Approved Proposed Budget
Fiscal Year 2024

Old Palm Community Development District

February 16, 2023

Old Palm
Community Development District

TABLE OF CONTENTS

General Fund
Budget Narrative

Page 1-2
Page 3-6

Debt Service Fund

Series 2019
Amortization Schedule - 2019

Page 7
Page 8

Old Palm
Community Development District

General Fund

Adopted Budget
	FY2023	

Actual Thru
	1/31/23	

Projected Next
	8 Months	

Total Projected
	9/30/23	

Proposed Budget
	FY2024	

 Description	

Revenues

Special Assessments - Net Interest Income
Misc Income
Carry Forward Surplus

$718,981
$0
$0
$126,593

$703,230
$1,842
$9,065
$171,523

$15,751
$3,684
$0
$0

$718,981
$5,526
$9,065
$171,523

$748,670
$5,000
$0
$112,040

TOTAL REVENUES

	$845,574 

	$885,660 

	$19,435 

	$905,095 

	$865,711 

Expenditures

Administrative
Engineering Fees Arbitrage Assessment Roll Attorney Fees Annual Audit Trustee Fees Management Fees Computer Time Telephone Postage
Insurance Printing & Binding Legal Advertising
Other Current Charges Website Compliance Office Supplies
Dues, Licenses & Subscriptions Contingency

$15,000
$550
$5,080
$45,000
$4,200
$4,041
$38,868
$1,000
$100
$500
$12,000
$1,500
$1,500
$1,200
$1,000
$200
$175
$1,000

$21,979
$550
$150
$14,720
$4,200
$4,041
$25,912
$667
$50
$105
$0
$500
$1,500
$2,119
$667
$100
$0
$1,000

$29,305
$550
$5,080
$19,626
$4,200
$4,041
$38,868
$1,000
$50
$120
$11,505
$576
$1,500
$3,178
$1,000
$183
$175
$1,000

$25,000
$550
$5,080
$40,000
$4,500
$4,041
$38,868
$1,000
$100
$500
$12,000
$1,500
$1,500
$3,200
$1,000
$200
$175
$1,000

$7,326
$0
$4,930
$4,907
$0
$0
$12,956
$333
$0
$15
$11,505
$76
$0
$1,059
$333
$83
$175
$0

Total Administrative

	$132,914 

	$43,699 

	$78,259 

	$121,957 

	$140,214 

Maintenance - Common Area
Field Management Fee Property Insurance Repairs & Maintenance Wall Maintenance/Repairs Landscape Maintenance Irrigation System Repairs
Preserve-Wall Maintenance Preserve Maintenance Preserve Debris Removal Landscape Tree/Replacement Tree Trimming/Maintenance Clock/Irrigation - Repairs
Pump Station Repair/Replacement Filters Clean up
Filter Parts
Lake Maintenance Lake Aerators Repairs
Enzyme Treatment to Lake Water Testing
Chemcials
Drainage Maintenance Locate Services - Utilities Operation Contingencies

$84,800
$28,000
$37,050
$20,000
$69,250
$8,000
$20,000
$60,000
$0
$20,000
$5,000
$18,000
$0
$12,000
$0
$41,400
$0
$4,200
$0
$15,000
$20,000
$6,000
$25,000

$59,925
$0
$27,017
$19,234
$46,207
$3,008
$0
$40,000
$0
$10,000
$0
$15,100
$0
$8,000
$0
$31,330
$0
$0
$0
$20,801
$15,000
$2,867
$20,000

$88,616
$29,481
$40,525
$28,851
$69,310
$4,512
$20,000
$60,000
$0
$12,000
$5,904
$22,650
$0
$9,785
$0
$46,995
$0
$7,250
$0
$31,201
$15,000
$4,300
$27,180

$89,888
$30,955
$25,000
$12,000
$69,310
$5,000
$20,000
$60,000
$40,000
$15,000
$10,000
$15,000
$20,000
$12,000
$7,500
$48,000
$5,000
$9,600
$1,600
$15,000
$20,000
$6,000
$25,842

$28,691
$29,481
$13,508
$9,617
$23,103
$1,504
$20,000
$20,000
$0
$2,000
$5,904
$7,550
$0
$1,785
$0
$15,665
$0
$7,250
$0
$10,400
$0
$1,433
$7,180

