Cordova Palms

Community Development District

Approved Budget
FY 2027

Presented by:

Table of Contents

1-2		General Fund

3-4		General Fund 2-Year Budget Summary

5-6		Narratives

7-8		Debt Service Fund Series 2021

9-10		Debt Service Fund Series 2022-1

11-12 	Debt Service Fund Series 2022-2

	Assessment Schedule

	Capital Reserve Fund 

Adopted	Actuals Thru	Projected Next Projected Thru Approved Budget Budget	
Description	FY 2026	4/30/26		5 Months		9/30/26	FY 2027	

REVENUES:						
Special Assessments	$	749,529	$	737,882	$	11,647	$	749,529	$	827,493	
Interest Income	1,000	1,155	500	1,655	1,000	
Other Income	-	610	250	860	1,000	
Carry Forward Surplus	-	-	-	-	-	
TOTAL REVENUES	$	750,529	$	739,648	$	12,397	$	752,045	$	829,493	

EXPENDITURES:						
Administrative						
Supervisors Fees	$	6,000	$	-	$	-	$	-	$	-	
FICA Expense	459	-	-	-	-	
Engineering	11,000	1,728	5,000	6,728	11,000	
Arbitrage	1,800	4,500	-	4,500	1,350	
Attorney	15,000	9,792	4,500	14,292	15,000	
Annual Audit	7,500	4,900	-	4,900	5,000	
Assessment Roll Administration	5,899	5,899	-	5,899	6,253	
Trustee Fees	12,500	12,150	-	12,150	13,750	
Dissemination Agent	8,848	5,661	3,510	9,171	11,860	
Management Fees	55,745	32,518	23,227	55,745	59,089	
Website Maintenance	1,769	1,032	737	1,769	1,875	
Information Technology	2,654	1,548	1,106	2,654	2,814	
Telephone	500	76	424	500	500	
Postage & Delivery	1,500	765	736	1,500	1,500	
Insurance General Liability	6,729	6,340	-	6,340	6,974	
Printing & Binding	500	99	401	500	500	
Legal Advertising	2,000	798	1,202	2,000	2,000	
Other Current Charges	300	-	300	300	300	
Office Supplies	150	2	148	150	150	
Dues, Licenses & Subscriptions	175	175	-	175	175	
TOTAL ADMINISTRATIVE	$	141,028	$	87,982	$	41,291	$	129,273	$	140,090	

Operations & Maintenance						
Grounds Maintenance						
Landscape - Maintenance	$	164,640	$	96,040	$	68,600	$	164,640	$	164,640	
Landscape - Contingency	27,700	3,230	24,470	27,700	25,000	
Operations Management	26,500	15,458	11,042	26,500	28,090	
Lake Maintenance	10,000	4,795	5,205	10,000	10,000	
Electric	75,000	40,461	34,539	75,000	75,000	
Irrigation Water	23,000	12,772	10,228	23,000	24,000	
Repairs & Maintenance	10,000	7,442	2,558	10,000	10,000	
Irrigation Repairs	13,000	1,826	7,500	9,326	10,000	
Pest Control	1,800	1,138	662	1,800	1,800	
TOTAL GROUNDS MAINTENANCE	$	351,640	$	183,164	$	164,802	$	347,966	$	348,530	

Adopted	Actuals Thru	Projected Next Projected Thru Approved Budget Budget	
Description	FY 2026	4/30/26		5 Months		9/30/26	FY 2027	

