Caribe Palm Community Development District

Proposed Budget For Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
CARIBE PALM COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021 BUDGET	
Administrative Assessments	79,913	
Maintenance Assessments	59,383	
Debt Assessments	161,614	
Other Revenues	0	
Interest Income	720	
		
TOTAL REVENUES	$	301,630	
		
EXPENDITURES		
Maintenance Expenditures		
Engineering/Inspections	2,800	
Engineering - Special Projects	3,000	
Community Security	6,000	
Security Cameras/MTE/Upkeep	12,000	
FP&L Meter/Mailbox Area	4,200	
Street/Roadway Drainage Maintenance	4,200	
Maintenance/Contingency	23,620	
Tract Q Improvements/Upgrades	0	
Total Maintenance Expenditures	$	55,820	
		
Administrative Expenditures		
Supervisor Fees	8,000	
Payroll Taxes (Employer)	612	
Management	29,952	
Secretarial And Field Operations	6,600	
Legal	4,000	
Assessment Roll	7,500	
Audit Fees	3,500	
Insurance	6,800	
Legal Advertisements	650	
Miscellaneous	2,000	
Postage	300	
Office Supplies	500	
Dues & Subscriptions	175	
Trustee Fees	3,150	
Continuing Disclosure Fee	350	
Website Management	1,750	
Total Administrative Expenditures	$	75,839	
		
TOTAL EXPENDITURES	$	131,659	
		
REVENUES LESS EXPENDITURES	$	169,971	
		
Bond Payments	(151,917)	
		
BALANCE	$	18,054	
		
County Appraiser & Tax Collector Fee	(6,018)	
Discounts For Early Payments	(12,036)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
CARIBE PALM COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2018/2019 ACTUAL	
FISCAL YEAR 2019/2020 BUDGET	
FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	
Administrative Assessments	77,848	77,948	79,913	Expenditures Less Interest/.94	
Maintenance Assessments	71,170	61,510	59,383	Expenditures/.94	
Debt Assessments	161,614	161,614	161,614	Bond Payments/.94	
Other Revenues	194	0	0		
Interest Income	1,853	480	720	Interest Estimated At $60 Per Month	
					
TOTAL REVENUES	$	312,679	$	301,552	$	301,630		
					
EXPENDITURES					
Maintenance Expenditures					
Engineering/Inspections	1,290	2,800	2,800	No Change From 2019/2020 Budget	
Engineering - Special Projects	0	3,000	3,000	No Change From 2019/2020 Budget	
Community Security	0	6,000	6,000	No Change From 2019/2020 Budget	
Security Cameras/MTE/Upkeep	8,788	12,000	12,000	No Change From 2019/2020 Budget	
FP&L Meter/Mailbox Area	450	4,200	4,200	No Change From 2019/2020 Budget	
Street/Roadway Drainage Maintenance	4,090	4,200	4,200	No Change From 2019/2020 Budget	
Maintenance/Contingency	2,489	25,620	23,620	$2,000 Decrease From 2019/2020 Budget	
Tract Q Improvements/Upgrades	1,082	0	0	Line Item Eliminated	
Total Maintenance Expenditures	$	18,189	$	57,820	$	55,820		
					
Administrative Expenditures					
Supervisor Fees	7,800	6,000	8,000	Supervisor Fees	
Payroll Taxes (Employer)	597	471	612	Supervisor Fees *7.65%	
Management	28,740	29,280	29,952	CPI Adjustment	
Secretarial And Field Operations	6,600	6,600	6,600	No Change From 2019/2020 Budget	
Legal	0	4,000	4,000	No Change From 2019/2020 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,700	3,800	3,500	Accepted Amount For 2019/2020 Audit	
Insurance	5,342	7,200	6,800	Insurance Estimate	
Legal Advertisements	448	650	650	No Change From 2019/2020 Budget	
Miscellaneous	1,587	2,000	2,000	No Change From 2019/2020 Budget	
Postage	177	325	300	$25 Decrease From 2019/2020 Budget	
Office Supplies	358	500	500	No Change From 2019/2020 Budget	
Dues & Subscriptions	175	175	175	No Change From 2019/2020 Budget	
Trustee Fees	3,150	3,150	3,150	No Change From 2019/2020 Budget	
Continuing Disclosure Fee	350	350	350	No Change From 2019/2020 Budget	
Website Management	1,500	1,750	1,750	No Change From 2019/2020 Budget	
Total Administrative Expenditures	$	68,024	$	73,751	$	75,839		
					
TOTAL EXPENDITURES	$	86,213	$	131,571	$	131,659		
					
REVENUES LESS EXPENDITURES	$	226,466	$	169,981	$	169,971		
					
Bond Payments	(154,116)	(151,917)	(151,917)	2021 P & I Payments Less Earned Interest	
					
BALANCE	$	72,350	$	18,064	$	18,054		
					
County Appraiser & Tax Collector Fee	(2,990)	(6,021)	(6,018)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(11,399)	(12,043)	(12,036)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	57,961	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	57,961	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
CARIBE PALM COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 BUDGET	FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	

Interest Income	
2,446	
100	
200	
Projected Interest For FY 2020/2021	

NAV Tax Collection	
154,116	
151,917	
151,917	
Maximum Debt Service Collection	

Total Revenues	
$	156,562	
$	152,017	
$	152,117		

EXPENDITURES					

Principal Payments	
77,000	
81,000	
85,000	
Principal Payment Due In 2021	

Interest Payments	
73,935	
69,823	
66,918	
Interest Payments Due In 2021	

Bond Redemption	
0	
1,194	
199	
Bond Redemption	

TOTAL EXPENDITURES	
$	150,935	
$	152,017	
$	152,117		

EXCESS/ (SHORTFALL)	
$	5,627	
$	-	
$	-		

Series 2017 Bond Refunding Information

Original Par Amount =	$1,870,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	3.5% - 4.5%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	July 2017			
Maturity Date =

Par Amount As Of 1/1/20 =	May 2035

$1,720,000			

Caribe Palm Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2017/2018	2018/2019	2019/2020	2020/2021	
Assessment	Assessment	Assessment	Projected Assessment	
  Before Discount* 	  Before Discount* 	   Before Discount* 	 	Before Discount*		

Administrative For Twenty Three Foot Lots	
$	253.57	
$	260.95	
$	263.34	
$	
269.99	
Maintenance For Twenty Three Foot Lots	$	256.61	$	240.44	$	207.81	$	200.62	
Debt For Twenty Three Foot Lots	$	500.00	$	493.08	$	493.08	$	493.08	
Total For Twenty Three Foot Lots	$	1,010.18	$	994.47	$	964.23	$	963.69	

Administrative For Fifty Foot Lots	$	253.57	$	260.95	$	263.34	$	269.99	
Maintenance For Fifty Foot Lots	$	256.61	$	240.44	$	207.81	$	200.62	
Debt For Fifty Foot Lots	$	610.00	$	604.96	$	604.96	$	604.96	
Total For Fifty Foot Lots	$	1,120.18	$	1,106.35	$	1,076.11	$	1,075.57	

* Assessments Include the  Following :	                                  4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee

Community Information:	
Twenty Three Foot Lots	156	
Fifty Foot Lots	140	
Total Units	296