Portofino Shores	
Community Development District	

Amended Budget	
FY 2025	

Table of Contents

1

2-3

4

5

	General Fund

	Narratives

	Debt Service Fund Series 2021

	Amortization Schedule

6		Assessment Schedule

Portofino Shores	
Community Development District	
Amended Budget	
General Fund	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Amended Budget	
Description	FY2024	7/31/24	2 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments- On Roll	$211,731	$213,085	$-	$213,085	$278,583	
Interest Income	1,000	21,782	4,356	26,138	24,609	
Carry Forward Balance	1,880	75,541	-	75,541	150,373	

TOTAL REVENUES	$214,611	$310,408	$4,356	$314,764	$453,565	

EXPENDITURES:

Administrative:						
Engineering	$25,000	$13,130	$11,870	$25,000	$20,000	
Attorney	35,000	11,156	$23,844	35,000	30,000	
Annual Audit	3,600	3,600	-	3,600	3,600	
Assessment Administration	5,600	5,600	-	5,600	5,600	
Trustee Fees	4,000	3,000	1,000	4,000	4,000	
Management Fees	50,521	42,101	8,420	50,521	52,037	
Property Appraiser	5,300	5,173	-	5,173	5,300	
Information Technology	1,000	833	167	1,000	1,200	
Website Maintenance	1,000	833	167	1,000	1,200	
Telephone	100	-	25	25	100	
Postage & Delivery	1,700	1,711	342	2,054	1,700	
Insurance General Liability	8,000	7,525	-	7,525	7,900	
Printing & Binding	865	585	280	865	500	
Rental & Leases	2,400	2,000	400	2,400	2,400	
Legal Advertising	1,000	153	500	653	1,703	
Other Current Charges	1,250	51	208	260	1,250	
Office Supplies	400	84	67	151	200	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Capital Outlay	250	-	42	42	250	
Contincency	5,000	-	833	833	1,000	

TOTAL ADMINISTRATIVE	$152,161	$97,711	$48,166	$145,876	$140,115	
Operations & Maintenance						

Field Expenditures						
Field Management	$-	$3,533	$-	$-	$15,000	
Repairs & Maintenace	10,000	9,867	133	10,000	1,000	
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	-	102,784	-	102,784	-	
Tree Removal/Pavement Repairs	-	-	-	-	110,000	
Contingencies	-	2,400	-	2,400	135,000	

TOTAL FIELD EXPENDITURES	$62,450	$118,584	$52,583	$167,634	$313,450	

TOTAL EXPENDITURES	$214,611	$216,295	$100,749	$313,510	$453,565	

EXCESS REVENUES (EXPENDITURES)	$0	$94,113	$(96,392)	$1,254	$0	

Portofino Shores	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

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.

Portofino Shores	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

Expenditures - Administrative (continued)	
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 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.

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

Proposed Budget	Actuals Thru	Projected Next	Projected Thru	Amended Budget	
Description

REVENUES:	FY2024	7/31/24	2 Months	9/30/24	FY 2025	
Special Assessments-On Roll	$274,572	$276,326	$-	$276,326	$274,572	
Interest Earnings	1,000	5,277	1,055	6,333	1,000	
Carry Forward Surplus (1)	72,250	72,977	-	72,977	84,324	

TOTAL REVENUES	$347,821	$354,580	$1,055	$355,636	$359,895	

EXPENDITURES:

Interest - 11/1	$28,656	$28,656	-	$28,656	$26,088	
Interest - 5/1	28,656	28,656	-	28,656	26,088	
Principal - 5/1	214,000	214,000	-	214,000	221,000	

TOTAL EXPENDITURES	$271,312	$271,312	$-	$271,312	$273,176	

TOTAL EXPENDITURES	$271,312	$271,312	$-	$271,312	$273,176	

EXCESS REVENUES (EXPENDITURES)	$76,509	$83,268	$1,055	$84,324	$86,719	

(1) Carry Forward is Net of Reserve Requirement	Debt Service Due 11/1/2025

$23,436

Portofino Shores	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2021	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

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	$2,174,000	$267,888	$2,441,888	

Portofino Shores	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2025-2024	

Product Type	O&M Units	Bonds Units	Prepaid Units	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	FY 2025	FY 2024	Variance	FY 2025	FY 2024	Variance	FY 2025	FY 2024	Variance	

Single Family	
519	
510	
9	
$876.69	
$	434.00	
$	442.69	
$	572.74	
$	572.74	
$	-	
$	1,449.43	
$	1,006.74	
$	442.69	
Total	519	510	9	$  455,002.55	$ 225,246.00	$ 229,756.55	$ 292,097.40	$ 292,097.40	$	-	$  747,099.95	$ 517,343.40	$ 229,756.55	

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