Adopted Budget	
Fiscal Year 2020	

Portofino Shores	
Community Development District	

July 2, 2019	

Portofino Shores	
	Community Development District				General Fund	
			FY2019	Actual	Projected		Total	FY2020	
		Adopted	thru	Next		Projected at	Adopted	
	 Description		 		Budget		 	5/31/2019		 	4 Months			     9/30/2019		Budget	
	
Revenues								
	Maintenance Assessments	$162,643	$160,724	$1,919		$162,643	$162,643	
	Misc/Interest Income	$0	$6,169	$3,084		$9,253	$0	
	Interfund Transfer In	$0	$0	$0		$0	$0	
	Unassigned Fund Balance	$100,666	$277,509	$0		$277,509	$296,146	
	Total Revenues	 	$263,309 	 	$444,402 	 	$5,004 		 	$449,405 	$458,789	
	
Expenditures								
	Administrative								
	Engineering Fees		$15,000	$11,693	$5,847		$17,540	$15,000	
	Assessment Roll		$5,600	$5,600	$0		$5,600	$5,600	
	Property Appraiser	$5,100	$5,079	$0		$5,079	$5,100	
	Attorney Fees		$35,000	$11,466	$5,733		$17,199	$35,000	
	Annual Audit		$3,400	$3,600	$0		$3,600	$3,600	
	Trustee Fees		$4,000	$2,963	$0		$2,963	$4,000	
	Management Fees	$40,875	$27,250	$13,625		$40,875	$42,101	
	Computer Time		$1,000	$667	$333		$1,000	$1,000	
	Telephone		$0	$19	$50		$69	$100	
	Postage		$1,200	$483	$241		$724	$1,200	
	Rentals & Leases		$2,400	$317	$158		$475	$2,400	
	Insurance		$6,515	$1,600	$0		$1,600	$6,515	
	Printing & Binding		$865	$6,042	$3,021		$9,063	$865	
	Legal Advertising		$1,000	$300	$500		$800	$1,000	
	Other Current Charges	$1,250	$426	$213		$640	$1,250	
	Website Compliance	$500	$333	$167		$500	$1,000	
	Office Supplies		$400	$72	$36		$108	$400	
	Dues, Licenses		$175	$175	$0		$175	$175	
	Capital Outlay		$250	$0	$250		$250	$250	
	Contingencies	 	$5,000 	 	$0 	 	$5,000 		 	$5,000 	$5,000	
	Administrative Expenses		$129,529 	 	$78,085 	 	$35,174 		 	$113,259 	$131,555	
	
Field								
	Repairs & Maintenance	$10,000	$2,300	$7,700		$10,000	$10,000	
	Roadway Maintenance	$5,000	$0	$5,000		$5,000	$5,000	
(1)	Lake Bank Restoration Reserves	 		$25,000 	 	$0 	 	$25,000 		 	$25,000 	$25,000
$40,000	
	Field Expenses	 	$40,000 	 	$2,300 	 	$37,700 		 	$40,000 		
								
	Total Expenses	 	$169,529 	 	$80,385 	 	$72,874 		 	$153,259 	$171,555	
								
	Assigned Fund Balance	$93,780	$364,017	($67,871)		$296,146	$287,234	
								
(1)	Lake Bank Restoration/Reserve Funds:			FY2018		FY2019	FY2020	
	FY12	$12,777.00		Units	519		519	519	
	FY13	$29,655.00		Per Unit Assess.	$333		$333	$333	
	FY14	$30,055.00		Gross Assessments	$173,024		$173,024	$173,024	
	FY15	$20,000.00		Discounts (6%)	($10,381)		($10,381)	($10,381)	
	FY16	$20,000.00		Net Assessments	$162,643		$162,643	$162,643	
	FY17	$25,000.00							
	FY18	$25,000.00							
	$162,487.00							
			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.

Page 2

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.

Page 3

Portofino Shores	Debt Service Fund
Community Development District	Series 2013 Special Assessment Revenue Refunding Bonds

	FY2019
Adopted		Actual thru		Projected Next		Total Projected at	
 Description		 	Budget			 	5/31/2019			 	4 Months			     9/30/2019		
Revenues								
Special Assessments-On Roll	$315,994		$311,047		$4,947		$315,994	
Carry Forward Surplus (1)	$122,703		$141,376		$0		$141,376	
Interest Earnings	$0		$7,152		$600		$7,752	
Total Revenues	 	$438,697 		 	$459,575 		 	$5,547 		 	$465,122 	
Expenditures								
Series 2013
Interest 11/1	
$66,424		
$66,424		
$0		
$66,424	
Interest 5/1	$66,424		$66,332		$0		$66,332	
Principal 5/1	$185,000		$185,000		$0		$185,000	
Special Call - 11/1	$0		$5,000		$0		$5,000	
Total Expenditures	 	$317,848 		 	$322,756 		 	$0 		 	$322,756 	
Other Financing Sources/(Uses)								
Interfund Transfer In/(out)	$0		$103		$51.61		$155	
Total Other Financing Sources/(Uses)	 	$0 		 	$103 		 	$52 		 	$155 	
Excess Revenues (Expenditures)	 	$120,849 		 	$136,922 		 	$5,599 		 	$142,521 	

