Adopted Budget
Fiscal Year 2024

Kingman Gate	
Community Development District	

May 19, 2023

Kingman Gate	
Community Development District	

Adopted	
Budget	
  FY 2023		

Actual	
Thru	
  4/30/2023 	

Projected	
Next	
  5 Months 	

Total	
Projected	
  9/30/2023 	

Adopted	
Budget	
	FY 2024		

General Fund

 Description	

Revenues	
Maintenance Assessments	
Developer Funding	

$180,950	
$12,690	

$175,204	
$0	

$5,746	
$12,690	

$180,950	
$12,690	

$180,950	
$12,690	

Total Revenues		$193,640 		$175,204 		$18,436 		$193,640 		$193,640 	
Expenditures						

Administrative		
Engineering Fees	$10,000	
Arbitrage Rebate	$1,100	
Dissemination Agent	$4,500	
Assessment Roll	$4,000	
Attorney Fees	$20,000	
Annual Audit	$5,700	
Trustee Fees	$8,200	
Management Fees	$39,000	
Telephone	$50	
Postage	$750	
Printing & Binding	$1,000	
Insurance	$5,500	
Legal Advertising	$2,500	
Other Current Charges	$750	
Website Admin	$1,200	
Office Supplies	$150	
Dues, Licenses & Subscriptions	$175	

$145	
$0	
$2,625	
$4,000	
$3,856	
$5,600	
$7,408	
$22,750	
$0	
$15	
$23	
$5,563	
$217	
$0	
$700	
$0	
$175	

$4,167	
$1,100	
$1,875	
$0	
$3,856	
$0	
$792	
$16,250	
$25	
$313	
$417	
$0	
$1,042	
$313	
$500	
$63	
$0	

$4,312	
$1,100	
$4,500	
$4,000	
$7,712	
$5,600	
$8,200	
$39,000	
$25	
$328	
$440	
$5,563	
$1,259	
$313	
$1,200	
$63	
$175	

$10,000	
$1,100	
$4,500	
$4,000	
$20,000	
$5,700	
$8,200	
$39,000	
$50	
$750	
$1,000	
$6,400	
$2,500	
$750	
$1,200	
$150	
$175	

$12,000	
$52,000	
$10,000	
$8,800	
$2,000	
$4,265	

$7,000	$5,000	
$11,812	$8,437	
$0	$4,167	
$1,750	$1,250	
$0	$833	
$1,408	$1,005	

$12,000	
$20,249	
$4,167	
$3,000	
$833	
$2,413	

$12,000	
$52,000	
$10,000	
$8,300	
$2,000	
$3,865	

Total Administrative		$104,575 		$53,077 		$30,711 		$83,788 		$105,475 

Field	
Field Service	
Landscape Maintenance	
Plant Replacement	
Lake Maintenance	
Lake Debris Removal	
Contingency	

Total Field		$89,065 			$21,970 			$20,693 			$42,662 			$88,165 	
Total Expenditures		$193,640 			$75,047 			$51,403 			$126,451 			$193,640 	
Excess Revenues (Expenditures)		$0 			$100,157 			($32,967)			$67,189 			$0 	

Gross Assessment	$190,473.68	
Less: Disc & Coll (5%)	($9,523.68)	
Net Assessment	$180,950.00	
# Units	770	
Per Unit Gross Assessment	$247.37	
Per Unit Net Assessment	$235.00	

Page 1

Kingman Gate
Community Development District
GENERAL FUND BUDGET

REVENUES:

Maintenance Assessments

The District will levy a Non-Ad Valorem assessment on all the platted lots within the District to pay all of the operating expenses for the Fiscal Year in accordance with the adopted budget.

Developer Funding

The developer will fund for 54 units that have not been added to the district yet.

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 Rebate
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 Fees
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.

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

Telephone
Represents the cost of conference calls.

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.

Assessment Roll
The costs associated with preparing, processing and administering the annual assessment place on the County’s tax roll.

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.

Kingman Gate
Community Development District
GENERAL FUND BUDGET

Administrative: (continued)

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 Administration
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.

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.

