Islands at Doral III

Community Development District

Adopted Budget
Fiscal Year 2025

Presented by:

Table of Contents

1-2		General Fund	

3	
	Allocation of Reserves	

4-5	
	Budget Narrative 	

6-7	
	Debt Service Fund Series 2013	

8-9	
	Debt Service Fund Series 2014	

10	
	Non-Ad Valorem Assessments Comparison	

	Adopted Budget	Actuals Through	Projected Next	Projected Through	Adopted Budget	
Description	Fiscal Year 2024	6/30/24	3 Months	9/30/24	Fiscal Year 2025	

REVENUES:						
Special Assessments - Tax Roll	$	98,514	$	99,216	$	94	$	99,310	$	98,514	
HOA Contributions	14,250	8,295	2,765	11,060	14,250	
Interest Income	500	29,979	9,993	39,972	30,000	
Unassigned Fund Balance	24,714	-	-	-	296,463	
TOTAL REVENUES	$ 137,978	$ 137,490	$ 12,852	$ 150,342	$ 439,227	

EXPENDITURES:						
General and Administrative						
Supervisors Fees	$	6,000	$	2,000	$	1,000	$	3,000	$	6,000	
FICA Taxes	459	153	77	230	459	
Engineering	13,000	19,907	6,636	26,543	20,000	
Arbitrage Calculation	600	600	-	600	600	
Assessment Roll	-	2,000	-	2,000	2,000	
Attorney	15,000	4,925	2,463	7,388	10,000	
Dissemination	1,200	900	300	1,200	1,200	
Annual Audit	3,500	3,500	-	3,500	3,600	
Trustee Fees	10,500	10,415	-	10,415	10,500	
Management Fees	45,672	34,254	11,418	45,672	48,412	
Information Technology	1,000	750	250	1,000	1,000	
Website Maintenance	1,000	750	250	1,000	1,000	
Postage and Delivery	250	71	36	107	250	
Printing and Binding	1,000	1	250	251	1,000	
Rentals and Leases	2,400	1,800	600	2,400	2,400	
Insurance General Liability	7,960	7,525	-	7,525	8,768	
Legal Advertising	750	401	134	534	750	
Other Current Charges	500	60	125	185	500	
Office Supplies	250	-	63	63	250	
Dues, Licenses and Subscriptions	175	175	-	175	175	
TOTAL GENERAL AND ADMINISTRATIVE	$ 111,216	$  90,187	$ 23,600	$ 113,787	$ 118,864	

Description

Adopted Budget Fiscal Year
2024

Actuals Through 6/30/24

Projected Next
3 Months

Projected Through 9/30/24

Adopted Budget Fiscal Year
2025

Operations and Maintenance		
Electricity-Madeira	$	6,000	$	4,389	$	1,463	$	5,851	$	6,000	
Electricity-Antilles/Belize	14,250	8,295	2,765	11,060	14,250	
Stormwater Management Cleaning	-	-	-	-	119,500	
Pavement Resurfacing and Repainting	-	-	-	-	176,963	
Contingency	6,512	-	2,000	2,000	3,650	
TOTAL OPERATIONS AND MAINTENANCE	$  26,762	$  12,684	$	6,228	$  18,912	$ 320,363	

TOTAL EXPENDITURES

$ 137,978	$ 102,871	$ 29,828	$ 132,699	$ 439,227

EXCESS REVENUES (EXPENDITURES)

$

-	$  34,619	$ (16,975)  $  17,643	$

0

Exhibit "A" Allocation of Reserves

DESCRIPTION

Beginning Fund Balance - 10/1/23	$	935,388	
Net change in Fund Balance - Fiscal Year 2024	17,643	
Total Funds Available (Estimated) - 9/30/24	953,031	

ALLOCATION OF AVAILABLE FUNDS		
Funding for First Quarter Operating Expenses: (1)	(109,807)	
Reserved for Capital Reserves / Renewal and Replacement: (2)	(720,002)	
Total Allocation of Available Funds	(829,809)	
		
Total Unassigned Cash	$	123,222	

Notes		
(1) Represents approximately 3 months of operating expenditures		

RESERVED FOR CAPITAL RESERVES / RENEWAL AND REPLACEMENT (2)		
Beginning Balance (Estimated) - 10/1/24	$	720,002	
Use of Reserves During Fiscal Year 2025 (3)	(296,463)	
Total Funds Available (Estimated) - 9/30/25	423,540	

(3) Use of reserves for stormwater management cleaning and pavement resurfacing and repainting

REVENUES

Special Assessments - Tax Roll
The District will levy a maintenance assessment on all assessable property within the district.
HOA Contributions
The portion of street lighting billed to the Antilles and Belize Communities.
Interest Income
The District earns interest on the monthly average collected balance for each of its investment accounts.

