Adopted Budget	
Fiscal Year 2024	

Villa Portofino East	
Community Development District	

July 17, 2023

Villa Portofino East	
Community Development District	

TABLE OF CONTENTS

General Fund	
Budget	
Narrative	

Page 1	
Page 2-4	

Debt Service Fund

Budget - Series 2012	
Amortization Schedule	

Page 5	
Page 6	

Budget - Series 2019	
Amortization Schedule	

Page 7	
Page 8	

Villa Portofino East	
Community Development District	

General Fund

Adopted		Actual		Projected		Total	
Budget		thru		Next		Projected at	
	FY 2023				6/30/2023				3 Months				9/30/2023		

Adopted	
Budget	
	FY 2024		

 Description	

Revenues	
Maintenance Assessments	
Interest Income	
Unassigned Fund Balance	

$108,772	
$300	
$99,029	

$109,416	
$5,204	
$236,327	

$0	
$0	
$0	

$109,416	
$5,204	
$236,327	

$119,535	
$1,000	
$160,359	

Total Revenues		$208,101  	$350,947  	$0  	$350,947 		$280,894 

Expenditures

Administrative	
Engineering Fees	
Arbitrage Rebate	
Dissemination Agent	
Assessment Roll	
Attorney Fees	
Annual Audit	
Trustee Fees	
Management Fees	
Computer Time	
Website Compliance	
Telephone	
Postage	
Printing & Binding	
Rentals & Leases	
Insurance	
Legal Advertising	
Other Current Charges	
Office Supplies	
Dues, Licenses & Subscriptions	
Capital Outlay	
First Quarter Operating	
Total Administrative	

$10,000	
$1,200	
$2,500	
$2,000	
$18,500	
$5,600	
$10,500	
$37,194	
$1,000	
$1,000	
$25	
$100	
$500	
$2,400	
$7,572	
$1,000	
$1,000	
$50	
$175	
$250	
        $0 	
    $102,566 	

$0	$6,500	
$0	$1,200	
$1,875	$625	
$2,000	$0	
$11,318	$7,183	
$3,700	$1,900	
$10,500	$0	
$27,896	$9,299	
$750	$250	
$750	$250	
$0	$25	
$111	$30	
$21	$479	
$1,800	$600	
$7,236	$0	
$553	$447	
$283	$717	
$0	$50	
$175	$0	
$0	$250	
       $0  		$0 	
    $68,968  		$29,803 	

$6,500	
$1,200	
$2,500	
$2,000	
$18,500	
$5,600	
$10,500	
$37,194	
$1,000	
$1,000	
$25	
$141	
$500	
$2,400	
$7,236	
$1,000	
$1,000	
$50	
$175	
$250	
        $0 	
     $98,771 	

$10,000	
$1,200	
$2,500	
$2,000	
$18,500	
$3,800	
$10,500	
$39,054	
$1,000	
$1,000	
$25	
$150	
$500	
$2,400	
$7,960	
$1,000	
$500	
$50	
$175	
$250	
        $0 	
    $102,564 	

Field	
Electric	
Landscape Maintenance	
Lake Maintenance	
Fountain Maintenance	
Repairs & Maintenance	
Field Operation	
Tree Trimming	
Drainage Maintenance	
Contingency	
Capital Outlay	
Capital Reserves	
Total Field	

$10,000	
$14,400	
$4,000	
$2,500	
$10,000	
$11,000	
$15,000	
$10,000	
$8,500	
$10,000	
     $10,135 	
    $105,535 	

$2,930	
$10,800	
$0	
$0	
$302	
$0	
$0	
$0	
$0	
$0	
        $0 	
     $14,032 	

$7,200	
$3,600	
$4,000	
$2,500	
$9,698	
$8,094	
$15,000	
$10,000	
$7,558	
$0	
     $10,135 	
     $77,784 	

$10,130	
$14,400	
$4,000	
$2,500	
$10,000	
$8,094	
$15,000	
$10,000	
$7,558	
$0	
     $10,135 	
     $91,817 	

$10,000	
$14,400	
$4,000	
$2,500	
$10,000	
$11,000	
$15,000	
$10,000	
$8,500	
$10,000	
     $82,931 	
    $178,331 	

Total Expenditures		$208,101  	$83,000  	$107,588  	$190,588 		$280,895 

Assigned Fund Balance		$0 

 Product Type		
Townhomes	
Professional Ctr	
Commercial	
Hotel - Courtyard	
Hotel - Hampton	
Hotel - Marriot	

Page 1

	($0)

