Adopted Budget	
Fiscal Year 2024	

Biscayne Drive Estates	
Community Development District	

May 19, 2023	
.	

Biscayne Drive Estates	
Community Development District	

TABLE OF CONTENTS

General Fund	
Budget	
Budget Narrative	

Page 1	
Page 2-3	

Debt Service Fund	
Budget	
Amortization Schedule	

Page 4	
Page 5	

Biscayne Drive Estates	General Fund
Community Development District	FY 2024

	Adopted
Budget		Actual
Thru		Projected
Next		Projected
thru		Adopted
Budget	
 Description			  FY 2023			  4/30/2023 		  5 Months 		  9/30/2023 		  FY 2024		
Revenues											
Special Assessments		$106,248		$101,280		$4,967		$106,248		$100,936	
Total Revenues		$106,248		$101,280		$4,967		$106,248		$100,936	

Expenditures											
Administrative
Engineering Fees		
$2,000		
$172		
$833		
$1,005		
$2,000	
Arbitrage		$1,200		$0		$550		$550		$1,200	
Dissemination Agent		$1,200		$700		$500		$1,200		$1,200	
Assessment Roll		$2,000		$0		$2,000		$2,000		$2,000	
Attorney Fees		$12,000		$4,130		$4,130		$8,260		$12,000	
Annual Audit		$4,000		$3,200		$0		$3,200		$4,000	
Trustee Fees		$3,500		$0		$3,500		$3,500		$3,500	
Management Fees		$22,000		$12,833		$9,167		$22,000		$22,000	
Computer Time		$1,200		$700		$500		$1,200		$1,200	
Postage		$200		$0		$25		$25		$200	
Insurance		$4,000		$5,000		$0		$5,000		$6,000	
Printing & Binding		$200		$0		$50		$50		$200	
Legal Advertising		$1,200		$166		$332		$498		$1,200	
Other Current Charges		$150		$727		$519		$1,247		$150	
Website Compliance		$1,200		$700		$500		$1,200		$1,200	
Office Supplies		$0		$0		$25		$25		$0	
Dues, Licenses & Subscriptions		$150		$175		$0		$175		$175	
Discount and Collection Cost		$5,312		$0		$3,099		$3,099		$0	
Total Administrative		$61,512		$28,504		$21,587		$48,489		$58,225	

Field											
Street Lighting (80 Poles)		$36,000		$0		$15,000		$15,000		$36,000	
Repairs and Maintenance		$3,936		$0		$1,640		$1,640		$1,911	
Drainage Clean up		$4,800		$0		$2,000		$2,000		$4,800	
Total Field		$44,736		$0		$18,640		$18,640		$42,711	
											
TOTAL EXPENDITURES		$106,248		$28,504		$40,227		$67,129		$100,936	
											
Unassigned Fund Balance		$0		$72,777		($35,260)		$39,119		$0	

# Units	Gross Assessment	Gross Assmnt.
Per Unit	Net
Assessment	Net Assmnt. Per Unit	
148	$106,247.72	$717.89	$100,936.00	$682.00	

Page 1

Biscayne Drive Estates
Community Development District
GENERAL FUND BUDGET

REVENUES:

Developer Contributions/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.

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.

Assessment Roll
Represents cost associated with annually levying and collection Non-Ad Valorem Assessments utilized to fund the operating and debt service cost of the District.

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.

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 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.

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

Insurance
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 & 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.

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

Page 2

Biscayne Drive Estates
Community Development District
GENERAL FUND BUDGET

Administrative: (continued)

Website Administration
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.

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.

Field:

Street Lighting
Costs from FPL associated with common area street lights.

Porter Service
The district will contract a company to provide porter services within the district.

Drainage Maintenance
The District will enter into a contract for the monthly maintenance of the District drainage system.

Landscape Maintenance
The district will contract a company to provide landscaping maintenance to the district areas.

