Adopted Budget	
Fiscal Year 2024	

South Kendall	
Community Development District	

August 25, 2023

South Kendall	
Community Development District	

TABLE OF CONTENTS

General Fund	
Budget	
Budget Narrative	

Page 1-2	
Page 4-7	

Debt Service Fund

Series 2016 Budget	
Amortization Schedule	

Page 8	
Page 9	

South Kendall	
Community Development District	

Adopted	
Budget	
	FY 2023		

Actual	
Thru	
  7/31/2023		

Projected	
Next	
  2 Months		

Total	
Projected	
  9/30/2023		

Adopted	
Budget	
	FY 2024		

 Description	

Revenues	
Carry forward	
Special Assessment - On Roll	
Interest Income	

$18,836	
$887,140	
$0	

$281,530	
$895,078	
$10,258	

$0	
$0	
$180	

$281,530	
$895,078	
$10,438	

$108,613	
$933,474	
$0	

Total Revenues	$905,976	$1,186,866	$180	$1,187,046	$1,042,087

Expenditures

Administrative

Supervisors Fee	
FICA Expenses	
Engineering Fees	
Dissemination Agent	
Arbitrage Rebate	
Attorney Fees	
Annual Audit	
Trustee Fees	
Management Fees	
Computer Time	
Community Web Page	
Telephone	
Postage	
Printing & Binding	
Rentals & Leases	
Insurance	
Legal Advertising	
Other Current Charges	
Office Supplies	
Dues, Licenses & Subscriptions	

$5,000	
$383	
$6,000	
$2,500	
$2,750	
$18,000	
$4,100	
$3,250	
$51,858	
$1,000	
$3,000	
$150	
$500	
$1,250	
$2,400	
$10,010	
$750	
$750	
$250	
$175	

$3,200	
$245	
$5,502	
$2,083	
$0	
$6,965	
$4,100	
$3,250	
$43,215	
$833	
$2,500	
$0	
$271	
$109	
$2,000	
$8,966	
$0	
$222	
$0	
$175	

$1,000	
$77	
$500	
$417	
$550	
$3,000	
$0	
$0	
$8,643	
$167	
$500	
$15	
$54	
$22	
$400	
$0	
$750	
$200	
$15	
$0	

$4,200	
$322	
$6,002	
$2,500	
$550	
$9,965	
$4,100	
$3,250	
$51,858	
$1,000	
$3,000	
$15	
$325	
$131	
$2,400	
$8,966	
$750	
$422	
$15	
$175	

$5,000	
$383	
$6,000	
$2,500	
$550	
$18,000	
$4,200	
$3,250	
$54,451	
$1,000	
$3,000	
$150	
$500	
$250	
$2,400	
$10,010	
$750	
$750	
$250	
$175	

Total Administrative	$114,076	$83,636	$16,310	$99,946	$113,569

Maintenance

Security Service	
Landscape Maintenance	
Landscape-Ficus Fumigation	
Seasonal Landscape Maintenance	
Tree Trimming	
Repairs and Maintenance	
Sprinkler Repairs and Maintenance	
Stormwater Drainage Cleaning	
Holiday Decorations	
Contingency	
Capital Outlay	

$181,991	
$91,904	
$9,000	
$36,000	
$50,000	
$33,000	
$12,000	
$0	
$7,000	
$4,340	
$0	

$157,614	
$90,086	
$8,000	
$22,300	
$135,300	
$71,495	
$20,410	
$39,675	
$7,518	
$0	
$10,200	

$32,092	
$15,580	
$0	
$13,700	
$0	
$5,000	
$1,600	
$0	
$0	
$0	
$0	

$189,706	
$105,666	
$8,000	
$36,000	
$135,300	
$76,495	
$22,010	
$39,675	
$7,518	
$0	
$10,200	

$189,544	
$101,265	
$9,000	
$36,000	
$100,000	
$50,000	
$12,000	
$30,000	
$7,796	
$4,340	
$0	

Total Maintenance	$425,235	$562,597	$67,972	$630,569	$539,944

Parcel	
Units	FY 2023	FY 2024	
		per Unit Gross	Total Gross	per Unit Gross	Total Gross	
Townhomes - Ph 1	324	$1,584.86	$513,494.64	$1,691.23	$547,958.52	
Townhomes - Ph 2	102	$1,598.93	$163,090.86	$1,691.23	$172,505.46	
Townhomes - Ph 3 & 4	155	$1,659.65		$257,245.75 	$1,691.23		$262,140.65 	
Total	581		$933,831.25		$982,604.63	

