Adopted Budget
Fiscal Year 2021

Waterford Estates Community Development District

August 3, 2020

Waterford Estates
Community Development District

TABLE OF CONTENTS

General Fund
Budget
Reserve Allocations Budget Narrative

Page 1
Page 2
Page 3-5

Debt Service Fund

Budget - 2006A Amortization Schedule Budget - 2006B Amortization Schedule

Page 6
Page 7
Page 8
Page 9

Waterford Estates
Community Development District

General Fund

Adopted Budget
 	2020	

Actual Thru
 	6/30/20	

Projected Next
 	3 Months	

Total Projected
 	9/30/20	

Adopted Budget
 	FY 2021	

 Description	

Revenues
Assessments- On Roll (Net) Assessments- Direct Interest Income

$243,637
$0
$0

$178,390
$82,026
$28

$849
$0
$0

$179,239
$82,026
$28

$243,637
$0
$0

 TOTAL REVENUES	
Expenditures
Administrative Supervisors FICA Expense Engineering Arbitrage Dissemination Attorney
Attorney-Default Annual Audit Trustee Fees Management Fees Computer Time Telephone Postage
Printing & Binding Meeting Room Rental Insurance
Legal Advertising Other Current Charges Office Supplies
Dues, Licenses & Subscriptions Website Compliance

 	$243,637 

 	$260,445 

 	$849 

 	$261,294 

 	$243,637 

$6,000
$459
$12,000
$1,200
$4,000
$30,000
$15,000
$4,950
$6,500
$41,200
$1,000
$500
$500
$1,000
$375
$6,003
$750
$1,000
$225
$175
$1,000

$400
$31
$8,566
$600
$4,000
$4,846
$0
$4,400
$0
$30,900
$750
$0
$260
$150
$50
$5,894
$206
$497
$35
$175
$750

$0
$0
$2,855
$0
$0
$2,423
$0
$0
$6,500
$10,300
$250
$25
$132
$225
$0
$0
$791
$166
$38
$0
$250

$400
$31
$11,422
$600
$4,000
$7,270
$0
$4,400
$6,500
$41,200
$1,000
$25
$392
$375
$50
$5,894
$997
$663
$72
$175
$1,000

$6,000
$459
$10,000
$600
$4,000
$20,000
$15,000
$4,500
$6,500
$41,200
$1,000
$500
$500
$1,000
$375
$6,483
$1,000
$720
$225
$175
$1,000

 TOTAL ADMINISTRATIVE	

 	$133,837 

 	$62,509 

 	$23,955 

 	$86,464 

 	$121,237 

Field
Electric
Grounds Maintenance-Phase 1
Grounds Maintenance-Phase 2 Irrigation Maintenance
Lake Bank Mowing Swale Maintenance Lake Maintenance Mitigation Monitoring Exotic Removal

$18,100
$31,200
$31,200
$2,000
$7,000
$5,000
$6,000
$6,500
$2,800

$16,562
$20,800
$0
$3,850
$0
$675
$9,750
$0
$1,625

$5,521
$10,400
$31,200
$1,500
$7,000
$4,325
$2,550
$6,500
$0

$22,083
$31,200
$31,200
$5,350
$7,000
$5,000
$12,300
$6,500
$1,625

$25,000
$31,200
$31,200
$3,500
$7,000
$5,000
$10,200
$6,500
$2,800

 TOTAL FIELD	

 	$109,800 

 	$53,262 

 	$68,996 

 	$122,258 

 	$122,400 

 TOTAL EXPENDITURES	

 	$243,637 

 	$115,771 

 	$92,951 

 	$208,722 

 	$243,637 

 EXCESS REVENUES (EXPENDITURES)	

 	$0 

 	$144,674 

 	($92,102) 

 	$52,572 

 	$0 

Page 1

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

Beginning Balance - Carry Forward Surplus (As of 10/1/2019) Estimated Excess Revenues over Expenditures

$72,827
$52,572

Less:
Funding for First Quarter Operating Expenses
Reserved for Capital Projects / Renewal and Replacement

($30,600)
 	$0 

($30,600)

Page 2

Total Undesignated Cash as of 09/30/2020	$94,799

Description	Amount

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2021 ADOPTED GENERAL FUND BUDGET

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.

Page 3

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2021 ADOPTED GENERAL FUND BUDGET

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.

Page 4

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2021 ADOPTED GENERAL FUND BUDGET

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

Mitigation Monitoring
Monitoring of the District’s Mitigation.

