Waterford Estates
Community Development District

Amended Budget
Fiscal Year 2025

Table of Contents

1-2		General Fund	

3	
	Allocation of Operating Reserve	

4-5	
	Budget Narrative	

6	
	Debt Service Fund Series 2006A	

7	
	Series 2006A Amortization Schedule	

8	
	Assessments Schedule	

	

Description	Adopted Budget
Fiscal Year	Actuals Through
9/30/25	Proposed Increase/
Decrease	Amended Budget
Fiscal Year	
		2025			2025	

REVENUES:						

Special Assessments - On Roll	
$  243,637	$  245,158	$	1,521	$  245,158	
Interest Income	4,000	7,190	3,190	7,190	
Unassigned Fund Balance *	65,738	90,271	83,641	149,379	
TOTAL REVENUES	$ 313,375	$ 342,619	$  88,351	$ 401,726	

EXPENDITURES:				
General and Administrative				
Engineering	$	14,000	$	12,280	$	-	$	14,000	
Attorney	24,000	22,393	-	24,000	
Annual Audit	3,800	3,800	-	3,800	
Arbitrage Rebate	600	600	-	600	
Dissemination Agent	4,000	8,000	-	4,000	
Assessment Roll Administration	5,000	5,000	-	5,000	
Trustee Fees	4,100	4,246	-	4,100	
Management Fees	42,436	42,436	-	42,436	
Information Technology	1,000	1,000	-	1,000	
Website Maintenance	1,000	1,000	-	1,000	
Postage and Delivery	500	710	-	500	
Insurance General Liability	7,877	7,448	-	7,877	
Printing and Binding	1,000	298	-	1,000	
Legal Advertising	750	1,136	-	750	
Other Current Charges	250	727	-	250	
Office Supplies	200	59	-	200	
Dues, Licenses and Subscriptions	175	175	-	175	
TOTAL GENERAL AND ADMINISTRATIVE	$ 110,688	$ 111,308	$	-	$ 110,688	

Description

Adopted Budget Fiscal Year
2025

Actuals Through
9/30/25

Proposed		Amended Increase/			Budget Decrease	Fiscal Year
2025

Operations and Maintenance		
Electric (for Streetlights)	$	37,000	$	37,750	$	-	$	37,000	
Grounds Maintenance-Phase 1	26,000	62,898	36,898	62,898	
Conveyance Ditch	7,600	6,600	-	7,600	
Lake Maintenance	10,200	10,200	-	10,200	
Mitigation Monitoring	6,500	6,500	-	6,500	
Exotic Removal / Landscape Replacement	7,584	59,037	51,453	59,037	
Lake Bank Restoration / Trimming	26,802	-	-	26,802	
Palm and Tree Trimming	6,836	-	-	6,836	
Shrub and Bush Trimming	22,880	-	-	22,880	
Field Management	24,000	24,000	-	24,000	
1st Quarter Operating/Contingency	27,285	24,325	-	27,285	
TOTAL OPERATIONS AND MAINTENANCE	$ 202,687	$ 231,311	$  88,351	$ 291,038	
					
TOTAL EXPENDITURES	$ 313,375	$ 342,619	$  88,351	$ 401,726	
					
EXCESS REVENUES (EXPENDITURES)	$	(0)	$	(0)	$	(0)	$	(0)	

Note - Prior year surplus reserves are being used for the unassigned fund balance.

Exhibit "A" Allocation of Operating Reserve

OPERATING RESERVE

Beginning Fund Balance - 10/1/23	$	97,924	
Estimated Net Change in Fund Balance - Fiscal Year 2024	(23,758)	
Total Funds Available (Estimated) - 9/30/24	74,166	

ALLOCATION OF AVAILABLE FUNDS

Funding for First Quarter Operating Expenditures	

74,166	
Total Allocation of Available Funds	74,166	
		
Total Unassigned (Undesignated) Cash	$	-	

REVENUES

Special Assessments - On 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.
Interest
The District earns interest on the monthly average collected balance for each of their investment accounts.

Expenditures - General and Administrative

Engineering
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.
Attorney
The District’s attorney, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.
Annual Audit
The District is required to conduct an annual audit of its financial records by an independent certified public accounting firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus an anticipated increase.
Arbitrage Rebate
The District is required to have an annual arbitrage rebate calculation prepared for the Series 2006A, Special Assessment Bonds. The District has contracted with Grau & Associates to perform this calculation.
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 unrated bond issues.
Assessment Roll Administration
GMS SF, LLC provides assessment services for closing lot sales, assessment roll services with the local tax collector and financial advisory services.
Trustee Fees
The District bonds will be held and administered by a trustee. This represents the trustee annual fee.
Management Fees
The District receives management, accounting, and administrative services as part of a management agreement with Governmental Management Services-South Florida, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the management agreement.
Information Technology
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 Maintenance
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the District as well as links to useful websites regarding compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.
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 and public officials liability insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar community development districts.
Printing and Binding
Copies used in the preparation of agenda packages, required mailings, and other special projects.

Expenditures - General and Administrative (Continued)

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 fiscal year.

Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.
Due, Licenses and Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity community affairs for $175.