    $267,947 

   # Units			($107,588)

Gross			$160,359 

Gross	
135	$286.65		$38,697.75	
60,293 sq. ft.	$0.24		$14,470.32	
4.849 acres.	$6,466.55		$31,356.30	
1.610 acres.	$6,466.55		$10,411.15	
2.487 acres.	$6,466.55		$16,082.31	
2.290 acres.	$6,466.55		$14,808.40	

Total

$38,698
$14,470
$31,356
$10,411
$16,082
	$14,808 
Total Gross:	$125,826
Less: Disc/Coll (5%):	($6,291)
Total Net:	$119,535

Villa Portofino East
Community Development District	General Fund

REVENUES:

Maintenance Assessment
The District will levy a Maintenance Assessment to all landowners within the District to funding the Operations and Maintenance for the fiscal year.

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

EXPENDITURES:

Administrative:

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

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.

Assessment Roll
Represents an annual charge from for preparing and administrating the District’s assessments on the landowner’s tax bills. Amount is 1% of the annual roll, not to exceed $2,000.

Attorney Fees
The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc. The District has contracted with Billing, Cochran, Heath, Lyles, Mauro & Anderson, P.A. for these services.

Annual Audit
The District is required to annually conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The fee is based on similar Community Development Districts and includes the GASB 34 pronouncement.

Trustee Fees
The District will issue bonds to be held with a Trustee at Regions Bank. The amount of the trustee fees is based on the agreement between Regions Bank and the District for the Series 2007 and Wells Fargo Bank and the District for the Series 2012.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services – South Florida, LLC. 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 main frame computer leased by Governmental Management Services – South Florida, LLC.

Website Compliance
Per Section 189.069 F.S., all Districts must have a website by October 1, 2015 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 as required by the Statute.

Villa Portofino East
Community Development District	General Fund

Administrative: (continued)

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, LLC, for the District's administrative office located in Fort Lauderdale.

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance. Florida Insurance Alliance 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, public hearings etc in a newspaper of general circulation.

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

Office Supplies
Miscellaneous office supplies.

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.

Field:

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

Account	Address
1019383-359267	920 NE 30 Ave Irrigation Pump 3
1019383-356147	3160 NE 11 Street Irrigation
1019383-359143	925 NE 30 Ave

Landscape Maintenance:
Scheduled maintenance consists of mowing, edging, blowing, applying pest and disease control chemicals to sod.

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

Fountain Maintenance:
Represents a cost for the fountain of the District.

Villa Portofino East
Community Development District	General Fund

Field: (continued)

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.

Contingency:
Represents an unanticipated cost associated with the operation and maintenance of the District’s field operations.

Villa Portofino East	
Community Development District	

 	
Debt Service Fund	
Series 2012A, Special Assessment Revenue Bonds	

Adopted		Actual		Projected		Total		Adopted	
Budget		thru		Next		Projected		Budget	
	FY 2023				6/30/2023				3 Months				9/30/2023				FY 2024		

	Description	

Revenues	
User Fee Payments/Assessments	
Interest Income	
Carry Forward Surplus (1)	

$130,427	
$100	
$156,122	

$130,755	
$8,405	
$156,051	

$0	
$10	
$0	

$130,755	
$8,415	
$156,051	

$130,427	
$100	
$169,731	

Total Revenues		$286,649  	$295,211  	$10  	$295,221  	$300,258 

	($44,765)			$169,731 			$176,648 	

Expenditures

Series 2012	
Interest - 2/1	
Principal - 2/1	
Interest - 8/1	

$45,716	
$35,000	
$44,775	

$45,716	
$35,000	
$0	

($0)	
$0	
$44,775	

$45,716	
$35,000	
$44,775	

$44,775	
$35,000	
$43,834	

Total Expenditures		$125,491  	$80,716  	$44,775  	$125,491  	$123,609 

Excess Revenue/(Expenditures)		$161,158  	$214,496 

(1) Carry Forward Surplus is net of Reserve Fund.

