Gulfstream Polo Community Development District

Proposed Budget For Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2017) IV	DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2019) V	ASSESSMENT COMPARISON

PROPOSED BUDGET
GULFSTREAM POLO COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021 BUDGET	
O&M Assessments	78,774	
Debt Assessments - 2017	206,739	
Debt Assessments - 2019	629,288	
Interest Income	60	
		
TOTAL REVENUES	$	914,861	
		
EXPENDITURES		
Supervisor Fees	0	
Engineering/Inspections	2,500	
Management	35,232	
Legal	12,000	
Assessment Roll	5,000	
Audit Fees	5,000	
Arbitrage Rebate Fee	650	
Insurance	5,800	
Legal Advertisements	1,500	
Miscellaneous	600	
Postage	300	
Office Supplies	725	
Dues & Subscriptions	175	
Trustee Fees	6,400	
Continuing Disclosure Fee	2,000	
Reserve	0	
		
TOTAL EXPENDITURES	$	77,882	
		
REVENUES LESS EXPENDITURES	$	836,979	
		
Bond Payments - 2017	(194,335)	
Bond Payments - 2019	(591,531)	
		
BALANCE	$	51,113	
		
County Appraiser & Tax Collector Fee	(18,296)	
Discounts For Early Payments	(36,592)	
		
EXCESS/ (SHORTFALL)	$	(3,775)	
		
Carryover Funds From Prior Year	3,775	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
GULFSTREAM POLO COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2018/2019 ACTUAL	
FISCAL YEAR 2019/2020 BUDGET	
FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	
O&M Assessments	75,340	78,786	78,774	Expenditures/.94	
Debt Assessments - 2017	206,924	206,739	206,739	Bond Payments/.94	
Debt Assessments - 2019	0	0	629,288	Bond Payments/.94	
Interest Income	83	60	60	Interest Projected At $5.00 Per Month	
					
TOTAL REVENUES	$	282,347	$	285,585	$	914,861		
					
EXPENDITURES					
Supervisor Fees	0	0	0		
Engineering/Inspections	7,451	2,500	2,500	No Change From 2019/2020 Budget	
Management	33,684	34,440	35,232	CPI Adjustments	
Legal	4,332	14,000	12,000	$2,000 Decrease From 2019/2020 Budget	
Assessment Roll	5,000	5,000	5,000	As Per Contract	
Audit Fees	3,300	3,400	5,000	Increased Due To Second Bond Issue	
Arbitrage Rebate Fee	0	0	650	For Series 2019 Bond (2017 Qualifies For Small User Exception)	
Insurance	5,872	6,200	5,800	FY 19/20 Expenditure Was $5,000	
Legal Advertisements	1,596	2,000	1,500	$500 Decrease From 2019/2020 Budget	
Miscellaneous	62	800	600	$200 Decrease From 2019/2020 Budget	
Postage	112	300	300	No Change From 2019/2020 Budget	
Office Supplies	404	775	725	$50 Decrease From 2019/2020 Budget	
Dues & Subscriptions	175	175	175	No Change From 2019/2020 Budget	
Trustee Fees	3,180	3,300	6,400	Increased Due To Second Bond Issue	
Continuing Disclosure Fee	1,000	1,000	2,000	Increased Due To Second Bond Issue	
Reserve	0	229	0		
					
TOTAL EXPENDITURES	$	66,168	$	74,119	$	77,882		
					
REVENUES LESS EXPENDITURES	$	216,179	$	211,466	$	836,979		
					
Bond Payments - 2017	(197,128)	(194,335)	(194,335)	2021 P & I Payments Less Earned Interest	
Bond Payments - 2019	0	0	(591,531)	2021 P & I Payments Less Earned Interest	
					
BALANCE	$	19,051	$	17,131	$	51,113		
					
County Appraiser & Tax Collector Fee	(3,197)	(5,710)	(18,296)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(8,626)	(11,421)	(36,592)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	7,228	$	-	$	(3,775)		
					
Carryover Funds From Prior Year	0	0	3,775	Carryover Funds From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	7,228	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE (SERIES 2017) FUND BUDGET
GULFSTREAM POLO COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	

FISCAL YEAR

2018/2019

ACTUAL	

FISCAL YEAR

2019/2020

BUDGET	

FISCAL YEAR

2020/2021

BUDGET	

COMMENTS	

Interest Income	
535	
0	
25	
Projected Interest For 2020/2021	

NAV Tax Collection	
197,128	
194,335	
194,335	
Maximum Debt Service Collection	

Total Revenues	
$	197,663	
$	194,335	
$	194,360		

EXPENDITURES					

Principal Payments	
25,000	
55,000	
55,000	
Principal Payment Due In 2021	

Interest Payments	
132,925	
130,738	
128,813	
Interest Payments Due In 2021	

Bond Redemption	
0	
8,597	
10,547	
Estimated Excess Debt Collections	

Total Expenditures	
$	157,925	
$	194,335	
$	194,360		

Excess/ (Shortfall)	

