Renaissance Commons Community Development District

Proposed Budget For Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020 BUDGET	
O&M Assessments	81,922	
Debt Assessments	839,987	
Other Revenues	0	
Interest Income	360	
		
TOTAL REVENUES	$	922,269	
		
EXPENDITURES		
Supervisor Fees	3,000	
Payroll Taxes - Employer	240	
Engineering/Inspections	2,500	
Management	30,396	
Secretarial	4,200	
Legal	9,500	
Assessment Roll	5,500	
Audit Fees	3,500	
Arbitrage Rebate Fee	650	
Insurance	6,356	
Legal Advertisements	1,200	
Miscellaneous	1,000	
Postage	350	
Office Supplies	500	
Dues & Subscriptions	175	
Trustee Fee	6,300	
Continuing Disclosure Fee	0	
Website Management	2,000	
		
TOTAL EXPENDITURES	$	77,367	
		
REVENUES LESS EXPENDITURES	$	844,902	
		
Bond Payments	(789,588)	
		
BALANCE	$	55,314	
		
County Appraiser & Tax Collector Fee	(18,438)	
Discounts For Early Payments	(36,876)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

Note: 2020 Principal & Interest Payments To Be Lower Than Budget Due To Bond Prepayments

DETAILED PROPOSED BUDGET
RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018
ACTUAL	
FISCAL YEAR 2018/2019
BUDGET	
FISCAL YEAR 2019/2020
BUDGET	

COMMENTS	
O&M Assessments	81,827	81,163	81,922	Expenditures Less Interest & Carryover Balance/.94	
Debt Assessments	1,209,567	878,755	839,987	Bond Payment/.94	
Other Revenues	0	0	0		
Interest Income	533	360	360	Projected At $30 Per Month	
					
TOTAL REVENUES	$	1,291,927	$	960,278	$	922,269		
					
EXPENDITURES					
Supervisor Fees	1,000	3,000	3,000	No Change From 2018/2019 Budget	
Payroll Taxes - Employer	77	240	240	Projected At 8% Of Supervisor Fees	
Engineering/Inspections	3,316	1,900	2,500	$600 Increase From 2018/2019 Budget	
Management	29,220	29,832	30,396	CPI Adjustment	
Secretarial	4,200	4,200	4,200	No Change From 2017/2018 Budget	
Legal	8,234	9,500	9,500	No Change From 2018/2019 Budget	
Assessment Roll	5,500	5,500	5,500	No Change From 2018/2019 Budget	
Audit Fees	3,600	3,700	3,500	Accepted Amount For 2018/2019 Audit	
Arbitrage Rebate Fee	1,300	650	650	No Change From 2018/2019 Budget	
Insurance	5,778	6,356	6,356	Insurance Company Estimate	
Legal Advertisements	1,641	1,000	1,200	$200 Increase From 2018/2019 Budget	
Miscellaneous	262	1,000	1,000	No Change From 2018/2019 Budget	
Postage	159	350	350	No Change From 2018/2019 Budget	
Office Supplies	468	450	500	$50 Increase From 2018/2019 Budget	
Dues & Subscriptions	175	175	175	No Change From 2018/2019 Budget	
Trustee Fee	4,783	6,300	6,300	No Change From 2018/2019 Budget	
Continuing Disclosure Fee	0	1,000	0	Prager No Longer Charging Fee	
Website Management	1,500	1,500	2,000	$500 Increase From 2018/2019 Budget	
					
TOTAL EXPENDITURES	$	71,213	$	76,653	$	77,367		
					
REVENUES LESS EXPENDITURES	$	1,220,714	$	883,625	$	844,902		
					
Bond Payments	(1,164,266)	(826,030)	(789,588)	2020 Principal & Interest Payments Less Earned Interest	
					
BALANCE	$	56,448	$	57,595	$	55,314		
					
County Appraiser & Tax Collector Fee	(6,737)	(19,198)	(18,438)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(36,930)	(38,397)	(36,876)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	12,781	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	12,781	$	-	$	-		

Note: 2020 Principal & Interest Payments To Be Lower Than Budget Due To Bond Prepayments

DETAILED PROPOSED DEBT SERVICE BUDGET
RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	

