Amended Budget
Fiscal Year 2023

Waterford Estates Community Development District

October 31, 2023

Waterford Estates
Community Development District

TABLE OF CONTENTS

General Fund
Budget	Page 1
Reserve Allocations	Page 2
Budget Narrative	Page 3-5

Debt Service Fund

Budget - 2006A	Page 6
Amortization Schedule	Page 7
Budget - 2006B	Page 8
Amortization Schedule	Page 9

Waterford Estates
Community Development District	General Fund

	Adopted
Budget		Actual
Thru		Projected
Next		Total
Projected		Amended
Budget	
 Description			2022				3/31/22				6 Months				9/30/22				FY 2023		
Revenues										
Assessments- On Roll (Net)	$243,637		$237,218		$6,419		$243,637		$247,889	
Assessments- Direct	$0		$0		$0		$0		$0	
Interest Income	$0		$0		$0		$0		$445	
Unassigned Fund Balance	$0		$0		$0		$0		$149,485	

 TOTAL REVENUES			$243,637 			$237,218 			$6,419 			$243,637 			$397,819 	
Expenditures										
Administrative
Supervisors	
$6,000		
$0		
$0		
$0		
$3,000	
FICA Expense	$459		$0		$0		$0		$230	
Engineering	$10,000		$3,300		$5,000		$8,300		$18,753	
Arbitrage	$600		$0		$600		$600		$600	
Dissemination	$4,000		$4,000		$0		$4,000		$8,000	
Attorney	$20,000		$5,350		$11,667		$17,017		$26,874	
Attorney-Default	$12,000		$0		$6,000		$6,000		$5,000	
Annual Audit	$4,600		$4,600		$0		$4,600		$4,700	
Trustee Fees	$6,600		$0		$6,600		$6,600		$6,600	
Management Fees	$41,200		$20,600		$20,600		$41,200		$41,200	
Computer Time	$1,000		$500		$500		$1,000		$1,000	
Telephone	$500		$0		$250		$250		$500	
Postage	$500		$95		$250		$345		$500	
Printing & Binding	$1,000		$138		$500		$638		$1,000	
Meeting Room Rental	$350		$0		$0		$0		$0	
Insurance	$6,853		$6,405		$0		$6,405		$7,206	
Legal Advertising	$2,000		$266		$1,000		$1,266		$2,000	
Other Current Charges	$1,000		$274		$500		$774		$1,000	
Office Supplies	$500		$30		$250		$280		$500	
Dues, Licenses & Subscriptions	$175		$175		$0		$175		$175	
Website Compliance	$1,000		$500		$500		$1,000		$1,000	

 TOTAL ADMINISTRATIVE			$120,337 			$46,233 			$54,217 			$100,450 			$129,838 	
Field										
Electric	$26,000		$16,305		$16,772		$33,077		$34,000	
Grounds Maintenance-Phase 1	$31,200		$5,909		$15,600		$21,509		$35,706	
Grounds Maintenance-Phase 2	$31,200		$15,600		$15,600		$31,200		$35,706	
Irrigation Maintenance	$3,000		$854		$1,500		$2,354		$3,000	
Lake Bank Mowing	$7,000		$1,850		$3,500		$5,350		$7,000	
Conveyance Ditch	$5,000		$2,025		$2,500		$4,525		$7,575	
Lake Maintenance	$10,200		$5,100		$5,100		$10,200		$10,200	
Mitigation Monitoring	$6,500		$3,250		$3,250		$6,500		$6,500	
Exotic Removal / Landscape Replacement	$3,200		$46,795		$13,535		$60,330		$9,981	
Tree Trimming	$0		$0		$0		$0		$17,363	
Storm/Debris Cleanup	$0		$0		$0		$0		$44,375	
Capital Outlay	$0		$0		$0		$0		$16,575	
Clean Storm System	$0		$0		$0		$0		$3,250	
Lake Bank Restoration	$0		$0		$0		$0		$5,550	
Landscape Development Plan	$0		$0		$0		$0		$1,200	
Cost Share with Waterford Estates Community Associa	$0		$0		$0		$0		$30,000	

 TOTAL FIELD			$123,300 			$97,688 			$77,357 			$175,045 			$267,981 	

 TOTAL EXPENDITURES			$243,637 			$143,921 			$131,574 			$275,495 			$397,819 	

 EXCESS REVENUES (EXPENDITURES)			$0 			$93,297 			($125,155) 			($31,858) 			$0 	

Net Assessment Discounts/Collection Fees
Gross Assessment	$243,637
	$15,551 
$259,188	
# of Units	603	
Gross per Unit Assessment	$429.83	

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT
Exhibit "A" Allocation of Operating Reserve

Description		Amount	

Beginning Balance - Carry Forward Surplus (As of 10/1/2021)		
$253,619	
Estimated Excess (Deficiency) of Revenues Over (Under) Expenditures		($31,858)	
Less:
Funding for First Quarter Operating Expenses	
($60,909)		
Reserved for Capital Projects / Renewal and Replacement		$0 	($60,909)	
Total Undesignated Cash as of 09/30/2022		$160,852	

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2023

REVENUES:

Special Assessments
The District will levy a non ad-valorem special assessment on all taxable property within the District to fund all of the General Operating Expenditures for the fiscal year.

