Approved Proposed Budget	
Fiscal Year 2023	

Majorca Isles	
Community Development District	

May 11, 2022

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

 Description	

Proposed Budget FY 2023

	
Adopted	
Budget	
      FY 2022		

	
Actual	
Thru	
     3/31/2022 	

	
Projected	
Next	
     6 Months 	

	
Total	
Projected	
     9/30/2022 	

Revenues

Maintenance Assessments	
Interest Income	

$174,898	
$0	

$165,793	
$184	

$9,832	
$130	

$175,625	
$314	

$174,898	
$0	

TOTAL REVENUES	 	$174,898	 	$165,976	 	$9,962	 	$175,938	$174,898

Expenditures

Administrative	
Supervisor Fees	
FICA Expense	
Engineering Fees	
Dissemination Agent	
Trustee Fees	
Attorney Fees	
Arbitrage Rebate	
Annual Audit	
Management Fees	
Computer Time	
Telephone	
Travel & Per Diem	
Postage	
Printing and Binding	
General Liability Insurance	
Legal Advertising	
Other Current Charges	
Bank Charges	
Website Compliance	
Office Supplies	
Dues, Licenses and Subscription	
TOTAL ADMINISTRATIVE	

	
$12,000	
$918	
$5,000	
$5,000	
$7,000	
$10,000	
$600	
$8,000	
$45,000	
$1,000	
$150	
$1,200	
$100	
$1,200	
$10,190	
$1,000	
$1,440	
$825	
$1,500	
$600	
 	$175 	
 	$112,898 	

	
$2,400	
$184	
$4,426	
$1,250	
$4,095	
$3,881	
$0	
$0	
$22,500	
$500	
$0	
$0	
$110	
$257	
$9,588	
$451	
$361	
$375	
$750	
$0	
 	$175 	
 	$51,302 	

	
$6,000	
$459	
$574	
$2,500	
$0	
$6,119	
$600	
$8,000	
$22,500	
$500	
$150	
$1,200	
$221	
$943	
$0	
$549	
$722	
$751	
$750	
$600	
 	$0 	
 	$53,138 	

	
$8,400	
$643	
$5,000	
$3,750	
$4,095	
$10,000	
$600	
$8,000	
$45,000	
$1,000	
$150	
$1,200	
$331	
$1,200	
$9,588	
$1,000	
$1,083	
$1,126	
$1,500	
$600	
 	$175 	
 	$104,440 	

Field	
Miami Gardens Monitoring Fee	
Landscape Service	
Irrigation Repair and Maintenance	
Plant Replacement	
Repair and Maintenance	
Rust Prevention	
Street/Median Cleaning	
Janitorial Service	
Storm Water Drainage	
Holiday Decoration	
TOTAL FIELD	

$2,000	
$16,200	
$2,000	
$15,000	
$8,000	
$3,540	
$0	
$3,000	
$10,000	
 	$2,260 	
 	$62,000 	

$0	
$4,855	
$1,049	
$7,650	
$3,600	
$2,360	
$0	
$0	
$0	
 	$0 	
 	$19,514 	

$2,000	
$4,830	
$1,600	
$7,350	
$19,764	
$1,180	
$0	
$3,000	
$10,000	
 	$2,260 	
 	$51,984 	

$2,000	
$9,685	
$2,649	
$15,000	
$23,364	
$3,540	
$0	
$3,000	
$10,000	
 	$2,260 	
 	$71,498 	

TOTAL EXPENDITURES	 	$174,898	 	$70,816	 	$105,122	 	$175,938 

$12,000
$918
$5,000
$2,500
$4,100
$10,000
$600
$8,200
$45,000
$1,000
$150
$1,200
$300
$1,200
$10,547
$1,000
$1,000
$900
$1,500
$600
$175
$107,890

$2,000
$7,560
$4,800
$15,000
$14,648
$3,540
$7,200
$0
$10,000
$2,260
$67,008

$174,898

			
EXCESS REVENUES/(EXPENDITURES) 	$0	$95,160	($95,160)	$0	$0

FY2021	FY2022
Gross Assessment	$243,580	$184,103
-Discounts & Collection Fees	 		($12,179)	 		($9,205) Net Assessment		$231,401		$174,898
No. of Units	641	641
Gross Per Unit Assessment	$380.00	$287.21

FY2023
$184,103
($9,205)
$174,898
641
$287.21

Page 1

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.

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

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 and repairs.

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.

Street/Median Cleaning
Represents cleaning of median 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.

