Adopted Budget	
Fiscal Year 2024	

Portofino Springs	
Community Development District	

May 12, 2023

Portofino Springs	
Community Development District	

TABLE OF CONTENTS

General Fund	
Budget	
Narrative	

Page 1	
Page 2-3	

Debt Service Fund	
Series 2007A	
Budget	
Amortization Schedule - 2007A	

Page 4	
Page 5	

Portofino Springs	
Community Development District	

General Fund

FY2023	
Adopted	
	Budget		

Actual	
Through	
	3/31/2023		

Projected	
Next	
	6 Months		

Total	
Projected at	
	9/30/2023		

FY2024	
Adopted	
	Budget		

 Description	

Revenues	
Assessments On Roll	
Unassigned Fund Balance	

$53,838	
$40,785	

$52,436	
$50,247	

$1,402	
$0	

$53,838	
$50,247	

$53,838	
$37,528	

Total Revenues		$94,623 		$102,683 		$1,402 		$104,085 		$91,366 

Expenditures

Administrative

Supervisor Fees	
FICA	
Engineering	
Dissemination	
Attorneys Fees	
Annual Audit	
Trustee Fees	
Management Fees	
Computer Time	
Website Compliance	
Postage	
Printing & Binding	
Insurance	
Legal Advertising	
Other Current Charges	
Office Supplies	
Dues, Licenses & Subscriptions	
1st Quarter Operating	

$7,200	
$551	
$1,000	
$2,500	
$10,000	
$4,600	
$3,500	
$22,928	
$1,000	
$1,000	
$100	
$200	
$7,153	
$2,000	
$1,000	
$25	
$175	
$18,320	

$600	$1,200	$1,800	
$46	$92	$138	
$0	$1,000	$1,000	
$1,250	$1,250	$2,500	
$3,000	$7,000	$10,000	
$3,400	$0	$3,400	
$3,500	$0	$3,500	
$11,464	$11,464	$22,928	
$500	$500	$1,000	
$500	$500	$1,000	
$36	$64	$100	
$63	$137	$200	
$7,236	$0	$7,236	
$696	$1,200	$1,896	
$218	$282	$500	
$23	$2	$25	
$175	$0	$175	
$0	$9,160	$9,160	

$7,200	
$551	
$1,000	
$2,500	
$10,000	
$4,600	
$3,500	
$24,075	
$1,000	
$1,000	
$100	
$200	
$7,600	
$2,000	
$1,000	
$25	
$175	
$16,726	

Total Administrative		$83,252 			$32,707 			$33,850 			$66,557 			$83,252 	
Assigned Fund Balance		$11,372 			$69,976 			($32,448)			$37,528 			$8,114 	

# Units	FY 2024	
Gross Assessments	$57,274.42	
Less 6% Discount & Collections		($3,436.47)	
Net Assessments	$53,837.95	
Per Unit (Gross)	203	$282.14	

Page 1

Portofino Springs
Community Development District	General Fund

REVENUES:

Maintenance Assessments

The District will levy a non ad-valorem special assessment on all assessed property within the District to fund all the General Operating and Maintenance Expenditures for the fiscal year.

EXPENDITURES:

Administrative:

Supervisor Fees

The Florida Statutes allows each board member to receive $200 per meeting no to exceed $4,800 in one year. The amount for the fiscal year is based upon all five supervisors attending the estimated 12 annual meetings.

FICA Expense

Represents the Employer's share of Social Security and Medicare taxes withheld from Board of Supervisors checks.

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.

Dissemination Agent

The District is required to prepare the Annual Disclosure Report required by the Security and Exchange Commission in order to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.

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 & maintenance contracts, resolutions etc.

Annual Audit

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

Trustee Fees

The District will issue bonds to be held with the Trustee at Regions Bank. The amount of the trustee fees is based on the agreement between Regions 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, LLC.

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 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.

Portofino Springs
Community Development District	General Fund

Administrative: (continued)

Postage

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

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.

Printing & Binding

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

Legal Advertising

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

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.

