Adopted Budget
Fiscal Year 2023

Griffin Lakes Community Development District

July 14, 2022

Griffin Lakes
Community Development District

TABLE OF CONTENTS

General Fund Budget
Unassigned Fund Balance Budget Narrative

Page 1-2
Page 3
Page 4-6

Debt Service Fund Series 2020

Budget
Amortization Schedule

Page 7
Page 8

Griffin Lakes
Community Development District

General Fund

Adopted Budget FY 2022

Actual thru 5/31/2022

Projected Next
4 Months

Total Projected at 9/30/2022

Description

Revenues
Interest Investments
Special Assessments - On Roll

$100
$172,946

$234
$170,393

$300
$3,447

$534
$173,840

Total Revenues

 	$173,046 

 	$170,627 

 	$3,747 

 	$174,374 

Expenditures

Administrative Supervisor Fees FICA Taxes Dissemination Agent Engineering Fees
Attorney Fees Services Management Fees Property Appraiser Special Assessment Roll Trustee Fees
Annual Audit Telephone Postage
Insurance General Liability Printing and Binding
Legal Advertising Computer Time
Web E-mail and Administration Website Compliance
Office Supplies
Dues, Licenses & Subscriptions Miscellaneous Contingency

$8,000
$612
$1,000
$3,000
$8,000
$17,496
$854
$4,501
$4,450
$4,000
$50
$175
$10,120
$674
$500
$500
$1,100
$1,553
$90
$175
$0

$5,000
$383
$667
$9,266
$6,070
$11,664
$854
$4,000
$4,041
$3,250
$0
$224
$6,380
$592
$298
$333
$0
$853
$91
$175
$447

$3,000
$230
$333
$5,734
$6,930
$5,832
$0
$0
$0
$0
$50
$40
$0
$158
$495
$167
$0
$367
$30
$0
$180

$8,000
$612
$1,000
$15,000
$13,000
$17,496
$854
$4,000
$4,041
$3,250
$50
$264
$6,380
$750
$793
$500
$0
$1,219
$121
$175
$627

Total Administrative

 	$66,850 

 	$54,587 

 	$23,545 

 	$78,132 

Field
Lake and Wetland Maintenance Fountain Maintenance Landscape Maintenance
Plant Replacement Mulch
Tree Pruning/Trimming Irrigation Repair & Maintenance Pest Control
Utility - Stormwater Tax

$5,100
$1,000
$6,344
$20,000
$9,340
$8,500
$6,240
$6,000
$138

$3,295
$750
$4,611
$16,500
$6,370
$0
$1,097
$4,077
$207

$1,700
$250
$2,180
$8,500
$4,670
$8,500
$2,080
$2,060
$0

$4,995
$1,000
$6,791
$25,000
$11,040
$8,500
$3,177
$6,137
$207

Page 1

Adopted Budget FY 2023

$100
$609,482

$609,582

$12,000
$918
$1,000
$10,000
$13,000
$18,021
$854
$4,000
$4,100
$4,200
$50
$175
$7,018
$600
$1,000
$500
$0
$1,100
$100
$175
$600

$79,411

$5,100
$1,500
$7,200
$25,000
$9,340
$8,500
$6,240
$6,600
$250

Griffin Lakes
Community Development District

General Fund

Adopted Budget FY 2022

Actual thru 5/31/2022

Projected Next
4 Months

Total Projected at 9/30/2022

Description

Field (continued)

Repairs & Maintenance Stormwater Drain System
Contingency

$4,692
$17,509
$21,334

$0
$20,000
$150

$4,692
$0
$4,553

$4,692
$20,000
$4,703

Total Field

 	$106,196 

 	$57,057 

 	$39,185 

 	$96,242 

Lake Project
Lake Restoration

$0

$0

$0

$0

Total Lake Project

 	$0 

 	$0 

 	$0 

 	$0 

Total Expenditures

 	$173,046 

 	$111,644 

 	$62,730 

 	$174,374 

Excess of revenues over (expenditures)

 	
 	$0 

 	
$58,983

 	
($58,983)

 	
$0

Description Townhomes

# Units
427

Total
$648,385

Total Gross Less: Disc & Comm (%)
Total Net

$648,385
 	($38,903)
 	$609,482 

Page 2

0

Description	Units

FY 2023
O&M Gross
Assessment

Townhomes	427

$1,518.47

Townhomes	427

FY 2022
O&M Assessment

$430.88

Increase/(Decrease)

Increase / (Decrease)