Total Maintenance - Common Area

	$493,700 

	$205,072 

	$318,488 

	$523,560 

	$562,695 

Page 1

Old Palm
Community Development District

General Fund

Adopted Budget
	FY2023	

Actual Thru
	1/31/23	

Projected Next
	8 Months	

Total Projected
	9/30/23	

Proposed Budget
	FY2024	

 Description	

Maintenance - Median

Landscape Median
Tree Trimming/Maintenance Pine Straw/Mulch
Landscape Tree/Replacement Irrigation Repairs - Median

$35,406
$9,000
$9,000
$18,314
$3,000

$11,902
$10,496
$0
$0
$0

$23,804
$0
$9,000
$15,000
$3,000

$35,705
$10,496
$9,000
$15,000
$3,000

$35,705
$9,000
$9,000
$14,512
$3,000

Total Maintenance - Median

	$74,720 

	$22,398 

	$50,804 

	$73,201 

	$71,217 

Reclaim Water

Reservation Fee
Repair and Maintenance Water Usage Contingencies

$46,380
$20,620
$22,204
$5,000

$15,912
$3,750
$0
$350

$31,824
$10,000
$10,000
$2,500

$47,736
$13,750
$10,000
$2,850

$46,380
$18,000
$22,204
$5,000

Total Reclaim Water

	$94,204 

	$20,012 

	$54,324 

	$74,336 

	$91,584 

TOTAL EXPENDITURES

	$795,537 

	$291,181 

	$501,874 

	$793,055 

	$865,710 

Excess Revenues/(Expenditures)

	$50,037 

	$594,479 

	($482,439) 

	$112,040 

	$0 

Page 2

Product Type

# Units

FY2023

FY2024

Gross Per Unit	Total

Gross Per Unit	Total

Golf Cottages

8

$1,998.30

$15,986.40

$2,094.30

$16,754.40

Villa

110

$1,998.30

$219,813.00

$2,094.30

$230,373.00

Grand Estates

87

$1,998.30

$173,852.10

$2,094.30

$182,204.10

One Acre Estates w/Rclm Water

69

$3,555.30

$245,315.70

$3,651.30

$251,939.70

One Acre Estates

11

$1,998.30

$21,981.30

$2,094.30

$23,037.30

Sable Palms Parcel A

31

$1,998.30

$61,947.30

$2,094.30

$64,923.30

Golf Course *

1

$25,977.90

$25,977.90

$27,225.90

$27,225.90

Total

* 43,000 sq.ft. was the assigned area to the Golf Club

317

Gross Assessments Discounts (6%)
Net Assessments

$764,873.70
($45,892.42)

Gross Assessments Discounts (6%)
Net Assessments

$796,457.70
($47,787.46)

$718,981.28

$748,670.24

Suggested Net Increase per Unit	$96.00

Old Palm
Community Development District

General Fund

REVENUES:

Assessments
The District will levy a maintenance assessment on all assessable property within the district.

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, and various projects assigned as directed by the board of supervisors.

Arbitrage
The District is required to have an annual arbitrage rebate calculation prepared for the Series 2015, Special Assessment Refunding Bonds. The District has contracted with LLS Tax Solutions to perform this calculation.

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 $2,300. The County charges $2,630 to include the Non-ad Valorem assessments on the tax roll, and $150 for admin costs.

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, agreements, etc.

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’s Series 2019, Special Assessment Refunding Bonds are held by a Trustee with US Bank, N.A. The amount represents the fee for the administration of the District’s bond issue.

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 its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.

Telephone
This category includes all charges relating to telephone calls, conference calls, and faxes made to and on behalf of the District.

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

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with Preferred Governmental Insurance Trust. PGIT specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.

Printing & Binding
This category includes expenses relating to the printing and binding of agenda packages for board meetings, accounts payable checks, stationary, envelopes, photocopies, etc.

Page 3

Old Palm
Community Development District

General Fund

Administrative: (continued)

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

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

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.

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 category for the District.

This is the only expense under

Contingency
Represents any unforeseen expenditures.

Maintenance – Common Area:

Field Management Fees
The District has contracted with LSB Golf Consultants. for the following:

-Supervise all contractors
-Property inspections
-Preparation of bids
-Contract development
-Respond to District residents
-Negotiate contracts at Board direction
-Emergency services program
-Make recommendations to Board
The contract is $89,888.04/annually or $7,490.67 per month, plus reimbursable expenses.

