Gulfstream Polo Community Development District

Final Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET (SERIES 2017)

DETAILED FINAL DEBT SERVICE FUND BUDGET (SERIES 2019)

ASSESSMENT COMPARISON

FINAL BUDGET
GULFSTREAM POLO COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023
BUDGET	
O&M Assessments	98,321	
Debt Assessments - 2017	206,739	
Debt Assessments - 2019	629,288	
Interest Income	120	
		
TOTAL REVENUES	$	934,468	
		
EXPENDITURES		
Supervisor Fees	0	
Engineering/Inspections	2,000	
Management	36,792	
Legal	10,000	
Assessment Roll	5,000	
Audit Fees	5,200	
Arbitrage Rebate Fee	650	
Insurance	5,900	
Legal Advertisements	1,500	
Miscellaneous	600	
Postage	300	
Office Supplies	625	
Dues & Subscriptions	175	
Trustee Fees	7,300	
Continuing Disclosure Fee	1,500	
Lake Maintenance	13,000	
Reserve	2,000	
		
TOTAL EXPENDITURES	$	92,542	
		
REVENUES LESS EXPENDITURES	$	841,926	
		
Bond Payments - 2017	(194,335)	
Bond Payments - 2019	(591,531)	
		
BALANCE	$	56,060	
		
County Appraiser & Tax Collector Fee	(18,686)	
Discounts For Early Payments	(37,374)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover Funds From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
GULFSTREAM POLO COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2020/2021 ACTUAL	
FISCAL YEAR 2021/2022 BUDGET	
FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	
O&M Assessments	78,286	78,712	98,321	Expenditures/.94	
Debt Assessments - 2017	206,748	206,739	206,739	Bond Payments/.94	
Debt Assessments - 2019	1,010,868	629,288	629,288	Bond Payments/.94	
Interest Income	135	60	120	Interest Projected At $10.00 Per Month	
					
TOTAL REVENUES	$	1,296,037	$	914,799	$	934,468		
					
EXPENDITURES					
Supervisor Fees	0	0	0		
Engineering/Inspections	624	2,500	2,000	$500 Decrease From 2021/2022 Budget	
Management	35,232	35,724	36,792	CPI Adjustments (Capped At 3%)	
Legal	3,482	11,000	10,000	$1,000 Decrease From 2021/2022 Budget	
Assessment Roll	5,000	5,000	5,000	As Per Contract	
Audit Fees	5,000	5,100	5,200	$100 Increase From 2021/2022 Budget	
Arbitrage Rebate Fee	650	650	650	For Series 2019 Bond (2017 Qualifies For Small User Exception)	
Insurance	5,251	5,800	5,900	Insurance Estimate	
Legal Advertisements	1,531	1,500	1,500	No Change From 2021/2022 Budget	
Miscellaneous	22	600	600	No Change From 2021/2022 Budget	
Postage	82	300	300	No Change From 2021/2022 Budget	
Office Supplies	173	675	625	$50 Decrease From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	No Change From 2021/2022 Budget	
Trustee Fees	7,211	7,300	7,300	No Change From 2021/2022 Budget	
Continuing Disclosure Fee	1,500	1,500	1,500	No Change From 2021/2022 Budget	
Lake Maintenance	3,000	0	13,000	Lake Maintenance	
Reserve	0	0	2,000	Reserve	
					
TOTAL EXPENDITURES	$	68,933	$	77,824	$	92,542		
					
REVENUES LESS EXPENDITURES	$	1,227,104	$	836,975	$	841,926		
					
Bond Payments - 2017	(198,569)	(194,335)	(194,335)	2023 P & I Payments Less Earned Interest	
Bond Payments - 2019	(990,155)	(591,531)	(591,531)	2023 P & I Payments Less Earned Interest	
					
BALANCE	$	38,380	$	51,109	$	56,060		
					
County Appraiser & Tax Collector Fee	(4,938)	(18,295)	(18,686)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(23,905)	(36,589)	(37,374)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	9,537	$	(3,775)	$	-		
					
Carryover Funds From Prior Year	0	3,775	0	Carryover Funds From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	9,537	$	-	$	-		

DETAILED FINAL DEBT SERVICE (SERIES 2017) FUND BUDGET
GULFSTREAM POLO COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	

