Adopted Budget	
Fiscal Year 2023	

Old Palm	
Community Development District	

April 21, 2022

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	

Adopted	
Budget	
 	FY2022		

Actual	
Thru	
    3/31/2022 	

Projected	
Next	
    6 Months 	

Total	
Projected	
    9/30/2022 	

Adopted	
Budget	
     FY2023		

 Description	

Revenues

Special Assessments - Net	
Interest Income	
Misc Income	
Carry Forward Surplus	

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

$671,224	
$180	
$7,732	
$186,160	

$47,757	
$129	
$0	
$0	

$718,981	
$309	
$7,732	
$186,160	

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

TOTAL REVENUES	 	$732,886	 	$865,296	 	$47,886	 	$913,182	 	$845,574 

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	
$4,100	
$4,041	
$37,017	
$1,000	
$100	
$500	
$11,374	
$1,500	
$1,500	
$1,200	
$1,000	
$200	
$175	
$1,000	

$16,651	
$0	
$5,080	
$13,526	
$4,100	
$4,041	
$18,509	
$500	
$0	
$112	
$10,702	
$203	
$499	
$872	
$500	
$0	
$175	
$0	

$16,651		$33,303	
$0		$0	
$0		$5,080	
$27,052		$40,578	
$0		$4,100	
$0		$4,041	
$18,509		$37,017	
$500		$1,000	
$50		$50	
$112		$224	
$0		$10,702	
$406		$609	
$750		$1,249	
$872		$1,744	
$500		$1,000	
$50		$50	
$0		$175	
$500		$500	

$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	

Total Administrative	 	$130,337	 	$75,469	 	$65,952	 	$141,421	 	$132,913 

Maintenance - Common Area	
Field Management Fee	
Property Insurance	
Repairs & Maintenance	
Wall Maintenance/Repairs	
Landscape Maintenance	
Irrigation System Repairs	
Preserve-Wall Maintenance	
Preserve Maintenance	
Landscape Tree/Replacement	
Pine Straw	
Tree Trimming/Maintenance	
Pump/Clock/Irrigation - Repairs	
Pump Irrigation - Lift Station	
Filters Clean up	
Irrigation Water	
Lake Maintenance	
Enzyme Treatment to Lake	
Chemcials	
Drainage Maintenance	
Locate Services - Utilities	
Operation Contingencies	

$80,000	
$27,926	
$20,000	
$20,000	
$65,952	
$19,248	
$0	
$64,000	
$20,000	
$3,000	
$5,000	
$8,500	
$10,000	
$0	
$15,000	
$45,000	
$0	
$0	
$20,000	
$0	
$10,000	

$41,600	
$26,276	
$45,122	
$25,006	
$34,902	
$7,072	
$0	
$5,000	
$5,325	
$0	
$3,501	
$17,875	
$1,175	
$0	
$0	
$41,992	
$0	
$6,361	
$3,075	
$0	
$11,284	

$41,600	
$0	
$0	
$0	
$34,902	
$7,072	
$0	
$50,000	
$10,000	
$0	
$3,501	
$17,875	
$0	
$0	
$0	
$22,500	
$0	
$6,400	
$15,000	
$0	
$11,284	

$83,200	
$26,276	
$45,122	
$25,006	
$69,804	
$14,144	
$0	
$55,000	
$15,325	
$0	
$7,002	
$35,750	
$1,175	
$0	
$0	
$64,492	
$0	
$12,761	
$18,075	
$0	
$22,568	

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

Total Maintenance - Common Area	 	$433,626	 	$275,566	 	$220,134	 	$495,700	 	$493,700 

Old Palm	
Community Development District	

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

		

		

		

Adopted	
Budget	
 	FY2022		

Actual	
Thru	
    3/31/2022 	

Projected	
Next	
    6 Months 	

Total	
Projected	
    9/30/2022 	

Adopted	
Budget	
     FY2023		

 Description	

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

Maintenance - Median

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

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

$17,980	
$6,223	
$0	
$0	
$7,460	

$17,980	
$6,223	
$2,500	
$15,000	
$7,460	

$35,960	
$12,446	
$2,500	
$15,000	
$14,920	

Total Maintenance - Median	 	$74,720 	 	$31,663 	 	$49,163 	 	$80,826 	 	$74,720 	
Reclaim Water						

Reservation Fee	
Repair and Maintenance	
Water Usage	
Contingencies	

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

$23,071	
$0	
$0	
$0	

$23,071	
$10,000	
$10,000	
$2,500	

$46,142	
$10,000	
$10,000	
$2,500	

Total Reclaim Water	 	$94,204 		 	$23,071 		 	$45,571 		 	$68,642 		 	$94,204 	
TOTAL EXPENDITURES

Other Financing Sources/(Uses)

Lake Aerator Project	 	$732,887 

$0		 	$405,769 

($186,160)		 	$380,820 

$0		 	$786,589 

($186,160)		 	$795,537 

$0	
Total Financing Sources/(Uses)	 	$0 		 	($186,160)	$0	($186,160)	$0 	
Excess Revenues/(Expenditures)	 	($0)		 	$273,367	 	($332,934)	 	$126,593	 	$50,037 	

		FY2023	
# Units	Product Type	# Units	Gross Per Unit	Total	
8	Golf Cottages	8
110	Villa	110
87	Grand Estates	87
69	One Acre Estates w/Rclm	69
11	One Acre Estates	11
31	Sable Palms Parcel A	31
1	Golf Course *	1
317	Total	317

* 43,000 sq.ft. was the assigned area to the Golf Club	
$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	
		$764,874
($45,892)	
		$718,981	

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 $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. 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.

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

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.

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.

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	
 	FY2022		

 Description	

Revenues	
Special Assessments - Net	
Interest Income	
Carry Forward Surplus	

TOTAL REVENUES

Actual	
Thru	
    3/31/2022 	

Projected	
Next	
    6 Months 	

Total	
Projected	
    9/30/2022 	

Adopted	
Budget	
 	FY2023		

$815,063	$762,709	$52,354	$815,063	$815,063
$0	$15	$0	$15	$0

     $1,174,937 	     $1,112,547 	

 	$52,354 	     $1,164,901 	

$359,874	$349,823	$0	$349,823	$344,776

     $1,159,839 

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

$120,063	
$0	
$0	

$0		$120,063	
$120,063		$120,063	
$580,000		$580,000	

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

 	$344,776 

11/01/23 Interest	 	$339,214 

$105,375	

Expenditures

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

TOTAL EXPENDITURES	 	$820,125 		 	$120,063 		 	$700,063 	 	$820,125 	 	$820,625 	
Excess Revenues/(Expenditures)	 	$354,812 		 	$992,485 		 	($647,709)			

Product Type	# Units	FY23 Gross	FY 2023	
	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%)	
$10,876
$166,175
$236,548
$278,492
$33,227
$47,429
$94,342	
Total	317		$867,088 ($52,025)
$815,063	
* 43,000 sq.ft. was the assigned area to the Golf ClubNet Assessments		

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