Portofino Shores	
Community Development District	

Adopted Budget	
FY 2026	

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	
Adopted Budget	
General Fund	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2025	6/30/25	3 Months	9/30/25	FY 2026	

REVENUES:

Special Assessments- On Roll	$276,731	$278,554	$-	$278,554	$431,143	
Interest Income	5,000	19,466	6,489	25,954	8,000	
Carry Forward Balance	1,254	1,254	66,839	68,093	-	

TOTAL REVENUES	$282,985	$299,274	$73,328	$372,602	$439,143	

EXPENDITURES:

Administrative:						
Engineering	$25,000	$6,751	$6,250	$13,001	$25,000	
Attorney	35,000	19,391	$8,750	28,141	35,000	
Annual Audit	3,600	3,600	-	3,600	3,700	
Assessment Administration	5,600	5,600	-	5,600	5,600	
Trustee Fees	4,000	3,000	-	3,000	4,000	
Management Fees	52,037	39,028	13,009	52,037	55,680	
Property Appraiser	5,300	5,865	-	5,865	5,865	
Information Technology	1,200	900	300	1,200	1,200	
Website Maintenance	1,200	900	300	1,200	1,200	
Telephone	100	-	25	25	100	
Postage & Delivery	1,700	1,533	167	1,700	2,000	
Insurance General Liability	8,400	7,826	-	7,826	8,400	
Printing & Binding	1,000	393	250	643	1,000	
Rental & Leases	2,400	1,800	600	2,400	2,400	
Legal Advertising	1,000	125	250	375	1,500	
Other Current Charges	1,250	562	313	875	1,250	
Office Supplies	400	97	100	197	400	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Capital Outlay	250	-	63	63	250	
Contincency	5,923	500	1,481	1,981	5,923	

TOTAL ADMINISTRATIVE	$155,535	$98,047	$31,857	$129,904	$160,643	
Operations & Maintenance						
Field Expenditures						
Field Management	$15,000	$11,250	$3,750	$15,000	$16,050	
Repairs & Maintenace	10,000	585	2,500	3,085	10,000	
Roadway Maintenance	5,000	-	1,250	1,250	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	67,404	22,904	90,308	35,000	
Contingencies	15,000	81,855	3,750	85,605	15,000	
Improvements	-	-	-	-	150,000	

TOTAL FIELD EXPENDITURES	$127,450	$161,094	$81,604	$242,698	$278,500	

TOTAL EXPENDITURES	$282,985	$259,141	$113,461	$372,602	$439,143	

EXCESS REVENUES (EXPENDITURES)	$0	$40,133	$(40,133)	$(0)	$-	

Gross Assessments	
Less: Discounts & Collections 6%	
Net Assessments	

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

Product	Assessable Units	Total Gross Assessment	FY25
Gross Per Unit	FY26
Gross Per Unit	Increase/ (Decrease)	

Single Family	519	$	458,662.50	$	567.23	$	883.74	$	316.51	

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	
Adopted Budget	
Debt Service Series 2021 Special Assessment Revenue Refunding Bonds	

Proposed Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description

REVENUES:	FY2025	6/30/25	3 Months	9/30/25	FY 2026	
Special Assessments-On Roll	$274,572	$276,383	$-	$276,383	$274,572	
Interest Earnings	1,000	5,490	1,830	7,321	1,500	
Carry Forward Surplus (1)	84,324	84,324	-	84,324	94,851	

TOTAL REVENUES	$359,895	$366,197	$1,830	$368,027	$370,923	

EXPENDITURES:

Interest - 11/1	$26,088	$26,088	-	$26,088	$23,436	
Interest - 5/1	26,088	26,088	-	26,088	23,436	
Principal - 5/1	221,000	221,000	-	221,000	228,000	

TOTAL EXPENDITURES	$273,176	$273,176	$-	$273,176	$274,872	

TOTAL EXPENDITURES	$273,176	$273,176	$-	$273,176	$274,872	

EXCESS REVENUES (EXPENDITURES)	$86,719	$93,021	$1,830	$94,851	$96,051	

(1) Carry Forward is Net of Reserve Requirement	Debt Service Due 11/1/2026

$20,700

Gross Assessments	
Less: Discounts & Collections 6%	
Net Assessments	

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

Product	Assessable Units	Total Gross Assessment	FY25
Gross Per Unit	FY26
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	

11/01/25	1,953,000	2.400%		23,436	270,524	
05/01/26	1,953,000	2.400%	228,000	23,436		
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	$1,953,000	$215,712	$2,157,740	

Portofino Shores	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2025-2026	

Product Type	O&M Units	Bonds Units	Prepaid Units	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	FY 2026	FY 2025	Variance	FY 2026	FY 2025	Variance	FY 2026	FY 2025	Variance	

Single Family	
519	
510	
9	
$883.74	
$	567.23	
$	316.51	
$	572.74	
$	572.74	
$	-	
$	1,456.48	
$	1,139.97	
$	316.51	
Total	519	510	9	$  458,662.50	$ 294,394.94	$ 164,267.56	$ 292,097.40	$ 292,097.40	$	-	$  750,759.90	$ 586,492.34	$ 164,267.56	

Page 6