Griffin Lakes	
Community Development District	

Adopted Budget	
FY 2025	

Table of Contents

1-2

3

4-6

7-8

	General Fund

	Exhibit A Unassigned Fund Balance

	Narratives

	Debt Service Fund Series 2020

9		Assessment Schedule

Griffin Lakes	
Community Development District	
Adopted Budget	
General Fund	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Adopted Budget	
Description	FY2024	4/30/24	5 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments - On Roll	$	226,190	$	222,327	$	5,858	$	228,185	$	226,190	
Interest income	2,000	13,723	7,500	21,223	10,000	
Carry Forward Surplus	-	373,087	-	373,087	-	

TOTAL REVENUES	$	228,190	$	609,137	$	13,358	$	622,495	$	236,190	

EXPENDITURES:

Administrative:						
Supervisor Fees	$	12,000	$	5,000	$	4,000	$	9,000	$	12,000	
FICA Taxes	918	383	306	689	918	
Engineering	10,000	-	5,000	5,000	10,000	
Attorney	13,000	8,693	4,308	13,000	13,000	
Annual Audit	4,400	4,400	-	4,400	4,600	
Assessment Administration	4,000	4,000	-	4,000	4,200	
Dissemination Agent	1,000	583	417	1,000	1,050	
Trustee Fees	4,100	4,041	-	4,041	4,100	
Management Fees	22,526	13,140	9,386	22,526	23,652	
Property Appraiser	854	854	-	854	854	
Information Technology	500	292	208	500	525	
Website Maintenance	1,100	642	458	1,100	1,155	
Telephone	50	-	25	25	50	
Postage & Delivery	175	57	50	107	175	
Insurance General Liability	7,544	7,437	-	7,437	8,190	
Printing & Binding	600	147	453	600	400	
Legal Advertising	1,000	-	1,000	1,000	500	
Office Supplies	100	-	100	100	50	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Contingency	600	724	-	724	600	
TOTAL ADMINISTRATIVE	$	84,642	$	50,566	$	25,711	$	76,277	$	86,194	

Operations & Maintenance

Field Expenditures

Field Management	$	18,000	$	10,500	$	7,500	$	18,000	$	18,900	
Lake and Wetland Maintenance	5,253	2,988	2,125	5,113	5,256	
Fountain Maintenance	1,500	750	750	1,500	1,500	
Landscape Maintenance	7,560	4,074	2,947	7,021	7,073	
Plant Replacement	25,000	8,954	16,046	25,000	25,000	
Mulch	9,620	11,532	-	11,532	9,620	
Tree Pruning/Trimming	8,755	-	8,755	8,755	8,755	
Irrigation Repair & Maintenance	6,312	893	5,649	6,542	6,557	
Pest Control	6,798	3,854	2,787	6,641	6,690	
Utility - Stormwater Tax	250	207	-	207	250	
Repairs & Maintenance	4,500	-	4,500	4,500	5,395	
Stormwater Drain System	10,000	-	10,000	10,000	10,000	
Contingency	10,000	1,755	8,245	10,000	10,000	
Reserve	30,000	-	30,000	30,000	35,000	

Total Field Expenditures	$	143,548	$	45,508	$	99,304	$	144,812	$	149,996	

Griffin Lakes	
Community Development District	
Adopted Budget	
General Fund	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Adopted Budget	
Description	FY2024	4/30/24	5 Months	9/30/24	FY 2025	

Lake Projects

Lake Restoration	$	-	$	362,039	$	39,368	$	401,406	$	-	

Total Lake Projects	$	-	$	362,039	$	39,368	$	401,406	$	-	

TOTAL EXPENDITURES	$	228,190	$	458,113	$	164,383	$	622,495	$	236,190	

EXCESS REVENUES (EXPENDITURES)	$	-	$	151,025	$	(151,025)	$	-	$	-	

Griffin Lakes	
Community Development District	
Exhibit "A"	
Allocation of Fund Balances	

AVAILABLE FUNDS

Beginning Fund Balance - Fiscal Year 2024	$	577,809	
Net change in Fund Balance - Fiscal Year 2024	(370,467)	
Reserves - Fiscal Year 2024 Addition	-	
Total Funds Available (Estimated) - 9/30/24	207,342	

ALLOCATION OF AVAILABLE FUNDS		

Assigned Fund Balance

Operating Reserve - First Quarter Operating Capital (1)	
Fiscal Year 2024 Reserves	

59,048	
107,762	

Total Allocation of Available Funds	166,810

Total Unassigned (undesignated) Cash		40,532 

Notes	
(1) Represents approximately 3 months of operating expenditures	

Griffin Lakes	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

REVENUES	

Special Assessments-Tax Roll	
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating expenditures during the Fiscal Year.	
Interest	
The District earns interest on the monthly average collected balance for each of their investment accounts.	

