Adopted Budget
Fiscal Year 2023

Islands at Doral III Community Development District

June 8, 2022

Islands at Doral III
Community Development District

TABLE OF CONTENTS

General Fund
Budget	Page 1
Budget Narrative	Page 2-4

Debt Service Fund

Budget-Series 2013	Page 5
Amortization Schedule - Series 2013	Page 6

Budget-Series 2014	Page 7
Amortization Schedule - Series 2014	Page 8

Islands at Doral III		
Community Development District										General Fund	

 Description			Adopted Budget
	FY 2022			Actual Thru
	4/30/22			Projected Next
	5 Months			Total Projected
	9/30/22			Adopted Budget
	FY 2023		
Revenues											
Special Assessment - On Roll (net)		$98,514		$94,493		$4,021		$98,514		$98,514	
HOA Contributions		$14,250		$5,981		$5,938		$11,919		$14,250	
Interest Income		$500		$1,050		$208		$1,258		$500	
Unassigned Fund Balance		$26,932		$28,947	*	$0		$28,947		$24,714	
 TOTAL REVENUES				$140,195 			$130,471 			$10,167 			$140,638 			$137,978 	
Expenditures											
Administrative
Supervisor Fees		
$6,000		
$1,600		
$2,000		
$3,600		
$6,000	
FICA Expense		$459		$122		$153		$275		$459	
Unemployment		$150		$0		$0		$0		$0	
Engineering		$11,386		$4,815		$4,744		$9,559		$10,000	
Arbitrage		$600		$0		$600		$600		$600	
Dissemination		$1,200		$700		$500		$1,200		$1,200	
Attorney		$20,000		$3,676		$10,000		$13,676		$20,000	
Annual Audit		$4,500		$3,300		$0		$3,300		$3,400	
Trustee Fees		$10,500		$3,556		$6,860		$10,416		$10,500	
Management Fees		$45,672		$26,642		$19,030		$45,672		$45,672	
Computer Time		$1,000		$583		$417		$1,000		$1,000	
Website Compliance		$1,000		$583		$417		$1,000		$1,000	
Telephone		$250		$0		$104		$104		$250	
Postage		$250		$122		$104		$226		$250	
Printing & Binding		$1,000		$99		$417		$516		$1,000	
Rentals & Leases		$2,400		$1,400		$1,000		$2,400		$2,400	
Insurance		$7,153		$6,731		$0		$6,731		$7,572	
Legal Advertising		$1,000		$0		$417		$417		$1,000	
Other Current Charges		$500		$272		$208		$480		$500	
Office Supplies		$250		$0		$104		$104		$250	
Dues, Licenses & Subscriptions		$175		$175		$0		$175		$175	
 TOTAL ADMINISTRATIVE				$115,445 			$54,376 			$47,075 			$101,451 			$113,228 	
Field
Electricity-Madeira		
$6,000		
$3,243		
$2,500		
$5,743		
$6,000	
Electricity-Antilles/Belize		$14,250		$5,981		$5,938		$11,919		$14,250	
Contingency		$4,500		$0		$21,525		$21,525		$4,500	
 TOTAL FIELD				$24,750 			$9,224 			$29,963 			$39,187 			$24,750 	

 TOTAL EXPENDITURES	 	$140,195  	$63,600	$77,037	$140,638	$137,978 

 EXCESS REVENUES (EXPENDITURES)				$0 			$66,871 		 
	($66,870)  	$0 			($0) 	
	Net Assessment	$98,514	
* Note - Prior year surplus reserves are being used for the unassigned fund balance.	Discounts & Collections 5%		$5,185 	
	Gross Assessment		$103,699 	

Unit Type	
# of Units	Gross
Per Unit	Gross
Total	
Townhomes (Expanded Area)	52	$60.92	$3,167.84	
3 Story Garden Units	480	$60.92	$29,241.60	
TH 23'	250	$60.92	$15,230.00	
TH 23' - Antillas	364	$60.92	$22,174.88	
TH 32'	42	$60.92	$2,558.64	
TH 35'-Madeira	134	$106.48	$14,268.32	
Single Family		280 	$60.92		$17,057.60 	
	1,602		$103,698.88	

ISLANDS AT DORAL III
COMMUNITY DEVELOPMENT DISTRICT
ADOPTED GENERAL FUND BUDGET FISCAL YEAR 2023
REVENUES:

Special Assessments
The District will levy a non-ad valorem special assessment on all taxable property within the District to fund all of the General Operating Expenditures for the fiscal year.

