San Simeon	
Community Development District	

Approved Proposed Budget	
FY 2025	

Table of Contents

1

2-3

4

5

	General Fund

	Narratives

	Debt Service Fund Series 2019

	Series 2019 Amortization Schedule

6		Assessment Schedule

San Simeon	
Community Development District	
Approved Proposed Budget	
General Fund	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Approved
Proposed Budget	
Description	FY2024	3/31/24	6 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments - On Roll	$	315,897	$	302,877	$	13,020	$	315,897	$	315,897	
Interest income	-	11,243	7,094	18,337	15,000	
Carry Forward Surplus	33,846	39,420	-	39,420	37,667	
TOTAL REVENUES	$	349,743	$	353,541	$	20,114	$	373,654	$	368,565	

EXPENDITURES:						
Administrative						
Engineering	$	10,000	$	2,085	$	7,915	$	10,000	$	10,000	
Attorney	15,000	5,838	9,163	15,000	15,000	
Annual Audit	4,000	-	3,650	3,650	4,000	
Arbitrage Rebate	550	-	550	550	550	
Dissemination Agent	2,500	1,250	1,250	2,500	2,625	
Trustee Fees	4,041	-	4,041	4,041	4,041	
Management Fees	37,260	18,630	18,630	37,260	39,123	
Information Technology	375	188	188	375	394	
Website Maintenance	1,000	500	500	1,000	1,050	
Telephone	50	-	50	50	50	
Postage & Delivery	500	89	411	500	500	
Insurance General Liability	6,426	6,076	-	6,076	6,684	
Printing & Binding	750	3	747	750	750	
Legal Advertising	750	-	750	750	750	
Other Current Charges	375	-	375	375	496	
Office Supplies	113	-	113	113	200	
Dues, Licenses & Subscriptions	175	175	-	175	175	
TOTAL ADMINISTRATIVE	$	83,865	$	34,832	$	48,333	$	83,165	$	86,388	

Operations & Maintenance						
Field Expenditures						
Field Maintenance	$	13,800	$	6,900	$	6,900	13,800	$	14,490	
Water	250	39	111	150	250	
Landscape Maintenance	134,220	67,110	67,110	134,220	140,931	
Plant Replacement	15,000	11,900	5,100	17,000	20,000	
Tree Trimming	8,500	-	13,500	13,500	15,000	
Repairs & Maintenance	9,000	-	9,000	9,000	9,000	
Irrigation Repairs/Maintenance	10,200	5,100	5,100	10,200	10,200	
Pump Station Maintenance	16,000	7,844	2,156	10,000	16,000	
Property Insurance	6,000	-	-	-	6,000	
Lake Maintenance	13,200	6,600	6,600	13,200	13,860	
Lake Debris Removal	1,350	-	1,350	1,350	1,350	
Janitorial & Porter Services	17,580	8,736	8,736	17,472	18,346	
Holiday Decorations	5,000	-	5,000	5,000	5,000	
Sidewalk Maintenance	3,750	-	3,750	3,750	3,750	
Contingency/Permits	12,028	-	4,180	4,180	8,000	
TOTAL FIELD EXPENDITURES	$	265,878	$	114,229	$	138,593	$	252,822	$	282,177	

TOTAL EXPENDITURES	$	349,743	$	149,061	$	186,926	$	335,987	$	368,565	

EXCESS REVENUES (EXPENDITURES)	$	-	$	204,480	$	(166,812)	$	37,667	$	-	

San Simeon	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

REVENUES	

Special Assessments - Tax Roll	
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating expenditures during the Fiscal Year.	
Interest Income	
The District earns interest on the monthly average collected balance for each of their investment accounts.	