FISCAL YEAR

2017/2018

ANNUAL	

FISCAL YEAR

2018/2019

BUDGET	

FISCAL YEAR

2019/2020

BUDGET	

COMMENTS	

Interest Income	

6,997	

100	

300	

Projected Interest For 2019/2020	

NAV Tax Collection	

1,164,266	

1,129,920	

789,588	

Yearly Maximum Debt Assessment	

Prepaid Bond Collection	

4,040,875	

0	

0		

Total Revenues	

$	5,212,138	

$	1,130,020	

$	789,888		

EXPENDITURES					

Principal Payments - A-1	

483,000	

499,000	

447,000	

Principal Payment Due In 2020	

Principal Payments - A-2	

1,129,000	

99,000	

0	

Series 2017A-2 Bond Paid Off In November 2018	

Interest Payments - A-1	

406,218	

382,411	

316,632	

Interest Payments Due In 2020	

Interest Payments - A-2	

156,345	

148,811	

0	

Series 2017A-2 Bond Paid Off In November 2018	

Bond Redemption	

0	

798	

26,256	

Estimated Excess Debt Collections	

Total Expenditures	

$	2,174,563	

$	1,130,020	

$	789,888		

Excess/ (Shortfall)	

$	3,037,575	

$	-	

$	-		

Note: 2020 Principal & Interest Payments To Be Lower Than Budget Due To Bond Prepayments

Series 2017A-1 Bond Refunding Information	
Original Par Amount =	$12,499,000	Annual Principal Payments Due =	May 1st	
Interest Rate = Issue Date = Maturity Date =	3.25%
March 2017
May 2036	Annual Interest Payments Due =	May 1st & November 1st	
Par Amount As Of 1/1/19 =	$10,398,000			
	
Series 2017A-2 Bond Refunding Information		
Original Par Amount =	$2,978,000	Annual Principal Payments Due =	May 1st	
Interest Rate = Issue Date = Maturity Date =	5.25%
March 2017
May 2036	Annual Interest Payments Due =	May 1st & November 1st	
Par Amount As Of 1/1/19 =	$0			

Renaissance Commons Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
Projected	2016/2017	2017/2018	2018/2019	2019/2020	
Assessment	Assessment	Projected Assessment	Projected Assessment	Projected Assessment	

Lot
Type	 	Before Discount*	 	Before Discount*	 	Before Discount*	 	Before Discount*	Before Discount*

Townhome	O & M	$	-	$	25.34	$	55.10	$	55.09	$	55.61	
	Debt	$	987.50	$	985.07	$	852.29	$	852.29	$	818.20	
	Sub-Total For Townhomes	$	987.50	$	1,010.41	$	907.39	$	907.38	$	873.81	

3 Bedroom	
O & M	
$	
-	
$	
22.45	
$	
48.82	
$	
48.81	
$	
49.27	
Condo	Debt	$	874.93	$	872.78	$	755.13	$	755.13	$	724.93	
	Sub-Total For 3 Bedroom Condos	$	874.93	$	895.23	$	803.95	$	803.94	$	774.20	

2 Bedroom	
O & M	
$	
-	
$	
19.23	
$	
41.82	
$	
41.82	
$	
42.21	
Condo	Debt	$	749.51	$	747.67	$	646.89	$	646.89	$	621.02	
	Sub-Total For 2 Bedroom Condos	$	749.51	$	766.90	$	688.71	$	688.71	$	663.23	

1 Bedroom	
O & M	
$	
-	
$	
17.64	
$	
38.35	
$	
38.35	
$	
38.70	
Condo	Debt	$	687.30	$	685.61	$	593.20	$	593.20	$	569.48	
	Sub-Total For 1 Bedroom Condos	$	687.30	$	703.25	$	631.55	$	631.55	$	608.18	

Commercial	
O & M	
$	
-	
$	
1,546.57	
$	
3,363.15	
$	
3,362.58	
$	
3,394.04	
Debt	$	61,648.94	$	61,497.46	$	52,018.95	$	52,018.95	$	49,938.20	
Sub-Total For Commercial	$	61,648.94	$	63,044.03	$	55,382.10	$	55,381.53	$	53,332.24	

Retail	O & M

$	-	$

1,591.92	$

3,461.75	$

3,461.16	$

3,493.55

Debt

$	-	$	- 

$	-	$	-	$	- 

Sub-Total For Retail	$

-	$	1,591.92	$

3,461.75	$

3,461.16	$

3,493.55

* Assessments Include the Following :			
4% Discount for Early Payments		
1% County Tax Collector Fee		
1% County Property Appraiser Fee		

Community Information:		

Note: 498 Bond Prepayments As Of January 2019:		
1 Bedroom Condos (87), 2 Bedroom Condos (327), 3 Bedroom Condos (84)		
Residential Units	       Assessed For Debt 	
Townhomes	310	310	
3 Bedroom Condos	203	116	
2 Bedroom Condos	805	478	
1 Bedroom Condos	357	 	273	
Total Residential Units	1,675	1,177	
Commercial/Retail Square Footage		
Commercial	175,385	175,385	
Retail	180,527	0	
Total Commercial/Retail Square Footage	355,912	175,385