Old Palm	
Community Development District	

Approved Proposed Budget	
FY 2025	

Table of Contents

1-2

3-6

7

8

	General Fund

	Narratives

	Debt Service Fund Series 2019

	Series 2019 Amortization Schedule

9		Assessment Schedule

Old Palm	
Community Development District	
Approved Proposed Budget	
General Fund	

REVENUES:

Special Assessments - On Roll	$	748,670	$	653,963	$	108,664	$	762,627	$	748,670	
Interest income	5,000	57,852	91,243	149,095	100,000	
Easement	-	274,264	-	274,264	-	
Other Income	-	8,195	-	8,195	-	
Carry Forward Surplus	110,367	-	-	-	114,681	
TOTAL REVENUES	$864,037	$994,274	$199,907	$1,194,181	$963,351	

EXPENDITURES:

Administrative						
Engineering	$	25,000	$	7,733	$	23,199	$	30,932	$	25,000	
Attorney	40,000	21,169	63,507	84,676	50,000	
Annual Audit	4,500	2,000	2,500	4,500	4,500	
Assessment Administration	5,080	4,930	-	4,930	5,080	
Arbitrage Rebate	550	-	550	550	550	
Trustee Fees	4,041	4,041	-	4,041	4,041	
Management Fees	38,868	12,956	25,912	38,868	40,811	
Information Technology	1,000	333	667	1,000	1,050	
Website Maintenance	1,000	333	667	1,000	1,050	
Telephone	100	-	50	50	100	
Postage & Delivery	500	52	104	156	250	
Insurance General Liability	12,000	11,908	-	11,908	12,000	
Printing & Binding	500	174	348	522	500	
Legal Advertising	1,500	-	1,500	1,500	2,000	
Other Current Charges	3,200	1,683	3,366	5,049	6,000	
Office Supplies	200	-	100	100	200	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Contingency	1,000	-	1,000	1,000	1,000	

TOTAL ADMINISTRATIVE	$139,214	$67,488	$123,469	$190,957	$154,307	

Old Palm	
Community Development District	
Approved Proposed Budget	
General Fund	

Operations & Maintenance

Maintenance - Common Area						
Field Management Fee	$	89,888	$	30,695	$	62,922	$	93,616	$	96,382	
Property Insurance	30,955	42,159	-	42,159	45,000	
Repairs & Maintenance	25,000	8,408	16,815	25,223	25,000	
Wall Maintenance/Repairs	12,000	27,456	-	27,456	20,000	
Landscape Maintenance	69,310	23,103	70,010	93,113	65,600	
Irrigation System Repairs	5,000	-	5,000	5,000	16,632	
Preserve-Wall Maintenance	20,000	-	20,000	20,000	20,000	
Preserve Maintenance	60,000	20,000	40,000	60,000	60,000	
Preserve Debris Removal	40,000	-	40,000	40,000	20,000	
Landscape Tree/Replacement	15,000	37,872	-	37,872	15,000	
Tree Trimming/Maintenance	10,000	6,048	3,952	10,000	12,000	
Clock/Irrigation - Repairs	15,000	7,654	7,346	15,000	15,000	
Pump Station Repair/Replacement	20,000	4,290	12,870	17,160	12,000	
Filters Clean up	12,000	3,139	6,278	9,417	12,000	
Filter Parts	7,500	-	7,500	7,500	5,000	
Lake Maintenance	48,000	15,290	30,580	45,870	45,070	
Lake Aerators Repairs	5,000		5,000	5,000	5,000	
Enzyme Treatment to Lake	9,600		9,600	9,600	9,600	
Water Testing	1,600	-	1,600	1,600	1,600	
Chemicals	15,000	6,933	13,866	20,799	35,000	
Drainage Maintenance	20,000	-	20,000	20,000	20,000	
Locate Services - Utilities	6,000	1,815	3,630	5,445	6,000	
Operation Contingencies	25,842	6,304	19,539	25,842	20,000	
Capital Outlay	-	37,200	37,200	74,400	54,959	

TOTAL MAINTENANCE - COMMON AREA	$562,695	$278,365	$433,708	$712,072	$636,843	

Maintenance - Median						
Landscape Median	$	35,705	$	11,902	$	23,803	$	35,705	$	42,200	
Tree Trimming/Maintenance	9,000	10,752	-	10,752	20,000	
Pine Straw/Mulch	9,000	-	9,000	9,000	-	
Landscape Tree/Replacement	14,512	-	14,512	14,512	10,000	
Irrigation Repairs - Median	3,000	-	3,000	3,000	7,128	

