Adopted Budget
Fiscal Year 2022

Majorca Isles Community Development District

August 11, 2021

Majorca Isles
Community Development District

TABLE OF CONTENTS

General Fund Budget
Budget Narrative

Page 1
Page 2-4

Debt Service Fund

Budget
Amortization Schedule

Page 5
Page 6

Majorca Isles
Community Development District

General Fund

Page 1

Adopted	Actual	Projected		Total Budget		Thru		Next	Projected
 Description	 FY 2021                 6/30/2021                3 Months              9/30/2021    

Revenues

Maintenance Assessments	$243,580	$232,427		$0	$232,427 Interest Income			$504		$96	$50		$146 Carry Forward Surplus		$45,101			$0		$0			$0

TOTAL REVENUES	 	$289,185	 	$232,522	 	$50	 	$232,572 

Expenditures

Administrative
Supervisor Fees	$6,000	$7,200	$1,600	$8,800
FICA Expense	$1,920	$551	$122	$673
Engineering Fees	$1,966	$44	$4,000	$4,044
Dissemination Agent	$6,000	$5,000	$0	$5,000
Trustee Fees	$7,000	$0	$4,200	$4,200
Attorney Fees	$9,600	$8,027	$1,973	$10,000
Arbitrage Rebate	$1,250	$0	$600	$600
Annual Audit	$9,600	$0	$7,800	$7,800
Management Fees	$71,643	$34,256	$11,250	$45,506
Quarterly Reporting	$6,250	$0	$0	$0
Computer Time	$999	$287	$0	$287
Telephone	$150	$70	$0	$70
Travel & Per Diem	$1,200	$0	$0	$0
Postage	$100	$73	$27	$100
Printing and Binding	$1,200	$0	$150	$150
Insurance Expense	$9,264	$9,264	$0	$9,264
Legal Advertising	$504	$495	$0	$495
Other Current Charges	$1,440	$510	$930	$1,440
Bank Charges	$825	$764	$240	$1,004
Website Compliance	$500	$555	$375	$930
Office Supplies		$600			$0		$60			$60 Dues, Licenses and Subscription	 	$175	 	$175	 		$0	 	$175 
TOTAL ADMINISTRATIVE	 	$138,186	 	$67,271	 	$33,328	 	$100,598 

Field
Community Outreach / Enhancement	$98,252			$0		$0				$0 Miami Gardens Monitoring Fee		$2,000		$863		$0			$863 Landscape Service			$0	$11,514	$4,686	$16,200 Irrigation Repair and Maintenance			$0		$733	$1,267		$2,000 Plant Replacement			$0	$15,269		$0	$15,269
Repair and Maintenance	$0	$6,859	$1,141	$8,000
Rust Prevention	$0	$590	$2,950	$3,540
Janitorial Service			$0			$690		$2,310		$3,000 Storm Water Drainage		$8,017				$0		$8,017		$8,017 Holiday Decoration			$0		$2,136			$0		$2,136 Reserve	 	$9,600	 			$0	 		$0	 		$0 
TOTAL FIELD	 	$117,869	 	$38,653	 	$20,372	 	$59,025 

TOTAL EXPENDITURES	 	$256,055	 	$105,924	 		$53,699	 	$159,623 EXCESS REVENUES/(EXPENDITURES) 			$33,130		$126,599		($53,649)			$72,950

Adopted Budget FY 2022

$174,898
$0
$0

$174,898

$12,000
$918
$5,000
$5,000
$7,000
$10,000
$600
$8,000
$45,000
$0
$1,000
$150
$1,200
$100
$1,200
$10,190
$1,000
$1,440
$825
$1,500
$600
$175

$112,898

$0
$2,000
$16,200
$2,000
$15,000
$8,000
$3,540
$3,000
$10,000
$2,260
$0

$62,000

$174,898

$0

FY2020	FY2021
Net Assessment	$231,401	$231,401
Less Discounts & Collection Fees	 	$12,179	 	$12,179 
Gross Assessment	$243,580	$243,580
No. of Units	641	641
Net Per Unit Assessment	$361.00	$361.00
Gross Per Unit Assessment	$380.00	$380.00

FY2022
$174,898
$9,205

$184,103
641
$272.85
$287.21

MAJORCA ISLES

COMMUNITY DEVELOPMENT DISTRICT

General Fund

 	_ 	_ 	_ 	_

REVENUES:

Maintenance Assessments
The District will mail a non-ad-valorem special assessment notice to all taxable property owners within the District to fund the General Operating Expenditures for the fiscal year.

Interest Income
Interest income from investments in State Board of Administration.

_

_

_

EXPENDITURES:

Administrative:

Supervisor Fees
The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon all five supervisors attending the estimated 12 annual meetings.

FICA Expenses
Represents the Employer's share of Social Security.

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, etc.

