RIVERSIDE PARK COMMUNITY DEVELOPMENT DISTRICT

MIAMI-DADE COUNTY
Special Board Meeting & Public Hearing June 3, 2024
6:30 P.M.

Special District Services, Inc. 8785 SW 165th Avenue, Suite 200
Miami, FL 33193
www.riversideparkcdd.org 786.347.2711 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile

AGENDA RIVERSIDE PARK
COMMUNITY DEVELOPMENT DISTRICT
Meeting Room at Mercedes Benz of Cutler Bay 10701 SW 211th Street
Cutler Bay, Florida 33189
SPECIAL BOARD MEETING & PUBLIC HEARING June 3, 2024
6:30 p.m.

Call to Order
Proof of Publication	Page 1
Establish Quorum
Additions or Deletions to Agenda
Comments from the Public for Items Not on the Agenda
Approval of Minutes
Public Hearing
Proof of Publication	Page 1
Receive Public Comments on Fiscal Year 2024/2025 Final Budget
Consider Resolution No. 2024-05 – Adopting a Fiscal Year 2024/2025 Final Budget	Page 2
Old Business
New Business
Administrative Matters
Board Members/Staff: Additional Comments/Requests
Reminder of the 2023 Form 1 – Statement of Financial Interests Due by July 1, 2024
Announce the 2024 General Election and Candidate Qualifying Period - Noon, Monday, June 10, 2024 through Noon, Friday, June 14, 2024
Adjourn

Publication Date 2024-05-17

Subcategory Miscellaneous Notices

NOTICE OF THE RIVERSIDE PARK COMMUNITY DEVELOPMENT DISTRICT PUBLIC HEARING & SPECIAL BOARD MEETING
NOTICE IS HEREBY GIVEN that the Riverside Park Community Development District (the "District") will hold a public hearing and special meeting (the "Meeting") of its Board of Supervisors (the "Board") on June 3, 2024, at 6:30 p.m. in a Meeting Room of Mercedes Benz of Cutler Bay located at 10701 SW 211th Street, Cutler Bay, Florida 33189. The Meeting is being held for the necessary public purpose of considering the Fiscal Year 2024/2025 Proposed Budget and any other agenda items related to the District. At such time the Board is so authorized and may consider any business that may properly come before it.
A copy of the agenda for the Meeting may be obtained at the offices of the District Manager, c/o Special District Services, Inc., at (561) 630-4922 or gperez@sdsinc.org (the "District Manager's Office") during normal business hours. The Meeting is open to the public and will be conducted in accordance with the provisions of Florida law for special districts. The Meeting may be continued to a date, time, and place to be specified on the record at the Meeting.
Any person requiring special accommodations in order to access and participate in the Meeting because of a disability or physical impairment should contact the District Manager's Office at least forty-eight (48) hours prior to the Meeting. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) / 1-800-955-8770 (Voice), for aid in contacting the District Manager's Office.
Anyone requiring assistance in order to participate in this Meeting should contact the District Manager's Office at least forty-eight (48) hours prior to the Meeting. Similarly, any person requiring or that otherwise may need assistance accessing or participating in this Meeting because of a disability or physical impairment is strongly encouraged to contact the District Manager's Office at least forty-eight (48) hours in advance so that arrangements may be made.
Each person who decides to appeal any decision made by the Board with respect to any matter considered at the Meeting is advised that person will need a record of proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.
District Manager
RIVERSIDE PARK COMMUNITY DEVELOPMENT district
www.riversideparkcdd.org
PUBLISH: MIAMI HERALD 05/17/24 & 05/24/24 W00000000
Publication Dates

Page 1

RESOLUTION NO. 2024-05

A RESOLUTION OF THE RIVERSIDE PARK COMMUNITY DEVELOPMENT DISTRICT ADOPTING A FISCAL YEAR 2024/2025 BUDGET.

