Adopted Budget	
Fiscal Year 2024	

Old Palm	
Community Development District	

April 20, 2023

Old Palm	
Community Development District	

TABLE OF CONTENTS

General Fund	
Budget	
Narrative	

Page 1-2	
Page 3-6	

Debt Service Fund	
Series 2019	
Amortization Schedule - 2019	

Page 7	
Page 8	

Adopted	
Budget	
FY2024	

$748,670
$5,000
$0
$110,367	
$864,037	

$25,000
$550
$5,080
$40,000
$4,500
$4,041
$38,868
$1,000
$100
$500
$12,000
$500
$1,500
$3,200
$1,000
$200
$175
$1,000	
$139,214	

$89,888
$30,955
$25,000
$12,000
$69,310
$5,000
$20,000
$60,000
$40,000
$15,000
$10,000
$15,000
$20,000
$12,000
$7,500
$48,000
$5,000
$9,600
$1,600
$15,000
$20,000
$6,000
$25,842	
$562,695	

Old Palm	
Community Development District	

Adopted	
Budget	
	FY2023		

Actual	
Thru	
	3/31/2023		

Projected	
Next	
	6 Months		

Total	
Projected	
	9/30/2023		

 Description	

Revenues

Special Assessments - Net	
Interest Income	
Misc Income	
Carry Forward Surplus	

$718,981	
$0	
$0	
$126,593	

$667,385	
$4,563	
$9,065	
$186,853	

$51,596	
$1,500	
$0	
$0	

$718,981	
$6,063	
$9,065	
$186,853	

	

	

TOTAL REVENUES		$845,574 		$867,866 		$53,096 		$920,962 

Expenditures

Administrative

Engineering Fees	
Arbitrage	
Assessment Roll	
Attorney Fees	
Annual Audit	
Trustee Fees	
Management Fees	
Computer Time	
Telephone	
Postage	
Insurance	
Printing & Binding	
Legal Advertising	
Other Current Charges	
Website Compliance	
Office Supplies	
Dues, Licenses & Subscriptions	
Contingency	

$15,000	
$550	
$5,080	
$45,000	
$4,200	
$4,041	
$38,868	
$1,000	
$100	
$500	
$12,000	
$1,500	
$1,500	
$1,200	
$1,000	
$200	
$175	
$1,000	

$14,506	
$0	
$4,930	
$12,630	
$4,200	
$4,041	
$19,434	
$500	
$0	
$28	
$11,505	
$143	
$383	
$1,569	
$500	
$83	
$175	
$0	

$14,506	$29,012	
$550	$550	
$150	$5,080	
$17,682	$30,312	
$0	$4,200	
$0	$4,041	
$19,434	$38,868	
$500	$1,000	
$50	$50	
$105	$133	
$0	$11,505	
$143	$286	
$383	$766	
$1,569	$3,138	
$500	$1,000	
$100	$183	
$0	$175	
$1,000	$1,000	

	

	

	

	

	

	

Total Administrative		$132,914 		$74,627 		$56,672 		$131,299 

Maintenance - Common Area

Field Management Fee	
Property Insurance	
Repairs & Maintenance	
Wall Maintenance/Repairs	
Landscape Maintenance	
Irrigation System Repairs	
Preserve-Wall Maintenance	
Preserve Maintenance	
Preserve Debris Removal	
Landscape Tree/Replacement	
Tree Trimming/Maintenance	
Clock/Irrigation - Repairs	
Pump Station Repair/Replacement	
Filters Clean up	
Filter Parts	
Lake Maintenance	
Lake Aerators Repairs	
Enzyme Treatment to Lake	
Water Testing	
Chemcials	
Drainage Maintenance	
Locate Services - Utilities	
Operation Contingencies	

$84,800	
$28,000	
$37,050	
$20,000	
$69,250	
$8,000	
$20,000	
$60,000	
$0	
$20,000	
$5,000	
$18,000	
$0	
$12,000	
$0	
$41,400	
$0	
$4,200	
$0	
$15,000	
$20,000	
$6,000	
$25,000	

$43,672	$43,672	$87,344
$29,481	$0	$29,481
$17,156	$17,156	$34,312
$19,628	$19,628	$39,256
$34,655	$34,655	$69,310
$9,353	$9,353	$18,706
$30,600	$0	$30,600
$0	$40,000	$40,000
$0	$0	$0
$3,880	$10,000	$13,880
$10,627	$0	$10,627
$13,172	$13,172	$26,344
$0	$0	$0
$5,617	$5,617	$11,234
$0	$0	$0
$22,910	$22,910	$45,820
$0	$0	$0
$7,250	$0	$7,250
$0	$0	$0
$15,575	$15,575	$31,150
$0	$15,000	$15,000
$3,863	$3,863	$7,726
$9,713	$9,713	$19,426

