Author: TLascasas

BANYAN CAY COMMUNITY DEVELOPMENT
DISTRICT

PALM BEACH COUNTY REGULAR BOARD MEETING MAY 16, 2023
2:00 P.M.

Special District Services, Inc.
2501A Burns Road
Palm Beach Gardens, FL 33410

www.banyancaycdd.org 561.630.4922 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile

AGENDA BANYAN CAY
COMMUNITY DEVELOPMENT DISTRICT
Conference Room of Special District Services, Inc.
2501A Burns Road
Palm Beach Gardens, Florida 33410 REGULAR BOARD MEETING May 16, 2023
2:00 P.M.

Call to Order
Proof of Publication…	Page 1
Establish Quorum
Additions or Deletions to Agenda
Comments from the Public for Items Not on the Agenda
Approval of Minutes
October 18, 2022 Regular Board Meeting Minutes…	Page 2
Old Business
New Business
Consider Resolution No. 2023-01 – Adopting a Fiscal Year 2023/2024 Proposed Budget…	Page 5
Administrative Matters
Board Members Comments
Adjourn

PALM BEACH

STATE OF FLORIDA COUNTY OF PALM BEACH:

Before the undersigned authority personally appeared ANGELINA GARAY, who on oath says that he or she is the LEGAL CLERK, Legal Notices of the Palm Beach Daily Business Review f/k/a Palm Beach Review, a daily (except Saturday, Sunday  and Legal Holidays) newspaper, published at West Palm Beach in Palm Beach County, Florida; that lhe attached copy of advertisement, being a Legal Advertisement of Notice in the matter of

S,'\NYAN C.O.Y COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023 REGULAR MEETING SCHEDULE - NOTICE IS HEREBY GIVEN THAT THE BOARD OF SUPERVISORS OF THE BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT WILL HOLD REGULAR BOARD MEETINGS IN THE CONFERENCE, ETC.

in the XXXX Court,
was published in said newspaper by print in the issues of and/or by publication on the newspaper's website, if authorized, on

1010712022

Affianl further says that the newspaper complies with all legal requirements for publication in chapter 50, Florida Statutes.

ANGELINA GARAY personally known to me

BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL Y£AR 2022/2023 REGULAR MEmNG SCHEDULE
NOTICE IS HEREBY GIVEN that the
Board of Supervisors of the y
Cay Community De'/elopment District will hold Regular Board Meetings in the Conference Room of Special District Services, Inc. located 2501A Bums Road, Palm Beach Gardens, Florida 33410 at 2:00 p.m. on the
following dates: October 18, 2022
November 15, 2022
December 13, 2022
January 17, 2023

I

February 21, 2023
March 21, 2023
April 18, 2023
May 16,2023
June 20, 2023
July 18, 2023
August 16, 2023	\
September 19, 2023
Toe purpose of the meetings Is to conduct any business coming before the Board. Meetings are open to the public and will be conducted in aocordance with the provisions of Florida law. Coples of the Agendas for any of the meetings may be obtained from the District's website or by, contactlng the District Manager al 561-630-4922 and/or toll free at
1-877-737-4922 frve (5) days prior to the date of the particular meeting.
From time to time one or two
SuperVisors may participate by telephone; therefore, a speaker telephone will be present at the mee1lng location so that Supervisors may be fully informed of the discussions lalilng place. Said meeting(s) may be continued es found necessary to a time and place specified on the record.
If any person decides to appeal any decision made with respect to any matter considered at these meetings, such petson will need a record of the proceedings and such person may need to ensure that a verbatim record of the proceedings ls made at hls or her own expense and which record Includes the testimony and evidence on which the appeal is based.
In accordance with the provisionsof
the Americans with D!sabinties Act, any person requlring special accommo­ dations or an interpreter to participate at any of these meetings shoUld contact the District Manager at 561-630-4922
and/or toll free at 1-877-737-4922 at least seven {7) days prior to the date of the particular meeting.
Meetings may be cancelled from timeto time without advertisednotice. BANYAN CAY COMMUNITY DEVELOPMENTDISTRICT
www.banyancaycdd.org
10ll	22-02/0000623563P

BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING
OCTOBER 18, 2022

CALL TO ORDER

The October 18, 2022, Regular Board Meeting of the Banyan Cay Community Development District (the “District”) was called to order at 2:05 p.m. in the Conference Room of Special District Services, Inc., located at 2501A Burns Road, Palm Beach Gardens, Florida 33410.