FY2020
Adopted Budget	

$315,378
$142,521
$0	
$457,899	

$62,928
$62,928
$190,000
$0	
$315,856	

$0	
$0	
	
$142,043	

(1) Carry Forward is Net of Reserve Requirement	Debt Service Due 11/1/20		$59,432 

 	FY2019
Units	514
Per Unit Assess.		$655 Gross Assessments	$335,508
Discounts (6%)		($20,130) Net Assessments	$315,378	FY2020	
	512
$655
$335,508 ($20,131)
$315,378	

Page 4

Portofino Shores				Amortization Schedule	
Community Development District		Series 2013 Special Assessment Revenue Refunding Bonds	
		PRINCIPAL		INTEREST							ANNUAL	
    DATE 		 	BALANCE			  RATE 	 	INTEREST			     PRINCIPAL			 	TOTAL			 	TOTAL		
1-Nov-19		$	3,420,000		3.68%	$	62,928.00		$	-		$	62,928.00			
1-May-20		$	3,420,000		3.68%	$	62,928.00		$	190,000.00		$	252,928.00		$	315,856.00	
1-Nov-20		$	3,230,000		3.68%	$	59,432.00		$	-		$	59,432.00			
1-May-21		$	3,230,000		3.68%	$	59,432.00		$	195,000.00		$	254,432.00		$	313,864.00	
1-Nov-21		$	3,035,000		3.68%	$	55,844.00		$	-		$	55,844.00			
1-May-22		$	3,035,000		3.68%	$	55,844.00		$	205,000.00		$	260,844.00		$	316,688.00	
1-Nov-22		$	2,830,000		3.68%	$	52,072.00		$	-		$	52,072.00			
1-May-23		$	2,830,000		3.68%	$	52,072.00		$	215,000.00		$	267,072.00		$	319,144.00	
1-Nov-23		$	2,615,000		3.68%	$	48,116.00		$	-		$	48,116.00			
1-May-24		$	2,615,000		3.68%	$	48,116.00		$	220,000.00		$	268,116.00		$	316,232.00	
1-Nov-24		$	2,395,000		3.68%	$	44,068.00		$	-		$	44,068.00			
1-May-25		$	2,395,000		3.68%	$	44,068.00		$	230,000.00		$	274,068.00		$	318,136.00	
1-Nov-25		$	2,165,000		3.68%	$	39,836.00		$	-		$	39,836.00			
1-May-26		$	2,165,000		3.68%	$	39,836.00		$	240,000.00		$	279,836.00		$	319,672.00	
1-Nov-26		$	1,925,000		3.68%	$	35,420.00		$	-		$	35,420.00			
1-May-27		$	1,925,000		3.68%	$	35,420.00		$	245,000.00		$	280,420.00		$	315,840.00	
1-Nov-27		$	1,680,000		3.68%	$	30,912.00		$	-		$	30,912.00			
1-May-28		$	1,680,000		3.68%	$	30,912.00		$	255,000.00		$	285,912.00		$	316,824.00	
1-Nov-28		$	1,425,000		3.68%	$	26,220.00		$	-		$	26,220.00			
1-May-29		$	1,425,000		3.68%	$	26,220.00		$	265,000.00		$	291,220.00		$	317,440.00	
1-Nov-29		$	1,160,000		3.68%	$	21,344.00		$	-		$	21,344.00			
1-May-30		$	1,160,000		3.68%	$	21,344.00		$	275,000.00		$	296,344.00		$	317,688.00	
1-Nov-30		$	885,000		3.68%	$	16,284.00		$	-		$	16,284.00			
1-May-31		$	885,000		3.68%	$	16,284.00		$	285,000.00		$	301,284.00		$	317,568.00	
1-Nov-31		$	600,000		3.68%	$	11,040.00		$	-		$	11,040.00			
1-May-32		$	600,000		3.68%	$	11,040.00		$	295,000.00		$	306,040.00		$	317,080.00	
1-Nov-32		$	305,000		3.68%	$	5,612.00		$	-		$	5,612.00			
1-May-33		$	305,000		3.68%	$	5,612.00		$	305,000.00		$	310,612.00		$	316,224.00	
 	Total						  $ 1,018,256.00 		  $ 3,420,000.00 		  $ 4,438,256.00 		  $ 4,438,256.00 	

Page 5