Adopted Budget	
Fiscal Year 2023	

Homestead 50	
Community Development District	

August 18, 2022

	

	

	

	

	

Homestead 50	
Community Development District	

General Fund

FY2022	
Adopted	
	Budget		

Actual	
through	
  7/31/2022 	

Projected		Total	
Next		Projected	
	2 Months			  9/30/2022		

FY2023	
Adopted	
	Budget		

 Description	

Revenues	
Maintenance Assessments	
Interest Income	
Unassigned Fund Balance	

$98,784	
$0	
$261,399	

$99,060	
$934	
$279,860	

$0	
$187	
$0	

$99,060	
$1,121	
$279,860	

$98,784	
$0	
$300,686	

Total Revenues		$360,183 			$379,854 			$187 			$380,040 			$399,470 	
Expenditures										

Administrative	
Supervisor Fees	
Fica Expense	
Engineering	
Dissemination	
Assessment Roll	
Attorney	
Annual Audit	
Trustee Fees	
Management Fees	
Computer Time	
Telephone	
Postage	
Insurance	
Printing & Binding	
Legal Advertising	
Other Current Charges	
Website Compliance	
Office Supplies	
Dues, Licenses & Subscriptions	
Capital Outlay	
First Quarter Operating	

$0	
$0	
$2,500	
$5,000	
$6,500	
$15,000	
$3,500	
$3,500	
$34,650	
$1,000	
$100	
$250	
$7,200	
$350	
$1,000	
$800	
$1,000	
$250	
$175	
$250	
$20,330	

$200	
$15	
$2,000	
$4,167	
$6,500	
$6,678	
$3,500	
$3,500	
$28,875	
$833	
$0	
$120	
$6,731	
$202	
$320	
$628	
$833	
$1	
$175	
$0	
$0	

$600	
$46	
$417	
$833	
$0	
$2,226	
$0	
$0	
$5,775	
$167	
$17	
$24	
$0	
$40	
$167	
$126	
$167	
$42	
$0	
$42	
$3,388	

$800	
$61	
$2,417	
$5,000	
$6,500	
$8,904	
$3,500	
$3,500	
$34,650	
$1,000	
$17	
$144	
$6,731	
$243	
$487	
$753	
$1,000	
$43	
$175	
$42	
$3,388	

$2,400	
$184	
$2,500	
$5,000	
$6,500	
$15,000	
$3,600	
$3,500	
$38,115	
$1,200	
$100	
$250	
$7,600	
$350	
$1,000	
$1,000	
$1,200	
$250	
$175	
$250	
$20,330	

Total Administrative		$103,355 			$65,279 			$14,075 			$79,354 			$110,504 	
Total Expenditures		$103,355 			$65,279 			$14,075 			$79,354 			$110,504 	
Assigned Fund Balance		$256,828 			$314,575 			($13,889)			$300,686 			$288,966 	

	 Tax Bill FY2022 	Tax Bill FY2023			
Description	
Units	Gross O&M	Gross O&M	Total
	Per Unit			Per Unit			

117	$346.61	$346.61	$40,553
183	$346.61	$346.61	$63,430
300	$103,983	

Single Family Multi Family		

REVENUES:

Maintenance Assessments

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

EXPENDITURES:

Administrative:

Supervisor Fees

The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one calendar year. The amount for the fiscal year is based upon the three paid supervisors attending the estimated 4 meetings.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisor checks.

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

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

The costs associated with preparing, processing and administering the annual assessment place on the County’s tax roll.

Attorney

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, resolutions etc.

Annual Audit

The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Per Section 218.39 of the Florida Statues, each special District with total revenues or expenditures in excess of
$100,000 OR any special district with revenue or expenses between $50,000 and $100,000 that has not been subject to a financial audit in the 2 preceding fiscal years must perform an independent annual audit.

Trustee Fees

The District has issued bonds to be held with a Trustee at UMB Bank. The amount of the trustee fees is based on the agreement between the Trustee and the District.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-South Florida, LLC.

Computer Time

The District processes all its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.

Administrative: (continued)

Telephone

Telephone and fax machine.

Postage

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

Insurance

The District's General Liability & Public Officials Liability Insurance policy is with Egis Insurance & Risk Advisors. Egis specializes in providing insurance coverage to governmental agencies

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 Compliance

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.

Office Supplies

Miscellaneous office supplies.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Department of Economic Opportunity 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.

First Quarter Operating

Represents funds needed for 1st Quarter of the next Fiscal Year, prior to the collection of Maintenance Assessments from the Tax Collector.

