Adopted Budget
Fiscal Year 2023

Portofino Isles Community Development District

September 13, 2022

Portofino Isles
Community Development District

General Fund

Adopted Budget
 	FY 2022	

Actual thru
    7/31/2022 

Projected Next
    2 Months 

Total Projected at
    9/30/2022 

Adoted Budget
 	FY 2023	

 Description	

Revenues

Maintenance Assessments Direct Assessment - Lerner TH Interest Income
Stormwater Fees POA Funding
Carry Forward Surplus
Total Revenues

$175,152
$0
$0
$186,678
$0
 	$337,489 
 	$699,319 

$140,171
$0
$2,950
$205,901
$10,531
 	$344,993 
 	$704,546 

$572
$0
$150
$0
$0
 	$0 
 	$722 

$140,743
$0
$3,100
$205,901
$10,531
 	$344,993 
 	$705,268 

$135,975
$39,178
$0
$186,678
$0
 	$92,414 
 	$454,244 

Expenditures

Administrative Engineering Fees Arbitrage

$30,000
$1,200
$2,500
$25,000
$1,001
$5,700
$3,556
$43,895
$1,000
$100
$500
$2,400
$6,840
$1,250
$1,000
$500
$1,000
$250
$175
 	$300 
 	$128,167 

$12,248
$600
$2,083
$11,469
$1,001
$0
$3,556
$36,579
$833
$0
$249
$2,000
$6,436
$739
$692
$297
$833
$76
$175
 	$0 
 	$79,868 

$4,083
$600
$417
$2,294
$0
$5,700
$0
$7,316
$167
$50
$50
$400
$0
$148
$138
$59
$167
$15
$0
 	$250 
 	$21,853 

$16,331
$1,200
$2,500
$13,762
$1,001
$5,700
$3,556
$43,895
$1,000
$50
$299
$2,400
$6,436
$887
$831
$357
$1,000
$91
$175
 	$250 
 	$101,721 

$30,000
$1,200
$2,500
$25,000
$1,001
$5,700
$3,556
$45,212
$1,000
$100
$500
$2,400
$6,840
$1,250
$1,000
$500
$1,000
$250
$175
 	$300 
 	$129,484 

Dissemination Attorney Fees

Agent

Assessment Roll Annual Audit Trustee Fees Management Fees Computer Time Telephone Postage
Rentals & Leases Insurance Printing & Binding Legal Advertising
Other Current Charges Website Admin
Office Supplies Dues, Licenses Capital Outlay

Total Administrative

Field
Salaries/Facility Management Environmental Services Electric
Repairs & Maintenance Landscape Maintenance Landscaping - Replacement Irrigation System Lake/Fountain Maintenance Wetlands Maintenance Stormwater Maintenance Chemicals/Operating Supplies Contingencies
Fountains Project
Total Field

$32,500
$2,500
$10,000
$15,000
$37,840
$40,000
$15,000
$21,120
$19,200
$50,000
$6,600
$15,000
 	$0 
 	$264,760 

$25,000
$0
$6,423
$3,754
$11,190
$5,966
$2,307
$16,005
$13,000
$0
$5,477
$9,889
 	$68,844 
 	$167,855 

$5,000
$2,500
$1,285
$7,500
$2,238
$2,500
$461
$3,201
$0
$12,500
$1,095
$4,998
 	$0 
 	$43,278 

$30,000
$2,500
$7,708
$11,254
$13,428
$8,466
$2,768
$19,206
$13,000
$12,500
$6,572
$14,887
 	$68,844 
 	$211,134 

$32,500
$2,500
$10,000
$15,000
$37,840
$40,000
$15,000
$21,120
$19,200
$50,000
$6,600
$15,000
 	$0 
 	$264,760 

Page 1

Portofino Isles
Community Development District

General Fund

Adopted Budget
 	FY 2022	

Actual thru
    7/31/2022 

Projected Next
    2 Months 

Total Projected at
    9/30/2022 

Adoted Budget
 	FY 2023	

 Description	

Reserves Wetlands Brigantine Wall/Perimeter Drainage System Total Reserves

$100,000
$50,000
$50,000
 	$100,000 
 	$300,000 

$0
$0
$0
 	$0 
 	$0 

$100,000
$50,000
$50,000
 	$100,000 
 	$300,000 

$100,000
$50,000
$50,000
 	$100,000 
 	$300,000 

$20,000
$10,000
$10,000
 	$20,000 
 	$60,000 

TOTAL EXPENDITURES

 	$692,927 

 	$247,723 

 	$365,131 

 	$612,854 

 	$454,244 

Unassigned Fund Balance

 	$6,392 

$456,823

($364,410)