First Quarter Operating
Total expenditures needed to operate the beginning of the first quarter for the district.

Field:

Field Management
The supervision and reporting to the Board of Supervisors of the field maintenance services as provided by the different vendors.

Landscape Maintenance
Landscaping of the common area. Includes grass cutting, pest control, fertilization, mulching, pruning and porter service.

Plants Replacement
The District will go into contract for the replacement of plants needed along the common areas.

Lake Maintenance
Includes monthly cleaning of all District lakes.

Lake Debris Removal
Includes cleaning of lake shorelines of any debris.

Contingency
Includes any miscellaneous expense related to the maintenance of the common areas.

	

Kingman Gate	
Community Development District	

 	
Debt Service Fund	
Series 2020 Special Assessment Bond	

Adopted	
Budget	
FY 2023	

Actual	
thru	
4/30/2023	

Projected	
Next	
5 Months	

Total	
Projected at	
9/30/2023	

Adopted	
Budget	
FY 2024	

 Description	

Revenues	
Special Assessments	
Interest Income	
Carry Forward Surplus (1)	

$468,738	
$0	
$156,105	

$452,073	
$8,811	
$170,914	

$16,665	
$12,335	
$0	

$468,738	
$21,146	
$170,914	

$468,738	
$3,000	
$188,115	

Total Revenues		$624,842 		$631,798 		$29,000 		$660,798 		$659,853 

Series 2020	
Interest 12/15	
Interest 06/15	
Principal 06/15	
Total Expenditures	

Expenditures

$150,538	
$150,538	
$170,000	

$150,538	
$0	
$0	

$0	
$152,806	
$165,000	

$150,538	
$152,806	
$165,000	

$148,200	
$148,200	
$170,000	

	$471,075 		$150,538 		$317,806 		$468,344 		$466,400 

Other Financing Sources/(Uses)
Interfund Transfer Out	$0	($4,338)	$0	($4,338)	$0

Total Other Financing Sources/(Uses) 			$0 			($4,338)		$0 			($4,338)			$0  Excess Revenues (Expenditures)		$153,767 		$476,922 	 ($288,807)		$188,115 		$193,453 

	

	

	

	

	

	

(1) Carry forward is net of Reserve Fund requirement.	12/15/24 Interest	$  145,863

	
Gross Assessments
	Per Unit	
$1,350.62
$1,269.58
$1,175.04	

 No. of Units 	 Units Phase 1 
117	117
349	142
304	132
770	391

Total Gross Assessments Less: Discount & Collection fees (5%)
## et Assessments	

Total	
 Land Use				  Gross Debt 	
Single Family			$158,022.54	
Townhomes			$180,280.36	
Villas			$155,105.28	
			$493,408.18	
			$493,408.18	
				-$24,670.41	
			$468,737.77	

