Adopted Budget	
Fiscal Year 2024	

Silver Palms West	
Community Development District	

August 18, 2023

Silver Palms West	
Community Development District	

Adopted	
Budget	
	FY 2023		

 Description	

Revenues		
Maintenance Assessments	$205,042	

General Fund

Actual	
thru	
  7/31/2023 	

 	
Projected	
Next	
  2 Months 	

	
Total	
Projected at	
  9/30/2023 	

	
Adopted	
Budget	
	FY 2024		

$205,297	$0	$205,297	$204,728

 				
Total Revenues		$205,042 		$205,297 		$0 		$205,297 		$204,728 

Expenditures

Administrative	
Engineering Fees	
Arbitrage Rebate	
Dissemination Agent	
Assessment Roll	
Attorney Fees	
Annual Audit	
Trustee Fees	
Management Fees	
Computer Time	
Telephone	
Postage	
Printing & Binding	
Insurance	
Legal Advertising	
Other Current Charges	
Website Compliance	
Office Supplies	
Dues, Licenses & Subscriptions	

$5,000	
$1,250	
$2,000	
$3,000	
$10,000	
$3,400	
$3,355	
$32,400	
$500	
$50	
$200	
$800	
$6,050	
$1,000	
$525	
$1,000	
$90	
$175	

$6,333	
$0	
$1,667	
$3,000	
$6,502	
$4,900	
$4,041	
$27,000	
$417	
$0	
$6	
$26	
$5,375	
$384	
$941	
$833	
$0	
$175	

$382	
$0	
$333	
$0	
$1,626	
$0	
$0	
$5,400	
$84	
$50	
$50	
$50	
$0	
$616	
$209	
$167	
$90	
$0	

$6,715	
$0	
$2,000	
$3,000	
$8,128	
$4,900	
$4,041	
$32,400	
$500	
$50	
$56	
$76	
$5,375	
$1,000	
$1,150	
$1,000	
$90	
$175	

$10,000	
$550	
$2,000	
$3,000	
$10,000	
$5,000	
$4,041	
$32,400	
$500	
$50	
$150	
$750	
$5,913	
$1,000	
$1,200	
$1,000	
$90	
$175	

Field	
Field Management	
Landscape Maintenance	
Plant Replacement	
Repairs & Maintenance	
Drainage Maintenance	
Porter Services	
Street Lighting	
Contingency	

$12,000	
$60,000	
$5,000	
$11,000	
$14,400	
$12,000	
$18,000	
$1,847	

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

$0	
$10,000	
$833	
$1,833	
$2,400	
$2,000	
$3,000	
$308	

$0	
$10,000	
$833	
$1,833	
$2,400	
$2,000	
$3,000	
$308	

$12,000	
$56,130	
$5,000	
$11,000	
$10,000	
$12,000	
$18,000	
$2,779	

Total Expenditures		$205,042 			$61,599 			$29,432 			$91,031 			$204,728 	
										
Excess Revenues/Expenditures		$0 			$143,697 			($29,432)			$114,266 			$0 	

Per Unit	Total	
Gross Assessment	$330.53	$215,503	
Less:Disc.& Coll.(5%)	($16.53)	($10,775)	
Net Assessment	$314.00	$204,728	
Number of Units	652	

Silver Palms West
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.

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.

Arbitrage
The District is required to have an annual arbitrage rebate calculation on the District’s Bonds. The District will contract with an independent auditing firm to perform the calculations.

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
Represents cost associated with annually levying and collection Non-Ad Valorem Assessments utilized to fund the operating and debt service cost of the District.

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.

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

Trustee Fees
The District bonds will be held and administered by a Trustee. This represents the trustee annual fee.

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

Website Administration
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.

Telephone
Telephone and fax machine

Silver Palms West
Community Development District
GENERAL FUND BUDGET

Administrative: (continued)

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

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

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.

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.

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.

Field

Field Management
The supervision and on-site management of the District. The responsibilities include reviewing contracts and other maintenance related items.