$43,834

Interest Payment - 2/1/2025	
Principal Payment - 2/1/2025	

	$40,000
$83,834

Product Type	Acres	Gross Assessment	Total	
Hotel	1.610 acres.	$32,057.89	$51,613	
Hotel	2.487 acres.	$34,450.53	$85,678	

Total Gross:	$137,292	
Less: Disc/Coll (5%):	($6,865)	
Total Net:	$130,427	

Villa Portofino East	
Community Development District	

 	
Series 2012A, Special Assessment Revenue Bonds	
Amortization Schedule	

PRINCIPAL	
	BALANCE	

 DATE		 COUPON		INTEREST		PRINCIPAL		TOTAL

2/1/24	$1,375,000.00	5.375%	$44,775.00	$35,000.00	$124,550.00	
8/1/24	$1,340,000.00	6.125%	$43,834.38	$0.00	$0.00	
2/1/25	$1,340,000.00	6.125%	$43,834.38	$40,000.00	$127,668.75	
8/1/25	$1,300,000.00	6.125%	$42,609.38	$0.00	$0.00	
2/1/26	$1,300,000.00	6.125%	$42,609.38	$40,000.00	$125,218.75	
8/1/26	$1,260,000.00	6.125%	$41,384.38	$0.00	$0.00	
2/1/27	$1,260,000.00	6.125%	$41,384.38	$45,000.00	$127,768.75	
8/1/27	$1,215,000.00	6.125%	$40,006.25	$0.00	$0.00	
2/1/28	$1,215,000.00	6.125%	$40,006.25	$45,000.00	$125,012.50	
8/1/28	$1,170,000.00	6.125%	$38,628.13	$0.00	$0.00	
2/1/29	$1,170,000.00	6.125%	$38,628.13	$50,000.00	$127,256.25	
8/1/29	$1,120,000.00	6.125%	$37,096.88	$0.00	$0.00	
2/1/30	$1,120,000.00	6.125%	$37,096.88	$50,000.00	$124,193.75	
8/1/30	$1,070,000.00	6.125%	$35,565.63	$0.00	$0.00	
2/1/31	$1,070,000.00	6.125%	$35,565.63	$55,000.00	$126,131.25	
8/1/31	$1,015,000.00	6.125%	$33,881.25	$0.00	$0.00	
2/1/32	$1,015,000.00	6.125%	$33,881.25	$60,000.00	$127,762.50	
8/1/32	$955,000.00	6.125%	$32,043.75	$0.00	$0.00	
2/1/33	$955,000.00	6.125%	$32,043.75	$60,000.00	$124,087.50	
8/1/33	$895,000.00	6.750%	$30,206.25	$0.00	$0.00	
2/1/34	$895,000.00	6.750%	$30,206.25	$65,000.00	$125,412.50	
8/1/34	$830,000.00	6.750%	$28,012.50	$0.00	$0.00	
2/1/35	$830,000.00	6.750%	$28,012.50	$70,000.00	$126,025.00	
8/1/35	$760,000.00	6.750%	$25,650.00	$0.00	$0.00	
2/1/36	$760,000.00	6.750%	$25,650.00	$75,000.00	$126,300.00	
8/1/36	$685,000.00	6.750%	$23,118.75	$0.00	$0.00	
2/1/37	$685,000.00	6.750%	$23,118.75	$80,000.00	$126,237.50	
8/1/37	$605,000.00	6.750%	$20,418.75	$0.00	$0.00	
2/1/38	$605,000.00	6.750%	$20,418.75	$85,000.00	$125,837.50	
8/1/38	$520,000.00	6.750%	$17,550.00	$0.00	$0.00	
2/1/39	$520,000.00	6.750%	$17,550.00	$90,000.00	$125,100.00	
8/1/39	$430,000.00	6.750%	$14,512.50	$0.00	$0.00	
2/1/40	$430,000.00	6.750%	$14,512.50	$95,000.00	$124,025.00	
8/1/40	$335,000.00	6.750%	$11,306.25	$0.00	$0.00	
2/1/41	$335,000.00	6.750%	$11,306.25	$105,000.00	$127,612.50	
8/1/41	$230,000.00	6.750%	$7,762.50	$0.00	$0.00	
2/1/42	$230,000.00	6.750%	$7,762.50	$110,000.00	$125,525.00	
8/1/42	$120,000.00	6.750%	$4,050.00	$0.00	$0.00	
2/1/43	$120,000.00	6.750%	$4,050.00	$120,000.00	$128,100.00	

	$1,190,540.63 		$1,410,000.00 		$2,646,256.25 

Villa Portofino East	
Community Development District	

 	
Debt Service Fund	
Series 2019, Special Assessment Refunding Bonds	

Adopted		Actual		Projected		Total		Adopted	
Budget		thru		Next		Projected		Budget	
	FY 2023				6/30/2023				3 Months				9/30/2023				FY 2024		

	Description	

Revenues	
Special Assessments	
Interest Income	
Carry Forward Surplus (1)	