HOA Contributions
The portion of street lighting billed to the Antilles and Belize Communities.

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

EXPENDITURES:
Administrative:

Supervisor Fees
The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon all 5 supervisors attending the estimated 4 meetings.

FICA Taxes
Related payroll taxes of 7.65% for above.

Engineering Fees
The District's engineer will be providing general engineering services to the District including attendance and preparation for board meetings, etc.

Arbitrage
The District is required to annually have an arbitrage rebate calculation on the District's Series 2013A Special Assessment Revenue Bonds.

Dissemination Agent
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. The District has contracted with Prager & Company, the District's bond underwriter, to provide this service.

Attorney
The District's legal counsel will be providing general legal services to the District, i.e., attendance and preparation for monthly meetings, review operating and maintenance contracts, etc.

Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

ISLANDS AT DORAL III
COMMUNITY DEVELOPMENT DISTRICT
ADOPTED GENERAL FUND BUDGET FISCAL YEAR 2023

Trustee Fees
The District issued Series 2013A and 2014A Special Assessment Revenue Bonds which are held with a Trustee at US Bank. The amount of the trustee fees is based on the agreement between US Bank and the District.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-South Florida. These services are further outlined in Exhibit "A" of the Management Agreement.

Computer Time
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.

Telephone
Telephone and fax machine.

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

Printing & Binding
Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Rental & 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.

Meeting Room Rental
The cost to reserve the Islands at Doral Clubhouse for the monthly meetings. The cost is based on $50 per meeting with 12 meetings scheduled.

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with The Florida Insurance Alliance. They specialize in providing insurance coverage to governmental agencies.

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

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

Office Supplies
Miscellaneous office supplies.

ISLANDS AT DORAL III
COMMUNITY DEVELOPMENT DISTRICT
ADOPTED GENERAL FUND BUDGET FISCAL YEAR 2023

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.

Capital Outlay
Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for District files.

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

Reserves-Emergency Funds
Funds will be set aside for emergencies.

Contingency
Any unanticipated expenditure that may arise during the fiscal year.

Islands at Doral III	Debt Service Fund
Community Development District	Series 2013 Special Assessment Revenue Bonds

	Adopted
Budget		Actual
Thru	Projected
Next		Total
Projected		Adopted
Budget	
 Description				FY 2022				4/30/22			5 Months				9/30/22				FY 2023		
Revenues										
Special Assessments - Levy		$1,458,233		$1,398,713	$59,520		$1,458,233		$1,458,233	
Interest Income		$0		$402	$287		$689		$0	
Carry Forward Surplus (1)		$1,065,401		$1,094,037	$0		$1,094,037		$1,111,953	
  TOTAL REVENUES				$2,523,634 			$2,493,152 		$59,807 			$2,552,959 			$2,570,186 	
Expenditures										
Series 2013										
Interest - 11/01		$303,003		$303,003	$0		$303,003		$288,913	
Interest - 05/01		$303,003		$0	$303,003		$303,003		$288,913	
Principal - 05/01		$835,000		$0	$835,000		$835,000		$865,000	
  TOTAL EXPENDITURES				$1,441,006 			$303,003 		$1,138,003 			$1,441,006 			$1,442,825 	
EXCESS REVENUES		$1,082,628		$2,190,149	($1,078,196)		$1,111,953		$1,127,361	
							11/23 Interest			$273,775.00 	
Unit	No. of		Gross Assessment								
Type	Units		Per Unit Amount		Total						
3 Story Garden Units	480		$801.56		$384,748.80						
23' Townhomes	614		$901.75		$553,674.50						
32' Townhomes	42		$1,001.96		$42,082.32						
35' Townhomes	134		$1,102.14		$147,686.76						
SF Homes		280			$1,452.82			$406,789.60 						
1550				$1,534,981.98						
Less Discount/Collection Fees		($76,749.10)
Net Assessment	$1,458,232.88		

(1) Carry forward surplus is net of the reserve requirement

Islands at Doral III
Community Development District
Series 2013 Special Assessment Bonds