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
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, 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, LLC.

Telephone
Telephone and fax machine.

Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.

Insurance
The District will bind General Liability & Public Officials Liability Insurance with a firm that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2023

Printing & Binding
Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

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.

Website Compliance
Per Section 189.069 F.S., all Districts 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 as required by the Statute.

Field:

Electric
Electric service provided by Florida Power and Light for the streetlights and lift station.

Grounds Maintenance
Landscape maintenance services for Phase 1 and Phase 2.

Culvert/Storm Drain Maintenance
Annual Storm Drain cleaning and maintenance for all Storm Drains throughout the District.

Lake Bank Mowing
Landscape Maintenance around all lake banks throughout the District.

Swale Maintenance
Maintenance of the Swales.

Lake Maintenance
Monthly water management services to all the lakes throughout the District.

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2023

Mitigation Monitoring
Monitoring of the District’s Mitigation.

Exotic Removal
Removal of exotic plant and vegetation throughout the District.

Waterford Estates	DEBT SERVICE FUND COMMUNITY DEVELOPMENT DISTRICT		Series 2006A

	
Adopted
Budget	Amended
Budget	
 Description				2022			FY 2023		
Revenues				
Special Assessments - On Roll (Net)		$386,025	$386,025	
Interest Income		$200	$200	
Carry Forward Surplus		$0	$0	
  TOTAL REVENUES			
	$386,225 		$386,225 	
Expenditures				
Series 2006A Interest - 11/1		
$125,400	
$125,125	
Interest - 05/1		$125,400	$125,125	
Principal - 05/01		$170,000	$180,000	
  TOTAL EXPENDITURES			
	$420,800 		$430,250 	
  EXCESS REVENUES				($34,575) 		($44,025) 	

Interest Expense 11/1/23	

$120,175	

	Planned
No. of Units
12
199
266
	126 
603	On Roll			
		No. of Units	Gross Per Unit	Gross Assessment	
Single Family		12	$745	$8,940	
Single Family		199	$745	$148,255	
Twin Villas		266	$600	$159,600	
Single Family-Ph 2			126 	$745		$93,870 	
		603		$410,665	
			Less Discounts and Collection Fees	($24,640)	
Net Assessment	$386,025	

(1) Held in abeyance per settlement agreement dated November 12, 2010.

			

			

			

11/01/36	$	845,000	5.50%	$	-	$	23,237.50	$	426,650.00	
05/01/37	$	845,000	5.50%	$	390,000.00	$	23,237.50	$	413,237.50	
	Total			 $	5,445,000 		 $	8,554,636.58 		 $	11,744,325.00 	

WATERFORD ESTATES	AMORTIZATION SCHEDULE
COMMUNITY DEVELOPMENT DISTRICT	SERIES 2006A, SPECIAL ASSESSMENT BONDS

	DATE			BALANCE			RATE			PRINCIPAL			INTEREST	 	TOTAL	

11/01/06	$	5,900,000	5.50%	$	-	$	81,125.00	$	81,125.00	
05/01/07	$	5,900,000	5.50%	$	-	$	162,250.00	$	-	
11/01/07	$	5,900,000	5.50%	$	-	$	162,250.00	$	324,500.00	
05/01/08	$	5,900,000	5.50%	$	80,000.00	$	162,250.00	$	-	
11/01/08	$	5,820,000	5.50%	$	-	$	160,050.00	$	402,300.00	
05/01/09	$	5,820,000	5.50%	$	-	$	160,050.00	$	-	
11/01/09	$	5,820,000	5.50%	$	-	$	160,050.00	$	320,100.00	
05/01/10	$	5,820,000	5.50%	$	-	$	160,050.00	$	-	
11/01/10	$	5,820,000	5.50%	$	-	$	160,050.00	$	320,100.00	
05/01/11	$	5,820,000	5.50%	$	-	$	160,050.00	$	-	
11/01/11	$	5,820,000	5.50%	$	-	$	160,050.00	$	320,100.00	
05/01/12	$	5,820,000	5.50%	$	-	$	160,050.00	$	-	
11/01/12	$	5,820,000	5.50%	$	-	$	160,050.00	$	320,100.00	
05/01/13	$	5,820,000	5.50%	$	-	$	160,050.00	$	-	
11/01/13	$	5,820,000	5.50%	$	-	$	160,050.00	$	320,100.00	
05/01/14	$	5,820,000	5.50%	$	-	$	160,050.00	$	-	
11/01/14	$	5,820,000	5.50%	$	-	$	160,050.00	$	320,100.00	
05/01/15	$	5,820,000	5.50%	$	-	$	160,050.00	$	-	
05/01/15	$	5,820,000	5.50%	$	30,000.00	$	825.00	$	-	
11/10/15	$	5,790,000	5.50%	$	35,000.00	$	962.50	$	-	
11/01/15	$	5,755,000	5.50%	$	-	$	159,225.00	$	386,062.50	
05/01/16	$	5,755,000	5.50%	$	-	$	158,262.50	$	-	
11/01/16	$	5,755,000	5.50%	$	-	$	158,262.50	$	316,525.00	
05/01/17	$	5,755,000	5.50%	$	-	$	158,262.50	$	-	
11/01/17	$	5,755,000	5.50%	$	-	$	158,262.50	$	316,525.00	
04/16/18	$	5,755,000	5.50%	$	890,000.00	$	22,435.42	$	-	
04/16/18	$	4,865,000	5.50%	$	-	$	440,550.00	$	-	
04/16/18	$	4,865,000	5.50%	$	-	$	902,326.16	$	-	
05/01/18	$	4,865,000	5.50%	$	-	$	133,787.50	$	-	
11/01/18	$	4,865,000	5.50%	$	-	$	133,787.50	$	267,575.00	
05/01/19	$	4,865,000	5.50%	$	145,000.00	$	133,787.50	$	-	
11/01/19	$	4,720,000	5.50%	$	-	$	129,800.00	$	408,587.50	
05/01/20	$	4,720,000	5.50%	$	-	$	129,800.00	$	-	
11/01/20	$	4,720,000	5.50%	$	-	$	129,800.00	$	259,600.00	
05/01/21	$	4,720,000	5.50%	$	-	$	129,800.00	$	-	
11/01/21	$	4,720,000	5.50%	$	-	$	129,800.00	$	259,600.00	
05/01/22	$	4,720,000	5.50%	$	170,000.00	$	129,800.00	$	-	
11/01/22	$	4,550,000	5.50%	$	-	$	125,125.00	$	424,925.00	
05/01/23	$	4,550,000	5.50%	$	180,000.00	$	125,125.00	$	-	
11/01/23	$	4,370,000	5.50%	$	-	$	120,175.00	$	425,300.00	
05/01/24	$	4,370,000	5.50%	$	190,000.00	$	120,175.00	$	-	
11/01/24	$	4,180,000	5.50%	$	-	$	114,950.00	$	425,125.00	
05/01/25	$	4,180,000	5.50%	$	200,000.00	$	114,950.00	$	-	
11/01/25	$	3,980,000	5.50%	$	-	$	109,450.00	$	424,400.00	
05/01/26	$	3,980,000	5.50%	$	215,000.00	$	109,450.00	$	-	
11/01/26	$	3,765,000	5.50%	$	-	$	103,537.50	$	427,987.50	
05/01/27	$	3,765,000	5.50%	$	225,000.00	$	103,537.50	$	-	
11/01/27	$	3,540,000	5.50%	$	-	$	97,350.00	$	425,887.50	
05/01/28	$	3,540,000	5.50%	$	240,000.00	$	97,350.00	$	-	
11/01/28	$	3,300,000	5.50%	$	-	$	90,750.00	$	428,100.00	
05/01/29	$	3,300,000	5.50%	$	250,000.00	$	90,750.00	$	-	
11/01/29	$	3,050,000	5.50%	$	-	$	83,875.00	$	424,625.00	
05/01/30	$	3,050,000	5.50%	$	265,000.00	$	83,875.00	$	-	
11/01/30	$	2,785,000	5.50%	$	-	$	76,587.50	$	425,462.50	
05/01/31	$	2,785,000	5.50%	$	280,000.00	$	76,587.50	$	-	
11/01/31	$	2,505,000	5.50%	$	-	$	68,887.50	$	425,475.00	
05/01/32	$	2,505,000	5.50%	$	295,000.00	$	68,887.50	$	-	
11/01/32	$	2,210,000	5.50%	$	-	$	60,775.00	$	424,662.50	
05/01/33	$	2,210,000	5.50%	$	315,000.00	$	60,775.00	$	-	
11/01/33	$	1,895,000	5.50%	$	-	$	52,112.50	$	427,887.50	
05/01/34	$	1,895,000	5.50%	$	330,000.00	$	52,112.50	$	-	
11/01/34	$	1,565,000	5.50%	$	-	$	43,037.50	$	425,150.00	
05/01/35	$	1,565,000	5.50%	$	350,000.00	$	43,037.50	$	-	
11/01/35	$	1,215,000	5.50%	$	-	$	33,412.50	$	426,450.00	
05/01/36	$	1,215,000	5.50%	$	370,000.00	$	33,412.50	$	-	

