BANYAN CAY COMMUNITY DEVELOPMENT
DISTRICT

PALM BEACH COUNTY REGULAR BOARD MEETING APRIL 17, 2025
9:00 A.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
April 17, 2025
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
September 19, 2024 Regular Board Meeting Minutes…	Page 2
Old Business
New Business
Consider Resolution No. 2025-01 – Adopting a Fiscal Year 2025/2026 Proposed Budget…	Page 5
Administrative Matters
Board Members Comments
Adjourn

AFFIDAVIT OF PUBLICATION

LOCALiQ
The Gainesville sun I The Ledger Dally Commercial I Ocala StarBanner News Chief I Herald,Tnbune
News Herald I The Palm Beach Post Northwest Florida Dally News

PO Box 631244 Cincinnati, OH 45263-1244

BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025 REGU- LAR MEE;TING SCHEDULE;

Laura Archer
Special District Services, Inc
Banyan Cay Community Development District
2501 Bums RD# A
Palm Beach Gardens FL 33410-5207

STATE OF WISCONSIN, COUNTY OF BROWN

Before the undersigned authority personally appeared, who on oath says that he or she is the Legal Coordinator of the Palm Beach Post, published in Palm Beach County, Florida; that the attached copy of advertisement, being a Public Notices, was published on the publicly accessible website of Palm Beach County, Florida, or in a newspaper by print in the issues of, on:

10/07/2024

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

on 10/07/2024

Legal Clerk

	L-/	

Subscribed and sworn to before me, by the legal clerk, who

My commission expires

Publication Cost:	$236.84		
Tax Amount:	$0.00		
Payment Cost:	$236.84		
Order No:	10630266	#of Copies:	
Customer No:	1446352	1	
PO#:			
THIS lS NOT AN INVOICE!
Please do not use this form for payment remittance.

NOTICE IS HE;RE;BY GJVE;N that
the Boord of Superviso,s of !he Banyan Cav Communlty Oeve op. men! District wiII hold Regular Board Meetings In lhe Conference Room of Speeiol District Services, Inc. 101:otecl 2501A Burns Road. Palm Beach Garden5, F Lorid a 33410 or 9:00 a.m. on the following dales:
October 17, 2024
November 21, 2024
December 19, 2024
Jonuory 16, 2025
February 20, 2025
March 20, 2025
April 17, 2025
May 15, 2025
June 19, 2025
July 17, 2025
August 21, 2025
September 18, 2025
The purpose of the meeftngs is to cond;,,it;t ony bf.t$Jne5'5i-c:omlng be-fore tl\e Board. Meet'ngs are open ro 1he Public ond wiU be condu-cted in accordorn:e with the provision• Of Flori<la law. Copies of the Agendas for any of the meetlngo may be obtofned from the Oistrict s websJte or by contacting the Oistrkt Mgn0ger ot 561-630--4922 0nd/or tol I free of l-an-737-4922 live (5) dov• prior to the date of the particular meeting.
From time to time one or two Super­ visors may participate by tele­ phone; lherefore, o soeoker lele­ Phooe will be present gt the meeting location so that Supervisors mov be fully informed of lhe discussions taking Pla<:e. Said meelin11(sl may be confinued os found necessary 10 o t£me and p oce specified -on tile record.
If any person decl<les lo appeal any decision mgde with re$pec:t to anv matter considered at these meet­ ings, such person will need o record of the proceedings ond such person may need to ensure that 0 verbatim record of the proceedlngo Is mode at his or her own expense and which reco,d !rn:lude• the testimony and evidence on whlc.h the opp.eel is bosed.
•n accordance with rhe provi5,ions of
the Americans with Disobilities Acl.
onv person requiring -s:pedal oc.com·
.rnodotions or on interpreter to participate ot anv of these meetings should a:;:ont t the District Manager at 561-630,4922 and/or roll free at l- 877-737-4922 at least seven (7> days prior to the date of the pgrticulgr meeting.
Meetings mav be cancel led trom
time to time without advertised notice.
BANYAN CAY COMMUNITY DEVE;LOPMENT DISTRICT
www.banyancavcdd.org
1017124 #10630266

Page 1 of 1

BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT SPECIAL BOARD MEETING
SEPTEMBER 19, 2024

CALL TO ORDER

The September 19, 2024, Special Board Meeting of the Banyan Cay Community Development District (the “District”) was called to order at 9:05 a.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 Special Board Meeting had been published in the Palm Beach Post on September 10, 2024, as legally required.

ESTABLISH A QUORUM

A quorum was established with the following Supervisors in attendance:

Chairperson	Alicia Lewis	Present	
Vice Chairman	Greg Jaffe	Present	
Supervisor	Sarah Dosch	Present	
Vacant			
Vacant			

Also in attendance were:

District Manager	Jason Pierman	Special District Services, Inc.	

