Wilford Preserve Community Development District

Fiscal Year 2023 Approved Budget

Wilford Preserve
Community Development District

TABLE OF CONTENTS

General Fund
Budget	Page 1-2
Narrative	Page 3-7
O&M Allocation	Page 8
Debt Service Fund
Budget Series 2018B	Page 9-10
Budget Series 2019A	Page 11-12

Community Development District		
	Adopted	Actual	Projected	Total	Approved	
	Budget	Thru	Next	Projected	Budget	
Description	FY 2022	4/30/22	5 Months	9/30/22	FY 2023	

Revenues						

Assessments/Developer Contributions	$327,829	
$226,888	
$29,686	
$256,574	
$413,784	
Developer Contributions	$0	$0	$0	$0	$0	
Interest	$0	$1	$1	$2	$0	
Miscellaneous Revenue	$0	$131	$115	$246	$0	
Total Revenues	$327,829	$227,020	$29,802	$256,822	$413,784	

Expenditures						
Administrative						
Engineering	$10,000	$0	$0	$5,000	$10,000	
Arbitrage	$1,200	$600	$600	$1,200	$1,200	
Dissemination	$7,000	$4,083	$2,917	$7,000	$7,000	
Attorney	$20,000	$4,715	$9,500	$14,215	$15,000	
Annual Audit	$5,800	$3,000	$0	$3,000	$4,800	
Assessment Administration	$5,000	$5,000	$0	$5,000	$5,000	
Trustee Fees	$6,020	$6,592	$0	$6,592	$7,000	
Management Fees	$46,800	$27,300	$19,500	$46,800	$49,140	
Information Technology	$1,000	$583	$417	$1,000	$1,250	
Website Compliance	$600	$350	$250	$600	$750	
Telephone	$300	$62	$100	$162	$300	
Postage	$1,000	$129	$115	$244	$500	
Printing & Binding	$1,500	$195	$450	$645	$1,500	
Insurance	$6,512	$6,127	$0	$6,127	$6,893	
Legal Advertising	$5,000	$373	$4,628	$5,000	$5,000	
Other Current Charges	$600	$244	$200	$444	$600	
Office Supplies	$500	$13	$250	$263	$500	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Administrative Expenses	$119,007	$59,540	$38,926	$103,466	$116,608	

Insurance	
$8,000	
$0	
$0	
$0	
$8,000	
Pool Monitors	$4,000	$0	$0	$0	$4,000	
Field Operations Manager	$30,000	$7,500	$18,750	$26,250	$45,000	
Office Supplies / Mailings / Printing	$600	$0	$0	$0	$600	
Pool Maintenance	$20,000	$0	$0	$10,000	$20,000	
Pool Chemicals	$0	$0	$5,000	$5,000	$5,000	
Permit Fees	$450	$0	$0	$300	$450	
Landscape Maintenance	$49,948	$37,975	$42,788	$80,763	$112,690	
Irrigation Maintenance	$1,000	$0	$0	$0	$1,000	
Lake Maintenance	$8,724	$5,191	$7,890	$13,569	$14,336	
General Facility Maintenance	$15,000	$650	$1,250	$1,900	$15,000	
Streetlighting	$15,000	$0	$0	$0	$15,000	
Telephone/Cable/Internet	$2,500	$0	$0	$0	$2,500	
Electric	$15,000	$0	$0	$0	$15,000	
Water/Sewer/Irrigation	$20,000	$5,721	$9,854	$15,575	$20,000	
Refuse Service	$2,000	$0	$0	$0	$2,000	

	Community Development District		

Description	Adopted Budget FY 2022	Actual Thru 4/30/22	Projected Next
5 Months	Total Projected 9/30/22	Approved Budget FY 2023	
	
Janitorial Services	
$9,500	
$0	
$0	
$0	
$9,500	
	Special Events	$6,000	$0	$0	$0	$6,000	
	Recreational Passes	$1,100	$0	$0	$0	$1,100	
	Maintenance Expenses	$208,822	$57,037	$85,532	$153,356	$297,176	
							