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

Page 5

Waterford Estates
COMMUNITY DEVELOPMENT DISTRICT

DEBT SERVICE FUND
Series 2006A

Adopted Budget
 	2020	

Adopted Budget
 	FY 2021	

 Description	

Revenues

Special Assessments - Direct (1) Special Assessments - On Roll (Net) Interest Income
Carry Forward Surplus

$128,531
$275,194
$0
$3,175

$0
$386,082
$2,000
$0

 	$406,900 

 	$388,082 

     TOTAL REVENUES	

Expenditures
Series 2006A Interest - 11/1 Interest - 05/1 Principal - 05/01

$129,800
$129,800
$155,000

$125,538
$125,538
$155,000

 	$414,600 

 	$406,075 

     TOTAL EXPENDITURES	

 	($7,700) 

 	($17,994) 

     EXCESS REVENUES	

Interest Expense 11/1/21

$125,538

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

Page 6

Planned	On Roll
No. of Units	No. of Units	Gross Per Unit	Gross Assessment
Single Family	12	12	$750	$9,000
Single Family	199	199	$745	$148,255
Twin Villas	266	266	$600	$159,600
Single Family-Ph 2	 	126 	126	$745	 	$93,870 
603	603	$410,725
Less Discounts and Collection Fees	($24,644)

Net Assessment	$386,082

WATERFORD ESTATES
COMMUNITY DEVELOPMENT DISTRICT

AMORTIZATION SCHEDULE
SERIES 2006A, SPECIAL ASSESSMENT BONDS

 	DATE	

 	BALANCE	

 	RATE	

 	PRINCIPAL	

 	INTEREST	

 	TOTAL	

11/01/06
05/01/07
11/01/07
05/01/08
11/01/08
05/01/09
11/01/09
05/01/10
11/01/10
05/01/11
11/01/11
05/01/12
11/01/12
05/01/13
11/01/13
05/01/14
11/01/14
05/01/15
05/01/15
11/10/15
11/01/15
05/01/16
11/01/16
05/01/17
11/01/17
04/16/18
04/16/18
04/16/18
05/01/18
11/01/18
05/01/19
11/01/19
05/01/20

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

5,900,000
5,900,000
5,900,000
5,900,000
5,820,000
5,820,000
5,820,000
5,820,000
5,820,000
5,820,000
5,820,000
5,820,000
5,820,000
5,820,000
5,820,000
5,820,000
5,820,000
5,820,000
5,820,000
5,790,000
5,755,000
5,755,000
5,755,000
5,755,000
5,755,000
5,755,000
4,865,000
4,865,000
4,865,000
4,865,000
4,865,000
4,720,000
4,720,000

5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

-
-
- 80,000.00
-
-
-
-
-
-
-
-
-
-
-
-
-
- 30,000.00
35,000.00
-
-
-
-
- 890,000.00
-
-
-
- 145,000.00
- 155,000.00

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

81,125.00
162,250.00
162,250.00
162,250.00
160,050.00
160,050.00
160,050.00
160,050.00
160,050.00
160,050.00
160,050.00
160,050.00
160,050.00
160,050.00
160,050.00
160,050.00
160,050.00
160,050.00
825.00
962.50
159,225.00
158,262.50
158,262.50
158,262.50
158,262.50
22,435.42
440,550.00
902,326.16
133,787.50
133,787.50
133,787.50
129,800.00
129,800.00

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

81,125.00
- 324,500.00
- 402,300.00
- 320,100.00
- 320,100.00
- 320,100.00
- 320,100.00
- 320,100.00
- 320,100.00
-
-
- 386,062.50
- 316,525.00
- 316,525.00
-
-
-
- 267,575.00
- 408,587.50
-

11/01/21
05/01/22
11/01/22
05/01/23
11/01/23
05/01/24
11/01/24
05/01/25
11/01/25
05/01/26
11/01/26
05/01/27
11/01/27
05/01/28
11/01/28
05/01/29
11/01/29
05/01/30
11/01/30
05/01/31
11/01/31
05/01/32
11/01/32
05/01/33
11/01/33
05/01/34
11/01/34
05/01/35
11/01/35
05/01/36
11/01/36
05/01/37

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

4,405,000
4,405,000
4,235,000
4,235,000
4,055,000
4,055,000
3,865,000
3,865,000
3,665,000
3,665,000
3,450,000
3,450,000
3,225,000
3,225,000
2,985,000
2,985,000
2,735,000
2,735,000
2,470,000
2,470,000
2,190,000
2,190,000
1,895,000
1,895,000
1,580,000
1,580,000
1,250,000
1,250,000
900,000
900,000
530,000
530,000