Total Maintenance - Common Area		$493,700 		$277,152 		$260,314 		$537,466 

Old Palm	
Community Development District	

Adopted	
Budget	
FY2024	

$35,705
$9,000
$9,000
$14,512
$3,000	
$71,217	

$46,380
$18,000
$22,204
$4,327	
$90,911	
	
$864,037	
	
$0	

Adopted	
Budget	
	FY2023		

Actual	
Thru	
	3/31/2023		

Projected	
Next	
	6 Months		

Total	
Projected	
	9/30/2023		

 Description	

Maintenance - Median

Landscape Median	
Tree Trimming/Maintenance	
Pine Straw/Mulch	
Landscape Tree/Replacement	
Irrigation Repairs - Median	

$35,406	
$9,000	
$9,000	
$18,314	
$3,000	

$17,853	
$18,892	
$0	
$0	
$0	

$17,853	
$0	
$7,500	
$10,000	
$1,500	

$35,706	
$18,892	
$7,500	
$10,000	
$1,500	

	

	

Total Maintenance - Median		$74,720 			$36,745 			$36,853 			$73,598 	
Reclaim Water								

Reservation Fee	
Repair and Maintenance	
Water Usage	
Contingencies	

$46,380	
$20,620	
$22,204	
$5,000	

$23,941	
$3,750	
$0	
$350	

$23,941	
$3,750	
$10,000	
$2,500	

$47,882	
$7,500	
$10,000	
$2,850	

	

	

Total Reclaim Water		$94,204 			$28,041 			$40,191 			$68,232 	
TOTAL EXPENDITURES		$795,537 			$416,565 			$394,030 			$810,595 	
Excess Revenues/(Expenditures)		$50,037 			$451,301 			($340,934)			$110,367 	

Product Type	
# Units	FY2023	FY2024	
		Gross Per Unit	Total	Gross Per Unit		Total	
Golf Cottages	8	$1,998.30	$15,986.40	$2,094.30	$16,754.40	
Villa	110	$1,998.30	$219,813.00	$2,094.30	$230,373.00	
Grand Estates	87	$1,998.30	$173,852.10	$2,094.30	$182,204.10	
One Acre Estates w/Rclm Water	69	$3,555.30	$245,315.70	$3,651.30	$251,939.70	
One Acre Estates	11	$1,998.30	$21,981.30	$2,094.30	$23,037.30	
Sable Palms Parcel A	31	$1,998.30	$61,947.30	$2,094.30	$64,923.30	
Golf Course *	1	$25,977.90	$25,977.90	$27,225.90	$27,225.90	
Total

* 43,000 sq.ft. was the assigned area to the Golf Club	317	Gross Assessments	$764,873.70	Gross Assessments		$796,457.70	
		Discounts (6%)	($45,892.42)	Discounts (6%)		($47,787.46)	
		Net Assessments	$718,981.28	Net Assessments		$748,670.24	
		Net Increase per Unit	$96.00		

REVENUES:

Assessments
The District will levy a maintenance assessment on all assessable property within the district.

Interest Income
The District will have all excess funds invested with the State Board of Administration. The amount is based upon the estimated average balance of funds available during the fiscal year.

EXPENDITURES:

Administrative:

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, and various projects assigned as directed by the board of supervisors.

Arbitrage
The District is required to have an annual arbitrage rebate calculation prepared for the Series 2015, Special Assessment Refunding Bonds. The District has contracted with LLS Tax Solutions to perform this calculation.

Assessment Roll
Represents an annual charge from for preparing and administrating the District’s assessments on the landowner’s tax bills. Amount is 1% of the annual roll, not to exceed $2,300. The County charges $2,630 to include the Non-ad Valorem assessments on the tax roll, and $150 for admin costs.

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, agreements, etc.

Annual Audit
The District is required by Florida Statute to arrange for an annual audit of its financial records by an independent certified public accounting firm.

Trustee Fees
The District’s Series 2019, Special Assessment Refunding Bonds are held by a Trustee with US Bank, N.A. The amount represents the fee for the administration of the District’s bond issue.

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.

Computer Time
The District processes all its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.

Telephone
This category includes all charges relating to telephone calls, conference calls, and faxes made to and on behalf of the District.

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

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with Preferred Governmental Insurance Trust. PGIT specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.

Printing & Binding
This category includes expenses relating to the printing and binding of agenda packages for board meetings, accounts payable checks, stationary, envelopes, photocopies, etc.

Administrative: (continued)

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

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

Website Compliance
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.

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. This is the only expense under this category for the District.

Contingency
Represents any unforeseen expenditures.

