Islands At Doral (SW) Community Development District

Proposed Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
ISLANDS AT DORAL (SW) COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023
BUDGET	
Administrative Assessments	81,653	
Maintenance Assessments	32,872	
Debt Assessments	572,496	
Other Revenues	0	
Interest Income	240	
		
TOTAL REVENUES	$	687,261	
		
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	32,136	
Secretarial & Field Operations	6,000	
Legal	7,500	
Assessment Roll	6,000	
Audit Fees	3,800	
Arbitrage Rebate Fee	650	
Insurance	6,000	
Legal Advertisements	650	
Miscellaneous	900	
Postage	250	
Office Supplies	500	
Dues & Subscriptions	175	
Trustee Fees	4,400	
Continuing Disclosure Fee	350	
Website Management	2,000	
Administrative Contingency	300	
TOTAL ADMINISTRATIVE EXPENDITURES	$	76,994	
		
TOTAL EXPENDITURES	$	107,894	
		
REVENUES LESS EXPENDITURES	$	579,367	
		
Bond Payments	(538,146)	
		
BALANCE	$	41,221	
		
County Appraiser & Tax Collector Fee	(13,740)	
Discounts For Early Payments	(27,481)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

2/28/2022 12:32 PM	I

DETAILED PROPOSED BUDGET
ISLANDS AT DORAL (SW) COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2020/2021 ACTUAL	
FISCAL YEAR 2021/2022 BUDGET	
FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	
Administrative Assessments	83,024	81,711	81,653	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	32,875	32,872	32,872	Expenditures /.94	
Debt Assessments	572,609	572,496	572,496	Payment To Trustee/.94	
Other Revenues	0	0	0		
Interest Income	482	300	240	Interest Projected At $20 Per Month	
					
TOTAL REVENUES	$	688,990	$	687,379	$	687,261		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Engineering Report/Inspections	975	1,500	1,500	No Change From 2021/2022 Budget	
Storm Drain Inlet Maintenance	8,400	9,000	9,000	No Change From 2021/2022 Budget	
Street/Roadway Maintenance - Polynesian Subdivision	4,374	4,200	4,200	No Change From 2021/2022 Budget	
Miscellaneous General Maintenance	411	3,600	3,600	No Change From 2021/2022 Budget	
Miscellaneous Stormwater System Maintenance	0	12,600	12,600	No Change From 2021/2022 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	14,160	$	30,900	$	30,900		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	2,800	5,000	5,000	No Change From 2021/2022 Budget	
Payroll Taxes (Employer)	214	383	383	Supervisor Fees *7.65%	
Management	30,780	31,200	32,136	CPI Adjustment (Capped At 3%)	
Secretarial & Field Operations	6,000	6,000	6,000	No Change From 2021/2022 Budget	
Legal	5,793	7,500	7,500	No Change From 2021/2022 Budget	
Assessment Roll	6,000	6,000	6,000	No Change From 2021/2022 Budget	
Audit Fees	3,600	3,700	3,800	Accepted Amount For 2021/2022 Audit	
Arbitrage Rebate Fee	650	650	650	No Change From 2021/2022 Budget	
Insurance	5,513	6,000	6,000	Insurance Estimate	
Legal Advertisements	400	650	650	No Change From 2021/2022 Budget	
Miscellaneous	506	1,100	900	$200 Decrease From 2021/2022 Budget	
Postage	256	250	250	No Change From 2021/2022 Budget	
Office Supplies	120	550	500	$50 Decrease From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	No Change From 2021/2022 Budget	
Trustee Fees	4,031	4,800	4,400	$400 Decrease From 2021/2022 Budget	
Continuing Disclosure Fee	350	350	350	No Change From 2021/2022 Budget	
Website Management	2,000	2,000	2,000	No Change From 2021/2022 Budget	
Administrative Contingency	0	800	300	Administrative Contingency	
TOTAL ADMINISTRATIVE EXPENDITURES	$	69,188	$	77,108	$	76,994		
					
TOTAL EXPENDITURES	$	83,348	$	108,008	$	107,894		
					
REVENUES LESS EXPENDITURES	$	605,642	$	579,371	$	579,367		
					
Bond Payments	(546,433)	(538,146)	(538,146)	2023 P & I Payments Less Earned Interest	
					
BALANCE	$	59,209	$	41,225	$	41,221		
					
County Appraiser & Tax Collector Fee	(6,637)	(13,742)	(13,740)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(24,792)	(27,483)	(27,481)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	27,780	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	27,780	$	-	$	-		

2/28/2022 12:32 PM	II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
ISLANDS AT DORAL (SW) COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR 2020/2021 ACTUAL	FISCAL YEAR 2021/2022 BUDGET	FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	

Interest Income	
10	
25	
25	
Projected Interest For 2022/2023	

NAV Tax Collection	
546,433	
538,146	
538,146	
Maximum Debt Service Collection	

Total Revenues	
$	546,443	
$	538,171	
$	538,171		

EXPENDITURES					

Principal Payments	
361,000	
372,000	
382,000	
Principal Payment Due In 2023	

Interest Payments	
176,464	
161,750	
151,608	
Interest Payments Due In 2023	

Bond Redemption	
0	
4,421	
4,563	
Estimated Excess Debt Collections	

Total Expenditures	
$	537,464	
$	538,171	
$	538,171		

Excess/ (Shortfall)	
$	8,979	
$	-	
$	-		

Series 2020 Refunding Bonds Information

Original Par Amount =	$6,945,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	2.69%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	January 2020			
Maturity Date =

Par Amount As Of 1/1/22 =	May 2035

$6,199,000			

2/28/2022 12:32 PM	III

Islands At Doral (SW) Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
Lot	Projected	2019/2020	2020/2021	2021/2022	2022/2023
Size	 	Assessment*	     	Assessment*	     	Assessment*	     	Assessment*	     	Projected Assessment*	

23	Administrative	$	-	$	114.51	$	123.13	$	123.06	$	122.98	
	Maintenance	$	-	$	49.51	$	49.51	$	49.51	$	49.51	
Debt	$	- 	$	781.78	$	713.00	$	713.00	$	713.00	
Total For Lot Size 23	$	1,062.50	$	945.80	$	885.64	$	885.57	$	885.49	

32	Administrative	$	-	$	114.51	$	123.13	$	123.06	$	122.98	
	Maintenance	$	-	$	49.51	$	49.51	$	49.51	$	49.51	
Debt	$	- 	$	939.72	$	857.00	$	857.00	$	857.00	
Total For Lot Size 32	$	1,250.00	$	1,103.74	$	1,029.64	$	1,029.57	$	1,029.49	

35	
Administrative	
$	
-	$	114.51	
$	
123.13	
$	
123.06	
$	
122.98	
	Maintenance	$	-	$	49.51	$	49.51	$	49.51	$	49.51	

Debt

$	-	$	992.37

$	905.00

$	905.00

$	905.00

Total For Lot Size 35	$

1,312.50	$

1,156.39	$

1,077.64	$

1,077.57	$

1,077.49

50	Administrative	$	-	$	114.51	$	123.13	$	123.06	$	122.98	
	Maintenance	$	-	$	49.51	$	49.51	$	49.51	$	49.51	

Debt

$	-	$	1,331.42

$	1,214.00

$	1,214.00

$	1,214.00

Total For Lot Size 50	$

1,750.00	$

1,495.44	$

1,386.64	$

1,386.57	$

1,386.49

* 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	

2/28/2022 12:32 PM	IV