Renaissance Commons Community Development District

Final Budget For Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021 BUDGET	
O&M Assessments	81,922	
Debt Assessments	808,479	
Other Revenues	0	
Interest Income	240	
		
TOTAL REVENUES	$	890,641	
		
EXPENDITURES		
Supervisor Fees	3,000	
Payroll Taxes - Employer	240	
Engineering/Inspections	7,500	
Management	31,092	
Secretarial	4,200	
Legal	9,500	
Assessment Roll	5,500	
Audit Fees	3,500	
Arbitrage Rebate Fee	650	
Insurance	6,065	
Legal Advertisements	1,100	
Miscellaneous	900	
Postage	325	
Office Supplies	500	
Dues & Subscriptions	175	
Trustee Fee	6,000	
Website Management	2,000	
Miscellaneous Maintenance	0	
		
TOTAL EXPENDITURES	$	82,247	
		
REVENUES LESS EXPENDITURES	$	808,394	
		
Bond Payments	(759,970)	
		
BALANCE	$	48,424	
		
County Appraiser & Tax Collector Fee	(17,808)	
Discounts For Early Payments	(35,616)	
		
EXCESS/ (SHORTFALL)	$	(5,000)	
		
Carryover From Prior Year	5,000	
		
NET EXCESS/ (SHORTFALL)	$	-	

Note: 2021 Principal & Interest Payments Could Be Lower Than Budget Due To Bond Prepayments

DETAILED FINAL BUDGET
RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2018/2019
ACTUAL	
FISCAL YEAR 2019/2020
BUDGET	
FISCAL YEAR 2020/2021
BUDGET	

COMMENTS	
O&M Assessments	81,383	81,922	81,922	Expenditures Less Interest & Carryover Balance/.94	
Debt Assessments	879,010	831,137	808,479	Bond Payment/.94	
Other Revenues	0	0	0		
Interest Income	265	360	240	Projected At $20 Per Month	
					
TOTAL REVENUES	$	960,658	$	913,419	$	890,641		
					
EXPENDITURES					
Supervisor Fees	2,200	3,000	3,000	No Change From 2019/2020 Budget	
Payroll Taxes - Employer	228	240	240	Projected At 8% Of Supervisor Fees	
Engineering/Inspections	477	2,500	7,500	$5,000 Increase From 2019/2020 Budget	
Management	29,832	30,396	31,092	CPI Adjustment	
Secretarial	4,200	4,200	4,200	No Change From 2019/2020 Budget	
Legal	6,440	9,500	9,500	No Change From 2019/2020 Budget	
Assessment Roll	5,500	5,500	5,500	No Change From 2019/2020 Budget	
Audit Fees	3,500	3,500	3,500	Accepted Amount For 2019/2020 Audit	
Arbitrage Rebate Fee	650	650	650	No Change From 2019/2020 Budget	
Insurance	5,000	6,356	6,065	Insurance Company Estimate	
Legal Advertisements	712	1,200	1,100	$100 Decrease From 2019/2020 Budget	
Miscellaneous	630	1,000	900	$100 Decrease From 2019/2020 Budget	
Postage	166	350	325	$25 Decrease From 2019/2020 Budget	
Office Supplies	398	500	500	$50 Increase From 2019/2020 Budget	
Dues & Subscriptions	175	175	175	No Change From 2019/2020 Budget	
Trustee Fee	5,339	6,300	6,000	$300 Decrease From 2019/2020 Budget	
Website Management	1,500	2,000	2,000	No Change From 2019/2020 Budget	
Miscellaneous Maintenance	0	0	0	Miscellaneous Maintenance	
					
TOTAL EXPENDITURES	$	66,947	$	77,367	$	82,247		
					
REVENUES LESS EXPENDITURES	$	893,711	$	836,052	$	808,394		
					
Bond Payments	(839,871)	(781,269)	(759,970)	2021 Principal & Interest Payments Less Earned Interest	
					
BALANCE	$	53,840	$	54,783	$	48,424		
					
County Appraiser & Tax Collector Fee	(4,959)	(18,261)	(17,808)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(33,754)	(36,522)	(35,616)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	15,127	$	-	$	(5,000)		
					
Carryover From Prior Year	0	0	5,000	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	15,127	$	-	$	-		

Note: 2021 Principal & Interest Payments Could Be Lower Than Budget Due To Bond Prepayments

