Principal One Community Development District

Proposed Budget For Fiscal Year 2021/2022
October 1, 2021 - September 30, 2022

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2021/2022 BUDGET	
O & M Assessments	57,771	
Debt Assessments	230,012	
Other Revenues	0	
Interest Income	120	
		
TOTAL REVENUES	$	287,903	
		
EXPENDITURES		
Engineering/Inspections	2,000	
Supervisor Fees	0	
Management	26,316	
Legal	2,000	
Assessment Roll	5,000	
Audit Fees	3,800	
Insurance	6,000	
Legal Advertisements	600	
Miscellaneous	850	
Postage	200	
Office Supplies	400	
Dues & Subscriptions	175	
Trustee Fee	2,500	
Continuing Disclosure Fee	300	
Website Management	2,000	
Contingency	1,129	
		
TOTAL EXPENDITURES	$	53,270	
		
REVENUES LESS EXPENDITURES	$	234,633	
		
Bond Payments	(211,611)	
		
BALANCE	$	23,022	
		
County Appraiser & Tax Collector Fees	(11,511)	
Discounts For Early Payments	(11,511)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2019/2020 ACTUAL	
FISCAL YEAR 2020/2021 BUDGET	
FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	
O & M Assessments	58,066	57,771	57,771	Expenditures Less Interest & Carryover/.92	
Debt Assessments	230,013	230,537	230,012	Bond Payments/.92	
Other Revenues	0	0	0		
Interest Income	133	120	120	Projected At $10.00 Per Month	
					
TOTAL REVENUES	$	288,212	$	288,428	$	287,903		
					
EXPENDITURES					
Engineering/Inspections	1,960	2,000	2,000	No Change From 2020/2021 Budget	
Supervisor Fees	0	0	0	No Change From 2020/2021 Budget	
Management	25,380	25,956	26,316	CPI Adjustment	
Legal	1,115	3,000	2,000	$1,000 Decrease From 2020/2021 Budget	
Assessment Roll	5,000	5,000	5,000	No Change From 2020/2021 Budget	
Audit Fees	3,600	3,700	3,800	Accepted Amount For 2020/2021 Audit	
Insurance	5,251	6,000	6,000	Insurance Estimate	
Legal Advertisements	641	600	600	No Change From 2020/2021 Budget	
Miscellaneous	312	900	850	$50 Decrease From 2020/2021 Budget	
Postage	73	225	200	$25 Decrease From 2020/2021 Budget	
Office Supplies	165	425	400	$25 Decrease From 2020/2021 Budget	
Dues & Subscriptions	175	175	175	No Change From 2020/2021 Budget	
Trustee Fee	2,500	2,500	2,500	No Change From 2020/2021 Budget	
Continuing Disclosure Fee	300	300	300	No Change From 2020/2021 Budget	
Website Management	2,000	2,000	2,000	No Change From 2020/2021 Budget	
Contingency	0	489	1,129	Contingency	
					
TOTAL EXPENDITURES	$	48,472	$	53,270	$	53,270		
					
REVENUES LESS EXPENDITURES	$	239,740	$	235,158	$	234,633		
					
Bond Payments	(214,080)	(212,094)	(211,611)	2022 P & I Payments Less Earned Interest	
					
BALANCE	$	25,660	$	23,064	$	23,022		
					
County Appraiser & Tax Collector Fees	(9,724)	(11,532)	(11,511)	Four Percent Of Total Assessment Roll	
Discounts For Early Payments	(10,217)	(11,532)	(11,511)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	5,719	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover Balance From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	5,719	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE BUDGET
PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	FISCAL YEAR 2019/2020 ACTUAL	FISCAL YEAR 2020/2021 BUDGET	FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	

Interest Income	
577	
75	
25	
Projected Interest For 2021/2022	

NAV Tax Collection	
214,080	
212,094	
211,611	
Maximum Debt Service Collection	

Total Revenues	
$	214,657	
$	212,169	
$	211,636		

EXPENDITURES					

Principal Payments	
140,000	
145,000	
150,000	
Principal Payment Due In 2022	

Interest Payments	
67,925	
64,006	
59,950	
Interest Payments Due In 2022	

Bond Redemption	
0	
3,163	
1,686	
Estimated Excess Debt Collections	

Total Expenditures	
$	207,925	
$	212,169	
$	211,636		

Excess/ (Shortfall)	
$	6,732	
$	-	
$	-		

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 1/1/21 =	May 2035

$2,400,000			

Principal One Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
Projected	2018/2019	2019/2020	2020/2021	2021/2022	
   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
Prepayments	1 Billed for Debt		439

2/23/2021 9:36 AM	IV