Adopted Budget
Fiscal Year 2023

South Kendall Community Development District

June 24, 2022

South Kendall
Community Development District

TABLE OF CONTENTS

General Fund Budget
Reserve Allocations Budget Narrative

Page 1-2
Page 3
Page 4-7

Debt Service Fund

Series 2016 Budget Amortization Schedule

Page 8
Page 9

South Kendall
Community Development District

General Fund

Adopted Budget
     FY 2022	

Actual Thru
   5/31/2022 

Projected Next
    4 Months 

Total Projected
   9/30/2022 

Adopted Budget
     FY 2023	

 Description	

Revenues
Carry forward
Special Assessment - On Roll Interest Income

$0
$853,060
$1,000

$72,265
$835,711
$1,284

$0
$20,463
$500

$72,265
$856,174
$1,784

$18,836
$887,140
$0

Total Revenues

$854,060

$909,260

$20,963

$930,223

$905,976

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
$4,000
$3,250
$49,389
$1,000
$3,000
$150
$500
$1,250
$2,400
$8,462
$750
$750
$250
$175

$2,000
$153
$0
$1,667
$0
$4,710
$4,000
$0
$32,926
$667
$2,000
$0
$144
$199
$1,600
$8,341
$394
$494
$0
$175

$2,000
$153
$6,000
$833
$2,750
$13,290
$0
$3,250
$16,463
$333
$1,000
$150
$356
$1,051
$800
$0
$356
$256
$250
$0

$4,000
$306
$6,000
$2,500
$2,750
$18,000
$4,000
$3,250
$49,389
$1,000
$3,000
$150
$500
$1,250
$2,400
$8,341
$750
$750
$250
$175

$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

Total Administrative

$109,959

$59,468

$49,293

$108,761

$114,076

Maintenance

Security Service Landscape Maintenance
Landscape-Ficus Fumigation Seasonal Landscape Maintenance Tree Trimming
Repairs and Maintenance Sprinkler Repairs and Maintenance Holiday Decorations
Contingency

$159,600
$91,904
$9,000
$36,000
$50,000
$40,000
$12,000
$0
$5,175

$111,090
$65,611
$4,500
$1,450
$98,015
$3,852
$23,327
$0
$0

$55,545
$28,278
$4,500
$34,550
$0
$36,148
$5,000
$0
$5,175

$166,635
$93,890
$9,000
$36,000
$98,015
$40,000
$28,327
$0
$5,175

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

Total Maintenance

$403,679

$307,846

$169,196

$477,042

$425,235

Page 1

South Kendall
Community Development District

General Fund

Adopted Budget
     FY 2022	

Actual Thru
   5/31/2022 

Projected Next
    4 Months 

Total Projected
   9/30/2022 

Adopted Budget
     FY 2023	

 Description	

Expenditures (Continued)

Clubhouse and other Amenities 

$88,847
$1,708
$3,734
$12,973
$3,248
$19,908
$1,488
$0
$15,540
$3,723
$23,369
$1,366
$5,000
$0
$0
$6,491
$0
$371
$6,120

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 Capital Outlay

$132,257
$2,029
$5,900
$25,000
$8,000
$20,172
$1,488
$30,000
$22,560
$15,000
$35,741
$3,500
$11,219
$10,000
$1,000
$15,000
$1,000
$556
$0

$44,424
$603
$1,875
$7,027
$4,752
$0
$0
$12,400
$7,920
$11,277
$12,372
$2,134
$6,219
$10,000
$1,000
$8,509
$1,000
$185
$0

$133,271
$2,311
$5,610
$20,000
$8,000
$19,908
$1,488
$12,400
$23,460
$15,000
$35,741
$3,500
$11,219
$10,000
$1,000
$15,000
$1,000
$556
$6,120

$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
$0

Total Clubhouse and other Amenities

$340,422

$193,885

$131,699

$325,584

$366,665

Total Expenditures

$854,060

$561,199

$350,188

$911,387

$905,976

Excess Revenues/(Expenditures)

 	$0 

 	$348,061 

    ($329,225)

 	$18,836 

 	$0 

Page 2

Gross Assessment
Less Collection Fees & Discounts (5%) Net Assessment

$897,957.79 ($44,897.89)

$933,831.25 ($46,691.56)

$853,059.90

$887,139.69

Parcel

Townhomes - Ph 1 Townhomes - Ph 2
Townhomes - Ph 3 & 4 Total

Unit Count

FY 2022

FY 2023

324
102
155

per Unit Gross
$1,500.65
$1,514.72
$1,659.65

Total Gross
$486,210.60
$154,501.44
$257,245.75

per Unit Gross	Increase
$1,584.86	$84.21
$1,598.93	$84.21
$1,659.65	$0.00

Total Gross
$513,494.64
$163,090.86
$257,245.75

581

$897,957.79

$933,831.25

South Kendall
Community Development District

Exhibit "A"
Allocation of Operating Reserve

Beginning Balance - Carry Forward Surplus (As of 10/1/2021) Estimated Excess Revenues over Expenditures FY2022

$361,931
$18,836

Less:
Funding for First Quarter Operating Expenditures FY2023 Reserved for Capital Projects / Renewal and Replacement

($226,494)
 	($76,839)

($303,333)

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

Page 3

Total Undesignated Cash as of 09/30/2022	$77,434

Description	Amount

South Kendall
Community Development District

General Fund

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.

