Approved Proposed Budget	
Fiscal Year 2023	

Villa Portofino West	
Community Development District	

May 16, 2022

Villa Portofino West	
Community Development District	

TABLE OF CONTENTS

General Fund	
Budget	
Narrative	

Page 1	
Page 2-3	

Debt Service Fund	
Series 2020	
Budget	
Amortization Schedule - 2020	

Page 4	
Page 5	

Villa Portofino West	
Community Development District	

General Fund

Adopted	
Budget	
 	FY 2022		

Actual	
Thru	
 	3/31/2022		

Projected	
Next	
 	6 Months		

Total	
Projected	
 	9/30/2022		

Proposed	
Budget	
 	FY 2023		

 Description	

Revenues

Maintenance Assessments	
Interest Income	

$84,830	
$100	

$81,023	
$248	

$4,113	
$150	

$85,136	
$398	

$84,830	
$100	

Total Revenues	 	$84,930	 	$81,271	 	$4,263	 	$85,534	 	$84,930 

Expenditures

Administrative

Engineering Fees	
Dissemination Agent	
Assessment Roll	
Attorney Fees	
Annual Audit	
Trustee Fees	
Management Fees	
Computer Time	
Website Compliance	
Telephone	
Postage	
Rentals and Leases	
General Liability Insurance	
Printing & Binding	
Legal Advertising	
Other Current Charges	
Office Supplies	
Dues, Licenses & Subscriptions	
Capital Outlay	
Operating Reserve	

$5,000	
$2,500	
$2,000	
$12,000	
$4,100	
$3,000	
$33,418	
$1,000	
$1,000	
$50	
$75	
$2,400	
$6,646	
$500	
$620	
$1,000	
$50	
$175	
$250	
$9,146	

$0		$5,000	
$1,250		$1,250	
$2,000		$0	
$2,040		$9,960	
$3,600		$0	
$3,500		$0	
$16,709		$16,709	
$500		$500	
$500		$500	
$60		$0	
$70		$5	
$1,200		$1,200	
$6,731		$0	
$278		$222	
$0		$620	
$0		$1,509	
$3		$48	
$175		$0	
$0		$250	
$0		$9,146	

$5,000	
$2,500	
$2,000	
$12,000	
$3,600	
$3,500	
$33,418	
$1,000	
$1,000	
$60	
$75	
$2,400	
$6,731	
$500	
$620	
$1,509	
$50	
$175	
$250	
$9,146	

$5,000	
$2,500	
$2,000	
$12,000	
$4,100	
$3,500	
$35,089	
$1,000	
$1,000	
$50	
$75	
$2,400	
$7,572	
$500	
$620	
$1,000	
$50	
$175	
$250	
$6,049	

Total Administrative	 	$84,930	 	$38,616	 		$46,918	 	$85,534	 	$84,930 Excess Revenues/(Expenditures) 			$0		$42,655		($42,655)			$0			$0

Type	
Units/Sq Ft	
FY 2022	
FY 2023	
Gross Amount	
Residential (TH)	211 Units	$329.36	$329.36	$69,494.96	
Commercial	90,000 Sq. Ft.	$0.22	$0.22	$19,800.00	
Total Gross Assessments			$89,294.96	
-Discount & Collections 5%			$4,464.75	
Total Net Assessments			$84,830.21	

REVENUES:

Maintenance Assessments
The District will levy a Maintenance Assessment on all assessable property within the District.

Interest Income
The District will have all excess funds invested with the State Board of Administration. The Amount is based upon the estimated average balance of funds available during the fiscal year.

EXPENDITURES:

Administrative

Engineering Fees
The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, and various projects assigned as directed by the board of supervisors.

Dissemination Agent
The Annual Disclosure Report required is by the Security and Exchange Commission in order to comply with Rule 15(c) (2)-12(b) (5), which relates to additional reporting requirements for un-rated bond issues.

Assessment Roll
The District has contracted with GMS, LLC for the certifications of the District’s annual maintenance and debt service assessments to the Miami Dade Tax Collector.

Attorney Fees
The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, agreements, etc.

Annual Audit
The District is required by Florida Statute to arrange for an annual audit of its financial records by an independent certified public accounting firm.

Trustee Fees
The District’s Series 2006A, Special Assessment Bonds are held by a Trustee with Wells Fargo Bank, N.A. The amount represents the fee for the administration of the District’s bond issue.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-South Florida, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

Computer Time
The District processes all its financial activities, i.e. accounts payable, financial statements, etc. on a mainframe computer leased by
Governmental Management Services – South Florida, LLC.

Website Compliance
Per Section 189.069 F.S., all District must have a website by October 1, 2015 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 as required by the Statute.

Telephone
This category includes all charges relating to telephone calls, conference calls, and faxes made to and on behalf of the District.

Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.

Rental & 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 Fort Lauderdale.

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance an insurance company that specializes in providing insurance coverage to governmental agencies. The amount is based on prior year’s cost.

Printing & Binding
This category includes expenses relating to the printing and binding of agenda packages for board meetings, accounts payable checks, stationary, envelopes, photocopies, etc.