	Total Expenses	$327,829	$116,577	$124,457	$256,822	$413,784	
							
	Excess Revenues (Expenditures)	$0	$110,443	($94,655)	$0	$0	

	FY 2023	FY 2022	
Units	445	307	
Gross Assess per Unit	$989.20	$700.00	
Net Assess per Unit	$929.85	$656.90	
Total Gross Assessment	$440,194	$214,900	
Less: Discounts & Collections (6%) 	 ($26,410)	 ($12,890)  Total Net Assessment 	$413,784	$202,010 

% Increase	$ Increase
41%	$289.20

REVENUES:

Assessments/Developer Contributions

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 and collect from Developer remaining assessments for O&M portion.

Interest

Interest income from bank accounts.

Miscellaneous Revenue

Income received for district.

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. Taylor & White, Inc. serves as the District’s engineering firm.

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 has contracted with Grau and Associates 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. An additional fee of $500 is incurred for a revised amortization fee after the District makes an Optional Redemption payment towards any of the Bonds. It has contracted with Governmental Management Services, LLC to provide this service.

Attorney

The District's has contracted with Kutak Rock, LLP 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

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 US 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

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

Website Compliance

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

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.

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.

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 Governmental Management Services, LLC to provide Field Operations services, to include contract administration, field related inspections, etc.
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.

Permit Fees

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

Landscape Maintenance

The District is contracted with a Yellowstone Landscape to maintain the common areas of the District, landscape light repairs, tree removals, tree trimmings, additional mulching and new projects and replacements.

Contract
Yellowstone Contingency

Monthly	Annual
$	8,558	$	102,690
  $	833	$	10,000 

$	9,391	$	112,690

Irrigation Maintenance

Cost of miscellaneous repairs and maintenance to irrigation system.

Lake Maintenance

The District has contracted with Solitude Lake Management 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

Cost of reclaimed irrigation service from Clay County Utility Authority used by the district. The District has the following meters:

Location	
Acc #	Average /
month	Annual
Budget	
	2736 Copperwood Avenue	594193	$128	$1,536	
	632 Silverberry Avenue	594195	$333	$3,996	
	2738 Firethorn Avenue	602562	$250	$3,000	
	634 Ivory Palm Road	602561	$20	$240	
	2965 White Heron Trail	602560	$20	$240	
	451 Cheswick Oak Ave	602559	$65	$780	
	708 Sycamore Way	602557	$20	$240	
	832 Sycamore Way	602556	$20	$240	
	2530 Firethron Avenue	602555	$60	$720	
	3048 Firethorn Avenue	602554	$30	$360	
	3140 Firethorn Avenue	602552	$38	$456	
	2744 Firethorn Avenue	604547	$38	$456	
	CONTINGENCY		$645	$7,736	
	TOTAL		$1,667	$20,000	

Refuse Service					

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

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.

Recreational 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.

O&M ALLOCATION

PRODUCT TYPE	
# UNITS	
ERU	
TOTAL ERUs	
TOTAL ADMIN	
ADMIN PER UNIT NET	
PLATTED UNITS	
PLATTED ERUs	
AMENITY GROUNDS O&M	AMENTIY GROUNDS PER UNIT NET	TOTAL O&M COSTS PER UNIT NET	TOTAL O&M COSTS PER UNIT GROSS	
COMMON UTILITY
ROW												
50'	357	1.00	357.00	$93,548	262.04	357	357.00	$238,409	$667.81	$929.85	$989.20	
60'		88		1.20		105.60	$23,060 	262.04 	88	105.60	$58,767 	$667.81	$929.85	$989.20	
TOTAL	445		462.60	$116,608	445	462.60	$297,176				

O&M BUDGET
ADMIN	
FY 2023
$116,608	
FY 2022
$119,007						
AMENITY GROUNDS		$297,176	$208,822	
TOTAL NET	$413,784	$327,829	
TOTAL GROSS	$440,183	$348,744	

