Islands At Doral (SW) Community Development District

Proposed Budget For Fiscal Year 2023/2024
October 1, 2023 - September 30, 2024

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
ISLANDS AT DORAL (SW) COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	
FISCAL YEAR 2023/2024
BUDGET	
Administrative Assessments	82,632	
Maintenance Assessments	31,862	
Debt Assessments	572,496	
Other Revenues	0	
Interest Income	480	
		
TOTAL REVENUES	$	687,470	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Engineering Report/Inspections	2,000	
Storm Drain Inlet Maintenance	13,000	
Street/Roadway Maintenance - Polynesian Subdivision	4,200	
Miscellaneous General Maintenance	2,650	
Miscellaneous Stormwater System Maintenance	8,100	
TOTAL MAINTENANCE EXPENDITURES	$	29,950	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	5,000	
Payroll Taxes (Employer)	383	
Management	33,096	
Secretarial & Field Operations	6,000	
Legal	7,500	
Assessment Roll	6,000	
Audit Fees	3,900	
Arbitrage Rebate Fee	0	
Insurance	6,300	
Legal Advertisements	650	
Miscellaneous	1,400	
Postage	250	
Office Supplies	450	
Dues & Subscriptions	175	
Trustee Fees	4,400	
Continuing Disclosure Fee	350	
Website Management	2,000	
Administrative Contingency	300	
TOTAL ADMINISTRATIVE EXPENDITURES	$	78,154	
		
TOTAL EXPENDITURES	$	108,104	
		
REVENUES LESS EXPENDITURES	$	579,366	
		
Bond Payments	(538,146)	
		
BALANCE	$	41,220	
		
County Appraiser & Tax Collector Fee	(13,740)	
Discounts For Early Payments	(27,480)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

2/9/2023 7:25 AM	I

DETAILED PROPOSED BUDGET
ISLANDS AT DORAL (SW) COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	
FISCAL YEAR 2021/2022 ACTUAL	
FISCAL YEAR 2022/2023 BUDGET	
FISCAL YEAR 2023/2024 BUDGET	

COMMENTS	
Administrative Assessments	82,742	81,653	82,632	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	32,874	32,872	31,862	Expenditures /.94	
Debt Assessments	572,610	572,496	572,496	Payment To Trustee/.94	
Other Revenues	0	0	0		
Interest Income	845	240	480	Interest Projected At $40 Per Month	
					
TOTAL REVENUES	$	689,071	$	687,261	$	687,470		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Engineering Report/Inspections	2,375	1,500	2,000	$500 Increase From 2022/2023 Budget	
Storm Drain Inlet Maintenance	6,470	9,000	13,000	$4,000 Increase From 2022/2023 Budget	
Street/Roadway Maintenance - Polynesian Subdivision	0	4,200	4,200	No Change From 2022/2023 Budget	
Miscellaneous General Maintenance	63	3,600	2,650	$950 Decrease From 2022/2023 Budget	
Miscellaneous Stormwater System Maintenance	0	12,600	8,100	$4,500 Decrease From 2022/2023 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	8,908	$	30,900	$	29,950		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	2,000	5,000	5,000	No Change From 2022/2023 Budget	
Payroll Taxes (Employer)	153	383	383	Supervisor Fees *7.65%	
Management	31,200	32,136	33,096	CPI Adjustment (Capped At 3%)	
Secretarial & Field Operations	6,000	6,000	6,000	No Change From 2022/2023 Budget	
Legal	6,350	7,500	7,500	No Change From 2022/2023 Budget	
Assessment Roll	6,000	6,000	6,000	No Change From 2022/2023 Budget	
Audit Fees	3,700	3,800	3,900	$100 Increase From 2022/2023 Budget	
Arbitrage Rebate Fee	0	650	0	No Longer Required (Due To Elimination Of Reserve Fund)	
Insurance	5,706	6,000	6,300	Insurance Estimate	
Legal Advertisements	499	650	650	No Change From 2022/2023 Budget	
Miscellaneous	1,352	900	1,400	$500 Increase From 2022/2023 Budget	
Postage	216	250	250	No Change From 2022/2023 Budget	
Office Supplies	196	500	450	$50 Decrease From 2022/2023 Budget	
Dues & Subscriptions	175	175	175	No Change From 2022/2023 Budget	
Trustee Fees	4,031	4,400	4,400	No Change From 2022/2023 Budget	
Continuing Disclosure Fee	350	350	350	No Change From 2022/2023 Budget	
Website Management	2,000	2,000	2,000	No Change From 2022/2023 Budget	
Administrative Contingency	0	300	300	Administrative Contingency	
TOTAL ADMINISTRATIVE EXPENDITURES	$	69,928	$	76,994	$	78,154		
					