Kingman Gate	
Community Development District	

 	
Series 2020 Special Assessment Bond	
Amortization Schedule	

PRINCIPAL	
	BALANCE		

	DATE			RATE			INTEREST		 PRINCIPAL			TOTAL	

12/15/22	$7,900,000.00	2.750%	$150,537.50	$0.00	
06/15/23	$7,900,000.00	2.750%	$150,537.50	$170,000.00	$471,075.00	
12/15/23	$7,730,000.00	2.750%	$148,200.00	$0.00	
06/15/24	$7,730,000.00	2.750%	$148,200.00	$170,000.00	$466,400.00	
12/15/24	$7,560,000.00	2.750%	$145,862.50	$0.00	
06/15/25	$7,560,000.00	2.750%	$145,862.50	$175,000.00	$466,725.00	
12/15/25	$7,385,000.00	3.125%	$143,456.25	$0.00	
06/15/26	$7,385,000.00	3.125%	$143,456.25	$180,000.00	$466,912.50	
12/15/26	$7,205,000.00	3.125%	$140,643.75	$0.00	
06/15/27	$7,205,000.00	3.125%	$140,643.75	$190,000.00	$471,287.50	
12/15/27	$7,015,000.00	3.125%	$137,675.00	$0.00	
06/15/28	$7,015,000.00	3.125%	$137,675.00	$195,000.00	$470,350.00	
12/15/28	$6,820,000.00	3.125%	$134,628.13	$0.00	
06/15/29	$6,820,000.00	3.125%	$134,628.13	$200,000.00	$469,256.25	
12/15/29	$6,620,000.00	3.125%	$131,503.13	$0.00	
06/15/30	$6,620,000.00	3.125%	$131,503.13	$205,000.00	$468,006.25	
12/15/30	$6,415,000.00	3.125%	$128,300.00	$0.00	
06/15/31	$6,415,000.00	4.000%	$128,300.00	$215,000.00	$471,600.00	
12/15/31	$6,200,000.00	4.000%	$124,000.00	$0.00	
06/15/32	$6,200,000.00	4.000%	$124,000.00	$225,000.00	$473,000.00	
12/15/32	$5,975,000.00	4.000%	$119,500.00	$0.00	
06/15/33	$5,975,000.00	4.000%	$119,500.00	$230,000.00	$469,000.00	
12/15/33	$5,745,000.00	4.000%	$114,900.00	$0.00	
06/15/34	$5,745,000.00	4.000%	$114,900.00	$240,000.00	$469,800.00	
12/15/34	$5,505,000.00	4.000%	$110,100.00	$0.00	
06/15/35	$5,505,000.00	4.000%	$110,100.00	$250,000.00	$470,200.00	
12/15/35	$5,255,000.00	4.000%	$105,100.00	$0.00	
06/15/36	$5,255,000.00	4.000%	$105,100.00	$260,000.00	$470,200.00	
12/15/36	$4,995,000.00	4.000%	$99,900.00	$0.00	
06/15/37	$4,995,000.00	4.000%	$99,900.00	$270,000.00	$469,800.00	
12/15/37	$4,725,000.00	4.000%	$94,500.00	$0.00	
05/15/38	$4,725,000.00	4.000%	$94,500.00	$285,000.00	$474,000.00	
12/15/38	$4,440,000.00	4.000%	$88,800.00	$0.00	
06/15/39	$4,440,000.00	4.000%	$88,800.00	$295,000.00	$472,600.00	
12/15/39	$4,145,000.00	4.000%	$82,900.00	$0.00	
06/15/40	$4,145,000.00	4.000%	$82,900.00	$305,000.00	$470,800.00	
12/15/40	$3,840,000.00	4.000%	$76,800.00	$0.00	
06/15/41	$3,840,000.00	4.000%	$76,800.00	$320,000.00	$473,600.00	
12/15/41	$3,520,000.00	4.000%	$70,400.00	$0.00	
06/15/42	$3,520,000.00	4.000%	$70,400.00	$330,000.00	$470,800.00	
12/15/42	$3,190,000.00	4.000%	$63,800.00	$0.00	
06/15/43	$3,190,000.00	4.000%	$63,800.00	$345,000.00	$472,600.00	
12/15/43	$2,845,000.00	4.000%	$56,900.00	$0.00	
06/15/44	$2,845,000.00	4.000%	$56,900.00	$360,000.00	$473,800.00	
12/15/44	$2,485,000.00	4.000%	$49,700.00	$0.00	
06/15/45	$2,485,000.00	4.000%	$49,700.00	$375,000.00	$474,400.00	
12/15/45	$2,110,000.00	4.000%	$42,200.00	$0.00	
06/15/46	$2,110,000.00	4.000%	$42,200.00	$390,000.00	$474,400.00	
12/15/46	$1,720,000.00	4.000%	$34,400.00	$0.00	
06/15/47	$1,720,000.00	4.000%	$34,400.00	$405,000.00	$473,800.00	
12/15/47	$1,315,000.00	4.000%	$26,300.00	$0.00	
06/15/48	$1,315,000.00	4.000%	$26,300.00	$420,000.00	$472,600.00	
12/15/48	$895,000.00	4.000%	$17,900.00	$0.00	
06/15/49	$895,000.00	4.000%	$17,900.00	$440,000.00	$475,800.00	
12/15/49	$455,000.00	4.000%	$9,100.00	$0.00	
06/15/50	$455,000.00	4.000%	$9,100.00	$455,000.00	$473,200.00	