Amenity Center						
Amenity Manager	$	77,500	$	45,208	$	32,292	$	77,500	$	82,150	
Amenity Attendant	10,000	2,353	7,647	10,000	10,000	
Facility Maintenance	37,440	27,489	9,951	37,440	62,400	
Insurance	39,025	33,760	-	33,760	32,263	
Refuse	4,560	2,895	2,050	4,945	5,040	
Gas	1,000	556	444	1,000	1,044	
Janitorial Services	12,000	7,000	5,000	12,000	13,080	
Access Cards	5,000	625	3,200	3,825	4,000	
Pool Maintenance	18,000	10,500	7,500	18,000	19,080	
Pool Chemicals	13,000	7,583	5,417	13,000	13,780	
Special Events	5,000	1,943	3,057	5,000	5,000	
Holiday Decoration	10,000	7,821	900	8,721	9,000	
Electric	-	3,483	3,717	7,200	7,200	
Water & Sewer	5,000	279	4,721	5,000	6,000	
Licenses & Subscriptions	500	767	400	1,167	1,000	
Fitness Equipment Leasing	19,836	11,568	8,268	19,836	19,836	
Capital Reserve Funding	-	-	-	-	50,000	
TOTAL AMENITY CENTER	$	257,861	$	163,830	$	94,563	$	258,393	$	340,873	
						
TOTAL EXPENDITURES	$	750,529	$	434,976	$	300,656	$	735,632	$	829,493	
						
EXCESS REVENUES (EXPENDITURES)	$	-	$	304,672	$  (288,259)	$	16,413	$	-	

Description

Amended Budget FY 2025

Actuals	Adopted	Projected Budget		Thru
FY 2025		FY 2026		9/30/26

Approved Budget FY 2027

REVENUES:		
Special Assessments	$  471,872	$	471,872	$	749,529	$	749,529	$	827,493	
Interest Income	86,889	86,889	1,000	1,655	1,000	
Other Income	671	671	-	860	1,000	
Carry Forward Surplus	2,140	2,140	-	-	-	
TOTAL REVENUES	$ 561,572	$  561,572	$	750,529	$ 752,045	$	829,493	

EXPENDITURES:						
Administrative						
Supervisors Fees	$	-	$	-	$	6,000	$	-	$	-	
FICA Expense	-	-	459	-	-	
Engineering	11,000	5,125	11,000	6,728	11,000	
Arbitrage	1,800	-	1,800	4,500	1,350	
Attorney	20,000	6,144	15,000	14,292	15,000	
Annual Audit	4,800	4,800	7,500	4,900	5,000	
Assessment Roll Administration	5,618	5,618	5,899	5,899	6,253	
Trustee Fees	12,400	12,400	12,500	12,150	13,750	
Dissemination Agent	11,177	11,177	8,848	9,171	11,860	
Management Fees	53,090	53,090	55,745	55,745	59,089	
Website Maintenance	1,685	1,685	1,769	1,769	1,875	
Information Technology	2,528	2,528	2,654	2,654	2,814	
Telephone	500	171	500	500	500	
Postage & Delivery	1,500	949	1,500	1,500	1,500	
Insurance General Liability	5,981	5,981	6,729	6,340	6,974	
Printing & Binding	777	777	500	500	500	
Legal Advertising	2,571	2,571	2,000	2,000	2,000	
Other Current Charges	300	154	300	300	300	
Office Supplies	150	4	150	150	150	
Dues, Licenses & Subscriptions	175	175	175	175	175	
TOTAL ADMINISTRATIVE	$ 136,053	$  113,349	$	141,028	$ 129,273	$	140,090	

Amended	Actuals	Adopted	Projected	Approved	
Budget
Description	FY 2025	
FY 2025	Budget
	FY 2026		Thru
9/30/26	Budget
FY 2027	

