Adopted Budget
Fiscal Year 2022

Old Palm Community Development District

August 19, 2021

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

Old Palm
Community Development District

General Fund

Adopted Budget
FY2021 (1)

Actual Thru
 	7/31/21	

Projected Next
 	2 Months	

Total Projected
 	9/30/21	

Adopted Budget FY2022 (2) (3)

 Description	

Revenues

Special Assessments - Net Interest Income
Misc Income
Carry Forward Surplus

$657,103
$5,000
$0
$1,616

$670,378
$595
$0
$6,675

$0
$50
$0
$0

$670,378
$645
$0
$6,675

$718,981
$0
$0
$13,905

TOTAL REVENUES

 	$663,719 

 	$677,648 

 	$50 

 	$677,698 

 	$732,887 

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
$650
$5,080
$40,000
$4,000
$6,438
$37,017
$1,000
$100
$500
$10,832
$1,500
$1,500
$1,200
$1,000
$200
$175
$1,000

$25,060
$1,100
$5,080
$30,185
$4,000
$4,041
$30,848
$833
$0
$285
$10,340
$308
$495
$861
$833
$16
$175
$0

$12,530
$0
$0
$15,093
$0
$0
$6,170
$167
$50
$57
$0
$62
$99
$172
$167
$50
$0
$500

$37,590
$1,100
$5,080
$45,278
$4,000
$4,041
$37,017
$1,000
$50
$343
$10,340
$370
$594
$1,034
$1,000
$66
$175
$500

$15,000
$550
$5,080
$45,000
$4,100
$4,041
$37,017
$1,000
$100
$500
$11,374
$1,500
$1,500
$1,200
$1,000
$200
$175
$1,000

Total Administrative

 	$127,192 

 	$114,461 

 	$35,115 

 	$149,577 

 	$130,337 

Maintenance - Common Area

Field Management Fee Property Insurance Repairs & Maintenance Wall Maintenance/Repairs Landscape Maintenance Irrigation System Repairs Preserve Maintenance
Landscape Tree/Replacement Pine Straw
Tree Trimming/Maintenance Pump/Clock/Irrigation
Pump Irrigation - Lift Station Irrigation Water
Lake Maintenance Drainage Maintenance Operation Contingencies

$80,000
$25,387
$25,000
$14,000
$65,952
$19,248
$37,800
$20,000
$3,000
$5,000
$8,500
$10,000
$15,000
$22,020
$20,000
$10,000

$66,667
$25,387
$29,676
$17,184
$54,961
$13,166
$18,900
$14,752
$0
$10,950
$0
$0
$0
$22,815
$0
$2,596

$13,333
$0
$5,935
$3,437
$10,992
$2,633
$9,951
$2,950
$3,000
$2,190
$2,500
$5,000
$5,000
$4,563
$5,000
$5,000

$80,000
$25,387
$35,611
$20,621
$65,953
$15,799
$28,851
$17,702
$3,000
$13,140
$2,500
$5,000
$5,000
$27,378
$5,000
$7,596

$80,000
$27,926
$20,000
$20,000
$65,952
$19,248
$64,000
$20,000
$3,000
$5,000
$8,500
$10,000
$15,000
$45,000
$20,000
$10,000

Total Maintenance - Common Area

 	$380,907 

 	$277,053 

 	$81,485 

 	$358,538 

 	$433,626 

Page 1

Old Palm
Community Development District

General Fund

Adopted Budget
FY2021 (1)

Actual Thru
 	7/31/21	

Projected Next
 	2 Months	

Total Projected
 	9/30/21	

Adopted Budget FY2022 (2) (3)

 Description	

Maintenance - Median

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

$33,720
$5,000
$2,500
$20,000
$2,748

$28,099
$10,950
$0
$1,700
$0

$5,620
$2,375
$2,500
$15,000
$2,500

$33,719
$13,325
$2,500
$16,700
$2,500

$33,720
$9,000
$9,000
$20,000
$3,000

Total Maintenance - Median

 	$63,968 

 	$40,749 

 	$27,995 

 	$68,744 

 	$74,720 

Reclaim Water

Reservation Fee
Repair and Maintenance Water Usage Contingencies

$42,000
$25,000
$22,069
$2,500

$33,894
$25,895
$0
$4,323

$6,779
$5,179
$10,000
$865

$40,673
$31,074
$10,000
$5,188

$42,000
$25,000
$22,204
$5,000

Total Reclaim Water

 	$91,569 

 	$64,112 

 	$22,822 

 	$86,934 

 	$94,204 

TOTAL EXPENDITURES

 	$663,636 

 	$496,375 

 	$167,418 

 	$663,793 

 	$732,887 

Other Financing Sources/(Uses)

Deferred Expenses

$0

($74,873)

$0

($74,873)

$0

Total Financing Sources/(Uses)

 	$0 

($74,873)

$0

($74,873)

$0

Excess Revenues/(Expenditures)

 	$83 

 	$106,400 

 	($167,368) 

 	$13,905 

 	$0 

(1)  FY 2021  period: Oct. 1, 2020 until Sep. 30,  2021
(2)  FY 2022  period: Oct. 1, 2021 until Sep. 30,  2022
(3) Includes proposed increase of $200 per unit

Page 2

Product Type	# Units
Golf Cottages	8
Villa	110
Grand Estates	87
One Acre Estates w/Rclm Water	69
One Acre Estates	11
Sable Palms Parcel A	31
Golf Course *	1
Total	317

* 43,000 sq.ft. was the assigned area to the Golf Club

FY21

FY22 with $200 per unit increase

Gross Per Unit	Total

Gross Per Unit	Total

$1,798
$1,798
$1,798
$3,355
$1,798
$1,798
$23,378
Gross Assessments Discounts (6%)
Net Assessments

$14,386
$197,813
$156,452
$231,488
$19,781
$55,747
$23,378

$1,998.30
$1,998.30
$1,998.30
$3,555.30
$1,998.30
$1,998.30
$25,977.90
Gross Assessments Discounts (6%) Net Assessments

$15,986
$219,813
$173,852
$245,316
$21,981
$61,947
$25,978

$699,046
($41,943)

$764,874
($45,892)

$657,103

$718,981

Old Palm
Community Development District

General Fund

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.