5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

- 170,000.00
- 180,000.00
- 190,000.00
- 200,000.00
- 215,000.00
- 225,000.00
- 240,000.00
- 250,000.00
- 265,000.00
- 280,000.00
- 295,000.00
- 315,000.00
- 330,000.00
- 350,000.00
- 370,000.00
- 390,000.00

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

121,137.50
121,137.50
116,462.50
116,462.50
111,512.50
111,512.50
106,287.50
106,287.50
100,787.50
100,787.50
94,875.00
94,875.00
88,687.50
88,687.50
82,087.50
82,087.50
75,212.50
75,212.50
67,925.00
67,925.00
60,225.00
60,225.00
52,112.50
52,112.50
43,450.00
43,450.00
34,375.00
34,375.00
24,750.00
24,750.00
14,575.00
14,575.00

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

406,675.00
- 407,600.00
- 407,975.00
- 407,800.00
- 407,075.00
- 410,662.50
- 408,562.50
- 410,775.00
- 407,300.00
- 408,137.50
- 408,150.00
- 407,337.50
- 410,562.50
- 407,825.00
- 409,125.00
- 409,325.00
404,575.00

 	Total	

  $	5,760,000 

  $	8,268,911.58 

  $	11,773,600.00 

Page 7

11/01/20	$	4,565,000	5.50%	$	-	$	125,537.50	$	410,337.50
05/01/21	$	4,565,000	5.50%	$	160,000.00	$	125,537.50	$	-

Waterford Estates
COMMUNITY DEVELOPMENT DISTRICT

DEBT SERVICE FUND
Series 2006B

Adopted Budget
 	2020	

Adopted Budget
 	FY 2021	

 Description	

Revenues

Assessments

$256,250

$256,250

 	$256,250 

 	$256,250 

     TOTAL REVENUES	

Expenditures
Series 2006B Interest - 11/1 Interest - 05/1

$128,125
$128,125

$128,125
$128,125

 	$256,250 

 	$256,250 

     TOTAL EXPENDITURES	

 	$0 

 	$0 

     EXCESS REVENUES	

Page 8

WATERFORD ESTATES
COMMUNITY DEVELOPMENT DISTRICT

AMORTIZATION  SCHEDULE
SERIES 2006B, SPECIAL ASSESSMENT BONDS

 	DATE	

 	BALANCE	

 	RATE	

     PRINCIPAL 

 	INTEREST	

 	TOTAL	

11/01/06
05/01/07
11/01/07
05/01/08
11/01/08
05/01/09
11/01/09
05/01/10
11/01/10
05/01/11
11/01/11
05/01/12
11/01/12
05/01/13
11/01/13
05/01/14
11/01/14
05/01/15
11/01/15
05/01/16
11/01/16
05/01/17
11/01/17
04/16/18
05/01/18
11/01/18
05/01/19
11/01/19
05/01/20
11/01/19
05/01/20

$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,895,000
$ 6,520,000
$ 6,200,000
$ 6,200,000
$ 6,200,000
$ 6,200,000
$ 6,200,000
$ 5,000,000
$ 5,000,000
$ 5,000,000
$ 5,000,000
$ 5,000,000
$ 5,000,000
$ 5,000,000

5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 375,000
320,000
-
-
-
-

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

88,342.19
176,684.38
176,684.38
176,684.38
176,684.38
176,684.38
176,684.38
176,684.38
176,684.38
176,684.38
176,684.38
176,684.38
176,684.38
176,684.38
176,684.38
176,684.38
176,684.38
176,684.38
167,075.00
158,875.00
158,875.00
158,875.00
158,875.00
28,187.50
128,125.00
128,125.00
128,125.00
128,125.00
128,125.00
128,125.00
128,125.00

$

88,342.19

$

353,368.75

$

353,368.75

$

353,368.75

$

353,368.75

$

353,368.75

$

353,368.75

$

353,368.75

$

353,368.75

$

1,038,759.38

$

317,750.00

$
$
$
$
$
$
$
$
$

317,750.00
-
- 1,484,437.50
128,125.00
384,375.00
128,125.00
384,375.00
5,128,125.00

$ 1,200,000

$
$
$
$
$
$

-
-
-
-
-
-

$ 5,000,000

 	Total	

  $ 6,895,000 

  $ 4,819,614.06 

  $	12,227,114.06 

Page 9