Sonoma Bay Community Development District

Final Budget For Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020
BUDGET	
O&M Assessments	274,817	
Debt Assessments	173,041	
Other Revenues	0	
Interest Income	240	
		
TOTAL REVENUES	$	448,098	
		
EXPENDITURES		
Supervisor Fees	11,000	
Payroll Taxes - Employer	880	
Engineering/Inspections	2,500	
Lake Maintenance	1,250	
Fountain Maintenance	1,000	
Lighting	13,000	
Security	186,000	
Security - 2nd Roving Officer	12,000	
Management	28,632	
Legal	9,500	
Assessment Roll	7,500	
Audit Fees	3,500	
Insurance	6,356	
Legal Advertisements	1,300	
Miscellaneous	1,000	
Postage	300	
Office Supplies	725	
Dues & Subscriptions	175	
Trustee Fee	2,500	
Continuing Disclosure Fee	350	
Website Management	2,000	
		
TOTAL EXPENDITURES	$	291,468	
		
REVENUES LESS EXPENDITURES	$	156,630	
		
Bond Payments	(162,659)	
		
BALANCE	$	(6,029)	
		
County Appraiser & Tax Collector Fee	(8,957)	
Discounts For Early Payments	(17,914)	
		
EXCESS/ (SHORTFALL)	$	(32,900)	
		
Carryover Funds From Prior Year	32,900	
		
NET EXCESS/ (SHORTFALL)	$	-	

5/30/2019 3:26 PM	I

DETAILED FINAL BUDGET
SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018 ACTUAL	
FISCAL YEAR 2018/2019 BUDGET	
FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	
O&M Assessments	275,405	274,881	274,817	Expenditures Less Interest/.94	
Debt Assessments	173,333	173,041	173,041	Bond Payments/.94	
Other Revenues	250	0	0		
Interest Income	550	180	240	Interest Projected At $20 Per Month	
					
TOTAL REVENUES	$	449,538	$	448,102	$	448,098		
					
EXPENDITURES					
Supervisor Fees	7,600	11,000	11,000	Supervisor Fees	
Payroll Taxes - Employer	525	880	880	Projected At 8% Of Supervisor Fees	
Engineering/Inspections	0	2,500	2,500	No Change From 2018/2019 Budget	
Lake Maintenance	750	1,500	1,250	$250 Decrease From 2018/2019 Budget	
Fountain Maintenance	0	1,000	1,000	$250 Per Quarter	
Lighting	11,262	15,000	13,000	$2,000 Decrease From 2018/2019 Budget	
Security	205,265	180,000	186,000	Budgeted At $15,500 Per Month	
Security - 2nd Roving Officer	9,459	12,000	12,000	Budgeted At $1,000 Per Month	
Management	28,632	28,632	28,632	No Change From 2018/2019 Budget	
Legal	9,763	9,500	9,500	No Change From 2018/2019 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,800	3,900	3,500	Accepted Amount For 2018/2019 Audit	
Insurance	5,778	6,356	6,356	Insurance Estimate	
Legal Advertisements	1,187	1,400	1,300	$100 Decrease From 2018/2019 Budget	
Miscellaneous	562	1,100	1,000	$100 Decrease From 2018/2019 Budget	
Postage	146	300	300	No Change From 2018/2019 Budget	
Office Supplies	760	675	725	$50 Increase From 2018/2019 Budget	
Dues & Subscriptions	175	175	175	No Change From 2018/2019 Budget	
Trustee Fee	2,500	2,500	2,500	No Change From 2018/2019 Budget	
Continuing Disclosure Fee	350	350	350	$150 Decrease From 2018/2019 Budget	
Website Management	1,500	1,500	2,000	$500 Increase From 2018/2019 Budget	
					
TOTAL EXPENDITURES	$	297,514	$	287,768	$	291,468		
					
REVENUES LESS EXPENDITURES	$	152,024	$	160,334	$	156,630		
					
Bond Payments	(166,453)	(162,659)	(162,659)	2020 P & I Payments Less Earned Interest	
					
BALANCE	$	(14,429)	$	(2,325)	$	(6,029)		
					
County Appraiser & Tax Collector Fee	(2,579)	(8,958)	(8,957)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(13,522)	(17,917)	(17,914)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(30,530)	$	(29,200)	$	(32,900)		
					
Carryover Funds From Prior Year	0	29,200	32,900	Carryover Funds From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(30,530)	$	-	$	-		

5/30/2019 3:26 PM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET
SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
1,150	
25	
100	
Projected Interest For 2019/2020	

NAV Tax Collection	
166,453	
162,659	
162,659	

Yearly Maximum Debt Assessment	

Total Revenues	
$	167,603	
$	162,684	
$	162,759		

EXPENDITURES					

Principal Payments	
95,000	
100,000	
100,000	
Principal Payment Due In 2020	

Interest Payments	
65,302	
60,706	
57,536	
Interest Payment Due In 2020	

Bond Redemption	
0	
1,978	
5,223	
Estimated Excess Debt Collections	

Total Expenditures	
$	160,302	
$	162,684	
$	162,759		

Excess/ (Shortfall)	
$	7,301	
$	-	
$	-		

Series 2015 Bond Refunding Information

Original Par Amount =	$2,240,000	Annual Principal Payments Due =	May 1st	

Interest Rate =	
3.17% - 5.45%	
Annual Interest Payments Due =	
May 1st & November 1st	

Issue Date =	
August 2015			

Maturity Date =	
May 2035			

Par Amount As Of 1/1/19 =	$1,965,000

5/30/2019 3:26 PM	III

SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2016/2017	2017/2018	2018/2019	2019/2020	
    Assessment* 	     Assessment*		     Assessment*		      Projected Assessment* 	

O & M For Two Bedroom Units	
$	
910.69	
$	
910.32	
$	
910.20	
$	
910.00	
Debt For Two Bedroom Units	$	391.23	$	391.23	$	391.23	$	391.23	
Total For Two Bedroom Units	$	1,301.92	$	1,301.55	$	1,301.43	$	1,301.23	
O & M For Three Bedroom Units	$	910.69	$	910.32	$	910.20	$	910.00	
Debt For Three Bedroom Units	$	535.94	$	535.94	$	535.94	$	535.94	
Total For Three Bedroom Units	$	1,446.63	$	1,446.26	$	1,446.14	$	1,445.94	
O & M For Three Bedroom Units With Garage	$	910.69	$	910.32	$	910.20	$	910.00	
Debt For Three Bedroom Units With Garage	$	782.46	$	782.46	$	782.46	$	782.46	
Total For Three Bedroom Units With Garage	$	1,693.15	$	1,692.78	$	1,692.66	$	1,692.46	

* Assessments Include the Following : 4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee		
Community Information:		
Two Bedroom Units	76	
Three Bedroom Units	136	
Three Bedroom Units With Garage	90	
Total Units	302	

5/30/2019 3:26 PM	IV