Fiscal Year 2021	Approved Budget

Wilford Preserve Community Development District

May 21, 2020

Wilford Preserve
Community Development District

TABLE OF CONTENTS

General Fund
Budget	Page 1
Narrative	Page 2-6
2018B Debt Service	Page 7-8
2019A Debt Service	Page 9-10

Wilford Preserve
Community Development District

Adopted Budget	Actual Thru	Projected Next	Total Projected	Approved Budget	
Description	FY 2020	4/30/20	5 Months	9/30/20	FY 2021	

	Revenues		
	Assessments	$120,775	$118,222	$2,552	$120,774	$315,125	
	Total Revenues	$120,775	$118,222	$2,552	$120,774	$315,125	
	
Expenditures						
	Administrative						
	Engineering	$15,000	$0	$0	$0	$10,000	
	Arbitrage	$1,200	$0	$600	$600	$1,200	
	Dissemination	$7,000	$3,500	$2,917	$6,417	$7,000	
	Attorney	$20,000	$9,133	$9,000	$18,133	$20,000	
	Annual Audit	$4,500	$5,700	$0	$5,700	$5,800	
	Assessment Administration	$5,000	$5,000	$0	$5,000	$5,000	
	Trustee Fees	$8,000	$0	$8,000	$8,000	$6,000	
	Management Fees	$45,000	$26,250	$18,750	$45,000	$45,000	
	Information Technology	$1,200	$700	$500	$1,200	$1,200	
	Website Compliance	$1,200	$0	$0	$0	$1,200	
	Telephone	$300	$93	$100	$193	$300	
	Postage	$1,500	$65	$100	$165	$1,000	
	Printing & Binding	$1,000	$814	$491	$1,305	$1,500	
	Insurance	$6,100	$5,638	$0	$5,638	$6,100	
	Legal Advertising	$2,500	$600	$4,684	$5,284	$5,000	
	Other Current Charges	$600	$120	$190	$310	$600	
	Office Supplies	$500	$51	$69	$120	$500	
	Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
	Administrative Expenses	$120,775	$57,838	$45,401	$103,240	$117,575	
	
Insurance	
$0	
$0	
$0	
$0	
$8,000	
	Pool Monitors	$0	$0	$0	$0	$5,000	
	Field Operations Manager	$0	$0	$0	$0	$30,000	
	Office Supplies / Mailings / Printing	$0	$0	$0	$0	$600	
	Pool Maintenance	$0	$0	$0	$0	$20,000	
	Permit Fees	$0	$0	$0	$0	$450	
	Landscape Maintenance	$0	$0	$0	$0	$40,000	
	Irrigation Maintenance	$0	$0	$0	$0	$1,000	
	Lake Maintenance	$0	$0	$0	$0	$7,500	
	General Facility Maintenance	$0	$0	$0	$0	$15,000	
	Streetlighting	$0	$0	$0	$0	$15,000	
	Telephone/Cable/Internet	$0	$0	$0	$0	$2,500	
	Electric	$0	$0	$0	$0	$15,000	
	Water/Sewer/Irrigation	$0	$0	$0	$0	$20,000	
	Refuse Service	$0	$0	$0	$0	$2,000	
	Janitorial Services	$0	$0	$0	$0	$9,500	
	Special Events	$0	$0	$0	$0	$5,000	
	Recreational Passes	$0	$0	$0	$0	$1,000	
	Maintenance Expenses	$0	$0	$0	$0	$197,550	
							
	Total Expenses	$120,775	$57,838	$45,401	$103,240	$315,125	
							
	Excess Revenues (Expenditures)	$0	$60,384	($42,849)	$17,534	$0	

Wilford Preserve
COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND BUDGET FISCAL YEAR 2021
REVENUES:

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 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 has contracted with Hopping Green & Sams for legal counsel 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

Wilford Preserve
COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND BUDGET FISCAL YEAR 2021

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.

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.

Wilford Preserve
COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND BUDGET FISCAL YEAR 2021
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.

Amenity Center:
Insurance (Property)

The District's property Insurance policy is with Florida Insurance Alliance, FIA specializes in providing insurance coverage to governmental agencies. The amount budgeted represents the estimated premium for property insurance related to the Amenity Center.

Facility Administration/Events Coordinator

The District will contract with management company to provide Facility Administration & Event Coordinator services.

Pool Monitors

The District will contract with management company to provide personnel to monitor usage of the pool during peak swim season.

Field Operations Manager

The District has contracted with management company to provide Field Operations services, to include supervision of operating and maintaining District's common areas and management of O&M related vendor contracts.

Office Supplies / Mailings / Printing

Consists of mailings to residents, access control expenses, etc.

Pool Maintenance

The District will contract with management company for the maintenance of the Amenity Center pool.

Wilford Preserve
COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND BUDGET FISCAL YEAR 2021
Permit Fees

Represents Permit Fees paid to the Department of Health for the swimming pool.

Landscape Maintenance

The District will contract with a vendor to maintain the common areas of the District.

