Adopted Budget	
Fiscal Year 2023	

Portofino Vineyards	
Community Development District	

July 6, 2022

Portofino Vineyards	
Community Development District	

General Fund	
Budget	
Narrative	

Page 1	
Page 2-3	

Portofino Vineyards
Community Development District	General Fund

	FY2022
Adopted		Actual
thru		Projected
Next		Total
Projected at		FY2023
Adopted	
 Description				Budget			  5/31/2022 		  4 Months 		  9/30/2022 			Budget		
Revenues											
Special Assessment - On Roll		$69,925		$71,410		$0		$71,410		$69,925	
Total Revenues			$69,925 			$71,410 			$0 			$71,410 			$69,925 	
Expenditures											
Administrative											
Engineering		$2,500		$0		$2,500		$2,500		$2,500	
Attorneys Fees		$5,000		$2,415		$2,585		$5,000		$5,000	
Annual Audit		$6,000		$3,200		$0		$3,200		$5,000	
Management Fees		$30,900		$20,600		$10,300		$30,900		$32,445	
Computer Time		$750		$500		$250		$750		$1,000	
Website Compliance		$1,000		$667		$333		$1,000		$1,000	
Telephone		$100		$0		$100		$100		$100	
Postage		$750		$38		$50		$88		$750	
Printing & Binding		$1,500		$73		$100		$173		$1,500	
Insurance		$6,100		$5,589		$0		$5,589		$6,100	
Legal Advertising		$2,400		$1,646		$755		$2,400		$2,400	
Other Current Charges		$500		$238		$158		$396		$500	
Office Supplies		$500		$15		$55		$70		$500	
Dues, Licenses & Subscriptions		$175		$175		$0		$175		$175	
Capital Outlay		$250		$0		$83		$83		$250	
First Quarter Operating		$10,000		$0		$3,333		$3,333		$9,205	
Contingency		$1,500		$0		$500		$500		$1,500	
Administrative Expenditures			$69,925 			$35,155 			$21,103 			$56,258 			$69,925 	
Unassigned Fund Balance			$0 			$36,255 			($21,103)			$15,153 			$0 	
										
FY2023	

Total Assessments - Net	$69,925	
Discount/Commission	$4,463	
Total Assessments - Gross	$74,388	
Units	844	
Per Unit- Net	$82.85	
Per Unit - Gross	$88.14	

Page 1

Portofino Vineyards
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.

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 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, resolutions etc.

Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Per Section 218.39 of the Florida Statues, each special district with total revenues or expenditures in excess of $100,000 OR any special district with revenue or expenses between $50,000 and $100,000 that has not been subject to a financial audit in the 2 preceding fiscal years must perform an independent annual audit.

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

Computer Time
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 Compliance
Per Chapter 2014-22, Laws of Florida, all District 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 GMS-SF, LLC and updated monthly.

Telephone
Telephone and fax machine.

Page 2

Portofino Vineyards
Community Development District
GENERAL FUND BUDGET

Administrative (continued)

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.

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with Preferred Governmental Insurance Trust. PGIT specializes in providing insurance coverage to governmental agencies.

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.

Contingency
Unexpected expenses not accounted for.

Page 3