Majorca Isles	
Community Development District	

Approved Proposed Budget	
FY 2025	

Table of Contents

1		General Fund

2-3		Narratives

4-5		Debt Service Fund Series 2015

6		Assessment Schedule

Majorca Isles	
Community Development District	
Approved Proposed Budget	
General Fund	

Adopted
Budget	Actuals Thru	Projected Next	Projected Thru	Approved
Proposed	
Description	FY2024	2/29/24	7 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments - On Roll	$174,898	$164,003	$12,357	$176,360	$174,898	
Interest income	2,500	6,780	10,500	17,280	12,000	
Carry Forward Surplus	-	-	-	-	3,748	
TOTAL REVENUES	$177,398	$170,783	$22,857	$193,640	$190,646	

EXPENDITURES:

Administrative:						
Supervisor Fees	$12,000	$1,600	$6,000	$7,600	$12,000	
FICA Taxes	918	122	459	581	918	
Engineering	5,000	3,464	4,849	8,313	5,000	
Attorney	10,000	2,277	7,723	10,000	10,000	
Annual Audit	8,400	8,400	-	8,400	8,600	
Arbitrage Rebate	600	-	600	600	600	
Dissemination Agent	2,500	1,542	1,458	3,000	2,675	
Trustee Fees	4,100	4,095	-	4,095	4,100	
Management Fees	45,000	18,750	26,250	45,000	48,150	
Information Technology	1,000	417	583	1,000	1,070	
Website Maintenance	1,500	625	875	1,500	1,605	
Telephone	150	-	150	150	150	
Travel & Per Diem	1,200	-	700	700	1,200	
Postage & Delivery	300	70	98	168	300	
Insurance General Liability	10,822	10,719	-	10,719	12,863	
Printing & Binding	1,200	664	536	1,200	1,200	
Legal Advertising	1,000	-	1,000	1,000	1,000	
Other Current Charges	1,000	36	200	236	1,000	
Bank Charges	900	257	359	616	900	
Office Supplies	600	-	350	350	600	
Dues, Licenses & Subscriptions	175	175	-	175	175	

TOTAL ADMINISTRATIVE	$108,365	$53,212	$52,191	$105,403	$114,106	

Operations & Maintenance

Field Expenditures						
Miami Gardens Monitoring Fee	$2,000	$-	$2,000	$2,000	$2,000	
Landscape Service	8,700	8,850	7,000	15,850	12,000	
Irrigation Repair and Maintenance	4,800	905	3,895	4,800	4,800	
Plant Replacement	15,000	-	15,000	15,000	15,000	
Repair and Maintenance	14,993	7,000	13,150	20,150	15,000	
Rust Prevention	4,080	1,700	2,380	4,080	4,080	
Street/Median Cleaning	7,200	3,700	6,650	10,350	11,400	
Storm Water Drainage	10,000	-	10,000	10,000	10,000	
Holiday Decoration	2,260	-	2,260	2,260	2,260	

Total Field Expenditures	$69,033	$22,155	$62,335	$84,490	$76,540	

TOTAL EXPENDITURES	$177,398	$75,367	$114,526	$189,893	$190,646	

EXCESS REVENUES (EXPENDITURES)	$-	$95,417	$(91,669)	$3,748	$-	

Majorca Isles	
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	

Supervisors Fees	
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated
$200 per meeting in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending 6 meetings.	
FICA Taxes	
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.	
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.	
Dissemination Agent	
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.	
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.	
Information Technology	
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.	
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.	

Majorca Isles	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

Expenditures - Administrative (continued)	
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.	
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 other miscellaneous expenses that incur during the year.	
Other Current Charges	
This includes monthly bank charges.	
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 Department of Economic Opportunity Community Affairs for $175.	

Expenditures – Field	
Miami Gardens Monitoring Fee	
The City Council for the City of Miami Gardens imposes an annual monitoring fee for each Community Development District that is located wholly within the boundaries of the City of Miami Gardens, in the amount of $1,000 per Community Development District, or
$10.00 per residential unit, whichever is greater.	
Landscape Service	
Landscaping service 13th CT Right of Way Majorca East of ROW and Walden West of ROW and 14th Place corridor - 1200 linear feet of grass and trimming Clusia hedges. HOA has a contract with landscaping serives.	
Irrigation Reapair and Maintenance	
Represent wet check services for Walden Park and repairs.	
Plant Replacement	
Plant replacement within the district boundary.	
Repair and Maintenance	
Represents and repairs throughout the district.	
Rust Prevention	
Represents chemical for rest prevention. HOA has a contract with Rust-Off LLC service.	
Street/Median Cleaning	
Represents cleaning of median on 13th CT Right of Way. HOA have a contract with The Sanitizer LLC service.	
Storm Water Drainange	
Storm Drain Cleaning for all Storm Drains throughout the District	
Holiday Decoration	
Represents holiday decoration within district boundary.	