Landscape Contingency

Other landscape costs not under contract, which includes landscape light repairs, tree removals, tree trimmings, additional mulching and new projects and replacements

Irrigation Maintenance

Cost of miscellaneous repairs and maintenance to irrigation system.

Lake Maintenance

The District will contract with vendor to maintain the water quality in all the lakes on District property.

General Facility Maintenance

Cost of labor (when outsourced) and supplies for routine repairs and maintenance of the District’s common areas and Amenity Centers, to include painting, pressure washing, carpet cleaning and replacement of lighting in and around the facilities.

Street Lighting

The District will contract with utility company for street lighting cost to the community. The amount is  based upon the agreement plus estimated cost for fuel charges.

Telephone/Cable/Internet

The Amenity Center will contract with vendor to provide phone, cable and internet for Amenity Center.

Electric

The District will contract with utility company for lighting.

Water/Sewer/Irrigation

The District will contract with utility company for water, sewer, and irrigation used by the district.

Refuse Service

The District will contracted with local company for garbage disposal service.

Wilford Preserve
COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND BUDGET FISCAL YEAR 2021
Janitorial Services

The District will contract with company to provide janitorial services for Amenity Centers. Also included are maintenance services.

Special Events

Represents estimated cost for the District to host any special events for the community throughout the Fiscal Year. Costs are partially offset by rental and miscellaneous income.

Recreation Passes

Represents the estimated cost for issuing access cards to the District’s residents for Amenity Center privileges. Residents must purchase replacement cards and receipts are posted to miscellaneous income.

Wilford Preserve	Debt Service Fund Community Development District		Series 2018B

Adopted	Actual	Projected		Total	Approved Budget		Thru		Next	Projected		Budget
Description	FY 2020	4/30/20	5 Months	9/30/20	FY 2021 Revenues
Assessments	$358,226	$183,178	$146,700	$329,878	$358,226
Interest  Income		$1,000		$471	$90		$561		$1,000 Prepayment			$0     $1,228,681		$0      $1,228,681			$0 Carry  Forward  Surplus*	$180,338	$179,263		$0	$179,263	$146,708

Total  Revenues	$539,564       $1,591,593          $146,790       $1,738,383	$505,934

Expenditures

Series 2018B
Interest - 11/01	$179,113	$179,113	$0	$179,113	$143,750
Interest -  05/1	$179,113	$0	$179,113	$179,113	$143,750
Principal  -  Prepayment  5/1	$0	$0	$990,000	$990,000	$0 Interest - 08/1	$0	$0		$3,450		$3,450	$0 Principal  -  Prepayment  8/1	$0	$0	$240,000	$240,000	$0

Total Expenditures	$358,225        $179,113      $1,412,563      $1,591,675	$287,500

Excess  Revenues	$181,339       $1,412,480     ($1,265,773)         $146,708	$218,434

*Reflects excess revenue at fiscal year end less reserve   fund amount	11/1/21 Interest	$

143,750

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

DATE	BALANCE	RATE	PRINCIPAL	INTEREST	TOTAL

11/01/20	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	-	
05/01/21	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	287,500.00	
11/01/21	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	-	
05/01/22	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	287,500.00	
11/01/22	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	-	
05/01/23	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	287,500.00	
11/01/23	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	-	
05/01/24	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	287,500.00	
11/01/24	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	-	
05/01/25	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	287,500.00	
11/01/25	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	-	
05/01/26	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	287,500.00	
11/01/26	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	-	
05/01/27	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	287,500.00	
11/01/27	$	5,000,000.00	5.750%	$	-	$	143,750.00	$	-	

05/01/28

$	5,000,000.00

5.750%

$	5,240,000.00	$

143,750.00 $

5,527,500.00

$	5,240,000.00   $	2,658,225.00   $	9,128,225.00

Wilford Preserve	Debt Service Fund Community Development District		Series 2019A

	Approved
Budget	Actual
Thru	Projected
Next	Total
Projected	Approved
Budget	
Description	FY 2020	4/30/20	5 Months	9/30/20	FY 2021	

Revenues						
Assessments - Tax Roll	$522,984	$511,971	$11,013	$522,984	$522,984	
Interest Income	$0	$107	$50	$157	$0	
Carry Forward Surplus*	$0	$0	$0	$0	$201,390	
Total Revenues	$522,984	$512,078	$11,063	$523,141	$724,374	

Expenditures						
Series 2018B Interest - 11/01	

$0	

$0	

$0	

$0	

$198,990	
Interest - 05/01	$201,750	$0	$	201,750	$201,750	$198,990	
Principal Expense - 5/01	$120,000	$0	$	120,000	$120,000	$125,000	
Total Expenditures	$321,750	$0	$321,750	$321,750	$522,980	

Other Sources/(Uses)						
Bonds Proceed	$183,045	$183,045	$0	$183,045	$0	
Excess Revenues	$201,234	$695,122	($310,687)	$384,435	$201,394	

*Reflects excess revenue at fiscal year end less reserve  fund amount	11/1/21 Interest	$

