Proposed Budget	
Fiscal Year 2024	

Mediterranea	
Community Development District	

April 4, 2023

Mediterranea	
Community Development District	

TABLE OF CONTENTS

General Fund	
Budget	
Narrative	

Page 1	
Page 2-3	

Debt Service Fund	
Series 2014-A1	
Budget	
Amortization Schedule - 2014-A1	

Page 4	
Page 5	

Series 2017	
Budget	
Amortization Schedule - 2017	

Page 6	
Page 7	

Mediterranea	
Community Development District	

General Fund

FY 2023	
Adopted	
	Budget		

Actual	
thru	
  2/28/2023		

Projected	
Next	
	7 Months		

Total	
Projected at	
  9/30/2023		

FY 2024	
Proposed	
	Budget		

 Description	

Revenues	
Maintenance Assessments- Tax Roll	
Unassigned Fund Balance	

$142,076	
$84,716	

$140,134	
$68,508	

$1,942	
$0	

$142,076	
$68,508	

$142,076	
$84,734	

Total Revenues		$226,792 		$245,349 		$1,942 		$247,291 		$226,810 

Expenditures	
Administrative:	
Engineering	
Attorney	
Attorney - Water/Waste Provisions	
Arbitrage	
Dissemination	
Trustee Fees	
Annual Audit	
Management Fees	
Website Compliance	
Telephone	
Postage	
Printing & Binding	
Insurance	
Legal Advertising	
Other Current Charges	
Office Supplies	
Dues, Licenses & Subscriptions	
Capital Outlay	
First Quarter Operating	

$12,000	
$15,000	
$5,000	
$1,200	
$2,500	
$8,200	
$5,000	
$33,990	
$1,000	
$50	
$250	
$500	
$6,700	
$3,000	
$2,000	
$50	
$175	
$250	
$38,200	

$3,375	
$3,106	
$16,140	
$600	
$1,042	
$5,001	
$4,900	
$14,163	
$417	
$0	
$10	
$4	
$6,886	
$538	
$1,540	
$6	
$175	
$0	
$0	

$8,625	
$6,212	
$3,860	
$600	
$1,458	
$3,199	
$0	
$19,828	
$583	
$25	
$240	
$246	
$0	
$1,075	
$460	
$44	
$0	
$250	
$22,283	

$12,000	
$9,318	
$20,000	
$1,200	
$2,500	
$8,200	
$4,900	
$33,990	
$1,000	
$25	
$250	
$250	
$6,886	
$1,613	
$2,000	
$50	
$175	
$250	
$22,283	

$12,000	
$15,000	
$20,000	
$1,200	
$2,500	
$8,200	
$5,000	
$35,010	
$1,000	
$50	
$250	
$500	
$7,300	
$3,000	
$2,000	
$50	
$175	
$250	
$38,200	

Administrative Expenditures		$135,065 		$57,902 		$68,988 		$126,890 		$151,685 	
Field:						

Lake Maintenance	
Landscape Maintenance	
Irrigation Repairs and Maintenance	
Contingency	

$6,500	
$30,000	
$10,000	
$10,000	

$2,700	
$0	
$0	
$0	

$3,800	
$17,500	
$5,833	
$5,833	

$6,500	
$17,500	
$5,833	
$5,833	

$6,500	
$30,000	
$10,000	
$10,000	

Field Expenditures		$56,500 			$2,700 			$32,967 			$35,667 			$56,500 	
Total Expenditures		$191,565 			$60,602 			$101,955 			$162,557 			$208,185 	
Assigned Fund Balance		$35,227 			$184,747 			($100,013)			$84,734 			$18,625 	

FY 2023	FY 2024	
Net Assessments	$142,076	$142,076	
Plus Collection Fees (6%)	$9,069	$9,069	
Gross Assessments	$151,145	$151,145	
No. of Units	598	598	
Per Unit Assessments (Gross)	$252.75	$252.75	

Page 1

Mediterranea
Community Development District	General Fund

REVENUES:

Maintenance Assessments
The District will levy a Maintenance Assessment on all assessable property within the District.

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.

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.

Attorney – Water/Waste Provisions
The District's legal counsel will be providing waste and waste provisions legal services to the District.

Arbitrage
The Districts is required to have an annual arbitrage rebate calculate prepared for the Series 2014A1 Special Assessment Bonds and Series 2017 Special Assessment refunding and Improvement Bonds. The District will contract with an independent CPA firm to perform this calculation.