Expenditures - General and Administrative

Supervisors Fees
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending 6 meetings.
FICA Taxes
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.
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.
Arbitrage Calculation
The District is required to have an independent certified public accounting firm annually conduct an arbitrage rebate calculation on the Special Assessment Refunding Bonds, Series 2013. The annual fee is based on historical cost for this service.
Assessment Roll
GMS SF, LLC provides assessment services for closing lot sales, assessment roll services with the local tax collector and financial advisory services.
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.
Dissemination
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.
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 issued Series 2013 and 2014 bonds that are deposited with a trustee at US Bank. The annual trustee fee is based on prior year’s cost.
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 mainframe computer leased by Governmental Management Services-South Florida.
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.
Postage and Delivery
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.

Expenditures - General and Administrative (Continued)

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

Rental and Leases
The District will be charged $200 per month for office rent from Governmental Management Services-South Florida, Inc. for the District's Public Records office located in Miami.
Insurance General Liability
The District's general liability and 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.
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 fiscal year.
Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.
Due, Licenses and Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity Community Affairs for $175.

Expenditures – Operations and Maintenance

Electricity
The cost of the electric service for street lighting in the District.

Stormwater Management Cleaning
Costs to vacuum, clear and clean certain drains, catch basins and pipelines that constitute District's stormwater management system.
Pavement Resurfacing and Repainting
Costs to resurface and repaint roadways within certain communities within the District.
Contingency
Unanticipated repairs or maintenance that may need to be done during the fiscal year.

Adopted Budget
Series 2013 Special Assessment Revenue Bonds

	Adopted Budget	Actuals Through	
Projected Next	Projected Through	Adopted Budget	
Description	Fiscal Year 2024	6/30/24	3 Months	9/30/24	Fiscal Year 2025	

REVENUES:						
Special Assessments - Tax Roll	$	1,458,233	$	1,468,620	$	1,395	$	1,470,015	$	1,458,233	
Interest Income	-	93,572	16,290	109,862	-	
Carry Forward Surplus (1)	1,203,064	-	1,247,998	1,247,998	1,385,325	
TOTAL REVENUES	$ 2,661,297	$ 1,562,192	$ 1,265,683	$ 2,827,875	$ 2,843,558	

EXPENDITURES:						
Interest - 11/1	$	273,775	$	273,775	$	(0)	$	273,775	$	257,553	
Interest - 5/1	273,775	273,775	(0)	273,775	257,553	
Principal - 5/1	895,000	895,000	-	895,000	925,000	
TOTAL EXPENDITURES	$ 1,442,550	$ 1,442,550	$	(0)	$ 1,442,550	$ 1,440,106	
						
EXCESS REVENUES (EXPENDITURES)	$ 1,218,747	$	119,642	$ 1,265,683	$ 1,385,325	$ 1,403,452	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/25

$240,209

$240,209

Amortization Schedule
Series 2013 Special Assessment Revenue Bonds

Period

Outstanding Balance

Principal

Interest

Annual Debt Service

05/01/24	$	13,525,000	$	895,000	$	273,775	$	-	
11/01/24	12,630,000		-		257,553		1,426,328	
05/01/25	12,630,000		925,000		257,553			
11/01/25	11,705,000		-		240,209		1,422,763	
05/01/26	11,705,000		965,000		240,209			
11/01/26	10,740,000		-		221,513		1,426,722	
05/01/27	10,740,000		1,005,000		221,513			
11/01/27	9,735,000		-		200,784		1,427,297	
05/01/28	9,735,000		1,045,000		200,784			
11/01/28	8,690,000		-		179,231		1,425,016	
05/01/29	8,690,000		1,090,000		179,231			
11/01/29	7,600,000		-		156,750		1,425,981	
05/01/30	7,600,000		1,140,000		156,750			
11/01/30	6,460,000		-		133,238		1,429,988	
05/01/31	6,460,000		1,190,000		133,238			
11/01/31	5,270,000		-		108,694		1,431,931	
05/01/32	5,270,000		1,235,000		108,694			
11/01/32	4,035,000		-		83,222		1,426,916	
05/01/33	4,035,000		1,290,000		83,222			
11/01/33	2,745,000		-		56,616		1,429,838	
05/01/34	2,745,000		1,345,000		56,616			
11/01/34	1,400,000		-		28,875		1,430,491	
05/01/35	1,400,000		1,400,000		28,875			
Total		$	13,525,000	$	3,607,144	$	15,703,269	

Adopted Budget
Debt Service Series 2014 Special Assessment Bonds

	Adopted Budget	Actuals Through	
Projected Next	Projected Through	Adopted Budget	
Description	Fiscal Year 2024	6/30/24	3 Months	9/30/24	Fiscal Year 2025	

REVENUES:						
Special Assessments - Tax Roll	$	57,272	$	57,680	$	55	$	57,735	$	57,272	
Interest Income	-	2,272	399	2,671	-	
Carry Forward Surplus (1)	31,999	-	33,130	33,130	35,886	
TOTAL REVENUES	$	89,271	$	59,952	$	33,584	$	93,536	$	93,158	

