Storey Creek Community Development District

Proposed Budget
FY 2022

Table of Contents

1-2

3-7

8

 	General Fund

 	General Fund Narrative

 	Debt Service Fund Series 2019

9	 	Amortization Schedule Series 2019

	Adopted
Budget	Actual
Thru	Projected
Next 6	Total
Thru	Proposed
Budget	
	FY2021	3/31/21	Months	9/30/21	FY2022	

Revenues						
Special Assessments	$259,188	$232,162	$27,026	$259,188	$770,418	
Developer Contributions	$51,649	$5,251	$0	$5,251	$0	
Total Revenues	$310,837	$237,413	$27,026	$264,439	$770,418	

Expenditures						
Administrative						
Supervisor Fees	$0	$400	$2,400	$2,800	$4,800	
FICA Expense	$0	$31	$184	$214	$367	
Engineering	$12,000	$0	$4,000	$4,000	$12,000	
Attorney	$25,000	$1,587	$8,663	$10,250	$25,000	
Dissemination	$3,500	$1,750	$1,750	$3,500	$3,500	
Arbitrage	$450	$450	$0	$450	$450	
Annual Audit	$5,000	$3,500	$0	$3,500	$3,500	
Trustee Fees	$5,000	$4,041	$0	$4,041	$5,000	
Assessment Administration	$5,000	$5,000	$0	$5,000	$5,000	
Management Fees	$35,000	$17,500	$17,500	$35,000	$35,000	
Information Technology	$1,200	$600	$600	$1,200	$1,050	
Website Maintenance	$0	$0	$0	$0	$600	
Telephone	$300	$0	$50	$50	$150	
Postage	$1,000	$56	$194	$250	$750	
Printing & Binding	$1,000	$67	$233	$300	$750	
Insurance	$5,650	$5,251	$0	$5,251	$5,800	
Legal Advertising	$2,500	$448	$2,052	$2,500	$2,500	
Other Current Charges	$1,000	$0	$100	$100	$250	
Office Supplies	$625	$2	$48	$50	$250	
Property Appraiser Fee	$350	$0	$0	$0	$350	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Total Adminstrative	$104,750	$40,857	$37,774	$78,631	$107,242	

Operations & Maintenance						
Field Services	$15,000	$7,500	$7,500	$15,000	$15,000	
Property Insurance	$2,500	$327	$0	$327	$2,500	
Electric	$5,000	$90	$90	$180	$5,000	
Streetlights	$60,000	$16,141	$16,140	$32,281	$195,000	
Water & Sewer	$10,000	$2,006	$2,994	$5,000	$10,000	
Landscape Maintenance	$83,442	$19,911	$19,911	$39,822	$386,646	
Landscape Contingency	$7,500	$0	$1,750	$1,750	$7,500	
Irrigation Repairs	$5,000	$0	$2,500	$2,500	$5,000	
Lake Maintenance	$10,145	$3,570	$3,570	$7,140	$25,030	
Lake Contingency	$0	$0	$0	$0	$1,500	
Repairs & Maintnenance	$5,000	$0	$2,500	$2,500	$5,000	
Walls, Entry & Monuments	$0	$0	$0	$0	$2,500	
Contingency	$2,500	$0	$1,250	$1,250	$2,500	
Total Operations & Maintenance	$206,087	$49,546	$58,205	$107,751	$663,176	
						
Total Expenditures	$310,837	$90,403	$95,979	$186,382	$770,418	
						
Excess Revenues/(Expenditures)	$0	$147,010	($68,953)	$78,057	$0	
				
Net Assessment	
$770,418	
				Collection Cost (6%)	$49,176	
				Gross Assessment	$819,594	

	Fiscal Year 2022		
Property Type	Units	ERU Factor	Total ERUs	% of Total ERUs	Gross Total	Gross Per Unit	
Single Family 40'	356	1.00	356	29.21%	$239,405	$672	
Single Family 50'	521	1.25	651	53.44%	$437,957	$841	
Single Family 60'	141	1.50	212	17.35%	$142,231	$1,009	
Total	1018		1219	100.00%	$819,594		
			