$	39,738	

$	-	

$	-		

Series 2017 Bond Information

Original Par Amount =	$2,870,000	Annual Principal Payments Due =	November 1st	
Interest Rate = Issue Date = Maturity Date =	3.50% - 5.00%
August 2017
November 2047	Annual Interest Payments Due =	May 1st & November 1st	

Par Amount As Of 1/1/20 =	
$2,795,000			

DETAILED PROPOSED DEBT SERVICE (SERIES 2019) FUND BUDGET
GULFSTREAM POLO COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	

FISCAL YEAR

2018/2019

ACTUAL	

FISCAL YEAR

2019/2020

BUDGET	

FISCAL YEAR

2020/2021

BUDGET	

COMMENTS	

Interest Income	
22	
0	
25	
Projected Interest For 2020/2021	

Debt Service Bond Proceeds	
374,672	
0	
0		

NAV Tax Collection	
0	
0	
591,531	
Maximum Debt Service Collection	

Total Revenues	
$	374,694	
$	-	
$	591,556		

EXPENDITURES					

Principal Payments	
0	
0	
190,000	
Principal Payment Due In 2021	

Interest Payments	
0	
0	
400,256	
Interest Payments Due In 2021	

Bond Redemption	
0	
0	
1,300	
Estimated Excess Debt Collections	

Total Expenditures	
$	-	
$	-	
$	591,556		

Excess/ (Shortfall)	

$	374,694	

$	-	

$	-		

Series 2019 Bond Information

Original Par Amount =	$9,860,000	Annual Principal Payments Due =	November 1st	
Interest Rate = Issue Date = Maturity Date =	3.00% - 4.75%
August 2019
November 2049	Annual Interest Payments Due =	May 1st & November 1st	

Par Amount As Of 1/1/20 =	
$9,860,000			

GULFSTREAM POLO COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

Pod B

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
Projected	2016/2017	2018/2019	2019/2020	2020/2021
       Assessment*	 	Assessment*	 	Assessment*	 	Assessment*	 	Projected Assessment*	

O & M For Single Family Residential (Pod B)	$	-	$

-	$	89.23	$

89.23	$

89.22

Debt For Single Family Residential (Pod B)

$	1,164.89

$	-	$	1,164.89

$	1,164.89

$	1,164.89

Total For Single Family Residential (Pod B)

$	1,164.89	$

-	$	1,254.12	$

1,254.12	$

1,254.11

O & M For Zero Lot Line Residential (Pod B)

$	-	$

-	$	89.23	$

89.23	$

89.22

Debt For Zero Lot Line Residential (Pod B)

$	1,063.82

$	-	$	1,063.82

$	1,063.82

$	1,063.82

Total For Zero Lot Line Residential (Pod B)

$	1,063.82	$

-	$	1,153.05	$

1,153.05	$

1,153.04

O & M For Residential Townhomes (Pod B)	$	-	$	-	$	89.23	$	89.23	$	89.22	
Debt For Residential Townhomes (Pod B)	$	814.89	$	- 	$	814.89	$	814.89	$	814.89	
Total For Residential Townhomes (Pod B)	$	814.89	$	-	$	904.12	$	904.12	$	904.11	

Pods C, D & E									
O & M For Single Family Residential (Pods C, D & E)	$	-	$	-	$	-	$	-	$	89.22	

Debt For Single Family Residential (Pods C, D & E)

$	1,159.28

$	-	$	-	$	- 

$	1,159.28

Total For Single Family Residential (Pod C, D & E)

$	1,159.28	$

-	$	-	$

-	$	1,248.50

O & M For Zero Lot Line Residential (Pods C, D & E)	$	-	$

-	$	-	$

-	$	89.22

Debt For Zero Lot Line Residential (Pods C, D & E)

$	1,058.70

$	-	$	-	$	- 

$	1,058.70

Total For Zero Lot Line Residential (Pods C, D & E)

$	1,058.70	$

-	$	-	$

-	$	1,147.92

O & M For Residential Townhomes (Pods C, D & E)	$	-	$

-	$	-	$

-	$	89.22

Debt For Residential Townhomes (Pods C, D & E)

$	810.97

$	-	$	-	$	- 

$	810.97

Total For Residential Townhomes (Pods C, D & E)	$

810.97	$

-	$	-	$

-	$	900.19

* Assessments Include the Following:
4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee

Community Information:	 Pod B Units
Single Family Residential:	1	
Total Units Pod B Units	

227	
Zero Lot Line Residential:	86	Pod C, D & E Units	656	
Residential Townhome Units	140
Total Units	227	Total Units	883	

Pod C, D & E Units
Single Family Residential:	56
Zero Lot Line Residential:	314
Residential Townhome Units	286
Total Units	656			

3/12/2020 11:38 AM	V