Page 3

Biscayne Drive Estates	Debt Service Fund
Community Development District	Series 2022 Special Assessment Bond

		Proposed		Actual		Projected		Total		Adopted	
		Budget		thru		Next		Projected at		Budget	
Description		FY 2023		4/30/2023		5 Months		9/30/2023		FY 2024	

Revenues	
Special Assessments - Direct	
Interest Income	
Carry Forward Surplus (1)	

$276,907	
$0	
$0	

$0	
$1,874	
$0	

$276,907	
$781	
$0	

$276,907	
$2,656	
$0	

$276,907	
$500	
$254,321	

Total Revenues	$276,907	$1,874	$277,689	$279,563	$531,729

Bond Proceeds	
Interfund Transfer Out	

$170,743	
$0	

$170,743	
($1,288)	

$170,743	
($1,288)	

$0	
$0	

	

Expenditures

Series 2022	
Interest 12/15	
Principal 06/15	
Interest 06/15	
Total Expenditures	

$33,865	$33,865	$0	$33,865	$109,581	
$50,000	$0	$50,000	$50,000	$55,000	
$110,831	$0	$110,831	$110,831	$109,581	
$194,696	$33,865	$160,831	$194,696	$274,163	

Other Financing Sources/(Uses)					

$0	

	
					$0		
Total Other Financing Sources/(Uses)	$170,743		$169,455		$0	$169,455		$0	

			
EXCESS REVENUES	$252,954		$137,464		$116,857	$254,321		$257,566	

(1) Carry forward is net of Reserve Fund requirement.						
12/15/24 Interest		
$	108,206	

Annual Net	Annual Gross*	Annual Gross*	
Debt Assessment	Debt Assessment	Debt Assessment	
Land Use	No. of Units	Per Unit	Per Unit	Total	

Main Site		 		
Single Family	148	$	1,871.00	$	1,969.47	$	291,481.56	
Totals	148		$	291,481.56	
		Less: Discounts/Commissions (5%)	$	(14,574.08)	
			$	276,907.48	