Portofino Springs	
Community Development District	

 	
Debt Service Fund	
Series 2007A	

FY2023	
Adopted	
	Budget		

Actual	
Through	
	3/31/2023		

Projected	
Next	
	6 Months		

Total	
Projected	
	9/30/2023		

FY2024	
Adopted	
	Budget		

 Description	

Revenues	
Assessments On Roll	
Carry Forward Surplus (1)	
Interest Income	

$134,391	
$75,421	
$20	

$130,854	
$75,153	
$1,943	

$3,537	
$0	
$2,331	

$134,391	
$75,153	
$4,274	

$134,391	
$81,542	
$20	

Total Revenues		$209,831 		$207,949 		$5,868 		$213,817 		$215,953 

Expenditures

Series 2007A	
Interest - 11/1	
Interest - 5/1	
Principal - 5/1	

$38,638	
$38,638	
$55,000	

$38,638	
$0	
$0	

$0	
$38,638	
$55,000	

$38,638	
$38,638	
$55,000	

$	37,125	
$	37,125	
$	60,000	

Total Expenditures		$132,275 			$38,638 			$93,638 			$132,275 			$134,250 	
Excess Revenue/(Expenditures)		$77,556 			$169,312 			($87,770)			$81,542 			$81,703 	

(1) Carry Forward Surplus is net of Reserve Fund.	Interest Payment A - 11/1/24	$

35,475

# Units	FY 2024	
Gross Assessments	$142,968.75	
Less 6% Discount & Collections	($8,578.13)	
Net Assessments	$134,390.63	
Per Unit (Gross)	47	$638.30	
Per Unit (Gross)	155	$728.83	

Portofino Springs	
Community Development District	

 	
Series 2007A, Special Assessment Revenue Bonds	
Amortization Schedule	

 					
PRINCIPAL	
	DATE			BALANCE			RATE			INTEREST			PRINCIPAL			TOTAL		
1-Nov-23	$	1,350,000	5.500%	$	37,125.00	$	-		
1-May-24	$	1,350,000	5.500%	$	37,125.00	$	60,000.00	$	134,250.00	
1-Nov-24	$	1,290,000	5.500%	$	35,475.00	$	-		
1-May-25	$	1,290,000	5.500%	$	35,475.00	$	65,000.00	$	135,950.00	
1-Nov-25	$	1,225,000	5.500%	$	33,687.50	$	-		
1-May-26	$	1,225,000	5.500%	$	33,687.50	$	65,000.00	$	132,375.00	
1-Nov-26	$	1,160,000	5.500%	$	31,900.00	$	-		
1-May-27	$	1,160,000	5.500%	$	31,900.00	$	70,000.00	$	133,800.00	
1-Nov-27	$	1,090,000	5.500%	$	29,975.00	$	-		
1-May-28	$	1,090,000	5.500%	$	29,975.00	$	75,000.00	$	134,950.00	
1-Nov-28	$	1,015,000	5.500%	$	27,912.50	$	-		
1-May-29	$	1,015,000	5.500%	$	27,912.50	$	80,000.00	$	135,825.00	
1-Nov-29	$	935,000	5.500%	$	25,712.50	$	-		
1-May-30	$	935,000	5.500%	$	25,712.50	$	85,000.00	$	136,425.00	
1-Nov-30	$	850,000	5.500%	$	23,375.00	$	-		
1-May-31	$	850,000	5.500%	$	23,375.00	$	90,000.00	$	136,750.00	
1-Nov-31	$	760,000	5.500%	$	20,900.00	$	-		
1-May-32	$	760,000	5.500%	$	20,900.00	$	90,000.00	$	131,800.00	
1-Nov-32	$	670,000	5.500%	$	18,425.00	$	-		
1-May-33	$	670,000	5.500%	$	18,425.00	$	100,000.00	$	136,850.00	
1-Nov-33	$	570,000	5.500%	$	15,675.00	$	-		
1-May-34	$	570,000	5.500%	$	15,675.00	$	105,000.00	$	136,350.00	
1-Nov-34	$	465,000	5.500%	$	12,787.50	$	-		
1-May-35	$	465,000	5.500%	$	12,787.50	$	110,000.00	$	135,575.00	
1-Nov-35	$	355,000	5.500%	$	9,762.50	$	-		
1-May-36	$	355,000	5.500%	$	9,762.50	$	115,000.00	$	134,525.00	
1-Nov-36	$	240,000	5.500%	$	6,600.00	$	-		
1-May-37	$	240,000	5.500%	$	6,600.00	$	120,000.00	$	133,200.00	
1-Nov-37	$	120,000	5.500%	$	3,300.00	$	-		
1-May-38	$	120,000	5.500%	$	3,300.00	$	120,000.00	$	126,600.00	

	Total	

 $	742,500.00 

 $	1,405,000.00 

 $	2,147,500.00