FY2022	
Proposed	
	Budget		

Actual	
through	
	7/31/2022		

Projected		Total	
Next		Projected	
  2 Months 		  9/30/2022		

FY2023	
Adopted	
	Budget		

 Description	

Revenues	
Carry Forward Surplus	
Special Assessments	
Interest Income	

$25,844	
$196,396	
$90	

$25,844	
$195,234	
$0	

$25,844	
$196,396	
$75	

$0	
$0	
$15	

$46,615	
$195,234	
$0	

(1)

Total Revenues		$221,078 		$222,315 		$15 		$222,330 		$241,850 

Expenditures

Series 2021	
Interest - 11/1	
Interest - 5/1	
Principal - 5/1	

$18,980	
$36,735	
$120,000	

$18,980	
$36,735	
$120,000	

$0	
$0	
$0	

$18,980	
$36,735	
$120,000	

$34,935	
$34,935	
$123,000	

 			

Total Expenditures		$175,715 		$175,715 

EXCESS REVENUES		$45,363 		$46,600 

	$192,870 

	$48,980 

Debt Service Fund	
Series 2021, Capital Improvement Revenue Refunding Bonds	

	$0 			$175,715 	
	$15 			$46,615 	

	

	

	

	

	

Interest Payment A - 11/1/23	$	33,090
(1)	Carry Forward Surplus is net of Reserve Fund.	

			Tax Bill FY2022	Tax Bill FY2023			
Description	Units	Gross Debt	Gross Debt	Total
	Per Unit			Per Unit			

117	$1,042.11	$824.79	$96,500.43
183	$752.63	$595.68	$109,009.44
300	$205,509.87	

Single Family Multi Family		

 		  	
PRINCIPAL	
	DATE			BALANCE			RATE			INTEREST			PRINCIPAL			TOTAL		
1-Nov-21	$	2,449,000		$	18,979.75	$	-	$	18,979.75	
1-May-22	$	2,449,000	3.000%	$	36,735.00	$	120,000.00		
1-Nov-22	$	2,329,000	3.000%	$	34,935.00	$	-	$	191,670.00	
1-May-23	$	2,329,000	3.000%	$	34,935.00	$	123,000.00		
1-Nov-23	$	2,206,000	3.000%	$	33,090.00	$	-	$	191,025.00	
1-May-24	$	2,206,000	3.000%	$	33,090.00	$	130,000.00		
1-Nov-24	$	2,076,000	3.000%	$	31,140.00	$	-	$	194,230.00	
1-May-25	$	2,076,000	3.000%	$	31,140.00	$	132,000.00		
1-Nov-25	$	1,944,000	3.000%	$	29,160.00	$	-	$	192,300.00	
1-May-26	$	1,944,000	3.000%	$	29,160.00	$	139,000.00		
1-Nov-26	$	1,805,000	3.000%	$	27,075.00	$	-	$	195,235.00	
1-May-27	$	1,805,000	3.000%	$	27,075.00	$	141,000.00		
1-Nov-27	$	1,664,000	3.000%	$	24,960.00	$	-	$	193,035.00	
1-May-28	$	1,664,000	3.000%	$	24,960.00	$	147,000.00		
1-Nov-28	$	1,517,000	3.000%	$	22,755.00	$	-	$	194,715.00	
1-May-29	$	1,517,000	3.000%	$	22,755.00	$	148,000.00		
1-Nov-29	$	1,369,000	3.000%	$	20,535.00	$	-	$	191,290.00	
1-May-30	$	1,369,000	3.000%	$	20,535.00	$	153,000.00		
1-Nov-30	$	1,216,000	3.000%	$	18,240.00	$	-	$	191,775.00	
1-May-31	$	1,216,000	3.000%	$	18,240.00	$	158,000.00		
1-Nov-31	$	1,058,000	3.000%	$	15,870.00	$	-	$	192,110.00	
1-May-32	$	1,058,000	3.000%	$	15,870.00	$	163,000.00		
1-Nov-32	$	895,000	3.000%	$	13,425.00	$	-	$	192,295.00	
1-May-33	$	895,000	3.000%	$	13,425.00	$	167,000.00		
1-Nov-33	$	728,000	3.000%	$	10,920.00	$	-	$	191,345.00	
1-May-34	$	728,000	3.000%	$	10,920.00	$	175,000.00		
1-Nov-34	$	553,000	3.000%	$	8,295.00	$	-	$	194,215.00	
1-May-35	$	553,000	3.000%	$	8,295.00	$	179,000.00		
1-Nov-35	$	374,000	3.000%	$	5,610.00	$	-	$	192,905.00	
1-May-36	$	374,000	3.000%	$	5,610.00	$	186,000.00		
1-Nov-36	$	188,000	3.000%	$	2,820.00	$	-	$	194,430.00	
1-May-37	$	188,000	3.000%	$	2,820.00	$	188,000.00		
1-Nov-37	$	-	3.000%	$	-	$	-	$	190,820.00	

Series 2021, Capital Improvement Revenue Refunding Bonds	
Amortization Schedule	

	Total	

 $	653,374.75 

 $	2,449,000.00 

 $	3,102,374.75