Adopted Budget
Fiscal Year 2024

Northern Riverwalk Community Development District

August 16, 2023

Northern Riverwalk									General Fund	
Community Development District										
	Adopted		Actual		Projected		Projected		Adopted	
	Budget		Thru		Next		thru		Budget	
Description	FY2023		7/31/2023		2 Months		9/30/2023		FY2024	

Revenues										
Maintenance Assessments	$106,304		$108,130		$0		$108,130		$107,435	
Interest Income	$0		$1,237		$825		$2,062		$0	
Total Revenues	$106,304		$109,367		$825		$110,192		$107,435	
Expenditures										
Administrative										
Engineering	$5,000		$0		$2,500		$2,500		$5,000	
Assessment Roll	$2,780		$2,180		$0		$2,180		$2,780	
Attorney	$30,000		$33,983		$1,500		$35,483		$30,000	
Annual Audit	$5,000		$4,400		$0		$4,400		$4,600	
Trustee Fees	$4,717		$4,041		$0		$4,041		$4,717	
Management Fees	$40,000		$33,333		$6,667		$40,000		$40,000	
Telephone	$50		$0		$25		$25		$50	
Postage	$350		$130		$58		$189		$350	
Printing & Binding	$700		$89		$117		$206		$700	
Insurance	$6,807		$6,886		$0		$6,886		$7,575	
Legal Advertising	$2,000		$0		$667		$667		$2,000	
Other Current Charges	$750		$87		$17		$104		$750	
Website Admin	$1,000		$833		$167		$1,000		$1,000	
Office Supplies	$150		$1		$25		$26		$150	
Dues, Licenses & Subscriptions	$175		$175		$0		$175		$175	
Contingencies	$250		$0		$42		$42		$250	
Total Administrative	$99,729		$86,137		$11,784		$97,921		$100,097	

Field										
Drainage System R & R	$2,000		$0		$333		$333		$2,000	
Contingencies	$4,575		$0		$763		$763		$5,338	
Total Field	$6,575		$0		$1,096		$1,096		$7,338	
										
Total Expenditures	$106,304		$86,137		$12,880		$99,017		$107,435	
										
Assigned Fund Balance	$0		$23,230		($12,055)		$11,175		$0	

Page 1

Northern Riverwalk

Community Development District	General Fund

REVENUES:

Maintenance Assessments

The District will levy a Non-Ad Valorem assessment on all the platted lots within the District to pay all of the operating expenses for the Fiscal Year in accordance with the adopted budget.

EXPENDITURES:

Administrative:

Engineering Fees

The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc. The District has contracted with Thomas Engineering for these services.

Assessment Roll

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

Attorney

The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc. The District has contracted with Lewis, Longman and Walker, PA. for these services.

Annual Audit

The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services – South Florida, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

Telephone

Telephone and fax machine.

Postage

Mailing of agenda packages, overnight deliveries, correspondence, etc.

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Insurance

The District's General Liability & Public Officials Liability Insurance policy is with Preferred Governmental Insurance Trust. PGIT specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings etc in a newspaper of general circulation.

Northern Riverwalk
Community Development District	General Fund

Administrative: (continued)

Other Current Charges

Bank charges and any other miscellaneous expenses that incurred during the year.

Website Compliance

Per Chapter 2014-22, Laws of Florida, all Districts must have a website by 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.

Office Supplies

Miscellaneous office supplies.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Department of Economic Opportunity for $175.

Capital Outlay

Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for District files.

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

Debt Service
Series 2019, Refunding Note

	Adopted
Budget		Actual
Thru		Projected
Next		Projected
thru		Adopted
Budget	
Description		FY2023		7/31/2023		2 Months		9/30/2023		FY2024	

Revenues											
Special Assessments - On Roll		$1,067,632		$1,079,444		$0		$1,079,444		$1,078,990	
Interest Income		$0		$19,687		$3,937		$23,624		$5,000	
Developer Contributions		$0		$560,657		$0		$560,657		$0	
Carry Forward Surplus (1)		$647,751		$69,159		$0		$69,159		$669,334	
Total Revenues		$1,715,383		$1,728,947		$3,937		$1,732,884		$1,753,324	
Expenditures											
Series 2019 											
Interest - 11/1		$431,764		$431,764		$0		$431,764		$427,681	
Principal - 11/1		$204,105		$204,105		$0		$204,105		$212,270	
Interest - 5/1		$427,681		$427,681		$0		$427,681		$423,436	
Total Expenditures		$1,063,550		$1,063,550		$0		$1,063,550		$1,063,387	
											
