Adopted Budget
Fiscal Year 2022

Portofino Vista Community Development District

July 28, 2021

Portofino Vista
Community  Development District

General Fund Budget Narrative

Page 1
Page 2 - 3

Debt Service Fund

Series 2006A/B Budget
Amortization Schedule - 2006A/B

Page 4
Page 5

Portofino Vista
Community Development District

General Fund

FY2021
Adopted
 	Budget	

Actual through
 	6/30/2021	

Projected Next
 	3 Months	

Total Projected
 	9/30/2021	

FY2022
Adopted
 	Budget	

 Description	

Revenues

(1) Maintenance Assessments Del. Maintenance Assessments Interest  Income/Misc.

$76,613
$0
$0

$51,602
$17,800
$10

$25,011
$0
$0

$76,613
$17,800
$10

$76,613
$0
$0

Total Revenues

 	$76,613 

 	$69,411 

 	$25,011 

 	$94,422 

 	$76,613 

Expenditures

Administrative

Engineering Fees Arbitrage Dissemination Assessment Roll Attorney Fees Auditing
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

$1,000
$600
$1,250
$2,200
$10,000
$4,200
$6,000
$22,279
$1,000
$1,000
$25
$150
$200
$2,400
$6,646
$360
$320
$30
$175
$500
$11,278

$520
$600
$938
$2,308
$4,233
$4,200
$0
$16,709
$750
$750
$0
$49
$77
$1,800
$6,503
$217
$236
$10
$175
$0
$0

$480
$0
$313
$0
$5,768
$0
$6,000
$5,570
$250
$250
$25
$101
$50
$600
$0
$283
$59.01
$20
$0
$500
$11,278

$1,000
$600
$1,250
$2,308
$10,000
$4,200
$6,000
$22,279
$1,000
$1,000
$25
$150
$127
$2,400
$6,503
$500
$295
$30
$175
$500
$11,278

$1,000
$600
$1,250
$2,300
$10,000
$4,300
$6,000
$22,279
$1,000
$1,000
$25
$150
$200
$2,400
$6,646
$500
$320
$30
$175
$500
$10,938

Administrative Expenditures

 	$71,612 

 	$40,074 

 	$31,545 

 	$71,619 

 	$71,612 

Field

Lake Maintenance

$5,000

$2,232

$2,768

$5,000

$5,000

Field Expenditures

 	$5,000 

 	$2,232 

 	$2,768 

 	$5,000 

 	$5,000 

Total Expenditures

 	$76,612 

 	$42,306 

 	$34,313 

 	$76,619 

 	$76,612 

EXCESS REVENUES/EXPENDITURES

$0

$27,105

($9,302)

$17,803

$0

(1) Assuming 100% collection on maintenance   assessments.

Page 1

Type	Units	Gross Per Unit	Total

Townhomes		262	$311.08 Less: 6% Disc & Coll Fees
Total Net

$81,503 ($4,890)

$76,613

Portofino Vista
Community Development District

General Fund

REVENUES:

Maintenance Assessments

The District will levy a Non-Ad Valorem assessment on all the platted lots within the District to pay all of the operating expenses for the Fiscal Year in accordance with the adopted budget.

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
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.

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 $2,200.

Dissemination
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.

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, and 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 has issued Series 2006A/B Special Assessment Bonds which are held with a Trustee at Wells Fargo Bank. The amount of the trustee fees is based on the agreement between the Wells Fargo 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.  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.

Telephone
Telephone and fax machine

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

Page 2

Portofino Vista
Community Development District

General Fund

Administrative: (Continued)

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 Ft. Lauderdale.

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

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with Preferred Governmental Insurance Trust. Egis 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.

First Quarter Operating
Represents funds needed for 1st Quarter Operating of the next Fiscal Year, prior to the collection of Maintenance Assessments from the Tax Collector.

Field

Lake Maintenance
The District will go into contract with a company who will provide monthly water management services.