$1,087.59

Adopted Budget FY 2023

$4,500
$10,000
$10,000

$94,230

$435,942

$435,942

$609,582

$0

Griffin Lakes
Community Development District

Available Funds

Beginning Fund Balance - Fiscal Year 2023

$121,023

Net Change in Fund Balance - Fiscal Year 2023

$0

Reserve - Fiscal Year 2023 Additions

$0

Allocation of available funds

Assigned Fund Balance
Operating Reserve - First Quarter Operating Capital

(1)

$43,261

(1) Represents approximately 3 months of operating expenditures

Page 3

Total Unassigned (undesignated) cash	$77,762

Total Allocation of Available Funds	$43,261

Total: Funds Available (Estimated) at 9/30/23	$121,023

Griffin Lakes

COMMUNITY DEVELOPMENT DISTRICT

General Fund

 	_ 	_ 	_ 	_

REVENUES:

Maintenance Assessments
The District will mail a non-ad-valorem special assessment notice to all taxable property owners within the District to fund the General Operating Expenditures for the fiscal year.

Interest Income
Interest income from investments in Money Market account.

 	_ 	_ 	_ 	

EXPENDITURES:

Administrative:

Supervisors Fee
The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon all five supervisors attending the estimated 12 annual meetings.

FICA Taxes
Represents the Employer's share of Social Security.

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.

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.

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.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services – South Florida, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

Property Appraiser
The Property Appraiser provides the District with a listing of the legal description of each property parcel within the District boundaries, and the names and addresses of the owners of such property. The District reimburses the Property Appraiser for necessary administrative costs incurred to provide this service. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The budget for property appraiser costs was based on a unit price per parcel. The County Property Appraiser charges the District for 427 parcels or $854 per year.

Special Assessments
Administrative costs to put the district’s assessments on the Tax Roll.

Page 4

Griffin Lakes

COMMUNITY DEVELOPMENT DISTRICT

General Fund

 	_ 	_ 	_ 	_

Administrative: (continued)

Trustee Fees
The District issued Series 2020 Special Assessment Refunding Bonds which are held with a Trustee at US Bank. The amount of the trustee fees is based on the agreement between US Bank and the District.

Annual Audit
The District is required to annually conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The fee is based on similar Community Development Districts and includes the GASB 34 pronouncement.

Telephone
Telephone and fax machine

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

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

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.

Computer Time
The District processes all its financial activities, i.e., accounts payable, financial statements, etc. on a Server which includes remote cloud back up facilities for data redundancy.

Website Compliance
Per Section 189.069 F.S., all Districts must have a website by October 1, 2015 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 as required by the Statute.

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

Miscellaneous Contingency
Bank charges and any other miscellaneous expenses that incurred during the year.

Page 5

Griffin Lakes

COMMUNITY DEVELOPMENT DISTRICT

General Fund

 	_ 	_ 	_ 	_

FIELD

Lake and Wetland Maintenance
The District has a permit obligation to comply with certain conditions for the establishment and maintenance of upland/wetland conservation areas and for maintenance of storm water management areas. Advanced Aquatic Services, Inc. – monthly maintenance fee $390. Includes Aquatic weed and algae control, shoreline grass control, management reporting, monthly trash pickup and water bacteria testing.

Fountain Maintenance
The District has a contract with Fountain Design Group, Inc for preventive maintenance and repairs of the 2 lake fountains.

Landscape Maintenance
The District has a contract with Cutters Edge to provide turf maintenance landscape detail for the District. Monthly amount is $528.65.

Plant Replacement
This is for landscape enhancement projects.

Mulch
The District has a contract with Cutters Edge to provide mulching of the beds and brown mulch in April and November. Annual amount is $9,340.

Tree Pruning/Trimming
This is for annual tree/palms pruning and trimming by Cutters Edge.

Irrigation Maintenance
The District has a contract with Cutters Edge to provide irrigation wet checks for the District. Monthly amount is $120 plus the cost of repairs and parts.

Pest Control
The District has a contract with Cutters Edge to provide pest control and turf/ornamental fertilization for the District. Monthly amount is $500.

Utility Stormwater
Broward County Tax Collector Dania storm water for non – ad valorem assessments for these account numbers: 504232-52-0580, 504232-52-0590, 504232-52-0600 and 504232-52-0610

Repair and Maintenance
Represents costs for repair and maintenance within the District property.

Stormwater Drain System
The District contracted Shenandoah General Constructions, LLC to provide catch basins cleaning and inspections.

Miscellaneous-Contingency
The District may incur field expenses that may arise to maintain the District property (lakes and landscaping).

LAKE PROJECT

Lake Restoration
The District has 4 lakes that need to be restored. A Proposal was submitted by the engineer.