Maintenance – Common Area:

Field Management Fees
The District has contracted with LSB Golf Consultants. for the following:

-Supervise all contractors
-Property inspections
-Preparation of bids
-Contract development
-Respond to District residents
-Negotiate contracts at Board direction
-Emergency services program
-Make recommendations to Board
The contract is $89,888.04/annually or $7,490.67 per month, plus reimbursable expenses.

Property Insurance
The District's Property Insurance policy is with Preferred Governmental Insurance Trust. PGIT specializes in providing insurance coverage to governmental agencies. This is for the perimeter wall of the District.

Repairs & Maintenance
Represents costs associated with basic maintenance and repairs in the District.

Wall Maintenance/Repairs
Represents the costs of cleaning along the wall, painting and repairs as needed.

Landscape Maintenance
The District has contracted with Horizon Landscape Management for the following services:
-Weekly mowing, edging, weed-eating and blowing
-Monthly pruning of trees of shrubs
-Monthly application of herbicide on plant beds and hardscapes
-Bi-monthly pest control
-Monthly irrigation wet checks
-Monthly porter services
The contract is $105,016/annually or $8,751.30 per month. This cost is split with the Median. Common Area 66%/Median 34%.

Irrigation System & Repairs
Included in Landscape Maintenance contracted amount.

Preserve Maintenance
The District has contracted with Solitude Lake Management, Inc. for the following services:
-Treatment 3 times per month for a total of 36 times per year to 78 acres
-Trash removal
The contract is $60,000/annually or $5,000 per month

Maintenance – Common Area: (continued)

Landscape Tree/Replacement
The replacement and maintenance of trees within the common area of the District.

Tree Trimming/Maintenance
The trimming and maintenance the trees within the common area of the District.

Clock/Irrigation - Repairs
Irrigation system repairs and materials within the common area of the District.

Pump Station Repairs/Replacement
Irrigation Lift Station repairs and materials.

Filter Maintenance
Represents the cost to clean and maintain the VAF filters.

Filter Parts
Reprensts of the cost of parts for VAF filters.

Lake Maintenance
The District has contracted with Solitude Lake Management, Inc. for the following services on the CDD’s 15 lakes:
-Algae and aquatic weed control
-Border grass and brush control
-Water testing/pH, temperature, dissolved oxygen
-Management reporting
-Aquatic consulting
-Littoral shelf maintenance
Contractor will perform 48 inspections per year and treat as necessary.

Lake Aerator Repairs
Represents the cost to repair and maintain the aerator system in the lakes.

Enzyme Treatment for Lakes
Represents the cost to treat the lakes to remove plant decay, algae, muck etc.

Water Testing
Represents the cost of testing the lake water to ensure safe levels.

Drainage Maintenance
Annual Storm Drain Cleaning for a portion of the Storm Drains system.

Locate Services
The District has contracted with USIC Receivables to locate utility lines prior to earthwork to prevent damage to the system.

Wall Maintenance/Repairs
Includes maintenance and repairs for the perimeter wall on the outside portion of the wall.

Operating Contingencies
Any unforeseen operating cost.

Maintenance – Median:

Landscape Maintenance
The District has contracted with Horizon Landscape Management for the following services:
-Weekly mowing, edging, weed-eating and blowing
-Monthly pruning of trees of shrubs
-Monthly application of herbicide on plant beds and hardscapes
-Bi-monthly pest control
-Monthly irrigation wet checks
-Monthly porter services
The contract is $105,016/annually or $8,751.30 per month. This cost is split with the Median. Common Area 66%/Median 34%.

Tree Trimming/Maintenance
The trimming and maintenance the trees on the medians

Pine Straw
The replacement of mulch on the medians.

Landscape Tree/Replacement
Replacement any tree on the medians.

Irrigation Repairs - Median
Irrigation repairs and materials.

Reclaim Water:

Reservation Fee
As part of the reclaim water use the community has signed for an annual obligation based on assigned gallons of water that are distributed to the community.

Management Fee
The District contract with a company to provide oversite to the reclaim water service.

Repair and Maintenance
Miscellaneous repairs and maintenance to the reclaim water system, its pump, and equipment.

Water Usage
Represents the cost of water from Seacoast as per agreement.