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

Trustee Fees
The District issued Series 2015A Special Assessment Revenue Bonds which are held with a Trustee at US Bank. The amount of the trustee fees is based on the agreement between US Bank and the District.

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, etc.

Arbitrage Rebate
The District is required to have an annual arbitrage rebate calculation on the District’s Bonds. The District will contract with an independent auditing firm to perform the calculations.

Annual Audit
The District is required to annually conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The fee is based on similar Community Development Districts and includes the GASB 34 pronouncement.

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.

Page 2

MAJORCA ISLES

COMMUNITY DEVELOPMENT DISTRICT

General Fund

 	_ 	_ 	_ 	_

Administrative: (continued)

Computer Time
The District processes all its financial activities, i.e., accounts payable, financial statements, etc. on a Server which includes remote cloud back up facilities for data redundancy.

Telephone
Telephone and fax machine

Travel & Per Diem
District Supervisors from time to time are required to travel to meetings on District related business.

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

Printing & Binding
Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Insurance Expense
The District will obtain a General Liability & Public Officials Liability Insurance policy with a firm that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.

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

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

Bank Charges
Bank charges Wells Fargo to maintain the checking account.

Website Compliance
Per Section 189.069 F.S., all Districts 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 PDMSFIRM, LLC and updated as required by the Statute.

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

Page 3

MAJORCA ISLES

COMMUNITY DEVELOPMENT DISTRICT

General Fund

 	_ 	_ 	_ 	_

FIELD

Miami Gardens Monitoring Fee
The City Council for the City of Miami Gardens imposes an annual monitoring fee for each Community Development District that is located wholly within the boundaries of the City of Miami Gardens, in the amount of $1,000 per Community Development District, or $10.00 per residential unit, whichever is greater.

Landscape Service
Landscaping service 13th CT Right of Way Majorca East of ROW and Walden West of ROW and 14th Place corridor - 1200 linear feet of grass and trimming Clusia hedges.

Irrigation Repair and Maintenance
Represent wet check services for Walden Park.

Plant Replacement
Plant replacement within the district boundary.

Repair and Maintenance
Represents any repairs and maintenance within the district boundary.

Rust Prevention
Represents chemical for rest prevention.

Janitorial Service
Represents janitorial service on 13th CT Right of Way.

Storm water Drainage
Storm Drain Cleaning for all Storm Drains throughout the District

Holiday Decoration
Represents holiday decoration within district boundary.

Page 4

Majorca Isles
Community Development District

Debt Service Fund Series 2015A, Special Assessment Revenue Bonds

Adopted Budget
      FY 2021	

Actual Thru
     6/30/2021 

Projected Next
     3 Months 

Total Projected
     9/30/2021 

Adopted Budget
      FY 2022	

 Description	

Revenues

Special Assessments - A Bonds Interest Income
Carry Forward Surplus (1)

$461,471
$0
$185,419

$463,517
$23
$258,620

$0
$3
$0

$463,517
$26
$258,620

$461,471
$0
$247,677

TOTAL REVENUES

 	$646,890 

 	$722,159 

 	$3 

 	$722,162 

 	$709,148 

Expenditures

Series 2015 Interest - 11/01
Special Call - 11/01 Interest - 05/01 Principal - 05/01

$172,519
$0
$172,519
$115,000

$169,916
$5,000
$169,781
$130,000

$0
$0
$0
$0

$169,916
$5,000
$169,781
$130,000

$166,491
$0
$166,491
$120,000

TOTAL EXPENDITURES

 	$460,038 

 	$474,697 

 	$0 

 	$474,697 

 	$452,981 

Other Financing Sources/(Uses)

Interfund Transfer In (Out)

$0

$208

$3

$211

$0

TOTAL OTHER FINANCING SOURCES/(USES)

$0

$208

$3

$211

$0

Excess Revenue

 	$186,853 

$247,671

$6

$247,677

$256,166

(1) Carry forward surplus is net of the reserve requirement

Interest Expense 2015A 11/1/22

  $163,490.63 
  $163,490.63 

(1) Carry forward Surplus is net of the serve requirement

Page 5

Gross Assessments
Minus collection fees & Discount (5%) Net Assessment

$485,759
$24,288

$461,471

Gross Annual
Parcel	Unity Count	Assessments
Single Family	51	849.84
Townhome	 	590	749.86
Total	641

Total

$43,342
$442,417

$485,759

Majorca Isles
Community Development District

Amortization Schedule
Series 2015A, Special Assessment Revenue Bonds

 	DATE	

 	BALANCE	

   RATE 

 	PRINCIPAL	

 	INTEREST	

 	TOTAL	

11/01/15
05/01/16
11/01/16
05/01/17
11/01/17
05/01/18
11/01/18
05/01/19
11/01/19
05/01/20
11/01/20
05/01/21