Page 6

Griffin Lakes
Community Development District

Debt Service Fund
Series 2020, Special Assessment Refunding Bonds

Adopted Budget
 	FY 2022	

Actual thru
    5/31/2022 

Projected Next
    4 Months	

Total Projected at
    9/30/2022 

Adopted Budget
 	FY 2023	

 Description	

Revenues
Interest - Tax Collector
Special Assessments - Tax Collector Carry Forward Surplus (1)

$0
$267,544
$57,706

$6
$263,586
$57,497

$0
$5,332
$0

$6
$268,918
$57,497

$0 267,544
$56,571

Total Revenues

 	$325,250 

 	$321,089 

 	$5,332 

 	$326,421 

 	$324,115 

Expenditures

Series 2020 Interest 11/1 Principal - 11/1 Interest - 5/1

$34,925
$200,000
$34,925

$34,925
$200,000
$34,925

$0
$0
$0

$34,925
$200,000
$34,925

$32,385
$205,000
$32,385

Total Expenditures

 	$269,850 

 	$269,850 

 	$0 

 	$269,850 

 	$269,770 

EXCESS REVENUES

 	$55,400 

$51,239

$5,332

$56,571

$54,345

(1) Carry forward is net of Reserve Fund requirement.

Interest - 11/1/23

$29,782

Description

# Units

Gross Per Unit

Total

Townhomes

427

$666.56

$284,621

Total Gross Less: Disc & Comm (%)
Total Net

$284,621
 	($17,077)
 	$267,544 

Page 7

Description	Units

FY 2023

Townhomes	427

Debt Service Assessment

$666.56

Townhomes	427

FY 2022
Debt Service Assessment

$666.56

Increase/(Decrease)

Increase / (Decrease)

$0.00

Griffin Lakes
Community Development District

Series 2020, Special Assessment Refunding Bonds
Amortization Schedule

PRINCIPAL
 	BALANCE	
$2,945,000.00
$2,945,000.00
$2,750,000.00
$2,750,000.00
$2,550,000.00

 	DATE	
28-Aug-20
1-Nov-20
1-May-21
1-Nov-21
1-May-22

    RATE 
2.540%
2.540%
2.540%
2.540%
2.540%

 	INTEREST	
$0.00
$13,090.53
$37,401.50
$34,925.00
$34,925.00

 	PRINCIPAL	
$0.00
$0.00
$195,000.00
$0.00
$200,000.00

 	TOTAL	
$0.00
$13,090.53
$0.00
$267,326.50
$0.00

1-Nov-23
1-May-24
1-Nov-24
1-May-25
1-Nov-25
1-May-26
1-Nov-26
1-May-27
1-Nov-27
1-May-28
1-Nov-28
1-May-29
1-Nov-29
1-May-30
1-Nov-30
1-May-31
1-Nov-31
1-May-32
1-Nov-32
1-May-33

$2,345,000.00
$2,135,000.00
$2,135,000.00
$1,920,000.00
$1,920,000.00
$1,700,000.00
$1,700,000.00
$1,475,000.00
$1,475,000.00
$1,245,000.00
$1,245,000.00
$1,010,000.00
$1,010,000.00
$765,000.00
$765,000.00
$515,000.00
$515,000.00
$260,000.00
$260,000.00
$0.00

2.540%
2.540%
2.540%
2.540%
2.540%
2.540%
2.540%
2.540%
2.540%
2.540%
2.540%
2.540%
2.540%
2.540%
2.540%
2.540%
2.540%
2.540%
2.540%
2.540%

$29,781.50
$29,781.50
$27,114.50
$27,114.50
$24,384.00
$24,384.00
$21,590.00
$21,590.00
$18,732.50
$18,732.50
$15,811.50
$15,811.50
$12,827.00
$12,827.00
$9,715.50
$9,715.50
$6,540.50
$6,540.50
$3,302.00
$3,302.00

$0.00
$210,000.00
$0.00
$215,000.00
$0.00
$220,000.00
$0.00
$225,000.00
$0.00
$230,000.00
$0.00
$235,000.00
$0.00
$245,000.00
$0.00
$250,000.00
$0.00
$255,000.00
$0.00
$260,000.00

$267,166.50
$0.00
$266,896.00
$0.00
$266,498.50
$0.00
$265,974.00
$0.00
$265,322.50
$0.00
$264,544.00
$0.00
$263,638.50
$0.00
$267,542.50
$0.00
$266,256.00
$0.00
$264,842.50
$263,302.00

Page 8

Total	$524,710.03	$2,945,000.00	$3,469,710.03

1-Nov-22	$2,550,000.00	2.540%	$32,385.00	$0.00	$267,310.00
1-May-23	$2,345,000.00	2.540%	$32,385.00	$205,000.00	$0.00