Operations & Maintenance						
Grounds Maintenance
Landscape - Maintenance	
$  150,643	
$	150,643	
$	164,640	
$	164,640	
$	164,640	
Landscape - Contingency	30,098	30,098	27,700	27,700	25,000	
Mulch	22,766	-	-	-	-	
Operations Management	6,250	6,250	26,500	26,500	28,090	
Lake Maintenance	10,000	7,940	10,000	10,000	10,000	
Electric	70,622	70,622	75,000	75,000	75,000	
Irrigation Water	20,000	-	23,000	23,000	24,000	
Repairs & Maintenance	43,461	43,461	10,000	10,000	10,000	
Irrigation Repairs	16,132	16,132	13,000	9,326	10,000	
Pest Control	2,000	1,540	1,800	1,800	1,800	
TOTAL GROUNDS MAINTENANCE	$ 371,973	$  326,687	$	351,640	$ 347,966	$	348,530	
Amenity Center						
Amenity Manager	$	54,899	$	54,899	$	77,500	$	77,500	$	82,150	
Amenity Attendant	-	-	10,000	10,000	10,000	
Facility Maintenance	-	-	37,440	37,440	62,400	
Insurance	35,926	35,926	39,025	33,760	32,263	
Refuse	4,062	4,062	4,560	4,945	5,040	
Gas	851	851	1,000	1,000	1,044	
Janitorial Services	12,000	12,000	12,000	12,000	13,080	
Access Cards	4,219	4,219	5,000	3,825	4,000	
Pool Maintenance	18,168	18,168	18,000	18,000	19,080	
Pool Chemicals	13,000	13,000	13,000	13,000	13,780	
Special Events	1,000	1,000	5,000	5,000	5,000	
Holiday Decoration	6,416	6,416	10,000	8,721	9,000	
Electric	-	-	-	7,200	7,200	
Water & Sewer	23,245	23,245	5,000	5,000	6,000	
Licenses & Subscriptions	761	761	500	1,167	1,000	
Fitness Equipment Leasing	19,830	19,830	19,836	19,836	19,836	
Capital Reserve Funding	-	-	-	-	50,000	
TOTAL AMENITY CENTER	$ 194,377	$  194,377	$	257,861	$ 258,393	$	340,873	
						
TOTAL EXPENDITURES	$ 702,403	$  634,412	$	750,529	$ 735,632	$	829,493	

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. The assessments will be collected by the St. Johns County Tax Collectors Office.

Interest Income
The District earns interest on the monthly average collected balance for each of their investment accounts.

Other Income
Income received from resident rental of Rooftop patio, amenity access fobs, fitness class, etc.

Expenditures - Administrative

Engineering
The District's engineering firm will be providing general engineering services to the District including attendance and preparation for monthly board meetings, review invoices, etc. DCCM Infrastructure, Inc. serves as the District’s engineering firm.
Arbitrage Rebate
The District is required to annually have an arbitrage rebate calculation on the District’s Series 2021, 2022-1 and 2022-2 Special Assessment Revenue Bonds. American Municipal Tax-Exempt Compliance Corp.(AMTEC) serves as the District's tax compliance agent.

Attorney
The District's legal counsel will be providing general legal services to the District including attendance and preparation for monthly meetings, review operating and maintenance contracts, etc. Kutak Rock LLP serves as the District’s legal counsel.
Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Grau and Associates currently serves as the District’s Independent Auditor.
Assessment Roll Administration
GMS, LLC provides assessment services for closing lot sales, assessment roll services with the local Tax Collector and financial advisory services.
Trustee Fees
The amount of the trustee fees is based on the agreement between The Bank of New York Mellon and the District for the Special Assessment Bond Series 2021, 2022-1, and 2022-2, and also includes the custody account fee charged by US Bank.
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.

Vendor
GMS
Disclosure Services

Management Fees

Description
Dissemination Agent
Revised Amortization Schedules

Total

Monthly	Annual
$	780 $	9,360
	2,500 
$	11,860

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.
Website Maintenance
Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.
Information Technology
Represents costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, security, accounting software, etc.
Telephone
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 Florida Property Alliance Preferred (FPA). FPA specializes in providing insurance coverage to governmental agencies.

Expenditures - Administrative (continued)

Printing and Binding
Copies used in the preparation of agenda packages, required mailings, and other special projects.
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.
Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Florida Department of Commerce for $175.

