Adopted Budget	
Fiscal Year 2024	

Portofino Vista	
Community Development District	

June 28, 2023

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

FY2023	
Adopted	
	Budget		

Actual	
through	
	5/31/2023		

Projected	
Next	
	4 Months		

Total	
Projected	
	9/30/2023		

FY2024	
Adopted	
	Budget		

 Description	

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

$76,613	
$0	
$0	

$47,160	
$43,743	
$12	

$29,453	
$0	
$7	

$76,613	
$43,743	
$19	

$76,613	
$0	
$0	

Total Revenues		$76,613 		$90,916 		$29,460 		$120,375 		$76,613 

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 - General Liability	
Legal Advertising	
Other Current Charges	
Office Supplies	
Property Appraiser	
Dues, Licenses & Subscriptions	
Capital Outlay	
First Quarter Operating	

$1,000	
$600	
$1,250	
$2,300	
$10,000	
$4,400	
$6,000	
$30,000	
$1,000	
$1,000	
$25	
$150	
$200	
$2,400	
$7,572	
$500	
$320	
$30	
$0	
$175	
$500	
$2,191	

$0	$333	$333	
$600	$0	$600	
$833	$417	$1,250	
$2,300	$0	$2,300	
$999	$9,001	$10,000	
$4,400	$0	$4,400	
$0	$6,000	$6,000	
$20,000	$10,000	$30,000	
$667	$333	$1,000	
$667	$333	$1,000	
$0	$25	$25	
$73	$77	$150	
$148	$67	$215	
$1,600	$800	$2,400	
$7,236	$0	$7,236	
$170	$330	$500	
$180	$103	$283	
$3	$27	$30	
$164	$0	$164	
$175	$0	$175	
$0	$167	$167	
$0	$730	$730	

$1,000	
$600	
$1,250	
$2,300	
$10,000	
$4,500	
$6,000	
$30,900	
$1,000	
$1,000	
$25	
$150	
$200	
$2,400	
$7,960	
$500	
$320	
$30	
$200	
$175	
$500	
$603	

Administrative Expenditures		$71,613 			$40,215 			$28,743 			$68,959 			$71,613 	
Field

Lake Maintenance	

$5,000		

$2,170		

$1,112		

$3,282		

$5,000	
Field Expenditures		$5,000 			$2,170 			$1,112 			$3,282 			$5,000 	
Total Expenditures		$76,613 			$42,385 			$29,855 			$72,241 			$76,613 	
EXCESS REVENUES/EXPENDITURES		($0)			$48,530 			($396)			$48,135 			$0 	

Type	Units	Gross Per Unit	Total	
Townhomes	262	$311.08	$81,503	
	Less: 6% Disc & Coll Fees		($4,890)	
	Total Net	$76,613	

(1) Assuming 100% collection on maintenance assessments.

Page 1

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 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.

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 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.

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 & Ramsey, 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.

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.

Portofino Vista	
Community Development District	

 	
Debt Service Fund	
Series 2006A/B	

FY2023	
Adopted	
	Budget		

FY2024	
Adopted	
	Budget		

 Description	

Revenues	
Special Assessments A	
Special Assessments Direct	
Carry Forward Surplus	
Total Revenues	
Expenditures	

$51,414	
$159,289	
$0	
	$210,702	

$51,414	
$159,289	
$0	
	$210,703	

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

$62,830	
$62,830	
$110,000	

$59,998	
$59,998	
$115,000	

Total Expenditures		$235,660 			$234,995 	
EXCESS REVENUES/EXPENDITURES		($24,958)			($24,292)	

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

Debt Service Due 11/1/24	$59,998	

Portofino Vista	
Community Development District	

 	
Series 2006A, Special Assessment Revenue Bonds	
Amortization Schedule	

 		  	
PRINCIPAL	
DATE	BALANCE	RATE	INTEREST	PRINCIPAL	TOTAL	
1-Nov-23	$	2,330,000	5.150%	$	59,997.50	$	-	$	232,827.50	
1-May-24	$	2,330,000	5.150%	$	59,997.50	$	115,000.00		
1-Nov-24	$	2,215,000	5.150%	$	57,036.25	$	-	$	232,033.75	
1-May-25	$	2,215,000	5.150%	$	57,036.25	$	125,000.00		
1-Nov-25	$	2,090,000	5.150%	$	53,817.50	$	-	$	235,853.75	
1-May-26	$	2,090,000	5.150%	$	53,817.50	$	130,000.00		
1-Nov-26	$	1,960,000	5.150%	$	50,470.00	$	-	$	234,287.50	
1-May-27	$	1,960,000	5.150%	$	50,470.00	$	135,000.00		
1-Nov-27	$	1,825,000	5.150%	$	46,993.75	$	-	$	232,463.75	
1-May-28	$	1,825,000	5.150%	$	46,993.75	$	145,000.00		
1-Nov-28	$	1,680,000	5.150%	$	43,260.00	$	-	$	235,253.75	
1-May-29	$	1,680,000	5.150%	$	43,260.00	$	150,000.00		
1-Nov-29	$	1,530,000	5.150%	$	39,397.50	$	-	$	232,657.50	
1-May-30	$	1,530,000	5.150%	$	39,397.50	$	160,000.00		
1-Nov-30	$	1,370,000	5.150%	$	35,277.50	$	-	$	234,675.00	
1-May-31	$	1,370,000	5.150%	$	35,277.50	$	165,000.00		
1-Nov-31	$	1,205,000	5.150%	$	31,028.75	$	-	$	231,306.25	
1-May-32	$	1,205,000	5.150%	$	31,028.75	$	175,000.00		
1-Nov-32	$	1,030,000	5.150%	$	26,522.50	$	-	$	232,551.25	
1-May-33	$	1,030,000	5.150%	$	26,522.50	$	185,000.00		
1-Nov-33	$	845,000	5.150%	$	21,758.75	$	-	$	233,281.25	
1-May-34	$	845,000	5.150%	$	21,758.75	$	195,000.00		
1-Nov-34	$	650,000	5.150%	$	16,737.50	$	-	$	233,496.25	
1-May-35	$	650,000	5.150%	$	16,737.50	$	205,000.00		
1-Nov-35	$	445,000	5.150%	$	11,458.75	$	-	$	233,196.25	
1-May-36	$	445,000	5.150%	$	11,458.75	$	215,000.00		
1-Nov-36	$	230,000	5.150%	$	5,922.50	$	-	$	232,381.25	
1-May-37	$	230,000	5.150%	$	5,922.50	$	230,000.00	$	235,922.50	

	Total	

 $	1,533,412.50 

 $	2,740,000.00 

 $	4,436,285.00