Dissemination Agent
The Annual Disclosure Report required is by the Security and Exchange Commission in order to comply with Rule 15(c) (2)-12(b) (5), which relates to additional reporting requirements for un-rated bond issues.

Trustee Fees
The District issued Series 2014A1, Special Assessment Bonds and Series 2017, Special Assessment Refunding and Improvement Bonds which are held with a Trustee at Wells Fargo Bank. The amount of the trustee fees is based on the agreement between Wells Fargo Bank and the District.

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

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

Website Compliance
Per Chapter 2014-22, Laws of Florida, all Districts must have a website by October 1, 2015 to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GM-SF, LLC and updated monthly.

Telephone
Telephone and fax machine.

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

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with Egis Insurance & Risk Advisors. Egis Insurance & Risk Advisors specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.

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

Mediterranea
Community Development District	General Fund

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.

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.

Field:

Lake Maintenance
The District has contracted Lake & Wetland Management for monthly lake maintenance.

Landscape Maintenance
The District will contract services for the maintenance of the landscape within the community.

Irrigation Repairs and Maintenance
Irrigation repairs and other maintenance services provided by the landscape company.

Contingency
A contingency for any unanticipated and unscheduled cost to the District.

Mediterranea	
Community Development District	

 	
Debt Service Fund	
Series 2014-A1, Special Assessment Bonds	

FY 2023	
Adopted	
	Budget		

Actual	
Thru	
  2/28/2023		

Projected	
Next	
	7 Months		

Total	
Projected	
  9/30/2023 	

FY 2024	
Proposed	
	Budget		

 Description	

Revenues	
Interest Income	
Special Assessments - On Roll	
Carry Forward Surplus (1)	

 	
$0	$2,159	$3,023	$5,182	
$75,568	$74,536	$1,033	$75,568	
$115,852	$117,359	$0	$117,359	

	
$0	
$75,568	
$122,549	

	$191,421 			$194,054 	

  TOTAL REVENUES	

Expenditures	
Series 2014-A1	
Interest 11/1	
Interest - 5/1	
Principal - 5/1	

 	
$21,280	
$21,280	
$33,000	

  TOTAL EXPENDITURES				$75,560 			$21,280 			$54,280 		$75,560 		$75,712 	
  EXCESS REVENUES				$115,861 			$172,774 			($50,225)			

(1) Carry forward surplus is net of the reserve requirement

	$4,055 		$198,109 		$198,118 

$21,280	
$0	
$0	

$0	
$21,280	
$33,000	

$21,280	
$21,280	
$33,000	

$20,356	
$20,356	
$35,000	

	$122,549 		$122,406 	
11/1/2024	$19,376	

Gross	
No. of Units	Amount	FY 2024
Net Assessments	$75,568
Plus Collection Fees (6%)	$4,824
Gross Assessments	$80,392

18' TH	8	$1,004.00	$8,032
16' TH	90	$804.00	$72,360	

	

98

				

Mediterranea				Amortization Schedule	
Community Development District			Series 2014A1,	Special Assessment Bonds	
DATE	BALANCE	RATE	PRINCIPAL	INTEREST	TOTAL	