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 20, 2024, Public Hearing & Regular Board Meeting

The minutes of the August 20, 2024, Public Hearing & Regular Board Meeting were presented for consideration.
A motion was made by Ms. Dosch, seconded by Mr. Jaffe and passed unanimously approving the minutes of the August 20, 2024, Public Hearing & Regular Board Meeting, as presented.
OLD BUSINESS

Page 1 of 3

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

NEW BUSINESS
Consider Resolution No. 2024-05 – Adopting a Fiscal Year 2023/2024 Amended Budget
Resolution No. 2024-05 was presented, entitled:

RESOLUTION NO. 2024-05

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT AUTHORIZING AND ADOPTING AN AMENDED FINAL FISCAL YEAR 2023/2024 BUDGET (“AMENDED BUDGET”), PURSUANT TO CHAPTER 189, FLORIDA STATUTES; AND PROVIDING AN EFFECTIVE DATE.

A motion was made by Ms. Dosch, seconded by Mr. Jaffe and passed unanimously adopting Resolution No. 2024-05, as presented.

Consider Lighting Request from Residences at Banyan Cay HOA

Mr. Pierman presented the request from the Residences at Banyan Cay HOA to install FPL lighting within the District’s easement. The Board requested more information, including the locations and style of the lighting.

Following discussion, a motion was made by Ms. Dosch, seconded by Mr. Jaffe and unanimously passed approving the request, subject to the above information being received and legal review.

ADMINISTRATIVE MATTERS

Mr. Pierman noted that the next meeting would be held in either March or April.

BOARD MEMBER COMMENTS

There were no further comments from the Board Members.

ADJOURNMENT

There being no further business to come before the Board, a motion was made by Ms. Dosch, seconded by Mr. Jaffe and passed unanimously adjourning the meeting at 9:23 a.m.

ATTESTED BY:

Secretary/Assistant Secretary	Chairperson/Vice-Chair

RESOLUTION NO. 2025-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2025/2026; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Board of Supervisors (“Board”) of the Banyan Cay Community Development District (“District”) is required by Chapter 190.008, Florida Statutes, to approve a Proposed Budget for each fiscal year; and,

WHEREAS, the Proposed Budget including the Assessments for Fiscal Year 2025/2026 has been prepared and considered by the Board.

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

Section 1.	The Proposed Budget including the Assessments for Fiscal Year 2025/2026 attached hereto as Exhibit “A” is approved and adopted.

Section 2.  A Public Hearing is hereby scheduled for 	, 2025 at 9:00 a.m. at the offices of Special District Services, Inc., 2501A Burns Rd., Palm Beach Gardens, FL 33410, for the purpose of receiving public comments on the Proposed Fiscal Year 2025/2026 Budget.

PASSED, ADOPTED and EFFECTIVE this 17th day of April, 2025.

ATTEST:	BANYAN CAY
COMMUNITY DEVELOPMENT DISTRICT

By:			By:		 Secretary/Assistant Secretary			Chairman/Vice Chairman

Banyan Cay Community Development District

Proposed Budget For Fiscal Year 2025/2026
October 1, 2025 - September 30, 2026

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

DETAILED BUDGET
BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2025/2026
OCTOBER 1, 2025 - SEPTEMBER 30, 2026

REVENUES	
FISCAL YEAR 2025/2026
BUDGET	
O&M Assessments	102,382	
Developer Contribution	0	
Debt Assessments	425,532	
Interest Income	720	
		
TOTAL REVENUES	$	528,634	
		
EXPENDITURES		
Supervisor Fees	0	
Engineering/Inspections	8,000	
Management	26,964	
Legal	19,000	
Assessment Roll	5,000	
Audit Fees	4,800	
Arbitrage Rebate Fee	650	
Insurance	7,250	
Legal Advertisements	1,400	
Miscellaneous	1,350	
Postage	345	
Office Supplies	625	
Dues & Subscriptions	175	
Trustee Fees	4,150	
Continuing Disclosure Fee	1,000	
Website Management	2,000	
Lake Maintenance	13,500	
Reserve	750	
Miscellaneous Maintenance	0	
TOTAL EXPENDITURES	$	96,959	
		
REVENUES LESS EXPENDITURES	$	431,675	
		
Bond Payments	(400,000)	
		
BALANCE	$	31,675	
		
County Appraiser & Tax Collector Fee	(10,558)	
Discounts For Early Payments	(21,117)	
		
EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2025/2026
OCTOBER 1, 2025 - SEPTEMBER 30, 2026

REVENUES	
FISCAL YEAR 20232024 ACTUAL	
FISCAL YEAR 2024/2025 BUDGET	
FISCAL YEAR 2025/2026 BUDGET	

COMMENTS	
O&M Assessments	102,966	102,492	102,382	Expenditures Less Interest /.94	
Developer Contribution	0	0	0	Developer Contribution	
Debt Assessments	425,532	425,532	425,532	Bond Payments/.94	
Interest Income	5,397	360	720	Projected At $60.00 Per Month	
					