TOTAL MAINTENANCE - MEDIAN	$71,217	$22,654	$50,315	$72,969	$79,328	

Reclaim Water						
Reservation Fee	$	46,380	$16,849	$42,122	$58,971	$	50,546	
Repair and Maintenance	18,000	-	18,000	18,000	18,000	
Water Usage	22,204	-	22,204	22,204	20,000	
Contingencies	4,327	1,610	2,717	4,327	4,327	

TOTAL RECLAIM WATER	$90,911	$18,459	$85,043	$103,502	$92,873	

TOTAL EXPENDITURES	$864,037	$386,965	$692,535	$1,079,500	$963,352	

EXCESS REVENUES (EXPENDITURES)	$(0)	$607,309	$(492,628)	$114,681	$	-	

REVENUES	

Special Assessments-Tax Roll	
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating expenditures during the Fiscal Year.	
Interest	
The District earns interest on the monthly average collected balance for each of their investment accounts.	

Expenditures - Administrative	

Engineering	
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.	
Attorney	
The District’s Attorney, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.	
Annual Audit	
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.	
Assessment Administration	
GMS SF, LLC provides assessment services for closing lot sales, assessment roll services with the local Tax Collector and financial advisory services.	
Arbitrage Rebate	
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.	
Trustee Fees	
The District bonds will be held and administered by a Trustee. This represents the trustee annual fee.	
Management Fees	
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-South Florida, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.	
Information Technology	
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.	
Website Maintenance	
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.	
Communication - Telephone	
New internet and Wi-Fi service for Office.	
Postage and Delivery	
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.	

Expenditures - Administrative (continued)	
Insurance General Liability	
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.	
Printing and Binding	
Copies used in the preparation of agenda packages, required mailings, and other special projects.	
Legal Advertising	
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.	
Other Current Charges	
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.	
Office Supplies	
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.	
Due, Licenses & Subscriptions	
The District is required to pay an annual fee to the Department of Economic Opportunity Community Affairs for $175.	
Contingencies	
A contingency for any unanticipated and unscheduled cost to the District.	

Expenditures – Maintenance Common Area	

Field Management Fee	
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	
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	

Expenditures – Maintenance Common Area (continued)	
Irrigation Systems Repair	
Included in Landscape Maintenance contracted amount.	
Preserve-Wall Maintenance	
Includes maintenance and repairs for the perimeter wall on the outside portion of the wall.	
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	
Preserve Debris Removal	
Remove an debris from the preserves.	
Landscape Tree/Replacement	
The replacement and maintenance of trees within the common area of the District combined with replacement of Pine Straw and mulch on the medians.	
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 Repair/Replacement	
Irrigation Lift Station repairs and materials.	
Filters Clean up	
Represents the cost to clean and maintain the VAF filters.	
Filter Parts	
Represents 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:	
Contractor will perform 48 inspections per year and treat as necessary.	
-Algae and aquatic weed control	
-Border grass and brush control	
-Water testing/pH, temperature, dissolved oxygen	
-Management reporting	
-Aquatic consulting	
-Littoral shelf maintenance	
Lake Aerators Repairs	
Represents the cost to repair and maintain the aerator system in the lakes.	
Enzyme Treatment to Lake	
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.	
Chemicals	
The District has an agreement with Florida Pool Fills, Inc. to provide chemicals.	
Drainage Maintenance	
Annual Storm Drain Cleaning for a portion of the Storm Drains system.	
Locate Services - Utilities	
The District has contracted with USIC Receivables to locate utility lines prior to earthwork to prevent damage to the system.	
Operation Contingencies	
Any unforeseen operating cost.	
Capital Outlay	
Represents any capital expenditures the Disrict may incur during the Fiscal Year.	

Expenditures – Maintenance - Median	

Landscape Median	
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	
Tree Trimming/Maintenance	
The trimming and maintenance the trees on the medians	
Landscape Tree/Replacement	
Replacement any tree on the medians.	
Irrigation Repairs - Median	
Irrigation repairs and materials.	

Expenditures – 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.	
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.	
Contingencies	
Represents any un-budgeted expense related to reclaim water for the District.	

