Riverside Park Community Development District

Proposed Budget For Fiscal Year 2023/2024
October 1, 2023 - September 30, 2024

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
RIVERSIDE PARK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	
FISCAL YEAR 2023/2024
ANNUAL BUDGET	
Administrative Assessments	63,107	
Maintenance Assessments	38,235	
Debt Assessments	120,339	
Other Revenues	0	
Interest Income	300	
		
TOTAL REVENUES	$	221,981	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Lawn/Landscape Maintenance	16,500	
Entrance Features	1,000	
Miscellaneous Maintenance/Improvements	5,165	
Border Hedge/Monument/Fence	8,275	
Nutritional Control/Mulch	3,500	
Engineering/Inspections	1,500	
Contingency/Reserve	0	
TOTAL MAINTENANCE EXPENDITURES	$	35,940	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	6,000	
Employer Taxes - Payroll	480	
Management	20,316	
Secretarial	2,700	
Legal	8,000	
Assessment Roll	3,500	
Audit Fees	3,700	
Insurance	6,500	
Legal Advertisements	650	
Miscellaneous	825	
Postage	200	
Office Supplies	475	
Dues & Subscriptions	175	
Trustee Fee	4,100	
Continuing Disclosure Fee	250	
Website Management	1,750	
TOTAL ADMINISTRATIVE EXPENDITURES	$	59,621	
		
TOTAL EXPENDITURES	$	95,561	
		
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)	$	-	

3/21/2023 10:10 AM	I

DETAILED PROPOSED BUDGET
RIVERSIDE PARK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	
FISCAL YEAR 2021/2022 ACTUAL	
FISCAL YEAR 2022/2023 ANNUAL BUDGET	
FISCAL YEAR 2023/2024 ANNUAL BUDGET	

COMMENTS	
Administrative Assessments	61,477	62,152	63,107	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	39,956	39,191	38,235	Expenditures/.94	
Debt Assessments	120,340	120,339	120,339	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	320	240	300	Estimated At $25 Per Month	
					
TOTAL REVENUES	$	222,093	$	221,922	$	221,981		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Lawn/Landscape Maintenance	15,154	16,500	16,500	No Change From 2022/2023 Budget	
Entrance Features	0	1,000	1,000	No Change From 2022/2023 Budget	
Miscellaneous Maintenance/Improvements	0	6,064	5,165	$899 Decrease From 2022/2023 Budget	
Border Hedge/Monument/Fence	0	8,275	8,275	No Change From 2022/2023 Budget	
Nutritional Control/Mulch	0	3,500	3,500	No Change From 2022/2023 Budget	
Engineering/Inspections	1,825	1,500	1,500	No Change From 2022/2023 Budget	
Contingency/Reserve	0	0	0	Currently $16,270 In Available Funds	

TOTAL MAINTENANCE EXPENDITURES	$	16,979	$	36,839	$	35,940		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	2,200	6,000	6,000	No Change From 2022/2023 Budget	
Employer Taxes - Payroll	168	480	480	Projected At 8% Of Supervisor Fees	
Management	19,164	19,728	20,316	CPI Adjustment (Capped At 3%)	
Secretarial	2,700	2,700	2,700	No Change From 2022/2023 Budget	
Legal	6,090	8,000	8,000	No Change From 2022/2023 Budget	
Assessment Roll	3,500	3,500	3,500	No Change From 2022/2023 Budget	
Audit Fees	3,600	3,600	3,700	$100 Increase From 2022/2023 Budget	
Insurance	5,513	6,205	6,500	Fiscal Year 2022/2023 Expenditure Was $5,926	
Legal Advertisements	570	650	650	No Change From 2022/2023 Budget	
Miscellaneous	695	825	825	No Change From 2022/2023 Budget	
Postage	178	200	200	No Change From 2022/2023 Budget	
Office Supplies	327	500	475	$25 Decrease From 2022/2023 Budget	
Dues & Subscriptions	175	175	175	No Change From 2022/2023 Budget	
Trustee Fee	4,080	4,100	4,100	No Change From 2022/2023 Budget	
Continuing Disclosure Fee	250	250	250	No Change From 2022/2023 Budget	
Website Management	1,750	1,750	1,750	No Change From 2022/2023 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	50,960	$	58,663	$	59,621		
					
TOTAL EXPENDITURES	$	67,939	$	95,502	$	95,561		
					
REVENUES LESS EXPENDITURES	$	154,154	$	126,420	$	126,420		
					
Bond Payments	(114,540)	(113,119)	(113,119)	2024 Principal & Interest Payments	
					
BALANCE	$	39,614	$	13,301	$	13,301		
					
County Appraiser & Tax Collector Fee	(2,132)	(4,434)	(4,434)	Two Percent Of Total Tax Roll	
Discounts For Early Payments	(8,538)	(8,867)	(8,867)	Four Percent Of Total Tax Roll	
					
EXCESS/ (SHORTFALL)	$	28,944	$	-	$	-		
					
Carryover Funds From Prior Year	0	0	0	Carryover Funds From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	28,944	$	-	$	-		

3/21/2023 10:10 AM	II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
RIVERSIDE PARK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	FISCAL YEAR 2021/2022 ACTUAL	FISCAL YEAR 2022/2023 BUDGET	FISCAL YEAR 2023/2024 BUDGET	

COMMENTS	

Interest Income	
6	
10	
100	
Projected Interest For FY 2023/2024	

NAV Tax Collection	
114,540	
113,119	
113,119	
Maximum Debt Service Collection	

Total Revenues	
$	114,546	
$	113,129	
$	113,219		

EXPENDITURES					

Principal Payments	
75,000	
75,000	
80,000	
Principal Payment Due In 2024	

Interest Payments	
36,563	
32,744	
30,225	
Interest Payments Due In 2024	

Bond Redemption	
10,000	
5,385	
2,994	
Estimated Excess Debt Collections	

Total Expenditures	
$	121,563	
$	113,129	
$	113,219		

Excess/ (Shortfall)	
$	(7,017)	
$	-	
$	-		

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 1/1/23 =	May 2034

$1,045,000			

3/21/2023 10:10 AM

III

Riverside Park Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2020/2021	2021/2022	2022/2023	2023/2024	
Assessment	Assessment	Assessment	Projected Assessment	
 Before Discount* 	 Before Discount*	  Before Discount* 		Before Discount*		

Administrative	
$	298.81	
$	299.45	
$	299.45	
$	307.84	
Maintenance	$	195.55	$	194.91	$	194.91	$	186.52	
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
3/21/2023 10:10 AM	IV