$329,590	
$0	
$125,710	

$324,293	
$6,479	
$126,336	

$0	
$0	
$0	

$324,293	
$6,479	
$126,336	

$329,590	
$0	
$126,476	

Total Revenues		$455,300  	$457,107  	$0  	$457,107  	$456,066 

Expenditures

Series 2019	
Interest - 11/1	
Interest - 5/1	
Principal - 5/1	

$67,816	
$67,816	
$195,000	

$67,816	
$67,816	
$195,000	

($0)	
($0)	
$0	

$67,816	
$67,816	
$195,000	

$64,769	
$64,769	
$200,000	

Total Expenditures

Other Financing Sources/(Uses)		$330,631 			$330,631 			($0)		$330,631 			$329,538 	
Interfund Transfers In/(out)	$0		$0		$0	$0		$0	
Total Other Financing Sources/(Uses)		$0 			$0 						
Excess Revenue/(Expenditures)		$124,669 			$126,476 						
					Interest	Payment - 11/1/2024		$61,644	

	$0 			$0 			$0 	
	$0 			$126,476 			$126,529 	

(1) Carry Forward Surplus is net of Reserve Fund.

Product Type	# Units	Assessment	Total	
Townhomes	135	$1,103.53	$148,977	
Professional Ctr	60,293 sq. ft.	$0.88	$53,058	
Commercial	4.849 acres.	$10,264.95	$49,775	
Hotels	4.097 acres.	$10,524.01	$43,117	
Professional Ctr. 2	2.290 acres.	$22,712.25		$52,011 	

Total Gross:	$346,937	
Less: Disc/Coll (5%):	($17,347)	
Total Net:	$329,590	

Villa Portofino East	
Community Development District	

 	
Series 2019, Special Assessment Refunding Bonds	
Amortization Schedule	

PRINCIPAL	
	BALANCE	

 DATE		 COUPON		INTEREST		PRINCIPAL		TOTAL

11/01/23	$3,600,000.00	3.125%	$64,768.75	$0.00	$0.00	
05/01/24	$3,600,000.00	3.125%	$64,768.75	$200,000.00	$329,537.50	
11/01/24	$3,400,000.00	3.125%	$61,643.75	$0.00	$0.00	
05/01/25	$3,400,000.00	3.125%	$61,643.75	$210,000.00	$333,287.50	
11/01/25	$3,190,000.00	3.500%	$58,362.50	$0.00	$0.00	
05/01/26	$3,190,000.00	3.500%	$58,362.50	$215,000.00	$331,725.00	
11/01/26	$2,975,000.00	3.500%	$54,600.00	$0.00	$0.00	
05/01/27	$2,975,000.00	3.500%	$54,600.00	$225,000.00	$334,200.00	
11/01/27	$2,750,000.00	3.500%	$50,662.50	$0.00	$0.00	
05/01/28	$2,750,000.00	3.500%	$50,662.50	$230,000.00	$331,325.00	
11/01/28	$2,520,000.00	3.500%	$46,637.50	$0.00	$0.00	
05/01/29	$2,520,000.00	3.500%	$46,637.50	$240,000.00	$333,275.00	
11/01/29	$2,280,000.00	3.500%	$42,437.50	$0.00	$0.00	
05/01/30	$2,280,000.00	3.500%	$42,437.50	$250,000.00	$334,875.00	
11/01/30	$2,030,000.00	3.750%	$38,062.50	$0.00	$0.00	
05/01/31	$2,030,000.00	3.750%	$38,062.50	$260,000.00	$336,125.00	
11/01/31	$1,770,000.00	3.750%	$33,187.50	$0.00	$0.00	
05/01/32	$1,770,000.00	3.750%	$33,187.50	$270,000.00	$336,375.00	
11/01/32	$1,500,000.00	3.750%	$28,125.00	$0.00	$0.00	
05/01/33	$1,500,000.00	3.750%	$28,125.00	$280,000.00	$336,250.00	
11/01/33	$1,220,000.00	3.750%	$22,875.00	$0.00	$0.00	
05/01/34	$1,220,000.00	3.750%	$22,875.00	$290,000.00	$335,750.00	
11/01/34	$930,000.00	3.750%	$17,437.50	$0.00	$0.00	
05/01/35	$930,000.00	3.750%	$17,437.50	$300,000.00	$334,875.00	
11/01/35	$630,000.00	3.750%	$11,812.50	$0.00	$0.00	
05/01/36	$630,000.00	3.750%	$11,812.50	$310,000.00	$333,625.00	
11/01/36	$320,000.00	3.750%	$6,000.00	$0.00	$0.00	
05/01/37	$320,000.00	3.750%	$6,000.00	$320,000.00	$332,000.00	

	$1,208,856.25 		$3,795,000.00 		$5,335,425.00