Portofino Shores
Community Development District

Adopted Budget
FY 2024

Table of Contents

1

2-3

4

5

	General Fund

	Narratives

	Debt Service Fund Series 2021

	Amortization Schedule

6		Assessment Schedule

Proposed Budget General Fund

Description	Adopted Budget
FY2023	Actuals Thru 7/31/23	Projected Next P 2 Months	rojected Thru 9/30/23	Adopted
Budget
FY 2024	

REVENUES:						
Special Assessments- On Roll	$211,731	$212,985	$-	$212,985	$211,731	
Interest Income	-	14,232	2,846	17,078	1,000	
Other Income	-	3,152	-	3,152	-	
Carry Forward Balance	234,336	145,859	-	145,859	1,880	
TOTAL REVENUES	$446,067	$376,228	$2,846	$379,074	$214,611	

EXPENDITURES:						
Administrative:
Engineering	
$	19,000	
$14,651	
$4,884	
$19,534	
$25,000	
Attorney	35,000	13,867	4,622	18,489	35,000	
Annual Audit	3,600	3,490	-	3,490	3,600	
Assessment Administration	5,600	5,600	-	5,600	5,600	
Trustee Fees	4,000	3,000	-	3,000	4,000	
Management Fees	50,521	42,101	8,420	50,521	50,521	
Property Appraiser	5,100	5,173	-	5,173	5,300	
Information Technology	1,000	833	167	1,000	1,000	
Website Maintenance	1,000	833	167	1,000	1,000	
Telephone	100	-	25	25	100	
Postage & Delivery	1,500	1,142	228	1,370	1,700	
Insurance General Liability	7,000	7,236	-	7,236	8,000	
Printing & Binding	865	639	225	865	865	
Rental & Leases	2,400	2,000	400	2,400	2,400	
Legal Advertising	1,000	489	489	978	1,000	
Other Current Charges	1,250	1,170	234	1,404	1,250	
Office Supplies	400	51	67	118	400	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Capital Outlay	250	-	42	42	250	
Contincency	5,000	5,200	250	5,450	5,000	
TOTAL ADMINISTRATIVE	$144,760	$107,650	$20,220	$127,870	$152,161	
Operations & Maintenance						
Field Expenditures
Repairs & Maintenace	
$10,000	
$8,916	
$1,084	
$10,000	
$10,000	
Roadway Maintenance	5,000	-	5,000	5,000	5,000	
Lake Bank Restoration Reserves	25,000	-	25,000	25,000	25,000	
Infrastructure Reserve	22,450	-	22,450	22,450	22,450	
Lake Bank Restoration	-	165,277	18,364	183,641	-	
Contingencies	-	3,233	-	3,233	-	
TOTAL FIELD EXPENDITURES	$62,450	$177,426	$71,898	$249,325	$62,450	
						
TOTAL EXPENDITURES	$207,210	$285,076	$92,118	$377,194	$214,611	
						
EXCESS REVENUES (EXPENDITURES)	$238,857	$91,152	$(89,271)	$1,880	$0	

REVENUES

Maintenance Assessments
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating expenditures during the Fiscal Year.

Expenditures - Administrative

Engineering
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.

Attorney
The District’s Attorney, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.

Annual Audit
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.
Assessment Roll Administration
GMS SF, LLC provides assessment services for closing lot sales, assessment roll services with the local Tax Collector and financial advisory services.
Trustee Fees
The District bonds will be held and administered by a Trustee. This represents the trustee annual fee.
Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-South Florida, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.
Property Appraiser
The Osceola County Board of Commissioners provides the District with a listing of the legal description of each property parcel within the District boundaries, and the names and addresses of the owners of such property. The District reimburses the Board of Commissioners for necessary administrative costs incurred to provide this service. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The budget for Board of Commissioners costs was based on a unit price per parcel.
Information Technology
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.
Website Maintenance
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.
Communication - Telephone
New internet and Wi-Fi service for Office.

Expenditures - Administrative (continued)

Postage and Delivery
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.
Insurance General Liability
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.
Printing and Binding
Copies used in the preparation of agenda packages, required mailings, and other special projects.
Rentals and 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.
Legal Advertising
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.
Other Current Charges
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.
Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.
Due, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity Community Affairs for $175.
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.