EXPENDITURES:						
Interest - 11/1	$	19,325	$	19,325	$	-	$	19,325	$	18,874	
Interest - 5/1	19,325	19,325	-	19,325	18,874	
Principal - 5/1	19,000	19,000	-	19,000	20,000	
TOTAL EXPENDITURES	$	57,650	$	57,650	$	-	$	57,650	$	57,748	
						
EXCESS REVENUES (EXPENDITURES)	$	31,621	$	2,302	$	33,584	$	35,886	$	35,411	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/25

$18,399

$18,399

Amortization Schedule
Debt Service Series 2014 Special Assessment Bonds

Period	Outstanding Balance	Principal	Interest	Total

05/01/24	$

705,000  $

19,000  $

19,325  $	-

11/01/24	686,000		-		18,874	57,199	
05/01/25	686,000		20,000		18,874		
11/01/25	666,000		-		18,399	57,273	
05/01/26	666,000		21,000		18,399		
11/01/26	645,000		-		17,834	57,233	
05/01/27	645,000		22,000		17,834		
11/01/27	623,000		-		17,243	57,078	
05/01/28	623,000		23,000		17,243		
11/01/28	600,000		-		16,625	56,868	
05/01/29	600,000		24,000		16,625		
11/01/29	576,000		-		15,980	56,605	
05/01/30	576,000		26,000		15,980		
11/01/30	550,000		-		15,281	57,261	
05/01/31	550,000		27,000		15,281		
11/01/31	523,000		-		14,556	56,837	
05/01/32	523,000		28,000		14,556		
11/01/32	495,000		-		13,803	56,359	
05/01/33	495,000		30,000		13,803		
11/01/33	465,000		-		12,997	56,800	
05/01/34	465,000		32,000		12,997		
11/01/34	433,000		-		12,137	57,134	
05/01/35	433,000		33,000		12,137		
11/01/35	400,000		-		11,250	56,387	
05/01/36	400,000		35,000		11,250		
11/01/36	365,000		-		10,266	56,516	
05/01/37	365,000		37,000		10,266		
11/01/37	328,000		-		9,225	56,491	
05/01/38	328,000		39,000		9,225		
11/01/38	289,000		-		8,128	56,353	
05/01/39	289,000		42,000		8,128		
11/01/39	247,000		-		6,947	57,075	
05/01/40	247,000		44,000		6,947		
11/01/40	203,000		-		5,709	56,656	
05/01/41	203,000		47,000		5,709		
11/01/41	156,000		-		4,388	57,097	
05/01/42	156,000		49,000		4,388		
11/01/42	107,000		-		3,009	56,397	
05/01/43	107,000		52,000		3,009		
11/01/43	55,000		-		1,547	56,556	
05/01/44	55,000		55,000		1,547		
Total		$	705,000	$	487,720	$ 1,136,173	

Islands at Doral III
Community Development District
Non-Ad Valorem Assessments Comparison 2024-2025

Neighborhood	O&M Units	Bond Units 2013	Bonds Units 2014	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
Fiscal Year 2025	
Fiscal Year 2024		
Fiscal Year 2025	
Fiscal Year 2024		
Fiscal Year 2025	
Fiscal Year 2024		
				O&M	O&M	Increase/	Series 2013	Series 2014	Series 2013	Series 2014	Increase/	Total Assessed	Total Assessed	Increase/	
						(Decrease)					(Decrease)	Per Unit	Per Unit	(Decrease)	

Townhomes (Expanded Area)	
52	
0	
52	
$60.92	
$60.92	
$0.00	
$0.00	
$1,159.36	
$0.00	
$1,159.36	
$0.00	
$1,220.28	
$1,220.28	
$0.00	
3 Story Garden Units	480	480	0	$60.92	$60.92	$0.00	$801.56	$0.00	$801.56	$0.00	$0.00	$862.48	$862.48	$0.00	
TH 23'	250	250	0	$60.92	$60.92	$0.00	$901.75	$0.00	$901.75	$0.00	$0.00	$962.67	$962.67	$0.00	
TH 23' - Antillas	364	364	0	$60.92	$60.92	$0.00	$901.75	$0.00	$901.75	$0.00	$0.00	$962.67	$962.67	$0.00	
TH 32'	42	42	0	$60.92	$60.92	$0.00	$1,001.96	$0.00	$1,001.96	$0.00	$0.00	$1,062.88	$1,062.88	$0.00	
TH 35'-Madeira	134	134	0	$106.48	$106.48	$0.00	$1,102.14	$0.00	$1,102.14	$0.00	$0.00	$1,208.62	$1,208.62	$0.00	
Single Family	280	280	0	$60.92	$60.92	$0.00	$1,452.82	$0.00	$1,452.82	$0.00	$0.00	$1,513.74	$1,513.74	$0.00	
Total	1602	1550	52