Title: SP Proposed Budget 2024-2025.xlsx
Author: JWalker

Silver Palms Community Development District

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

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES | FISCAL YEAR 2024/2025 BUDGET
Administrative Assessments | 63,309
Maintenance Assessments | 42,771
Debt Assessments | 193,202
Interest Income | 600
TOTAL REVENUES | $	299,882
EXPENDITURES |
MAINTENANCE EXPENDITURES |
Lawn Maintenance/Landscaping | 27,000
Aquatic Maintenance | 2,000
Maintenance/District Improvements | 4,205
Engineering/Inspections | 3,000
Contingency/Reserve | 4,000
TOTAL MAINTENANCE EXPENDITURES | 40,205
ADMINISTRATIVE EXPENDITURES |
Supervisor Fees | 5,000
Payroll Taxes (Employer) | 420
Management | 20,916
Secretarial | 2,700
Legal | 9,000
Assessment Roll | 3,500
Audit Fees | 3,500
Insurance | 7,200
Legal Advertisements | 2,000
Miscellaneous | 900
Postage | 250
Office Supplies | 450
Dues & Subscriptions | 175
Trustee Fee | 4,100
Continuing Disclosure Fee | 250
Website Management | 1,750
TOTAL ADMINISTRATIVE EXPENDITURES | $	62,111
TOTAL EXPENDITURES | $	102,316
REVENUES LESS EXPENDITURES | $	197,566
Debt Payments | (181,610)
BALANCE | $	15,956
County Appraiser & Tax Collector Fee | (5,985)
Discounts For Early Payments | (11,971)
Excess/ (Shortfall) | $	(2,000)
Carryover Funds From Prior Year | 2,000
Net Excess/ (Shortfall) | $	-

3/8/2024 4:39 PM	^I

DETAILED PROPOSED BUDGET
SILVER PALMS 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
Administrative Assessments | 61,733 | 63,389 | 63,309 | Expenditures Less Interest & Carryover/.94
Maintenance Assessments | 38,828 | 42,771 | 42,771 | Expenditures /.94
Debt Assessments | 122,448 | 193,202 | 193,202 | Bond Payments/.94
Interest Income | 8,257 | 300 | 600 | Estimated At $50 Per Month
TOTAL REVENUES | $	231,266 | $	299,662 | $	299,882 |
EXPENDITURES | | | |
MAINTENANCE EXPENDITURES | | | |
Lawn Maintenance/Landscaping | 21,144 | 27,000 | 27,000 | No Change From 2023/2024 Budget
Aquatic Maintenance | 1,998 | 2,000 | 2,000 | No Change From 2023/2024 Budget
Maintenance/District Improvements | 0 | 4,205 | 4,205 | No Change From 2023/2024 Budget
Engineering/Inspections | 3,054 | 3,000 | 3,000 | No Change From 2023/2024 Budget
Contingency/Reserve | 0 | 4,000 | 4,000 | No Change From 2023/2024 Budget
TOTAL MAINTENANCE EXPENDITURES | 26,196 | 40,205 | 40,205 |
ADMINISTRATIVE EXPENDITURES | | | |
Supervisor Fees | 7,800 | 5,000 | 5,000 | Supervisor Fees
Payroll Taxes (Employer) | 597 | 420 | 420 | Projected At 8% Of Supervisor Fees
Management | 19,728 | 20,316 | 20,916 | CPI Adjustment (Capped At 3%)
Secretarial | 2,700 | 2,700 | 2,700 | No Change From 2023/2024 Budget
Legal | 16,878 | 9,000 | 9,000 | No Change From 2023/2024 Budget
Assessment Roll | 3,500 | 3,500 | 3,500 | As Per Contract
Audit Fees | 3,800 | 3,800 | 3,500 | Accepted Amount For 2023/2024 Audit
Insurance | 6,134 | 6,700 | 7,200 | Fiscal Year 2023/2024 Expenditure Was $6,594
Legal Advertisements | 2,886 | 550 | 2,000 | Costs Will Increase Due To Closing Of The Miami Business Review
Miscellaneous | 996 | 900 | 900 | No Change From 2023/2024 Budget
Postage | 722 | 250 | 250 | No Change From 2023/2024 Budget
Office Supplies | 1,002 | 475 | 450 | $25 Decrease From 2023/2024 Budget
Dues & Subscriptions | 175 | 175 | 175 | No Change From 2023/2024 Budget
Trustee Fee | 4,100 | 4,100 | 4,100 | No Change From 2023/2024 Budget
Continuing Disclosure Fee | 250 | 250 | 250 | No Change From 2023/2024 Budget
Website Management | 1,750 | 1,750 | 1,750 | No Change From 2023/2024 Budget
TOTAL ADMINISTRATIVE EXPENDITURES | $	73,018 | $	59,886 | $	62,111 |
TOTAL EXPENDITURES | $	99,214 | $	100,091 | $	102,316 |
REVENUES LESS EXPENDITURES | $	132,052 | $	199,571 | $	197,566 |
Debt Payments | (116,534) | (181,610) | (181,610) | 2025 Principal & Interest Payments
BALANCE | $	15,518 | $	17,961 | $	15,956 |
County Appraiser & Tax Collector Fee | (2,142) | (5,987) | (5,985) | Two Percent Of Total Assessment Roll
Discounts For Early Payments | (8,619) | (11,974) | (11,971) | Four Percent Of Total Assessment Roll
Excess/ (Shortfall) | $	4,757 | $	- | $	(2,000) |
Carryover Funds From Prior Year | 0 | 0 | 2,000 | Carryover Funds From Prior Year
Net Excess/ (Shortfall) | $	4,757 | $	- | $	- |

3/8/2024 4:39 PM	^II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
SILVER PALMS 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 | 2,977 | 100 | 400 | Projected Interest For 2024/2025
NAV Tax Collection | 116,534 | 181,610 | 181,610 | Maximum Debt Service Collection
Total Revenues | $	119,511 | $	181,710 | $	182,010 |
EXPENDITURES | | | |
Principal Payments | 80,000 | 110,000 | 115,000 | Principal Payment Due In 2025
Interest Payments | 40,211 | 71,108 | 65,764 | Interest Payments Due In 2025
Bond Redemption | 0 | 602 | 1,246 | Estimated Excess Debt Collections
Total Expenditures | $	120,211 | $	181,710 | $	182,010 |
Excess/ (Shortfall) | $	(700) | $	- | $	- |

Note: 2023 Bond Refunding, Includes Project Proceeds Of $480,000.

Series 2023 Bond Refunding Information |
Original Par Amount = | $1,552,000 | Annual Principal Payments Due: | May 1st

Interest Rate = Issue Date = Maturity Date =

4.75%
June 2023
May 2034

May 1st
Annual Interest Payments Due: May 1st & November 1st

May 1st & November 1st

Par Amount As Of 1/1/24 = | $1,552,000 | |

3/8/2024 4:39 PM	^III

Silver Palms 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 | $	306.79 | $	305.88 | $	315.37 | $ | 314.98
Maintenance | $	192.27 | $	193.18 | $	212.80 | $ | 212.80

Debt

$	609.19

$	609.19

$	961.21

$	961.21

Total

$	1,108.25	$

1,108.25	$

1,489.38	$

1,488.99

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

3/8/2024 4:39 PM	^IV