Portofino Springs	
Community Development District	

Approved Proposed Budget	
FY 2025	

Table of Contents

1

2-3

4

5

	General Fund

	Narratives

	Debt Service Fund Series 2007

	Series 2007 Amortization Schedule

6		Assessment Schedule

Portofino Springs	
Community Development District	
Approved Proposed Budget	
General Fund	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Approved
Proposed	
Description	FY2024	2/29/24	7 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments - On Roll	$	53,838	$	52,488	$	1,350	$	53,838	$	53,838	
Carry Forward Surplus	37,528	47,194	-	47,194	29,414	

TOTAL REVENUES	$91,366	$99,682	$1,350	$101,032	$83,252	

EXPENDITURES:

Administrative						
Supervisor Fees	$	7,200	$	-	$	1,200	$	1,200	$	7,200	
FICA Taxes	551	-	92	92	551	
Engineering	1,000	-	1,000	1,000	1,000	
Attorney	10,000	2,500	3,500	6,000	10,000	
Annual Audit	4,600	3,500	-	3,500	3,600	
Dissemination Agent	2,500	1,042	1,458	2,500	2,625	
Trustee Fees	3,500	-	3,500	3,500	3,500	
Management Fees	24,075	10,031	14,044	24,075	25,279	
Information Technology	1,000	417	583	1,000	1,050	
Website Maintenance	1,000	417	583	1,000	1,050	
Postage & Delivery	100	33	67	100	100	
Insurance General Liability	7,600	7,525	-	7,525	8,428	
Printing & Binding	200	0	200	200	200	
Legal Advertising	2,000	-	2,000	2,000	2,000	
Other Current Charges	1,000	203	797	1,000	1,000	
Office Supplies	25	-	25	25	25	
Dues, Licenses & Subscriptions	175	175	-	175	175	
1st Quarter Operating	16,726	-	16,726	16,726	15,469	

TOTAL EXPENDITURES	$83,252	$25,843	$45,775	$71,618	$83,252	

EXCESS REVENUES (EXPENDITURES)	$8,114	$73,839	$(44,425)	$29,414	$	-	

Portofino Springs	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

REVENUES	

Special Assessments - On 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.	

Expenditures - 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.	
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.	
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.	
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.	

Portofino Springs	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

Expenditures - Administrative (continued)	

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 Florida Department of Commerce for $175.	
1st Quarter Operating	
Represents expenses in the first 2 months prior to assessments being collected.	

Portofino Springs	
Community Development District	
Approved Proposed Budget	
Debt Service Series 2007 Special Assessment Refunding Bonds	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Approved
Proposed	
Description	FY2024	2/29/24	7 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments-On Roll	$	134,391	$	131,020	$	3,371	$	134,391	$	134,391	
Interest Earnings	20	2,586	1,000	3,586	2,000	
Carry Forward Surplus (1)	81,542	81,748	-	81,748	85,612	

TOTAL REVENUES	$215,953	$215,354	$4,371	$219,725	$222,003	

EXPENDITURES:

Interest - 11/01	$	37,125	$	36,988	$	-	$	36,988	$	35,338	
Interest - 05/01	37,125	-	37,125	37,125	35,338	
Principal - 05/01	60,000	-	60,000	60,000	65,000	

TOTAL EXPENDITURES	$134,250	$36,988	$97,125	$134,113	$135,675	

EXCESS REVENUES (EXPENDITURES)	$81,703	$178,366	$(92,754)	$85,612	$86,328	

Interest Due 11/1/25	$33,550	

(1) Carry Forward is Net of Reserve Requirement

$33,550

Portofino Springs	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2007 Special Assessment Refunding Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

11/01/24	$1,285,000	5.500%	$-	$35,337.50	$35,338	
05/01/25	1,285,000	5.500%	65,000	35,337.50		
11/01/25	1,220,000	5.500%	-	33,550.00	133,888	
05/01/26	1,220,000	5.500%	65,000	33,550.00		
11/01/26	1,155,000	5.500%	-	31,762.50	130,313	
05/01/27	1,155,000	5.500%	70,000	31,762.50		
11/01/27	1,085,000	5.500%	-	29,837.50	131,600	
05/01/28	1,085,000	5.500%	75,000	29,837.50		
11/01/28	1,010,000	5.500%	-	27,775.00	132,613	
05/01/29	1,010,000	5.500%	80,000	27,775.00		
11/01/29	930,000	5.500%	-	25,575.00	133,350	
05/01/30	930,000	5.500%	85,000	25,575.00		
11/01/30	845,000	5.500%	-	23,237.50	133,813	
05/01/31	845,000	5.500%	85,000	23,237.50		
11/01/31	760,000	5.500%	-	20,900.00	129,138	
05/01/32	760,000	5.500%	90,000	20,900.00		
11/01/32	670,000	5.500%	-	18,425.00	129,325	
05/01/33	670,000	5.500%	95,000	18,425.00		
11/01/33	575,000	5.500%	-	15,812.50	129,238	
05/01/34	575,000	5.500%	100,000	15,812.50		
11/01/34	475,000	5.500%	-	13,062.50	128,875	
05/01/35	475,000	5.500%	110,000	13,062.50		
11/01/35	365,000	5.500%	-	10,037.50	133,100	
05/01/36	365,000	5.500%	115,000	10,037.50		
11/01/36	250,000	5.500%	-	6,875.00	131,913	
05/01/37	250,000	5.500%	120,000	6,875.00		
11/01/37	130,000	5.500%	-	3,575.00	130,450	
05/01/38	130,000	5.500%	130,000	3,575.00	133,575	

Total	$1,285,000	$591,525	$1,876,525	

Portofino Springs
Community Development District
Non-Ad Valorem Assessments Comparison 2024-2025	

Neighborhood	O&M Units	Bonds Units
20xx	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	

Townhomes - PP	

47	

47	

$282.14	

$282.14	

$0.00	

$638.30	

$638.30	

$0.00	

$920.44	

$920.44	

$0.00	
Townhomes	156	155	$282.14	$282.14	$0.00	$728.83	$728.83	$0.00	$1,010.97	$1,010.97	$0.00	
Total	203	202										

Page 6