Page 4

Biscayne Drive Estates	
Community Development District	

 	
Series 2022 Special Assessment Bond	
Amortization Schedule	

  			
PRINCIPAL	
	DATE			BALANCE		 RATE 	  INTEREST		  PRINCIPAL 		TOTAL		
15-Dec-22	$3,820,000.00	5.00%	$33,865.10	$0.00		
15-Jun-23	$3,820,000.00	5.00%	$110,831.25	$50,000.00	$194,696.35	
15-Dec-23	$3,770,000.00	5.00%	$109,581.25	$0.00		
15-Jun-24	$3,770,000.00	5.00%	$109,581.25	$55,000.00	$274,162.50	
15-Dec-24	$3,715,000.00	5.00%	$108,206.25	$0.00		
15-Jun-25	$3,715,000.00	5.00%	$108,206.25	$55,000.00	$271,412.50	
15-Dec-25	$3,660,000.00	5.00%	$106,831.25	$0.00		
15-Jun-26	$3,660,000.00	5.00%	$106,831.25	$60,000.00	$273,662.50	
15-Dec-26	$3,600,000.00	5.00%	$105,331.25	$0.00		
15-Jun-27	$3,600,000.00	5.00%	$105,331.25	$60,000.00	$270,662.50	
15-Dec-27	$3,540,000.00	5.00%	$103,831.25	$0.00		
15-Jun-28	$3,540,000.00	5.00%	$103,831.25	$65,000.00	$272,662.50	
15-Dec-28	$3,475,000.00	5.00%	$102,206.25	$0.00		
15-Jun-29	$3,475,000.00	5.00%	$102,206.25	$70,000.00	$274,412.50	
15-Dec-29	$3,405,000.00	5.00%	$100,456.25	$0.00		
15-Jun-30	$3,405,000.00	5.75%	$100,456.25	$75,000.00	$275,912.50	
15-Dec-30	$3,330,000.00	5.75%	$98,300.00	$0.00		
15-Jun-31	$3,330,000.00	5.75%	$98,300.00	$75,000.00	$271,600.00	
15-Dec-31	$3,255,000.00	5.75%	$96,143.75	$0.00		
15-Jun-32	$3,255,000.00	5.75%	$96,143.75	$80,000.00	$272,287.50	
15-Dec-32	$3,175,000.00	5.75%	$93,843.75	$0.00		
15-Jun-33	$3,175,000.00	5.75%	$93,843.75	$85,000.00	$272,687.50	
15-Dec-33	$3,090,000.00	5.75%	$91,400.00	$0.00		
15-Jun-34	$3,090,000.00	5.75%	$91,400.00	$90,000.00	$272,800.00	
15-Dec-34	$3,000,000.00	5.75%	$88,812.50	$0.00		
15-Jun-35	$3,000,000.00	5.75%	$88,812.50	$95,000.00	$272,625.00	
15-Dec-35	$2,905,000.00	5.75%	$86,081.25	$0.00		
15-Jun-36	$2,905,000.00	5.75%	$86,081.25	$100,000.00	$272,162.50	
15-Dec-36	$2,805,000.00	5.75%	$83,206.25	$0.00		
15-Jun-37	$2,805,000.00	5.75%	$83,206.25	$110,000.00	$276,412.50	
15-Dec-37	$2,695,000.00	5.75%	$80,043.75	$0.00		
15-Jun-38	$2,695,000.00	5.75%	$80,043.75	$115,000.00	$275,087.50	
15-Dec-38	$2,580,000.00	5.75%	$76,737.50	$0.00		
15-Jun-39	$2,580,000.00	5.75%	$76,737.50	$120,000.00	$273,475.00	
15-Dec-39	$2,460,000.00	5.75%	$73,287.50	$0.00		
15-Jun-40	$2,460,000.00	5.75%	$73,287.50	$130,000.00	$276,575.00	
15-Dec-40	$2,330,000.00	5.75%	$69,550.00	$0.00		
15-Jun-41	$2,330,000.00	5.75%	$69,550.00	$135,000.00	$274,100.00	
15-Dec-41	$2,195,000.00	5.75%	$65,668.75	$0.00		
15-Jun-42	$2,195,000.00	5.75%	$65,668.75	$145,000.00	$276,337.50	
15-Dec-42	$2,050,000.00	5.75%	$61,500.00	$0.00		
15-Jun-43	$2,050,000.00	6.00%	$61,500.00	$155,000.00	$278,000.00	
15-Dec-43	$1,895,000.00	6.00%	$56,850.00	$0.00		
15-Jun-44	$1,895,000.00	6.00%	$56,850.00	$165,000.00	$278,700.00	
15-Dec-44	$1,730,000.00	6.00%	$51,900.00	$0.00		
15-Jun-45	$1,730,000.00	6.00%	$51,900.00	$175,000.00	$278,800.00	
15-Dec-45	$1,555,000.00	6.00%	$46,650.00	$0.00		
15-Jun-46	$1,555,000.00	6.00%	$46,650.00	$185,000.00	$278,300.00	
15-Dec-46	$1,370,000.00	6.00%	$41,100.00	$0.00		
15-Jun-47	$1,370,000.00	6.00%	$41,100.00	$195,000.00	$277,200.00	
15-Dec-47	$1,175,000.00	6.00%	$35,250.00	$0.00		
15-Jun-48	$1,175,000.00	6.00%	$35,250.00	$205,000.00	$275,500.00	
15-Dec-48	$970,000.00	6.00%	$29,100.00	$0.00		
15-Jun-49	$970,000.00	6.00%	$29,100.00	$220,000.00	$278,200.00	
15-Dec-49	$750,000.00	6.00%	$22,500.00	$0.00		
15-Jun-50	$750,000.00	6.00%	$22,500.00	$235,000.00	$280,000.00	
15-Dec-50	$515,000.00	6.00%	$15,450.00	$0.00		
15-Jun-51	$515,000.00	6.00%	$15,450.00	$250,000.00	$280,900.00	
15-Dec-51	$265,000.00	6.00%	$7,950.00	$0.00		
15-Jun-52	$265,000.00	6.00%	$7,950.00	$265,000.00	$280,900.00	
 			
 Total 	 $4,360,233.85	 $3,820,000.00	 $8,180,233.85

Page 5