	Total		 $4,994,937.50	 $7,730,000.00	 $12,724,937.50

	

Kingman Gate	
Community Development District	

 	
Debt Service Fund	
Series 2021 Special Assessment Bond	

Adopted	
Budget	
  FY 2023		

Actual	
thru	
  4/30/2023 	

Projected	
Next	
  5 Months 	

Total	
Projected at	
  9/30/2023 	

Adopted	
Budget	
  FY 2024		

 Description	

Revenues	
Special Assessment	
Interest Income	
Carry Forward Surplus (1)	

$438,603	
$0	
$150,157	

$423,009	
$17,292	
$158,509	

$15,594	
$24,209	
$0	

$438,603	
$41,501	
$158,509	

$438,603	
$3,000	
$199,079	

Total Revenues		$588,760 		$598,810 		$39,802 		$638,613 		$640,682 

Series 2021	
Interest 12/15	
Interest 06/15	
Principal 06/15	
Total Expenditures	

Expenditures

$139,268	
$139,268	
$160,000	

$139,268	
$0	
$0	

$0	
$141,206	
$155,000	

$139,268	
$141,206	
$155,000	

$137,268	
$137,268	
$165,000	

	$438,536 		$139,268 		$296,206 		$435,474 		$439,536 

Other Financing Sources/(Uses)
Interfund Transfer Out	$0	($4,059)	$0	($4,059)	$0

Total Other Financing Sources/(Uses) 			$0 			($4,059)		$0 			($4,059)			$0  Excess Revenues (Expenditures)		$150,223 		$455,483 	 ($256,403)		$199,079 		$201,146 

	

	

	

	

	

	

(1) Carry forward is net of Reserve Fund requirement.	12/15/24 Interest	$  135,206

	
Gross Assessments
	Per Unit	
$1,350.62
$1,260.79
$1,166.88	

 No. of Units 	 Units Phase 2 
117	0
349	207
304	172
770	379

Total Gross Assessments ## ection fees (5%) Total Net Assessments	

Total	
 Land Use				  Gross Debt 	
Single Family			$0.00	
Townhomes			$260,983.53	
Villas			$200,703.36	
			$461,686.89	
			$461,686.89	
				-$23,084.34	
			$438,602.55	