Waterford Estates
COMMUNITY DEVELOPMENT DISTRICT			DEBT SERVICE FUND
Series 2006B	

 Description			Adopted Budget
	2022		
Amended Budget
	FY 2023		
Revenues				
Assessments		$233,444	$233,444	
  TOTAL REVENUES				$233,444 	
	$233,444 	
Expenditures				
Series 2006B Interest - 11/1		
$116,722	
$116,722	
Interest - 05/1		$116,722	$116,722	
  TOTAL EXPENDITURES				$233,444 	
	$233,444 	
  EXCESS REVENUES				$0 		$0 	

WATERFORD ESTATES		AMORTIZATION SCHEDULE COMMUNITY DEVELOPMENT DISTRICT	SERIES 2006B, SPECIAL ASSESSMENT BONDS

	DATE			  BALANCE				RATE			  PRINCIPAL 			INTEREST				TOTAL		

11/01/06	
$ 6,895,000	
5.125%	
$	-	
$	88,342.19	
$	88,342.19	
05/01/07	$ 6,895,000	5.125%	$	-	$ 176,684.38		
11/01/07	$ 6,895,000	5.125%	$	-	$ 176,684.38	$	353,368.75	
05/01/08	$ 6,895,000	5.125%	$	-	$ 176,684.38		
11/01/08	$ 6,895,000	5.125%	$	-	$ 176,684.38	$	353,368.75	
05/01/09	$ 6,895,000	5.125%	$	-	$ 176,684.38		
11/01/09	$ 6,895,000	5.125%	$	-	$ 176,684.38	$	353,368.75	
05/01/10	$ 6,895,000	5.125%	$	-	$ 176,684.38		
11/01/10	$ 6,895,000	5.125%	$	-	$ 176,684.38	$	353,368.75	
05/01/11	$ 6,895,000	5.125%	$	-	$ 176,684.38		
11/01/11	$ 6,895,000	5.125%	$	-	$ 176,684.38	$	353,368.75	
05/01/12	$ 6,895,000	5.125%	$	-	$ 176,684.38		
11/01/12	$ 6,895,000	5.125%	$	-	$ 176,684.38	$	353,368.75	
05/01/13	$ 6,895,000	5.125%	$	-	$ 176,684.38		
11/01/13	$ 6,895,000	5.125%	$	-	$ 176,684.38	$	353,368.75	
05/01/14	$ 6,895,000	5.125%	$	-	$ 176,684.38		
11/01/14	$ 6,895,000	5.125%	$	-	$ 176,684.38	$	353,368.75	
05/01/15	$ 6,895,000	5.125%	$ 375,000	$ 176,684.38		
11/01/15	$ 6,520,000	5.125%	$ 320,000	$ 167,075.00	$	1,038,759.38	
05/01/16	$ 6,200,000	5.125%	$	-	$ 158,875.00		
11/01/16	$ 6,200,000	5.125%	$	-	$ 158,875.00	$	317,750.00	
05/01/17	$ 6,200,000	5.125%	$	-	$ 158,875.00		
11/01/17	$ 6,200,000	5.125%	$	-	$ 158,875.00	$	317,750.00	
04/16/18	$ 6,200,000	5.125%	$ 1,200,000	$	28,187.50	$	-	
05/01/18	$ 5,000,000	5.125%	$	-	$ 128,125.00	$	-	
11/01/18	$ 5,000,000	5.125%	$	-	$ 128,125.00	$	1,484,437.50	
05/01/19	$ 5,000,000	5.125%	$ 445,000	$ 128,125.00	$	573,125.00	
11/01/19	$ 4,555,000	5.125%	$	-	$ 116,721.88	$	817,971.88	
05/01/20	$ 4,555,000	5.125%	$	-	$ 116,721.88	$	116,721.88	
11/01/19	$ 4,555,000	5.125%	$	-	$ 116,721.88	$	350,165.63	
05/01/20	$ 4,555,000	5.125%	$	-	$ 116,721.88	$	116,721.88	
11/01/20	$ 4,555,000	5.125%	$	-	$ 116,721.88	$	116,721.88	
05/01/21	$ 4,555,000	5.125%	$	-	$ 116,721.88	$	116,721.88	
11/01/21	$ 4,555,000	5.125%	$	-	$ 116,721.88	$	116,721.88	
05/01/22	$ 4,555,000	5.125%	$	-	$ 116,721.88	$	116,721.88	
11/01/22	$ 4,555,000	5.125%	$	-	$ 116,721.88	$	116,721.88	
	05/01/23		$ 4,555,000	5.125%	 $ 4,550,000 	 $  116,721.88 	 $	4,666,721.88 	
	Total				 $ 6,890,000 	 $	5,474,333 	 $	13,299,027