$92,414

$0

Single Family Multi-Family Townhouses **

550
215
300

$174.96
$174.96
$174.96
Total Gross:
Less: Disc/Coll (6%):

$96,228
$37,616
 	$52,488 
$186,332 ($11,180)

**238 TH Direct Billed to Lerner RE Advisors

Page 2

Total Net:	$175,152

Portofino Isles
Community Development District

Allocation of

Reserves

Additions:
Wetlands
Brigantine Rd Resurfacing Wall/Perimeter
Drainage

$100,000
$50,000
$50,000
$100,000

$100,000
$50,000
$50,000
$100,000

$20,000
$10,000
$10,000
$20,000

$220,000
$110,000
$110,000
$220,000

Spent:
Wetlands
Brigantine Rd Resurfacing Wall/Perimeter
Drainage
Storm Recovery Lake & Bank Erosion
Fountains/Pumps/Control & Meter Other/Misc.

$0
$0
$0
$0
$0
$0
$0
$0

--
--
--
--
--
--
--
--

--
--
--
--
--
--
--
--

$0
$0
$0
$0
$0
$0
$0
$0

Available:
Wetlands
Brigantine Rd Resurfacing Wall/Perimeter
Drainage
Storm Recovery Lake & Bank Erosion
Fountains/Pumps/Control & Meter Other/Misc.

$100,000
$50,000
$50,000
$100,000
$0
$0
$0
$0

$0
$50,000
$0
$0
$100,000
$50,000
$50,000
$50,000

$0
$50,000
$0
$0
$100,000
$50,000
$50,000
$50,000

$100,000
$100,000
$50,000
$100,000
$100,000
$50,000
$50,000
$50,000

Total Reserved @ 9/30/2023 Balance in SBA @ 2/28/2022

$600,000
$667,561

Page 3

Total Projected  Reserve Funds as of 09/30/23	$600,000

$300,000	$300,000	$300,000	$600,000

$0	$0	$0	$0

$300,000	$300,000	$60,000	$660,000

Adopted	Adpopted FY2022	Proposed FY2023
FY2021 Budget	Budget	Budget	Total

Portofino Isles
Community Development District
GENERAL FUND BUDGET

REVENUES:

Maintenance Assessments

The District will levy a Non-Ad Valorem assessment on all the platted lots within the District to pay all of the operating expenses for the Fiscal Year in accordance with the adopted budget.

Storm Water Rebate

The City of Port St. Lucie assesses the residents of the District for Repairs, Maintenance and Capital Improvements of the Drainage System. The city then remits the storm water fees less an administrative fee to the District since the District provides these services.

_

_

_

_

EXPENDITURES:

Administrative:

Engineering Fees
The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc.

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 un-rated bond issues.

Assessment Roll
Expenses incurred for the collection of prepaid assessments, updating the District’s Tax Roll and levying the annual assessment.

Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

Attorney Fees
The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services – South Florida, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

Computer Time
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.

Telephone
Telephone and fax machine.

Page 3

Portofino Isles
Community Development District
GENERAL FUND BUDGET

Administrative: (continued)

Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.

Rental & Leases
The District will be charged $200 per month for office rent from Governmental Management Services – South Florida, LLC for the District's administrative office located in Ft. Lauderdale.

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with Preferred Governmental Insurance Trust. PGIT specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.

Printing & Binding
Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Legal Advertising
The District is required to advertise various notices for monthly Board meetings, public hearings etc in a newspaper of general circulation.

Other Current Charges
Bank charges and any other miscellaneous expenses that incurred during the year.

Website Admin
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.

Office Supplies
Miscellaneous office supplies.

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Community Affairs for $175. This is the only expense under this category for the District.

Capital Outlay
Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for District files.

Field:

Salaries/Facility Management
Cost of on-site employee for day to day oversight.

Environmental Services
Semi-annual mitigation monitoring as required by South Florida Water Management District.

Electric
Represents the costs associated with powering the irrigation pumps, service to be provided by Florida Power & Light.

Repairs & Maintenance
Represents costs associated with basic maintenance and repairs in the District.

Page 4

Portofino Isles
Community Development District
GENERAL FUND BUDGET

Field: (continued)

Landscaping
The District perform enhancements and replacement of landscape material as necessary to maintain its buffers, security features and community appearance.

