Villa Portofino East	
Community Development District	

Approved Proposed Budget Option #2	
FY 2027	

Table of Contents

1-2

3-5

6-7

8-9

	General Fund

	Narratives

	Debt Service Fund Series 2012

	Debt Service Fund Series 2019

10		Assessment Schedule

Villa Portofino East	
Community Development District	
Approved Proposed Budget Option #2	
General Fund	
	
Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Approved Proposed Budget Option #2	
Description	FY2026	4/30/26	5 Months	9/30/26	FY 2027	

REVENUES:						

Special Assessments - On Roll	$218,267	$215,496	$2,771	$218,267	$315,396	
Interest income	5,000	5,708	2,000	7,708	5,000	
Carry Forward Surplus	81,706	84,262	-	84,262	85,317	
TOTAL REVENUES	$304,973	$305,466	$4,771	$310,237	$405,713	

EXPENDITURES:

Administrative						
Engineering	$10,000	$-	$5,000	$5,000	$10,000	
Attorney	15,000	3,050	2,950	6,000	15,000	
Annual Audit	4,000	4,000	-	4,000	4,200	
Assessment Administration	2,000	2,000	-	2,000	2,140	
Arbitrage Rebate	550	550	-	550	550	
Dissemination Agent	2,862	1,670	1,193	2,862	3,062	
Trustee Fees	10,500	3,500	7,000	10,500	10,500	
Management Fees	44,713	26,083	18,630	44,713	47,843	
Information Technology	1,145	668	477	1,145	1,225	
Website Maintenance	1,145	668	477	1,145	1,225	
Telephone	25	-	13	13	25	
Postage & Delivery	150	160	90	250	150	
Insurance General Liability	9,304	8,295	-	8,295	9,125	
Printing & Binding	100	1	25	26	100	
Rental & Leases	2,400	1,423	1,177	2,600	2,600	
Legal Advertising	1,000	-	1,000	1,000	1,000	
Other Current Charges	500	104	50	154	500	
Office Supplies	25	0	25	25	25	
Dues, Licenses & Subscriptions	175	175	-	175	175	
TOTAL ADMINISTRATIVE	$105,594	$52,345	$38,107	$90,452	$109,445	

Villa Portofino East	
Community Development District	
Approved Proposed Budget Option #2	
General Fund	
	
Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Approved Proposed Budget Option #2	
Description	FY2026	4/30/26	5 Months	9/30/26	FY 2027	

Operations & Maintenance

Field Expenditures						
Electric	$5,000	$3,068	$1,932	$5,000	$5,000	
Landscape Maintenance	46,400	26,472	19,928	46,400	48,400	
Landscape - Other	13,000	-	6,500	6,500	11,000	
Landscape - Enhancement	-	-	-	-	97,000	
Lake Maintenance	4,000	-	-	-	-	
Fountain Maintenance	10,000	-	1,589	1,589	10,000	
Repairs & Maintenance	10,000	-	10,000	10,000	10,000	
Field Operation	24,000	-	15,000	15,000	24,000	
Tree Trimming	15,000	-	15,000	15,000	15,000	
Drainage Maintenance	10,000	-	10,000	10,000	10,000	
Pressure Cleaning	12,000	-	12,000	12,000	12,000	
Roadway Maintenance	37,000	-	-	-	37,000	
Contingency	2,979	-	2,979	2,979	6,868	
Capital Outlay	10,000	-	10,000	10,000	10,000	
TOTAL FIELD EXPENDITURES	$199,379	$29,540	$104,928	$134,468	$296,268	

TOTAL EXPENDITURES	$304,973	$81,885	$143,035	$224,920	$405,713	

EXCESS REVENUES (EXPENDITURES)	$-	$223,581	$(138,264)	$85,317	$-	

Villa Portofino East	
Community Development District	
Budget Narrative	

REVENUES	

Special Assessments-Tax Roll	
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating expenditures during the Fiscal Year.	
Interest	
The District earns interest on the monthly average collected balance for each of their investment accounts.	

