Islands At Doral (SW) Community Development District

Final Budget For Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
ISLANDS AT DORAL (SW) COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019
BUDGET	
Administrative Assessments	71,135	
Maintenance Assessments	34,787	
Debt Assessments	631,721	
Other Revenues	0	
Interest Income	360	
		
TOTAL REVENUES	$	738,003	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Engineering Report/Inspections	1,500	
Storm Drain Inlet Maintenance	8,400	
Street/Roadway Maintenance - Polynesian Subdivision	3,600	
Miscellaneous General Maintenance	4,200	
Miscellaneous Stormwater System Maintenance	15,000	
TOTAL MAINTENANCE EXPENDITURES	$	32,700	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	5,000	
Payroll Taxes (Employer)	383	
Management	29,544	
Secretarial & Field Operations	5,700	
Legal	7,500	
Assessment Roll	6,000	
Audit Fees	3,800	
Arbitrage Rebate Fee	650	
Insurance	6,500	
Legal Advertisements	650	
Miscellaneous	1,500	
Postage	275	
Office Supplies	550	
Dues & Subscriptions	175	
Trustee Fees	4,800	
Continuing Disclosure Fee	350	
Website Management	1,500	
TOTAL ADMINISTRATIVE EXPENDITURES	$	74,877	
		
TOTAL EXPENDITURES	$	107,577	
		
REVENUES LESS EXPENDITURES	$	630,426	
		
Bond Payments	(593,818)	
		
BALANCE	$	36,608	
		
County Appraiser & Tax Collector Fee	(14,753)	
Discounts For Early Payments	(29,505)	
		
EXCESS/ (SHORTFALL)	$	(7,650)	
		
Carryover From Prior Year	7,650	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
ISLANDS AT DORAL (SW) COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2016/2017 ACTUAL	
FISCAL YEAR 2017/2018 BUDGET	
FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	
Administrative Assessments	35,048	78,231	71,135	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	11,801	27,128	34,787	Expenditures /.94	
Debt Assessments	636,299	634,523	631,721	Payment To Trustee/.94	
Other Revenues	735	0	0		
Interest Income	558	360	360	Interest Projected At $30 Per Month	
					
TOTAL REVENUES	$	684,441	$	740,242	$	738,003		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Engineering Report/Inspections	1,850	1,500	1,500	No Change From 2017/2018 Budget	
Storm Drain Inlet Maintenance	4,956	7,200	8,400	$1,200 Increase From 2017/2018 Budget	
Street/Roadway Maintenance - Polynesian Subdivision	0	3,000	3,600	$600 Increase From 2017/2018 Budget	
Miscellaneous General Maintenance	0	1,800	4,200	$2,400 Increase From 2017/2018 Budget	
Miscellaneous Stormwater System Maintenance	0	12,000	15,000	$3,000 Increase From 2017/2018 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	6,806	$	25,500	$	32,700		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	2,400	5,000	5,000	No Change From 2017/2018 Budget	
Payroll Taxes (Employer)	184	383	383	Supervisor Fees *7.65%	
Management	28,356	28,944	29,544	CPI Adjustment	
Secretarial & Field Operations	4,800	5,400	5,700	$300 Increase From 2017/2018 Budget	
Legal	5,614	8,000	7,500	$500 Decrease From 2017/2018 Budget	
Assessment Roll	6,000	6,000	6,000	No Change From 2017/2018 Budget	
Audit Fees	3,700	3,700	3,800	$100 Increase From 2017/2018 Budget	
Arbitrage Rebate Fee	650	650	650	No Change From 2017/2018 Budget	
Insurance	5,778	6,500	6,500	Insurance Estimate	
Legal Advertisements	284	700	650	$50 Decrease From 2017/2018 Budget	
Miscellaneous	684	1,320	1,500	$180 Increase From 2017/2018 Budget	
Postage	429	275	275	No Change From 2017/2018 Budget	
Office Supplies	651	500	550	$50 Increase From 2017/2018 Budget	
Dues & Subscriptions	175	175	175	No Change From 2017/2018 Budget	
Trustee Fees	4,335	4,350	4,800	Trustee (US Bank) Increasing Fees In 2018/2019	
Continuing Disclosure Fee	350	500	350	$150 Decrease From 2017/2018 Budget	
Website Management	1,500	1,500	1,500	No Change From 2017/2018 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	65,890	$	73,897	$	74,877		
					
TOTAL EXPENDITURES	$	72,696	$	99,397	$	107,577		
					
REVENUES LESS EXPENDITURES	$	611,745	$	640,845	$	630,426		
					
Bond Payments	(603,593)	(596,452)	(593,818)	2019 P & I Payments Less Earned Interest	
					
BALANCE	$	8,152	$	44,393	$	36,608		
					
County Appraiser & Tax Collector Fee	(6,600)	(14,798)	(14,753)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(23,073)	(29,595)	(29,505)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(21,521)	$	-	$	(7,650)		
					
Carryover From Prior Year	0	0	7,650	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(21,521)	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET
ISLANDS AT DORAL (SW) COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 BUDGET	FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	

Interest Income	
750	
20	
50	
Projected Interest For 2018/2019	

NAV Tax Collection	
603,593	
596,452	
593,818	
2019 P & I Payments Less Earned Interest	

Total Revenues	
$	604,343	
$	596,472	
$	593,868		

EXPENDITURES					

Principal Payments	
260,000	
270,000	
280,000	
Principal Payment Due In 2019	

Interest Payments	
344,625	
326,472	
313,868	
Interest Payments Due In 2019	

Total Expenditures	
$	604,625	
$	596,472	
$	593,868		

Excess/ (Shortfall)	
$	(282)	
$	-	
$	-		

Series 2007 Refunding Bonds Information

Original Par Amount =	$9,505,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	4.52%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	May 2007			
Maturity Date =	May 2035			

Islands At Doral (SW) Community Development District Assessment Comparison

Lot		Original	Fiscal Year
Projected	2015/2016	Fiscal Year
2016/2017	Fiscal Year
2017/2018	Fiscal Year
2018/2019	
Size		 	Assessment*	 	Assessment*		 	Assessment*		 	Assessment*		 	Projected Assessment*		
23	Administrative	$	-	$	65.09	$	50.51	$	117.82	$	107.14	
	Maintenance	$	-	$	8.97	$	17.78	$	40.85	$	52.39	
	Debt	$	-	$	789.59	$	792.87	$	790.03	$	786.54	
	Total For Lot Size 23	$	1,062.50	$	863.65	$	861.16	$	948.70	$	946.07	
32	Administrative	$	-	$	65.09	$	50.51	$	117.82	$	107.14	
	Maintenance	$	-	$	8.97	$	17.78	$	40.85	$	52.39	
	Debt	$	-	$	949.11	$	953.05	$	949.64	$	945.45	
	Total For Lot Size 32	$	1,250.00	$	1,023.17	$	1,021.34	$	1,108.31	$	1,104.98	
35	Administrative	$	-	$	65.09	$	50.51	$	117.82	$	107.14	
	Maintenance	$	-	$	8.97	$	17.78	$	40.85	$	52.39	
	Debt	$	-	$	1,002.29	$	1,006.45	$	1,002.85	$	998.42	
	Total For Lot Size 35	$	1,312.50	$	1,076.35	$	1,074.74	$	1,161.52	$	1,157.95	
50	Administrative	$	-	$	65.09	$	50.51	$	117.82	$	107.14	
	Maintenance	$	-	$	8.97	$	17.78	$	40.85	$	52.39	
	Debt	$	-	$	1,344.72	$	1,350.31	$	1,345.48	$	1,339.54	
	Total For Lot Size 50	$	1,750.00	$	1,418.78	$	1,418.60	$	1,504.15	$	1,499.07	

* 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	280	
Thirty Two Foot Lots	120	
Thirty Five Foot Lots	163	
Fifty Foot Lots	101	
Total Units	664