Expenditures – Field

Repairs and 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 Reserves
Represents costs associated with ongoing lake bank restoration to provide shoreline reconstruction and stabilization for the community’s storm water lake systems.

Proposed Budget
Debt Service Series 2021 Special Assessment Revenue Refunding Bonds

Proposed Budget FY2023

Actuals Thru	Projected Next	Projected Thru
7/31/23

Description

2 Months

9/30/23

Adopted Budget FY 2024

REVENUES:

Special Assessments-On Roll	$274,572	$276,197	$-	$276,197	$274,572	
Interest Earnings	-	5,029	1,006	6,035	1,000	
Carry Forward Surplus (1)	62,292	64,417	-	64,417	72,250	
TOTAL REVENUES	$336,864	$345,644	$1,006	$346,650	$347,821	

EXPENDITURES:

Interest - 11/1	$31,200	

$31,200	

$-	

$31,200	

$28,656	
Interest - 5/1	31,200	31,200	-	31,200	28,656	
Principal - 5/1	212,000	212,000	-	212,000	214,000	
TOTAL EXPENDITURES	$274,400	$274,400	$-	$274,400	$271,312	
						
TOTAL EXPENDITURES	$274,400	$274,400	$-	$274,400	$271,312	
						
EXCESS REVENUES (EXPENDITURES)	$62,464	$71,244	$1,006	$72,250	$76,509	

(1) Carry Forward is Net of Reserve Requirement	Debt Service Due 11/1/2024	$26,088

AMORTIZATION SCHEDULE
Debt Service Series 2021

Period

Outstanding Balance

Coupons

Principal

Interest

Annual Debt Service

11/01/23	$2,388,000	2.400%	$-	$28,656		
05/01/24	2,388,000	2.400%	214,000	28,656	271,312	
11/01/24	2,174,000	2.400%	-	26,088		
05/01/25	2,174,000	2.400%	221,000	26,088	273,176	
11/01/25	1,953,000	2.400%		23,436		
05/01/26	1,953,000	2.400%	228,000	23,436	274,872	
11/01/26	1,725,000	2.400%	-	20,700		
05/01/27	1,725,000	2.400%	230,000	20,700	271,400	
11/01/27	1,495,000	2.400%	-	17,940		
05/01/28	1,495,000	2.400%	236,000	17,940	271,880	
11/01/28	1,259,000	2.400%	-	15,108		
05/01/29	1,259,000	2.400%	242,000	15,108	272,216	
11/01/29	1,017,000	2.400%	-	12,204		
05/01/30	1,017,000	2.400%	248,000	12,204	272,408	
11/01/30	769,000	2.400%	-	9,228		
05/01/31	769,000	2.400%	254,000	9,228	272,456	
11/01/31	515,000	2.400%	-	6,180		
05/01/32	515,000	2.400%	260,000	6,180	272,360	
11/01/32	255,000	2.400%	-	3,060		
05/01/33	255,000	2.400%	255,000	3,060	261,120	
TOTAL			$2,388,000	$325,200	$2,713,200	

Portofino Shores
Community Development District
Non-Ad Valorem Assessments Comparison 2024-2023

Neighborhood	O&M Units	Bonds Units	Prepaid Units	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2024	FY 2023	
Variance	
FY 2024	
FY 2023	
Variance	
FY 2024	
FY 2023	
Variance	

Single Family	

519	

510	

9	

$434.00 $	434.00	

$	-	

$	572.74	

$	572.74	

$	-	

$	1,006.74	

$	1,006.74	

$	-	
Total	519	510	9	$  225,246.00  $  225,246.00	$	-	$  292,097.40	$  292,097.40	$	-	$  517,343.40	$  517,343.40	$	-	

Gross Assessments	$  225,246.00	$  225,246.00	$	-	$  292,097.40	$  292,097.40	$	-	$  517,343.40	$  517,343.40	$	-	
Less: Discount 4%	9,009.84	9,009.84	-	11,683.90	11,683.90	-	20,693.74	20,693.74	-	
Less: Commission fees 2%	4,504.92	4,504.92	-	5,841.95	5,841.95	-	10,346.87	10,346.87	-	
Net Assessments	$  211,731.24	$  211,731.24	$  274,571.56	$  274,571.56	$  486,302.80	$  486,302.80		

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