Page 8

Wilford Preserve	Debt Service Fund Community Development District		Series 2018B

	Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Approved
Budget	
Description	FY 2022	4/30/22	5 Months	9/30/22	FY 2023	

Revenues						
Assessments	$248,688	$0	$210,854	$210,854	$210,163	
Interest Income	$20	$19	$15	$34	$100	
Prepayment	$0	$597,700	$0	$597,700	$0	
Carry Forward Surplus*	$285,549	$591,294	$0	$591,294	$112,448	
Total Revenues	$534,257	$1,189,013	$210,869	$1,399,882	$322,710	

Expenditures						
Series 2018B Interest - 11/1	
$128,656	
$128,656	
$0	
$128,656	
$100,338	
Principal - Prepayment 11/1	$150,000	$435,000	$0	$435,000	$0	
Interest - 2/1	$0	$3,163	$0	$3,163	$0	
Principal - Prepayment 2/1	$0	$220,000	$0	$220,000	$0	
Interest - 5/1	$124,344	$0	$109,825	$109,825	$100,338	
Principal - Prepayment 5/1	$0	$0	$330,000	$330,000	$0	
Principal - Prepayment 8/1	$0	$0	$60,000	$60,000	$0	
Interest - 8/1	$0	$0	$791	$791	$0	
Total Expenditures	$403,000	$786,819	$500,616	$1,287,434	$200,675	
						
Excess Revenues	$131,257	$402,195	($289,747)	$112,448	$122,035	

*Reflects excess revenue at fiscal year end less reserve fund amount	Interest 11/1/23	$	100,338

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

DATE	BALANCE	RATE	PRINCIPAL	INTEREST	TOTAL	

05/01/22	
$	3,820,000.00	
5.750%	
$	330,000.00	
$	109,825.00	
$	568,481.25	
11/01/22	$	3,490,000.00	5.750%	$	-	$	100,337.50	$	-	
05/01/23	$	3,490,000.00	5.750%	$	-	$	100,337.50	$	200,675.00	
11/01/23	$	3,490,000.00	5.750%	$	-	$	100,337.50	$	-	
05/01/24	$	3,490,000.00	5.750%	$	-	$	100,337.50	$	200,675.00	
11/01/24	$	3,490,000.00	5.750%	$	-	$	100,337.50	$	-	
05/01/25	$	3,490,000.00	5.750%	$	-	$	100,337.50	$	200,675.00	
11/01/25	$	3,490,000.00	5.750%	$	-	$	100,337.50	$	-	
05/01/26	$	3,490,000.00	5.750%	$	-	$	100,337.50	$	200,675.00	
11/01/26	$	3,490,000.00	5.750%	$	-	$	100,337.50	$	-	
05/01/27	$	3,490,000.00	5.750%	$	-	$	100,337.50	$	200,675.00	
11/01/27	$	3,490,000.00	5.750%	$	-	$	100,337.50	$	-	
05/01/28	$	3,490,000.00	5.750%	$	3,490,000.00	$	100,337.50	$	3,690,675.00	
			$	3,490,000.00	$	1,712,493.75	$	5,532,493.75	

Wilford Preserve	Debt Service Fund Community Development District		Series 2019A

	Approved
Budget	Actual
Thru	Projected
Next	Total
Projected	Approved
Budget	
Description	FY 2022	4/30/22	5 Months	9/30/22	FY 2023	

Revenues						
Assessments	$521,628	$476,187	$45,441	$521,628	$521,628	
Interest Income	$0	$13	$15	$28	$0	
Carry Forward Surplus*	$206,017	$206,019	$0	$206,019	$206,464	
Total Revenues	$727,645	$682,219	$45,456	$727,674	$728,092	

Expenditures						
Series 2018B Interest - 11/1	
$196,115	
$195,605	
$0	
$195,605	
$	192,615	
Interest - 5/1	$196,115	$0	$195,605	$195,605	$	192,615	
Principal Expense - 5/1	$130,000	$0	$130,000	$130,000	$	135,000	
Total Expenditures	$522,230	$195,605	$325,605	$521,210	$520,230	
						