TOTAL EXPENDITURES	$	78,836	$	107,894	$	108,104		
					
REVENUES LESS EXPENDITURES	$	610,235	$	579,367	$	579,366		
					
Bond Payments	(546,403)	(538,146)	(538,146)	2024 P & I Payments Less Earned Interest	
					
BALANCE	$	63,832	$	41,221	$	41,220		
					
County Appraiser & Tax Collector Fee	(6,634)	(13,740)	(13,740)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(24,827)	(27,481)	(27,480)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	32,371	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	32,371	$	-	$	-		

2/9/2023 7:25 AM	II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
ISLANDS AT DORAL (SW) COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	FISCAL YEAR 2021/2022 ACTUAL	FISCAL YEAR 2022/2023 BUDGET	FISCAL YEAR 2023/2024 BUDGET	

COMMENTS	

Interest Income	
11	
25	
100	
Projected Interest For 2023/2024	

NAV Tax Collection	
546,403	
538,146	
538,146	
Maximum Debt Service Collection	

Total Revenues	
$	546,414	
$	538,171	
$	538,246		

EXPENDITURES					

Principal Payments	
372,000	
382,000	
392,000	
Principal Payment Due In 2024	

Interest Payments	
166,753	
151,608	
141,198	
Interest Payments Due In 2024	

Bond Redemption	
0	
4,563	
5,048	
Estimated Excess Debt Collections	

Total Expenditures	
$	538,753	
$	538,171	
$	538,246		

Excess/ (Shortfall)	
$	7,661	
$	-	
$	-		

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 1/1/23 =	May 2035

$5,827,000			

2/9/2023 7:25 AM	III

Islands At Doral (SW) Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
Lot	Projected	2020/2021	2021/2022	2022/2023	2023/2024
Size		Assessment*	 	Assessment*	 	Assessment*	 	Assessment*	 	Projected Assessment*	

23	Administrative	$	-	$	123.13	$	123.06	$	122.98	$	124.45	
	Maintenance	$	-	$	49.51	$	49.51	$	49.51	$	47.99	
Debt	$	- 	$	713.00	$	713.00	$	713.00	$	713.00	
Total For Lot Size 23	$	1,062.50	$	885.64	$	885.57	$	885.49	$	885.44	

32	Administrative	$	-	$	123.13	$	123.06	$	122.98	$	124.45	
	Maintenance	$	-	$	49.51	$	49.51	$	49.51	$	47.99	
Debt	$	- 	$	857.00	$	857.00	$	857.00	$	857.00	
Total For Lot Size 32	$	1,250.00	$	1,029.64	$	1,029.57	$	1,029.49	$	1,029.44	

35	
Administrative	
$	
-	$	123.13	
$	
123.06	
$	
122.98	
$	
124.45	
	Maintenance	$	-	$	49.51	$	49.51	$	49.51	$	47.99	

Debt

$	- 	$	905.00

$	905.00

$	905.00

$	905.00

Total For Lot Size 35	$

1,312.50	$

1,077.64	$

1,077.57	$

1,077.49	$

1,077.44

50	Administrative	$	-	$	123.13	$	123.06	$	122.98	$	124.45	
	Maintenance	$	-	$	49.51	$	49.51	$	49.51	$	47.99	

Debt

$	- 	$	1,214.00

$	1,214.00

$	1,214.00

$	1,214.00

Total For Lot Size 50	$

1,750.00	$

1,386.64	$

1,386.57	$

1,386.49	$

1,386.44

* 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	

2/9/2023 7:25 AM	IV