Renaissance Commons Community Development District

Proposed Budget For Fiscal Year 2023/2024
October 1, 2023 - September 30, 2024

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	
FISCAL YEAR 2023/2024 BUDGET	
O&M Assessments	130,885	
Debt Assessments	568,049	
Other Revenues	0	
Interest Income	240	
		
TOTAL REVENUES	$	699,174	
		
EXPENDITURES		
Supervisor Fees	3,000	
Payroll Taxes - Employer	240	
Engineering/Inspections	7,500	
Management	33,432	
Secretarial	4,200	
Legal	9,500	
Assessment Roll	5,500	
Audit Fees	3,825	
Arbitrage Rebate Fee	650	
Insurance	6,600	
Legal Advertisements	1,200	
Miscellaneous	850	
Postage	325	
Office Supplies	425	
Dues & Subscriptions	175	
Trustee Fee	5,100	
Website Management	2,000	
Maintenance Reserve	38,750	
		
TOTAL EXPENDITURES	$	123,272	
		
REVENUES LESS EXPENDITURES	$	575,902	
		
Bond Payments	(533,966)	
		
BALANCE	$	41,936	
		
County Appraiser & Tax Collector Fee	(13,979)	
Discounts For Early Payments	(27,957)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

3/8/2023 10:18 AM	I

DETAILED PROPOSED BUDGET
RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	
FISCAL YEAR 2021/2022
ACTUAL	
FISCAL YEAR 2022/2023
BUDGET	
FISCAL YEAR 2023/2024
BUDGET	

COMMENTS	
O&M Assessments	130,168	130,904	130,885	Expenditures Less Interest & Carryover Balance/.94	
Debt Assessments	576,805	568,049	568,049	Bond Payment/.94	
Other Revenues	0	0	0		
Interest Income	198	240	240	Projected At $20 Per Month	
					
TOTAL REVENUES	$	707,171	$	699,193	$	699,174		
					
EXPENDITURES					
Supervisor Fees	1,800	3,000	3,000	No Change From 2022/2023 Budget	
Payroll Taxes - Employer	138	240	240	Projected At 8% Of Supervisor Fees	
Engineering/Inspections	5,018	7,500	7,500	No Change From 2022/2023 Budget	
Management	31,524	32,460	33,432	CPI Adjustment (Capped At 3%)	
Secretarial	4,200	4,200	4,200	No Change From 2022/2023 Budget	
Legal	6,817	9,500	9,500	No Change From 2022/2023 Budget	
Assessment Roll	5,500	5,500	5,500	No Change From 2022/2023 Budget	
Audit Fees	3,650	3,725	3,825	$100 Increase From 2022/2023 Budget	
Arbitrage Rebate Fee	650	650	650	No Change From 2022/2023 Budget	
Insurance	5,706	6,065	6,600	Fiscal Year 2022/2023 Expenditure Was $6,134	
Legal Advertisements	856	1,300	1,200	$100 Decrease From 2022/2023 Budget	
Miscellaneous	534	900	850	$50 Decrease From 2022/2023 Budget	
Postage	103	325	325	No Change From 2022/2023 Budget	
Office Supplies	251	450	425	$50 Decrease From 2022/2023 Budget	
Dues & Subscriptions	175	175	175	No Change From 2021/2022 Budget	
Trustee Fee	4,784	5,300	5,100	$200 Decrease From 2022/2023 Budget	
Website Management	2,000	2,000	2,000	No Change From 2021/2022 Budget	
Maintenance Reserve	2,765	40,000	38,750	Maintenance Reserve	
					
TOTAL EXPENDITURES	$	76,471	$	123,290	$	123,272		
					
REVENUES LESS EXPENDITURES	$	630,700	$	575,903	$	575,902		
					
Bond Payments	(550,575)	(533,966)	(533,966)	2024 Principal & Interest Payments	
					
BALANCE	$	80,125	$	41,937	$	41,936		
					
County Appraiser & Tax Collector Fee	(4,075)	(13,979)	(13,979)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(25,553)	(27,958)	(27,957)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	50,497	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	50,497	$	-	$	-		

3/8/2023 10:18 AM	II

DETAILED PROPOSED DEBT SERVICE BUDGET
RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	