Expenditures – Operations & Maintenance

Landscape - Maintenance
The District has contracted with Brightview Landscaping Services to maintain the common areas of the District.
Landscape - Contingency
Estimated costs for other landscape maintenance incurred by the District.
Operations Management
The District is contracted with Governmental Management Services, LLC to provide onsite field management of contracts for District Services such as landscape and lake maintenance. Services to include weekly site inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.
Vendor	Description	Monthly	Annual

Lake Maintenance

GMS, LLC	Operations Management	$

2,341  $

28,090

The District has contracted with Florida Waterways, Inc. for the maintenance of ponds on district property.
Electric
FPL provides for electric services for the District. District has the following meters:
Meter #	Location	Monthly	Annual	
8188230067	77 Cordova Palms Pkwy	$	370	$	4,440	
6277411382	327 Onate Cir, Pump	150	1,800	
4378731287	100 Cordova Palms Pkwy, SL	5,000	60,000	
1665506505	30 Bermudez Way, Dog Park	55	660	
1582847560	320 Cordova Palms Pkwy, Bldg	525	6,300	

Irrigation Water

Contingency for Phase 4		150	1,800 
Total $	6,250 $	75,000

The costs for irrigation water for the district provided by City of St. Augustine Water.
Account #	Location	Monthly	Annual	
55487	65 Onate Cir	$	2,000	$	24,000	

Repairs & Maintenance
Any costs related to miscellaneous repairs and maintenance that occur during the fiscal year.
Irrigation Repairs
Estimated cost of miscellaneous irrigation repairs and maintenance incurred.
Pest Control
Estimated costs for pest control service incurred by the District.

Expenditures – Amenity Center

Amenity Manager
Estimated costs for management services for the Amenity Center.
Amenity Attendant
The District has contracted with GMS LLC to provide community facility staff for the amenity center to greet patrons, providing facility tours, issuance of access cards and policy enforcement.
Facility Maintenance
The District has contracted with GMS LLC to provide maintenance and repairs necessary for upkeep of the Amenity Center and common grounds area.
Insurance
The District has issued a Property Insurance policy with Florida Insurance Alliance. FIA specializes in providing insurance coverage to governmental agencies.
Refuse Service
The District has contracted with Waste Management for refuse removal services once a week.
Vendor	Description	Monthly	Annual

Gas

Waste Management Refuse

$	420  $

5,040

The District is under contract with TECO Peoples Gas and Gas South to provide gas fire pit.
Vendor	Description	Monthly	Annual

TECO	Natural Gas

$	73  $

880

Janitorial Services

Gas South	Natural Gas	5	64
Contingency		100 
Total $	79 $	1,044

The District is contracted with Governmental Management Services, LLC to provide onsite janitorial cleaning for the Amenity Center.
Vendor	Description	Monthly	Annual

Access Cards

GMS LLC	Janitorial Services

$	1,090  $

13,080

Represents the estimated cost for access cards to the District’s Amenity Center.
Pool Maintenance
The District has contracted with GMS, LLC for pool cleaning, water testing, treatment, checking chemicals and back washing of the Amenity Center pool.
Pool Chemicals
The District has contracted with GMS, LLC for purchase and delivery of pool chemicals for the maintenance of the Amenity Center
Special Events
Represents estimated costs for the District to host special events for the community through the Fiscal Year.
Holiday Decoration
Represents estimated costs for the District to decorate the Amenity center for the holidays.
Electric
FPL provides for electric services for the District. District has the following meter:

Meter #	Location	Monthly	Annual	
6670347563	320 Cordova Palms Pkwy, Unit A	550	6,600	

Water & Sewer

Contingency		50	600 
Total $	600 $	7,200

Estimated costs for water and sewer for the amenity center billed to the District by City of St. Augustine Water.
Account #	Location	Monthly	Annual	
55512	320 Cordova Palms Pkwy	$	500 $	6,000	
License & Subscriptions
Represents license fees for the amenity center and permit fees paid to the Florida Department of Health in St. Johns County for the swimming pools.

Fitness Equipment Lease
The District has contracted with Macrolease to rent fitness equipment.
Vendor	Description	Monthly	Annual

Capital Reserve Funding

Macrolease	Fitness Equipment Lease	$

1,653  $

19,836

The District funds a capital reserve dedicated to future renewal, replacement, and unanticipated capital needs. These funds are transferred to the Capital Reserve Fund to support long-term financial stability and the ongoing upkeep of District infrastructure and facilities.