Excess Revenues		$651,833		$665,397		$3,937		$669,334		$689,937	
								
11/1/24 Interest		
$ 423,436.02	

(1)Carry Forward is net of Reserve account	11/1/24 Principal

$ 220,760.20

$ 644,196.22

Northern Riverwalk
Community Development District

Series 2019, Refunding Note
Amortization Schedule

 					
PRINCIPAL
	DATE			BALANCE			RATE			INTEREST			PRINCIPAL			TOTAL	

1-Nov-23	$	21,384,071	4.000%	$	427,681.41	$	212,269.60	
1-May-24	$	21,171,801	4.000%	$	423,436.02	$	-	$ 1,063,387.04	
1-Nov-24	$	21,171,801	4.000%	$	423,436.02	$	220,760.20	
1-May-25	$	20,951,041	4.000%	$	419,020.82	$	-	$ 1,063,217.04	
1-Nov-25	$	20,951,041	4.000%	$	419,020.82	$	704,858.60	
1-May-26	$	20,246,182	4.000%	$	404,923.65	$	-	$ 1,528,803.06	
1-Nov-26	$	20,246,182	4.000%	$	404,923.65	$	733,052.80	
1-May-27	$	19,513,130	4.000%	$	390,262.59	$	-	$ 1,528,239.04	
1-Nov-27	$	19,513,130	4.000%	$	390,262.59	$	762,375.00	
1-May-28	$	18,750,755	4.000%	$	375,015.09	$	-	$ 1,527,652.68	
1-Nov-28	$	18,750,755	4.000%	$	375,015.09	$	792,870.00	
1-May-29	$	17,957,885	4.000%	$	359,157.69	$	-	$ 1,527,042.78	
1-Nov-29	$	17,957,885	4.000%	$	359,157.69	$	824,584.80	
1-May-30	$	17,133,300	4.000%	$	342,665.99	$	-	$ 1,526,408.48	
1-Nov-30	$	17,133,300	4.000%	$	342,665.99	$	857,568.20	
1-May-31	$	16,275,732	4.000%	$	325,514.63	$	-	$ 1,525,748.82	
1-Nov-31	$	16,275,732	4.000%	$	325,514.63	$	891,870.80	
1-May-32	$	15,383,861	4.000%	$	307,677.21	$	-	$ 1,525,062.64	
1-Nov-32	$	15,383,861	4.000%	$	307,677.21	$	927,545.80	
1-May-33	$	14,456,315	4.000%	$	289,126.30	$	-	$ 1,524,349.31	
1-Nov-33	$	14,456,315	4.000%	$	289,126.30	$	964,647.60	
1-May-34	$	13,491,667	4.000%	$	269,833.35	$	-	$ 1,523,607.24	
1-Nov-34	$	13,491,667	4.000%	$	269,833.35	$ 1,003,233.40	
1-May-35	$	12,488,434	4.000%	$	249,768.68	$	-	$ 1,522,835.42	
1-Nov-35	$	12,488,434	4.000%	$	249,768.68	$ 1,043,362.80	
1-May-36	$	11,445,071	4.000%	$	228,901.42	$	-	$ 1,522,032.90	
1-Nov-36	$	11,445,071	4.000%	$	228,901.42	$ 1,085,097.20	
1-May-37	$	10,359,974	4.000%	$	207,199.48	$	-	$ 1,521,198.10	
1-Nov-37	$	10,359,974	4.000%	$	207,199.48	$ 1,128,501.20	
1-May-38	$	9,231,473	4.000%	$	184,629.45	$	-	$ 1,520,330.13	
1-Nov-38	$	9,231,473	4.000%	$	184,629.45	$ 1,173,641.20	
1-May-39	$	8,057,832	4.000%	$	161,156.63	$	-	$ 1,519,427.28	
1-Nov-39	$	8,057,832	4.000%	$	161,156.63	$ 8,057,831.50	$ 8,218,988.13	

	Total	

 $ 11,163,704.34 

 $ 21,384,070.70 

 $ 31,688,330.11