Page 3

Old Palm
Community Development District

General Fund

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 category for the District.

This is the only expense under

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 $80,000/annually or $6,667 per month, plus reimbursable expenses.

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

PGIT specializes in providing insurance

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

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 $65,952/annually or $5,496 per month.

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 $37,800/annually or $3,150 per month
Page 4

Old Palm
Community Development District

General Fund

Maintenance – Common Area: (continued)

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

Pine Straw
The replacement of mulch within the common area of the District.

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

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

Pump Irrigation – Lift Station
Irrigation Lift Station repairs and materials.

Irrigation Water
Electrical cost for running the reclaim water service.

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. The contract is $22,020/annually or $1,835 per month.

Drainage Maintenance
Annual Storm Drain Cleaning for a portion of the Storm Drains 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 Median
The District has contracted with Horizon Landscape Management for the following services of the District medians:

-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 $33,720/annually or $2,810 per month.

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.

Page 5

Old Palm
Community Development District

General Fund

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.

Page 6

Old Palm
Community Development District

Debt Service Fund Series 2019 Special Assessment Refunding Bonds

Adopted Budget
 	FY2021	

Actual Thru
 	7/31/21	

Projected Next
     Next 2 Months 

Total Projected
 	9/30/21	

Adopted Budget
 	FY2022	

 Description	

Revenues

Special Assessments - Net Interest Income
Carry Forward Surplus

$813,225
$0
$98,758

$829,271
$30
$349,823

$0
$0
$0

$829,271
$30
$349,823

$815,063
$0
$359,874

TOTAL REVENUES

 	$911,983 

 	$1,179,124 

 	$0 

 	$1,179,124 

 	$1,174,937 

Expenditures

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

$127,125
$127,125
$565,000

$127,125
$127,125
$565,000

$0
$0
$0

$127,125
$127,125
$565,000

$120,063
$120,063
$580,000

TOTAL EXPENDITURES

 	$819,250 

 	$819,250 

 	$0 

 	$819,250 

 	$820,125 

Excess Revenues/(Expenditures)

 	$92,733 

 	$359,874 

 	$0 

 	$359,874 

 	$354,812 

11/01/22 Interest

$112,813

Page 7

Product Type	# Units

FY21 Gross Per Unit

FY22 Gross	FY 2022
Per Unit	Total

Golf Cottages	8
Villa	110
Grand Estates	87
One Acre Estates w/Rclm Wa	69
One Acre Estates	11
Sable Palms Parcel A	31
Golf Course *	1

$1,511
$1,530
$2,719
$4,036
$3,021
$1,359
$94,342

$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	

5/1/20
11/1/20
5/1/21

$10,720,000.00
$10,170,000.00
$10,170,000.00

2.50%
2.50%
2.50%

$550,000.00
$0.00
$565,000.00

$136,233.33
$127,125.00
$127,125.00

$813,358.33

11/1/22
5/1/23
11/1/23
5/1/24
11/1/24
5/1/25
11/1/25
5/1/26
11/1/26
5/1/27
11/1/27
5/1/28
11/1/28
5/1/29
11/1/29
5/1/30
11/1/30
5/1/31
11/1/31
5/1/32
11/1/32
5/1/33
11/1/33
5/1/34
11/1/34
5/1/35

$9,025,000.00
$9,025,000.00
$8,430,000.00
$8,430,000.00
$7,820,000.00
$7,820,000.00
$7,195,000.00
$7,195,000.00
$6,555,000.00
$6,555,000.00
$5,900,000.00
$5,900,000.00
$5,225,000.00
$5,225,000.00
$4,535,000.00
$4,535,000.00
$3,825,000.00
$3,825,000.00
$3,100,000.00
$3,100,000.00
$2,355,000.00
$2,355,000.00
$1,590,000.00
$1,590,000.00
$805,000.00
$805,000.00

2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%

$0.00
$595,000.00
$0.00
$610,000.00
$0.00
$625,000.00
$0.00
$640,000.00
$0.00
$655,000.00
$0.00
$675,000.00
$0.00
$690,000.00
$0.00
$710,000.00
$0.00
$725,000.00
$0.00
$745,000.00
$0.00
$765,000.00
$0.00
$785,000.00
$0.00
$805,000.00

$112,812.50
$112,812.50
$105,375.00
$105,375.00
$97,750.00
$97,750.00
$89,937.50
$89,937.50
$81,937.50
$81,937.50
$73,750.00
$73,750.00
$65,312.50
$65,312.50
$56,687.50
$56,687.50
$47,812.50
$47,812.50
$38,750.00
$38,750.00
$29,437.50
$29,437.50
$19,875.00
$19,875.00
$10,062.50
$10,062.50

$812,875.00

$813,187.50

$813,125.00

$812,687.50

$811,875.00

$810,687.50

$814,062.50

$812,000.00

$814,500.00

$811,562.50

$813,187.50

$814,312.50

$814,937.50

 	Total	

 	$10,720,000.00 

 	$2,289,608.33 

 	$12,194,545.83 

Page 8

11/1/21	$9,605,000.00	2.50%	$0.00	$120,062.50	$812,187.50
5/1/22	$9,605,000.00	2.50%	$580,000.00	$120,062.50