Majorca Isles	
Community Development District	
Approved Proposed Budget	
Debt Service Series 2015 Special Assessment Revenue Bonds	

Adopted
Budget	Actuals Thru	Projected Next	Projected Thru	Approved
Proposed	
Description	FY2024	2/29/24	7 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments-On Roll	$461,471	$431,130	$32,604	$463,734	$461,471	
Interest Earnings	1,000	11,282	5,000	16,282	8,000	
Carry Forward Surplus (1)	319,301	-	319,301	319,301	223,931	

TOTAL REVENUES	$781,772	$442,411	$356,905	$799,316	$693,402	

EXPENDITURES:

Interest - 11/01	$160,366	$160,366	$-	$160,366	$154,094	
Special Call - 11/1	-	110,000	-	110,000	-	
Interest - 05/01	160,366	-	157,344	157,344	154,094	
Principal - 05/01	130,000	-	130,000	130,000	135,000	

TOTAL EXPENDITURES	$450,731	$270,366	$287,344	$557,709	$443,188	

Other Sources/(Uses)

Interfund transfer In/(Out)	$-	$17,676	$-	$17,676	$-	

TOTAL OTHER SOURCES/(USES)	$-	$17,676	$-	$17,676	$-	

TOTAL EXPENDITURES	$450,731	$288,042	$287,344	$575,385	$443,188	

EXCESS REVENUES (EXPENDITURES)	$331,040	$154,370	$69,561	$223,931	$250,214	

Interest Due 11/1/25	$150,718.75	

(1) Carry Forward is Net of Reserve Requirement

Majorca Isles	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2015 Special Assessment Revenue Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

11/01/24	$5,575,000		$-	$154,094	$154,094	
05/01/25	5,575,000	5.000%	135,000	$154,094		
11/01/25	5,440,000			$150,719	$439,813	
05/01/26	5,440,000	5.375%	140,000	$150,719		
11/01/26	5,300,000			$146,956	$437,675	
05/01/27	5,300,000	5.375%	150,000	$146,956		
11/01/27	5,150,000			$142,925	$439,881	
05/01/28	5,150,000	5.375%	160,000	$142,925		
11/01/28	4,990,000			$138,625	$441,550	
05/01/29	4,990,000	5.375%	165,000	$138,625		
11/01/29	4,825,000			$134,191	$437,816	
05/01/30	4,825,000	5.375%	175,000	$134,191		
11/01/30	4,650,000			$129,488	$438,678	
05/01/31	4,650,000	5.375%	185,000	$129,488		
11/01/31	4,465,000			$124,516	$439,003	
05/01/32	4,465,000	5.375%	195,000	$124,516		
11/01/32	4,270,000			$119,275	$438,791	
05/01/33	4,270,000	5.375%	205,000	$119,275		
11/01/33	4,065,000			$113,766	$438,041	
05/01/34	4,065,000	5.375%	220,000	$113,766		
11/01/34	3,845,000			$107,853	$441,619	
05/01/35	3,845,000	5.375%	230,000	$107,853		
11/01/35	3,615,000			$101,672	$439,525	
05/01/36	3,615,000	5.625%	245,000	$101,672		
11/01/36	3,370,000			$94,781	$441,453	
05/01/37	3,370,000	5.625%	260,000	$94,781		
11/01/37	3,110,000			$87,469	$442,250	
05/01/38	3,110,000	5.625%	275,000	$87,469		
11/01/38	2,835,000			$79,734	$442,203	
05/01/39	2,835,000	5.625%	290,000	$79,734		
11/01/39	2,545,000			$71,578	$441,313	
05/01/40	2,545,000	5.625%	305,000	$71,578		
11/01/40	2,240,000			$63,000	$439,578	
05/01/41	2,240,000	5.625%	325,000	$63,000		
11/01/41	1,915,000			$53,859	$441,859	
05/01/42	1,915,000	5.625%	340,000	$53,859		
11/01/42	1,575,000			$44,297	$438,156	
05/01/43	1,575,000	5.625%	360,000	$44,297		
11/01/43	1,215,000			$34,172	$438,469	
05/01/44	1,215,000	5.625%	380,000	$34,172		
11/01/44	835,000			$23,484	$437,656	
05/01/45	835,000	5.625%	405,000	$23,484		
11/01/45	430,000			$12,094	$440,578	
05/01/46	430,000	5.625%	430,000	$12,094	$442,094	

TOTAL	$5,575,000	$4,257,094	$9,832,094	

Majorca Isles	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2024-2025	

Neighborhood	O&M Units	Bonds 2015
Units	
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)	

Single Family	

51	

51	

$287.21	

$287.21	

$0.00	

$849.84	

$849.84	

$0.00	

$1,137.05	

$1,137.05	

$0.00	
Townhomes	590	590	$287.21	$287.21	$0.00	$749.86	$749.86	$0.00	$1,037.07	$1,037.07	$0.00	
Total	641	641										

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