Banyan Cay Community Development District

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

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023
BUDGET	
O&M Assessments	91,026	
Developer Contribution	0	
Debt Assessments	425,532	
Interest Income	60	
		
TOTAL REVENUES	$	516,618	
		
EXPENDITURES		
Supervisor Fees	0	
Engineering/Inspections	8,000	
Management	24,720	
Legal	22,000	
Assessment Roll	5,000	
Audit Fees	4,500	
Arbitrage Rebate Fee	650	
Insurance	6,064	
Legal Advertisements	1,400	
Miscellaneous	2,000	
Postage	400	
Office Supplies	750	
Dues & Subscriptions	175	
Trustee Fees	4,150	
Continuing Disclosure Fee	1,000	
Website Management	2,000	
Reserve	2,816	
TOTAL EXPENDITURES	$	85,625	
		
REVENUES LESS EXPENDITURES	$	430,993	
		
Bond Payments	(400,000)	
		
BALANCE	$	30,993	
		
County Appraiser & Tax Collector Fee	(10,331)	
Discounts For Early Payments	(20,662)	
		
EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
BANYAN CAY 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	
O&M Assessments	0	91,026	91,026	Expenditures Less Interest /.94	
Developer Contribution	121,870	0	0	Developer Contribution	
Debt Assessments	0	425,532	425,532	Bond Payments/.94	
Interest Income	14	60	60	Projected At $5.00 Per Month	
					
TOTAL REVENUES	$	121,884	$	516,618	$	516,618		
					
EXPENDITURES					
Supervisor Fees	0	0	0		
Engineering/Inspections	16,017	8,000	8,000	No Change From 2021/2022 Budget	
Management	24,000	24,000	24,720	CPI Increase (Capped At 3%)	
Legal	41,840	24,000	22,000	FY 21/22 Expenditures Through Jan 2022 Were $1,634	
Assessment Roll	5,000	5,000	5,000	As Per Contract	
Audit Fees	3,200	3,300	4,500	Increased Due To Bond Issue	
Arbitrage Rebate Fee	0	650	650	No Change From 2021/2022 Budget	
Insurance	5,513	6,064	6,064	Insurance Estimate	
Legal Advertisements	636	1,500	1,400	$100 Decrease From 2021/2022 Budget	
Miscellaneous	751	2,000	2,000	No Change From 2021/2022 Budget	
Postage	178	400	400	No Change From 2021/2022 Budget	
Office Supplies	110	800	750	$50 Decrease From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	No Change From 2021/2022 Budget	
Trustee Fees	4,140	4,150	4,150	No Change From 2021/2022 Budget	
Continuing Disclosure Fee	500	1,000	1,000	No Change From 2021/2022 Budget	
Website Management	2,000	2,000	2,000	No Change From 2021/2022 Budget	
Reserve	11,000	2,586	2,816	Reserve	
TOTAL EXPENDITURES	$	115,060	$	85,625	$	85,625		
					
REVENUES LESS EXPENDITURES	$	6,824	$	430,993	$	430,993		
					
Bond Payments	0	(400,000)	(400,000)	2023 P & I Payments Less Earned Interest	
					
BALANCE	$	6,824	$	30,993	$	30,993		
					
County Appraiser & Tax Collector Fee	0	(10,331)	(10,331)		
Discounts For Early Payments	0	(20,662)	(20,662)		
					
EXCESS/ (SHORTFALL)	$	6,824	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
BANYAN CAY 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	
21	
25	
25	
Projected Interest For 2022/2023	

Capitalized Interest	
234,726	
0	
0	

Capitalized Interest Set-up Though November 2021	

NAV Tax Collection	
0	
400,000	
400,000	
Maximum Debt Service Collection	

Total Revenues	
$	234,747	
$	400,025	
$	400,025		

EXPENDITURES					

Principal Payments	
0	
130,000	
130,000	
Principal Payment Due In 2023	

Interest Payments	
100,170	
269,113	
265,538	
Interest Payments Due In 2023	

Bond Redemption	
0	
912	
4,487	
Estimated Excess Debt Collections	

Total Expenditures	
$	100,170	
$	400,025	
$	400,025		

Excess/ (Shortfall)	
$	134,577	
$	-	
$	-		

Series 2020 Bond Information

Original Par Amount =	$6,895,000	Annual Principal Payments Due =	November 1st	
Interest Rate =	2.75% - 4.00%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	December 2020			
Maturity Date =

Par Amount As Of 1/1/22 =	November 2051

$6,895,000			

Banyan Cay Community Development District Assessment Comparison

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

O & M For Estate Homes	$	-	$

-	$	370.03	$

370.03

Debt For Estate Homes

$	1,789.00	$	- 

$	1,789.13

$	1,789.13

Total For Estate Homes	$

1,789.00	$

-	$	2,159.16	$

2,159.16

O & M For Hotel Room/Units	$	-	$

-	$	370.03	$

370.03

Debt For Hotel Room/Units

$	1,789.00	$	- 

$	1,789.13

$	1,789.13

Total For Hotel

$	1,789.00	$

-	$	2,159.16	$

2,159.16

O & M For Resort Villas	$	-	$

-	$	370.03	$

370.03

Debt For Resort Villas

$	1,431.00	$	- 

$	1,431.30

$	1,431.30

Total For Resort Villas	$

1,431.00	$

-	$	1,801.33	$

1,801.33

O & M For Clubhouse Component	$	-	$

-	$	8,140.66	$

8,140.66

Debt For Clubhouse Component	$	32,639.00	$	- 	$	32,639.00	$	32,639.00	
Total For Clubhouse Component	$	32,639.00	$	-	$	40,779.66	$	40,779.66	

* Assessments Include the Following :		
4% Discount for Early Payments 1% County Tax Collector Fee
1% County Property Appraiser Fee		
Community Information - Phase One:		
Estate Homes	52	
Hotel Units/Room	150	
Resort Villas	22	
Clubhouse Component	22	
Total Units	246	
Clubhouse Component Is 18,243 Square Feet		

3/7/2022 9:17 AM	IV