Irrigation System
The District operates several pumping and control systems which require immediate repair and replacement for the protection and survival of landscape responsibilities.

Contingencies
Any unforeseen expenses related to the field operations of the District.

Chemicals
Chemicals for operations of the District.

Storm Water:

Landscape Maintenance
The District has entered into a contract with Brightview Landscape Services for Lawn Maintenance of the Median Island and Entry Side from Gatlin Blvd to Entry.

Landscape - Replacement
The cost of replacing landscaping of the Median Island and Entry Side from Gatlin Blvd to Entry.

Stormwater Maintenance
The cost of drain cleaning and inspection.

Lake/Fountain Maintenance
The District has entered into a contract with The Lake Doctors for Lake Maintenance. The services include aquatic weed, border grasses and algae control for 10 lakes and maintenance of the fountains.

Wetlands Maintenance
The District has entered into a contract with Lake and Preserve Management for Wetlands Maintenance. The services include exotic and invasive weed control for approximately 15 acres of planted buffer area. Contract also includes monthly inspections of wetland area. The contract is $1,300.00 per month.

Irrigation System
The District performs routine irrigation repairs and testing by field staff and for larger repairs utilizes Florida Irrigation
for any maintenance and repairs on an as needed basis.

Contingencies
Any unforeseen expenses related to the field operations of the District.

Capital Outlay
Any unforeseen or one time Capital expenses related to the field operations of the District. District Vehicle (gator), shed, and lighting upgrades are examples of 2021 projects.

Reserves
Funds allocated to future expenditures by Area.

Page 5

Portofino Isles
Community Development District

Debt Service Fund
Series 2013 Refunding

Adopted Budget
 	FY 2022	

Actual thru
    7/31/2022 

Projected Next
    2 Months 

Total Projected at
    9/30/2022 

Adoted Budget
 	FY 2023	

 Description	

Revenues

Assessments
Carry Forward Surplus Interest Earnings

$432,649
$191,386
$0

$445,351
$193,062
$335

$0
$0
$50

$445,351
$193,062
$385

$432,649
$197,826
$0

Total Revenues

 	$624,035 

 	$638,748 

 	$50 

 	$638,798 

 	$630,475 

Expenditures

Series 2013 Interest 11/1 Principal 5/1 Interest 5/1

$90,256
$255,000
$90,256

$90,019
$255,000
$90,019

$0
$0
$0

$90,019
$255,000
$90,019

$85,238
$265,000
$85,238

Other Debt Service Costs (1)

$5,950

$5,934

$0

$5,934

$5,950

Total Expenditures

 	$441,463 

 	$440,972 

 	$0 

 	$440,972 

 	$441,425 

Excess Revenues (Expenditures)

 	$182,573 

$197,776

$50

$197,826

$189,050

Debt Service Due 11/1/23

$79,938

(1) Represents: Property Appr

$

5,950.00

 Product Type	# Units	Gross Assessment	Total	

Single Family Multi-Family

546
210

$620.30
$578.96
Total Gross: Less: Disc/Coll (6

$338,684
$121,582
 	$460,265 
($27,616)

Page 7

Total Net:	$432,649

Portofino Isles
Community Development District

Series 2013 Refunding

Amortization Schedule

PRINCIPAL
 	BALANCE	

INTEREST
     RATE 

YEARLY
 	TOTAL	

 	DATE	

 	INTEREST	

 	PRINCIPAL	

 	TOTAL	

1-Nov-21
1-May-22

$3,930,000.00
$3,930,000.00

3.50%
3.75%

$90,018.75
$90,018.75

$0.00
$255,000.00

$90,018.75
$345,018.75

$90,018.75

1-Nov-23
1-May-24
1-Nov-24
1-May-25
1-Nov-25
1-May-26
1-Nov-26
1-May-27
1-Nov-27
1-May-28
1-Nov-28
1-May-29
1-Nov-29
1-May-30
1-Nov-30
1-May-31
1-Nov-31
1-May-32
1-Nov-32
1-May-33

$3,410,000.00
$3,410,000.00
$3,135,000.00
$3,135,000.00
$2,845,000.00
$2,845,000.00
$2,545,000.00
$2,545,000.00
$2,230,000.00
$2,230,000.00
$1,900,000.00
$1,900,000.00
$1,555,000.00
$1,555,000.00
$1,195,000.00
$1,195,000.00
$815,000.00
$815,000.00
$415,000.00
$415,000.00

4.00%
4.25%
4.25%
4.50%
4.50%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%