Approved Budget
Debt Service Series 2021 Special Assessment Bonds

Description

Adopted Budget FY 2026

Actuals Thru	Projected Next  Projected Thru

4/30/26

	5 Months	

9/30/26

Approved Budget FY 2027

REVENUES:

Special Assessments	$	309,400	$	301,962	$	5,670	$	307,632	$	307,632	
Interest Earnings	5,000	6,836	2,000	8,836	5,000	
Carry Forward Surplus (1)	183,031	187,182	-	187,182	185,720	
TOTAL REVENUES	$	497,431	$	495,980	$	7,670	$	503,650	$	498,352	

EXPENDITURES:						
Interest - 11/1	$	91,465	$	91,465	$	-	$	91,465	$	89,790	
Principal Prepayment - 11/1	-	5,000	-	5,000	-	
Interest - 5/1	91,465	-	91,465	91,465	89,790	
Principal - 5/1	125,000	-	125,000	125,000	130,000	
Principal Prepayment - 5/1	-	-	5,000	5,000	-	
TOTAL EXPENDITURES	$	307,930	$	96,465	$	221,465	$	317,930	$	309,580	
						
EXCESS REVENUES (EXPENDITURES)	$	189,501	$	399,515	$  (213,795)	$	185,720	$	188,772	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/27

 $	87,970 

AMORTIZATION SCHEDULE
Debt Service Series 2021 Special Assessment Bonds

Period	Outstanding Balance	Coupons	Principal		Interest	Annual Debt Service	
							
11/01/26	5,125,000	2.400%			89,790	89,790	
05/01/27	5,125,000	2.800%	130,000		89,790		
11/01/27	4,995,000	2.800%			87,970	307,760	
05/01/28	4,995,000	2.800%	135,000		87,970		
11/01/28	4,860,000	2.800%			86,080	309,050	
05/01/29	4,860,000	2.800%	135,000		86,080		
11/01/29	4,725,000	2.800%			84,190	305,270	
05/01/30	4,725,000	2.800%	140,000		84,190		
11/01/30	4,585,000	2.800%			82,230	306,420	
05/01/31	4,585,000	2.800%	145,000		82,230		
11/01/31	4,440,000	2.800%			80,200	307,430	
05/01/32	4,440,000	3.000%	150,000		80,200		
11/01/32	4,290,000	3.000%			77,950	308,150	
05/01/33	4,290,000	3.000%	155,000		77,950		
11/01/33	4,135,000	3.000%			75,625	308,575	
05/01/34	4,135,000	3.000%	160,000		75,625		
11/01/34	3,975,000	3.000%			73,225	308,850	
05/01/35	3,975,000	3.000%	165,000		73,225		
11/01/35	3,810,000	3.000%			70,750	308,975	
05/01/36	3,810,000	3.000%	165,000		70,750		
11/01/36	3,645,000	3.000%			68,275	304,025	
05/01/37	3,645,000	3.000%	175,000		68,275		
11/01/37	3,470,000	3.000%			65,650	308,925	
05/01/38	3,470,000	3.000%	180,000		65,650		
11/01/38	3,290,000	3.000%			62,950	308,600	
05/01/39	3,290,000	3.000%	185,000		62,950		
11/01/39	3,105,000	3.000%			60,175	308,125	
05/01/40	3,105,000	3.000%	190,000		60,175		
11/01/40	2,915,000	3.000%			57,325	307,500	
05/01/41	2,915,000	3.000%	195,000		57,325		
11/01/41	2,720,000	3.000%			54,400	306,725	
05/01/42	2,720,000	4.000%	200,000		54,400		
11/01/42	2,520,000	4.000%			50,400	304,800	
05/01/43	2,520,000	4.000%	210,000		50,400		
11/01/43	2,310,000	4.000%			46,200	306,600	
05/01/44	2,310,000	4.000%	220,000		46,200		
11/01/44	2,090,000	4.000%			41,800	308,000	
05/01/45	2,090,000	4.000%	225,000		41,800		
11/01/45	1,865,000	4.000%			37,300	304,100	
05/01/46	1,865,000	4.000%	235,000		37,300		
11/01/46	1,630,000	4.000%			32,600	304,900	
05/01/47	1,630,000	4.000%	245,000		32,600		
11/01/47	1,385,000	4.000%			27,700	305,300	
05/01/48	1,385,000	4.000%	255,000		27,700		
11/01/48	1,130,000	4.000%			22,600	305,300	
05/01/49	1,130,000	4.000%	265,000		22,600		
11/01/49	865,000	4.000%			17,300	304,900	
05/01/50	865,000	4.000%	275,000		17,300		
11/01/50	590,000	4.000%			11,800	304,100	
05/01/51	590,000	4.000%	290,000		11,800		
11/01/51	300,000	4.000%			6,000	307,800	
05/01/52	300,000	4.000%	300,000		6,000	306,000	
Total		$	5,125,000	$	2,940,970	$	8,065,970	