Expenditures - Administrative	

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.	
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.	
Annual Audit	
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.	
Assessment Roll Administration	
GMS SF, LLC provides assessment services for closing lot sales, assessment roll services with the local Tax Collector and financial advisory services.	
Arbitrage Rebate	
The District is required to have an annual arbitrage rebate calculation on the District's Bonds. The District will contract with an independent auditing firm to perform the calculations.	
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.	
Trustee Fees	
The District bonds will be held and administered by a Trustee. This represents the trustee annual fee.	
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 main frame computer leased by Governmental Management Services – South Florida, LLC.	
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.	

Communication - Telephone	
New internet and Wi-Fi service for Office.	

Villa Portofino East	
Community Development District	
Budget Narrative	

Expenditures - Administrative (continued)	
Postage and Delivery	
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.	

Insurance General Liability	
The District's General Liability & 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.	
Printing and Binding	
Copies used in the preparation of agenda packages, required mailings, and other special projects.	
Rental & Leases	
The District will be charge $200 per month for office rent from Governmental Management Services - South Florida, LLC, for the District's administrative office located in Fort Lauderdale.	
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 year.	
Office Supplies	
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.	
Due, Licenses & Subscriptions	
The District is required to pay an annual fee to the FloridaCommerce for $175.	
Capital Outlay	
Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for the District
files.	

Expenditures – Field	

Electric	
The District currently has the three following accounts with City of Homestead:	

Account	
1019383-359267	
1019383-356147	
1019383-359143	

Address	
920 NE 30th Ave Irrigation Pump 3	
3160 NE 11th Street Irrigation	
925 NE 30th Ave	

Landscape Maintenance	
Scheduled maintenance consists of mowing, edging, blowing, applying pest and disease control chemicals to sod.	
Landscape - Other	
Landscape expenditures such as replacing trees and plants on a large scale.	
Landscape - Enhancement	
Landscape expenditures for adding Green Buttonwood shrubs along the Turnpike fence and ensure proper irrigation.	

Lake Maintenance	
The District will enter a contract for water management services to the lakes.	

Villa Portofino East	
Community Development District	
Budget Narrative	

Expenditures – Field (continued)	
Fountain Maintenance	
Represents a cost for the fountain of the District.	

Repairs & Maintenance	
Cost of routine repairs and maintenance of the District's areas.	
Field Operation	
Represents an unanticipated cost associated with the operation of the District's field operations.	
Tree Trimming	
Represents tree trimming throughout the district.	
Drainage Maintenance	
Represents any expenditures related to drainage within the CDD.	
Pressure Cleaning	
The cost of pressure cleaning sidewalks and signage.	
Roadway Maintenance	
The District will contract a company for the repair of the streets within the district.	
Contingency	
Represents an unanticipated cost associated with the operation and maintenance of the District's field operations.	
Capital Outlay	
Represents any minor capital expenditures the District may need to make during the Fiscal Year.	
Capital Reserves	
This Reserve funding is form any future capital expenditures to the District may occur.	

Villa Portofino East	
Community Development District	
Approved Proposed Budget Option #2	
Debt Service Series 2012 Special Assessment Bonds	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Approved
Proposed Budget Option #2	
Description	FY2026	4/30/26	5 Months	9/30/26	FY 2027	

REVENUES:

Special Assessments-On Roll	$49,033	$48,232	$801	$49,033	$49,033	
Interest Earnings	8,000	5,786	2,000	7,786	5,000	
Carry Forward Surplus (1)	138,723	167,448	-	167,448	153,936	

TOTAL REVENUES	$195,756	$221,466	$2,801	$224,267	$207,968	

EXPENDITURES:

Interest - 2/1	$15,778	$15,778	$-	$15,778	$14,553	
Principal - 2/1	40,000	40,000	-	40,000	45,000	
Interest - 8/1	14,553	-	14,553	14,553	13,175	

TOTAL EXPENDITURES	$70,331	$55,778	$14,553	$70,331	$72,728	

TOTAL EXPENDITURES	$70,331	$55,778	$14,553	$70,331	$72,728	

EXCESS REVENUES (EXPENDITURES)	$125,425	$165,688	$(11,752)	$153,936	$135,240	

Interest Due 2/1/28	$13,175	
Principal Due 2/1/28	$45,000	
	$58,175	

(1) Carry Forward is Net of Reserve Requirement

Villa Portofino East	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2012 Special Assessment Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