Property Insurance
The District's Property Insurance policy is with Preferred Governmental Insurance Trust. PGIT specializes in providing insurance coverage to governmental agencies. This is for the perimeter wall of the District.

Repairs & Maintenance
Represents costs associated with basic maintenance and repairs in the District.

Wall Maintenance/Repairs
Represents the costs of cleaning along the wall, painting and repairs as needed.

Landscape Maintenance
The District has contracted with Horizon Landscape Management for the following services:
-Weekly mowing, edging, weed-eating and blowing
-Monthly pruning of trees of shrubs
-Monthly application of herbicide on plant beds and hardscapes
-Bi-monthly pest control
-Monthly irrigation wet checks
-Monthly porter services
The contract is $105,016/annually or $8,751.30 per month. This cost is split with the Median. Common Area 66%/Median 34%.

Irrigation System & Repairs
Included in Landscape Maintenance contracted amount.

Preserve Maintenance
The District has contracted with Solitude Lake Management, Inc. for the following services:
-Treatment 3 times per month for a total of 36 times per year to 78 acres
-Trash removal
The contract is $60,000/annually or $5,000 per month

Page 4

Old Palm
Community Development District

General Fund

Maintenance – Common Area: (continued)

Landscape Tree/Replacement
The replacement and maintenance of trees within the common area of the District.

Tree Trimming/Maintenance
The trimming and maintenance the trees within the common area of the District.

Clock/Irrigation - Repairs
Irrigation system repairs and materials within the common area of the District.

Pump Station Repairs/Replacement
Irrigation Lift Station repairs and materials.

Filter Maintenance
Represents the cost to clean and maintain the VAF filters.

Filter Parts
Reprensts of the cost of parts for VAF filters.

Lake Maintenance
The District has contracted with Solitude Lake Management, Inc. for the following services on the CDD’s 15 lakes:
-Algae and aquatic weed control
-Border grass and brush control
-Water testing/pH, temperature, dissolved oxygen
-Management reporting
-Aquatic consulting
-Littoral shelf maintenance
Contractor will perform 48 inspections per year and treat as necessary.

Lake Aerator Repairs
Represents the cost to repair and maintain the aerator system in the lakes.

Enzyme Treatment for Lakes
Represents the cost to treat the lakes to remove plant decay, algae, muck etc.

Water Testing
Represents the cost of testing the lake water to ensure safe levels.

Drainage Maintenance
Annual Storm Drain Cleaning for a portion of the Storm Drains system.

Locate Services
The District has contracted with USIC Receivables to locate utility lines prior to earthwork to prevent damage to the system.

Wall Maintenance/Repairs
Includes maintenance and repairs for the perimeter wall on the outside portion of the wall.

Operating Contingencies
Any unforeseen operating cost.

Maintenance – Median:

Landscape Maintenance
The District has contracted with Horizon Landscape Management for the following services:
-Weekly mowing, edging, weed-eating and blowing
-Monthly pruning of trees of shrubs
-Monthly application of herbicide on plant beds and hardscapes
-Bi-monthly pest control
-Monthly irrigation wet checks
-Monthly porter services
The contract is $105,016/annually or $8,751.30 per month. This cost is split with the Median. Common Area 66%/Median 34%.

Page 5

Old Palm
Community Development District

General Fund

Tree Trimming/Maintenance
The trimming and maintenance the trees on the medians

Pine Straw
The replacement of mulch on the medians.

Landscape Tree/Replacement
Replacement any tree on the medians.

Irrigation Repairs - Median
Irrigation repairs and materials.

Reclaim Water:

Reservation Fee
As part of the reclaim water use the community has signed for an annual obligation based on assigned gallons of water that are distributed to the community.

Management Fee
The District contract with a company to provide oversite to the reclaim water service.

Repair and Maintenance
Miscellaneous repairs and maintenance to the reclaim water system, its pump, and equipment.

Water Usage
Represents the cost of water from Seacoast as per agreement.

