Principal One 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
PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020 BUDGET	
O & M Assessments	57,771	
Debt Assessments	230,537	
Other Revenues	0	
Interest Income	120	
		
TOTAL REVENUES	$	288,428	
		
EXPENDITURES		
Engineering/Inspections	2,000	
Supervisor Fees	0	
Management	25,380	
Legal	3,000	
Assessment Roll	5,000	
Audit Fees	4,000	
Insurance	6,356	
Legal Advertisements	600	
Miscellaneous	950	
Postage	225	
Office Supplies	450	
Dues & Subscriptions	175	
Trustee Fee	2,500	
Continuing Disclosure Fee	300	
Website Management	2,000	
Contingency	334	
		
TOTAL EXPENDITURES	$	53,270	
		
REVENUES LESS EXPENDITURES	$	235,158	
		
Bond Payments	(212,094)	
		
BALANCE	$	23,064	
		
County Appraiser & Tax Collector Fees	(11,532)	
Discounts For Early Payments	(11,532)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

3/23/2019 1:34 PM	I

DETAILED PROPOSED BUDGET
PRINCIPAL ONE 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	58,107	57,771	57,771	Expenditures Less Interest & Carryover/.92	
Debt Assessments	230,538	230,537	230,537	Bond Payments/.92	
Other Revenues	0	0	0		
Interest Income	109	120	120	Projected At $10.00 Per Month	
					
TOTAL REVENUES	$	288,754	$	288,428	$	288,428		
					
EXPENDITURES					
Engineering/Inspections	1,510	2,500	2,000	$500 Decrease From 2018/2019 Budget	
Supervisor Fees	0	0	0	No Change From 2017/2018 Budget	
Management	24,408	24,912	25,380	CPI Adjustment	
Legal	4,711	3,000	3,000	No Change From 2018/2019 Budget	
Assessment Roll	5,000	5,000	5,000	No Change From 2018/2019 Budget	
Audit Fees	3,800	3,900	4,000	$100 Increase From 2018/2019 Budget	
Insurance	5,778	6,356	6,356	Insurance Estimate	
Legal Advertisements	556	600	600	No Change From 2018/2019 Budget	
Miscellaneous	483	1,000	950	$50 Decrease From 2018/2019 Budget	
Postage	72	225	225	No Change From 2018/2019 Budget	
Office Supplies	224	475	450	$25 Decrease From 2018/2019 Budget	
Dues & Subscriptions	175	175	175	No Change From 2018/2019 Budget	
Trustee Fee	2,500	2,500	2,500	No Change From 2018/2019 Budget	
Continuing Disclosure Fee	300	300	300	No Change From 2018/2019 Budget	
Website Management	1,500	1,500	2,000	$500 Increase From 2018/2019 Budget	
Contingency	0	827	334	Contingency	
					
TOTAL EXPENDITURES	$	51,017	$	53,270	$	53,270		
					
REVENUES LESS EXPENDITURES	$	237,737	$	235,158	$	235,158		
					
Bond Payments	(214,414)	(212,094)	(212,094)	2020 P & I Payments Less Earned Interest	
					
BALANCE	$	23,323	$	23,064	$	23,064		
					
County Appraiser & Tax Collector Fees	(9,737)	(11,532)	(11,532)	Four Percent Of Total Assessment Roll	
Discounts For Early Payments	(10,439)	(11,532)	(11,532)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	3,147	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover Balance From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	3,147	$	-	$	-		

3/23/2019 1:34 PM	II

DETAILED PROPOSED DEBT SERVICE BUDGET
PRINCIPAL ONE 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	

Interest Income	
1,038	
75	
75	
Projected Interest For 2019/2020	

NAV Tax Collection	
214,414	
212,094	
212,094	
Maximum Debt Service Collection	

Total Revenues	
$	215,452	
$	212,169	
$	212,169		

EXPENDITURES					

Principal Payments	
135,000	
140,000	
140,000	
Principal Payment Due In 2020	

Interest Payments	
77,413	
71,775	
67,925	
Interest Payments Due In 2020	

Bond Redemption	
0	
394	
4,244	
Estimated Excess Debt Collections	

Total Expenditures	
$	212,413	
$	212,169	
$	212,169		

Excess/ (Shortfall)	
$	3,039	
$	-	
$	-		

Series 2016 Bond Refunding Information
Original Par Amount =	$2,945,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	2.75%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	May 2016			
Maturity Date =

Par Amount As Of 1/1/19 =	May 2035

$2,680,000			

3/23/2019 1:34 PM	III

Principal One 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* 	   Assessment* 	   Assessment* 	  Projected Assessment*	
O & M	$	132.98	$	131.30	$	131.30	$	131.30	$	131.30	
Debt	$	617.02	$	523.95	$	523.95	$	523.95	$	523.95	

Total

$	750.00	$

655.25	$

655.25	$

655.25	$

655.25

* Assessments Include the Following : 4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee
Community Information:		 Total Units	440

3/23/2019  1:34 PM	IV