PROOF OF PUBLICATION

Proof of publication was presented which showed that notice of the Regular Board Meeting had been published in The Palm Beach Post on October 7, 2022, as part of the District’s Fiscal Year 2022/2023 Meeting Schedule, as legally required.

ESTABLISH A QUORUM

A quorum was established with the following Supervisors in attendance:

Chairperson | Alicia Lewis | Present
Vice-Chair | Charlie Rimpela | Present
Supervisor | Matthew Kutner | Present
Supervisor | Sarah Dosch | Present
Supervisor | David Kohlasch | Absent

Also in virtual attendance were:

District Manager | Jason Pierman | Special District Services, Inc.
District Counsel | Bill Capko (via phone) | Lewis Longman & Walker, P.A.
District Engineer | Lisa Tropepe | Engenuity

ADDITIONS OR DELETIONS TO AGENDA

There were no additions or deletions to the agenda.

COMMENTS FROM THE PUBLIC FOR ITEMS NOT ON THE AGENDA

There were no comments from the public for items not on the agenda.

APPROVAL OF MINUTES
August 16, 2022, Public Hearing & Regular Board Meeting

The minutes of the August 16, 2022, Public Hearing & Regular Board Meeting were presented for consideration.

A motion was made by Mr. Rimpela, seconded by Ms. Dosch and passed unanimously approving the minutes of the August 16, 2022, Public Hearing &Regular Board Meeting, as presented.

OLD BUSINESS

There were no Old Business items to come before the Board.

NEW BUSINESS
Consider Resolution No. 2022-05 – Adopting a Fiscal Year 2022/2023 Amended Budget
Resolution No. 2022-05 was presented, entitled:

RESOLUTION NO. 2022-05

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT AUTHORIZING AND ADOPTING AN AMENDED FINAL FISCAL YEAR 2021/2022 BUDGET (“AMENDED BUDGET”), PURSUANT TO CHAPTER 189, FLORIDA STATUTES; AND PROVIDING AN EFFECTIVE DATE.

A motion was made by Ms. Dosch, seconded by Mr. Rimpela and passed unanimously adopting Resolution No. 2022-05, as presented.

Consider Maintenance Agreement with HOA

Discussion ensued regarding the ability to add lake maintenance to the District’s budget. Mr. Pierman noted that it could be added next fiscal year, but the current budget does not include it. Mr. Pierman recommended adding it next year, and having the HOA manage the contract, since they are onsite. Ms. Tropepe stressed the importance of maintaining the District’s infrastructure.

A motion was made by Mr. Rimpela, seconded by Ms. Dosch and passed unanimously approving the Maintenance Agreement with this HOA, as presented.

ADMINISTRATIVE MATTERS

Mr. Pierman noted that the next meeting would be held in March, unless there was a need to hold one earlier. Ms. Lewis noted that they needed to meet in January or February.

BOARD MEMBER COMMENTS

There were no comments from the Board Members.

ADJOURNMENT

There being no further business to come before the Board, a motion was made by Mr. Rimpela, seconded by Ms. Dosch and passed unanimously adjourning the meeting at 2:20 p.m.

ATTESTED BY:

Secretary/Assistant Secretary	Chairperson/Vice-Chair

RESOLUTION 2023-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2023/2024 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW AND PROVIDING FOR AN EFFECTIVE DATE.

WHEREAS, the Banyan Cay Community Development District (“District”) was recently established by Palm Beach County, Florida effective January 28, 2019; and

WHEREAS, the District Manager has prepared and submitted to the Board of Supervisors of the Banyan Cay Community Development District (the “Board”) the proposed operating budget for Fiscal Year 2023/2024; and

WHEREAS, the Board has considered the proposed budget and desires to set the required public hearing thereon.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT:

The operating budget proposed by the District Manager for Fiscal Year 2023/2024 attached hereto as Exhibit A is hereby approved as the basis for conducting a public hearing to adopt said budget.