Approved Budget
Debt Service Series 2022-1 Special Assessment Bonds

Description

Adopted Budget FY 2026

Actuals Thru	Projected Next  Projected Thru

4/30/26

	5 Months	

9/30/26

Approved Budget FY 2027

REVENUES:

Special Assessments	$	117,315	$	112,877	$	2,119	$	114,997	$	114,997	
Interest Earnings	5,000	3,363	1,000	4,363	3,000	
Carry Forward Surplus (1)	114,146	116,197	-	116,197	94,757	
TOTAL REVENUES	$	236,461	$	232,437	$	3,119	$	235,557	$	212,753	

EXPENDITURES:						
Interest - 11/1	$	45,400	$	45,400	$	-	$	45,400	$	44,078	
Interest - 5/1	45,400	-	45,400	45,400	44,078	
Principal - 5/1	25,000	-	25,000	25,000	25,000	
Principal Prepayment - 5/1	-	-	25,000	25,000	-	
TOTAL EXPENDITURES	$	115,800	$	45,400	$	95,400	$	140,800	$	113,155	
						
EXCESS REVENUES (EXPENDITURES)	$	120,661	$	187,037	$	(92,281)	$	94,757	$	99,598	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/27

 $	43,478 

AMORTIZATION SCHEDULE
Debt Service Series 2022-1 Special Assessment Bonds

Period	Outstanding Balance	Coupons	Principal		Interest	Annual Debt Service	
							
11/01/26	1,545,000				44,078	44,078	
05/01/27	1,545,000	4.800%	25,000		44,078		
11/01/27	1,520,000				43,478	112,555	
05/01/28	1,520,000	5.300%	25,000		43,478		
11/01/28	1,495,000				42,815	111,293	
05/01/29	1,495,000	5.300%	30,000		42,815		
11/01/29	1,465,000				42,020	114,835	
05/01/30	1,465,000	5.300%	30,000		42,020		
11/01/30	1,435,000				41,225	113,245	
05/01/31	1,435,000	5.300%	30,000		41,225		
11/01/31	1,405,000				40,430	111,655	
05/01/32	1,405,000	5.300%	35,000		40,430		
11/01/32	1,370,000				39,503	114,933	
05/01/33	1,370,000	5.700%	35,000		39,503		
11/01/33	1,335,000				38,505	113,008	
05/01/34	1,335,000	5.700%	35,000		38,505		
11/01/34	1,300,000				37,508	111,013	
05/01/35	1,300,000	5.700%	40,000		37,508		
11/01/35	1,260,000				36,368	113,875	
05/01/36	1,260,000	5.700%	40,000		36,368		
11/01/36	1,220,000				35,228	111,595	
05/01/37	1,220,000	5.700%	45,000		35,228		
11/01/37	1,175,000				33,945	114,173	
05/01/38	1,175,000	5.700%	45,000		33,945		
11/01/38	1,130,000				32,663	111,608	
05/01/39	1,130,000	5.700%	50,000		32,663		
11/01/39	1,080,000				31,238	113,900	
05/01/40	1,080,000	5.700%	50,000		31,238		
11/01/40	1,030,000				29,813	111,050	
05/01/41	1,030,000	5.700%	55,000		29,813		
11/01/41	975,000				28,245	113,058	
05/01/42	975,000	5.700%	60,000		28,245		
11/01/42	915,000				26,535	114,780	
05/01/43	915,000	5.800%	60,000		26,535		
11/01/43	855,000				24,795	111,330	
05/01/44	855,000	5.800%	65,000		24,795		
11/01/44	790,000				22,910	112,705	
05/01/45	790,000	5.800%	70,000		22,910		
11/01/45	720,000				20,880	113,790	
05/01/46	720,000	5.800%	75,000		20,880		
11/01/46	645,000				18,705	114,585	
05/01/47	645,000	5.800%	80,000		18,705		
11/01/47	565,000				16,385	115,090	
05/01/48	565,000	5.800%	80,000		16,385		
11/01/48	485,000				14,065	110,450	
05/01/49	485,000	5.800%	85,000		14,065		
11/01/49	400,000				11,600	110,665	
05/01/50	400,000	5.800%	90,000		11,600		
11/01/50	310,000				8,990	110,590	
05/01/51	310,000	5.800%	95,000		8,990		
11/01/51	215,000				6,235	110,225	
05/01/52	215,000	5.800%	105,000		6,235		
11/01/52	110,000				3,190	114,425	
05/01/53	110,000	5.800%	110,000		3,190	113,190	
Total		$	1,545,000	$	1,542,695	$	3,087,695	