AMORTIZATION SCHEDULE

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL

05/01/22	$ 15,225,000.00	$	835,000.00	$  303,003.13	$	-	
11/01/22	$ 14,390,000.00	$	-	$  288,912.50	$ 1,426,915.63	
05/01/23	$ 14,390,000.00	$	865,000.00	$  288,912.50	$	-	
11/01/23	$ 13,525,000.00	$	-	$  273,775.00	$ 1,427,687.50	
05/01/24	$ 13,525,000.00	$	895,000.00	$  273,775.00	$	-	
11/01/24	$ 12,630,000.00	$	-	$  257,553.13	$ 1,426,328.13	
05/01/25	$ 12,630,000.00	$	925,000.00	$  257,553.13	$	-	
11/01/25	$ 11,705,000.00	$	-	$  240,209.38	$ 1,422,762.50	
05/01/26	$ 11,705,000.00	$	965,000.00	$  240,209.38	$	-	
11/01/26	$ 10,740,000.00	$	-	$  221,512.50	$ 1,426,721.88	
05/01/27	$ 10,740,000.00	$ 1,005,000.00	$  221,512.50	$	-	
11/01/27	$ 9,735,000.00	$	-	$  200,784.38	$ 1,427,296.88	
05/01/28	$ 9,735,000.00	$ 1,045,000.00	$  200,784.38	$	-	
11/01/28	$ 8,690,000.00	$	-	$  179,231.25	$ 1,425,015.63	
05/01/29	$ 8,690,000.00	$ 1,090,000.00	$  179,231.25	$	-	
11/01/29	$ 7,600,000.00	$	-	$  156,750.00	$ 1,425,981.25	
05/01/30	$ 7,600,000.00	$ 1,140,000.00	$  156,750.00	$	-	
11/01/30	$ 6,460,000.00	$	-	$  133,237.50	$ 1,429,987.50	
05/01/31	$ 6,460,000.00	$ 1,190,000.00	$  133,237.50	$	-	
11/01/31	$ 5,270,000.00	$	-	$  108,693.75	$ 1,431,931.25	
05/01/32	$ 5,270,000.00	$ 1,235,000.00	$  108,693.75	$	-	
11/01/32	$ 4,035,000.00	$	-	$	83,221.88	$ 1,426,915.63	
05/01/33	$ 4,035,000.00	$ 1,290,000.00	$	83,221.88	$	-	
11/01/33	$ 2,745,000.00	$	-	$	56,615.63	$ 1,429,837.50	
05/01/34	$ 2,745,000.00	$ 1,345,000.00	$	56,615.63	$	-	
11/01/34	$ 1,400,000.00	$	-	$	28,875.00	$ 1,430,490.63	
05/01/35	$ 1,400,000.00	$ 1,400,000.00	$	28,875.00	$ 1,428,875.00	
		$ 16,030,000.00	$ 5,380,834.38	$ 21,410,834.38	

Islands at Doral III	Debt Service Fund
Community Development District	Series 2014 Special Assessment Revenue Bonds

	Adopted
Budget		Actual
Thru	Projected
Next		Total
Projected		Adopted
Budget	
 Description				FY 2022				4/30/22			5 Months				9/30/22				FY 2023		
Revenues										
Special Assessments - Levy		$57,272		$54,935	$2,337		$57,272		$57,272	
Interest Income		$0		$10	$7		$17		$0	
Carry Forward Surplus (1)		$28,359		$30,121	$0		$30,121		$30,098	
  TOTAL REVENUES				$85,632 			$85,066 		$2,345 			$87,411 			$87,371 	
Expenditures										
Series 2014										
Interest - 11/01		$20,156		$20,156	$0		$20,156		$19,753	
Interest - 05/01		$20,156		$0	$20,156		$20,156		$19,753	
Principal - 05/01		$17,000		$0	$17,000		$17,000		$18,000	
  TOTAL EXPENDITURES				$57,313 			$20,156 		$37,156 			$57,312 			$57,505 	
EXCESS REVENUES		$28,319		$64,910	($34,812)		$30,098		$29,866	
							
11/23 Interest		
	$19,325.00 	
Unit	No. of		Gross Assessment								
Type		 Units 			Per Unit Amount 			Total							
Townhomes	52		$1,159.36		$60,286.72						
Less Discount/Commission Fees		($3,014.34)
Net Assessment	$57,272.38		