TOTAL REVENUES	$	533,895	$	528,384	$	528,634		
					
EXPENDITURES					
Supervisor Fees	0	0	0		
Engineering/Inspections	8,297	8,000	8,000	No Change From 2024/2025 Budget	
Management	25,452	26,208	26,964	CPI Increase	
Legal	15,263	20,000	19,000	FY 24/25 Expenditures Through Feb 2025 Were $2,645	
Assessment Roll	5,000	5,000	5,000	As Per Contract	
Audit Fees	4,500	4,700	4,800	$100 Increase From 2024/2025 Budget	
Arbitrage Rebate Fee	650	650	650	No Change From 2024/2025 Budget	
Insurance	6,594	7,250	7,250	FY 24/25 Expenditure Was $6,858	
Legal Advertisements	1,363	1,400	1,400	No Change From 2024/2025 Budget	
Miscellaneous	38	1,400	1,350	$50 Decrease From 2024/2025 Budget	
Postage	77	370	345	$25 Decrease From 2024/2025 Budget	
Office Supplies	358	650	625	$25 Decrease From 2024/2025 Budget	
Dues & Subscriptions	175	175	175	No Change From 2024/2025 Budget	
Trustee Fees	4,139	4,150	4,150	No Change From 2024/2025 Budget	
Continuing Disclosure Fee	1,000	1,000	1,000	No Change From 2024/2025 Budget	
Website Management	2,000	2,000	2,000	No Change From 2024/2025 Budget	
Lake Maintenance	13,178	13,000	13,500	Lake Maintenance	
Reserve	0	750	750	Reserve	
Miscellaneous Maintenance	114	0	0	FY 2023/2024 Expenditure Was For Vegatation	
TOTAL EXPENDITURES	$	88,198	$	96,703	$	96,959		
					
REVENUES LESS EXPENDITURES	$	445,697	$	431,681	$	431,675		
					
Bond Payments	(407,717)	(400,000)	(400,000)	2026 Principal & Interest Payments	
					
BALANCE	$	37,980	$	31,681	$	31,675		
					
County Appraiser & Tax Collector Fee	(2,847)	(10,560)	(10,558)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(16,988)	(21,121)	(21,117)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	18,145	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2025/2026
OCTOBER 1, 2025 - SEPTEMBER 30, 2026

REVENUES	FISCAL YEAR 2023/2024 ACTUAL	FISCAL YEAR 2024/2025 BUDGET	FISCAL YEAR 2025/2026 BUDGET	

COMMENTS	

Interest Income	
36,860	
400	
1,000	
Projected Interest For 2025/2026	

NAV Tax Collection	
407,717	
400,000	
400,000	
Maximum Debt Service Collection	

Total Revenues	
$	444,577	
$	400,400	
$	401,000		

EXPENDITURES					

Principal Payments	
130,000	
140,000	
145,000	
Principal Payment Due In 2026	

Interest Payments	
263,780	
258,250	
254,400	
Interest Payments Due In 2026	

Transfer To Construction Fund	
21,873	
0	
0		

Bond Redemption	
0	
2,150	
1,600	
Estimated Excess Debt Collections	

Total Expenditures	
$	415,653	
$	400,400	
$	401,000		

Excess/ (Shortfall)	
$	28,924	
$	-	
$	-		

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 1/1/25 =	November 2051

$6,500,000			

Banyan Cay Community Development District Assessment Comparison

	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
	2022/2023
	Assessment*		2023/2024
	Assessment*		2024/2025
	Assessment*		2025/2026
	Projected Assessment*		
O & M For Estate Homes	$	370.03	$	416.66	$	416.64	$	416 20	
Debt For Estate Homes	$	1,789.13	$	1,789.13	$	1,789.13	$	1,789 13	
Total For Estate Homes	
$	2,159 16	
$	2,205 79	
$	2,205 77	
$	2,205 33	
O & M For Hotel Room/Units	$	370.03	$	416.66	$	416.64	$	416 20	
Debt For Hotel Room/Units	$	1,789.13	$	1,789.13	$	1,789.13	$	1,789 13	
Total For Hotel	
$	2,159 16	
$	2,205 79	
$	2,205 77	
$	2,205 33	
O & M For Resort Villas	$	370.03	$	416.66	$	416.64	$	416 20	
Debt For Resort Villas	$	1,431.30	$	1,431.30	$	1,431.30	$	1,431 30	
Total For Resort Villas	
$	1,801 33	
$	1,847 96	
$	1,847 94	
$	1,847 50	
O & M For Clubhouse Component	$	8,140.66	$	9,166.52	$	9,166.08	$	9,156 40	
Debt For Clubhouse Component	$	32,639.00	$	32,639.00	$	32,639.00	$	32,639 00	
Total For CluEhouse Component	
$	40,779 66	
$	41,805 52	
$	41,805 08	
$	41,795 40	

* 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