Approved Budget
Debt Service Series 2022-2 Special Assessment Bonds

Description

Adopted Budget FY 2026

Actuals Thru	Projected Next  Projected Thru

4/30/26

	5 Months	

9/30/26

Approved Budget FY 2027

REVENUES:

Special Assessments	$	491,030	$	480,648	$	4,814	$	485,463	$	485,463	
Prepayments	-	25,432	-	25,432	-	
Interest Earnings	5,000	11,010	5,000	16,010	10,000	
Carry Forward Surplus (1)	233,944	259,361	-	259,361	255,036	
TOTAL REVENUES	$	729,974	$	776,451	$	9,814	$	786,266	$	750,498	

EXPENDITURES:						
Interest - 11/1	$	188,115	$	188,115	$	-	$	188,115	$	184,410	
Principal Prepayment - 11/1	-	25,000		25,000	-	
Interest - 5/1	188,115	-	188,115	188,115	184,410	
Principal - 5/1	110,000	-	110,000	110,000	115,000	
Principal Prepayment - 5/1	-	-	20,000	20,000	-	
TOTAL EXPENDITURES	$	486,230	$	213,115	$	318,115	$	531,230	$	483,820	
						
EXCESS REVENUES (EXPENDITURES)	$	243,744	$	563,336	$  (308,301)	$	255,036	$	266,678	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/27