FISCAL YEAR

2021/2022

ANNUAL	

FISCAL YEAR

2022/2023

BUDGET	

FISCAL YEAR

2023/2024

BUDGET	

COMMENTS	

Interest Income	

104	

25	

100	

Projected Interest For 2023/2024	

NAV Tax Collection	

550,575	

533,966	

533,966	

Yearly Maximum Debt Assessment	

Prepaid Bond Collection	

68,117	

0	

0		

Total Revenues	

$	618,796	

$	533,991	

$	534,066		

EXPENDITURES					

Principal Payments - A-1	

325,000	

341,000	

352,000	

Principal Payment Due In 2024	

Interest Payments - A-1	

244,173	

188,044	

176,670	

Interest Payments Due In 2024	

Bond Redemption	

2,340,000	

4,947	

5,396	

Estimated Excess Debt Collections	

Total Expenditures	

$	2,909,173	

$	533,991	

$	534,066		

Excess/ (Shortfall)	

$	(2,290,377)	

$	-	

$	-		

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 1/1/23 =	$5,948,000			

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 1/1/23 =	$0	Series 2017A-2 Bond Paid Off In November 2018		

3/8/2023 10:18 AM	III

Renaissance Commons Community Development District Assessment Comparison

Lot Type			Fiscal Year 2019/2020
Assessment Before Discount*			Fiscal Year 2020/2021
Assessment Before Discount*			Fiscal Year 2021/2022
Assessment Before Discount*			Fiscal Year 2022/2023
Assessment Before Discount*	Fiscal Year 2023/2024
Projected Assessment
	Before Discount*		

Townhome	
O & M	
$	
55.61		
$	
55.61		
$	
88.30		
$	
88.86	
$	88.85	
	Debt	$	818.20		$	801.84		$	793.82		$	791.77	$	791.77	
	Sub-Total For Townhomes	$	873.81		$	857.45		$	882.12		$	880.63	
$	880.62	

3 Bedroom	
O & M	
$	
49.27		
$	
49.27		
$	
78.23		
$	
78.73	
$	78.72	
Condo	Debt	$	724.93		$	710.53		$	703.42		$	701.60	$	701.60	
	Sub-Total For 3 Bedroom Condos	$	774.20		$	759.80		$	781.65		$	780.33	
$	780.32	

2 Bedroom	
O & M	
$	
42.21		
$	
42.21		
$	
67.02		
$	
67.45	
$	67.44	
Condo	Debt	$	621.02		$	608.59		$	602.50		$	600.94	$	600.94	
	Sub-Total For 2 Bedroom Condos	$	663.23		$	650.80		$	669.52		$	668.39	
$	668.38	

1 Bedroom	
O & M	
$	
38.70		
$	
38.70		
$	
61.45		
$	
61.85	
$	61.84	
Condo	Debt	$	569.48		$	558.08		$	552.50		$	551.07	$	551.07	
	Sub-Total For 1 Bedroom Condos	$	608.18		$	596.78		$	613.95		$	612.92	
$	612.91	

Commercial	
O & M	
$	
3,394.04		
$	
3,394.04		
$	
5,388.72		
$	
5,423.37	
$	5,422.57	
	Debt	$	49,938.20		$	48,934.52		$	48,445.18		$	48,319.58	$	48,319.58	
	Sub-Total For Commercial	$	53,332.24		$	52,328.56		$	53,833.90		$	53,742.95	
$	53,742.15	

Retail	
O & M	
$	
3,493.55		
$	
3,493.55		
$	
5,546.71		
$	
5,582.37	
$	5,581.55	
	Debt	$	-		$	-		$	-		$	-	$	-	
	Sub-Total For Retail	$	3,493.55		$	3,493.55		$	5,546.71		$	5,582.37	
$	5,581.55	

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

Community Information:		

Note: 908 Bond Prepayments As Of March 2023:		
1 Bedroom Condos (233), 2 Bedroom Condos (530), 3 Bedroom Condos (145)		
Residential Units	Assessed For Debt	
Townhomes	310	
310	
3 Bedroom Condos	203	58	
2 Bedroom Condos	805	275	
1 Bedroom Condos	357	124	
Total Residential Units	1,675	
767	
Commercial/Retail Square Footage		
Commercial	175,385	175,385	
Retail	180,527	0	
Total Commercial/Retail Square Footage	355,912	175,385	

3/8/2023 10:18 AM	IV