$6,725,000.00
$6,725,000.00
$6,725,000.00
$6,725,000.00
$6,630,000.00
$6,630,000.00
$6,510,000.00
$6,505,000.00
$6,400,000.00
$6,400,000.00
$6,195,000.00
$6,190,000.00

5.000%
5.000%

$89,694.31
$183,465.63
$183,465.63
$183,465.63
$181,090.63
$181,090.63
$178,034.38
$178,034.38
$175,268.75
$175,268.75
$169,915.63
$169,781.25

$0.00
$273,159.93

$0.00

5.000%

$95,000.00

$461,931.25

5.000%

$120,000.00
$5,000.00
$105,000.00

$482,181.25

5.000%

$466,068.75

5.000%

$205,000.00
$5,000.00
$130,000.00

$555,537.50

5.000%

$474,696.88

11/01/22
05/01/23
11/01/23
05/01/24
11/01/24
05/01/25
11/01/25
05/01/26
11/01/26
05/01/27
11/01/27
05/01/28
11/01/28
05/01/29
11/01/29
05/01/30
11/01/30
05/01/31
11/01/31
05/01/32
11/01/32
05/01/33
11/01/33
05/01/34
11/01/34
05/01/35
11/01/35
05/01/36
11/01/36
05/01/37
11/01/37
05/01/38
11/01/38
05/01/39
11/01/39
05/01/40
11/01/40
05/01/41
11/01/41
05/01/42
11/01/42
05/01/43
11/01/43
05/01/44
11/01/44
05/01/45
11/01/45
05/01/46

$5,940,000.00
$5,940,000.00
$5,815,000.00
$5,815,000.00
$5,685,000.00
$5,685,000.00
$5,545,000.00
$5,545,000.00
$5,400,000.00
$5,400,000.00
$5,245,000.00
$5,245,000.00
$5,080,000.00
$5,080,000.00
$4,905,000.00
$4,905,000.00
$4,725,000.00
$4,725,000.00
$4,535,000.00
$4,535,000.00
$4,335,000.00
$4,335,000.00
$4,125,000.00
$4,125,000.00
$3,905,000.00
$3,905,000.00
$3,675,000.00
$3,675,000.00
$3,430,000.00
$3,430,000.00
$3,170,000.00
$3,170,000.00
$2,890,000.00
$2,890,000.00
$2,595,000.00
$2,595,000.00
$2,285,000.00
$2,285,000.00
$1,955,000.00
$1,955,000.00
$1,605,000.00
$1,605,000.00
$1,235,000.00
$1,235,000.00
$845,000.00
$845,000.00
$435,000.00
$435,000.00

$163,490.63
$163,490.63
$160,365.63
$160,365.63
$157,115.63
$157,115.63
$153,615.63
$153,615.63
$149,718.75
$149,718.75
$145,553.13
$145,553.13
$141,118.75
$141,118.75
$136,415.63
$136,415.63
$131,578.13
$131,578.13
$126,471.88
$126,471.88
$121,096.88
$121,096.88
$115,453.13
$115,453.13
$109,540.63
$109,540.63
$103,359.38
$103,359.38
$96,468.75
$96,468.75
$89,156.25
$89,156.25
$81,281.25
$81,281.25
$72,984.38
$72,984.38
$64,265.63
$64,265.63
$54,984.38
$54,984.38
$45,140.63
$45,140.63
$34,734.38
$34,734.38
$23,765.63
$23,765.63
$12,234.38
$12,234.38

5.000%

$125,000.00

$451,981.25

5.000%

$130,000.00

$450,731.25

5.000%

$140,000.00

$454,231.25

5.375%

$145,000.00

$452,231.25

5.375%

$155,000.00

$454,437.50

5.375%

$165,000.00

$456,106.25

5.375%

$175,000.00

$457,237.50

5.375%

$180,000.00

$452,831.25

5.375%

$190,000.00

$453,156.25

5.375%

$200,000.00

$452,943.75

5.375%

$210,000.00

$452,193.75

5.375%

$220,000.00

$450,906.25

5.375%

$230,000.00

$449,081.25

5.625%

$245,000.00

$451,718.75

5.625%

$260,000.00

$452,937.50

5.625%

$280,000.00

$458,312.50

5.625%

$295,000.00

$457,562.50

5.625%

$310,000.00

$455,968.75

5.625%

$330,000.00

$458,531.25

5.625%

$350,000.00

$459,968.75

5.625%

$370,000.00

$460,281.25

5.625%

$390,000.00

$459,468.75

5.625%

$410,000.00

$457,531.25

5.625%

$435,000.00

$459,468.75

Page 6

Total	$6,060,000.00	$5,312,800.00	$11,372,800.00

11/01/21	$6,060,000.00	$166,490.63
05/01/22	$6,060,000.00	5.000%	$120,000.00	$166,490.63	$452,981.25