraiser & Tax Collector Fee	(4,455)	(33)	(2,102)	
Discounts For Early Payments	(8,910)	(33)	(8,619)	
				
Excess/ (Shortfall)	$	-	$	(3,546)	$	58,576	
				
Carryover From Prior Year	0	0	0	
				
Net Excess/ (Shortfall)	$	-	$	(3,546)	$	58,576	

Bank Balance As Of 3/31/23	$	264,974.51	
Accounts Payable As Of 3/31/23	$	7,456.44	
Accounts Receivable As Of 3/31/23	$	-	
Available Funds As Of 3/31/23	$	257,518.07	

SILVER PALMS CDD TAX COLLECTIONS 2022-2023

#	

ID#	

PAYMENT FROM	

DATE	

FOR	

Tax Collect Receipts	

Interest Received	

Commissions Paid	

Discount	

Net From Tax Collector	Admin.
Assessment Income (Before Discounts & Fee)	Maint Assessment Income (Before Discounts & Fee)	Debt Assessment Income (Before Discounts & Fee)	Admin.
Assessment Income (After Discounts & Fee)	Maint Assessment Income (After Discounts & Fee)	Debt Assessment Income (After Discounts & Fee)	

Debt Assessments Paid to Trustee	
									$222,757.00	$61,482.00	$38,828.00	$  122,447.00	$61,482.00	$38,828.00	$  122,447.00		
									$209,572.00	$57,973.00	$36,499.00	$  115,100.00	$57,973.00	$36,499.00	$  115,100.00	115,100.00	
1	1	Miami-Dade Tax Collector	11/23/22	NAV Taxes	$	11,059.40		$	(106.03)	$	(455.94)	$	10,497.43	$	3,052.40	$	1,927.65	$	6,079.35	$	2,897.28	$	1,829.65	$	5,770.50	$	5,770.50	
2	2	Miami-Dade Tax Collector	11/25/22	NAV Taxes	$	18,840.25		$	(180.87)	$	(753.61)	$	17,905.77	$	5,199.96	$	3,284.06	$	10,356.23	$	4,942.02	$	3,121.15	$	9,842.60	$	9,842.60	
3	3	Miami-Dade Tax Collector	12/07/22	NAV Taxes	$  167,345.75		$	(1,606.52)	$  (6,693.83)	$  159,045.40	$	46,187.88	$	29,170.18	$	91,987.69	$	43,896.95	$	27,723.40	$	87,425.05	$	87,425.05	
4	4	Miami-Dade Tax Collector	12/22/22	NAV Taxes	$	13,299.00		$	(127.89)	$	(509.80)	$	12,661.31	$	3,670.56	$	2,318.16	$	7,310.28	$	3,494.56	$	2,207.00	$	6,959.75	$	6,959.75	
5	5	Miami-Dade Tax Collector	01/11/23	NAV Taxes	$	4,998.67		$	(48.27)	$	(172.13)	$	4,778.27	$	1,379.62	$	871.25	$	2,747.80	$	1,318.72	$	832.85	$	2,626.70	$	2,626.70	
6	Int - 1	Miami-Dade Tax Collector	02/13/23	Interest		$	133.85			$	133.85	$	133.85			$	133.85			$	-	
7	6	Miami-Dade Tax Collector	03/08/23	NAV Taxes	$	3,324.75		$	(32.91)	$	(33.24)	$	3,258.60	$	917.64	$	579.54	$	1,827.57	$	899.35	$	568.00	$	1,791.25	$	1,791.25	
8									$	-							$	-	
9									$	-							$	-	
10									$	-							$	-	
11									$	-							$	-	
12									$	-							$	-	
13									$	-							$	-	
14									$	-							$	-	
15									$	-							$	-	
					$ 218,867.82	$  133.85	$  (2,102.49)	$  (8,618.55)	$ 208,280.63	$  60,541.91	$  38,150.84	$ 120,308.92	$  57,582.73	$  36,282.05	$ 114,415.85	$ 114,415.85	

Note: $222,757, $61,482, $38,828 and $122,447 are 2022/2023 Budgeted
Assessment Roll:	assessments before discounts and fees.
$222,758.25	$209,572, $57,973, $36,499 and $115,100 are 2022/2023 Budgeted
assessments after discounts and fees.

$  218,867.82		
$	133.85	$  208,280.63	
$  (60,541.91)	$  (57,582.73)	
$  (38,150.84)	$  (36,282.05)	
$ (120,308.92)	$ (114,415.85)	
$	-	$	-