Adopted Budget
Fiscal Year 2024

Waterford Estates Community Development District

August 7, 2023

Waterford Estates
Community Development District

TABLE OF CONTENTS

General Fund
Budget	Page 1-2
Reserve Allocations	Page 3
Budget Narrative	Page 4-6

Debt Service Fund

Budget - 2006A	Page 7
Amortization Schedule	Page 8

	Adopted
Budget		Actual
Thru		Projected
Next		Total
Projected		Adopted
Budget	
 Description			  FY 2023 		  6/30/23 		 3 Months 		  9/30/23				FY 2024		
Revenues											
Assessments- On Roll (Net)		$243,637		$242,773		$1,785		$244,558		$243,637	
Interest Income		$0		$0		$0		$0		$1,000	
Unassigned Fund Balance		$0		$0		$0		$0		$60,000	
 TOTAL REVENUES			 $243,637 		 $242,773 			$1,785 			$244,558 			$304,637 	
Expenditures											
Administrative
Supervisors		
$3,000		
$0		
$0		
$0		
$0	
FICA Expense		$230		$0		$0		$0		$0	
Engineering		$10,000		$16,113		$300		$16,413		$10,000	
Arbitrage		$600		$0		$600		$600		$600	
Dissemination		$4,000		$7,000		$1,000		$8,000		$4,000	
Attorney		$20,000		$13,714		$6,857		$20,571		$20,000	
Attorney-Default		$5,000		$0		$0		$0		$0	
Annual Audit		$4,700		$4,700		$0		$4,700		$4,800	
Trustee Fees		$6,600		$0		$6,600		$6,600		$4,100	
Management Fees		$41,200		$30,900		$10,299		$41,200		$41,200	
Computer Time		$1,000		$750		$250		$1,000		$1,000	
Telephone		$500		$0		$0		$0		$0	
Postage		$500		$85		$125		$210		$500	
Printing & Binding		$1,000		$875		$250		$1,125		$1,000	
Insurance		$7,206		$6,886		$0		$6,886		$7,575	
Legal Advertising		$2,000		$249		$500		$749		$750	
Other Current Charges		$1,000		$0		$250		$250		$250	
Office Supplies		$500		$91		$30		$121		$500	
Dues, Licenses & Subscriptions		$175		$175		$0		$175		$175	
Website Compliance		$1,000		$750		$250		$1,000		$1,000	
 TOTAL ADMINISTRATIVE			 $110,211 		  $82,288 			$27,311 			$109,600 			$97,450 	
Field											
Electric (for Streetlights)		$34,000		$24,345		$9,267		$33,612		$37,000	
Grounds Maintenance-Phase 1		$31,200		$29,291		$9,915		$39,206		$39,659	
Grounds Maintenance-Phase 2		$31,200		$29,291		$9,915		$39,206		$39,659	
Irrigation Maintenance		$3,000		$1,590		$530		$2,120		$3,000	
Lake Bank Mowing		$7,000		$0		$0		$0		$0	
Conveyance Ditch (Easement)		$5,000		$4,950		$1,650		$6,600		$7,600	

		Adopted
Budget		Actual
Thru		Projected
Next		Total
Projected		Adopted
Budget	
 Description			  FY 2023 		  6/30/23 		 3 Months 		  9/30/23				FY 2024		
Lake Maintenance		$10,200		$7,650		$2,550		$10,200		$10,200	
Mitigation Monitoring		$6,500		$4,875		$1,625		$6,500		$6,500	
Exotic Removal / Landscape Replacement		$5,327		$3,636		$0		$3,636		$3,570	
Tree Trimming		$0		$14,083		$0		$14,083		$0	
Storm/Debris Cleanup		$0		$43,355		$0		$43,355		$0	
Capital Outlay		$0		$16,575		$0		$16,575		$0	
Lake Bank Restoration		$0		$5,550		$0		$0		$12,000	
Field Management		$0		$0		$0		$0		$20,000	
1st Quarter Operating/Contingency		$0		$0		$0		$0		$28,000	
 TOTAL FIELD			 $133,427 		 $185,191 			$35,451 			$215,092 			$207,187 	
 TOTAL EXPENDITURES			 $243,637 		 $267,479 			$62,762 			$324,692 			$304,637 	
 EXCESS REVENUES (EXPENDITURES)				$0 		 ($24,706) 		  ($60,977) 			($80,134) 			($0) 	

Net Assessment	$243,637	
Discounts/Collection Fees		$15,551 	
Gross Assessment		$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 10/1/2022)		
$226,617	
Estimated Excess (Deficiency) of Revenues Over (Under) Expenditures		($80,134)	
Less:
Funding for First Quarter Operating Expenses	
($76,159)		
Reserved for Capital Projects / Renewal and Replacement		$0 	($76,159)	
Total Undesignated Cash as of 09/30/2023		$70,323	

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.

Arbitrage
The District is required to annually have an arbitrage rebate calculation on the District's Series 2006A Special Assessment Bonds. Currently the District has contracted Grau & Associates, an independent certified public accounting firm, to calculate the rebate liability and submit a report to the District.

Dissemination
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.

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.

Trustee Fees
The District issued Series 2006A Special Assessment Bonds which are held with a Trustee at US Bank. The amount of the trustee fees is based on the agreement between US Bank and the District.