Fiscal Year 2021			
Property Type	Units	ERU Factor	Total ERUs	% of Total ERUs	Gross Total	Gross Total	
Single Family 40'	126	0.80	101	25.07%	$69,139	$549	
Single Family 50'	264	1.00	264	65.67%	$181,078	$686	
Single Family 60'	31	1.20	37	9.25%	$25,515	$823	
Total	421		402	100.00%	$275,732		
			
Proposed Increase			
Property Type			% Increase	Gross Total	Gross Per Unit	
Single Family 40'			22.56%	$170,267	$124	
Single Family 50'			22.56%	$256,880	$155	
Single Family 60'			22.56%	$116,716	$186	
Total				$543,862		

REVENUES:

Assessments

The District will levy a non-ad valorem special assessment on all the assessment property within the District in order to pay for the operating expenditures during the fiscal year.

EXPENDITURES:

Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to receive $200 per meeting, not to exceed $4,800 per year paid to each Supervisor for the time devoted to District business and meetings. The amount is based on 2 supervisors attending 12 meetings during the fiscal year.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisor checks.

Engineering

The District's engineer, Boyd Civil Engineering, will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review of invoices and requisitions, preparation and review of contract specifications and bid documents, and various projects assigned as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel, Latham, Luna, Eden & Beaudine, LLP, will be providing general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2- 12(b)(5) which relates to additional reporting requirements for unrated bond issues.
Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2019 Special Assessment Bonds (Area One Project). The District has contracted with AMTEC Corporation for this service.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis. The District has contracted with Grau & Associates for this service.

Trustee Fees

The District will pay annual trustee fees for the Series 2019 Special Assessment Bonds (Area One Project) that are deposited with a Trustee at USBank.

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Management Fees

The District has contracted with Governmental Management Services-Central Florida, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but not limited to, recording and transcription of board meetings, budget preparation, all financial reporting, annual audit, etc.

Information Technology

Represents costs related to District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, security, accounting software, etc.

Website Maintenance

Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.

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’s general liability and public officials liability insurance coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

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 incurred during the year.

Office Supplies

Miscellaneous office supplies.

Property Appraiser Fee

Represents a fee charged by Osceola County Property Appraiser’s office for assessment administration services.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Operations & Maintenance:

Field Services

Provide onsite field management of contracts for the District such as landscape and lake maintenance. Services to include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Property Insurance

Represents estimated costs for the annual coverage of property insurance. Coverage will be provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Electric

Represents cost of electric services for items such as monument, irrigation meters, etc. District currently has one account with Kissimmee Utility Authority.

Account #	Description	Monthly	Annual	
002380417-123479770	44981 Storey Creek Blvd Monu/Irrg	$50	$600	
	Contingency		$4,400	
Total			$5,000	

Streetlights

Represents cost for streetlight services maintained by the District. The District currently has one account with Kissimmee Utility Authority with two more areas set to come online within the next fiscal year.

Account #	Description	Monthly	Annual	
002380417-123469510	44991 Storey Creek Boulevard V Lights	$2,700	$32,400	
	Phase 1 - 65 Teardrop Fixtures	$1,850	$22,200	
	Phase 2A - 24 Teardrop Fixtures	$700	$8,400	
	Phase 2B - 55 Teardrop Fixtures	$1,600	$19,200	
	321 Teardrop Fixtures (Future Phases)	$9,000	$108,000	
	Contingency		$4,800	
Total			$195,000	

Water & Sewer

Represents estimated costs for water services for areas within the District.

Account #	Description	Monthly	Annual	
002380417-123479770	4400 Storey Creek Boulevard ODD	$625	$7,500	
	Contingency		$2,500	
Total			$10,000	

Landscape Maintenance

The District will maintain the landscaping within the common areas of the District after installation of landscape material has been completed.

Description	Monthly	Annual	
Landscape Maintenance			
Phase 1	$5,344	$64,122	
Phase 2	$1,610	$19,320	
Phase 2B	$5,251	$63,006	
Phases 3A & 5	$4,976	$59,706	
Phase 3B	$4,276	$51,306	
Phase 4	$6,850	$82,200	
Phase 6	$2,666	$31,986	
Contingency		$15,000	
Total		$386,646	

Landscape Contingency

Represents estimated costs for any additional landscape expenses not covered under the monthly landscape maintenance contract.

