Majorca Isles	
Community Development District	

Adopted 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	
Adopted Budget	
General Fund	

Adopted	Actuals Thru	Projected Next	Projected Thru	Adopted	
Description	FY2024	4/30/24	5 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments - On Roll	$	174,898	$	170,327	$	6,013	$	176,340	$	174,898	
Interest income	2,500	9,957	7,166	17,123	12,000	
TOTAL REVENUES	$	177,398	$	180,283	$	13,179	$	193,462	$	186,898	

EXPENDITURES:

Administrative:						
Supervisor Fees	$	12,000	$	2,200	$	4,000	$	6,200	$	12,000	
FICA Taxes	918	168	306	474	918	
Engineering	5,000	14,109	7,500	21,609	5,000	
Attorney	10,000	3,215	6,785	10,000	10,000	
Annual Audit	8,400	8,400	-	8,400	8,600	
Arbitrage Rebate	600	-	600	600	600	
Dissemination Agent	2,500	1,958	1,458	3,417	2,675	
Trustee Fees	4,100	4,095	-	4,095	4,100	
Management Fees	45,000	26,250	18,750	45,000	48,150	
Information Technology	1,000	583	417	1,000	1,070	
Website Maintenance	1,500	875	625	1,500	1,605	
Telephone	150	-	50	50	150	
Travel & Per Diem	1,200	-	500	500	1,200	
Postage & Delivery	300	85	50	135	300	
Insurance General Liability	10,822	10,719	-	10,719	12,863	
Printing & Binding	1,200	698	502	1,200	1,200	
Legal Advertising	1,000	566	434	1,000	1,000	
Other Current Charges	1,000	96	100	196	1,000	
Bank Charges	900	492	500	992	900	
Office Supplies	600	-	200	200	600	
Dues, Licenses & Subscriptions	175	175	-	175	175	

TOTAL ADMINISTRATIVE	$	108,365	$	74,684	$	42,777	$	117,461	$	114,106	

Operations & Maintenance

Field Expenditures						
Miami Gardens Monitoring Fee	$	2,000	$	-	$	-	$	-	$	-	
Landscape Service	8,700	10,850	5,000	15,850	12,000	
Irrigation Repair and Maintenance	4,800	1,151	1,800	2,951	4,800	
Plant Replacement	15,000	-	15,000	15,000	15,000	
Repair and Maintenance	14,993	7,000	7,560	14,560	15,512	
Rust Prevention	4,080	2,380	1,700	4,080	4,080	
Street/Median Cleaning	7,200	6,550	4,750	11,300	11,400	
Stormwater Drainage	10,000	-	10,000	10,000	10,000	
Holiday Decoration	2,260	-	2,260	2,260	-	

Total Field Expenditures	$	69,033	$	27,931	$	48,070	$	76,001	$	72,792	

TOTAL EXPENDITURES	$	177,398	$	102,615	$	90,847	$	193,462	$	186,898	

EXCESS REVENUES (EXPENDITURES)	$	-	$	77,669	$	(77,668)	$	-	$	-	

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.	
Bank 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 Florida Department of Commerce for $175.	

Expenditures – Field	
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.	
Stormwater Drainange	
Storm Drain Cleaning for all Storm Drains throughout the District	

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

Adopted	Actuals Thru	Projected Next	Projected Thru	Adopted	
Description	FY2024	4/30/24	5 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments-On Roll	$	461,471	$	447,701	$	15,865	$	463,566	$	461,471	
Interest Earnings	1,000	17,313	10,000	27,313	13,000	
Carry Forward Surplus (1)	319,301	334,502	-	334,502	249,996	

TOTAL REVENUES	$	781,772	$	799,516	$	25,865	$	825,381	$	724,467	

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	$	511,475	$	(261,479)	$	249,996	$	281,280	

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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