11/01/22	$760,000.00	5.60%	$0.00	$21,280.00	$75,456.00	
05/01/23	$760,000.00	5.60%	$33,000.00	$21,280.00		
11/01/23	$727,000.00	5.60%	$0.00	$20,356.00	$74,636.00	
05/01/24	$727,000.00	5.60%	$35,000.00	$20,356.00		
11/01/24	$692,000.00	5.60%	$0.00	$19,376.00	$74,732.00	
05/01/25	$692,000.00	5.60%	$37,000.00	$19,376.00		
11/01/25	$655,000.00	5.60%	$0.00	$18,340.00	$74,716.00	
05/01/26	$655,000.00	5.60%	$39,000.00	$18,340.00		
11/01/26	$616,000.00	5.60%	$0.00	$17,248.00	$74,588.00	
05/01/27	$616,000.00	5.60%	$42,000.00	$17,248.00		
11/01/27	$574,000.00	5.60%	$0.00	$16,072.00	$75,320.00	
05/01/28	$574,000.00	5.60%	$44,000.00	$16,072.00		
11/01/28	$530,000.00	5.60%	$0.00	$14,840.00	$74,912.00	
05/01/29	$530,000.00	5.60%	$47,000.00	$14,840.00		
11/01/29	$483,000.00	5.60%	$0.00	$13,524.00	$75,364.00	
05/01/30	$483,000.00	5.60%	$49,000.00	$13,524.00		
11/01/30	$434,000.00	5.60%	$0.00	$12,152.00	$74,676.00	
05/01/31	$434,000.00	5.60%	$52,000.00	$12,152.00		
11/01/31	$382,000.00	5.60%	$0.00	$10,696.00	$74,848.00	
05/01/32	$382,000.00	5.60%	$55,000.00	$10,696.00		
11/01/32	$327,000.00	5.60%	$0.00	$9,156.00	$74,852.00	
05/01/33	$327,000.00	5.60%	$58,000.00	$9,156.00		
11/01/33	$269,000.00	5.60%	$0.00	$7,532.00	$74,688.00	
05/01/34	$269,000.00	5.60%	$62,000.00	$7,532.00		
11/01/34	$207,000.00	5.60%	$0.00	$5,796.00	$75,328.00	
05/01/35	$207,000.00	5.60%	$65,000.00	$5,796.00		
11/01/35	$142,000.00	5.60%	$0.00	$3,976.00	$74,772.00	
05/01/36	$142,000.00	5.60%	$69,000.00	$3,976.00		
11/01/36	$73,000.00	5.60%	$0.00	$2,044.00	$75,020.00	
05/01/37	$73,000.00	5.60%	$73,000.00	$2,044.00	$75,044.00	
	TOTAL					$760,000.00 		$384,776.00 		$1,144,776.00 	

Mediterranea	
Community Development District	

 	
Debt Service Fund	
Series 2017, Special Assessment Refunding and Improvement Bonds	

FY 2023	
Adopted	
	Budget		

Actual	
Thru	
  2/28/2023		

Projected	
Next	
	7 Months		

Total	
Projected	
  9/30/2023		

FY 2024	
Proposed	
	Budget		

 Description	

Revenues	
Interest Income	
Special Assessments - On Roll	
Carry Forward Surplus (1)	

 	
$500	$12,213	$17,098	$29,312	
$556,877	$549,266	$7,611	$556,877	
$287,980	$290,421	$0	$290,421	

	
$1,000	
$556,877	
$320,610	

	$845,357 			$851,901 	

  TOTAL REVENUES	

Expenditures	
Series 2017	
Interest 11/1	
Interest - 5/1	
Principal - 5/1	

 	
$195,500	
$195,500	
$165,000	

	$656,401 		($335,791)		$320,610 		$318,262 	
11/1/2024	$188,894	
Gross	
No. of Units	Amount	FY 2024	
Gross Assessments		$592,422	
less Collection Fees (6%)		($35,545)	
Net Assessments		$556,877	
18' TH	112	$1,051.28	$117,743	
22' TH	236	$1,130.40	$266,774	
Single Family	152	$1,367.79	$207,904	

  TOTAL EXPENDITURES				$556,000 		$195,500 		$360,500 		$556,000 		$560,225 	
  EXCESS REVENUES				$289,357 					

(1) Carry forward surplus is net of the reserve requirement

	$24,709 		$876,610 		$878,487 

$195,500	
$0	
$0	

 	
$0	
$195,500	
$165,000	

	
$195,500	
$195,500	
$165,000	

	
$192,613	
$192,613	
$175,000	

 			

	

	

	

				

Mediterranea			Amortization Schedule	
Community Development District			Series 2017, Special Assessment Refunding and Improvement Bonds	
DATE	BALANCE	RATE	PRINCIPAL	INTEREST	TOTAL	