Increase	

$106.37
$92.30
$31.58	
	
$48,773.38
($2,438.67)	
$46,334.71	

Gross Assessment	$933,831.25	$982,604.63
	($49,130.23)
$933,474.40	
Less Collection Fees & Discounts (5%)		($46,691.56)		
Net Assessment	$887,139.69		

South Kendall	
Community Development District	

	

Adopted	
Budget	
FY 2023	

Actual	
Thru	
7/31/2023	

Projected	
Next	
2 Months	

Total	
Projected	
9/30/2023	

Adopted	
Budget	
FY 2024	

 Description	

Expenditures (Continued)

Clubhouse and Amenities 

Management Clubhouse	
Alarm Monitoring & Fire	
Telephone/Cable	
Electricity	
Water/Sewer	
Property Insurance	
Refuse Service	
Repairs and Replacements	
Pool Maintenance	
Pool Repairs	
Landscape Maintenance	
Fitness Equipment Maintenance	
Other Contingency	
Special Events	
Office Supplies	
Janitorial Supplies	
Permit Fees	
Pest Control	

$137,257	
$2,211	
$5,640	
$25,000	
$8,000	
$22,538	
$1,488	
$30,000	
$23,760	
$15,000	
$35,741	
$3,500	
$28,973	
$10,000	
$1,000	
$15,000	
$1,000	
$556	

$119,523	
$1,998	
$5,521	
$18,918	
$4,337	
$21,933	
$1,566	
$28,845	
$19,800	
$4,790	
$33,322	
$3,933	
$0	
$2,349	
$0	
$12,514	
$641	
$480	

$24,200	
$602	
$1,204	
$4,278	
$1,200	
$0	
$0	
$5,000	
$3,960	
$10,210	
$6,058	
$500	
$0	
$7,651	
$0	
$2,486	
$0	
$98	

$143,723	
$2,600	
$6,725	
$23,196	
$5,537	
$21,933	
$1,566	
$33,845	
$23,760	
$15,000	
$39,380	
$4,433	
$0	
$10,000	
$0	
$15,000	
$641	
$578	

$141,796	
$2,408	
$6,600	
$25,000	
$8,000	
$30,977	
$1,566	
$30,000	
$23,760	
$15,000	
$39,381	
$3,500	
$38,999	
$5,000	
$0	
$15,000	
$1,000	
$588	

Total Clubhouse and Amenities	$366,665		$280,471		$67,447		$347,918		$388,574	
										
Total Expenditures	$905,976		$926,704		$151,729		$1,078,433		$1,042,087	
										
Excess Revenues/(Expenditures)	$0		$260,162		($151,549)		$108,613		$0	

South Kendall	
Community Development District	

Exhibit "A"	
Allocation of Operating Reserve	

Description	Amount

Beginning Balance - Carry Forward Surplus (As of 10/1/2022)	
Estimated Excess Revenues over Expenditures FY2023	

$112,436	
$108,613	

Less:			
Funding for First Quarter Operating Expenditures FY2023	($232,130)		
Reserved for Capital Projects / Renewal and Replacement		$0 	($232,130)	

Total Undesignated Cash as of 09/30/2023	($11,081)

(1) Excess funds above first quarter operating capital will be transferred to the Capital Reserve Fund.

Page 3

Revenues:

Special Assessments-On Roll
The District will levy a non-ad-valorem special assessment on all taxable property within the District to fund all the General Operating Expenditures for the fiscal year.

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:

Supervisor Fees
Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon four supervisors attending the six estimated meetings.

FICA Expense
These expenses represent the Employer’s share of Social Security and Medicare taxes withheld from the Board of Supervisors checks.

Engineering Fees
The District's engineer will be providing general engineering services to the District including attendance and preparation for board meetings, etc.

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 and 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 issued Series 2016 Special Assessment Revenue Refunding Bonds which are held with a Trustee at Zions Bank. The amount of the trustee fees is based on the agreement between Zions 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. These services are further outlined in Exhibit "A" of the Management Agreement.

Administrative: (continued)

Computer Time
The District processes all its financial activities, i.e., accounts payable, financial statements, etc. on a mainframe computer leased by Governmental Management Services-South Florida.
Community Web Page
Represents the official community-oriented web site and information resource.

Telephone
Telephone and fax machine.

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

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

Rentals & Leases
The District will be charged $200 per month for office rent from Governmental Management Services-South Florida, Inc.

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance. They specialize in providing insurance coverage to governmental agencies.

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 are 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.

Maintenance:

Security Service
The district has contracted with Vested Security to provide security throughout the District. Includes golf cart for security personnel.

Landscape Maintenance
Scheduled maintenance consists of mowing, edging, blowing, applying pest and disease control chemicals to sod. The district has a contract with Tony’s Nursery & Garden Svc. Corp. This expenditure is split 72/28 with clubhouse landscape.

Landscape Ficus Fumigation
Scheduled fumigation of plants throughout South Kendall Community Development District.

Seasonal Landscape Maintenance
Additions and replacements of plants and mulch throughout South Kendall Community Development District.

Tree Trimming
Trimming of trees throughout South Kendall Community Development District.

Repairs and Maintenance
Costs of routine repairs and maintenance of the District’s common areas.

Sprinkler Repairs and Maintenance
Costs of routine repairs and maintenance of the District’s sprinkler system.

Holiday Decorations
Costs for holiday decorations throughout the district.

Other Contingency
A contingency for any unanticipated and unscheduled cost to the District.

Clubhouse and other Amenities:

Management Clubhouse
The district has an agreement with Courtesy Property Management to manage and operate the Clubhouse Amenity Center.

Alarm Monitoring & Fire
The district has an agreement with Protection1 for alarm monitoring and fire.

Telephone/Cable
Telephone and cable services provided at the clubhouse by Comcast.

Electricity
The District has various accounts with FPL for lighting throughout the district.

Water/Sewer
The District has an account with The Miami-Dade Water and Sewer Department for water.

Property Insurance
The District's Property Insurance policy is with Florida Insurance Alliance. They specialize in providing insurance coverage to governmental agencies.
Refuse Service
Garbage pickup services provided by Miami Dade County Solid Waste Department.

Clubhouse and other Amenities: (continued)

Repairs and Replacements
Costs of routine repairs and replacements of the District’s common areas and Clubhouse.

Pool Maintenance
The District has a contract with McGrath Property Service to maintain 2 pools and 3 fountains.

Pool Repairs
Consists of repairs of swimming pools and fountains.

Landscape Maintenance
Scheduled maintenance consists of lawn service, fertilization, weed killer for the Main Entrance, Water Fountain area and Clubhouse. The district has a contract with Tony’s Nursery & Garden Svc. Corp. This expenditure is split 28/72 with maintenance landscape.

Fitness Equipment Maintenance
The district has a scheduled maintenance service with The Fitness Solution to maintain the fitness equipment.

Other Contingency
Represents an unanticipated cost associated with the operation and maintenance of the District’s Clubhouse operations.

Special Events
Represents estimated cost for the District to host any special events for the community throughout the year.

Office Supplies
Consists of mailings to residents and office supplies.

Janitorial Supplies
Consists of janitorial supplies provided by Courtesy Property Management.

Permit Fees
Represents costs for swimming pool permits.

Pest Control
Represents monthly pest control service with PowerX.

South Kendall	
Community Development District	

 	
Debt Service Fund	
Series 2016 Special Assessment Refunding Bonds	

Adopted	
Budget	
	FY 2023		

Actual	
Thru	
  7/31/2023		

Projected	
Next	
  2 Months		

Total	
Projected	
  9/30/2023		

Adopted	
Budget	
	FY 2024		

 Description	

Revenues

Carry Forward Surplus (1)	
Special Assessments - A Bonds	
Interest Income	

$554,507	$551,332	
$633,986	$639,116	
$0	$29,777	

$0	
$0	
$1,500	

$551,332	
$639,116	
$31,277	

$604,256	
$633,986	
$5,000	

 Total Revenues		 $1,243,242 

  $1,188,494 		  $1,220,225 	

	$1,500 		  $1,221,725 	

Expenditures

Series 2016	
Interest - 11/01	
Principal - 11/01	
Interest - 5/01	

$143,119	
$335,000	
$139,350	

$143,119	
$335,000	
$139,350	

$0	$143,119	
$0	$335,000	
$0	$139,350	

$139,350	
$350,000	
$134,975	

 Total Expenditures			$617,469 		$617,469 		$0 		$617,469 

 Excess Revenues/(Expenditures)			$571,025 		$602,756 		$1,500 		$604,256 		$618,917 

	$602,756 		$1,500 		$604,256 		$618,917 

	$624,325 

 Excess Revenues/(Expenditures)			$571,025 	
(1) Carry forward surplus is net of the Reserve Fund Requirement.		