$181,823

AMORTIZATION SCHEDULE
Debt Service Series 2022-2 Special Assessment Bonds

Period	Outstanding Balance	Coupons	Principal		Interest	Annual Debt Service	
							
11/01/26	6,740,000				184,410	184,410	
05/01/27	6,740,000	4.500%	115,000		184,410		
11/01/27	6,625,000				181,823	481,233	
05/01/28	6,625,000	5.100%	120,000		181,823		
11/01/28	6,505,000				178,763	480,585	
05/01/29	6,505,000	5.100%	125,000		178,763		
11/01/29	6,380,000				175,575	479,338	
05/01/30	6,380,000	5.100%	135,000		175,575		
11/01/30	6,245,000				172,133	482,708	
05/01/31	6,245,000	5.100%	140,000		172,133		
11/01/31	6,105,000				168,563	480,695	
05/01/32	6,105,000	5.100%	145,000		168,563		
11/01/32	5,960,000				164,865	478,428	
05/01/33	5,960,000	5.400%	155,000		164,865		
11/01/33	5,805,000				160,680	480,545	
05/01/34	5,805,000	5.400%	165,000		160,680		
11/01/34	5,640,000				156,225	481,905	
05/01/35	5,640,000	5.400%	175,000		156,225		
11/01/35	5,465,000				151,500	482,725	
05/01/36	5,465,000	5.400%	185,000		151,500		
11/01/36	5,280,000				146,505	483,005	
05/01/37	5,280,000	5.400%	195,000		146,505		
11/01/37	5,085,000				141,240	482,745	
05/01/38	5,085,000	5.400%	205,000		141,240		
11/01/38	4,880,000				135,705	481,945	
05/01/39	4,880,000	5.400%	215,000		135,705		
11/01/39	4,665,000				129,900	480,605	
05/01/40	4,665,000	5.400%	225,000		129,900		
11/01/40	4,440,000				123,825	478,725	
05/01/41	4,440,000	5.400%	240,000		123,825		
11/01/41	4,200,000				117,345	481,170	
05/01/42	4,200,000	5.400%	255,000		117,345		
11/01/42	3,945,000				110,460	482,805	
05/01/43	3,945,000	5.600%	265,000		110,460		
11/01/43	3,680,000				103,040	478,500	
05/01/44	3,680,000	5.600%	280,000		103,040		
11/01/44	3,400,000				95,200	478,240	
05/01/45	3,400,000	5.600%	300,000		95,200		
11/01/45	3,100,000				86,800	482,000	
05/01/46	3,100,000	5.600%	315,000		86,800		
11/01/46	2,785,000				77,980	479,780	
05/01/47	2,785,000	5.600%	335,000		77,980		
11/01/47	2,450,000				68,600	481,580	
05/01/48	2,450,000	5.600%	355,000		68,600		
11/01/48	2,095,000				58,660	482,260	
05/01/49	2,095,000	5.600%	375,000		58,660		
11/01/49	1,720,000				48,160	481,820	
05/01/50	1,720,000	5.600%	395,000		48,160		
11/01/50	1,325,000				37,100	480,260	
05/01/51	1,325,000	5.600%	420,000		37,100		
11/01/51	905,000				25,340	482,440	
05/01/52	905,000	5.600%	440,000		25,340		
11/01/52	465,000				13,020	478,360	
05/01/53	465,000	5.600%	465,000		13,020	478,020	
Total		$	6,740,000	$	6,426,830	$  13,166,830	

Cordova Palms
Community Development District
Non-Ad Valorem Assessments Comparison 2026-2027

Neighborhood	
O&M Units	
Annual Maintenance Assessments	
	
FY 2027	
FY 2026	
Increase/ (decrease)	

43' SF	

295	

$1,200.97	

$1,087.82	

$113.15	

10.40%	
53' SF	323	$1,200.97	$1,087.82	$113.15	10.40%	
Bulk	115	$1,200.97	$1,087.82	$113.15	10.40%	
Total	733					

Gross Assessments		$  880,311.31	
Less: Discount	4.00%	(35,212.45)	
Less: Commission fees	2.00%	(17,606.23)	
Net Assessments		$  827,492.63	

Cordova Palms
Community Development District
Approved Budget Capital Reserve Fund

Description

Adopted Budget FY 2026

Actuals Thru	Projected Next Projected Thru

4/30/26

	5 Months	

9/30/26

Approved Budget FY 2027

REVENUES:

Interest Income
Capital Reserve Funding - Transfer In Carry Forward Balance	$	-  $	-  $	-  $	-  $	-
-	-	-	50,000
-	-	-	-	-	
TOTAL REVENUES	$	-  $	-  $	-  $	-  $	50,000	

EXPENDITURES:		
Capital Outlay	$	-  $	-  $	-  $	-  $	-	
Repair & Replacements Other Current Charges	
-	-	-	-	-	
TOTAL EXPENDITURES	$	-  $	-  $	-  $	-  $	-	

Other Sources/(Uses)		
Transfer in/(Out)	$	-  $	-  $	-  $	-  $	-	
TOTAL OTHER SOURCES/(USES)	$	-  $	-  $	-  $	-  $	-	
		
TOTAL EXPENDITURES	$	-  $	-  $	-  $	-  $	-	
		
EXCESS REVENUES (EXPENDITURES)	$	-  $	-  $	-  $	-  $	50,000	

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