SILVER PALMS COMMUNITY DEVELOPMENT
DISTRICT

MIAMI-DADE COUNTY
Special Board Meeting & Public Hearing June 3, 2024
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 & Public Hearing June 3, 2024
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
Public Hearing
Proof of Publication	Page 1
Receive Public Comments on Fiscal Year 2024/2025 Final Budget
Consider Resolution No. 2024-05 – Adopting a Fiscal Year 2024/2025 Final Budget	Page 2
Old Business
New Business
Administrative Matters
Board Members/Staff: Additional Comments/Requests
Reminder of the 2023 Form 1 – Statement of Financial Interests Due by July 1, 2024
Announce the 2024 General Election and Candidate Qualifying Period - Noon, Monday, June 10, 2024 through Noon, Friday, June 14, 2024
Adjourn

Publication Date 2024-05-17

Subcategory Miscellaneous Notices

NOTICE OF SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT PUBLIC HEARING AND SPECIAL BOARD MEETING
The Board of Supervisors of the Silver Palms Community Development District ("District") will hold a public hearing on June 3, 2024, at 6:00 p.m., or as soon thereafter as can be heard, in a Meeting Room of Mercedes Benz of Cutler Bay located at 10701 SW 211th Street, Cutler Bay, Florida 33189 for the purpose of hearing comments and objections on the adoption of the budget of the District for Fiscal Year 2024/2025. A special board meeting of the District will also be held at that time where the Board may consider any agenda items and any other business that may properly come before it.
A copy of the agenda and budget 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 public hearing and meeting are open to the public and will be conducted in accordance with the provisions of Florida law for community development districts. The public hearing and 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 public hearing or 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
PUBLISH: MIAMI HERALD 05/17/24 & 05/24/24 W00000000
Publication Dates

Page 1

RESOLUTION NO. 2024-05

A RESOLUTION OF THE SILVER PALMS COMMUNITY DEVELOPMENT DISTRICT ADOPTING A FISCAL YEAR 2024/2025 BUDGET.

WHEREAS, the Silver Palms Community Development District (“District”) has prepared a Proposed Budget and Final Special Assessment Roll for Fiscal Year 2024/2025 and has held a duly advertised Public Hearing to receive public comments on the Proposed Budget and Final Special Assessment Roll; and,

WHEREAS, following the Public Hearing and the adoption of the Proposed Budget and Final Assessment Roll, the District is now authorized to levy non ad-valorem assessments upon the properties within the District.

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

Section 1.	The Final Budget and Final Special Assessment Roll for Fiscal Year 2024/2025 attached hereto as Exhibit “A” is approved and adopted, and the assessments set forth therein shall be levied.

Section 2.	The Secretary of the District is authorized to execute any and all necessary transmittals, certifications or other acknowledgements or writings, as necessary, to comply with the intent of this Resolution.

PASSED, ADOPTED and EFFECTIVE this 3rd day of June, 2024.

ATTEST:	SILVER PALMS
COMMUNITY DEVELOPMENT DISTRICT

By:			By:		 Secretary/Assistant Secretary			Chairperson/Vice Chairperson

Silver Palms Community Development District

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

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL 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)	$	-	

DETAILED FINAL 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	$	-	$	-		

DETAILED FINAL 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			

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