Expenditures - Administrative	
Engineering	
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation  for monthly board meetings, review of invoices, and other specifically requested assignments.	
Attorney	
The District’s Attorney, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.	
Annual Audit	
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.	
Arbitrage Rebate	
The District has contracted with its independent auditors to annually calculate the arbitrage rebate liability on its bonds.	
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.	
Trustee Fees	
The District bonds will be held and administered by a Trustee. This represents the trustee 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. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.	
Information Technology	
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.	
Website Maintenance	
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.	
Communication - Telephone	
New internet and Wi-Fi service for Office.	
Postage and Delivery	
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.	
Insurance General Liability	
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.	
Printing and Binding	
Copies used in the preparation of agenda packages, required mailings, and other special projects.	

San Simeon	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

Expenditures - Administrative (continued)	
Legal Advertising	
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.	
Other Current Charges	
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.	
Office Supplies	
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.	
Due, Licenses & Subscriptions	
The District is required to pay an annual fee to Florida Department of Commerce for $175.	
Expenditures - Field	
Field Maintenance	
The District has contracted management services for the operation of the Property and its contractors.	
Utility - Water	
The District has contracted with Miami-Dade Water and Sewer Department to provide water throughout the District.	
Landscape Maintenance	
The District has contracted with Equator Landscaping to provide monthly landscaping services throughout all common areas within the District.	
Plant Replacement	
The District has contracted with Equator Landscaping to provide plant replacement services as needed throughout the District.	
Tree Trimming	
The District has contracted with Equator Landscaping to provide tree trimming services as needed throughout the District.	
Repairs & Maintenance	
This fee includes repairs & maintenance as incurred.	
Irrigation Repairs / Maintenance	
The District has contracted with Equator Landscaping to provide irrigation reapirs and maintenace to areas as needed throughout	
Pump Station Maintenance	
The District has contracted with Atlantic Environmental Services, Inc. to monitor and maintain the sewage lift stations.	
Property Insurance	
The District's Property 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.	
Lake Maintenance	
The District has contracted with Eco Blue Aquatic Services to provide monthly water management to all the lakes throughout the	
Lake Debris Removal	
The District has contracted with Equator Landscaping to provide remove Debris when occured throughout all common areas within the District.	
Janitorial & Porter Services	
The District has contracted with Equator Landscaping to provide porter services throughout the District.	
Holiday Decorations	
This expense is for holiday lightings and decorations expenses throughout the District.	
Sidewalk Maintenance	
This expense is for any sidewalk repairs and maintenance incurred during the fiscal year throughout the District.	
Contingency/Permits	
This expenditure is for unforeseen and miscellaneous expenses including Miami-Dade County permits incurred within the District.	

San Simeon	
Community Development District	
Approved Proposed Budget	
Debt Service Series 2019 Special Assessment Bonds	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Approved
Proposed Budget	
Description	FY2024	3/31/24	6 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments-On Roll	$	712,365	$	689,996	$	22,369	$	712,365	$	712,365	
Interest Earnings	-	20,049	10,000	30,049	15,000	
Carry Forward Surplus (1)	250,282	260,719	-	260,719	277,061	

TOTAL REVENUES	$	962,647	$	970,765	$	32,369	$	1,003,133	$  1,004,426	

EXPENDITURES:

Interest - 12/15	$	230,834	$	230,834	$	-	$	230,834	$	226,531	
Interest - 06/15	230,834	-	230,834	230,834	226,531	
Principal - 06/15	255,000	-	255,000	255,000	260,000	

TOTAL EXPENDITURES	$	716,669	$	230,834	$	485,834	$	716,669	$	713,063	

Other Sources/(Uses)

Interfund transfer In/(Out)	$	-	$	(9,404)	$	-	$	(9,404)	$	-	

TOTAL OTHER SOURCES/(USES)	$	-	$	(9,404)	$	-	$	(9,404)	$	-	

TOTAL EXPENDITURES	$	716,669	$	240,238	$	485,834	$	726,073	$	713,063	

EXCESS REVENUES (EXPENDITURES)	$	245,978	$	730,526	$	(453,466)	$	277,061	$	291,364	

Interest Due 11/1/25	 $	221,656 	
	 $	221,656 	

(1) Carry Forward is Net of Reserve Requirement

San Simeon	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2019 Special Assessment Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