08/01/25	505,000	6.125%	-	15,778	15,778.13	
02/01/26	505,000	6.125%	40,000	15,778		
08/01/26	465,000	6.125%	-	14,553	70,331.25	
02/01/27	465,000	6.125%	45,000	14,553		
08/01/27	420,000	6.125%	-	13,175	72,728.13	
02/01/28	420,000	6.125%	45,000	13,175		
08/01/28	375,000	6.125%	-	11,797	69,971.88	
02/01/29	375,000	6.125%	50,000	11,797		
08/01/29	325,000	6.125%	-	10,266	72,062.50	
02/01/30	325,000	6.125%	50,000	10,266		
08/01/30	275,000	6.125%	-	8,734	69,000.00	
02/01/31	275,000	6.125%	55,000	8,734		
08/01/31	220,000	6.125%	-	7,050	70,784.38	
02/01/32	220,000	6.125%	60,000	7,050		
08/01/32	160,000	6.125%	-	5,213	72,262.50	
02/01/33	160,000	6.125%	60,000	5,213		
08/01/33	100,000	6.750%	-	3,375	68,587.50	
02/01/34	100,000	6.750%	5,000	3,375		
08/01/34	95,000	6.750%	-	3,206	11,581.25	
02/01/35	95,000	6.750%	10,000	3,206		
08/01/35	85,000	6.750%	-	2,869	16,075.00	
02/01/36	85,000	6.750%	10,000	2,869		
08/01/36	75,000	6.750%	-	2,531	15,400.00	
02/01/37	75,000	6.750%	10,000	2,531		
08/01/37	65,000	6.750%	-	2,194	14,725.00	
02/01/38	65,000	6.750%	10,000	2,194		
08/01/38	55,000	6.750%	-	1,856	14,050.00	
02/01/39	55,000	6.750%	10,000	1,856		
08/01/39	45,000	6.750%	-	1,519	13,375.00	
02/01/40	45,000	6.750%	10,000	1,519		
08/01/40	35,000	6.750%	-	1,181	12,700.00	
02/01/41	35,000	6.750%	10,000	1,181		
08/01/41	25,000	6.750%	-	844	12,025.00	
02/01/42	25,000	6.750%	10,000	844		
08/01/42	15,000	6.750%	-	506	11,350.00	
02/01/43	15,000	6.750%	15,000	506	15,506.25	

Total	$465,000	$167,184	$632,184	

Villa Portofino East	
Community Development District	
Approved Proposed Budget Option #2	
Debt Service Series 2019 Special Assessment Refunding Bonds	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Approved
Proposed Budget Option #2	
Description	FY2026	4/30/26	5 Months	9/30/26	FY 2027	

REVENUES:

Special Assessments-On Roll	$285,855	$281,188	$4,667	$285,855	$285,855	
Interest Earnings	7,000	6,717	3,000	9,717	5,000	
Carry Forward Surplus (1)	163,941	164,028	-	164,028	409,013	

TOTAL REVENUES	$456,796	$451,933	$7,667	$459,600	$699,868	

EXPENDITURES:

Interest - 11/1	$50,581	$50,588	$-	$50,588	$47,256	
Interest - 5/1	50,581	-	-	-	47,256	
Principal - 5/1	190,000	-	-	-	195,000	

TOTAL EXPENDITURES	$291,163	$50,588	$-	$50,588	$289,513	

TOTAL EXPENDITURES	$291,163	$50,588	$-	$50,588	$289,513	

EXCESS REVENUES (EXPENDITURES)	$165,634	$401,345	$7,667	$409,013	$410,355	

Interest Due 11/1/27	$43,844	
	$43,844	

(1) Carry Forward is Net of Reserve Requirement

Villa Portofino East	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2019 Special Assessment Refunding Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

