Budgets and Audits
The Montecito Community Development District is authorized to determine, order, levy, impose, collect, and enforce special assessments pursuant to Chapter 190 and Chapter 170 of the Florida Statues. Such special assessments may, in the discretion of the District, be collected and enforced pursuant to the provisions of ss. 197.3631, 197.3632, and 197.3635, Chapter 170, or Chapter 173.
The budget is a financial plan that serves as the basis for expenditure decision-making and subsequent control of expenditures. The plan strives to provide program services at the levels of service established by the Board during the budget process. However, the budget must also be flexible enough to account for unexpected events and expenditures. Otherwise, levels of service in other program areas may be unable to operate within the constraints of the overall budget.
The CDD is also required to complete a financial disclosure and audit on an annual basis. If there are any questions about the financial documents or the audits please contact the District Manager.
To view Fiscal Year-to-Date updated financials, please review the Board Agenda packets which will contain an updated budget,check registers and copies of any invoices paid.
District Operation & Maintenance Assessments
The operations and maintenance assessment (O&M Assessment) is one of the components that make up the non-ad valorem assessments that property owners within the District will see on their annual Brevard County tax bill.
O&M Assessments are based on the District’s Operations and Maintenance Budget, which is adopted annually. This budget deals with the daily needs of the District for administration and operation of the District’s facilities and infrastructure. The District follows the budgeting process described by section 190.008, Florida Statutes.
After a public hearing, the Board of Supervisors may adopt the Operations and Maintenance Budget and levy the assessments necessary to fund the adopted Operations and Maintenance Budget.
The information below shows the O&M Assessments for the current Fiscal Year (from October 1st through September 30th). O&M Assessment is variable depending upon the annual Operations and Maintenance Budget adopted for a given fiscal year.
District Debt Assessments
Series 2006 Special Assessment Bonds and associated interest are payable from and secured by non-ad valorem assessments levied against those lands within the District that benefit from the design, construction and/or acquisition of the improvements (Debt Assessments). Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on May 1 and November 1. Principal on the bonds is to be paid serially starting May 1, 2008 through May 1, 2037.
The District’s Debt Assessments and Operation and Maintenance Assessments appear on the portion of the annual real estate tax bill entitled “non-ad valorem assessments,” and will be collected by the Brevard County Tax Collector in the same manner as county ad valorem taxes.
The Debt Assessment is fixed and will not change from year to year. Amounts may be prepaid in full at any time by landowners, for informational purposes a Bond Payoff Schedule is provided. Actual pay off figures must be requested and verified in writing by the District Manager.
2018 CDD Assessments
These are CDD Assessments only and do NOT include assessments from any of the three Homeowner Associations.