Northern Riverwalk	
Community Development District	

Amended Budget	
FY 2025	

Table of Contents

1

2-3

4

5

	General Fund

	Narratives

	Debt Service Fund Series 2019

	Series 2019 Amortization Schedule

6		Assessment Schedule

Northern Riverwalk	
Community Development District	
Amended Budget	
General Fund	

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

REVENUES:

Special Assessments - On Roll	$107,435	$108,576	$-	$108,576	$108,740	
Interest income	-	7,086	5,061	12,147	12,677	
Carry Forward Surplus	-	-	-	-	28,295	
TOTAL REVENUES	$107,435	$115,662	$5,061	$120,723	$149,712	

EXPENDITURES:

Administrative						
Engineering	$5,000	$527	$4,473	$5,000	$5,000	
Attorney	30,000	27,597	12,000	39,597	73,239	
Annual Audit	4,600	4,500	100	4,600	4,600	
Assessment Administration	2,780	2,180	600	2,780	7,780	
Trustee Fees	4,717	4,041	676	4,717	4,500	
Management Fees	40,000	23,333	16,667	40,000	40,000	
Website Maintenance	1,000	583	417	1,000	1,200	
Telephone	50	-	50	50	50	
Postage & Delivery	350	170	180	350	350	
Insurance General Liability	7,575	7,161	-	7,161	7,500	
Printing & Binding	700	20	680	700	100	
Legal Advertising	2,000	544	1,456	2,000	2,000	
Other Current Charges	750	-	750	750	818	
Office Supplies	150	-	150	150	150	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Contingencies	250	-	250	250	250	
TOTAL ADMINISTRATIVE	$100,097	$70,830	$38,450	$109,280	$147,712	
Operations & Maintenance
Field Expenditures

Drainage System R & R	$2,000	$-	$1,167	$1,167	$1,000	
Contingencies	5,338	-	$3,114	3,114	1,000	

TOTAL FIELD EXPENDITURES	$7,338	$-	$4,281	$4,281	$2,000	

TOTAL EXPENDITURES	$107,435	$70,830	$42,730	$113,560	$149,712	

EXCESS REVENUES (EXPENDITURES)	$-	$44,832	$(37,669)	$7,163	$	(0)	

Northern Riverwalk	
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	

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. In additon, Palm Beach County Property Appraiser charges the District to utilize the County’s Tax Roll for their assessments.	
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.	
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.	
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.	

Northern Riverwalk	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

Expenditures - Administrative (continued)	
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.	
Other Current Charges	
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.	
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	
A contingency for any unanticipated and unscheduled cost to the District.	
Expenditures – Field	

Drainage System R & R	
The district will reserve funds for the renewal and replacement of components of the drainage system. It is estimated that no renewal or replacement funds will need to be expended in the first 10 years of the system operating.	
Contingency	
Any unscheduled repairs and maintenance that the District should incur during the fiscal year.	

Northern Riverwalk	
Community Development District	
Amended Budget	
Debt Service Series 2019 Special Assessment Refunding Bonds	

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

REVENUES:

Special Assessments-On Roll	$1,078,990	$1,079,444	$-	$1,079,444	$1,542,900	
Interest Earnings - Stateboard	-	17,010	12,150	29,161	15,000	
Interest Earnings	5,000	24,726	17,661	42,387	15,000	
Carry Forward Surplus (1)	669,334	652,137	-	652,137	739,742	

TOTAL REVENUES	$1,753,324	$1,773,318	$29,812	$1,803,129	$2,312,642	

EXPENDITURES:

Interest - 11/1	$427,681	$427,681	$0	$427,681	$423,436	
Principal - 11/1	212,270	212,270	-	212,270	220,760	
Interest - 5/1	423,436	-	423,436	423,436	419,021	

TOTAL EXPENDITURES	$1,063,387	$639,951	$423,436	$1,063,387	$1,063,217	

TOTAL EXPENDITURES	$1,063,387	$639,951	$423,436	$1,063,387	$1,063,217	

EXCESS REVENUES (EXPENDITURES)	$689,937	$1,133,367	$(393,624)	$739,742	$1,249,425	

Interest Due 11/1/25	$419,020.82	
Principal Due 11/1/25	$704,858.60	
	$1,123,879.42	

(1) Carry Forward is Net of Reserve Requirement

Northern Riverwalk	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2019 Special Assessment Refunding Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

11/01/24	21,171,801	4.000%	220,760	423,436		
05/01/25	20,951,041	4.000%	-	419,021	1,063,217.04	
11/01/25	20,951,041	4.000%	704,859	419,021		
05/01/26	20,246,182	4.000%	-	404,924	1,528,803.06	
11/01/26	20,246,182	4.000%	733,053	404,924		
05/01/27	19,513,130	4.000%	-	390,263	1,528,239.04	
11/01/27	19,513,130	4.000%	762,375	390,263		
05/01/28	18,750,755	4.000%	-	375,015	1,527,652.68	
11/01/28	18,750,755	4.000%	792,870	375,015		
05/01/29	17,957,885	4.000%	-	359,158	1,527,042.78	
11/01/29	17,957,885	4.000%	824,585	359,158		
05/01/30	17,133,300	4.000%	-	342,666	1,526,408.48	
11/01/30	17,133,300	4.000%	857,568	342,666		
05/01/31	16,275,732	4.000%	-	325,515	1,525,748.82	
11/01/31	16,275,732	4.000%	891,871	325,515		
05/01/32	15,383,861	4.000%	-	307,677	1,525,062.64	
11/01/32	15,383,861	4.000%	927,546	307,677		
05/01/33	14,456,315	4.000%	-	289,126	1,524,349.31	
11/01/33	14,456,315	4.000%	964,648	289,126		
05/01/34	13,491,667	4.000%	-	269,833	1,523,607.24	
11/01/34	13,491,667	4.000%	1,003,233	269,833		
05/01/35	12,488,434	4.000%	-	249,769	1,522,835.42	
11/01/35	12,488,434	4.000%	1,043,363	249,769		
05/01/36	11,445,071	4.000%	-	228,901	1,522,032.90	
11/01/36	11,445,071	4.000%	1,085,097	228,901		
05/01/37	10,359,974	4.000%	-	207,199	1,521,198.10	
11/01/37	10,359,974	4.000%	1,128,501	207,199		
05/01/38	9,231,473	4.000%	-	184,629	1,520,330.13	
11/01/38	9,231,473	4.000%	1,173,641	184,629		
05/01/39	8,057,832	4.000%	-	161,157	1,519,427.28	
11/01/39	8,057,832	4.000%	8,057,832	161,157	8,218,988.13	

Total	$21,171,801	$9,453,142	$30,624,943	

Northern Riverwalk	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2024-2025	

Neighborhood	O&M Units	Bonds Units
2019	
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)	

Commercial/Retail	

7	

7	

$113,089.36	

$113,089.36	

$0.00	

$1,641,382.98	

$1,135,778.72	

$505,604.26	

$1,754,472.34	

$1,248,868.08	

$505,604.26	
Total	7	7										

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