Adopted Budget
Fiscal Year 2023

Hollywood Beach Community Development District I

August 1, 2022

Hollywood Beach
Community Development District I

TABLE OF CONTENTS

Enterprise Fund Budget
Budget Narrative
Amortization Schedule - Series 2020

Page 1
Page 2-5
Page 6

Hollywood Beach
Community Development District I

Enterprise Fund

Adopted Budget
	FY 2022	

Actual thru
	6/30/22	

Projected Next
	3 Months	

Total Projected at
	9/30/22	

Adopted Budget
	FY 2023	

Revenues
Parking Revenue - Public Parking Revenue - Resort User Fees - Garage
User Fees - Resort
Total Revenues
Expenditures
Administrative Engineering Arbitrage Dissemination Agent Attorney
Annual Audit Trustee Fees Management Fees Telephone Postage
Insurance - G/L
Insurance - Business Income Loss Printing & Binding
Legal Advertising Other Current Charges Website Compliance Office Supplies
Dues, Licenses & Subscriptions Capital Outlay
Total Admin
Parking Garage Operations
Salaries & Benefits Claims & Damages Credit Card & Bank Fees General Insurance Maintenance & Repairs Management Fee Miscellaneous
Printing & Stationery Supplies
Uniforms Utilities
Total Parking
Total Expenditures

$2,531,820
$444,810
$59,533
$1,398,574

$1,913,181
$254,492
$43,352
$1,376,664

$655,607
$136,631
$15,846
$144,989

$2,568,788
$391,123
$59,198
$1,521,653

$2,645,852
$393,924
$60,796
$1,632,347

	$4,434,737 

	$3,587,689 

	$953,074 

	$4,540,763 

	$4,732,918 

$10,000
$1,250
$2,500
$20,000
$9,900
$2,000
$37,080
$300
$1,000
$17,814
$13,596
$1,500
$3,000
$500
$1,000
$250
$175
$290

$125
$0
$2,125
$7,373
$8,215
$3,000
$27,810
$0
$278
$17,599
$14,072
$172
$360
$523
$750
$6
$175
$0

$2,500
$1,250
$625
$2,458
$0
$0
$9,270
$25
$250
$0
$0
$250
$1,233
$174
$250
$25
$0
$0

$2,625
$1,250
$2,750
$9,830
$8,215
$3,000
$37,080
$25
$528
$17,599
$14,072
$422
$1,593
$698
$1,000
$31
$175
$0

$10,000
$1,250
$2,500
$20,000
$8,215
$3,000
$38,934
$300
$1,000
$17,814
$13,596
$1,500
$3,000
$800
$1,000
$250
$175
$290

	$122,155 

	$82,583 

	$18,310 

	$100,893 

	$123,624 

$328,622
$6,000
$121,955
$133,949
$92,831
$119,065
$1,200
$4,800
$14,400
$1,200
$52,000
	$876,022 

$226,884
$0
$84,631
$94,129
$69,933
$86,707
$522
$0
$8,079
$660
$34,925
	$606,470 

$91,627
$3,500
$32,065
$37,571
$14,115
$31,689
$474
$2,800
$5,636
$650
$15,549
	$235,676 

$318,511
$3,500
$116,696
$131,700
$84,048
$118,396
$996
$2,800
$13,715
$1,310
$50,474
	$842,146 

$344,957
$6,000
$123,056
$133,949
$83,491
$121,591
$1,200
$3,000
$15,000
$1,400
$52,200
	$885,844 

	$998,177 

	$689,053 

	$253,986 

	$943,039 

	$1,009,468 

	$3,436,560 

	$2,898,636 

	$699,088 

	$3,597,724 
Debt Service Coverage

	$3,723,450 
157%

OPERATING INCOME

Non Operating Income/(Expenses)
Interest Income Capital Reserve
Total Non-Operating
Debt Service Interest Expense - 4/1 Interest Expense - 10/1
Principal Expense - 10/1 Other Debt Service Costs
Total Debt Service

$0 ($88,695)

$1,173 ($71,753)

$391 ($19,062)

$1,564 ($90,815)

$0 ($94,658)

	($88,695) 

	($70,580) 

	($18,671) 

	($89,251) 

	($94,658) 

$762,269
$762,269
$855,000
$0

$762,269
$381,134
$0
$0

$0
$254,090
$855,000
$0

$762,269
$635,224
$855,000
$0

$740,894
$740,894
$895,000
$0

	$2,379,538 

	$1,143,403 

	$1,109,090 

	$2,252,493 

	$2,376,788 

 Net Income	

	$968,327 

	$1,684,653 

	($428,673) 

	$1,255,980 

	$1,252,004 

Page 1

Hollywood Beach
Community Development District I

REVENUES:

Parking Revenue

The District owns and operates a public parking garage. The fees are collected on approximately 600 spaces.

User Fee Revenue

Represents a fixed percentage collected on all charges within the Resort.

EXPENDITURES:

Administrative:

Engineering Fees

The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc.

Arbitrage

The District is required to have an annual arbitrage rebate calculation on the District’s Bonds. The District will contract with an independent auditing firm to perform the calculations.

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.

Attorney

The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc.

Annual Audit

The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

Trustee Fees

The District bonds will be held and administered by a Trustee. This represents the banks annual fee.

Page 2

Hollywood Beach
Community Development District I

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services – South Florida, LLC.

Telephone

Telephone and fax machine.

Postage

Mailing of agenda packages, overnight deliveries, correspondence, etc.

