Storey Creek Community Development District

Adopted Budget
FY 2021

Table of Contents

1

2-6

7

 	General Fund

 	General Fund Narrative

 	Debt Service Fund Series 2019

8	 	Amortization Schedule Series 2019

Storey Creek
Community Development District

		Fiscal Year 2021 General Fund		
	Adopted Budget
FY2020	Actual Thru
6/30/20	Projected Next 3
Months	Total Thru
9/30/20	Adopted Budget
FY2021	

Revenues						
Special Assessments	$0	$0	$0	$0	$259,188	
Developer Contributions	$87,800	$68,279	$48,051	$116,330	$51,649	
Total Revenues	$87,800	$68,279	$48,051	$116,330	$310,837	

Expenditures						
Administrative						
Supervisor Fees	$0	$0	$0	$0	$0	
FICA Expense	$0	$0	$0	$0	$0	
Engineering	$12,000	$2,094	$1,406	$3,500	$12,000	
Attorney	$25,000	$10,110	$7,890	$18,000	$25,000	
Dissemination	$0	$1,750	$875	$2,625	$3,500	
Arbitrage	$0	$0	$0	$0	$450	
Annual Audit	$0	$0	$0	$0	$5,000	
Trustee Fees	$0	$0	$0	$0	$5,000	
Assessment Administration	$0	$0	$0	$0	$5,000	
Management Fees	$35,000	$26,250	$8,750	$35,000	$35,000	
Information Technology	$1,200	$900	$300	$1,200	$1,200	
Telephone	$300	$7	$18	$25	$300	
Postage	$1,000	$107	$93	$200	$1,000	
Printing & Binding	$1,000	$328	$172	$500	$1,000	
Insurance	$5,500	$5,000	$0	$5,000	$5,650	
Legal Advertising	$5,000	$580	$920	$1,500	$2,500	
Other Current Charges	$1,000	$198	$52	$250	$1,000	
Office Supplies	$625	$18	$17	$35	$625	
Property Appraiser Fee	$0	$0	$0	$0	$350	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Field						
Field Services	$0	$0	$0	$0	$15,000	
Property Insurance	$0	$0	$0	$0	$2,500	
Electric	$0	$482	$75	$557	$5,000	
Streetlights	$0	$18,652	$7,718	$26,369	$60,000	
Water & Sewer	$0	$2,107	$1,080	$3,187	$10,000	
Landscape Maintenance	$0	$0	$9,956	$9,956	$83,442	
Landscape Contingency	$0	$0	$0	$0	$7,500	
Irrigation Repairs	$0	$285	$0	$285	$5,000	
Lake Maintenance	$0	$2,150	$1,785	$3,935	$10,145	
Contingency	$0	$0	$0	$0	$2,500	
Repairs & Maintnenance	$0	$4,030	$0	$4,030	$5,000	
Total Expenditures	$87,800	$75,223	$41,106	$116,329	$310,837	
						
Excess Revenues/(Expenditures)	$0	($6,945)	$6,945	$0	($0)	

Net Assessment	$259,188	
Collection Cost (6%)	$16,544	
Gross Assessment	$275,732	

Property Type	Units	Gross Per Unit	Gross Total	
Single Family 40'	126	$549	$69,139	
Single Family 50'	264	$686	$181,078	
Single Family 60'	31	$823	$25,515	
Total	421		$275,732	

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.

Developer Contributions

The District will enter into a Funding Agreement with the Developer to fund the General Fund expenditures for 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. No expense for this line item is anticipated at this time.

FICA Expense

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

Engineering

The District's engineer will be providing general engineering services to the District, e.g. 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, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions, etc.

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.

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 the District’s accounting and information systems, District’s website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements.

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.

Field:

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	$2,000	$24,000	
	Phase 1 - 65 Teardrop Fixtures	$1,850	$22,200	
	Phase 2A - 24 Teardrop Fixtures	$700	$8,400	
	Contingency		$5,400	
Total			$60,000	

Water & Sewer

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

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	
Total		$83,442	

Landscape Contingency

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

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			
1 Large Stormwater Pond (11 Mths)	$595	$6,545	
Start Up Charge		$2,150	
Contingency		$3,600	
Total		$12,295	

Contingency

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

Repairs & Maintenance

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

Storey Creek
Community Development District

	Fiscal Year 2021
Debt Service Fund		
	Series 2019		
	Adopted
Budget FY2020	Actual
Thru 6/30/20	Projected
Next 3 Months	Total
Thru 9/30/20	Adopted
Budget FY2021	

Revenues						
Special Assessments	$0	$163,990	$324,906	$488,896	$491,331	
Bond Proceeds	$0	$245,666	$0	$245,666	$0	
Interest Income	$0	$89	$6	$95	$100	
Transfer In	$0	$6,475	$0	$6,475	$0	
Carry Forward Surplus	$0	$0	$0	$0	$331,475	
Total Revenues	$0	$416,219	$324,912	$741,131	$822,907	

Expenses						
Interest - 12/15	$0	$0	$0	$0	$164,906	
Principal - 12/15	$0	$0	$0	$0	$160,000	
Interest - 6/15	$0	$0	$163,990	$163,990	$162,406	
Total Expenditures	$0	$0	$163,990	$163,990	$487,313	
						
Excess Revenues/(Expenditures)	$0	$416,219	$160,922	$577,141	$335,594	
				
Principal - 12/15/2021	
$165,000	
				Interest - 12/15/2021	 	$162,406 	
				Total	 	$327,406 	
				
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

6/15/20	$ 8,445,000	$	
12/15/20	$ 8,445,000	$	
6/15/21	$ 8,285,000	$	
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		$	

-	$
160,000   $
-	$
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   $

163,990.10   $
164,906.25   $
162,406.25   $
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   $

- 488,896.35
- 489,812.50
- 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

8,445,000 $

6,240,765 $ 14,685,765.10