Expenditures – Operations and Maintenance

Electric (for Streetlights)
Electric service provided by Florida Power and Light for the streetlights.

Grounds Maintenance
Landscape maintenance services for Phase 1 and Phase 2.
Conveyance Ditch
Represents the costs for maintenance of the swales.
Lake Maintenance
Monthly water management services to all the lakes throughout the District.
Mitigation Monitoring
Represents the costs for monitoring of the District’s mitigation.
Exotic Removal / Landscape Replacement
Represents the costs for exotic removal and landscape replacement, as needed.
Lake Bank Restoration / Trimming
Represents the costs to trim lake banks.

Palm and Tree Trimming
Represents the costs for palm and tree trimming.

Shrub and Bush Trimming
Represents the costs to repair/restore lake banks.

Field Management
Represents the costs for the supervision and on-site management of the district. Responsibilities will include reviewing contracts and other maintenance related items.
1st Quarter Operating/Contingency
These funds are the first quarter of the following fiscal year of expenses the District will incur before assessments are collected and/or unscheduled expenditures incurred throughout the year, as applicable.

Amended Budget
Debt Service Series 2006A Special Assessment Refunding Bonds

Description	Adopted Budget
Fiscal Year	Actuals Through
9/30/25	Amended Budget
Fiscal Year	
	2025		2025	

REVENUES:				
Special Assessments - On Roll	$	386,025	$	388,436	$	386,025	
Interest Income	200	26,861	200	
Carry Forward Surplus (1)	152,195	-	155,828	
TOTAL REVENUES	$	538,420	$	415,297	$	542,053	

EXPENDITURES:				
Interest - 11/1	$	98,175	$	98,175	$	98,175	
Interest - 5/1	98,175	98,175	98,175	
Principal - 5/1	195,000	195,000	195,000	
TOTAL EXPENDITURES	$	391,350	$	391,350	$	391,350	
				
EXCESS REVENUES (EXPENDITURES)	$	147,070	$	23,947	$	150,703	

(1) Carry Forward is Net of Reserve Requirement		
$92,812.50	
			$92,812.50	

AMORTIZATION SCHEDULE
Debt Service Series 2006A Special Assessment Refunding Bonds

Period	Outstanding Balance	Coupons	Principal	Interest	
05/01/24	$3,750,000	5.50%	$180,000	$103,125.00	
11/01/24	3,570,000	5.50%	-	98,175.00	
05/01/25	3,570,000	5.50%	195,000	98,175.00	
11/01/25	3,375,000	5.50%	-	92,812.50	
05/01/26	3,375,000	5.50%	205,000	92,812.50	
11/01/26	3,170,000	5.50%	-	87,175.00	
05/01/27	3,170,000	5.50%	215,000	87,175.00	
11/01/27	2,955,000	5.50%	-	81,262.50	
05/01/28	2,955,000	5.50%	225,000	81,262.50	
11/01/28	2,730,000	5.50%	-	75,075.00	
05/01/29	2,730,000	5.50%	240,000	75,075.00	
11/01/29	2,490,000	5.50%	-	68,475.00	
05/01/30	2,490,000	5.50%	255,000	68,475.00	
11/01/30	2,235,000	5.50%	-	61,462.50	
05/01/31	2,235,000	5.50%	270,000	61,462.50	
11/01/31	1,965,000	5.50%	-	54,037.50	
05/01/32	1,965,000	5.50%	285,000	54,037.50	
11/01/32	1,680,000	5.50%	-	46,200.00	
05/01/33	1,680,000	5.50%	300,000	46,200.00	
11/01/33	1,380,000	5.50%	-	37,950.00	
05/01/34	1,380,000	5.50%	315,000	37,950.00	
11/01/34	1,065,000	5.50%	-	29,287.50	
05/01/35	1,065,000	5.50%	335,000	29,287.50	
11/01/35	730,000	5.50%	-	20,075.00	
05/01/36	730,000	5.50%	355,000	20,075.00	
11/01/36	375,000	5.50%	-	10,312.50	
05/01/37	375,000	5.50%	375,000	10,312.50	
Total			$3,750,000	$1,627,725	

Waterford Estates
Community Development District
Non-Ad Valorem Assessments Comparison 2024-2025

Product	O&M Units	Bonds Units
2006A	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
			
Fiscal Year 2025	
Fiscal Year 2024	Increase/ (decrease)	
Fiscal Year 2025	
Fiscal Year 2024	Increase/ (decrease)	
Fiscal Year 2025	
Fiscal Year 2024	Increase/ (decrease)	

Single Family	

12	

12	

$429.83	

$429.83	

$0.00	

$745.00	

$745.00	

$0.00	

$1,174.83	

$1,174.83	

$0.00	
Single Family	199	199	$429.83	$429.83	$0.00	$745.00	$745.00	$0.00	$1,174.83	$1,174.83	$0.00	
Twin Villas	266	266	$429.83	$429.83	$0.00	$600.00	$600.00	$0.00	$1,029.83	$1,029.83	$0.00	
Single Family - Phase 2	126	126	$429.83	$429.83	$0.00	$745.00	$745.00	$0.00	$1,174.83	$1,174.83	$0.00	
Total Assessment Units	603	603