DETAILED FINAL DEBT SERVICE BUDGET
RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	

FISCAL YEAR

2018/2019

ANNUAL	

FISCAL YEAR

2019/2020

BUDGET	

FISCAL YEAR

2020/2021

BUDGET	

COMMENTS	

Interest Income	

6,697	

300	

300	

Projected Interest For 2020/2021	

NAV Tax Collection	

839,871	

781,269	

759,970	

Yearly Maximum Debt Assessment	

Prepaid Bond Collection	

150,267	

0	

0		

Total Revenues	

$	996,835	

$	781,569	

$	760,270		

EXPENDITURES					

Principal Payments - A-1	

2,125,000	

447,000	

456,000	

Principal Payment Due In 2021	

Principal Payments - A-2	

1,849,000	

0	

0	

Series 2017A-2 Bond Paid Off In November 2018	

Interest Payments - A-1	

364,228	

316,632	

295,720	

Interest Payments Due In 2021	

Interest Payments - A-2	

48,536	

0	

0	

Series 2017A-2 Bond Paid Off In November 2018	

Bond Redemption	

0	

17,937	

8,550	

Estimated Excess Debt Collections	

Total Expenditures	

$	4,386,764	

$	781,569	

$	760,270		

Excess/ (Shortfall)	

$	(3,389,929)	

$	-	

$	-		

Note: 2021 Principal & Interest Payments Could 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 1/1/20 =	$9,806,000			
	
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 1/1/20 =	$0			

Renaissance Commons Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
Projected	2017/2018	2018/2019	2019/2020	2020/2021	
Assessment	Projected Assessment	Projected Assessment	Assessment	Projected Assessment	

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

Townhome	O & M	$	-	$	55.10	$	55.09	$	55.61	$	55.61	
	Debt	$	987.50	$	852.29	$	852.29	$	818.20	$	801.84	
	Sub-Total For Townhomes	$	987.50	$	907.39	$	907.38	$	873.81	$	857.45	

3 Bedroom	
O & M	
$	
-	
$	
48.82	
$	
48.81	
$	
49.27	
$	
49.27	
Condo	Debt	$	874.93	$	755.13	$	755.13	$	724.93	$	710.53	
	Sub-Total For 3 Bedroom Condos	$	874.93	$	803.95	$	803.94	$	774.20	$	759.80	

2 Bedroom	
O & M	
$	
-	
$	
41.82	
$	
41.82	
$	
42.21	
$	
42.21	
Condo	Debt	$	749.51	$	646.89	$	646.89	$	621.02	$	608.59	
	Sub-Total For 2 Bedroom Condos	$	749.51	$	688.71	$	688.71	$	663.23	$	650.80	

1 Bedroom	
O & M	
$	
-	
$	
38.35	
$	
38.35	
$	
38.70	
$	
38.70	
Condo	Debt	$	687.30	$	593.20	$	593.20	$	569.48	$	558.08	
	Sub-Total For 1 Bedroom Condos	$	687.30	$	631.55	$	631.55	$	608.18	$	596.78	

Commercial	
O & M	
$	
-	
$	
3,363.15	
$	
3,362.58	
$	
3,394.04	
$	
3,394.04	

Debt

$	61,648.94

$	52,018.95

$	52,018.95

$	49,938.20

$	48,934.52

Sub-Total For Commercial

$	61,648.94	$

55,382.10	$

55,381.53	$

53,332.24	$

52,328.56

Retail	O & M

$	-	$

3,461.75	$

3,461.16	$

3,493.55	$

3,493.55

Debt

$	-	$	- 

$	-	$	-	$	- 

Sub-Total For Retail	$

-	$	3,461.75	$

3,461.16	$

3,493.55	$

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: 523 Bond Prepayments As Of July 2020:		
1 Bedroom Condos (92), 2 Bedroom Condos (345), 3 Bedroom Condos (86)		
Residential Units	       Assessed For Debt 	
Townhomes	310	310	
3 Bedroom Condos	203	117	
2 Bedroom Condos	805	460	
1 Bedroom Condos	357	 	265	
Total Residential Units	1,675	1,152	
Commercial/Retail Square Footage		
Commercial	175,385	175,385	
Retail	180,527	0	
Total Commercial/Retail Square Footage	355,912	175,385