Management Fees
The District receives management, accounting and administrative services as part of a management agreement with GMS-SF, 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 GMS-SF, LLC.

Telephone
Telephone and fax machine.

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

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

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.

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.

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

Irrigation Maintenance
Costs to maintain the District’s irrigation system in common areas, including wet checks, repairs and sprinkler replacements.

Conveyance Ditch (Easement)
Maintenance of the conveyance ditch (easement).

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

Mitigation Monitoring
Monitoring of the District’s Mitigation.

Exotic Removal / Landscape Replacement
Exotic removal and landscape replacement, as needed.

Lake Bank Restoration
Costs to repair/restore lake banks.

Field Management
Costs to be paid to the HOA Master Association for on-site support 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.

Waterford Estates	DEBT SERVICE FUND
COMMUNITY DEVELOPMENT DISTRICT	Series 2006A

	Adopted
Budget		Actual
Thru		Projected
Next		Total
Projected		Adopted
Budget	
 Description				FY 2023				6/30/23				3 Months				9/30/23				FY 2024		

Revenues											
Special Assessments - On Roll (Net)		$386,025		$284,657		$2,828		$287,485		$386,025	
Interest Income		$200		$16,587		$1,301		$17,888		$200	
Carry Forward Surplus		$0		$217,721		$0		$217,721		$137,494	
  TOTAL REVENUES				$386,225 			$518,965 			$4,129 			$523,094 			$523,719 	
Expenditures											
Series 2006A Interest - 11/1		
$125,125		
$107,800		
$0		
$107,800		
$103,125	
Interest - 5/1		$125,125		$0		$107,800		$107,800		$103,125	
Principal - 5/1		$180,000		$0		$170,000		$170,000		$180,000	
  TOTAL EXPENDITURES				$430,250 			$107,800 			$277,800 			$385,600 			$386,250 	
  EXCESS REVENUES				($44,025) 			$411,165 			($273,671) 			$137,494 			$137,469 	

Interest Expense 11/1/24	$98,175

	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.

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

	DATE			BALANCE			RATE			PRINCIPAL			INTEREST			TOTAL	

05/01/23	$ 3,920,000	5.50%	$ 170,000.00		$ 107,800.00		$	-	
11/01/23	$ 3,750,000	5.50%	$	-		$ 103,125.00		$	380,925.00	
05/01/24	$ 3,750,000	5.50%	$ 180,000.00		$ 103,125.00		$	-	
11/01/24	$ 3,570,000	5.50%	$	-		$	98,175.00		$	381,300.00	
05/01/25	$ 3,570,000	5.50%	$ 195,000.00		$	98,175.00		$	-	
11/01/25	$ 3,375,000	5.50%	$	-		$	92,812.50		$	385,987.50	
05/01/26	$ 3,375,000	5.50%	$ 205,000.00		$	92,812.50		$	-	
11/01/26	$ 3,170,000	5.50%	$	-		$	87,175.00		$	384,987.50	
05/01/27	$ 3,170,000	5.50%	$ 215,000.00		$	87,175.00		$	-	
11/01/27	$ 2,955,000	5.50%	$	-		$	81,262.50		$	383,437.50	
05/01/28	$ 2,955,000	5.50%	$ 225,000.00		$	81,262.50		$	-	
11/01/28	$ 2,730,000	5.50%	$	-		$	75,075.00		$	381,337.50	
05/01/29	$ 2,730,000	5.50%	$ 240,000.00		$	75,075.00		$	-	
11/01/29	$ 2,490,000	5.50%	$	-		$	68,475.00		$	383,550.00	
05/01/30	$ 2,490,000	5.50%	$ 255,000.00		$	68,475.00		$	-	
11/01/30	$ 2,235,000	5.50%	$	-		$	61,462.50		$	384,937.50	
05/01/31	$ 2,235,000	5.50%	$ 270,000.00		$	61,462.50		$	-	
11/01/31	$ 1,965,000	5.50%	$	-		$	54,037.50		$	385,500.00	
05/01/32	$ 1,965,000	5.50%	$ 285,000.00		$	54,037.50		$	-	
11/01/32	$ 1,680,000	5.50%	$	-		$	46,200.00		$	385,237.50	
05/01/33	$ 1,680,000	5.50%	$ 300,000.00		$	46,200.00		$	-	
11/01/33	$ 1,380,000	5.50%	$	-		$	37,950.00		$	384,150.00	
05/01/34	$ 1,380,000	5.50%	$ 315,000.00		$	37,950.00		$	-	
11/01/34	$ 1,065,000	5.50%	$	-		$	29,287.50		$	382,237.50	
05/01/35	$ 1,065,000	5.50%	$ 335,000.00		$	29,287.50		$	-	
11/01/35	$	730,000	5.50%	$	-		$	20,075.00		$	384,362.50	
05/01/36	$	730,000	5.50%	$ 355,000.00		$	20,075.00		$	-	
11/01/36	$	375,000	5.50%	$	-		$	10,312.50		$	385,387.50	
05/01/37	$	375,000	5.50%	$ 375,000.00		$	10,312.50		$	385,312.50	
	Total				 $	3,920,000 		 $1,946,450.00 		 $ 5,866,450.00