11/1/24 Interest	
11/1/24 Principal	

$134,975
	$355,000 

	

	$489,975 

		Gross		
Parcel	Unit Count	Annual	Gross Total	

Townhomes - Ph 1	
324	
$995.59	
$322,571.16	
Townhomes - Ph 2	102	$1,172.05	$119,549.10	
Townhomes - Ph 3 & 4	155		$1,453.12		$225,233.60 	
Total	581				$667,353.86 	
Gross Assessment		$667,353.86	
Less Collection Fees & Discounts (5%)			($33,367.69)	
Net Assessment			$633,986.17 	

South Kendall	
Community Development District	

 	
Series 2016 Special Assessment Refunding Bonds	
AMORTIZATION SCHEDULE	

DATE	BALANCE	PRINCIPAL	COUPON	INTEREST	TOTAL	

05/01/23	$7,175,000.00	$0.00	2.25%	$139,350.00	$617,468.75	
11/01/23	$6,825,000.00	$350,000.00	2.50%	$139,350.00	$0.00	
05/01/24	$6,825,000.00	$0.00	2.50%	$134,975.00	$624,325.00	
11/01/24	$6,470,000.00	$355,000.00	2.75%	$134,975.00	$0.00	
05/01/25	$6,470,000.00	$0.00	2.75%	$130,093.75	$620,068.75	
11/01/25	$6,100,000.00	$370,000.00	3.00%	$130,093.75	$0.00	
05/01/26	$6,100,000.00	$0.00	3.00%	$124,543.75	$624,637.50	
11/01/26	$5,720,000.00	$380,000.00	3.25%	$124,543.75	$0.00	
05/01/27	$5,720,000.00	$0.00	3.25%	$118,368.75	$622,912.50	
11/01/27	$5,325,000.00	$395,000.00	4.00%	$118,368.75	$0.00	
05/01/28	$5,325,000.00	$0.00	4.00%	$110,468.75	$623,837.50	
11/01/28	$4,920,000.00	$405,000.00	4.00%	$110,468.75	$0.00	
05/01/29	$4,920,000.00	$0.00	4.00%	$102,368.75	$617,837.50	
11/01/29	$4,500,000.00	$420,000.00	4.00%	$102,368.75	$0.00	
05/01/30	$4,500,000.00	$0.00	4.00%	$93,968.75	$616,337.50	
11/01/30	$4,060,000.00	$440,000.00	4.00%	$93,968.75	$0.00	
05/01/31	$4,060,000.00	$0.00	4.00%	$85,168.75	$619,137.50	
11/01/31	$3,605,000.00	$455,000.00	4.00%	$85,168.75	$0.00	
05/01/32	$3,605,000.00	$0.00	4.25%	$76,068.75	$616,237.50	
11/01/32	$3,135,000.00	$470,000.00	4.25%	$76,068.75	$0.00	
05/01/33	$3,135,000.00	$0.00	4.25%	$66,081.25	$612,150.00	
11/01/33	$2,640,000.00	$495,000.00	4.25%	$66,081.25	$0.00	
05/01/34	$2,640,000.00	$0.00	4.25%	$55,562.50	$616,643.75	
11/01/34	$2,120,000.00	$520,000.00	4.25%	$55,562.50	$0.00	
05/01/35	$2,120,000.00	$0.00	4.25%	$44,512.50	$620,075.00	
11/01/35	$1,580,000.00	$540,000.00	4.25%	$44,512.50	$0.00	
05/01/36	$1,580,000.00	$0.00	4.25%	$33,037.50	$617,550.00	
11/01/36	$1,225,000.00	$355,000.00	4.25%	$33,037.50	$0.00	
05/01/37	$1,225,000.00	$0.00	4.25%	$25,493.75	$413,531.25	
11/01/37	$860,000.00	$365,000.00	4.25%	$25,493.75	$0.00	
05/01/38	$860,000.00	$0.00	4.125%	$17,737.50	$408,231.25	
11/01/38	$480,000.00	$380,000.00	4.125%	$17,737.50	$0.00	
05/01/39	$480,000.00	$0.00	4.125%	$9,900.00	$407,637.50	
11/01/39	$245,000.00	$235,000.00	4.125%	$9,900.00	$0.00	
05/01/40	$245,000.00	$0.00	4.125%	$5,053.13	$249,953.13	
11/01/40	$0.00	$245,000.00	4.125%	$5,053.13	$250,053.13	

Total	$7,175,000.00	$2,606,156.25	$9,781,156.25