Community Development District 5 has more than $2,000 per household tucked away in reserve funding and supervisors are wondering if they are holding on to too much of the residents’ money.
The discussion Friday morning by CDD 5 came one day after similar concerns were raised by the Community Development District 9 Board of Supervisors.
“In my opinion what we have is far more than adequate,” said CDD 5 Supervisor Gerald Ferlisi.
CDD 5 has $15 million in reserve. The 2020-21 general fund budget is $3.4 million.
This year, CDD 5 will contribute $1.8 million to the Project Wide Advisory Committee. That represents 53 percent of the CDD 5 budget. The objective of PWAC is to share in infrastructure costs south of County Road 466. A major infrastructure failure would be less painful thanks to the sharing of costs.
Supervisors agreed they would like to take a further look at reserve funding during upcoming budget discussions.
“It’s a board decision. There are many different factors that boards have to look at,” said Budget Director Barbara Kays.
She added that CDD 5 has set a high standard.
“We take pride in our fiscal management. We can certainly say and the record shows, we have not had an increase in our maintenance assessment, in fact we have decreased it,” said CDD 5 Chairman Gary Kadow.
He also noted that because of the COVID-19 pandemic, some residents are having a tough financial time.