05/01/25	2,950,000	3.125%	180,000	53,394		
11/01/25	2,770,000	3.500%	-	50,581	283,975	
05/01/26	2,770,000	3.500%	190,000	50,581		
11/01/26	2,580,000	3.500%	-	47,256	287,838	
05/01/27	2,580,000	3.500%	195,000	47,256		
11/01/27	2,385,000	3.500%	-	43,844	286,100	
05/01/28	2,385,000	3.500%	200,000	43,844		
11/01/28	2,185,000	3.500%	-	40,344	284,188	
05/01/29	2,185,000	3.500%	210,000	40,344		
11/01/29	1,975,000	3.500%	-	36,669	287,013	
05/01/30	1,975,000	3.500%	215,000	36,669		
11/01/30	1,760,000	3.750%	-	32,906	284,575	
05/01/31	1,760,000	3.750%	225,000	32,906		
11/01/31	1,535,000	3.750%	-	28,688	286,594	
05/01/32	1,535,000	3.750%	230,000	28,688		
11/01/32	1,305,000	3.750%	-	24,375	283,063	
05/01/33	1,305,000	3.750%	240,000	24,375		
11/01/33	1,065,000	3.750%	-	19,875	284,250	
05/01/34	1,065,000	3.750%	250,000	19,875		
11/01/34	815,000	3.750%	-	15,188	285,063	
05/01/35	815,000	3.750%	260,000	15,188		
11/01/35	555,000	3.750%	-	10,313	285,500	
05/01/36	555,000	3.750%	270,000	10,313		
11/01/36	285,000	3.750%	-	5,250	285,563	
05/01/37	285,000	3.750%	280,000	5,250	285,250	

Total	$2,765,000	$710,575	$3,708,969	

Villa Portofino East	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2026-2027	

Neighborhood	O&M Units/Acres	Bond Units	Annual Maintenance Assessments	Annual Debt Assessments 2012A	Annual Debt Assessments 2019	Total Assessed Per Unit	
	
FY 2027	
FY2026	Increase/ (decrease)	
FY 2027	
FY2026	Increase/ (decrease)	
FY 2027	
FY2026	Increase/ (decrease)	
FY 2027	
FY2026	Increase/ (decrease)	

Townhomes 0010-1890	

117	

117	

$755.94	

$523.14	

$232.80	

$0.00	

$0.00	

$0.00	

$1,103.53	

$1,103.53	

$0.00	

$1,859.47	

$1,626.67	

$232.80	

Professional Center	

60293	

60293	

$0.64	

$0.44	

$0.20	

$0.00	

$0.00	

$0.00	

$0.88	

$0.88	

$0.00	

$1.52	

$1.32	

$0.20	
Commercial Site	2.903	2.903	$17,053.10	$11,801.45	$5,251.65	$0.00	$0.00	$0.00	$10,264.95	$10,264.95	$0.00	$27,318.05	$22,066.40	$5,251.65	
Commercial Site	0.95	0.95	$17,053.10	$11,801.45	$5,251.65	$0.00	$0.00	$0.00	$10,264.95	$10,264.95	$0.00	$27,318.05	$22,066.40	$5,251.65	
Commercial Site	0.996	0.996	$17,053.10	$11,801.45	$5,251.65	$0.00	$0.00	$0.00	$10,264.95	$10,264.95	$0.00	$27,318.05	$22,066.40	$5,251.65	
Hotel - Courtyard	1.61	1.61	$17,053.10	$11,801.45	$5,251.65	$32,057.89	$32,057.89	$0.00	$10,524.01	$10,524.01	$0.00	$59,635.00	$54,383.35	$5,251.65	
Hotel - Hampton	2.487	2.487	$17,053.10	$11,801.45	$5,251.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17,053.10	$11,801.45	$5,251.65	
Hotel - Hampton Expansion	0.798	0.798	$17,053.10	$11,801.45	$5,251.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17,053.10	$11,801.45	$5,251.65	
Hotel - Marriot	2.29	2.29	$17,053.10	$11,801.45	$5,251.65	$0.00	$0.00	$0.00	$22,712.25	$22,712.25	$0.00	$39,765.35	$34,513.70	$5,251.65	
Total	60422													

Page 10