Irrigation Repairs

Represents estimated costs for any repairs to the irrigation system.

Lake Maintenance

Represents costs to maintain one large stormwater pond. Amount based on proposal from Applied Aquatic Management, Inc. for initial start-up, monthly maintenance and as needed clean- up/treatments.

Description	Monthly	Annual	
Pond Maintenance			
Pond 1	$595	$7,140	
Pond 2	$75	$900	
Pond 3A	$40	$480	
Pond 3B	$60	$720	
Pond 3C	$415	$4,980	
Pond 3D	$130	$1,560	
Pond 4A	$215	$2,580	
Pond 4B	$110	$1,320	
Pond 5	$80	$960	
Pond 6	$40	$480	
Pond 7	$265	$3,180	
Contingency		$730	
Total		$25,030	

Lake Contingency

Represents estimated costs for any additional lake expenses not covered under the monthly lake maintenance contract.

Walls, Entry & Monuments

Represents any costs for repairs or maintenance to the walls, entry and monuments.

Repairs & Maintenance

Represents general repairs and maintenance costs that are not budgeted under any other budgeted line item.

Contingency

Represents any additional field expense that may not have been provided for in the budget.

Storey Creek
Community Development District

	Fiscal Year 2022
Debt Service Fund		
	Series 2019		
	Adopted
Budget FY2021	Actual
Thru 3/31/21	Projected
Next 6 Months	Total
Thru 9/30/21	Proposed
Budget FY2022	

Revenues						
Special Assessments	$491,331	$440,021	$51,310	$491,331	$491,331	
Special Assessments - FY20	$0	$324,906	$0	$324,906	$0	
Interest Income	$100	$10	$5	$15	$0	
Carry Forward Surplus	$331,475	$6,574	$0	$6,574	$335,507	
Total Revenues	$822,906	$771,511	$51,315	$822,826	$826,838	

Expenses						
Interest - 12/15	$164,906	$164,906	$0	$164,906	$162,406	
Principal - 12/15	$160,000	$160,000	$0	$160,000	$165,000	
Interest - 6/15	$162,406	$0	$162,406	$162,406	$159,828	
Transfer Out	$0	$6	$0	$6	$0	
Total Expenditures	$487,313	$324,912	$162,406	$487,319	$487,234	
						
Excess Revenues/(Expenditures)	$335,594	$446,598	($111,091)	$335,507	$339,604	
				
Principal - 12/15/2022	
$170,000	
				Interest - 12/15/2022	 	$159,828 	
				Total	 	$329,828 	
				
Net Assessment	
$491,331	
				Collection Cost (6%)	$31,362	
				Gross Assessment	$522,693	
						
		Property Type	Units	Gross Per Unit	Gross Total	
		Single Family 40'	126	$1,040	$131,063	
		Single Family 50'	264	$1,300	$343,262	
		Single Family 60'	31	$1,560	$48,368	
		Total	421		$522,693	

Storey Creek
Series 2019, Special Assessment Bonds (Area One Project) (Term Bonds Combined)