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Insurance

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.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings etc in a newspaper of general circulation.

Other Current Charges

Bank charges and any other miscellaneous expenses that incurred during the year.

Website Compliance

Per Section 189.069 F.S., 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 as required by the Statute.

Office Supplies

Miscellaneous office supplies.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Capital Outlay

Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for District files.

Page 3

Hollywood Beach
Community Development District I

Parking Garage Operations:

Salaries & Benefits

Represents cost of full time and shared employees for the operation and administration of the parking garage.

Claims & Damages

Represents the cost of claims made by persons using the parking garage.

Credit Card & Bank Fees

Represents merchant fees charged by bank providing credit card services.

General Insurance

Represents the cost of the property and liability policy covering the parking garage.

Maintenance & Repairs

Represents the cost of all miscellaneous repairs.

Management Fee

The District pays a Management Fee equal to 4% of Gross Revenues derived from parking in the public parking garage.

Miscellaneous

Represents any expenditure not covered in other categories.

Printing & Stationery

Represents the cost of Garage related printed materials.

Supplies

Represents the cost of various supplies needed in the on-site administrative offices of the parking garage.

Uniforms

Uniforms for parking attendants.

Utilities

Represents the cost of water and electricity supplied to the parking garage.

Capital Reserve

Represents funds for capital improvements.

Page 4

Hollywood Beach
Community Development District I

Debt Service

The District issued $35,625,000 of Series 2020 Taxable Revenue Bonds for the construction of Public Parking Facilities. The annual debt service is:

Interest 4/1/23 Interest 10/1/23 Principal 10/1/23

$740,893.75
$740,893.75
$895,000.00

Page 5

Hollywood Beach
Community Development District I
Series 2020 Revenue Refunding Bonds

AMORTIZATION SCHEDULE

04/01/22
10/01/22
04/01/23
10/01/23
04/01/24
10/01/24
04/01/25
10/01/25
04/01/26
10/01/26
04/01/27
10/01/27
04/01/28
10/01/28
04/01/29
10/01/29
04/01/30
10/01/30
04/01/31
10/01/31
04/01/32
10/01/32
04/01/33
10/01/33
04/01/34
10/01/34
04/01/35
10/01/35
04/01/36
10/01/36
04/01/37
10/01/37
04/01/38
10/01/38
04/01/39
10/01/39
04/01/40
10/01/40
04/01/41
10/01/41
04/01/42
10/01/42
04/01/43
10/01/43
04/01/44
10/01/44
04/01/45
10/01/45

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

35,435,000.00
35,435,000.00
34,580,000.00
34,580,000.00
33,685,000.00
33,685,000.00
32,740,000.00
32,740,000.00
31,750,000.00
31,750,000.00
30,710,000.00
30,710,000.00
29,620,000.00
29,620,000.00
28,470,000.00
28,470,000.00
27,265,000.00
27,265,000.00
26,035,000.00
26,035,000.00
24,780,000.00
24,780,000.00
23,465,000.00
23,465,000.00
22,090,000.00
22,090,000.00
20,660,000.00
20,660,000.00
19,165,000.00
19,165,000.00
17,600,000.00
17,600,000.00
15,965,000.00
15,965,000.00
14,250,000.00
14,250,000.00
12,460,000.00
12,460,000.00
10,590,000.00
10,590,000.00
8,635,000.00
8,635,000.00
6,605,000.00
6,605,000.00
4,490,000.00
4,490,000.00
2,290,000.00
2,290,000.00

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

- 855,000.00
- 895,000.00
- 945,000.00
- 990,000.00
- 1,040,000.00
- 1,090,000.00
- 1,150,000.00
- 1,205,000.00
- 1,230,000.00
- 1,255,000.00
- 1,315,000.00
- 1,375,000.00
- 1,430,000.00
- 1,495,000.00
- 1,565,000.00
- 1,635,000.00
- 1,715,000.00
- 1,790,000.00
- 1,870,000.00
- 1,955,000.00
- 2,030,000.00
- 2,115,000.00
- 2,200,000.00
- 2,290,000.00

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

762,268.75
762,268.75
740,893.75
740,893.75
718,518.75
718,518.75
694,893.75
694,893.75
670,143.75
670,143.75
644,143.75
644,143.75
616,893.75
616,893.75
588,143.75
588,143.75
576,093.75
576,093.75
563,025.00
563,025.00
534,375.00
534,375.00
504,350.00
504,350.00
472,950.00
472,950.00
440,275.00
440,275.00
406,125.00
406,125.00
370,650.00
370,650.00
333,575.00
333,575.00
294,750.00
294,750.00
254,200.00
254,200.00
211,800.00
211,800.00
172,700.00
172,700.00
132,100.00
132,100.00
89,800.00
89,800.00
45,800.00
45,800.00

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

- 2,379,537.50
- 2,376,787.50
- 2,382,037.50
- 2,379,787.50
- 2,380,287.50
- 2,378,287.50
- 2,383,787.50
- 2,381,287.50
- 2,382,187.50
- 2,381,050.00
- 2,383,750.00
- 2,383,700.00
- 2,375,900.00
- 2,375,550.00
- 2,377,250.00
- 2,376,300.00
- 2,382,150.00
- 2,379,500.00
- 2,378,400.00
- 2,378,600.00
- 2,375,400.00
- 2,379,200.00
- 2,379,600.00
- 2,381,600.00

Page 6

$  35,435,000.00  $  21,676,937.50  $  57,111,937.50

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL