Sonoma Bay Community Development District

Proposed Budget For Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021 BUDGET	
O&M Assessments	274,790	
Debt Assessments	173,041	
Other Revenues	0	
Interest Income	240	
		
TOTAL REVENUES	$	448,071	
		
EXPENDITURES		
Supervisor Fees	11,000	
Payroll Taxes - Employer	880	
Engineering/Inspections	1,500	
Lake Maintenance	1,250	
Fountain Maintenance	1,000	
Lighting	13,000	
Security	191,580	
Security - 2nd Roving Officer	0	
Off Duty Police Officer	25,000	
Management	28,632	
Legal	9,500	
Assessment Roll	7,500	
Audit Fees	3,600	
Insurance	6,000	
Legal Advertisements	1,200	
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	$	308,692	
		
REVENUES LESS EXPENDITURES	$	139,379	
		
Bond Payments	(162,659)	
		
BALANCE	$	(23,280)	
		
County Appraiser & Tax Collector Fee	(8,957)	
Discounts For Early Payments	(17,913)	
		
EXCESS/ (SHORTFALL)	$	(50,150)	
		
Carryover Funds From Prior Year	50,150	
		
NET EXCESS/ (SHORTFALL)	$	-	

5/29/2020 2:46 PM	I

DETAILED PROPOSED BUDGET
SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2018/2019 ACTUAL	
FISCAL YEAR 2019/2020 BUDGET	
FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	
O&M Assessments	275,886	274,817	274,790	Expenditures Less Interest/.94	
Debt Assessments	173,569	173,041	173,041	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	488	240	240	Interest Projected At $20 Per Month	
					
TOTAL REVENUES	$	449,943	$	448,098	$	448,071		
					
EXPENDITURES					
Supervisor Fees	10,200	11,000	11,000	Supervisor Fees	
Payroll Taxes - Employer	780	880	880	Projected At 8% Of Supervisor Fees	
Engineering/Inspections	0	2,500	1,500	$1,000 Decrease From 2019/2020 Budget	
Lake Maintenance	750	1,250	1,250	No Change From 2019/2020 Budget	
Fountain Maintenance	0	1,000	1,000	No Change From 2019/2020 Budget	
Lighting	10,980	13,000	13,000	No Change From 2019/2020 Budget	
Security	193,983	186,000	191,580	3% Increase From 2019/2020 Budget	
Security - 2nd Roving Officer	0	12,000	0	Line Item Eliminated	
Off Duty Police Officer	0	0	25,000	Off Duty Police Officer	
Management	28,632	28,632	28,632	No Change From 2019/2020 Budget	
Legal	9,875	9,500	9,500	No Change From 2019/2020 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,400	3,500	3,600	Accepted Amount For 2019/2020 Audit	
Insurance	5,000	6,356	6,000	Insurance Estimate	
Legal Advertisements	468	1,300	1,200	$100 Decrease From 2019/2020 Budget	
Miscellaneous	1,098	1,000	1,000	No Change From 2019/2020 Budget	
Postage	110	300	300	No Change From 2019/2020 Budget	
Office Supplies	722	725	725	No Change From 2019/2020 Budget	
Dues & Subscriptions	175	175	175	No Change From 2019/2020 Budget	
Trustee Fee	2,500	2,500	2,500	No Change From 2019/2020 Budget	
Continuing Disclosure Fee	350	350	350	No Change From 2019/2020 Budget	
Website Management	1,500	2,000	2,000	No Change From 2019/2020 Budget	
					
TOTAL EXPENDITURES	$	278,023	$	291,468	$	308,692		
					
REVENUES LESS EXPENDITURES	$	171,920	$	156,630	$	139,379		
					
Bond Payments	(166,752)	(162,659)	(162,659)	2021 P & I Payments Less Earned Interest	
					
BALANCE	$	5,168	$	(6,029)	$	(23,280)		
					
County Appraiser & Tax Collector Fee	(2,348)	(8,957)	(8,957)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(13,518)	(17,914)	(17,913)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(10,698)	$	(32,900)	$	(50,150)		
					
Carryover Funds From Prior Year	0	32,900	50,150	Carryover Funds From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(10,698)	$	-	$	-		

5/29/2020 2:46 PM	II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 BUDGET	FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	

Interest Income	
1,893	
100	
200	
Projected Interest For 2020/2021	

NAV Tax Collection	
166,752	
162,659	
162,659	

Yearly Maximum Debt Assessment	

Total Revenues	
$	168,645	
$	162,759	
$	162,859		

EXPENDITURES					

Principal Payments	
100,000	
100,000	
105,000	
Principal Payment Due In 2021	

Interest Payments	
62,291	
57,536	
54,286	
Interest Payment Due In 2021	

Bond Redemption	
0	
5,223	
3,573	
Estimated Excess Debt Collections	

Total Expenditures	
$	162,291	
$	162,759	
$	162,859		

Excess/ (Shortfall)	
$	6,354	
$	-	
$	-		

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 1/1/20 =	$1,865,000

5/29/2020 2:46 PM	III

SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2017/2018	2018/2019	2019/2020	2020/2021	
    Assessment* 	     Assessment* 	      Assessment*		      Projected Assessment* 	

O & M For Two Bedroom Units	
$	
910.32	
$	
910.20	
$	
910.00	
$	
909.90	
Debt For Two Bedroom Units	$	391.23	$	391.23	$	391.23	$	391.23	
Total For Two Bedroom Units	$	1,301.55	$	1,301.43	$	1,301.23	$	1,301.13	
O & M For Three Bedroom Units	$	910.32	$	910.20	$	910.00	$	909.90	
Debt For Three Bedroom Units	$	535.94	$	535.94	$	535.94	$	535.94	
Total For Three Bedroom Units	$	1,446.26	$	1,446.14	$	1,445.94	$	1,445.84	
O & M For Three Bedroom Units With Garage	$	910.32	$	910.20	$	910.00	$	909.90	
Debt For Three Bedroom Units With Garage	$	782.46	$	782.46	$	782.46	$	782.46	
Total For Three Bedroom Units With Garage	$	1,692.78	$	1,692.66	$	1,692.46	$	1,692.36	

* 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	

5/29/2020 2:46 PM	IV