Fiscal Year 2020	Adopted Budget

Wilford Preserve Community Development District

September 12, 2019

Wilford Preserve
Community Development District

TABLE OF CONTENTS

General Fund
Budget	Page 1
Narrative	Page 2-3
2018B Debt Service	Page 4-5

Wilford Preserve
Community Development District

Adopted Budget	Actual Thru	Projected Next	Total Projected	Adopted Budget	
Description	FY 2019	6/30/19	3 Months	9/30/19	FY 2020	

	Revenues		
	Developer Contributions/Assessments	$106,975	$70,102	$16,764	$86,866	$120,775	
	Total Revenues	$106,975	$70,102	$16,764	$86,866	$120,775	
	
Expenditures						
	Administrative						
	Engineering	$15,000	$0	$3,750	$3,750	$15,000	
	Arbitrage	$600	$0	$600	$600	$1,200	
	Dissemination	$3,500	$2,625	$875	$3,500	$7,000	
	Attorney	$20,000	$6,562	$7,438	$14,000	$20,000	
	Annual Audit	$5,000	$4,100	$0	$4,100	$4,500	
	Assessment Administration	$0	$0	$0	$0	$5,000	
	Trustee Fees	$4,000	$0	$4,000	$4,000	$8,000	
	Management Fees	$45,000	$33,750	$11,250	$45,000	$45,000	
	Information Technology	$1,200	$900	$300	$1,200	$1,200	
	Website Compliance	$0	$1,750	$0	$1,750	$1,200	
	Telephone	$100	$109	$45	$154	$300	
	Postage	$1,500	$289	$150	$439	$1,500	
	Printing & Binding	$1,000	$474	$526	$1,000	$1,000	
	Insurance	$5,800	$5,500	$0	$5,500	$6,100	
	Legal Advertising	$2,500	$509	$837	$1,347	$2,500	
	Other Current Charges	$600	$175	$70	$245	$600	
	Office Supplies	$1,000	$77	$30	$107	$500	
	Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
	Total Expenditures	$106,975	$56,995	$29,871	$86,866	$120,775	
							
	Excess Revenues (Expenditures)	$0	$13,108	($13,108)	$0	$0	

Wilford Preserve
COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND BUDGET FISCAL YEAR 2020
REVENUES:

Developer Contributions
It is presently anticipated that the District will enter into a Funding Agreement with the Developer to fund all General Fund 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 have an annual arbitrage rebate calculation on the District’s Special Assessment Bond Series 2018B and anticipated issuance of Special Assessments Bonds Series 2019. The District will contract with an independent auditing firm to perform the calculations.

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 the District’s Special Assessment Bond Series 2018B and anticipated issuance of Special Assessments Bonds Series 2019. It has contracted with Governmental Management Services, LLC to provide this service.

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, etc.

Annual Audit
The District is required to annually conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The fee is based on similar Community Development Districts and includes the  GASB 34 pronouncement and has contracted with Grau and Associates.

Assessment Administration
Governmental Management Services serves as the District’s Assessment Administrator responsible for certifying annual assessments to County Tax Collector, billing and collection of direct assessments, collection of prepaid assessments, maintaining lien book, etc.

Trustee Fees
The District will issue bonds to be held with a Trustee at a qualified Bank. The amount of the trustee fees is based on the agreement between the Bank and the District for the Special Assessment Bond Series 2018B and anticipated issuance of Special Assessments Bonds Series 2019.

Wilford Preserve
COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND BUDGET FISCAL YEAR 2020
Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

Information Technology
The cost related to District’s accounting and information systems, District website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements.

Website Compliance
Per Chapter 2014-22, Laws of Florida, 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, LLC and updated monthly.

Telephone
The cost of telephone and fax machine service.

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 obtain a General Liability & Public Officials Liability Insurance policy 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.

Wilford Preserve	Debt Service Fund Community Development District		Series 2018B

	Approved
Budget	Actual
Thru	Projected
Next	Total
Projected	Adopted
Budget	
Description	FY 2019	6/30/19	3 Months	9/30/19	FY 2020	

Revenues						
Assessments	$358,226	$179,113	$179,113	$358,226	$358,226	
Interest Income	$1,000	$921	$270	$1,191	$1,000	
Carry Forward Surplus*	$97,549	$97,549	$0	$97,549	$180,338	
Total Revenues	$456,775	$277,583	$179,383	$456,966	$539,564	

Expenditures						
Series 2018B Interest - 11/01	

$97,517	

$97,517	

$0	

$97,517	

$179,113	
Interest - 05/01	$179,111	$179,111	$0	$179,111	$179,113	
Total Expenditures	$276,628	$276,628	$0	$276,628	$358,225	
						
Excess Revenues	$180,147	$955	$179,383	$180,338	$181,339	

*Reflects excess revenue at fiscal year end less reserve  fund amount	11/1/20 Interest	$

179,113

Wilford Preserve Community Development District
Series 2018B Special Assessment Bonds
AMORTIZATION SCHEDULE

DATE	BALANCE	RATE	PRINCIPAL	INTEREST	TOTAL

11/01/19	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	-	
05/01/20	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	358,225.00	
11/01/20	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	-	
05/01/21	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	358,225.00	
11/01/21	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	-	
05/01/22	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	358,225.00	
11/01/22	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	-	
05/01/23	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	358,225.00	
11/01/23	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	-	
05/01/24	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	358,225.00	
11/01/24	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	-	
05/01/25	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	358,225.00	
11/01/25	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	-	
05/01/26	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	358,225.00	
11/01/26	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	-	
05/01/27	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	358,225.00	
11/01/27	$	6,230,000.00	5.750%	$	-	$	179,112.50	$	-	
05/01/28	$	6,230,000.00	5.750%	$	6,230,000.00	$	179,112.50	$	6,588,225.00	
			$	6,230,000.00	$	3,224,025.00	$	9,454,025.00