North Dade
Community Development District

Adopted Budget
Fiscal Year 2025

Table of Contents

1-2		General Fund

	Budget Narrative

	Debt Service Fund Series 2018

	Series 2018 Amortization Schedule

	Non-Ad Valorem Assessments Comparison

	Adopted Budget	Actuals Through	Projected Next	Projected Through	Adopted Budget	
Description	Fiscal Year 2024	5/31/24	4 Months	9/30/24	Fiscal Year 2025	

REVENUES:						
Special Assessments - Tax Roll	$	117,354	$	117,568	$	1,780	$	119,348	$	117,354	
Interest Income	-	1	1	2	-	
TOTAL REVENUES	$	117,354	$	117,569	$	1,781	$	119,350	$	117,354	

EXPENDITURES:						
General and Administrative:						
Supervisor Fees	$	4,000	$	800	$	2,000	$	2,800	$	4,000	
Payroll Taxes	306	61	153	214	306	
Engineering	4,000	-	4,000	4,000	4,000	
Attorney	10,000	4,585	5,000	9,585	10,000	
Annual Audit	3,800	3,800	-	3,800	3,900	
Dissemination Agent	2,100	1,400	700	2,100	2,100	
Assessment Roll Administration	1,540	1,540	-	1,540	1,540	
Trustee Fees	3,500	-	3,500	3,500	3,500	
Management Fees	37,853	25,235	12,617	37,853	38,988	
Information Technology	1,000	667	333	1,000	1,000	
Website Maintenance	1,000	667	333	1,000	1,000	
Rentals and Leases	2,400	1,600	800	2,400	2,400	
Postage & Delivery	200	68	83	151	200	
Insurance General Liability	7,354	6,952	-	6,952	7,647	
Printing & Binding	650	5	271	276	650	
Legal Advertising	500	-	208	208	500	
Other Current Charges	500	41	208	249	500	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Contingency/First Quarter Operating	27,777	-	9,259	9,259	19,948	
TOTAL GENERAL AND ADMINISTRATIVE:	$	108,654	$	47,596	$	39,467	$	87,063	$	102,354	

Description

Adopted Budget Fiscal Year
2024

Actuals Through
5/31/24

Projected Next
4 Months

Projected Through
9/30/24

Adopted Budget Fiscal Year
2025

Operations and Maintenance		
Lift Station	$	5,000	$	5,206	2,083	$	7,290	$	10,000	
Permits/Licenses/Contingencies	3,700	997	1,542	2,538	5,000	
TOTAL OPERATIONS AND MAINTENANCE	$	8,700	$	6,203	$	3,625	$	9,828	$	15,000	
						
TOTAL EXPENDITURES	$	117,354	$	53,799	$	43,092	$	96,891	$	117,354	
						
EXCESS REVENUES (EXPENDITURES)	$	-	$	63,769	$  (41,310)	$	22,459	$	-	

REVENUES

Special Assessments - On Roll
The District will levy a non-ad valorem assessment on all assessable property within the District.

Expenditures - General and Administrative

Supervisors Fees
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending 4 meetings.
Payroll Taxes
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.
Engineering
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.
Attorney
The District’s attorney, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.
Annual Audit
The District is required to conduct an annual audit of its financial records by an independent certified public accounting firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus an anticipated increase.
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 unrated bond issues.
Assessment Roll Administration
GMS SF, LLC provides assessment services for closing lot sales, assessment roll services with the local tax collector and financial advisory services.
Trustee Fees
The District bonds are 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. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the management agreement.
Information Technology
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 Maintenance
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the District as well as links to useful websites regarding compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.
Rentals and Leases
The District will be charged $200 per month for office rent from Governmental Management Services – South Florida, LLC, for the District's administrative offices located in Miami and Fort Lauderdale.
Postage and Delivery
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.

Expenditures - General and Administrative (Continued)

Insurance General Liability
The District's general liability and public officials liability insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies.
Printing and Binding
Copies used in the preparation of agenda packages, required mailings, and other special projects.

Legal Advertising
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.
Other Current Charges
This includes monthly bank charges and any other miscellaneous expenses that incur during the fiscal year.

