Principal One Community Development District

Proposed Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023 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	27,096	
Legal	2,000	
Assessment Roll	5,000	
Audit Fees	3,900	
Insurance	6,000	
Legal Advertisements	550	
Miscellaneous	825	
Postage	200	
Office Supplies	350	
Dues & Subscriptions	175	
Trustee Fee	2,500	
Continuing Disclosure Fee	300	
Website Management	2,000	
Contingency	374	
		
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 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2020/2021 ACTUAL	
FISCAL YEAR 2021/2022 BUDGET	
FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	
O & M Assessments	58,067	57,771	57,771	Expenditures Less Interest & Carryover/.92	
Debt Assessments	230,014	230,012	230,012	Bond Payments/.92	
Other Revenues	0	0	0		
Interest Income	141	120	120	Projected At $10.00 Per Month	
					
TOTAL REVENUES	$	288,222	$	287,903	$	287,903		
					
EXPENDITURES					
Engineering/Inspections	1,000	2,000	2,000	No Change From 2021/2022 Budget	
Supervisor Fees	0	0	0	No Change From 2021/2022 Budget	
Management	25,956	26,316	27,096	CPI Adjustment (Capped at 3%)	
Legal	947	2,000	2,000	No Change From 2021/2022 Budget	
Assessment Roll	5,000	5,000	5,000	No Change From 2021/2022 Budget	
Audit Fees	3,700	3,800	3,900	Accepted Amount For 2021/2022 Audit	
Insurance	5,513	6,000	6,000	Insurance Estimate	
Legal Advertisements	247	600	550	$50 Decrease From 2021/2022 Budget	
Miscellaneous	622	850	825	$25 Decrease From 2021/2022 Budget	
Postage	184	200	200	No Change From 2021/2022 Budget	
Office Supplies	137	400	350	$50 Decrease From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	No Change From 2021/2022 Budget	
Trustee Fee	2,500	2,500	2,500	No Change From 2021/2022 Budget	
Continuing Disclosure Fee	300	300	300	No Change From 2021/2022 Budget	
Website Management	2,000	2,000	2,000	No Change From 2021/2022 Budget	
Contingency	0	1,129	374	Contingency	
					
TOTAL EXPENDITURES	$	48,281	$	53,270	$	53,270		
					
REVENUES LESS EXPENDITURES	$	239,941	$	234,633	$	234,633		
					
Bond Payments	(213,913)	(211,611)	(211,611)	2023 P & I Payments Less Earned Interest	
					
BALANCE	$	26,028	$	23,022	$	23,022		
					
County Appraiser & Tax Collector Fees	(9,718)	(11,511)	(11,511)	Four Percent Of Total Assessment Roll	
Discounts For Early Payments	(10,440)	(11,511)	(11,511)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	5,870	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover Balance From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	5,870	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE BUDGET
PRINCIPAL ONE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR 2020/2021 ACTUAL	FISCAL YEAR 2021/2022 BUDGET	FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	

Interest Income	
72	
25	
25	
Projected Interest For 2022/2023	

NAV Tax Collection	
213,913	
211,611	
211,611	
Maximum Debt Service Collection	

Total Revenues	
$	213,985	
$	211,636	
$	211,636		

EXPENDITURES					

Principal Payments	
145,000	
150,000	
155,000	
Principal Payment Due In 2023	

Interest Payments	
66,000	
59,950	
55,756	
Interest Payments Due In 2023	

Bond Redemption	
0	
1,686	
880	
Estimated Excess Debt Collections	

Total Expenditures	
$	211,000	
$	211,636	
$	211,636		

Excess/ (Shortfall)	
$	2,985	
$	-	
$	-		

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 1/1/22 =	May 2035

$2,255,000			

Principal One Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
Projected	2019/2020	2020/2021	2021/2022	2022/2023	
   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

2/18/2022 7:52 AM	IV