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)	$	-	

5/9/2024 1:44 PM	I

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	$	-	$	-		

5/9/2024 1:44 PM	II

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			

5/9/2024 1:44 PM

III

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