Islands at Doral III

Community Development District

Proposed Budget
Fiscal Year 2026

Presented by:

�·	 jl\	

1.Jl'IJ

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	Proposed Budget	
	Description	Fiscal Year 2025	1/31/25	8 Months	9/30/25	Fiscal Year 2026	

REVENUES:							

Special Assessments - Tax Roll	
$	98,514	
$	86,864	
$	11,650	
$	98,514	
$	265,923	
HOA Contributions	14,250	3,694	7,560	11,254	14,250	
Interest Income	30,000	13,305	20,000	33,305	25,000	
Unassigned Fund Balance	296,463	69,794	302,536	372,330	-	
TOTAL REVENUES	$ 439,227	$ 173,656	$ 341,746	$ 515,402	$ 305,173	

EXPENDITURES:						
General and Administrative						
Supervisors Fees	$	6,000	$	800	$	3,000	$	3,800	$	6,000	
FICA Taxes	459	61	230	291	459	
Engineering	20,000	8,810	17,620	26,431	25,000	
Arbitrage Calculation	600	-	600	600	600	
Assessment Roll	2,000	2,000	-	2,000	2,000	
Attorney	10,000	3,818	7,635	11,453	12,000	
Dissemination	1,200	400	800	1,200	1,200	
Annual Audit	3,600	-	3,600	3,600	3,700	
Trustee Fees	10,500	-	10,500	10,500	10,500	
Management Fees	48,412	16,137	32,275	48,412	51,317	
Information Technology	1,000	333	667	1,000	1,000	
Website Maintenance	1,000	333	667	1,000	1,000	
Postage and Delivery	250	11	167	178	250	
Printing and Binding	1,000	-	667	667	1,000	
Rentals and Leases	2,400	800	1,600	2,400	2,400	
Insurance General Liability	8,768	7,826	-	7,826	8,609	
Legal Advertising	750	-	750	750	750	
Other Current Charges	500	143	333	476	500	
Office Supplies	250	-	167	167	250	
Dues, Licenses and Subscriptions	175	175	-	175	175	
TOTAL GENERAL AND ADMINISTRATIVE	$ 118,864	$  41,648	$	81,277	$ 122,924	$ 128,710	

Description

Adopted Budget Fiscal Year
2025

Actuals Through 1/31/25

Projected Next
8 Months

Projected Through 9/30/25

Proposed Budget Fiscal Year
2026

Operations and Maintenance		
Electricity-Madeira	$	6,000	$	2,014	$	4,028	$	6,042	$	6,000	
Electricity-Antilles/Belize	14,250	3,694	7,560	11,254	14,250	
Stormwater Management Cleaning	119,500	119,500	-	119,500	-	
Water Pump and Hose Service	-	6,800	-	6,800	-	
Pavement Resurfacing and Repainting	176,963	-	245,231	245,231	-	
Contingency	3,650	-	3,650	3,650	25,000	
Reserves	-	-	-	-	131,213	
TOTAL OPERATIONS AND MAINTENANCE	$ 320,363	$ 132,008	$ 260,470	$ 392,477	$ 176,463	
						
TOTAL EXPENDITURES	$ 439,227	$ 173,656	$ 341,746	$ 515,402	$ 305,173	
						
EXCESS REVENUES (EXPENDITURES)	$	0	$	0	$	(0)	$	(0)	$	0	

Exhibit "A" Allocation of Reserves
DESCRIPTION

Beginning Fund Balance - 10/1/24	$	940,580	
Net change in Fund Balance - Fiscal Year 2025	(372,330)	
Total Funds Available (Estimated) - 9/30/25	568,251	

ALLOCATION OF AVAILABLE FUNDS		
Funding for First Quarter Operating Expenses: (1)	(43,490)	
Reserved for Capital Reserves / Renewal and Replacement: (2)	(369,444)	
Total Allocation of Available Funds	(412,934)	
		
Total Unassigned Cash	$	155,316	

Notes		
(1) Represents approximately 3 months of operating expenditures		
RESERVED FOR CAPITAL RESERVES / RENEWAL AND REPLACEMENT (2)		
Beginning Balance - 2/1/25	$	741,774	
Use of Reserves During Fiscal Year 2025 (3)	(372,330)	
Total Funds Available (Estimated) - 9/30/25	$	369,444	

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

RESERVED FOR CAPITAL RESERVES / RENEWAL AND REPLACEMENT

Beginning Balance (Estimated) - 10/1/25	$	369,444	
Increase of Reserves During Fiscal Year 2026	131,213	
Total Funds Available (Estimated) - 9/30/26	$	500,657	

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.
Reserves
Funds set aside for a future use for repairs and improvements.

