Portofino Shores	
Community Development District	

Proposed Budget	
FY 2027	

Table of Contents

1

2-3

4

5

	General Fund

	Narratives

	Debt Service Fund Series 2021

	Series 2021 Amortization Schedule

6		Assessment Schedule

Portofino Shores	
Community Development District	
Proposed Budget	
General Fund	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2026	2/28/26	7 Months	9/30/26	FY 2027	

REVENUES:

Special Assessments- On Roll	$431,143	$399,962	$31,181	$431,143	$431,143	
Interest Income	8,000	6,730	9,423	16,153	8,500	

TOTAL REVENUES	$439,143	$406,692	$40,603	$447,296	$439,643	

EXPENDITURES:

Administrative:						
Engineering	$25,000	$852	$14,583	$15,436	$25,000	
Attorney	35,000	4,700	$6,580	11,280	32,000	
Annual Audit	3,700	3,300	-	3,300	3,700	
Assessment Administration	5,600	5,600	-	5,600	5,600	
Trustee Fees	4,000	-	3,000	3,000	3,500	
Management Fees	55,680	23,200	32,480	55,680	57,350	
Property Appraiser	5,865	7,508	-	7,508	7,510	
Information Technology	1,200	500	700	1,200	1,284	
Website Maintenance	1,200	500	700	1,200	1,284	
Telephone	100	-	25	25	100	
Postage & Delivery	2,000	440	314	755	2,000	
Insurance General Liability	8,400	8,295	-	8,295	9,200	
Printing & Binding	1,000	14	583	597	500	
Rental & Leases	2,400	1,000	1,400	2,400	2,400	
Legal Advertising	1,500	-	375	375	1,500	
Other Current Charges	1,250	589	729	1,318	1,250	
Office Supplies	400	18	233	251	400	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Capital Outlay	250	-	146	146	250	
Contincency	5,923	100	140	240	5,015	

TOTAL ADMINISTRATIVE	$160,643	$56,791	$61,989	$118,780	$160,019	
Operations & Maintenance						

Field Expenditures						
Field Management	$16,050	$6,688	$9,363	$16,050	$17,174	
Repairs & Maintenace	10,000	-	5,833	5,833	10,000	
Roadway Maintenance	5,000	-	2,917	2,917	5,000	
Lake Bank Restoration Reserves	25,000	-	25,000	25,000	25,000	
Infrastructure Reserve	22,450	-	22,450	22,450	22,450	
Tree Removal/Pavement Repairs	35,000	3,850	20,417	24,267	35,000	
Contingencies	15,000	-	8,750	8,750	15,000	
Improvements	150,000	208,290	-	208,290	150,000	

TOTAL FIELD EXPENDITURES	$278,500	$218,828	$94,729	$313,557	$279,624	

TOTAL EXPENDITURES	$439,143	$275,618	$156,719	$432,337	$439,643	

EXCESS REVENUES (EXPENDITURES)	$-	$131,074	$(116,115)	$14,959	$-	

Gross Assessments	
Less: Discounts & Collections 6%	
Net Assessments	

$	458,663	
	(27,520) 	
 $	431,143 	

Product	Assessable Units	Total Gross Assessment	FY26
Gross Per Unit	FY27
Gross Per Unit	Increase/ (Decrease)	

Single Family	519	$	458,662.50	$	883.74	$	883.74	$	-	

Total	519	$  458,662.50	

Portofino Shores	
Community Development District	
Budget Narrative	

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.	
Interest
The District earns interest on the monthly average collected balance for each of their operating accounts.	
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.
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.
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.	

Portofino Shores	
Community Development District	
Budget Narrative	

Expenditures - Administrative (continued)	
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 Florida Department of Commerce 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 administration cost to the District.	

Expenditures – Field	

Field Management
The District will contract management services for the operation of the Property and its contractors.	
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.	
Infrastructure Reserve
The District will reserve funds to for future infratructure cost/maintenance.	
Tree Removal/Pavement Repairs
The District will contract services to remove or prune intrusive tree roots within the district as well as pavement repairs to the surrounding area.	
Contingencies
Any unscheduled repairs and maintenance that the District should incur during the fiscal year.	
Improvements	
Improvements and repairs to the district property due to damages caused by the tornado following Hurricane Milton.	

Portofino Shores	
Community Development District	
Proposed Budget	
Debt Service Series 2021 Special Assessment Revenue Refunding Bonds	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description

REVENUES:	FY2026	2/28/26	7 Months	9/30/26	FY 2027	
Special Assessments-On Roll	$274,572	$254,715	$19,857	$274,572	$274,572	
Interest Earnings	1,500	2,362	3,307	5,669	1,500	
Carry Forward Surplus (1)	94,851	95,193	-	95,193	100,561	

TOTAL REVENUES	$370,923	$352,270	$23,163	$375,433	$376,633	

EXPENDITURES:

Interest - 11/1	$23,436	$23,436	-	$23,436	$20,700	
Interest - 5/1	23,436	-	23,436	23,436	20,700	
Principal - 5/1	228,000	-	228,000	228,000	230,000	

TOTAL EXPENDITURES	$274,872	$23,436	$251,436	$274,872	$271,400	

TOTAL EXPENDITURES	$274,872	$23,436	$251,436	$274,872	$271,400	

EXCESS REVENUES (EXPENDITURES)	$96,051	$328,834	$(228,273)	$100,561	$105,233	

(1) Carry Forward is Net of Reserve Requirement	Debt Service Due 11/1/2027

$17,940

Gross Assessments	
Less: Discounts & Collections 6%	
Net Assessments	

	
$	292,097	
	(17,526) 	
 $	274,572 	

Product	Assessable Units	Total Gross Assessment	FY26
Gross Per Unit	FY27
Gross Per Unit	Increase/ (Decrease)	

Single Family	510	$	292,097.40	$	572.74	$	572.74	$	-	

Total	510	$  292,097.40	

Portofino Shores	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2021	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

11/01/26	1,725,000	2.400%	-	20,700	272,136	
05/01/27	1,725,000	2.400%	230,000	20,700		
11/01/27	1,495,000	2.400%	-	17,940	268,640	
05/01/28	1,495,000	2.400%	236,000	17,940		
11/01/28	1,259,000	2.400%	-	15,108	269,048	
05/01/29	1,259,000	2.400%	242,000	15,108		
11/01/29	1,017,000	2.400%	-	12,204	269,312	
05/01/30	1,017,000	2.400%	248,000	12,204		
11/01/30	769,000	2.400%	-	9,228	269,432	
05/01/31	769,000	2.400%	254,000	9,228		
11/01/31	515,000	2.400%	-	6,180	269,408	
05/01/32	515,000	2.400%	260,000	6,180		
11/01/32	255,000	2.400%	-	3,060	269,240	
05/01/33	255,000	2.400%	255,000	3,060		

TOTAL	$1,725,000	$168,840	$1,887,216	

Portofino Shores	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2026-2027	

Product Type	O&M Units	Bonds Units	Prepaid Units	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	FY 2027	FY 2026	Variance	FY 2027	FY 2026	Variance	FY 2027	FY 2026	Variance	

Single Family	
519	
510	
9	
$883.74	
$	883.74	
$	-	
$	572.74	
$	572.74	
$	-	
$	1,456.48	
$	1,456.48	
$	-	
Total	519	510	9	$  458,662.50	$ 458,662.50	$	-	$ 292,097.40	$ 292,097.40	$	-	$  750,759.90	$ 750,759.90	$	-	

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