Page 6

Old Palm
Community Development District

Debt Service Fund Series 2019 Special Assessment Refunding Bonds

Adopted Budget
	FY2023	

Actual Thru
	1/31/23	

Projected Next
	8 Months	

Total Projected
	9/30/23	

Proposed Budget
	FY2024	

 Description	

Revenues

Special Assessments - Net Interest Income
Carry Forward Surplus

$815,063
$0
$344,776

$616,700
$3,255
$368,924

$198,363
$4,883
$0

$815,063
$8,138
$368,924

$815,063
$0
$371,500

TOTAL REVENUES

	$1,159,839 

	$988,879 

	$203,246 

	$1,192,125 

	$1,186,562 

Expenditures

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

$112,813
$112,813
$595,000

$112,813
$0
$0

$0
$112,813
$595,000

$112,813
$112,813
$595,000

$105,375
$105,375
$610,000

TOTAL EXPENDITURES

	$820,625 

	$112,813 

	$707,813 

	$820,625 

	$820,750 

Excess Revenues/(Expenditures)

	$339,214 

	$876,067 

	($504,567) 

	$371,500 

	$365,812 

11/01/24 Interest

$97,750

Page 7

Product Type	# Units

FY24 Gross	FY 2024
Per Unit	Total

Golf Cottages Villa
Grand Estates
One Acre Estates w/Rclm Water One Acre Estates
Sable Palms Parcel A
Golf Course *

8
110
87
69
11
31
1

$1,359.47
$1,510.68
$2,718.94
$4,036.11
$3,020.65
$1,529.96
$94,341.93
Gross Assessments Discounts (6%) Net Assessments

$10,876
$166,175
$236,548
$278,492
$33,227
$47,429
$94,342

Total	317

* 43,000 sq.ft. was the assigned area to the Golf Club

$867,088 ($52,025)
$815,063

Old Palm
Community Development District

Amortization Schedule
Series 2019, Special Assessment Refunding Bonds

	DATE	

	BALANCE	

	RATE	

	PRINCIPAL	

	INTEREST	

	TOTAL	

05/01/20
11/01/20
05/01/21
11/01/21
05/01/22
11/01/22
05/01/23

$10,720,000.00
$10,170,000.00
$10,170,000.00
$9,605,000.00
$9,605,000.00
$9,025,000.00
$9,025,000.00

2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%

$550,000.00
$0.00
$565,000.00
$0.00
$580,000.00
$0.00
$595,000.00

$136,233.33
$127,125.00
$127,125.00
$120,062.50
$120,062.50
$112,812.50
$112,812.50

$813,358.33

$812,187.50

$812,875.00

11/01/24
05/01/25
11/01/25
05/01/26
11/01/26
05/01/27
11/01/27
05/01/28
11/01/28
05/01/29
11/01/29
05/01/30
11/01/30
05/01/31
11/01/31
05/01/32
11/01/32
05/01/33
11/01/33
05/01/34
11/01/34
05/01/35

$7,820,000.00
$7,820,000.00
$7,195,000.00
$7,195,000.00
$6,555,000.00
$6,555,000.00
$5,900,000.00
$5,900,000.00
$5,225,000.00
$5,225,000.00
$4,535,000.00
$4,535,000.00
$3,825,000.00
$3,825,000.00
$3,100,000.00
$3,100,000.00
$2,355,000.00
$2,355,000.00
$1,590,000.00
$1,590,000.00
$805,000.00
$805,000.00

2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%

$0.00
$625,000.00
$0.00
$640,000.00
$0.00
$655,000.00
$0.00
$675,000.00
$0.00
$690,000.00
$0.00
$710,000.00
$0.00
$725,000.00
$0.00
$745,000.00
$0.00
$765,000.00
$0.00
$785,000.00
$0.00
$805,000.00

$97,750.00
$97,750.00
$89,937.50
$89,937.50
$81,937.50
$81,937.50
$73,750.00
$73,750.00
$65,312.50
$65,312.50
$56,687.50
$56,687.50
$47,812.50
$47,812.50
$38,750.00
$38,750.00
$29,437.50
$29,437.50
$19,875.00
$19,875.00
$10,062.50
$10,062.50

$813,125.00

$812,687.50

$811,875.00

$810,687.50

$814,062.50

$812,000.00

$814,500.00

$811,562.50

$813,187.50

$814,312.50

$814,937.50

	Total	

	$10,720,000.00 

	$2,289,608.33 

	$12,194,545.83 

Page 8

11/01/23	$8,430,000.00	2.50%	$0.00	$105,375.00	$813,187.50
05/01/24	$8,430,000.00	2.50%	$610,000.00	$105,375.00