Old Palm	
Community Development District	
Approved Proposed Budget	
Debt Service Series 2019 Special Assessment Refunding Bonds	

Adopted
Budget	Actuals Thru	Projected Next	Projected Thru	Approved
Proposed	
Description	FY2024	1/31/24	8 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments-On Roll	$815,063	$720,267	$109,538	$829,805	$815,063	
Interest Earnings	-	7,491	10,509	18,000	15,000	
Carry Forward Surplus (1)	374,930	-	374,930	374,930	401,985	

TOTAL REVENUES	$1,189,993	$727,758	$494,977	$1,222,735	$1,232,048	

EXPENDITURES:

Interest - 11/1	$105,375	$105,375	$-	$105,375	$97,750	
Interest - 5/1	105,375	-	105,375	105,375	97,750	
Principal - 5/1	610,000	-	610,000	610,000	625,000	

TOTAL EXPENDITURES	$820,750	$105,375	$715,375	$820,750	$820,500	

Other Sources/(Uses)

Interfund transfer In/(Out)	$-	$-	-	-	$-	

TOTAL OTHER SOURCES/(USES)	$-	$-	$-	$-	$-	

TOTAL EXPENDITURES	$820,750	$105,375	$715,375	$820,750	$820,500	

EXCESS REVENUES (EXPENDITURES)	$369,243	$622,383	$(220,398)	$401,985	$411,548	

Interest Due 11/1/25	$89,937.50	
		$89,937.50 	

(1) Carry Forward is Net of Reserve Requirement

Old Palm	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2019 Special Assessment Refunding Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

05/01/20	$10,720,000	2.500%	$550,000	$136,233	$-	
11/01/20	10,170,000	2.500%	-	127,125	813,358.33	
05/01/21	10,170,000	2.500%	565,000	127,125		
11/01/21	9,605,000	2.500%	-	120,063	812,187.50	
05/01/22	9,605,000	2.500%	580,000	120,063		
11/01/22	9,025,000	2.500%	-	112,813	812,875.00	
05/01/23	9,025,000	2.500%	595,000	112,813		
11/01/23	8,430,000	2.500%	-	105,375	813,187.50	
05/01/24	8,430,000	2.500%	610,000	105,375		
11/01/24	7,820,000	2.500%	-	97,750	813,125.00	
05/01/25	7,820,000	2.500%	625,000	97,750		
11/01/25	7,195,000	2.500%	-	89,938	812,687.50	
05/01/26	7,195,000	2.500%	640,000	89,938		
11/01/26	6,555,000	2.500%	-	81,938	811,875.00	
05/01/27	6,555,000	2.500%	655,000	81,938		
11/01/27	5,900,000	2.500%	-	73,750	810,687.50	
05/01/28	5,900,000	2.500%	675,000	73,750		
11/01/28	5,225,000	2.500%	-	65,313	814,062.50	
05/01/29	5,225,000	2.500%	690,000	65,313		
11/01/29	4,535,000	2.500%	-	56,688	812,000.00	
05/01/30	4,535,000	2.500%	710,000	56,688		
11/01/30	3,825,000	2.500%	-	47,813	814,500.00	
05/01/31	3,825,000	2.500%	725,000	47,813		
11/01/31	3,100,000	2.500%	-	38,750	811,562.50	
05/01/32	3,100,000	2.500%	745,000	38,750		
11/01/32	2,355,000	2.500%	-	29,438	813,187.50	
05/01/33	2,355,000	2.500%	765,000	29,438		
11/01/33	1,590,000	2.500%	-	19,875	814,312.50	
05/01/34	1,590,000	2.500%	785,000	19,875		
11/01/34	805,000	2.500%	-	10,063	814,937.50	
05/01/35	805,000	2.500%	805,000	10,063	815,062.50	

Total	$10,720,000	$2,289,608	$13,009,608	

Old Palm	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2024-2025	

Neighborhood	O&M Units	Bonds Units
2019	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	

Golf Cottages	
8	
8	
$2,094.30	
$2,094.30	
$0.00	
$1,359.47	
$1,359.47	
$0.00	
$3,453.77	
$3,453.77	
$0.00	
Villa	110	110	$2,094.30	$2,094.30	$0.00	$1,510.68	$1,510.68	$0.00	$3,604.98	$3,604.98	$0.00	
Grand Estates	87	87	$2,094.30	$2,094.30	$0.00	$2,718.94	$2,718.94	$0.00	$4,813.24	$4,813.24	$0.00	
One Acre Estates w/Reuse	69	69	$3,651.30	$3,651.30	$0.00	$4,036.11	$4,036.11	$0.00	$7,687.41	$7,687.41	$0.00	
One Acre Estates	11	11	$2,094.30	$2,094.30	$0.00	$3,020.65	$3,020.65	$0.00	$5,114.95	$5,114.95	$0.00	
Sable Palms Parcel A	31	31	$2,094.30	$2,094.30	$0.00	$1,529.96	$1,529.96	$0.00	$3,624.26	$3,624.26	$0.00	
Golf Course *	13	13	$2,094.30	$2,094.30	$0.00	$94,341.93	$94,341.93	$0.00	$96,436.23	$96,436.23	$0.00	
Total Residential Units	316	316										
Total assessment Units	329	329										

* 206.735 acres were the assigned area to the Golf Club

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