(1) Carry forward surplus is net of the reserve requirement

Islands at Doral III
Community Development District
Series 2014 Special Assessment Bonds

AMORTIZATION SCHEDULE

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL

05/01/22	$ 740,000.00	$	17,00	
11/01/22	$ 723,000.00	$	
05/01/23	$ 723,000.00	$	18,00	
11/01/23	$ 705,000.00	$	
05/01/24	$ 705,000.00	$	19,00	
11/01/24	$ 686,000.00	$	
05/01/25	$ 686,000.00	$	20,00	
11/01/25	$ 666,000.00	$	
05/01/26	$ 666,000.00	$	21,00	
11/01/26	$ 645,000.00	$	
05/01/27	$ 645,000.00	$	22,00	
11/01/27	$ 623,000.00	$	
05/01/28	$ 623,000.00	$	23,00	
11/01/28	$ 600,000.00	$	
05/01/29	$ 600,000.00	$	24,00	
11/01/29	$ 576,000.00	$	
05/01/30	$ 576,000.00	$	26,00	
11/01/30	$ 550,000.00	$	
05/01/31	$ 550,000.00	$	27,00	
11/01/31	$ 523,000.00	$	
05/01/32	$ 523,000.00	$	28,00	
11/01/32	$ 495,000.00	$	
05/01/33	$ 495,000.00	$	30,00	
11/01/33	$ 465,000.00	$	
05/01/34	$ 465,000.00	$	32,00	
11/01/34	$ 433,000.00	$	
05/01/35	$ 433,000.00	$	33,00	
11/01/35	$ 400,000.00	$	
05/01/36	$ 400,000.00	$	35,00	
11/01/36	$ 365,000.00	$	
05/01/37	$ 365,000.00	$	37,00	
11/01/37	$ 328,000.00	$	
05/01/38	$ 328,000.00	$	39,00	
11/01/38	$ 289,000.00	$	
05/01/39	$ 289,000.00	$	42,00	
11/01/39	$ 247,000.00	$	
05/01/40	$ 247,000.00	$	44,00	
11/01/40	$ 203,000.00	$	
05/01/41	$ 203,000.00	$	47,00	
11/01/41	$ 156,000.00	$	
05/01/42	$ 156,000.00	$	49,00	
11/01/42	$ 107,000.00	$	
05/01/43	$ 107,000.00	$	52,00	
11/01/43	$	55,000.00	$	
05/01/44	$	55,000.00	$	55,00	

0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00
- 0.00

$	20,156.25	$
$	19,752.50	$
$	19,752.50	$
$	19,325.00	$
$	19,325.00	$
$	18,873.75	$
$	18,873.75	$
$	18,398.75	$
$	18,398.75	$
$	17,834.38	$
$	17,834.38	$
$	17,243.13	$
$	17,243.13	$
$	16,625.00	$
$	16,625.00	$
$	15,980.00	$
$	15,980.00	$
$	15,281.25	$
$	15,281.25	$
$	14,555.63	$
$	14,555.63	$
$	13,803.13	$
$	13,803.13	$
$	12,996.88	$
$	12,996.88	$
$	12,136.88	$
$	12,136.88	$
$	11,250.00	$
$	11,250.00	$
$	10,265.63	$
$	10,265.63	$
$	9,225.00	$
$	9,225.00	$
$	8,128.13	$
$	8,128.13	$
$	6,946.88	$
$	6,946.88	$
$	5,709.38	$
$	5,709.38	$
$	4,387.50	$
$	4,387.50	$
$	3,009.38	$
$	3,009.38	$
$	1,546.88	$
$	1,546.88	$

- 56,908.75
- 57,077.50
- 57,198.75
- 57,272.50
- 57,233.13
- 57,077.50
- 56,868.13
- 56,605.00
- 57,261.25
- 56,836.88
- 56,358.75
- 56,800.00
- 57,133.75
- 56,386.88
- 56,515.63
- 56,490.63
- 56,353.13
- 57,075.00
- 56,656.25
- 57,096.88
- 56,396.88
- 56,556.25
56,546.88

$ 756,000.00	$ 627,935.00	$ 1,419,827.50