Riverside Park Community Development District

Proposed Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
RIVERSIDE PARK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023 ANNUAL BUDGET	
Administrative Assessments	62,152	
Maintenance Assessments	39,191	
Debt Assessments	120,339	
Other Revenues	0	
Interest Income	240	
		
TOTAL REVENUES	$	221,922	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Lawn/Landscape Maintenance	16,500	
Entrance Features	1,000	
Miscellaneous Maintenance/Improvements	6,064	
Border Hedge/Monument/Fence	8,275	
Nutritional Control/Mulch	3,500	
Engineering/Inspections	1,500	
Contingency/Reserve	0	
TOTAL MAINTENANCE EXPENDITURES	$	36,839	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	6,000	
Employer Taxes - Payroll	480	
Management	19,728	
Secretarial	2,700	
Legal	8,000	
Assessment Roll	3,500	
Audit Fees	3,600	
Insurance	6,205	
Legal Advertisements	650	
Miscellaneous	825	
Postage	200	
Office Supplies	500	
Dues & Subscriptions	175	
Trustee Fee	4,100	
Continuing Disclosure Fee	250	
Website Management	1,750	
TOTAL ADMINISTRATIVE EXPENDITURES	$	58,663	
		
TOTAL EXPENDITURES	$	95,502	
		
REVENUES LESS EXPENDITURES	$	126,420	
		
Bond Payments	(113,119)	
		
BALANCE	$	13,301	
		
County Appraiser & Tax Collector Fee	(4,434)	
Discounts For Early Payments	(8,867)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover Funds From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

4/19/2022 8:09 AM	I

DETAILED PROPOSED BUDGET
RIVERSIDE PARK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2020/2021 ACTUAL	
FISCAL YEAR 2021/2022 ANNUAL BUDGET	
FISCAL YEAR 2022/2023 ANNUAL BUDGET	

COMMENTS	
Administrative Assessments	61,351	61,387	62,152	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	40,087	39,956	39,191	Expenditures/.94	
Debt Assessments	120,339	120,339	120,339	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	280	240	240	Estimated At $20.00 Per Month	
					
TOTAL REVENUES	$	222,057	$	221,922	$	221,922		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Lawn/Landscape Maintenance	11,550	16,500	16,500	No Change From 2021/2022 Budget	
Entrance Features	0	1,000	1,000	No Change From 2021/2022 Budget	
Miscellaneous Maintenance/Improvements	5,800	6,783	6,064	$719 Decrease From 2021/2022 Budget	
Border Hedge/Monument/Fence	0	8,275	8,275	No Change From 2021/2022 Budget	
Nutritional Control/Mulch	0	3,500	3,500	No Change From 2021/2022 Budget	
Engineering/Inspections	975	1,500	1,500	No Change From 2021/2022 Budget	
Contingency/Reserve	0	0	0	Currently $16,270 In Available Funds	

TOTAL MAINTENANCE EXPENDITURES	$	18,325	$	37,558	$	36,839		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	3,200	6,000	6,000	No Change From 2021/2022 Budget	
Employer Taxes - Payroll	245	480	480	Projected At 8% Of Supervisor Fees	
Management	18,900	19,164	19,728	CPI Adjustment (Capped At 3%)	
Secretarial	2,700	2,700	2,700	No Change From 2021/2022 Budget	
Legal	5,822	8,000	8,000	No Change From 2021/2022 Budget	
Assessment Roll	3,500	3,500	3,500	No Change From 2021/2022 Budget	
Audit Fees	3,600	3,600	3,600	Accepted Amount For 2021/2022 Audit	
Insurance	5,513	6,000	6,205	Insurance Estimate	
Legal Advertisements	383	650	650	No Change From 2021/2022 Budget	
Miscellaneous	456	850	825	$25 Decrease From 2021/2022 Budget	
Postage	109	200	200	No Change From 2021/2022 Budget	
Office Supplies	194	525	500	$25 Decrease From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	No Change From 2021/2022 Budget	
Trustee Fee	4,079	4,100	4,100	No Change From 2021/2022 Budget	
Continuing Disclosure Fee	250	250	250	No Change From 2021/2022 Budget	
Website Management	1,750	1,750	1,750	No Change From 2021/2022 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	50,876	$	57,944	$	58,663		
					
TOTAL EXPENDITURES	$	69,201	$	95,502	$	95,502		
					
REVENUES LESS EXPENDITURES	$	152,856	$	126,420	$	126,420		
					
Bond Payments	(114,585)	(113,119)	(113,119)	2023 P & I Payments Less Earned Interest	
					
BALANCE	$	38,271	$	13,301	$	13,301		
					
County Appraiser & Tax Collector Fee	(2,133)	(4,434)	(4,434)	Two Percent Of Total Tax Roll	
Discounts For Early Payments	(8,451)	(8,867)	(8,867)	Four Percent Of Total Tax Roll	
					
EXCESS/ (SHORTFALL)	$	27,687	$	-	$	-		
					
Carryover Funds From Prior Year	0	0	0	Carryover Funds From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	27,687	$	-	$	-		

4/19/2022 8:09 AM	II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
RIVERSIDE PARK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR 2020/2021 ACTUAL	FISCAL YEAR 2021/2022 BUDGET	FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	

Interest Income	
6	
25	
10	
Projected Interest For FY 2022/2023	

NAV Tax Collection	
114,585	
113,119	
113,119	
Maximum Debt Service Collection	

Total Revenues	
$	114,591	
$	113,144	
$	113,129		

EXPENDITURES					

Principal Payments	
70,000	
75,000	
75,000	
Principal Payment Due In 2023	

Interest Payments	
39,000	
35,506	
32,744	
Interest Payments Due In 2023	

Bond Redemption	
0	
2,638	
5,385	
Estimated Excess Debt Collections	

Total Expenditures	
$	109,000	
$	113,144	
$	113,129		

Excess/ (Shortfall)	
$	5,591	
$	-	
$	-		

Series 2014 Bond Refunding Information
Original Par Amount =	$1,630,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	3.25% - 8.25%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	May 2014			
Maturity Date =

Par Amount As Of 1/1/22 =	May 2034

$1,120,000			

4/19/2022 8:09 AM

III

Riverside Park Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2019/2020	2020/2021	2021/2022	2022/2023	
Assessment	Assessment	Assessment	Projected Assessment	
 Before Discount* 	 Before Discount*	  Before Discount* 		Before Discount*		

Administrative	
$	298.16	
$	298.81	
$	299.45	
$	303.18	
Maintenance	$	196.20	$	195.55	$	194.91	$	191.18	
Debt	$	592.80	$	592.80	$	592.80	$	592.80	
Total	$	1,087.16	$	1,087.16	$	1,087.16	$	1,087.16	

* Assessments Include the Following : 4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee

Community Information:
Total Units	205
Prepayments	2
Billed for Debt	203
4/19/2022 8:09 AM	IV