Page 4

South Kendall
Community Development District

General Fund

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.

Page 5

South Kendall
Community Development District

General Fund

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.

Page 6

South Kendall
Community Development District

General Fund

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 maintenance landscape.

with

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.

Page 7

South Kendall
Community Development District

Debt Service Fund
Series 2016 Special Assessment Refunding Bonds

Adopted Budget
     FY 2022	

Actual Thru
   5/31/2022 

Projected Next
    4 Months 

Total Projected
   9/30/2022 

Adopted Budget
     FY 2023	

 Description	

Revenues

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

$537,400
$633,986
$5,000

$537,963
$621,047
$231

$0
$15,208
$8

$537,963
$636,255
$239

$554,507
$633,986
$0

 Total Revenues	

   $1,176,386 

   $1,159,241 

 	$15,216 

   $1,174,457 

   $1,188,494 

Expenditures

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

$146,831
$330,000
$143,119

$146,831
$330,000
$143,119

$0
$0
$0

$146,831
$330,000
$143,119

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

 Total Expenditures	

 	$619,950 

 	$619,950 

 	$0 

 	$619,950 

 Excess   Revenues/(Expenditures)	

 	$556,436 

 	$539,291 

 	$15,216 

 	$554,507 

 	$571,025 

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

 	$556,436 

 	$539,291 

 	$15,216 

 	$554,507 

 	$571,025 

11/1/23 Interest 11/1/23 Principal

$139,350
 	$350,000 
 	$489,350 

Page 8

Parcel	Unit Count
Townhomes - Ph 1	324
Townhomes - Ph 2	102
Townhomes - Ph 3 & 4	155

Gross
Annual

$995.59
$1,172.05
$1,453.12

Gross Total

$322,571.16
$119,549.10
$225,233.60

Total	581

$667,353.86

Gross Assessment
Less Collection Fees & Discounts (5%) Net Assessment

$667,353.86 ($33,367.69)

$633,986.17

$617,469

South Kendall
Community Development District

Series 2016 Special Assessment Refunding Bonds
AMORTIZATION  SCHEDULE

11/01/23
05/01/24
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
11/01/35
05/01/36
11/01/36
05/01/37
11/01/37
05/01/38
11/01/38
05/01/39
11/01/39
05/01/40
11/01/40

$6,825,000.00
$6,825,000.00
$6,470,000.00
$6,470,000.00
$6,100,000.00
$6,100,000.00
$5,720,000.00
$5,720,000.00
$5,325,000.00
$5,325,000.00
$4,920,000.00
$4,920,000.00
$4,500,000.00
$4,500,000.00
$4,060,000.00
$4,060,000.00
$3,605,000.00
$3,605,000.00
$3,135,000.00
$3,135,000.00
$2,640,000.00
$2,640,000.00
$2,120,000.00
$2,120,000.00
$1,580,000.00
$1,580,000.00
$1,225,000.00
$1,225,000.00
$860,000.00
$860,000.00
$480,000.00
$480,000.00
$245,000.00
$245,000.00
$0.00

$350,000.00
$0.00
$355,000.00
$0.00
$370,000.00
$0.00
$380,000.00
$0.00
$395,000.00
$0.00
$405,000.00
$0.00
$420,000.00
$0.00
$440,000.00
$0.00
$455,000.00
$0.00
$470,000.00
$0.00
$495,000.00
$0.00
$520,000.00
$0.00
$540,000.00
$0.00
$355,000.00
$0.00
$365,000.00
$0.00
$380,000.00
$0.00
$235,000.00
$0.00
$245,000.00

$139,350.00
$134,975.00
$134,975.00
$130,093.75
$130,093.75
$124,543.75
$124,543.75
$118,368.75
$118,368.75
$110,468.75
$110,468.75
$102,368.75
$102,368.75
$93,968.75
$93,968.75
$85,168.75
$85,168.75
$76,068.75
$76,068.75
$66,081.25
$66,081.25
$55,562.50
$55,562.50
$44,512.50
$44,512.50
$33,037.50
$33,037.50
$25,493.75
$25,493.75
$17,737.50
$17,737.50
$9,900.00
$9,900.00
$5,053.13
$5,053.13

$0.00
$624,325.00
$0.00
$620,068.75
$0.00
$624,637.50
$0.00
$622,912.50
$0.00
$623,837.50
$0.00
$617,837.50
$0.00
$616,337.50
$0.00
$619,137.50
$0.00
$616,237.50
$0.00
$612,150.00
$0.00
$616,643.75
$0.00
$620,075.00
$0.00
$617,550.00
$0.00
$413,531.25
$17.00
$408,231.25
$0.00
$407,637.50
$0.00
$249,953.13
$250,053.13

Total

$7,510,000.00

$2,888,625.00

$10,398,642.00

Page 9

11/01/22	$7,175,000.00	$335,000.00	$143,118.75	$0.00
05/01/23	$7,175,000.00	$0.00	$139,350.00	$617,468.75

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL