Adopted Budget
Fiscal Year 2021

Majorca Isles Community Development District

June 15, 2020

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

Adopted Budget
      FY 2020	

Actual Thru
     5/30/2020 

Projected Next
     4 Months 

Total Projected
     9/30/2020 

Adopted Budget
      FY 2021	

 Description	

Revenues

Maintenance Assessments Interest Income
Carry Forward Surplus

$243,580
$250
$26,651

$232,702
$386
$38,047

$10,878
$45
$0

$243,580
$431
$38,047

$243,580
$504
$45,101

TOTAL REVENUES

 	$270,481 

 	$271,135 

 	$10,923 

 	$282,058 

 	$289,185 

Expenditures

Administrative Annual Audit Quarterly Reporting Arbitage
Attorney Fees Computer Time Sissemination
Dues, Liceses and Subscription Engineering
FICA Expense Insurance Expense Legal Advertising Management Fees Office Supplies Bank Cahrges
Other Current Charges Postage
Printing and Binding Supervisor Fees Telephone
Trustee Fees Websiet Complieance Travel & Per Diem
Cabana Club House Operation Community Outreach / Enhancement

$3,900
$0
$1,250
$10,000
$1,000
$6,000
$175
$1,966
$3,000
$6,373
$1,250
$72,843
$600
$0
$500
$420
$240
$12,000
$150
$5,000
$500
$0
$0
$42,000

$0
$6,250
$600
$2,481
$1,387
$5,000
$811
$293
$0
$0
$181
$49,262
$0
$535
$258
$55
$27
$0
$280
$4,495
$352
$0
$0
$93,862

$9,600
$0
$0
$1,500
$429
$0
$0
$700
$0
$8,278
$362
$23,881
$0
$267
$0
$24
$481
$1,600
$140
$0
$166
$0
$0
$7,000

$9,600
$6,250
$600
$3,981
$1,816
$5,000
$811
$993
$0
$8,278
$543
$73,143
$0
$802
$258
$79
$508
$1,600
$420
$4,495
$518
$0
$0
$100,862

$9,600
$6,250
$1,250
$9,600
$999
$6,000
$175
$1,966
$1,920
$9,264
$504
$71,643
$600
$825
$1,440
$100
$1,200
$6,000
$150
$7,000
$500
$1,200
$0
$98,252

TOTAL ADMINISTRATIVE

 	$169,167 

 	$166,127 

 	$54,430 

 	$220,557 

 	$236,438 

Field
Miami Gardens Monitoring Fee Security
Storm Water Drainage Reserve

$2,000
$108,000
$5,400
$9,600

$0
$0
$0
$0

$2,000
$0
$4,800
$9,600

$2,000
$0
$4,800
$9,600

$2,000
$0
$8,017
$9,600

TOTAL FIELD

 	$125,000 

 	$0 

 	$16,400 

 	$16,400 

 	$19,617 

TOTAL EXPENDITURES

 	$294,167 

 	$166,127 

 	$70,830 

 	$236,957 

 	$256,055 

EXCESS REVENUES/(EXPENDITURES) 	($23,686)

$105,008

($59,907)

$45,101

$33,130

Page 1

FY2018	FY2019	FY2020	FY2020
Net Assessment	$304,475	$231,401	$231,401	$231,401 Less Discounts & Collection Fees		$16,025		$12,179		$12,179		$12,179 Gross Assessment	$320,500	$243,580	$243,580	$243,580 No. of Units			641			641			641			641
Net Per Unit Assessment	$475.00	$361.00	$361.00	$361.00
Gross Per Unit Assessment	$500.00	$380.00	$380.00	$380.00

FY2021
$231,401
$12,179
$243,580
641
$361.00
$380.00

MAJORCA ISLES
COMMUNITY DEVELOPMENT DISTRICT PROPOSED GENERAL FUND BUDGET FISCAL YEAR 2021

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.

_

_

_

EXPENDITURES:

Administrative:

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.

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.

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.

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.

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.

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity for $175

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.

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

Insurance
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.

Page 2

MAJORCA ISLES
COMMUNITY DEVELOPMENT DISTRICT PROPOSED GENERAL FUND BUDGET FISCAL YEAR 2021

Administrative: (continued)

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

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.

Office Supplies
Miscellaneous office supplies.

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

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.

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.

Telephone
Telephone and fax machine

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.

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.

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

Community Outreach and Enhancement
Allocation to assist with District outreach and owner programs including District beautification.

Page 3

MAJORCA ISLES
COMMUNITY DEVELOPMENT DISTRICT PROPOSED GENERAL FUND BUDGET FISCAL YEAR 2021

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.

Security
Private security patrol throughout the community

Storm Water Drainage Maintenance
Storm Drain Cleaning for all Storm Drains throughout the District.

Reserve
Represents the capital reserve funding for capital expenditures to repair or replace current fixed assets.

Page 4

Majorca Isles
Community Development District

Debt Service Fund
Series 2015A, Special Assessment Revenue Bonds

Adopted Budget
      FY 2020	

Actual Thru
     5/30/2020 

Projected Next
     4 Months 

Total Projected
     9/30/2020 

Adopted Budget
      FY 2021	

 Description	

Revenues

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

$461,471
$1,546
$224,430

$440,863
$3,549
$185,419

$20,608
$0
$0

$461,471
$3,549
$185,419

$461,471
$0
$185,419

TOTAL REVENUES

 	$687,447 

 	$629,831 

 	$20,608 

 	$650,439 

 	$646,890 

Expenditures

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

$175,269
$175,269
$110,000
$94,000

$175,269
$175,269
$110,000
$94,000

$0
$0
$0
$0

$175,269
$175,269
$110,000
$94,000

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

TOTAL EXPENDITURES

 	$554,538 

 	$554,538 

 	$0 

 	$554,538 

 	$460,038 

Other Financing Sources/(Uses)

Interfund Transfer In (Out)

$0

$0

$0

$0

$0

TOTAL OTHER FINANCING SOURCES/(USES)

$0

$0

$0

$0

$0

Excess Revenue

 	$132,909 

$75,294

$20,608

$95,902

$186,853

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

Interest Expense 2015A 11/1/22

   $172,518.75 
   $172,518.75 

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

Page 5

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

$485,759
$24,280

$485,759

Gross Annual
Parcel	Unity Count	Assessments
Single Family	51	850
Townhome	 	590	750
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	

11/01/21
05/01/22
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

$6,175,000.00
$6,175,000.00
$6,055,000.00
$6,055,000.00
$5,925,000.00
$5,925,000.00
$5,790,000.00
$5,790,000.00
$5,650,000.00
$5,650,000.00
$5,500,000.00
$5,500,000.00
$5,345,000.00
$5,345,000.00
$5,180,000.00
$5,180,000.00
$5,005,000.00
$5,005,000.00
$4,820,000.00
$4,820,000.00
$4,625,000.00
$4,625,000.00
$4,420,000.00
$4,420,000.00
$4,205,000.00
$4,205,000.00
$3,980,000.00
$3,980,000.00
$3,740,000.00
$3,740,000.00
$3,490,000.00
$3,490,000.00
$3,225,000.00
$3,225,000.00
$2,940,000.00
$2,940,000.00
$2,640,000.00
$2,640,000.00
$2,325,000.00
$2,325,000.00
$1,990,000.00
$1,990,000.00
$1,635,000.00
$1,635,000.00
$1,260,000.00
$1,260,000.00
$865,000.00
$865,000.00
$445,000.00
$445,000.00

$169,643.75
$169,643.75
$166,643.75
$166,643.75
$163,393.75
$163,393.75
$160,018.75
$160,018.75
$156,518.75
$156,518.75
$152,487.50
$152,487.50
$148,321.88
$148,321.88
$143,887.50
$143,887.50
$139,184.38
$139,184.38
$134,212.50
$134,212.50
$128,971.88
$128,971.88
$123,462.50
$123,462.50
$117,684.38
$117,684.38
$111,637.50
$111,637.50
$105,187.50
$105,187.50
$98,156.25
$98,156.25
$90,703.13
$90,703.13
$82,687.50
$82,687.50
$74,250.00
$74,250.00
$65,390.63
$65,390.63
$55,968.75
$55,968.75
$45,984.38
$45,984.38
$35,437.50
$35,437.50
$24,328.13
$24,328.13
$12,515.63
$12,515.63

5.000%

$120,000.00

$459,287.50

5.000%

$130,000.00

$463,287.50

5.000%

$135,000.00

$461,787.50

5.000%

$140,000.00

$460,037.50

5.375%

$150,000.00

$463,037.50

5.375%

$155,000.00

$459,975.00

5.375%

$165,000.00

$461,643.75

5.375%

$175,000.00

$462,775.00

5.375%

$185,000.00

$463,368.75

5.375%

$195,000.00

$463,425.00

5.375%

$205,000.00

$462,943.75

5.375%

$215,000.00

$461,925.00

5.375%

$225,000.00

$460,368.75

5.375%

$240,000.00

$463,275.00

5.625%

$250,000.00

$460,375.00

5.625%

$265,000.00

$461,312.50

5.625%

$285,000.00

$466,406.25

5.625%

$300,000.00

$465,375.00

5.625%

$315,000.00

$463,500.00

5.625%

$335,000.00

$465,781.25

5.625%

$355,000.00

$466,937.50

5.625%

$375,000.00

$466,968.75

5.625%

$395,000.00

$465,875.00

5.625%

$420,000.00

$468,656.25

5.625%

$445,000.00

$470,031.25

Page 6

Total	$6,290,000.00	$5,758,393.75	$12,048,393.75

11/01/20	$6,290,000.00	$172,518.75
05/01/21	$6,290,000.00	5.000%	$115,000.00	$172,518.75	$460,037.50