FISCAL YEAR

2020/2021

ACTUAL	

FISCAL YEAR

2021/2022

BUDGET	

FISCAL YEAR

2022/2023

BUDGET	

COMMENTS	

Interest Income	
11	
25	
25	
Projected Interest For 2022/2023	

NAV Tax Collection	
198,569	
194,335	
194,335	
Maximum Debt Service Collection	

Total Revenues	
$	198,580	
$	194,360	
$	194,360		

EXPENDITURES					

Principal Payments	
55,000	
55,000	
60,000	
Principal Payment Due In 2023	

Interest Payments	
129,775	
126,888	
124,963	
Interest Payments Due In 2023	

Bond Redemption	
0	
12,472	
9,397	
Estimated Excess Debt Collections	

Total Expenditures	
$	184,775	
$	194,360	
$	194,360		

Excess/ (Shortfall)	

$	13,805	

$	-	

$	-		

Series 2017 Bond Information

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

Par Amount As Of 1/1/22 =	November 2047

$2,685,000			

DETAILED FINAL DEBT SERVICE (SERIES 2019) FUND BUDGET
GULFSTREAM POLO COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	

FISCAL YEAR

2020/2021

ACTUAL	

FISCAL YEAR

2021/2022

BUDGET	

FISCAL YEAR

2022/2023

BUDGET	

COMMENTS	

Interest Income	
27	
25	
25	
Projected Interest For 2022/2023	

Payment By Developer	
387,903	
0	
0		

NAV Tax Collection	
602,252	
591,531	
591,531	
Maximum Debt Service Collection	

Total Revenues	
$	990,182	
$	591,556	
$	591,556		

EXPENDITURES					

Principal Payments	
185,000	
195,000	
200,000	
Principal Payment Due In 2023	

Interest Payments	
403,031	
394,556	
388,706	
Interest Payments Due In 2023	

Transfer To Construction Fund	
15	
0	
0		

Bond Redemption	
0	
2,000	
2,850	
Estimated Excess Debt Collections	

Total Expenditures	
$	588,046	
$	591,556	
$	591,556		

Excess/ (Shortfall)	

$	402,136	

$	-	

$	-		

Series 2019 Bond Information

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

Par Amount As Of 1/1/22 =	November 2049

$9,485,000			

GULFSTREAM POLO COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
Projected	2019/2020	2020/2021	2021/2022	2022/2023
  Assessment*	 	Assessment*	 	Assessment*	 	Assessment*	 	Projected Assessment*	
Pod B
O & M For Single Family Residential (Pod B)	
$	
-	
$	
89.23	
$	
89.22	
$	
89.15	
$	
111.35	
Debt For Single Family Residential (Pod B)	$	1,164.89	$	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	$	1,254.11	$	1,254.04	$	1,276.24	

O & M For Zero Lot Line Residential (Pod B)	
$	
-	
$	
89.23	
$	
89.22	
$	
89.15	
$	
111.35	
Debt For Zero Lot Line Residential (Pod B)	$	1,063.82	$	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	$	1,153.04	$	1,152.97	$	1,175.17	

O & M For Residential Townhomes (Pod B)	
$	
-	
$	
89.23	
$	
89.22	
$	
89.15	
$	
111.35	
Debt For Residential Townhomes (Pod B)	$	814.89	$	814.89	$	814.89	$	814.89	$	814.89	
Total For Residential Townhomes (Pod B)	$	814.89	$	904.12	$	904.11	$	904.04	$	926.24	

Pods C, D & E						
O & M For Single Family Residential (Pods C, D & E)	$	-	$	-	$	89.22	$	89.15	$	111.35	
Debt For Single Family Residential (Pods C, D & E)	$	1,159.28	$	- 	$	1,159.28	$	1,159.28	$	1,159.28	
Total For Single Family Residential (Pod C, D & E)	$	1,159.28	$	-	$	1,248.50	$	1,248.43	$	1,270.63	

O & M For Zero Lot Line Residential (Pods C, D & E)	
$	
-	
$	
-	
$	
89.22	
$	
89.15	
$	
111.35	
Debt For Zero Lot Line Residential (Pods C, D & E)	$	1,058.70	$	- 	$	1,058.70	$	1,058.70	$	1,058.70	
Total For Zero Lot Line Residential (Pods C, D & E)	$	1,058.70	$	-	$	1,147.92	$	1,147.85	$	1,170.05	

O & M For Residential Townhomes (Pods C, D & E)	
$	
-	
$	
-	
$	
89.22	
$	
89.15	
$	
111.35	
Debt For Residential Townhomes (Pods C, D & E)	$	810.97	$	- 	$	810.97	$	810.97	$	810.97	
Total For Residential Townhomes (Pods C, D & E)	$	810.97	$	-	$	900.19	$	900.12	$	922.32	

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

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