The public hearing on said approved budget is hereby declared and set for the following date, hour and location:

DATE:		, 2023 

HOUR:	2:00 p.m.	

LOCATION: Special District Services, Inc.	 2501A Burns Road	 Palm Beach Gardens, FL 33410.   

The District Manager is hereby directed to submit a copy of the proposed budget to Palm Beach County at least 60 days prior to the hearing set above.

In accordance with Section 189.016, Florida Statutes, the District's Secretary is further directed to post the approved budget on the District's website at least two days before the budget hearing date as set forth in Section 2. If the District does not have its own website, the District's Secretary is directed to transmit the approved budget to the managers or administrators of Palm Beach County for posting on their website.

Notice of this public hearing shall be published in the manner prescribed in Florida law.

This Resolution shall take effect immediately upon adoption.

PASSED AND ADOPTED this 16^th day of May, 2023.

ATTEST:	BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairman

Exhibit A: Fiscal Year 2023/2024 Budget

Banyan Cay 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
BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES

FISCAL YEAR 2023/2024
BUDGET

O&M Assessments | 102,497
Developer Contribution | 0
Debt Assessments | 425,532
nterest ncome | 180
TOTAL REVENUES | $	528,209
EXPENDITURES |
Supervisor Fees | 0
Engineering/ nspections | 8,000
Management | 25,452
/egal | 20,000
Assessment Roll | 5,000
Audit Fees | 4,600
Arbitrage Rebate Fee | 650
nsurance | 6,700
/egal Advertisements | 1,400
Miscellaneous | 1,800
Postage | 400
Office Supplies | 700
Dues & Subscriptions | 175
Trustee Fees | 4,150
Continuing Disclosure Fee | 1,000
Website Management | 2,000
/aNe Maintenance | 12,000
Reserve | 2,500
TOTAL EXPENDITURES | $	96,527
REVENUES LESS EXPENDITURES | $	431,682
%ond Payments | (400,000)
BALANCE | $	31,682
County Appraiser & Tax Collector Fee | (10,561)
Discounts For Early Payments | (21,121)
EXCESS/ (SHORTFALL) | $	-

DETAILED PROPOSED BUDGET
BANYAN CAY 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 | 91,061 | 91,026 | 102,497 | Expenditures Less nterest /.94
Developer Contribution | 0 | 0 | 0 | Developer Contribution
Debt Assessments | 425,532 | 425,532 | 425,532 | Bond Payments/.94
nterest ncome | 5 | 60 | 180 | ProMected At $15.00 Per Month
TOTAL REVENUES | $	516,598 | $	516,618 | $	528,209 |
EXPENDITURES | | | |
Supervisor Fees | 0 | 0 | 0 |
Engineering/ nspections | 7,741 | 8,000 | 8,000 | No Change From 2022/2023 Budget
Management | 24,000 | 24,720 | 25,452 | CP ncrease (Capped At 3 )
Legal | 7,429 | 22,000 | 20,000 | F< 22/23 Expenditures Through Feb 2023 Were $2,633
Assessment Roll | 5,000 | 5,000 | 5,000 | As Per Contract
Audit Fees | 4,300 | 4,500 | 4,600 | $100 ncrease From 2022/2023 Budget
Arbitrage Rebate Fee | 650 | 650 | 650 | No Change From 2022/2023 Budget
nsurance | 5,706 | 6,064 | 6,700 | F< 22/23 Expenditure Was $6,134
Legal Advertisements | 1,170 | 1,400 | 1,400 | No Change From 2022/2023 Budget
Miscellaneous | 195 | 2,000 | 1,800 | $200 Decrease From 2022/2023 Budget
Postage | 83 | 400 | 400 | No Change From 2022/2023 Budget
Office Supplies | 267 | 750 | 700 | $50 Decrease From 2022/2023 Budget
Dues & Subscriptions | 175 | 175 | 175 | No Change From 2022/2023 Budget
Trustee Fees | 4,139 | 4,150 | 4,150 | No Change From 2022/2023 Budget
Continuing Disclosure Fee | 1,000 | 1,000 | 1,000 | No Change From 2022/2023 Budget
Website Management | 2,000 | 2,000 | 2,000 | No Change From 2022/2023 Budget
LaNe Maintenance | 0 | 0 | 12,000 | LaNe Maintenance
Reserve | 0 | 2,816 | 2,500 | Reserve
TOTAL EXPENDITURES | $	63,855 | $	85,625 | $	96,527 |
REVENUES LESS EXPENDITURES | $	452,743 | $	430,993 | $	431,682 |
Bond Payments | (412,851) | (400,000) | (400,000) | 2024 Principal & nterest Payments
BALANCE | $	39,892 | $	30,993 | $	31,682 |
County Appraiser & Tax Collector Fee | (2,885) | (10,331) | (10,561) |
Discounts For Early Payments | (10,332) | (20,662) | (21,121) |
EXCESS/ (SHORTFALL) | $	26,675 | $	- | $	- |