WHEREAS, the Riverside Park Community Development District (“District”) has prepared a Proposed Budget and Final Special Assessment Roll for Fiscal Year 2024/2025 and has held a duly advertised Public Hearing to receive public comments on the Proposed Budget and Final Special Assessment Roll; and,

WHEREAS, following the Public Hearing and the adoption of the Proposed Budget and Final Assessment Roll, the District is now authorized to levy non ad-valorem assessments upon the properties within the District.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE RIVERSIDE PARK COMMUNITY DEVELOPMENT DISTRICT THAT:

Section 1.	The Final Budget and Final Special Assessment Roll for Fiscal Year 2024/2025 attached hereto as Exhibit “A” is approved and adopted, and the assessments set forth therein shall be levied.

Section 2.	The Secretary of the District is authorized to execute any and all necessary transmittals, certifications or other acknowledgements or writings, as necessary, to comply with the intent of this Resolution.

PASSED, ADOPTED and EFFECTIVE this 3rd day of June, 2024.

ATTEST:	RIVERSIDE PARK
COMMUNITY DEVELOPMENT DISTRICT

By:			By:		 Secretary/Assistant Secretary			Chairperson/Vice Chairperson

Riverside Park Community Development District

Final Budget For Fiscal Year 2024/2025
October 1, 2024 - September 30, 2025

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL BUDGET
RIVERSIDE PARK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	FISCAL YEAR 2024/2025
ANNUAL BUDGET	
Administrative Assessments	63,081	
Maintenance Assessments	39,774	
Debt Assessments	118,812	
Other Revenues	0	
Interest Income	600	
		
TOTAL REVENUES	$	222,267	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Lawn/Landscape Maintenance	16,500	
Entrance Features	1,000	
Miscellaneous Maintenance/Improvements	6,613	
Border Hedge/Monument/Fence	8,275	
Nutritional Control/Mulch	3,500	
Engineering/Inspections	1,500	
Contingency/Reserve	0	
TOTAL MAINTENANCE EXPENDITURES	$	37,388	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	6,000	
Employer Taxes - Payroll	480	
Management	20,916	
Secretarial	2,700	
Legal	8,000	
Assessment Roll	3,500	
Audit Fees	3,500	
Insurance	7,000	
Legal Advertisements	2,000	
Miscellaneous	825	
Postage	200	
Office Supplies	450	
Dues & Subscriptions	175	
Trustee Fee	4,100	
Continuing Disclosure Fee	250	
Website Management	1,750	
TOTAL ADMINISTRATIVE EXPENDITURES	$	61,846	
		
TOTAL EXPENDITURES	$	99,234	
		
REVENUES LESS EXPENDITURES	$	123,033	
		
Bond Payments	(111,683)	
		
BALANCE	$	11,350	
		
County Appraiser & Tax Collector Fee	(4,433)	
Discounts For Early Payments	(8,867)	
		
EXCESS/ (SHORTFALL)	$	(1,950)	
		
Carryover Funds From Prior Year	1,950	
		
NET EXCESS/ (SHORTFALL)	$	-	

FINAL PROPOSED BUDGET
RIVERSIDE PARK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2022/2023 ACTUAL	
FISCAL YEAR 2023/2024 ANNUAL BUDGET	
FISCAL YEAR 2024/2025 ANNUAL BUDGET	

COMMENTS	
Administrative Assessments	62,399	63,107	63,081	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	39,191	39,774	39,774	Expenditures/.94	
Debt Assessments	120,340	118,812	118,812	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	11,407	300	600	Estimated At $50 Per Month	
					
TOTAL REVENUES	$	233,337	$	221,993	$	222,267		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Lawn/Landscape Maintenance	14,794	16,500	16,500	No Change From 2023/2024 Budget	
Entrance Features	0	1,000	1,000	No Change From 2023/2024 Budget	
Miscellaneous Maintenance/Improvements	7,000	6,613	6,613	No Change From 2023/2024 Budget	
Border Hedge/Monument/Fence	0	8,275	8,275	No Change From 2023/2024 Budget	
Nutritional Control/Mulch	0	3,500	3,500	No Change From 2023/2024 Budget	
Engineering/Inspections	1,060	1,500	1,500	No Change From 2023/2024 Budget	
Contingency/Reserve	0	0	0	Currently $16,270 In Available Funds	