$79,937.50
$79,937.50
$74,093.75
$74,093.75
$67,568.75
$67,568.75
$60,443.75
$60,443.75
$52,962.50
$52,962.50
$45,125.00
$45,125.00
$36,931.25
$36,931.25
$28,381.25
$28,381.25
$19,356.25
$19,356.25
$9,856.25
$9,856.25

$0.00
$275,000.00
$0.00
$290,000.00
$0.00
$300,000.00
$0.00
$315,000.00
$0.00
$330,000.00
$0.00
$345,000.00
$0.00
$360,000.00
$0.00
$380,000.00
$0.00
$400,000.00
$0.00
$415,000.00

$79,937.50
$354,937.50
$74,093.75
$364,093.75
$67,568.75
$367,568.75
$60,443.75
$375,443.75
$52,962.50
$382,962.50
$45,125.00
$390,125.00
$36,931.25
$396,931.25
$28,381.25
$408,381.25
$19,356.25
$419,356.25
$9,856.25
$424,856.25

$430,175.00

$429,031.25

$431,662.50

$428,012.50

$428,406.25

$428,087.50

$427,056.25

$425,312.50

$427,737.50

$429,212.50
$424,856.25

 	Total	

$1,299,825.00

$3,930,000.00

$5,229,825.00

$5,229,825.00

Page 8

1-Nov-22	$3,675,000.00	3.75%	$85,237.50	$0.00	$85,237.50	$430,256.25
1-May-23	$3,675,000.00	4.00%	$85,237.50	$265,000.00	$350,237.50

Portofino Isles
Community Development District

Debt Service Fund
Series 2005 - Portofino Court Project

Adopted Budget
 	FY 2022	

Adoted Budget
 	FY 2023	

 Description	

Revenues

Assessments
Carry Forward Surplus

$440,879
$201,847

$440,879
$0

Total Revenues

 	$642,726 

 	$440,879 

Expenditures

Interest 11/1 Interest 5/1 Principal 5/1

$124,600
$124,600
$195,000

$119,140
$119,140
$205,000

Other Debt Service Costs (1)

$8,233

$8,233

Total Expenditures

 	$452,433 

 	$451,513 

Excess Revenues (Expenditures)

 	$190,293 

($10,634)

Debt Service Due 11/1/23

$119,140

(1) Represents: Property Appr Trustee Fees

$

5,000.00

  $	3,232.50 

$

8,232.50

Page 9

Portofino Isles
Community Development District

Series 2005 - Portofino Court Project
Amortization Schedule

PRINCIPAL
 	BALANCE	

INTEREST
     RATE 

YEARLY
 	TOTAL	

 	DATE	

 	INTEREST	

 	PRINCIPAL	

 	TOTAL	

1-May-06
1-Nov-06
1-May-07
1-Nov-07
1-May-08
1-Nov-08
1-May-09
1-Nov-09
1-May-10
1-Nov-10
1-May-11
1-Nov-11
1-May-12
1-Nov-12
1-May-13
1-Nov-13
1-May-14
1-Nov-14
1-May-15
1-Nov-15
1-May-16
1-Nov-16
1-May-17
1-Nov-17
1-May-18
1-Nov-18
1-May-19
1-Nov-19
1-May-20
1-Nov-20
1-May-21
1-Nov-21
1-May-22

$6,375,000.00
$6,375,000.00
$6,375,000.00
$6,290,000.00
$6,290,000.00
$6,200,000.00
$6,200,000.00
$6,105,000.00
$6,105,000.00
$6,005,000.00
$6,005,000.00
$5,900,000.00
$5,900,000.00
$5,790,000.00
$5,790,000.00
$5,670,000.00
$5,670,000.00
$5,545,000.00
$5,545,000.00
$5,415,000.00
$5,415,000.00
$5,275,000.00
$5,275,000.00
$5,130,000.00
$5,130,000.00
$4,975,000.00
$4,975,000.00
$4,810,000.00
$4,810,000.00
$4,635,000.00
$4,635,000.00
$4,450,000.00
$4,450,000.00

5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%

$179,491.67
$178,500.00
$178,500.00
$176,120.00
$176,120.00
$173,600.00
$173,600.00
$170,940.00
$170,940.00
$168,140.00
$168,140.00
$165,200.00
$165,200.00
$162,120.00
$162,120.00
$158,760.00
$158,760.00
$155,260.00
$155,260.00
$151,620.00
$151,620.00
$147,700.00
$147,700.00
$143,640.00
$143,640.00
$139,300.00
$139,300.00
$134,680.00
$134,680.00
$129,780.00
$129,780.00
$124,600.00
$124,600.00