Excess Revenues	$205,415	$486,614	($280,149)	$206,464	$207,862	

*Reflects excess revenue at fiscal year end less reserve fund amount	Interest 11/1/23	$	189,510

Wilford Preserve
Community Development District

SERIES 2019A AMORTIZATION SCHEDULE (Combined)

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL	

5/1/22	
$	7,720,000.00	
$	130,000.00	
$	195,605.00		
11/1/22	$	7,590,000.00		$	192,615.00	$	518,220.00	
5/1/23	$	7,590,000.00	$	135,000.00	$	192,615.00		
11/1/23	$	7,455,000.00		$	189,510.00	$	517,125.00	
5/1/24	$	7,455,000.00	$	145,000.00	$	189,510.00		
11/1/24	$	7,310,000.00		$	186,175.00	$	520,685.00	
5/1/25	$	7,310,000.00	$	150,000.00	$	186,175.00		
11/1/25	$	7,160,000.00		$	182,725.00	$	518,900.00	
5/1/26	$	7,160,000.00	$	160,000.00	$	182,725.00		
11/1/26	$	7,000,000.00		$	179,045.00	$	521,770.00	
5/1/27	$	7,000,000.00	$	165,000.00	$	179,045.00		
11/1/27	$	6,835,000.00		$	174,920.00	$	518,965.00	
5/1/28	$	6,835,000.00	$	175,000.00	$	174,920.00		
11/1/28	$	6,660,000.00		$	170,545.00	$	520,465.00	
5/1/29	$	6,660,000.00	$	185,000.00	$	170,545.00		
11/1/29	$	6,475,000.00		$	165,920.00	$	521,465.00	
5/1/30	$	6,475,000.00	$	190,000.00	$	165,920.00		
11/1/30	$	6,285,000.00		$	161,170.00	$	517,090.00	
5/1/31	$	6,285,000.00	$	200,000.00	$	161,170.00		
11/1/31	$	6,085,000.00		$	156,170.00	$	517,340.00	
5/1/32	$	6,085,000.00	$	215,000.00	$	156,170.00		
11/1/32	$	5,870,000.00		$	150,795.00	$	521,965.00	
5/1/33	$	5,870,000.00	$	225,000.00	$	150,795.00		
11/1/33	$	5,645,000.00		$	145,170.00	$	520,965.00	
5/1/34	$	5,645,000.00	$	235,000.00	$	145,170.00		
11/1/34	$	5,410,000.00		$	139,295.00	$	519,465.00	
5/1/35	$	5,410,000.00	$	245,000.00	$	139,295.00		
11/1/35	$	5,165,000.00		$	133,170.00	$	517,465.00	
5/1/36	$	5,165,000.00	$	260,000.00	$	133,170.00		
11/1/36	$	4,905,000.00		$	126,670.00	$	519,840.00	
5/1/37	$	4,905,000.00	$	275,000.00	$	126,670.00		
11/1/37	$	4,630,000.00		$	119,795.00	$	521,465.00	
5/1/38	$	4,630,000.00	$	285,000.00	$	119,795.00		
11/1/38	$	4,345,000.00		$	112,670.00	$	517,465.00	
5/1/39	$	4,345,000.00	$	300,000.00	$	112,670.00		
11/1/39	$	4,045,000.00		$	105,170.00	$	517,840.00	
5/1/40	$	4,045,000.00	$	315,000.00	$	105,170.00		
11/1/40	$	3,730,000.00		$	96,980.00	$	517,150.00	
5/1/41	$	3,730,000.00	$	335,000.00	$	96,980.00		
11/1/41	$	3,395,000.00		$	88,270.00	$	520,250.00	
5/1/42	$	3,395,000.00	$	350,000.00	$	88,270.00		
11/1/42	$	3,045,000.00		$	79,170.00	$	517,440.00	
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	
		$	7,720,000.00	$	7,010,890.00	$	14,731,400.00