Proposed Budget
Debt Service Series 2013 Special Assessment Refunding Bonds

	Adopted Budget	Actuals Through	
Projected Next	Projected Through	Proposed Budget	
Description	Fiscal Year 2025	1/31/25	8 Months	9/30/25	Fiscal Year 2026	

REVENUES:						
Special Assessments - Tax Roll	$	1,458,233	$	1,285,784	$	172,449	$	1,458,233	$	1,458,233	
Interest Income	-	33,410	18,600	52,010	-	
Carry Forward Surplus (1)	1,385,325	-	1,385,325	1,385,325	1,455,462	
TOTAL REVENUES	$ 2,843,558	$ 1,319,195	$ 1,576,373	$ 2,895,568	$ 2,913,695	

EXPENDITURES:						
Interest - 11/1	$	257,553	$	257,553	$	(0)	$	257,553	$	240,209	
Interest - 5/1	257,553	-	257,553	257,553	240,209	
Principal - 5/1	925,000	-	925,000	925,000	965,000	
TOTAL EXPENDITURES	$ 1,440,106	$	257,553	$ 1,182,553	$ 1,440,106	$ 1,445,419	
						
EXCESS REVENUES (EXPENDITURES)	$ 1,403,452	$ 1,061,642	$	393,820	$ 1,455,462	$ 1,468,276	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/26

$221,513

$221,513

Amortization Schedule
Debt Service Series 2013 Special Assessment Refunding Bonds

Period	Outstanding Balance	Principal	Interest	Annual Debt Service	

05/01/25	
$	
13,525,000	
$	
925,000  $	
257,553	
$	
-	
11/01/25	12,600,000	-	240,209	1,422,763	
05/01/26	12,600,000	965,000	240,209		
11/01/26	11,635,000	-	221,513	1,426,722	
05/01/27	11,635,000	1,005,000	221,513		
11/01/27	10,630,000	-	200,784	1,427,297	
05/01/28	10,630,000	1,045,000	200,784		
11/01/28	9,585,000	-	179,231	1,425,016	
05/01/29	9,585,000	1,090,000	179,231		
11/01/29	8,495,000	-	156,750	1,425,981	
05/01/30	8,495,000	1,140,000	156,750		
11/01/30	7,355,000	-	133,238	1,429,988	
05/01/31	7,355,000	1,190,000	133,238		
11/01/31	6,165,000	-	108,694	1,431,931	
05/01/32	6,165,000	1,235,000	108,694		
11/01/32	4,930,000	-	83,222	1,426,916	
05/01/33	4,930,000	1,290,000	83,222		
11/01/33	3,640,000	-	56,616	1,429,838	
05/01/34	3,640,000	1,345,000	56,616		
11/01/34	2,295,000	-	28,875	1,430,491	
05/01/35	2,295,000	1,400,000	28,875		
Total		$	12,630,000  $	3,333,369	$	14,534,494	

Proposed Budget
Debt Service Series 2014 Special Assessment Bonds

	Adopted		Actuals				Projected		Proposed	
	Budget		Through	Projected Next		Through		Budget	
Description		Fiscal Year 2025		1/31/25		8 Months		9/30/25		Fiscal Year 2026	

REVENUES:											
Special Assessments - Tax Roll	$	57,272	$	50,499	$	6,773	$	57,272	$	57,272	
Interest Income		-		736		399		1,135		-	
Carry Forward Surplus (1)		35,886		-		35,886		35,886		36,546	
TOTAL REVENUES	$	93,158	$	51,236	$	43,058	$	94,294	$	93,819	

EXPENDITURES:											
Interest - 11/1	$	18,874	$	18,874	$	-	$	18,874	$	18,399	
Interest - 5/1		18,874		-		18,874		18,874		18,399	
Principal - 5/1		20,000		-		20,000		20,000		21,000	
TOTAL EXPENDITURES	$	57,748	$	18,874	$	38,874	$	57,748	$	57,798	