Amortization Schedule

Date	Balance	Principal	Interest	Annual

12/15/21	$ 8,285,000	$	
6/15/22	$ 8,120,000	$	
12/15/22	$ 8,120,000	$	
6/15/23	$ 7,950,000	$	
12/15/23	$ 7,950,000	$	
6/15/24	$ 7,775,000	$	
12/15/24	$ 7,775,000	$	
6/15/25	$ 7,595,000	$	
12/15/25	$ 7,595,000	$	
6/15/26	$ 7,410,000	$	
12/15/26	$ 7,410,000	$	
6/15/27	$ 7,220,000	$	
12/15/27	$ 7,220,000	$	
6/15/28	$ 7,020,000	$	
12/15/28	$ 7,020,000	$	
6/15/29	$ 6,815,000	$	
12/15/29	$ 6,815,000	$	
6/15/30	$ 6,600,000	$	
12/15/30	$ 6,600,000	$	
6/15/31	$ 6,380,000	$	
12/15/31	$ 6,380,000	$	
6/15/32	$ 6,150,000	$	
12/15/32	$ 6,150,000	$	
6/15/33	$ 5,910,000	$	
12/15/33	$ 5,910,000	$	
6/15/34	$ 5,660,000	$	
12/15/34	$ 5,660,000	$	
6/15/35	$ 5,400,000	$	
12/15/35	$ 5,400,000	$	
6/15/36	$ 5,130,000	$	
12/15/36	$ 5,130,000	$	
6/15/37	$ 4,850,000	$	
12/15/37	$ 4,850,000	$	
6/15/38	$ 4,560,000	$	
12/15/38	$ 4,560,000	$	
6/15/39	$ 4,260,000	$	
12/15/39	$ 4,260,000	$	
6/15/40	$ 3,945,000	$	
12/15/40	$ 3,945,000	$	
6/15/41	$ 3,620,000	$	
12/15/41	$ 3,620,000	$	
6/15/42	$ 3,280,000	$	
12/15/42	$ 3,280,000	$	
6/15/43	$ 2,925,000	$	
12/15/43	$ 2,925,000	$	
6/15/44	$ 2,555,000	$	
12/15/44	$ 2,555,000	$	
6/15/45	$ 2,170,000	$	
12/15/45	$ 2,170,000	$	
6/15/46	$ 1,770,000	$	
12/15/46	$ 1,770,000	$	
6/15/47	$ 1,355,000	$	
12/15/47	$ 1,355,000	$	
6/15/48	$	920,000	$	
12/15/48	$	920,000	$	
6/15/49	$	470,000	$	
12/15/49	$	470,000	$	
Totals		$	

165,000   $
-	$
170,000   $
-	$
175,000   $
-	$
180,000   $
-	$
185,000   $
-	$
190,000   $
-	$
200,000   $
-	$
205,000   $
-	$
215,000   $
-	$
220,000   $
-	$
230,000   $
-	$
240,000   $
-	$
250,000   $
-	$
260,000   $
-	$
270,000   $
-	$
280,000   $
-	$
290,000   $
-	$
300,000   $
-	$
315,000   $
-	$
325,000   $
-	$
340,000   $
-	$
355,000   $
-	$
370,000   $
-	$
385,000   $
-	$
400,000   $
-	$
415,000   $
-	$
435,000   $
-	$
450,000   $
-	$
470,000   $

162,406.25   $
159,828.13   $
159,828.13   $
157,171.88   $
157,171.88   $
154,437.50   $
154,437.50   $
151,625.00   $
151,625.00   $
148,734.38   $
148,734.38   $
145,290.63   $
145,290.63   $
141,665.63   $
141,665.63   $
137,950.00   $
137,950.00   $
134,053.13   $
134,053.13   $
130,065.63   $
130,065.63   $
125,465.63   $
125,465.63   $
120,665.63   $
120,665.63   $
115,665.63   $
115,665.63   $
110,465.63   $
110,465.63   $
105,065.63   $
105,065.63   $
99,465.63   $
99,465.63   $
93,665.63   $
93,665.63   $
87,665.63   $
87,665.63   $
81,365.63   $
81,365.63   $
74,662.50   $
74,662.50   $
67,650.00   $
67,650.00   $
60,328.13   $
60,328.13   $
52,696.88   $
52,696.88   $
44,756.25   $
44,756.25   $
36,506.25   $
36,506.25   $
27,946.88   $
27,946.88   $
18,975.00   $
18,975.00   $
9,693.75   $
9,693.75   $

327,406.25
- 489,656.25
- 489,343.75
- 488,875.00
- 488,250.00
- 487,468.75
- 490,581.25
- 488,331.25
- 490,900.00
- 488,106.25
- 490,131.25
- 490,931.25
- 491,331.25
- 491,331.25
- 490,931.25
- 490,131.25
- 488,931.25
- 487,331.25
- 490,331.25
- 487,731.25
- 489,325.00
- 490,300.00
- 490,656.25
- 490,393.75
- 489,512.50
- 488,012.50
- 490,893.75
- 487,950.00
- 489,387.50

8,285,000 $

5,749,463 $ 14,034,462.50