$0.00
$0.00
$85,000.00
$0.00
$90,000.00
$0.00
$95,000.00
$0.00
$100,000.00
$0.00
$105,000.00
$0.00
$110,000.00
$0.00
$120,000.00
$0.00
$125,000.00
$0.00
$130,000.00
$0.00
$140,000.00
$0.00
$145,000.00
$0.00
$155,000.00
$0.00
$165,000.00
$0.00
$175,000.00
$0.00
$185,000.00
$0.00
$195,000.00

$179,491.67
$178,500.00
$263,500.00
$176,120.00
$266,120.00
$173,600.00
$268,600.00
$170,940.00
$270,940.00
$168,140.00
$273,140.00
$165,200.00
$275,200.00
$162,120.00
$282,120.00
$158,760.00
$283,760.00
$155,260.00
$285,260.00
$151,620.00
$291,620.00
$147,700.00
$292,700.00
$143,640.00
$298,640.00
$139,300.00
$304,300.00
$134,680.00
$309,680.00
$129,780.00
$314,780.00
$124,600.00
$319,600.00

$179,491.67

$442,000.00

$442,240.00

$442,200.00

$441,880.00

$441,280.00

$440,400.00

$444,240.00

$442,520.00

$440,520.00

$443,240.00

$440,400.00

$442,280.00

$443,600.00

$444,360.00

$444,560.00

$444,200.00

1-Nov-23
1-May-24
1-Nov-24
1-May-25
1-Nov-25
1-May-26
1-Nov-26
1-May-27
1-Nov-27
1-May-28
1-Nov-28
1-May-29
1-Nov-29
1-May-30
1-Nov-30
1-May-31
1-Nov-31
1-May-32
1-Nov-32
1-May-33
1-Nov-33
1-May-34
1-Nov-34
1-May-35
1-Nov-35
     1-May-36 
 	Total	

$4,050,000.00
$4,050,000.00
$3,830,000.00
$3,830,000.00
$3,600,000.00
$3,600,000.00
$3,355,000.00
$3,355,000.00
$3,095,000.00
$3,095,000.00
$2,825,000.00
$2,825,000.00
$2,535,000.00
$2,535,000.00
$2,230,000.00
$2,230,000.00
$1,910,000.00
$1,910,000.00
$1,570,000.00
$1,570,000.00
$1,210,000.00
$1,210,000.00
$830,000.00
$830,000.00
$425,000.00
$425,000.00

5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%

$113,400.00
$113,400.00
$107,240.00
$107,240.00
$100,800.00
$100,800.00
$93,940.00
$93,940.00
$86,660.00
$86,660.00
$79,100.00
$79,100.00
$70,980.00
$70,980.00
$62,440.00
$62,440.00
$53,480.00
$53,480.00
$43,960.00
$43,960.00
$33,880.00
$33,880.00
$23,240.00
$23,240.00
$11,900.00
 	$11,900.00
$7,139,731.67

$0.00
$220,000.00
$0.00
$230,000.00
$0.00
$245,000.00
$0.00
$260,000.00
$0.00
$270,000.00
$0.00
$290,000.00
$0.00
$305,000.00
$0.00
$320,000.00
$0.00
$340,000.00
$0.00
$360,000.00
$0.00
$380,000.00
$0.00
$405,000.00
$0.00
 	$425,000.00
$6,375,000.00

$113,400.00
$333,400.00
$107,240.00
$337,240.00
$100,800.00
$345,800.00
$93,940.00
$353,940.00
$86,660.00
$356,660.00
$79,100.00
$369,100.00
$70,980.00
$375,980.00
$62,440.00
$382,440.00
$53,480.00
$393,480.00
$43,960.00
$403,960.00
$33,880.00
$413,880.00
$23,240.00
$428,240.00
$11,900.00
 	$436,900.00
$13,514,731.67

$446,800.00

$444,480.00

$446,600.00

$447,880.00

$443,320.00

$448,200.00

$446,960.00

$444,880.00

$446,960.00

$447,920.00

$447,760.00

$451,480.00

 	$448,800.00
$13,514,731.67

Page 10

1-Nov-22	$4,255,000.00	5.60%	$119,140.00	$0.00	$119,140.00
1-May-23	$4,255,000.00	5.60%	$119,140.00	$205,000.00	$324,140.00	$443,280.00