Islands at Doral III

Community Development District

Amended Budget
Fiscal Year 2024

Presented by:

Table of Contents

1-2		General Fund

3-4		Budget Narrative 

5-6		Debt Service Fund Series 2013

7-8		Debt Service Fund Series 2014

	

Description	
Adopted Budget
Fiscal Year	
Actuals Through 9/30/24	
Proposed Increase/ Decrease	
Amended Budget
Fiscal Year	
		2024			2024	

REVENUES:						

Special Assessments - Tax Roll	
$	98,514	
$	99,327	
$	813	
$	99,327	
HOA Contributions	14,250	11,041	(3,209)	11,041	
Interest Income	500	40,107	39,607	40,107	
Unassigned Fund Balance	24,714	-	-	16,862	
TOTAL REVENUES	$ 137,978	$ 150,475	$  37,211	$ 167,337	

EXPENDITURES:					
General and Administrative					
Supervisors Fees	$	6,000	$	2,800	$	-	$	6,000	
FICA Taxes	459	214	-	459	
Engineering	13,000	39,052	26,052	39,052	
Arbitrage Calculation	600	600	-	600	
Assessment Roll	-	2,000	2,000	2,000	
Attorney	15,000	8,108	-	15,000	
Dissemination	1,200	1,200	-	1,200	
Annual Audit	3,500	3,500	-	3,500	
Trustee Fees	10,500	10,415	-	10,500	
Management Fees	45,672	45,672	-	45,672	
Information Technology	1,000	1,000	-	1,000	
Website Maintenance	1,000	1,000	-	1,000	
Postage and Delivery	250	107	-	250	
Printing and Binding	1,000	1	-	1,000	
Rentals and Leases	2,400	2,400	-	2,400	
Insurance General Liability	7,960	7,525	-	7,960	
Legal Advertising	750	2,057	1,307	2,057	
Other Current Charges	500	60	-	500	
Office Supplies	250	0	-	250	
Dues, Licenses and Subscriptions	175	175	-	175	
TOTAL GENERAL AND ADMINISTRATIVE	$ 111,216	$ 127,886	$  29,359	$ 140,575	

Description

Adopted Budget Fiscal Year 2024

Actuals Through 9/30/24

Proposed Increase/ Decrease

Amended Budget Fiscal Year 2024

Operations and Maintenance		
Electricity-Madeira	$	6,000	$	5,850	$	-	$	6,000	
Electricity-Antilles/Belize	14,250	11,041	-	14,250	
Contingency	6,512	-	-	6,512	
TOTAL OPERATIONS AND MAINTENANCE	$	26,762	$  16,891	$	-	$	26,762	
					
TOTAL EXPENDITURES	$ 137,978	$ 144,777	$  29,359	$ 167,337	
					
EXCESS REVENUES (EXPENDITURES)	$	-	$	5,698	$	7,852	$	0	

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.

Contingency
Unanticipated repairs or maintenance that may need to be done during the fiscal year.

Amended Budget
Debt Service Series 2013 Special Assessment Refunding Bonds

Description	Adopted Budget
Fiscal Year	Actuals Through 9/30/24	Amended Budget
Fiscal Year	
	2024		2024	

REVENUES:				
Special Assessments - Tax Roll	$	1,458,233	$	1,470,269	$	1,458,233	
Interest Income	-	119,422	-	
Carry Forward Surplus (1)	1,203,064	-	1,203,064	
TOTAL REVENUES	$ 2,661,297	$ 1,589,691	$ 2,661,297	

EXPENDITURES:				
Interest - 11/1	$	273,775	$	273,775	$	273,775	
Interest - 5/1	273,775	273,775	273,775	
Principal - 5/1	895,000	895,000	895,000	
TOTAL EXPENDITURES	$ 1,442,550	$ 1,442,550	$ 1,442,550	
				
EXCESS REVENUES (EXPENDITURES)	$ 1,218,747	$	147,141	$ 1,218,747	

(1) Carry Forward is Net of Reserve Requirement			
$257,553	
			$257,553	

Amortization Schedule
Debt Service Series 2013 Special Assessment Refunding 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	

Amended Budget
Debt Service Series 2014 Special Assessment Bonds

Description	Adopted Budget
Fiscal Year	Actuals Through 9/30/24	Amended Budget
Fiscal Year	
	2024		2024	

REVENUES:				
Special Assessments - Tax Roll	$	57,272	$	57,745	$	57,272	
Interest Income	-	2,869	-	
Carry Forward Surplus (1)	31,999	-	31,999	
TOTAL REVENUES	$	89,271	$	60,614	$	89,271	

EXPENDITURES:				
Interest - 11/1	$	19,325	$	19,325	$	19,325	
Interest - 5/1	19,325	19,325	19,325	
Principal - 5/1	19,000	19,000	19,000	
TOTAL EXPENDITURES	$	57,650	$	57,650	$	57,650	
				
EXCESS REVENUES (EXPENDITURES)	$	31,621	$	2,964	$	31,621	

(1) Carry Forward is Net of Reserve Requirement			
$18,874	
			$18,874	

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