Due, Licenses and Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity community affairs for $175.
Contingency/First Quarter Operating
These funds are the first quarter of the following fiscal year of expenses the District will incur before assessments are collected and/or unscheduled expenditures incurred throughout the year, as applicable.

Expenditures – Operations and Maintenance

Lift Station
Costs incurred for the maintenance of the lift station.
Permits/Licenses/Contingencies
Represents any miscellaneous field expenses the District might have, including permits and licenses for the lift station.

	Adopted Budget	Actuals Through	Projected Next	Projected Through	Adopted Budget	
Description	Fiscal Year	5/31/24	4 Months	9/30/24	Fiscal Year	
	2024				2025	

REVENUES:						
Special Assessments - Tax Roll	$	154,036	$	152,693	$	1,343	$	154,036	$	154,036	
Interest Income	50	5,003	27	5,030	50	
Carry Forward Surplus (1)	72,567	-	71,407	71,407	77,026	
TOTAL REVENUES	$	226,653	$	157,696	$	72,777	$	230,473	$	231,112	

EXPENDITURES:						
Interest - 11/1	$	32,724	$	32,724	$	-	$	32,724	$	31,184	
Interest - 5/1	32,724	32,724	-	32,724	31,184	
Principal - 5/1	88,000	88,000	-	88,000	92,000	
TOTAL EXPENDITURES	$	153,448	$	153,448	$	-	$	153,448	$	154,368	
						
EXCESS REVENUES (EXPENDITURES)	$	73,206	$	4,249	$	72,777	$	77,026	$	76,744	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/25

$29,573.75

$29,573.75

Period

Outstanding Balance

Principal

Interest

Annual Debt Service

05/01/24	$	1,716,000	$	88,000	$	32,723.75	$	-	
11/01/24	1,628,000		-		31,183.75		31,183.75	
05/01/25	1,628,000		92,000		31,183.75			
11/01/25	1,536,000		-		29,573.75		152,757.50	
05/01/26	1,536,000		96,000		29,573.75			
11/01/26	1,440,000		-		27,893.75		153,467.50	
05/01/27	1,440,000		100,000		27,893.75			
11/01/27	1,340,000		-		26,143.75		154,037.50	
05/01/28	1,340,000		99,000		26,143.75			
11/01/28	1,241,000		-		24,411.25		149,555.00	
05/01/29	1,241,000		102,000		24,411.25			
11/01/29	1,139,000		-		22,498.75		148,910.00	
05/01/30	1,139,000		111,000		22,498.75			
11/01/30	1,028,000		-		20,417.50		153,916.25	
05/01/31	1,028,000		114,000		20,417.50			
11/01/31	914,000		-		18,280.00		152,697.50	
05/01/32	914,000		118,000		18,280.00			
11/01/32	796,000		-		15,920.00		152,200.00	
05/01/33	796,000		121,000		15,920.00			
11/01/33	675,000		-		13,500.00		150,420.00	
05/01/34	675,000		125,000		13,500.00			
11/01/34	550,000		-		11,000.00		149,500.00	
05/01/35	550,000		133,000		11,000.00			
11/01/35	417,000		-		8,340.00		152,340.00	
05/01/36	417,000		131,000		8,340.00			
11/01/36	286,000		-		5,720.00		145,060.00	
05/01/37	286,000		139,000		5,720.00			
11/01/37	147,000		-		2,940.00		147,660.00	
05/01/38	147,000		147,000		2,940.00		149,940.00	
Total		$	1,628,000	$	515,645	$	2,143,645	

North Dade
Community Development District
Non-Ad Valorem Assessments Comparison 2024-2025

Product	O&M Units	Bonds Units
2018	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
			
Fiscal Year 2025	
Fiscal Year 2024	Increase/ (decrease)	
Fiscal Year 2025	
Fiscal Year 2024	Increase/ (decrease)	
Fiscal Year 2025	
Fiscal Year 2024	Increase/ (decrease)	

Townhomes	

176	

176	

$709.34	

$709.34	

$0.00	

$921.27	

$921.27	

$0.00	

$1,630.61	

$1,630.61	

$0.00	
Total Assessment Units	176	176