Adopted Budget	
Fiscal Year 2021	

Portofino Shores	
Community Development District	

July 7, 2020

Portofino Shores

FY2021	
Adopted	
 	Budget	

$162,643
$0
$0
$347,201	
$509,844	

$17,000
$5,600
$5,100
$33,000
$3,700
$4,000
$42,101
$1,000
$100
$1,200
$2,400
$6,515
$865
$1,000
$1,250
$1,000
$400
$175
$250
 	$5,000 
$131,655	

$10,000
$5,000
 	$25,000 
$40,000	
	
 	$171,655 	
$338,189	

FY2020	
Adopted	
 	Budget		

Actual	
thru	
     5/31/2020		

Projected	
Next	
     4 Months		

Total	
Projected at	
    9/30/2020 	

Community Development District	General Fund

$162,644	
$0	
$0	
$296,146	
$458,790	

$161,219	$1,425	
$4,050	$2,025	
$0	$0	
$339,330

$504,599	$0

$3,450	

$162,644	
$6,075	
$0	
$339,330	
$508,049	

 Description	

	

Revenues	
Maintenance Assessments	
Misc/Interest Income	
Interfund Transfer In	
Unassigned Fund Balance	

Total Revenues

Expenditures

Administrative	
Engineering Fees	
Assessment Roll	
Property Appraiser	
Attorney Fees	
Annual Audit	
Trustee Fees	
Management Fees	
Computer Time	
Telephone	
Postage	
Rentals & Leases	
Insurance	
Printing & Binding	
Legal Advertising	
Other Current Charges	
Website Compliance	
Office Supplies	
Dues, Licenses	
Capital Outlay	
Contingencies	
Administrative Expenses	

$15,000	
$5,600	
$5,100	
$35,000	
$3,600	
$4,000	
$42,101	
$1,000	
$100	
$1,200	
$2,400	
$6,515	
$865	
$1,000	
$1,250	
$1,000	
$400	
$175	
$250	
 	$5,000 	
$131,555	

$5,020	
$5,600	
$5,079	
$10,927	
$0	
$0	
$28,067	
$667	
$99	
$527	
$1,600	
$6,193	
$216	
$344	
$796	
$667	
$43	
$175	
$0	
 	$0 	
$66,020	

$9,980	$15,000
$0	$5,600
$0	$5,079
$15,000	$25,927
$3,600	$3,600
$4,000	$4,000
$14,034	$42,101
$333	$1,000
$50	$149
$263	$790
$800	$2,400
$0	$6,193
$108	$324
$656	$1,000
$398	$1,195
$333	$1,000
$22	$65
$0	$175
$250	$250
 	$5,000	 	$5,000 

$159	
$5,000	
 	$25,000 	
$30,159	

$10,000	
$5,000	
 	$25,000 	
$40,000	

$54,828	$120,848

Field	
Repairs & Maintenance	$10,	
Roadway Maintenance	$5,	
(1)  Lake Bank Restoration Reserves 	$25,	
Field Expenses	$40,	

$9,841	
$0	
 	$0 	
$9,841	

000
000
000 

	Unassigned Fund Balance	 	$287,235 	

(1)	
Lake Bank Restoration/Reserve Funds:	
	FY12	$12,777.00	
	FY13	$29,655.00	
	FY14	$30,055.00	
	FY15	$20,000.00	
	FY16	$20,000.00	
	FY17	$25,000.00	
	FY18	$25,000.00	
	FY19	$25,000.00	
	FY20	$25,000.00	
	FY21   	$25,000.00 	
		$237,487.00	

000

Total Expenses	 	$171,555	 	$75,861	 	$84,987	 	$160,848 

$428,738	($81,537)	$347,201

	FY2019	FY2020	FY2021	
Units	519	519	519	
Per Unit Assess.	$333	$333	$333	
ross Assessments	$173,024	$173,024	$173,024	
Discounts (6%)	($10,381)	($10,381)	($10,381)	
Net Assessments	$162,643	$162,643	$162,643	

Page 1

Portofino Shores
Community Development District	General Fund Budget

REVENUES:

Maintenance Assessments
The District will levy a Non-Ad Valorem assessment on all the platted lots within the District to pay all of the operating expenses for the Fiscal Year in accordance with the adopted budget.

EXPENDITURES:

Administrative:

Engineering Fees
The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc.

Assessment Roll
Expenses incurred for the collection of prepaid assessments, updating the District’s Tax Roll and levying the annual assessment.

Property Appraiser
The District’s property appraiser represents a fee charged by Port St. Lucie County Property Appraiser’s office for assessment administration services.

Attorney Fees
The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc.

Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

Trustee Fees
The District’s Series 2013, Special Assessment Bonds are held by a Trustee with US Bank, N.A.  The amount represents the fee for  the administration of the District’s bond issue.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services – South Florida, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

Computer Time
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.

Telephone
Telephone and fax machine.

Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.

Rentals & Leases
The District will be charged $200 per month for office rent from Governmental Management Services – South Florida, LLC for the District's administrative office located in Ft. Lauderdale.

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with Preferred Governmental Insurance Trust. PGIT specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.

Printing & Binding
Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Legal Advertising
The District is required to advertise various notices for monthly Board meetings, public hearings etc in a newspaper of general circulation.

Portofino Shores
Community Development District	General Fund Budget

Administrative: (continued)

Other Current Charges
Bank charges and any other miscellaneous expenses that incurred during the year.

Website Compliance
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.

Office Supplies
Miscellaneous office supplies.

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Capital Outlay
Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for District files.

Contingencies
A contingency for any unanticipated and unscheduled cost to the District.

Field:

Repairs & Maintenance
Represents any general repairs and maintenance items to District property.

Roadway Maintenance
Represents costs associated with maintaining the paving, drainage, and sidewalks of the community roadway infrastructure.

Lake Bank Restoration
Represents costs associated with ongoing lake bank restoration to provide shoreline reconstruction and stabilization for the community’s storm water lake systems.

Debt Service Fund	
Series 2013 Special Assessment Revenue Refunding Bonds	

Portofino Shores

FY2021	
Adopted	
 	Budget	

$315,378
$0
$153,089	
 	$468,467 

$59,432
$59,432
$195,000	
 	$313,864 

$0	
 	$0 	
$154,603	

FY2020	
Adopted	
 	Budget		

Actual	
thru	
     5/31/2020		

Projected	
Next	
     4 Months		

Total	
Projected at	
     9/30/2020		

Community Development District

 Description	

Revenues

Special Assessments-On Roll	
Interest Earnings	
Carry Forward Surplus (1)	

$315,378	
$0	
$141,905	

$311,899	
$3,858	
$148,334	

$3,479	
$1,286	
$0	

$315,378	
$5,144	
$148,334	

Total Revenues	 	$457,283	 	$315,757	 	$4,765	 	$468,856 

$62,928	
$62,928	
$190,000	

$62,928	$0	
$62,928	$0	
$190,000	$0	

$62,928	
$62,928	
$190,000	

Expenditures

Series 2013	
Interest 11/1	
Interest 5/1	
Principal 5/1	

Total Expenditures

Other Financing Sources/(Uses)

Interfund Transfer In/(out)	 	$315,856 

$0		 	$315,856 

$59		 	$0 

$30		 	$315,856 

$89	
Total Other Financing Sources/(Uses	 	$0 		 	$59 		 	$30 		 	$89 	
Excess Revenues (Expenditures)	 	$141,427 		($40)		$4,795		$153,089	

(1) Carry Forward is Net of Reserve Requirement	Debt Service Due 11/1/21

  $	55,844 

 	FY2020	FY2021	
Units	512	512
$655
$335,508 ($20,131)
$315,378	
Per Unit Assess.	$655		
ross Assessments	$335,508		
Discounts (6%)	($20,130)		
Net Assessments	$315,378		

Portofino Shores	
Community Development District	

 	
Amortization Schedule	
Series 2013 Special Assessment Revenue Refunding Bonds	

PRINCIPAL	
     BALANCE		

INTEREST	
  RATE 	

ANNUAL	
 	TOTAL		

 DATE		 INTEREST		 PRINCIPAL	 	TOTAL	

11/01/20	$3,230,000.00	$0.04	$59,432.00	$0.00	$59,432.00	
05/01/21	$3,230,000.00	$0.04	$59,432.00	$195,000.00	$254,432.00	$313,864.00	
11/01/21	$3,035,000.00	$0.04	$55,844.00	$0.00	$55,844.00	
05/01/22	$3,035,000.00	$0.04	$55,844.00	$205,000.00	$260,844.00	$316,688.00	
11/01/22	$2,830,000.00	$0.04	$52,072.00	$0.00	$52,072.00	
05/01/23	$2,830,000.00	$0.04	$52,072.00	$215,000.00	$267,072.00	$319,144.00	
11/01/23	$2,615,000.00	$0.04	$48,116.00	$0.00	$48,116.00	
05/01/24	$2,615,000.00	$0.04	$48,116.00	$220,000.00	$268,116.00	$316,232.00	
11/01/24	$2,395,000.00	$0.04	$44,068.00	$0.00	$44,068.00	
05/01/25	$2,395,000.00	$0.04	$44,068.00	$230,000.00	$274,068.00	$318,136.00	
11/01/25	$2,165,000.00	$0.04	$39,836.00	$0.00	$39,836.00	
05/01/26	$2,165,000.00	$0.04	$39,836.00	$240,000.00	$279,836.00	$319,672.00	
11/01/26	$1,925,000.00	$0.04	$35,420.00	$0.00	$35,420.00	
05/01/27	$1,925,000.00	$0.04	$35,420.00	$245,000.00	$280,420.00	$315,840.00	
11/01/27	$1,680,000.00	$0.04	$30,912.00	$0.00	$30,912.00	
05/01/28	$1,680,000.00	$0.04	$30,912.00	$255,000.00	$285,912.00	$316,824.00	
11/01/28	$1,425,000.00	$0.04	$26,220.00	$0.00	$26,220.00	
05/01/29	$1,425,000.00	$0.04	$26,220.00	$265,000.00	$291,220.00	$317,440.00	
11/01/29	$1,160,000.00	$0.04	$21,344.00	$0.00	$21,344.00	
05/01/30	$1,160,000.00	$0.04	$21,344.00	$275,000.00	$296,344.00	$317,688.00	
11/01/30	$885,000.00	$0.04	$16,284.00	$0.00	$16,284.00	
05/01/31	$885,000.00	$0.04	$16,284.00	$285,000.00	$301,284.00	$317,568.00	
11/01/31	$600,000.00	$0.04	$11,040.00	$0.00	$11,040.00	
05/01/32	$600,000.00	$0.04	$11,040.00	$295,000.00	$306,040.00	$317,080.00	
11/01/32	$305,000.00	$0.04	$5,612.00	$0.00	$5,612.00	
05/01/33	$305,000.00	$0.04	$5,612.00	$305,000.00	$310,612.00	$316,224.00

 Total		$892,400.00	$3,230,000.00	$4,122,400.00	$4,122,400.00