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

REVENUES | FISCAL YEAR 2021/2022 ACTUAL | FISCAL YEAR 2022/2023 BUDGET | FISCAL YEAR 2023/2024 BUDGET | COMMENTS
nterest ncome | 28 | 25 | 100 | ProMected nterest For 2023/2024
NA9 Tax Collection | 412,851 | 400,000 | 400,000 | Maximum Debt Service Collection
Total Revenues | $	412,879 | $	400,025 | $	400,100 |
EXPENDITURES | | | |
Principal Payments | 0 | 130,000 | 135,000 | Principal Payment Due n 2024
nterest Payments | 269,113 | 265,538 | 261,963 | nterest Payments Due n 2024
Bond Redemption | 0 | 4,487 | 3,137 | Estimated Excess Debt Collections
Total Expenditures | $	269,113 | $	400,025 | $	400,100 |
Excess/ (Shortfall) | $	143,766 | $	- | $	- |

Series 2020 Bond Information

Original Par Amount = | $6,895,000 | Annual Principal Payments Due = | November 1st
nterest Rate = | 2.75% 4.00 | Annual nterest Payments Due = | May 1st & November 1st
ssue Date = | December 2020 | |

Maturity Date =

Par Amount As Of 1/1/23 =

November 2051

$6,765,000

Banyan Cay Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year
Projected	2021/2022	2022/2023	2023/2024
	Assessment*	 	Assessment*	 	Assessment*	 	Projected Assessment*	

O & M For Estate Homes	$

-	$	370.03	$

370.03	$

416 66

Debt For Estate Homes

$	1,789.00

$	1,789.13

$	1,789.13

$	1,789 13

Total For Estate Homes	$

1,789 00	$

2,159 16	$

2,159 16	$

2,205 79

O & M For Hotel Room/Units	$

-	$	370.03	$

370.03	$

416 66

Debt For Hotel Room/Units

$	1,789.00

$	1,789.13

$	1,789.13

$	1,789 13

Total For Hotel

$	1,789 00	$

2,159 16	$

2,159 16	$

2,205 79

O & M For Resort Villas	$

-	$	370.03	$

370.03	$

416 66

Debt For Resort Villas

$	1,431.00

$	1,431.30

$	1,431.30

$	1,431 30

Total For Resort Villas	$

1,431 00	$

1,801 33	$

1,801 33	$

1,847 96

O & M For Clubhouse Component	$

-	$	8,140.66	$

8,140.66	$

9,166 52

Debt For Clubhouse Component | $	32,639.00 | $	32,639.00 | $	32,639.00 | $	32,639 00
Total For CluEhouse Component | $	32,639 00 | $	40,779 66 | $	40,779 66 | $	41,805 52

* Assessments nclude the Following |

4% Discount for Early Payments 1% County Tax Collector Fee
1% County Property Appraiser Fee

Community nformation - Phase One |
Estate Homes | 52
Hotel Units/Room | 150
Resort Villas | 22
Clubhouse Component | 22
Total Units | 246
Clubhouse Component s 18,243 Square Feet |

4/11/2023 11 39 AM	 ^V

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