Islands At Doral (SW) Community Development District

Final Budget For Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

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 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020
BUDGET	
Administrative Assessments	76,031	
Maintenance Assessments	32,872	
Debt Assessments	627,892	
Other Revenues	0	
Interest Income	420	
		
TOTAL REVENUES	$	737,215	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Engineering Report/Inspections	1,500	
Storm Drain Inlet Maintenance	9,000	
Street/Roadway Maintenance - Polynesian Subdivision	4,200	
Miscellaneous General Maintenance	3,600	
Miscellaneous Stormwater System Maintenance	12,600	
TOTAL MAINTENANCE EXPENDITURES	$	30,900	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	5,000	
Payroll Taxes (Employer)	383	
Management	30,096	
Secretarial & Field Operations	6,000	
Legal	7,500	
Assessment Roll	6,000	
Audit Fees	3,500	
Arbitrage Rebate Fee	650	
Insurance	6,500	
Legal Advertisements	650	
Miscellaneous	1,620	
Postage	275	
Office Supplies	550	
Dues & Subscriptions	175	
Trustee Fees	4,800	
Continuing Disclosure Fee	350	
Website Management	2,000	
Administrative Contingency	1,200	
TOTAL ADMINISTRATIVE EXPENDITURES	$	77,249	
		
TOTAL EXPENDITURES	$	108,149	
		
REVENUES LESS EXPENDITURES	$	629,066	
		
Bond Payments	(590,219)	
		
BALANCE	$	38,847	
		
County Appraiser & Tax Collector Fee	(14,736)	
Discounts For Early Payments	(29,471)	
		
EXCESS/ (SHORTFALL)	$	(5,360)	
		
Carryover From Prior Year	5,360	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
ISLANDS AT DORAL (SW) COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018
ACTUAL	
FISCAL YEAR 2018/2019
BUDGET	
FISCAL YEAR 2019/2020
BUDGET	

COMMENTS	
Administrative Assessments	80,540	71,135	76,031	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	27,180	34,787	32,872	Expenditures /.94	
Debt Assessments	635,740	631,721	627,892	Payment To Trustee/.94	
Other Revenues	0	0	0		
Interest Income	591	360	420	Interest Projected At $35 Per Month	
					
TOTAL REVENUES	$	744,051	$	738,003	$	737,215		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Engineering Report/Inspections	850	1,500	1,500	No Change From 2018/2019 Budget	
Storm Drain Inlet Maintenance	8,825	8,400	9,000	$600 Increase From 2018/2019 Budget	
Street/Roadway Maintenance - Polynesian Subdivision	0	3,600	4,200	$600 Increase From 2018/2019 Budget	
Miscellaneous General Maintenance	0	4,200	3,600	$600 Decrease From 2018/2019 Budget	
Miscellaneous Stormwater System Maintenance	0	15,000	12,600	$2,400 Decrease From 2018/2019 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	9,675	$	32,700	$	30,900		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	1,800	5,000	5,000	No Change From 2018/2019 Budget	
Payroll Taxes (Employer)	138	383	383	Supervisor Fees *7.65%	
Management	28,944	29,544	30,096	CPI Adjustment	
Secretarial & Field Operations	5,400	5,700	6,000	$300 Increase From 2018/2019 Budget	
Legal	6,189	7,500	7,500	No Change From 2018/2019 Budget	
Assessment Roll	6,000	6,000	6,000	No Change From 2017/2018 Budget	
Audit Fees	3,700	3,800	3,500	Accepted Amount For 2018/2019 Audit	
Arbitrage Rebate Fee	650	650	650	No Change From 2018/2019 Budget	
Insurance	5,778	6,500	6,500	Insurance Estimate	
Legal Advertisements	449	650	650	No Change From 2018/2019 Budget	
Miscellaneous	828	1,500	1,620	$120 Increase From 2018/2019 Budget	
Postage	102	275	275	$25 Decrease From 2018/2019 Budget	
Office Supplies	360	550	550	No Change From 2018/2019 Budget	
Dues & Subscriptions	175	175	175	No Change From 2018/2019 Budget	
Trustee Fees	4,335	4,800	4,800	Trustee (US Bank) Increased Fees In 2018/2019	
Continuing Disclosure Fee	350	350	350	No Change From 2018/2019 Budget	
Website Management	1,500	1,500	2,000	$500 Increase From 2018/2019 Budget	
Administrative Contingency	0	0	1,200	Administrative Contingency	
TOTAL ADMINISTRATIVE EXPENDITURES	$	66,698	$	74,877	$	77,249		
					
TOTAL EXPENDITURES	$	76,373	$	107,577	$	108,149		
					
REVENUES LESS EXPENDITURES	$	667,678	$	630,426	$	629,066		
					
Bond Payments	(607,690)	(593,818)	(590,219)	2020 P & I Payments Less Earned Interest	
					
BALANCE	$	59,988	$	36,608	$	38,847		
					
County Appraiser & Tax Collector Fee	(7,175)	(14,753)	(14,736)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(25,549)	(29,505)	(29,471)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	27,264	$	(7,650)	$	(5,360)		
					
Carryover From Prior Year	0	7,650	5,360	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	27,264	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET
ISLANDS AT DORAL (SW) COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
2,702	
50	
50	
Projected Interest For 2019/2020	

NAV Tax Collection	
607,690	
593,818	
590,219	
2020 P & I Payments Less Earned Interest	

Total Revenues	
$	610,392	
$	593,868	
$	590,269		

EXPENDITURES					

Principal Payments	
300,000	
280,000	
290,000	
Principal Payment Due In 2020	

Interest Payments	
332,709	
313,868	
300,269	
Interest Payments Due In 2020	

Total Expenditures	
$	632,709	
$	593,868	
$	590,269		

Excess/ (Shortfall)	
$	(22,317)	
$	-	
$	-		

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	2016/2017	Fiscal Year
2017/2018	Fiscal Year
2018/2019	Fiscal Year
2019/2020	
Size		 	Assessment*	 	Assessment*		 	Assessment*		 	Assessment*		 	Projected Assessment*		
23	Administrative	$	-	$	50.51	$	117.82	$	107.14	$	114.51	
	Maintenance	$	-	$	17.78	$	40.85	$	52.39	$	49.51	
	Debt	$	-	$	792.87	$	790.03	$	786.54	$	781.78	
	Total For Lot Size 23	$	1,062.50	$	861.16	$	948.70	$	946.07	$	945.80	
32	Administrative	$	-	$	50.51	$	117.82	$	107.14	$	114.51	
	Maintenance	$	-	$	17.78	$	40.85	$	52.39	$	49.51	
	Debt	$	-	$	953.05	$	949.64	$	945.45	$	939.72	
	Total For Lot Size 32	$	1,250.00	$	1,021.34	$	1,108.31	$	1,104.98	$	1,103.74	
35	Administrative	$	-	$	50.51	$	117.82	$	107.14	$	114.51	
	Maintenance	$	-	$	17.78	$	40.85	$	52.39	$	49.51	
	Debt	$	-	$	1,006.45	$	1,002.85	$	998.42	$	992.37	
	Total For Lot Size 35	$	1,312.50	$	1,074.74	$	1,161.52	$	1,157.95	$	1,156.39	
50	Administrative	$	-	$	50.51	$	117.82	$	107.14	$	114.51	
	Maintenance	$	-	$	17.78	$	40.85	$	52.39	$	49.51	
	Debt	$	-	$	1,350.31	$	1,345.48	$	1,339.54	$	1,331.42	
	Total For Lot Size 50	$	1,750.00	$	1,418.60	$	1,504.15	$	1,499.07	$	1,495.44	

* 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