Expenditures - Administrative	

Supervisors Fees	
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated
$200 per meeting in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending 12	
FICA Taxes	
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.	
Engineering	
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.	
Attorney	
The District’s Attorney, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.	
Annual Audit	
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.	
Assessment Roll Administration	
GMS SF, LLC provides assessment services for closing lot sales, assessment roll services with the local Tax Collector and financial advisory services.	
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.	
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. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.	
Information Technology	
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 Maintenance	
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.	
Communication - Telephone	
New internet and Wi-Fi service for Office.	
Postage and Delivery	
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.	

Griffin Lakes	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

Expenditures - Administrative	
Insurance General Liability	
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.	
Printing and Binding	
Copies used in the preparation of agenda packages, required mailings, and other special projects.	
Legal Advertising	
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.	
Office Supplies	
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.	
Due, Licenses & Subscriptions	
The District is required to pay an annual fee to the Florida Department of Commerce for $175.	
Contingencies	
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.	
Expenditures – Field	
Field Manager	
The District currently contracts with GMS to operate the Property and its contractors. The monthly fees are $1,500.	
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	
Fountain Maintenance	
The District has a contract with Fountain Design Group, Inc for preventive maintenance and repairs of the 2 lake fountains.	
Landscape Mainteannce	
The District has a contract with Cutters Edge to provide turf maintenance landscape detail for the District. Monthly amount is	
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 $9,620.	
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 $129.78 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 $557.46.	
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.	

Griffin Lakes	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

Expenditures – Field (continued)	
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).	
Reserves	
Reserves for future projects.	

Griffin Lakes	
Community Development District	
Adopted Budget	
Debt Service Series 2020 Special Assessment Refunding Bonds	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Adopted Budget	
Description	FY2024	4/30/24	5 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments-On Roll	$	267,544	$	261,904	$	19,604	$	281,508	$	267,544	
Interest Earnings	500	1,900	500	2,400	1,200	
Carry Forward Surplus (1)	58,011	58,328	-	58,328	72,673	

TOTAL REVENUES	$	326,055	$	322,132	$	20,104	$	342,236	$	341,417	

EXPENDITURES:

Interest 11/1	$	29,782	$	29,782	$	-	$	29,782	$	27,115	
Principal - 11/1	210,000	-	$210,000	210,000	215,000	
Interest - 5/1	29,782	-	$29,782	29,782	27,115	

TOTAL EXPENDITURES	$	269,563	$	29,782	$	239,782	$	269,563	$	269,229	

EXCESS REVENUES (EXPENDITURES)	$	56,492	$	292,350	$	(219,678)	$	72,673	$	72,188	

Interest Due 11/1/25	$24,384	

(1) Carry Forward is Net of Reserve Requirement

Griffin Lakes	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2020 Special Assessment Refunding Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

08/28/20	$	2,945,000	2.540%	$	-	$	13,091	$	13,091	
11/01/20	2,945,000	2.540%	-	$37,402		
05/01/21	2,945,000	2.540%	195,000	$37,402	$269,803	
11/01/21	2,750,000	2.540%	-	$34,925		
05/01/22	2,750,000	2.540%	200,000	$34,925	$269,850	
11/01/22	2,550,000	2.540%	-	$32,385		
05/01/23	2,550,000	2.540%	205,000	$32,385	$269,770	
11/01/23	2,345,000	2.540%	-	$29,782		
05/01/24	2,345,000	2.540%	210,000	$29,782	$269,563	
11/01/24	2,135,000	2.540%	-	$27,115		
05/01/25	2,135,000	2.540%	215,000	$27,115	$269,229	
11/01/25	1,920,000	2.540%	-	$24,384		
05/01/26	1,920,000	2.540%	220,000	$24,384	$268,768	
11/01/26	1,700,000	2.540%	-	$21,590		
05/01/27	1,700,000	2.540%	225,000	$21,590	$268,180	
11/01/27	1,475,000	2.540%	-	$18,733		
05/01/28	1,475,000	2.540%	230,000	$18,733	$267,465	
11/01/28	1,245,000	2.540%	-	$15,812		
05/01/29	1,245,000	2.540%	235,000	$15,812	$266,623	
11/01/29	1,010,000	2.540%	-	$12,827		
05/01/30	1,010,000	2.540%	245,000	$12,827	$270,654	
11/01/30	765,000	2.540%	-	$9,716		
05/01/31	765,000	2.540%	250,000	$9,716	$269,431	
11/01/31	515,000	2.540%	-	$6,541		
05/01/32	515,000	2.540%	255,000	$6,541	$268,081	
11/01/32	260,000	2.540%	-	$3,302		
05/01/33	260,000	2.540%	260,000	$3,302	$266,604	

TOTAL	$	2,945,000	$	562,112	$	3,507,112	

Griffin Lakes	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2024-2025	

Neighborhood	O&M Units	Bonds Units
2020	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	

Single Family	
427	
427	
$563.53	
$563.53	
$0.00	
$666.56	
$666.56	
$0.00	
$1,230.09	
$1,230.09	
$0.00	
Total	427	427										

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