Caribe Palm Community Development District

Final 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
CARIBE PALM COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	
FISCAL YEAR 2023/2024 BUDGET	
Administrative Assessments	80,454	
Maintenance Assessments	57,659	
Debt Assessments	161,614	
Other Revenues	0	
Interest Income	720	
		
TOTAL REVENUES	$	300,447	
		
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	22,000	
Total Maintenance Expenditures	$	54,200	
		
Administrative Expenditures		
Supervisor Fees	8,000	
Payroll Taxes (Employer)	612	
Management	30,360	
Secretarial And Field Operations	6,600	
Legal	4,000	
Assessment Roll	7,500	
Audit Fees	3,700	
Insurance	6,600	
Legal Advertisements	650	
Miscellaneous	1,500	
Postage	250	
Office Supplies	450	
Dues & Subscriptions	175	
Trustee Fees	3,850	
Continuing Disclosure Fee	350	
Website Management	1,750	
Total Administrative Expenditures	$	76,347	
		
TOTAL EXPENDITURES	$	130,547	
		
REVENUES LESS EXPENDITURES	$	169,900	
		
Bond Payments	(151,917)	
		
BALANCE	$	17,983	
		
County Appraiser & Tax Collector Fee	(5,994)	
Discounts For Early Payments	(11,989)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

2/24/2023 2:20 PM	I

DETAILED PROPOSED BUDGET
CARIBE PALM 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	80,123	79,603	80,454	Expenditures Less Interest/.94	
Maintenance Assessments	59,383	58,532	57,659	Expenditures/.94	
Debt Assessments	161,615	161,614	161,614	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	62	720	720	Interest Estimated At $60 Per Month	
					
TOTAL REVENUES	$	301,183	$	300,469	$	300,447		
					
EXPENDITURES					
Maintenance Expenditures					
Engineering/Inspections	340	2,800	2,800	No Change From 2022/2023 Budget	
Engineering - Special Projects	8,933	3,000	3,000	No Change From 2022/2023 Budget	
Community Security	0	6,000	6,000	No Change From 2022/2023 Budget	
Security Cameras/MTE/Upkeep	4,245	12,000	12,000	No Change From 2022/2023 Budget	
FP&L Meter/Mailbox Area	10,107	4,200	4,200	No Change From 2022/2023 Budget	
Street/Roadway Drainage Maintenance	850	4,200	4,200	No Change From 2022/2023 Budget	
Maintenance/Contingency	58,868	22,820	22,000	$820 Decrease From 2022/2023 Budget	
Total Maintenance Expenditures	$	83,343	$	55,020	$	54,200		
					
Administrative Expenditures					
Supervisor Fees	6,400	8,000	8,000	Supervisor Fees	
Payroll Taxes (Employer)	490	612	612	Supervisor Fees *7.65%	
Management	30,360	30,360	30,360	No Change From 2022/2023 Budget	
Secretarial And Field Operations	6,600	6,600	6,600	No Change From 2022/2023 Budget	
Legal	0	4,000	4,000	No Change From 2022/2023 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,600	3,600	3,700	$100 Increase From 2022/2023 Budget	
Insurance	5,706	6,600	6,600	Fiscal Year 2022/2023 Expenditure Was $6,134	
Legal Advertisements	690	650	650	No Change From 2022/2023 Budget	
Miscellaneous	1,400	1,500	1,500	No Change From 2022/2023 Budget	
Postage	287	250	250	No Change From 2022/2023 Budget	
Office Supplies	364	450	450	No Change From 2022/2023 Budget	
Dues & Subscriptions	175	175	175	No Change From 2022/2023 Budget	
Trustee Fees	3,780	3,150	3,850	$700 Increase From 2022/2023 Budget	
Continuing Disclosure Fee	350	350	350	No Change From 2022/2023 Budget	
Website Management	1,750	1,750	1,750	No Change From 2022/2023 Budget	
Total Administrative Expenditures	$	69,452	$	75,547	$	76,347		
					
TOTAL EXPENDITURES	$	152,795	$	130,567	$	130,547		
					
REVENUES LESS EXPENDITURES	$	148,388	$	169,902	$	169,900		
					
Bond Payments	(154,079)	(151,917)	(151,917)	2024 P & I Payments Less Earned Interest	
					
BALANCE	$	(5,691)	$	17,985	$	17,983		
					
County Appraiser & Tax Collector Fee	(2,900)	(5,995)	(5,994)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(11,132)	(11,990)	(11,989)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(19,723)	$	(0)	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(19,723)	$	(0)	$	-		

2/24/2023 2:20 PM	II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
CARIBE PALM 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	
453	
25	
100	
Projected Interest For FY 2023/2024	

NAV Tax Collection	
154,079	
151,917	
151,917	
Maximum Debt Service Collection	

Total Revenues	
$	154,532	
$	151,942	
$	152,017		

EXPENDITURES					

Principal Payments	
83,000	
87,000	
90,000	
Principal Payment Due In 2024	

Interest Payments	
65,430	
61,003	
57,680	
Interest Payments Due In 2024	

Bond Redemption	
0	
3,940	
4,337	
Bond Redemption	

TOTAL EXPENDITURES	
$	148,430	
$	151,942	
$	152,017		

EXCESS/ (SHORTFALL)	
$	6,102	
$	-	
$	-		

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 1/1/23 =	May 2035

$1,471,000			

2/24/2023 2:20 PM	III

Caribe Palm 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 For Twenty Three Foot Lots	
$	269.99	
$	269.83	
$	268.93	
$	
271.81	
Maintenance For Twenty Three Foot Lots	$	200.62	$	200.62	$	197.75	$	194.80	
Debt For Twenty Three Foot Lots	$	493.08	$	493.08	$	493.08	$	493.08	
Total For Twenty Three Foot Lots	$	963.69	$	963.53	$	959.76	$	959.69	

Administrative For Fifty Foot Lots	$	269.99	$	269.83	$	268.93	$	271.81	
Maintenance For Fifty Foot Lots	$	200.62	$	200.62	$	197.75	$	194.80	
Debt For Fifty Foot Lots	$	604.96	$	604.96	$	604.96	$	604.96	
Total For Fifty Foot Lots	$	1,075.57	$	1,075.41	$	1,071.64	$	1,071.57	

* 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	

2/24/2023 2:20 PM	IV