Principal One Community Development District

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

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021 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	25,956	
Legal	3,000	
Assessment Roll	5,000	
Audit Fees	3,700	
Insurance	6,000	
Legal Advertisements	600	
Miscellaneous	900	
Postage	225	
Office Supplies	425	
Dues & Subscriptions	175	
Trustee Fee	2,500	
Continuing Disclosure Fee	300	
Website Management	2,000	
Contingency	489	
		
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)	$	-	

DETAILED PROPOSED BUDGET
PRINCIPAL ONE 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	58,166	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	119	120	120	Projected At $10.00 Per Month	
					
TOTAL REVENUES	$	288,823	$	288,428	$	288,428		
					
EXPENDITURES					
Engineering/Inspections	1,020	2,000	2,000	No Change From 2019/2020 Budget	
Supervisor Fees	0	0	0	No Change From 2019/2020 Budget	
Management	24,912	25,380	25,956	CPI Adjustment	
Legal	1,328	3,000	3,000	No Change From 2019/2020 Budget	
Assessment Roll	5,000	5,000	5,000	No Change From 2019/2020 Budget	
Audit Fees	3,900	4,000	3,700	Accepted Amount For 2019/2020 Audit	
Insurance	5,000	6,356	6,000	Insurance Estimate	
Legal Advertisements	452	600	600	No Change From 2019/2020 Budget	
Miscellaneous	539	950	900	$50 Decrease From 2019/2020 Budget	
Postage	173	225	225	No Change From 2019/2020 Budget	
Office Supplies	275	450	425	$25 Decrease From 2019/2020 Budget	
Dues & Subscriptions	175	175	175	No Change From 2019/2020 Budget	
Trustee Fee	2,500	2,500	2,500	No Change From 2019/2020 Budget	
Continuing Disclosure Fee	300	300	300	No Change From 2019/2020 Budget	
Website Management	1,500	2,000	2,000	No Change From 2019/2020 Budget	
Contingency	0	334	489	Contingency	
					
TOTAL EXPENDITURES	$	47,074	$	53,270	$	53,270		
					
REVENUES LESS EXPENDITURES	$	241,749	$	235,158	$	235,158		
					
Bond Payments	(214,595)	(212,094)	(212,094)	2021 P & I Payments Less Earned Interest	
					
BALANCE	$	27,154	$	23,064	$	23,064		
					
County Appraiser & Tax Collector Fees	(9,748)	(11,532)	(11,532)	Four Percent Of Total Assessment Roll	
Discounts For Early Payments	(10,203)	(11,532)	(11,532)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	7,203	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover Balance From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	7,203	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE BUDGET
PRINCIPAL ONE 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	

Interest Income	
1,579	
75	
75	
Projected Interest For 2020/2021	

NAV Tax Collection	
214,595	
212,094	
212,094	
Maximum Debt Service Collection	

Total Revenues	
$	216,174	
$	212,169	
$	212,169		

EXPENDITURES					

Principal Payments	
140,000	
140,000	
145,000	
Principal Payment Due In 2021	

Interest Payments	
73,700	
67,925	
64,006	
Interest Payments Due In 2021	

Bond Redemption	
0	
4,244	
3,163	
Estimated Excess Debt Collections	

Total Expenditures	
$	213,700	
$	212,169	
$	212,169		

Excess/ (Shortfall)	
$	2,474	
$	-	
$	-		

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 1/1/20 =	May 2035

$2,540,000			

Principal One Community Development District Assessment Comparison

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

2/22/2020  11:29 AM	IV