Sonoma Bay Community Development District

Final Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL BUDGET
SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023 BUDGET	
O&M Assessments	132,818	
Debt Assessments	173,041	
Other Revenues	0	
Interest Income	240	
		
TOTAL REVENUES	$	306,099	
		
EXPENDITURES		
Supervisor Fees	11,000	
Payroll Taxes - Employer	880	
Engineering/Inspections	1,500	
Lake Maintenance	0	
Fountain Maintenance	0	
Lighting	13,000	
Security	0	
Contingency	29,000	
Management	29,484	
Legal	13,000	
Assessment Roll	7,500	
Audit Fees	3,800	
Insurance	6,200	
Legal Advertisements	2,300	
Miscellaneous	1,000	
Postage	500	
Office Supplies	900	
Dues & Subscriptions	175	
Trustee Fee	2,500	
Continuing Disclosure Fee	350	
Website Management	2,000	
		
TOTAL EXPENDITURES	$	125,089	
		
REVENUES LESS EXPENDITURES	$	181,010	
		
Bond Payments	(162,659)	
		
BALANCE	$	18,351	
		
County Appraiser & Tax Collector Fee	(6,117)	
Discounts For Early Payments	(12,234)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover Funds From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2020/2021 ACTUAL	
FISCAL YEAR 2021/2022 BUDGET	UPDATED FISCAL YEAR 2021/2022 BUDGET	
FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	
O&M Assessments	275,470	314,199	157,363	132,818	Expenditures Less Interest/.94	
Debt Assessments	173,426	173,041	173,041	173,041	Bond Payments/.94	
Other Revenues	0	0	0	0		
Interest Income	171	240	240	240	Interest Projected At $20 Per Month	
						
TOTAL REVENUES	$	449,067	$	487,480	$	330,644	$	306,099		
						
EXPENDITURES						
Supervisor Fees	10,400	11,000	11,000	11,000	Supervisor Fees	
Payroll Taxes - Employer	578	880	880	880	Projected At 8% Of Supervisor Fees	
Engineering/Inspections	0	1,500	1,500	1,500	No Change From 2021/2022 Budget	
Lake Maintenance	0	1,250	1,250	0	Line Item Eliminated	
Fountain Maintenance	0	1,000	1,000	0	Line Item Eliminated	
Lighting	10,733	13,000	13,000	13,000	No Change From 2021/2022 Budget	
Security	247,633	178,000	29,308	0	Line Item Eliminated	
Contingency	8,960	25,000	25,000	29,000	Contingency	
Management	28,632	28,632	28,632	29,484	CPI Adjustment (Capped At 3%)	
Legal	15,312	9,500	9,500	13,000	FY 21/22 Expenditures Through Jan 2022 = $4,210	
Assessment Roll	7,500	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,600	3,700	3,700	3,800	Accepted Amount For 2021/2022 Audit	
Insurance	5,513	6,000	6,000	6,200	Insurance Estimate	
Legal Advertisements	2,343	1,600	1,600	2,300	$700 Increase From 2021/2022 Budget	
Miscellaneous	924	1,000	1,000	1,000	No Change From 2021/2022 Budget	
Postage	516	300	300	500	$200 Increase From 2021/2022 Budget	
Office Supplies	863	700	700	900	$200 Increase From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	175	No Change From 2021/2022 Budget	
Trustee Fee	2,500	2,500	2,500	2,500	No Change From 2021/2022 Budget	
Continuing Disclosure Fee	350	350	350	350	No Change From 2021/2022 Budget	
Website Management	2,000	2,000	2,000	2,000	No Change From 2021/2022 Budget	
						
TOTAL EXPENDITURES	$	348,532	$	295,587	$	146,895	$	125,089		
						
REVENUES LESS EXPENDITURES	$	100,535	$	191,893	$	183,749	$	181,010		
						
Bond Payments	(166,156)	(162,659)	(162,659)	(162,659)	2023 P & I Payments Less Earned Interest	
						
BALANCE	$	(65,621)	$	29,234	$	21,090	$	18,351		
						
County Appraiser & Tax Collector Fee	(2,827)	(9,744)	(7,030)	(6,117)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(14,640)	(19,490)	(14,060)	(12,234)	Four Percent Of Total Assessment Roll	
						
EXCESS/ (SHORTFALL)	$	(83,088)	$	-	$	-	$	-		
						
Carryover Funds From Prior Year	0	0	0	0	Carryover Funds From Prior Year	
						
NET EXCESS/ (SHORTFALL)	$	(83,088)	$	-	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET
SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR 2020/2021 ACTUAL	FISCAL YEAR 2021/2022 BUDGET	FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	

Interest Income	
40	
25	
25	
Projected Interest For 2022/2023	

NAV Tax Collection	
166,156	
162,659	
162,659	

Yearly Maximum Debt Assessment	

Total Revenues	
$	166,196	
$	162,684	
$	162,684		

EXPENDITURES					

Principal Payments	
105,000	
105,000	
110,000	
Principal Payment Due In 2023	

Interest Payments	
55,951	
50,958	
47,550	
Interest Payment Due In 2023	

Bond Redemption	
0	
6,726	
5,134	
Estimated Excess Debt Collections	

Total Expenditures	
$	160,951	
$	162,684	
$	162,684		

Excess/ (Shortfall)	
$	5,245	
$	-	
$	-		

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 1/1/22 =	$1,660,000

SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

Fiscal Year 2020/2021
  Assessment* 	Fiscal Year 2021/2022
  Assessment* 	Fiscal Year 2021/2022
  Assessment*		Fiscal Year 2022/2023
  Projected Assessment* 	

O & M For Two Bedroom Units	
$	
909.90	
$	
1,040.40	
$	
521.07	
$	
439.80	
Debt For Two Bedroom Units	$	391.23	$	391.23	$	391.23	$	391.23	
Total For Two Bedroom Units	$	1,301.13	$	1,431.63	$	912.30	$	831.03	
O & M For Three Bedroom Units	$	909.90	$	1,040.40	$	521.07	$	439.80	
Debt For Three Bedroom Units	$	535.94	$	535.94	$	535.94	$	535.94	
Total For Three Bedroom Units	$	1,445.84	$	1,576.34	$	1,057.01	$	975.74	
O & M For Three Bedroom Units With Garage	$	909.90	$	1,040.40	$	521.07	$	439.80	
Debt For Three Bedroom Units With Garage	$	782.46	$	782.46	$	782.46	$	782.46	
Total For Three Bedroom Units With Garage	$	1,692.36	$	1,822.86	$	1,303.53	$	1,222.26	

* 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	

8/8/2022 12:31 PM	IV