Landscape Maintenance
The District will enter into a contract for the monthly maintenance of common areas.

Plant Replacement
The cost associated with any replacement of landscaping during the year.

Repairs & Maintenance
Any miscellaneous repairs not included in another budget line item.

Drainage Maintenance
The District will enter into a contract for the monthly maintenance of the District drainage needs.

Porter Services
The District will enter into a contract for these services.

Streetlighting
The Cost of supply streetlights to the District.

Contingency
Represents any unbudgeted expense.

Silver Palms West	Debt Service Fund
Community Development District	Series 2022 Special Assessment Bond

	Adopted
Budget		Actual
thru		Projected
Next		Total
Projected at		Adopted
Budget	
 Description				FY 2023			  7/31/2023 		  2 Months 		  9/30/2023 			FY 2024		
Revenues											
Interest Income		$0		$27,466		$2,400		$29,866		$0	
Special Assessments		$834,159		$833,689		$470		$834,159		$824,139	
Direct Assessment		$0		$263,169		$0		$263,169		$0	
Carry Forward Surplus (1)		$263,174		$0		$0		$0		$276,168	
Total Revenues		 $1,097,333 		 $1,124,324 			$2,870 		 $1,127,194 		  $1,100,307 	
Expenditures											
Series 2022											
Interest Expense - 12/15		$263,169		$263,169		$0		$263,169		$259,139	
Principal Expense - 06/15		$310,000		$310,000		$0		$310,000		$315,000	
Interest Expense - 06/15		$263,169		$263,169		$0		$263,169		$259,139	
Total Expenditures			$836,338 			$836,338 			$0 			$836,338 			$833,278 	

Other Financing Sources/(Uses)											
Interfund Transfer Out		$0		($12,288)		($2,400)		($14,688)		$0	
Total Other Financing Sources/			$0 			($12,288)			($2,400)			($14,688)			$0 	
(Uses)		 			 			 			 			 		
EXCESS REVENUES			$260,996 			$275,698 			$5,270 			$276,168 			$267,029 	

(1) Carry forward is net of Reserve Fund requirement.	12/15/24 Interest	$	255,044

FY2024

Land Use	

No. of Units	Annual
Gross Debt Assessment Per Unit	Annual
Debt Assessment Total	
Single Family	182	$1,600.24	$291,243.68	
Townhomes	217	$1,280.20	$277,803.40	
Villas	253	$1,216.19	 $307,696.07 	
Total Gross Assessment	$876,743.15	
Less: Disc & Commisions (5%)	 ($52,604.59) 	
Total Net Assessment	$824,138.56	