Page 3

Portofino Vista
Community Development District

Debt Service Fund
Series 2006A/B

FY2021
Adopted
 	Budget	

Actual through
 	6/30/2021	

Projected Next
 	3 Months	

Total Projected
 	9/30/2021	

FY2022
Adopted
 	Budget	

 Description	

Revenues

Assessments A Assessments Direct Interest  Earned
Carry Forward Surplus

$51,414
$159,289
$3,000
$53,581

$32,552
$11,945
$31
$167,260

$18,862
$147,343
$0
$0

$51,414
$159,289
$31
$167,260

$51,414
$159,289
$0
$112,777

Total Revenues

 	$267,284 

 	$211,787 

 	$166,206 

 	$377,993 

 	$323,479 

Expenditures

Series 2006A
(1) Interest - 11/1
(1) Interest - 5/1 Principal - 5/1

$68,109
$68,109
$100,000

$89,224
$89,224
$100,000

$0
$0
$0

$89,224
$89,224
$100,000

$65,534
$65,534
$105,000

Total Expenditures

 	$236,218 

 	$278,448 

 	$0 

 	$278,448 

 	$236,068 

EXCESS REVENUES/EXPENDITURES

$31,066

($66,660)

$166,206

$99,546

$87,412

Other Financing Sources/(Uses)

Other Debt Service Costs

$0

$8,231

$5,000

$13,231

$0

Total Financing Sources/(Uses)

 	$0 

 	$8,231 

 	$5,000 

 	$13,231 

 	$0 

Net Change in Fund Balance

$31,066

($74,891)

$171,206

$112,777

$87,412

(1) Interest payment due is based on outstanding principal balance.

Interest Payment A - 11/1/2022

$62,830

Page 4

Type	Units	Gross Per Unit	Total

Townhomes	57		$959.57 Less: 6% Disc & Coll Fees
Total Net

$54,695 ($3,282)
$51,414

Portofino Vista
Community Development District

Series 2006A, Special Assessment Revenue Bonds
Amortization  Schedule

PRINCIPAL
 	BALANCE	

 	DATE	

 	RATE	

 	INTEREST	

 	PRINCIPAL	

 	TOTAL	

1-Nov-22
1-May-23
1-Nov-23
1-May-24
1-Nov-24
1-May-25
1-Nov-25
1-May-26
1-Nov-26
1-May-27
1-Nov-27
1-May-28
1-Nov-28
1-May-29
1-Nov-29
1-May-30
1-Nov-30
1-May-31
1-Nov-31
1-May-32
1-Nov-32
1-May-33
1-Nov-33
1-May-34
1-Nov-34
1-May-35
1-Nov-35
1-May-36
1-Nov-36
1-May-37

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

2,440,000
2,440,000
2,330,000
2,330,000
2,215,000
2,215,000
2,090,000
2,090,000
1,960,000
1,960,000
1,825,000
1,825,000
1,680,000
1,680,000
1,530,000
1,530,000
1,370,000
1,370,000
1,205,000
1,205,000
1,030,000
1,030,000
845,000
845,000
650,000
650,000
445,000
445,000
230,000
230,000

5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%
5.150%

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

62,830.00
62,830.00
59,997.50
59,997.50
57,036.25
57,036.25
53,817.50
53,817.50
50,470.00
50,470.00
46,993.75
46,993.75
43,260.00
43,260.00
39,397.50
39,397.50
35,277.50
35,277.50
31,028.75
31,028.75
26,522.50
26,522.50
21,758.75
21,758.75
16,737.50
16,737.50
11,458.75
11,458.75
5,922.50
5,922.50

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

- 110,000.00
- 115,000.00
- 125,000.00
- 130,000.00
- 135,000.00
- 145,000.00
- 150,000.00
- 160,000.00
- 165,000.00
- 175,000.00
- 185,000.00
- 195,000.00
- 205,000.00
- 215,000.00
- 230,000.00

$

233,363.75

$

232,827.50

$

232,033.75

$

235,853.75

$

234,287.50

$

232,463.75

$

235,253.75

$

232,657.50

$

234,675.00

$

231,306.25

$

232,551.25

$

233,281.25

$

233,496.25

$

233,196.25

$
$

232,381.25
235,922.50

 	Total	

  $	1,533,412.50 

  $	2,740,000.00 

  $	4,436,285.00 

Page 5

1-Nov-21	$	2,545,000	5.150%	$	65,533.75	$	-	$	233,642.50
1-May-22	$	2,545,000	5.150%	$	65,533.75	$	105,000.00