196,115

Wilford Preserve
Community Development District

SERIES 2019A AMORTIZATION SCHEDULE (Combined)

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL	
					
11/1/20	$	7,865,000.00		$	198,990.00	$	520,740.00	
5/1/21	$	7,865,000.00	$	125,000.00	$	198,990.00		
11/1/21	$	7,740,000.00		$	196,115.00	$	520,105.00	
5/1/22	$	7,740,000.00	$	130,000.00	$	196,115.00		
11/1/22	$	7,610,000.00		$	193,125.00	$	519,240.00	
5/1/23	$	7,610,000.00	$	135,000.00	$	193,125.00		
11/1/23	$	7,475,000.00		$	190,020.00	$	518,145.00	
5/1/24	$	7,475,000.00	$	145,000.00	$	190,020.00		
11/1/24	$	7,330,000.00		$	186,685.00	$	521,705.00	
5/1/25	$	7,330,000.00	$	150,000.00	$	186,685.00		
11/1/25	$	7,180,000.00		$	183,235.00	$	519,920.00	
5/1/26	$	7,180,000.00	$	160,000.00	$	183,235.00		
11/1/26	$	7,020,000.00		$	179,555.00	$	522,790.00	
5/1/27	$	7,020,000.00	$	165,000.00	$	179,555.00		
11/1/27	$	6,855,000.00		$	175,430.00	$	519,985.00	
5/1/28	$	6,855,000.00	$	175,000.00	$	175,430.00		
11/1/28	$	6,680,000.00		$	171,055.00	$	521,485.00	
5/1/29	$	6,680,000.00	$	185,000.00	$	171,055.00		
11/1/29	$	6,495,000.00		$	166,430.00	$	522,485.00	
5/1/30	$	6,495,000.00	$	195,000.00	$	166,430.00		
11/1/30	$	6,300,000.00		$	161,555.00	$	522,985.00	
5/1/31	$	6,300,000.00	$	205,000.00	$	161,555.00		
11/1/31	$	6,095,000.00		$	156,430.00	$	522,985.00	
5/1/32	$	6,095,000.00	$	215,000.00	$	156,430.00		
11/1/32	$	5,880,000.00		$	151,055.00	$	522,485.00	
5/1/33	$	5,880,000.00	$	225,000.00	$	151,055.00		
11/1/33	$	5,655,000.00		$	145,430.00	$	521,485.00	
5/1/34	$	5,655,000.00	$	235,000.00	$	145,430.00		
11/1/34	$	5,420,000.00		$	139,555.00	$	519,985.00	
5/1/35	$	5,420,000.00	$	245,000.00	$	139,555.00		
11/1/35	$	5,175,000.00		$	133,430.00	$	517,985.00	
5/1/36	$	5,175,000.00	$	260,000.00	$	133,430.00		
11/1/36	$	4,915,000.00		$	126,930.00	$	520,360.00	
5/1/37	$	4,915,000.00	$	275,000.00	$	126,930.00		
11/1/37	$	4,640,000.00		$	120,055.00	$	521,985.00	
5/1/38	$	4,640,000.00	$	285,000.00	$	120,055.00		
11/1/38	$	4,355,000.00		$	112,930.00	$	517,985.00	
5/1/39	$	4,355,000.00	$	300,000.00	$	112,930.00		
11/1/39	$	4,055,000.00		$	105,430.00	$	518,360.00	
5/1/40	$	4,055,000.00	$	320,000.00	$	105,430.00		
11/1/40	$	3,735,000.00		$	97,110.00	$	522,540.00	
5/1/41	$	3,735,000.00	$	335,000.00	$	97,110.00		
11/1/41	$	3,400,000.00		$	88,400.00	$	520,510.00	
5/1/42	$	3,400,000.00	$	355,000.00	$	88,400.00		
11/1/42	$	3,045,000.00		$	79,170.00	$	522,570.00	
5/1/43	$	3,045,000.00	$	370,000.00	$	79,170.00		
11/1/43	$	2,675,000.00		$	69,550.00	$	518,720.00	
5/1/44	$	2,675,000.00	$	390,000.00	$	69,550.00		
11/1/44	$	2,285,000.00		$	59,410.00	$	518,960.00	
5/1/45	$	2,285,000.00	$	410,000.00	$	59,410.00		
11/1/45	$	1,875,000.00		$	48,750.00	$	518,160.00	
5/1/46	$	1,875,000.00	$	435,000.00	$	48,750.00		
11/1/46	$	1,440,000.00		$	37,440.00	$	521,190.00	
5/1/47	$	1,440,000.00	$	455,000.00	$	37,440.00		
11/1/47	$	985,000.00		$	25,610.00	$	518,050.00	
5/1/48	$	985,000.00	$	480,000.00	$	25,610.00		
11/1/48	$	505,000.00		$	13,130.00	$	518,740.00	
5/1/49	$	505,000.00	$	505,000.00	$	13,130.00		
11/1/49				$	518,130.00	
		$	7,985,000.00	$	7,625,770.00	$	15,610,770.00