Silver Palms West	
Community Development District	

 	
Series 2022 Special Assessment Bond	
Amortization Schedule	

PRINCIPAL	
	BALANCE		

	DATE			INTEREST			PRINCIPAL			TOTAL	

15-Dec-23	$14,775,000.00	$259,138.75	$0.00	$832,307.50	
15-Jun-24	$14,775,000.00	$259,138.75	$315,000.00	
15-Dec-24	$14,460,000.00	$255,043.75	$0.00	$829,182.50	
15-Jun-25	$14,460,000.00	$255,043.75	$325,000.00	
15-Dec-25	$14,135,000.00	$250,818.75	$0.00	$830,862.50	
15-Jun-26	$14,135,000.00	$250,818.75	$335,000.00	
15-Dec-26	$13,800,000.00	$246,463.75	$0.00	$832,282.50	
15-Jun-27	$13,800,000.00	$246,463.75	$340,000.00	
15-Dec-27	$13,460,000.00	$242,043.75	$0.00	$828,507.50	
15-Jun-28	$13,460,000.00	$242,043.75	$350,000.00	
15-Dec-28	$13,110,000.00	$236,793.75	$0.00	$828,837.50	
15-Jun-29	$13,110,000.00	$236,793.75	$360,000.00	
15-Dec-29	$12,750,000.00	$231,393.75	$0.00	$828,187.50	
15-Jun-30	$12,750,000.00	$231,393.75	$375,000.00	
15-Dec-30	$12,375,000.00	$225,768.75	$0.00	$832,162.50	
15-Jun-31	$12,375,000.00	$225,768.75	$385,000.00	
15-Dec-31	$11,990,000.00	$219,993.75	$0.00	$830,762.50	
15-Jun-32	$11,990,000.00	$219,993.75	$395,000.00	
15-Dec-32	$11,595,000.00	$214,068.75	$0.00	$829,062.50	
15-Jun-33	$11,595,000.00	$214,068.75	$410,000.00	
15-Dec-33	$11,185,000.00	$207,406.25	$0.00	$831,475.00	
15-Jun-34	$11,185,000.00	$207,406.25	$425,000.00	
15-Dec-34	$10,760,000.00	$200,500.00	$0.00	$832,906.25	
15-Jun-35	$10,760,000.00	$200,500.00	$435,000.00	
15-Dec-35	$10,325,000.00	$193,431.25	$0.00	$828,931.25	
15-Jun-36	$10,325,000.00	$193,431.25	$450,000.00	
15-Dec-36	$9,875,000.00	$186,118.75	$0.00	$829,550.00	
15-Jun-37	$9,875,000.00	$186,118.75	$465,000.00	
15-Dec-37	$9,410,000.00	$178,562.50	$0.00	$829,681.25	
15-Jun-38	$9,410,000.00	$178,562.50	$480,000.00	
15-Dec-38	$8,930,000.00	$170,762.50	$0.00	$829,325.00	
15-Jun-39	$8,930,000.00	$170,762.50	$495,000.00	
15-Dec-39	$8,435,000.00	$162,718.75	$0.00	$828,481.25	
15-Jun-40	$8,435,000.00	$162,718.75	$515,000.00	
15-Dec-40	$7,920,000.00	$154,350.00	$0.00	$832,068.75	
15-Jun-41	$7,920,000.00	$154,350.00	$530,000.00	
15-Dec-41	$7,390,000.00	$145,737.50	$0.00	$830,087.50	
15-Jun-42	$7,390,000.00	$145,737.50	$550,000.00	
15-Dec-42	$6,840,000.00	$136,800.00	$0.00	$832,537.50	
15-Jun-43	$6,840,000.00	$136,800.00	$570,000.00	
15-Dec-43	$6,270,000.00	$125,400.00	$0.00	$832,200.00	
15-Jun-44	$6,270,000.00	$125,400.00	$590,000.00	
15-Dec-44	$5,680,000.00	$113,600.00	$0.00	$829,000.00	
15-Jun-45	$5,680,000.00	$113,600.00	$615,000.00	
15-Dec-45	$5,065,000.00	$101,300.00	$0.00	$829,900.00	
15-Jun-46	$5,065,000.00	$101,300.00	$640,000.00	
15-Dec-46	$4,425,000.00	$88,500.00	$0.00	$829,800.00	
15-Jun-47	$4,425,000.00	$88,500.00	$665,000.00	
15-Dec-47	$3,760,000.00	$75,200.00	$0.00	$828,700.00	
15-Jun-48	$3,760,000.00	$75,200.00	$695,000.00	
15-Dec-48	$3,065,000.00	$61,300.00	$0.00	$831,500.00	
15-Jun-49	$3,065,000.00	$61,300.00	$720,000.00	
15-Dec-49	$2,345,000.00	$46,900.00	$0.00	$828,200.00	
15-Jun-50	$2,345,000.00	$46,900.00	$750,000.00	
15-Dec-50	$1,595,000.00	$31,900.00	$0.00	$828,800.00	
15-Jun-51	$1,595,000.00	$31,900.00	$780,000.00	
15-Dec-51	$815,000.00	$16,300.00	$0.00	$828,200.00	
15-Jun-52	$815,000.00	$16,300.00	$815,000.00	
	$831,300.00
 	
  $10,280,344.06	 $15,085,000.00	 $25,365,344.06