Old Palm	
Community Development District	

 	
Debt Service Fund	
Series 2019 Special Assessment Refunding Bonds	

Adopted	
Budget	
	FY2023		

Actual	
Thru	
	3/31/2023		

Projected	
Next	
	6 Months		

Total	
Projected	
	9/30/2023		

Adopted	
Budget	
	FY2024		

 Description	

Revenues	
Special Assessments - Net	
Interest Income	
Carry Forward Surplus	

$815,063	$759,087	
$0	$8,125	
$344,776	$368,924	

$55,976	
$3,443	
$0	

$815,063	$815,063	
$11,568	$0	
$368,924	$374,930	

TOTAL REVENUES		$1,189,993 

	$1,159,839 			$1,136,136 	

	$59,419 			$1,195,555 	

Expenditures

Series 2019	
Interest - 11/1	
Interest - 5/1	
Principal - 5/1	

$112,813	
$112,813	
$595,000	

$112,813	
$0	
$0	

$0	$112,813	
$112,813	$112,813	
$595,000	$595,000	

$105,375	
$105,375	
$610,000	

TOTAL EXPENDITURES		$820,625 			$112,813 			$707,813 			$820,625 			$820,750 	
Excess Revenues/(Expenditures)		$339,214 			$1,023,324 			($648,394)			$374,930 			$369,243 	

11/01/24 Interest	$97,750	

Product Type	# Units	FY24 Gross	FY 2024	
	Per Unit	Total	

Golf Cottages Villa
Grand Estates
One Acre Estates w/Rclm Water One Acre Estates
Sable Palms Parcel A
Golf Course *	
8
110
87
69
11
31
1	
$1,359.47
$1,510.68
$2,718.94
$4,036.11
$3,020.65
$1,529.96
$94,341.93
Gross Assessments Discounts (6%)
Net Assessments	
$10,876
$166,175
$236,548
$278,492
$33,227
$47,429
$94,342	
Total	317

* 43,000 sq.ft. was the assigned area to the Golf Club		$867,088 ($52,025)
$815,063	

Old Palm	
Community Development District	

 	
Amortization Schedule	
Series 2019, Special Assessment Refunding Bonds	

 	
	DATE			BALANCE			RATE				PRINCIPAL				INTEREST				TOTAL		
05/01/20	$10,720,000.00	2.50%		$550,000.00		$136,233.33			
11/01/20	$10,170,000.00	2.50%		$0.00		$127,125.00		$813,358.33	
05/01/21	$10,170,000.00	2.50%		$565,000.00		$127,125.00			
11/01/21	$9,605,000.00	2.50%		$0.00		$120,062.50		$812,187.50	
05/01/22	$9,605,000.00	2.50%		$580,000.00		$120,062.50			
11/01/22	$9,025,000.00	2.50%		$0.00		$112,812.50		$812,875.00	
05/01/23	$9,025,000.00	2.50%		$595,000.00		$112,812.50			
11/01/23	$8,430,000.00	2.50%		$0.00		$105,375.00		$813,187.50	
05/01/24	$8,430,000.00	2.50%		$610,000.00		$105,375.00			
11/01/24	$7,820,000.00	2.50%		$0.00		$97,750.00		$813,125.00	
05/01/25	$7,820,000.00	2.50%		$625,000.00		$97,750.00			
11/01/25	$7,195,000.00	2.50%		$0.00		$89,937.50		$812,687.50	
05/01/26	$7,195,000.00	2.50%		$640,000.00		$89,937.50			
11/01/26	$6,555,000.00	2.50%		$0.00		$81,937.50		$811,875.00	
05/01/27	$6,555,000.00	2.50%		$655,000.00		$81,937.50			
11/01/27	$5,900,000.00	2.50%		$0.00		$73,750.00		$810,687.50	
05/01/28	$5,900,000.00	2.50%		$675,000.00		$73,750.00			
11/01/28	$5,225,000.00	2.50%		$0.00		$65,312.50		$814,062.50	
05/01/29	$5,225,000.00	2.50%		$690,000.00		$65,312.50			
11/01/29	$4,535,000.00	2.50%		$0.00		$56,687.50		$812,000.00	
05/01/30	$4,535,000.00	2.50%		$710,000.00		$56,687.50			
11/01/30	$3,825,000.00	2.50%		$0.00		$47,812.50		$814,500.00	
05/01/31	$3,825,000.00	2.50%		$725,000.00		$47,812.50			
11/01/31	$3,100,000.00	2.50%		$0.00		$38,750.00		$811,562.50	
05/01/32	$3,100,000.00	2.50%		$745,000.00		$38,750.00			
11/01/32	$2,355,000.00	2.50%		$0.00		$29,437.50		$813,187.50	
05/01/33	$2,355,000.00	2.50%		$765,000.00		$29,437.50			
11/01/33	$1,590,000.00	2.50%		$0.00		$19,875.00		$814,312.50	
05/01/34	$1,590,000.00	2.50%		$785,000.00		$19,875.00			
11/01/34	$805,000.00	2.50%		$0.00		$10,062.50		$814,937.50	
05/01/35	$805,000.00	2.50%		$805,000.00		$10,062.50			

	Total			$10,720,000.00		$2,289,608.33		$12,194,545.83