EXCESS REVENUES (EXPENDITURES)	$	35,411	$	32,362	$	4,184	$	36,546	$	36,021	

(1) Carry Forward is Net of Reserve Requirement						
Interest Due 11/1/25		
$17,834	
										$17,834	

Amortization Schedule
Debt Service Series 2014 Special Assessment Bonds

Period	Outstanding Balance	Principal	Interest	Total	

05/01/25	
$	
705,000	
$	
20,000	
$	
18,874	
$	
-	
11/01/25	685,000	-	18,399	57,273	
05/01/26	685,000	21,000	18,399		
11/01/26	664,000	-	17,834	57,233	
05/01/27	664,000	22,000	17,834		
11/01/27	642,000	-	17,243	57,078	
05/01/28	642,000	23,000	17,243		
11/01/28	619,000	-	16,625	56,868	
05/01/29	619,000	24,000	16,625		
11/01/29	595,000	-	15,980	56,605	
05/01/30	595,000	26,000	15,980		
11/01/30	569,000	-	15,281	57,261	
05/01/31	569,000	27,000	15,281		
11/01/31	542,000	-	14,556	56,837	
05/01/32	542,000	28,000	14,556		
11/01/32	514,000	-	13,803	56,359	
05/01/33	514,000	30,000	13,803		
11/01/33	484,000	-	12,997	56,800	
05/01/34	484,000	32,000	12,997		
11/01/34	452,000	-	12,137	57,134	
05/01/35	452,000	33,000	12,137		
11/01/35	419,000	-	11,250	56,387	
05/01/36	419,000	35,000	11,250		
11/01/36	384,000	-	10,266	56,516	
05/01/37	384,000	37,000	10,266		
11/01/37	347,000	-	9,225	56,491	
05/01/38	347,000	39,000	9,225		
11/01/38	308,000	-	8,128	56,353	
05/01/39	308,000	42,000	8,128		
11/01/39	266,000	-	6,947	57,075	
05/01/40	266,000	44,000	6,947		
11/01/40	222,000	-	5,709	56,656	
05/01/41	222,000	47,000	5,709		
11/01/41	175,000	-	4,388	57,097	
05/01/42	175,000	49,000	4,388		
11/01/42	126,000	-	3,009	56,397	
05/01/43	126,000	52,000	3,009		
11/01/43	74,000	-	1,547	56,556	
05/01/44	74,000	55,000	1,547		
Total		$	686,000	$	468,395	$ 1,097,848	

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

Product Type	O&M Units	Bond Units 2013	Bonds Units 2014	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
Fiscal Year 2026	
Fiscal Year 2025		
Fiscal Year 2026	
Fiscal Year 2025		
Fiscal Year 2026	
Fiscal Year 2025		
				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	
$170.92	
$60.92	
$110.00	
$0.00	
$1,159.36	
$0.00	
$1,159.36	
$0.00	
$1,330.28	
$1,220.28	
$110.00	
3 Story Garden Units	480	480	0	$170.92	$60.92	$110.00	$801.56	$0.00	$801.56	$0.00	$0.00	$972.48	$862.48	$110.00	
TH 23'	250	250	0	$170.92	$60.92	$110.00	$901.75	$0.00	$901.75	$0.00	$0.00	$1,072.67	$962.67	$110.00	
TH 23' - Antillas	364	364	0	$170.92	$60.92	$110.00	$901.75	$0.00	$901.75	$0.00	$0.00	$1,072.67	$962.67	$110.00	
TH 32'	42	42	0	$170.92	$60.92	$110.00	$1,001.96	$0.00	$1,001.96	$0.00	$0.00	$1,172.88	$1,062.88	$110.00	
TH 35'-Madeira	134	134	0	$216.48	$106.48	$110.00	$1,102.14	$0.00	$1,102.14	$0.00	$0.00	$1,318.62	$1,208.62	$110.00	
Single Family	280	280	0	$170.92	$60.92	$110.00	$1,452.82	$0.00	$1,452.82	$0.00	$0.00	$1,623.74	$1,513.74	$110.00	
Total	1602	1550	52