Legal Advertising
The District is required to advertise various notices for board meetings, public hearings, etc. in a newspaper of general circulation.

Other Current Charges
Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies
Miscellaneous office supplies.

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only expense under this category for the District.

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.

First Quarter Operating
Represents funds needed for 1st Quarter Operating of the next Fiscal Year, prior to the collection of Maintenance Assessments from the Tax Collector.

Debt Service Fund	
Series 2020, Special Assessment Refunding Bonds	

Proposed	
Budget	
 	FY 2022		

Actual	
Thru	
 	3/31/2022		

Projected	
Next	
 	6 Months		

Total	
Projected	
 	9/30/2022		

Proposed	
Budget	
 	FY 2023		

 Description	

Revenues

Special Assessments On Roll	
Interest Income	
Carry Forward Surplus (1)	

$270,946	
$0	
$119,821	

$270,946	$258,744	$13,138	$271,882
$0	$11	$5	$16

 	$449,207  	 		$376,183 	

 	$13,143  	 		$389,326 	

$178,261	$117,428	$0	$117,428

Total Revenues	 	$390,767 

11/2023 Interest	
$50,908	

Expenditures

Series 2020	
Interest 11/1	
Interest - 5/1	
Principal - 5/1	

$55,753	
$55,753	
$158,000	

$55,753	
$0	
$0	

$0		$55,753	
$55,753		$55,753	
$158,000		$158,000	

$53,383	
$53,383	
$165,000	

Total Expenditures	 	$269,505	 		$55,753	 		$213,753	 	$269,505	 	$271,765 Excess Revenues/(Expenditures) 		$179,702		$320,431		($200,610)		$119,821		$119,002 Carry forward surplus is net of the reserve requirement (1)

Type	    Units/Sq Ft	 	Per Unit *		Amount	
Residential	211 Units	$997.66	$210,506.26	
Commercial	90,000 Sq. Ft.	$0.83	$74,700.00	
Total Gross Assessments	$285,206.26	
-Discount & Collections 5%	$14,260.31	
Total Net Assessments	$270,945.95	

Amortization Schedule	
Series 2020, Special Assessment Refunding Bonds	

 	DATE		 	BALANCE		 	RATE		 	PRINCIPAL		 	INTEREST	 	TOTAL		
11/01/22	$2,919,000.00	3.00%	$0.00	$53,382.50	$267,135.00	
05/01/23	$2,919,000.00	3.00%	$165,000.00	$53,382.50	$0.00	
11/01/23	$2,754,000.00	3.00%	$0.00	$50,907.50	$269,290.00	
05/01/24	$2,754,000.00	3.00%	$171,000.00	$50,907.50	$0.00	
11/01/24	$2,583,000.00	3.00%	$0.00	$48,342.50	$270,250.00	
05/01/25	$2,583,000.00	3.00%	$177,000.00	$48,342.50	$0.00	
11/01/25	$2,406,000.00	3.00%	$0.00	$45,687.50	$271,030.00	
05/01/26	$2,406,000.00	3.50%	$179,000.00	$45,687.50	$0.00	
11/01/26	$2,227,000.00	3.50%	$0.00	$42,555.00	$267,242.50	
05/01/27	$2,227,000.00	3.50%	$189,000.00	$42,555.00	$0.00	
11/01/27	$2,038,000.00	3.50%	$0.00	$39,247.50	$270,802.50	
05/01/28	$2,038,000.00	3.50%	$196,000.00	$39,247.50	$0.00	
11/01/28	$1,842,000.00	3.50%	$0.00	$35,817.50	$271,065.00	
05/01/29	$1,842,000.00	3.50%	$202,000.00	$35,817.50	$0.00	
11/01/29	$1,640,000.00	3.50%	$0.00	$32,282.50	$270,100.00	
05/01/30	$1,640,000.00	3.50%	$207,000.00	$32,282.50	$0.00	
11/01/30	$1,433,000.00	3.50%	$0.00	$28,660.00	$267,942.50	
05/01/31	$1,433,000.00	4.00%	$217,000.00	$28,660.00	$0.00	
11/01/31	$1,216,000.00	4.00%	$0.00	$24,320.00	$269,980.00	
05/01/32	$1,216,000.00	4.00%	$223,000.00	$24,320.00	$0.00	
11/01/32	$993,000.00	4.00%	$0.00	$19,860.00	$267,180.00	
05/01/33	$993,000.00	4.00%	$234,000.00	$19,860.00	$0.00	
11/01/33	$759,000.00	4.00%	$0.00	$15,180.00	$269,040.00	
05/01/34	$759,000.00	4.00%	$244,000.00	$15,180.00	$0.00	
11/01/34	$515,000.00	4.00%	$0.00	$10,300.00	$269,480.00	
05/01/35	$515,000.00	4.00%	$253,000.00	$10,300.00	$0.00	
11/01/35	$262,000.00	4.00%	$0.00	$5,240.00	$268,540.00	
05/01/36	$262,000.00	4.00%	$262,000.00	$5,240.00	$0.00	
	 
 Total		 	$2,919,000.00	 	$903,565.00	 	$3,769,077.50