Kingman Gate	
Community Development District	

 	
Series 2021 Special Assessment Bond	
Amortization Schedule	

PRINCIPAL	
	BALANCE		

	DATE			RATE			INTEREST		 PRINCIPAL			TOTAL	

12/15/22	$7,665,000.00	2.750%	$139,268.13	$0.00	
06/15/23	$7,665,000.00	2.750%	$139,268.13	$160,000.00	$438,536.26	
12/15/23	$7,505,000.00	2.750%	$137,268.13	$0.00	
06/15/24	$7,505,000.00	2.750%	$137,268.13	$165,000.00	$439,536.26	
12/15/24	$7,340,000.00	2.750%	$135,205.63	$0.00	
06/15/25	$7,340,000.00	2.750%	$135,205.63	$170,000.00	$440,411.26	
12/15/25	$7,170,000.00	3.125%	$133,080.63	$0.00	
06/15/26	$7,170,000.00	3.125%	$133,080.63	$170,000.00	$436,161.26	
12/15/26	$7,000,000.00	3.125%	$130,955.63	$0.00	
06/15/27	$7,000,000.00	3.125%	$130,955.63	$175,000.00	$436,911.26	
12/15/27	$6,825,000.00	3.125%	$128,221.25	$0.00	
06/15/28	$6,825,000.00	3.125%	$128,221.25	$185,000.00	$441,442.50	
12/15/28	$6,640,000.00	3.125%	$125,330.63	$0.00	
06/15/29	$6,640,000.00	3.125%	$125,330.63	$190,000.00	$440,661.26	
12/15/29	$6,450,000.00	3.125%	$122,361.88	$0.00	
06/15/30	$6,450,000.00	3.125%	$122,361.88	$195,000.00	$439,723.76	
12/15/30	$6,255,000.00	3.125%	$119,315.00	$0.00	
06/15/31	$6,255,000.00	4.000%	$119,315.00	$200,000.00	$438,630.00	
12/15/31	$6,055,000.00	4.000%	$116,190.00	$0.00	
06/15/32	$6,055,000.00	4.000%	$116,190.00	$210,000.00	$442,380.00	
12/15/32	$5,845,000.00	4.000%	$112,410.00	$0.00	
06/15/33	$5,845,000.00	4.000%	$112,410.00	$215,000.00	$439,820.00	
12/15/33	$5,630,000.00	4.000%	$108,540.00	$0.00	
06/15/34	$5,630,000.00	4.000%	$108,540.00	$225,000.00	$442,080.00	
12/15/34	$5,405,000.00	4.000%	$104,490.00	$0.00	
06/15/35	$5,405,000.00	4.000%	$104,490.00	$230,000.00	$438,980.00	
12/15/35	$5,175,000.00	4.000%	$100,350.00	$0.00	
06/15/36	$5,175,000.00	4.000%	$100,350.00	$240,000.00	$440,700.00	
12/15/36	$4,935,000.00	4.000%	$96,030.00	$0.00	
06/15/37	$4,935,000.00	4.000%	$96,030.00	$250,000.00	$442,060.00	
12/15/37	$4,685,000.00	4.000%	$91,530.00	$0.00	
05/15/38	$4,685,000.00	4.000%	$91,530.00	$260,000.00	$443,060.00	
12/15/38	$4,425,000.00	4.000%	$86,850.00	$0.00	
06/15/39	$4,425,000.00	4.000%	$86,850.00	$265,000.00	$438,700.00	
12/15/39	$4,160,000.00	4.000%	$82,080.00	$0.00	
06/15/40	$4,160,000.00	4.000%	$82,080.00	$275,000.00	$439,160.00	
12/15/40	$3,885,000.00	4.000%	$77,130.00	$0.00	
06/15/41	$3,885,000.00	4.000%	$77,130.00	$285,000.00	$439,260.00	
12/15/41	$3,600,000.00	4.000%	$72,000.00	$0.00	
06/15/42	$3,600,000.00	4.000%	$72,000.00	$300,000.00	$444,000.00	
12/15/42	$3,300,000.00	4.000%	$66,000.00	$0.00	
06/15/43	$3,300,000.00	4.000%	$66,000.00	$310,000.00	$442,000.00	
12/15/43	$2,990,000.00	4.000%	$59,800.00	$0.00	
06/15/44	$2,990,000.00	4.000%	$59,800.00	$325,000.00	$444,600.00	
12/15/44	$2,665,000.00	4.000%	$53,300.00	$0.00	
06/15/45	$2,665,000.00	4.000%	$53,300.00	$335,000.00	$441,600.00	
12/15/45	$2,330,000.00	4.000%	$46,600.00	$0.00	
06/15/46	$2,330,000.00	4.000%	$46,600.00	$350,000.00	$443,200.00	
12/15/46	$1,980,000.00	4.000%	$39,600.00	$0.00	
06/15/47	$1,980,000.00	4.000%	$39,600.00	$365,000.00	$444,200.00	
12/15/47	$1,615,000.00	4.000%	$32,300.00	$0.00	
06/15/48	$1,615,000.00	4.000%	$32,300.00	$380,000.00	$444,600.00	
12/15/48	$1,235,000.00	4.000%	$24,700.00	$0.00	
06/15/49	$1,235,000.00	4.000%	$24,700.00	$395,000.00	$444,400.00	
12/15/49	$840,000.00	4.000%	$16,800.00	$0.00	
06/15/50	$840,000.00	4.000%	$16,800.00	$410,000.00	$443,600.00	
12/15/51	$430,000.00	4.000%	$8,600.00	$0.00	
06/15/52	$430,000.00	4.000%	$8,600.00	$430,000.00	$447,200.00	

		$0.00	 		 		
	Total		  $4,854,077.56	  $7,505,000.00	 $12,359,077.56