Debt Service Fund	
Series 2015A, Special Assessment Revenue Bonds	

Adopted	
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 - A Bonds	
Interest Income	
Carry Forward Surplus (1)	

$461,471	
$0	
$258,232	

$461,471	$437,394	$25,942	$463,336
$0	$19	$15	$34

 	$709,148 	 	$685,149 	

 	$25,957 	 	$711,106 	

$247,677	$247,736	$0	$247,736

TOTAL REVENUES	 	$719,703 

Expenditures

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

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

$166,491	
$0	
$0	

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

$163,491	
$163,491	
$125,000	

TOTAL EXPENDITURES	 	$452,981	 	$166,491	 	$286,491	 	$452,981	 	$451,981 

Other Financing Sources/(Uses)

$0		$93		$15		$108		$0	
$0		$93		$15		$108		$0	
									
 	$256,166	$518,751	($260,519)	$258,232	$267,722	

Interfund Transfer In (Out)

TOTAL OTHER FINANCING SOURCES/(USES)

Excess Revenue

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

Interest Expense 2015A 11/1/23

 	$160,366 

	

	

	

 	$160,366 

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

$43,342
$442,417	
	$485,759	

	

Gross Assessments	$485,759
$24,288	
Minus collection fees & Discount (5%)		
Net Assessment	$461,471	

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

Amortization Schedule	
Series 2015A, Special Assessment Revenue Bonds	

	

				
 	DATE		 	BALANCE		 RATE	 	PRINCIPAL		 	INTEREST		 	TOTAL		
11/01/22	$5,940,000.00	$163,490.63	
05/01/23	$5,940,000.00	5.000%	$125,000.00	$163,490.63	$451,981.25	
11/01/23	$5,815,000.00	$160,365.63	
05/01/24	$5,815,000.00	5.000%	$130,000.00	$160,365.63	$450,731.25	
11/01/24	$5,685,000.00	$157,115.63	
05/01/25	$5,685,000.00	5.000%	$140,000.00	$157,115.63	$454,231.25	
11/01/25	$5,545,000.00	$153,615.63	
05/01/26	$5,545,000.00	5.375%	$145,000.00	$153,615.63	$452,231.25	
11/01/26	$5,400,000.00	$149,718.75	
05/01/27	$5,400,000.00	5.375%	$155,000.00	$149,718.75	$454,437.50	
11/01/27	$5,245,000.00	$145,553.13	
05/01/28	$5,245,000.00	5.375%	$165,000.00	$145,553.13	$456,106.25	
11/01/28	$5,080,000.00	$141,118.75	
05/01/29	$5,080,000.00	5.375%	$175,000.00	$141,118.75	$457,237.50	
11/01/29	$4,905,000.00	$136,415.63	
05/01/30	$4,905,000.00	5.375%	$180,000.00	$136,415.63	$452,831.25	
11/01/30	$4,725,000.00	$131,578.13	
05/01/31	$4,725,000.00	5.375%	$190,000.00	$131,578.13	$453,156.25	
11/01/31	$4,535,000.00	$126,471.88	
05/01/32	$4,535,000.00	5.375%	$200,000.00	$126,471.88	$452,943.75	
11/01/32	$4,335,000.00	$121,096.88	
05/01/33	$4,335,000.00	5.375%	$210,000.00	$121,096.88	$452,193.75	
11/01/33	$4,125,000.00	$115,453.13	
05/01/34	$4,125,000.00	5.375%	$220,000.00	$115,453.13	$450,906.25	
11/01/34	$3,905,000.00	$109,540.63	
05/01/35	$3,905,000.00	5.375%	$230,000.00	$109,540.63	$449,081.25	
11/01/35	$3,675,000.00	$103,359.38	
05/01/36	$3,675,000.00	5.625%	$245,000.00	$103,359.38	$451,718.75	
11/01/36	$3,430,000.00	$96,468.75	
05/01/37	$3,430,000.00	5.625%	$260,000.00	$96,468.75	$452,937.50	
11/01/37	$3,170,000.00	$89,156.25	
05/01/38	$3,170,000.00	5.625%	$280,000.00	$89,156.25	$458,312.50	
11/01/38	$2,890,000.00	$81,281.25	
05/01/39	$2,890,000.00	5.625%	$295,000.00	$81,281.25	$457,562.50	
11/01/39	$2,595,000.00	$72,984.38	
05/01/40	$2,595,000.00	5.625%	$310,000.00	$72,984.38	$455,968.75	
11/01/40	$2,285,000.00	$64,265.63	
05/01/41	$2,285,000.00	5.625%	$330,000.00	$64,265.63	$458,531.25	
11/01/41	$1,955,000.00	$54,984.38	
05/01/42	$1,955,000.00	5.625%	$350,000.00	$54,984.38	$459,968.75	
11/01/42	$1,605,000.00	$45,140.63	
05/01/43	$1,605,000.00	5.625%	$370,000.00	$45,140.63	$460,281.25	
11/01/43	$1,235,000.00	$34,734.38	
05/01/44	$1,235,000.00	5.625%	$390,000.00	$34,734.38	$459,468.75	
11/01/44	$845,000.00	$23,765.63	
05/01/45	$845,000.00	5.625%	$410,000.00	$23,765.63	$457,531.25	
11/01/45	$435,000.00	$12,234.38	
05/01/46	$435,000.00	5.625%	$435,000.00	$12,234.38	$459,468.75
Total	$5,940,000.00	$4,979,818.75	$10,919,818.75