Title: SONB Proposed Budget 2023-2024.xlsx
Author: JWalker

Sonoma Bay Community Development District

Proposed Budget For Fiscal Year 2023/2024
October 1, 2023 - September 30, 2024

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES

FISCAL YEAR 2023/2024
BUDGET

O&M Assessments | 292,277
Debt Assessments | 173,041
Other Revenues | 0
Interest Income | 300
TOTAL REVENUES | $	465,618
EXPENDITURES |
Supervisor Fees | 11,000
Payroll Taxes - Employer | 880
Engineering/Inspections | 1,500
Lighting | 13,000
Security | 150,000
Contingency | 27,900
Management | 30,360
Legal | 13,000
Assessment Roll | 7,500
Audit Fees | 3,900
Insurance | 6,600
Legal Advertisements | 2,000
Miscellaneous | 1,000
Postage | 475
Office Supplies | 900
Dues & Subscriptions | 175
Trustee Fee | 2,500
Continuing Disclosure Fee | 350
Website Management | 2,000
TOTAL EXPENDITURES | $	275,040
REVENUES LESS EXPENDITURES | $	190,578
Bond Payments | (162,659)
BALANCE | $	27,919
County Appraiser & Tax Collector Fee | (9,306)
Discounts For Early Payments | (18,613)
EXCESS/ (SHORTFALL) | $	-
Carryover Funds From Prior Year | 0
NET EXCESS/ (SHORTFALL) | $	-

DETAILED PROPOSED BUDGET
SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES | FISCAL YEAR 2021/2022 ACTUAL | FISCAL YEAR 2022/2023 BUDGET | FISCAL YEAR 2023/2024 BUDGET | COMMENTS
O&M Assessments | 157,694 | 132,818 | 292,277 | Expenditures Less Interest/.94
Debt Assessments | 173,334 | 173,041 | 173,041 | Bond Payments/.94
Other Revenues | 0 | 0 | 0 |
Interest Income | 134 | 240 | 300 | Interest Projected At $25 Per Month
TOTAL REVENUES | $	331,162 | $	306,099 | $	465,618 |
EXPENDITURES | | | |
Supervisor Fees | 5,600 | 11,000 | 11,000 | Supervisor Fees
Payroll Taxes - Employer | 367 | 880 | 880 | Projected At 8% Of Supervisor Fees
Engineering/Inspections | 1,913 | 1,500 | 1,500 | No Change From 2022/2023 Budget
Lighting | 10,840 | 13,000 | 13,000 | No Change From 2022/2023 Budget
Security | 24,125 | 0 | 150,000 | Line Item Reinstated
Contingency | 0 | 29,000 | 27,900 | Contingency
Management | 28,632 | 29,484 | 30,360 | CPI Adjustment (Capped At 3%)
Legal | 10,133 | 13,000 | 13,000 | FY 22/23 Expenditures Through Dec 2022 = $2,025
Assessment Roll | 7,500 | 7,500 | 7,500 | As Per Contract
Audit Fees | 3,700 | 3,800 | 3,900 | $100 Increase From 2022/2023 Budget
Insurance | 5,706 | 6,200 | 6,600 | FY 22/23 Expenditures Was $6,134
Legal Advertisements | 868 | 2,300 | 2,000 | $300 Decrease From 2022/2023 Budget
Miscellaneous | 639 | 1,000 | 1,000 | No Change From 2022/2023 Budget
Postage | 133 | 500 | 475 | $25 Decrease From 2022/2023 Budget
Office Supplies | 605 | 900 | 900 | No Change From 2022/2023 Budget
Dues & Subscriptions | 175 | 175 | 175 | No Change From 2022/2023 Budget
Trustee Fee | 2,500 | 2,500 | 2,500 | No Change From 2022/2023 Budget
Continuing Disclosure Fee | 350 | 350 | 350 | No Change From 2022/2023 Budget
Website Management | 2,000 | 2,000 | 2,000 | No Change From 2022/2023 Budget
TOTAL EXPENDITURES | $	105,786 | $	125,089 | $	275,040 |
REVENUES LESS EXPENDITURES | $	225,376 | $	181,010 | $	190,578 |
Bond Payments | (165,841) | (162,659) | (162,659) | 2024 P & I Payments Less Earned Interest
BALANCE | $	59,535 | $	18,351 | $	27,919 |
County Appraiser & Tax Collector Fee | (2,536) | (6,117) | (9,306) | Two Percent Of Total Assessment Roll
Discounts For Early Payments | (11,333) | (12,234) | (18,613) | Four Percent Of Total Assessment Roll
EXCESS/ (SHORTFALL) | $	45,666 | $	- | $	- |
Carryover Funds From Prior Year | 0 | 0 | 0 | Carryover Funds From Prior Year
NET EXCESS/ (SHORTFALL) | $	45,666 | $	- | $	- |

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES | FISCAL YEAR 2021/2022 ACTUAL | FISCAL YEAR 2022/2023 BUDGET | FISCAL YEAR 2023/2024 BUDGET | COMMENTS
Interest Income | 227 | 25 | 100 | Projected Interest For 2023/2024
NAV Tax Collection | 165,841 | 162,659 | 162,659 | Yearly Maximum Debt Assessment
Total Revenues | $	166,068 | $	162,684 | $	162,759 |
EXPENDITURES | | | |
Principal Payments | 105,000 | 110,000 | 115,000 | Principal Payment Due In 2024
Interest Payments | 52,622 | 47,550 | 43,984 | Interest Payment Due In 2024
Bond Redemption | 0 | 5,134 | 3,775 | Estimated Excess Debt Collections
Total Expenditures | $	157,622 | $	162,684 | $	162,759 |
Excess/ (Shortfall) | $	8,446 | $	- | $	- |

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 1/1/23 =	$1,555,000

SONOMA BAY COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year
2020/2021 | 2021/2022 | 2022/2023 | 2023/2024
Assessment* | Assessment* | Assessment* | Projected Assessment*
O & M For Two Bedroom Units | $	909.90 | $	521.07 | $	439.80 | $ | 967.81
Debt For Two Bedroom Units | $	391.23 | $	391.23 | $	391.23 | $	391.23
Total For Two Bedroom Units | $	1,301.13 | $	912.30 | $	831.03 | $	1,359.04
O & M For Three Bedroom Units | $	909.90 | $	521.07 | $	439.80 | $	967.81
Debt For Three Bedroom Units | $	535.94 | $	535.94 | $	535.94 | $	535.94
Total For Three Bedroom Units | $	1,445.84 | $	1,057.01 | $	975.74 | $	1,503.75
O & M For Three Bedroom Units With Garage | $	909.90 | $	521.07 | $	439.80 | $	967.81
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 | $	1,303.53 | $	1,222.26 | $	1,750.27

* 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

4/10/2023 2:35 PM	^IV

4/10/2023 2:35 PM