12/15/24	$10,995,000	3.375%	$-	$226,531	$226,531	
06/15/25	10,995,000	3.750%	260,000	226,531		
12/15/25	10,735,000	3.750%	-	221,656	708,188	
06/15/26	10,735,000	3.750%	270,000	221,656		
12/15/26	10,465,000	3.750%	-	216,594	708,250	
06/15/27	10,465,000	3.750%	280,000	216,594		
12/15/27	10,185,000	3.750%	-	211,344	707,938	
06/15/28	10,185,000	3.750%	295,000	211,344		
12/15/28	9,890,000	3.750%	-	205,813	712,156	
06/15/29	9,890,000	3.750%	305,000	205,813		
12/15/29	9,585,000	3.750%	-	200,094	710,906	
06/15/30	9,585,000	3.750%	315,000	200,094		
12/15/30	9,270,000	3.750%	-	194,188	709,281	
06/15/31	9,270,000	3.750%	330,000	194,188		
12/15/31	8,940,000	4.125%	-	188,000	712,188	
06/15/32	8,940,000	4.125%	340,000	188,000		
12/15/32	8,600,000	4.125%	-	180,988	708,988	
06/15/33	8,600,000	4.125%	355,000	180,988		
12/15/33	8,245,000	4.125%	-	173,666	709,653	
06/15/34	8,245,000	4.125%	370,000	173,666		
12/15/34	7,875,000	4.125%	-	166,034	709,700	
06/15/35	7,875,000	4.125%	385,000	166,034		
12/15/35	7,490,000	4.125%	-	158,094	709,128	
06/15/36	7,490,000	4.125%	400,000	158,094		
12/15/36	7,090,000	4.125%	-	149,844	707,938	
06/15/37	7,090,000	4.125%	420,000	149,844		
12/15/37	6,670,000	4.125%	-	141,181	711,025	
06/15/38	6,670,000	4.125%	435,000	141,181		
12/15/38	6,235,000	4.125%	-	132,209	708,391	
06/15/39	6,235,000	4.125%	455,000	132,209		
12/15/39	5,780,000	4.250%	-	122,825	710,034	
06/15/40	5,780,000	4.250%	475,000	122,825		
12/15/40	5,305,000	4.250%	-	112,731	710,556	
06/15/41	5,305,000	4.250%	495,000	112,731		
12/15/41	4,810,000	4.250%	-	102,213	709,944	
06/15/42	4,810,000	4.250%	515,000	102,213		
12/15/42	4,295,000	4.250%	-	91,269	708,481	
06/15/43	4,295,000	4.250%	540,000	91,269		
12/15/43	3,755,000	4.250%	-	79,794	711,063	
06/15/44	3,755,000	4.250%	560,000	79,794		
12/15/44	3,195,000	4.250%	-	67,894	707,688	
06/15/45	3,195,000	4.250%	585,000	67,894		
12/15/45	2,610,000	4.250%	-	55,463	708,356	
06/15/46	2,610,000	4.250%	610,000	55,463		
12/15/46	2,000,000	4.250%	-	42,500	707,963	
06/15/47	2,000,000	4.250%	640,000	42,500		
12/15/47	1,360,000	4.250%	-	28,900	711,400	
06/15/48	1,360,000	4.250%	665,000	28,900		
12/15/48	695,000	4.250%	-	14,769	708,669	
06/15/49	695,000	4.250%	695,000	14,769	709,769	
Total		$	10,995,000	$	6,969,181	$	17,964,181	

San Simeon	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2024-2025	

Neighborhood	O&M Units	Bonds Units
2019	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	

Single Family	
55	
55	
$473.68	
$473.68	
$0.00	
$1,246.65	
$1,246.65	
$0.00	
$1,720.33	
$1,720.33	
$0.00	
Townhomes	393	393	$473.68	$473.68	$0.00	$1,097.05	$1,097.05	$0.00	$1,570.73	$1,570.73	$0.00	
Villas	254	254	$473.68	$473.68	$0.00	$984.85	$984.85	$0.00	$1,458.53	$1,458.53	$0.00	
Total	702	702										

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