11/01/22	$8,150,000.00	5.60%	$0.00	$195,500.00	$553,800.00	
05/01/23	$8,150,000.00	5.60%	$165,000.00	$195,500.00		
11/01/23	$7,985,000.00	5.60%	$0.00	$192,612.50	$553,112.50	
05/01/24	$7,985,000.00	5.60%	$175,000.00	$192,612.50		
11/01/24	$7,810,000.00	5.60%	$0.00	$188,893.75	$556,506.25	
05/01/25	$7,810,000.00	5.60%	$180,000.00	$188,893.75		
11/01/25	$7,630,000.00	5.60%	$0.00	$185,068.75	$553,962.50	
05/01/26	$7,630,000.00	5.60%	$190,000.00	$185,068.75		
11/01/26	$7,440,000.00	5.60%	$0.00	$181,031.25	$556,100.00	
05/01/27	$7,440,000.00	5.60%	$195,000.00	$181,031.25		
11/01/27	$7,245,000.00	5.60%	$0.00	$176,887.50	$552,918.75	
05/01/28	$7,245,000.00	5.60%	$205,000.00	$176,887.50		
11/01/28	$7,040,000.00	5.60%	$0.00	$172,531.25	$554,418.75	
05/01/29	$7,040,000.00	5.60%	$215,000.00	$172,531.25		
11/01/29	$6,825,000.00	5.60%	$0.00	$167,962.50	$555,493.75	
05/01/30	$6,825,000.00	5.60%	$225,000.00	$167,962.50		
11/01/30	$6,600,000.00	5.60%	$0.00	$162,618.75	$555,581.25	
05/01/31	$6,600,000.00	5.60%	$235,000.00	$162,618.75		
11/01/31	$6,365,000.00	5.60%	$0.00	$157,037.50	$554,656.25	
05/01/32	$6,365,000.00	5.60%	$245,000.00	$157,037.50		
11/01/32	$6,120,000.00	5.60%	$0.00	$151,218.75	$553,256.25	
05/01/33	$6,120,000.00	5.60%	$260,000.00	$151,218.75		
11/01/33	$5,860,000.00	5.60%	$0.00	$145,043.75	$556,262.50	
05/01/34	$5,860,000.00	5.60%	$270,000.00	$145,043.75		
11/01/34	$5,590,000.00	5.60%	$0.00	$138,631.25	$553,675.00	
05/01/35	$5,590,000.00	5.60%	$285,000.00	$138,631.25		
11/01/35	$5,305,000.00	5.60%	$0.00	$131,862.50	$555,493.75	
05/01/36	$5,305,000.00	5.60%	$300,000.00	$131,862.50		
11/01/36	$5,005,000.00	5.60%	$0.00	$124,737.50	$556,600.00	
05/01/37	$5,005,000.00	5.60%	$310,000.00	$124,737.50		
11/01/37	$4,695,000.00	5.60%	$0.00	$117,375.00	$552,112.50	
05/01/38	$4,695,000.00	5.60%	$330,000.00	$117,375.00		
11/01/38	$4,365,000.00	5.60%	$0.00	$109,125.00	$556,500.00	
05/01/39	$4,365,000.00	5.60%	$345,000.00	$109,125.00		
11/01/39	$4,020,000.00	5.60%	$0.00	$100,500.00	$554,625.00	
05/01/40	$4,020,000.00	5.60%	$365,000.00	$100,500.00		
11/01/40	$3,655,000.00	5.60%	$0.00	$91,375.00	$556,875.00	
05/01/41	$3,655,000.00	5.60%	$380,000.00	$91,375.00		
11/01/41	$3,275,000.00	5.60%	$0.00	$81,875.00	$553,250.00	
05/01/42	$3,275,000.00	5.60%	$400,000.00	$81,875.00		
11/01/42	$2,875,000.00	5.60%	$0.00	$71,875.00	$553,750.00	
05/01/43	$2,875,000.00	5.60%	$420,000.00	$71,875.00		
11/01/43	$2,455,000.00	5.60%	$0.00	$61,375.00	$553,250.00	
05/01/44	$2,455,000.00	5.60%	$445,000.00	$61,375.00		
11/01/44	$2,010,000.00	5.60%	$0.00	$50,250.00	$556,625.00	
05/01/45	$2,010,000.00	5.60%	$465,000.00	$50,250.00		
11/01/45	$1,545,000.00	5.60%	$0.00	$38,625.00	$553,875.00	
05/01/46	$1,545,000.00	5.60%	$490,000.00	$38,625.00		
11/01/46	$1,055,000.00	5.60%	$0.00	$26,375.00	$555,000.00	
05/01/47	$1,055,000.00	5.60%	$515,000.00	$26,375.00		
11/01/47	$540,000.00	5.60%	$0.00	$13,500.00	$554,875.00	
05/01/48	$540,000.00	5.60%	$540,000.00	$13,500.00	$553,500.00	
	TOTAL					$8,150,000.00 		$6,467,775.00 		$14,976,075.00