TOTAL MAINTENANCE EXPENDITURES	$	22,854	$	37,388	$	37,388		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	4,000	6,000	6,000	No Change From 2023/2024 Budget	
Employer Taxes - Payroll	306	480	480	Projected At 8% Of Supervisor Fees	
Management	19,728	20,316	20,916	CPI Adjustment (Capped At 3%)	
Secretarial	2,700	2,700	2,700	No Change From 2023/2024 Budget	
Legal	8,424	8,000	8,000	No Change From 2023/2024 Budget	
Assessment Roll	3,500	3,500	3,500	No Change From 2023/2024 Budget	
Audit Fees	3,600	3,700	3,500	Accepted Amount For 2023/2024 Audit	
Insurance	5,926	6,500	7,000	Fiscal Year 2023/2024 Expenditure Was $6,370	
Legal Advertisements	589	650	2,000	Costs Will Increase Due To Closing Of The Miami Business Review	
Miscellaneous	615	825	825	No Change From 2023/2024 Budget	
Postage	279	200	200	No Change From 2023/2024 Budget	
Office Supplies	492	475	450	$25 Decrease From 2023/2024 Budget	
Dues & Subscriptions	175	175	175	No Change From 2023/2024 Budget	
Trustee Fee	4,080	4,100	4,100	No Change From 2023/2024 Budget	
Continuing Disclosure Fee	250	250	250	No Change From 2023/2024 Budget	
Website Management	1,750	1,750	1,750	No Change From 2023/2024 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	56,414	$	59,621	$	61,846		
					
TOTAL EXPENDITURES	$	79,268	$	97,009	$	99,234		
					
REVENUES LESS EXPENDITURES	$	154,069	$	124,984	$	123,033		
					
Bond Payments	(114,604)	(111,683)	(111,683)	2025 Principal & Interest Payments	
					
BALANCE	$	39,465	$	13,301	$	11,350		
					
County Appraiser & Tax Collector Fee	(2,133)	(4,434)	(4,433)	Two Percent Of Total Tax Roll	
Discounts For Early Payments	(8,437)	(8,867)	(8,867)	Four Percent Of Total Tax Roll	
					
EXCESS/ (SHORTFALL)	$	28,895	$	-	$	(1,950)		
					
Carryover Funds From Prior Year	0	0	1,950	Carryover Funds From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	28,895	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET
RIVERSIDE PARK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	FISCAL YEAR 2022/2023 ACTUAL	FISCAL YEAR 2023/2024 BUDGET	FISCAL YEAR 2024/2025 BUDGET	

COMMENTS	

Interest Income	
2,902	
100	
400	
Projected Interest For FY 2024/2025	

NAV Tax Collection	
114,604	
111,683	
111,683	
Maximum Debt Service Collection	

Total Revenues	
$	117,506	
$	111,783	
$	112,083		

EXPENDITURES					

Principal Payments	
75,000	
61,000	
65,000	
Principal Payment Due In 2025	

Interest Payments	
34,185	
49,956	
46,378	
Interest Payments Due In 2025	

Bond Redemption	
0	
827	
705	
Estimated Excess Debt Collections	

Total Expenditures	
$	109,185	
$	111,783	
$	112,083		

Excess/ (Shortfall)	
$	8,321	
$	-	
$	-		

Series 2023 Bond Modification Information
Original Par Amount =	$910,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	5.68%	Annual Interest Payments Due =	May 1st & November 1st	
Modification Date =	June 2023			
Maturity Date =

Par Amount As Of 1/1/24 =	May 2034

$910,000			

Riverside Park Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2021/2022	2022/2023	2023/2024	2024/2025	
Assessment	Assessment	Assessment	Projected Assessment	
 Before Discount* 	 Before Discount* 	  Before Discount* 		Before Discount*		

Administrative	
$	299.45	
$	299.45	
$	307.85	
$	307.72	
Maintenance	$	194.91	$	194.91	$	194.03	$	194.03	
Debt	$	592.80	$	592.80	$	585.28	 $	585.28	
Total	$	1,087.16	$	1,087.16	$	1,087.16	$	1,087.03	

* 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
5/9/2024 1:44 PM	IV