Wilford Preserve

Community Development District

Approved Budget
FY2025

Presented by:

Table of Contents

1-2		General Fund	

3-5	
	Narratives	

6-7	
	Debt Service Fund Series 2018B 	

8-9	
	Debt Service Fund Series 2019A	

10	
	Assessment Schedule	

11	
	Capital Reserve Fund	

REVENUES:		
Special Assessments	$	505,720	$	504,117	$	1,603	$	505,720	$	937,299	
Interest Income	1,500	6,951	1,500	8,451	6,000	
Miscellaneous Income	-	358	50	408	668	
TOTAL REVENUES	$	507,220	$	511,426	$	3,153	$	514,579	$	943,967	

EXPENDITURES:						
Administrative						
Supervisor Fees	$	-	$	-	$	-	$	-	$	4,800	
FICA Taxes	-	-	-	-	367	
Engineering	6,000	-	6,000	6,000	6,000	
Attorney	15,000	2,797	12,203	15,000	15,000	
Annual Audit	4,800	4,900	-	4,900	4,800	
Assessment Roll Administration	5,300	5,300	-	5,300	5,618	
Arbitrage Rebate	1,200	600	600	1,200	1,200	
Dissemination Agent	7,420	5,447	1,973	7,420	7,865	
Trustee Fees	7,000	6,592	-	6,592	7,000	
Management Fees	52,088	34,725	17,363	52,088	55,213	
Information Technology	1,000	667	333	1,000	1,060	
Website Maintenance	1,200	800	400	1,200	1,272	
Telephone	300	55	245	300	300	
Postage	500	320	180	500	500	
Insurance General Liability	7,245	6,818	-	6,818	7,500	
Printing	1,200	172	1,028	1,200	1,200	
Legal Advertising	3,000	579	2,422	3,000	3,000	
Other Current Charges	600	15	585	600	600	
Office Supplies	200	3	197	200	100	
Dues, Licenses & Subscriptions	175	175	-	175	175	
TOTAL ADMINISTRATIVE	$	114,228	$	69,964	$	43,529	$	113,493	$	123,571	

Operations & Maintenance						
Amenity Center						
Insurance	$	11,762	$	10,218	$	-	$	10,218	$	11,546	
General Facility Maintenance	20,000	13,936	6,064	20,000	35,000	
Amenity Manager	47,250	31,500	15,750	47,250	67,250	
Janitorial Services	10,070	6,713	3,357	10,070	15,000	
Pool Maintenance	15,000	10,000	5,000	15,000	30,000	
Pool Chemicals	10,000	3,303	6,697	10,000	20,000	
Pool Monitors	15,000	670	14,330	15,000	25,000	
Security Monitoring	1,200	510	690	1,200	1,235	
Security	40,000	29,528	10,472	40,000	93,325	
Permit Fees	450	300	150	450	900	
Telephone/Cable/Internet	2,000	-	1,000	1,000	1,000	
Electric	16,200	4,317	11,883	16,200	25,000	
Water/Sewer/Irrigation	36,524	12,552	23,972	36,524	55,000	
Repairs & Replacements	-	-	-	-	25,000	
Refuse Service	3,600	2,163	1,437	3,600	5,040	
Special Events	5,000	-	5,000	5,000	6,000	
Recreational Passes	1,500	191	1,310	1,500	1,500	
Office Supplies/Mailings/Printing	600	-	600	600	600	
TOTAL AMENITY CENTER	$	236,156	$	125,901	$	107,711	$	233,612	$	418,396	

Ground Maintenance						
Landscape Maintenance	$	130,000	$	69,120	$	60,880	$	130,000	$	260,000	
Landscape Contingency	2,500	1,200	1,300	2,500	6,000	
Irrigation Maintenance	2,500	3,718	1,282	5,000	5,000	
Lake Maintenance	14,336	6,090	8,246	14,336	26,000	
Streetlighting	7,500	-	7,500	7,500	-	
TOTAL GROUND MAINTENANCE	$	156,836	$	80,128	$	79,208	$	159,336	$	297,000	

Reserves						
Capital Reserve Fund	$	-	$	-	$	-	$	-	$	105,000	
TOTAL RESERVES	$	-	$	-	$	-	$	-	$	105,000	
						
TOTAL EXPENDITURES	$	507,220	$	275,993	$	230,448	$	506,441	$	943,967	

Other Sources/(Uses)						
Interlocal Transfer In/(Out)	$	-	$	-	$	-	$	-	$	-	
TOTAL OTHER SOURCES/(USES)	$	-	$	-	$	-	$	-	$	-	
						
EXCESS REVENUES (EXPENDITURES)	$	0	$	235,433	$  (227,295)	$	8,138	$	0	

REVENUES

Special Assessments
The District will levy a non ad-valorem special assessment on all taxable property within the District to fund a portion of the General Operating Expenditures for the fiscal year. These are collected on the Clay County Tax Roll for platted lands. Unplatted lands are direct billed to the landowner.
Interest Income
The District will have funds invested in a money market fund with U.S. Bank that earns interest based upon the estimated balance invested throughout the year. Also included are insurance reimbursement costs.
Miscellaneous Income
Miscellaneous Income from proceeds from access cards from residents and guest of the community and any other income is deposited to the district.

Expenditures - Administrative

Supervisors Fees
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting in which they attend.
FICA Taxes
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.
Engineering
The District's engineer, will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.
Attorney
The District’s Attorney, Kutak Rock LLP, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.
Annual Audit
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.

Assessment Roll Administration
GMS, LLC provides assessment services for closing lot sales, assessment roll services with the local Tax Collector and financial advisory services.

Arbitrage Rebate
The District is required to annually have an arbitrage rebate calculation on the District’s Series 2018B & 2019A Special Assessment Revenue Bonds.
Dissemination Agent
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 2019A. 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.
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 2019A.
Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. The budgeted amount for the fiscal year is based on the contracted fees 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 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
New internet and Wi-Fi service for Office.
Postage
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.

Expenditures - Administrative (continued)

Insurance General Liability
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.
Printing
Copies used in the preparation of agenda packages, required mailings, and other special projects.
Legal Advertising
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.
Other Current Charges
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.
Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.
Due, Licenses & Subscriptions
The District is required to pay an annual fee to the Florida Department of Commerce for $175.

Expenditures – 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.
General Facility Maintenance
The District has contracted with Governmental Management Services, LLC to provide maintenance and repairs necessary for upkeep of the Amenity Center and common grounds area.
Amenity Manager
The District has contracted with Governmental Management Services, LLC to provide Field Operations services, to include contract administration, field related inspections, etc.
Janitorial Services
The District is under contract with Governmental Management Services, LLC to provide janitorial cleaning for the Amenity Center.

Pool Maintenance
The District is under contract with Governmental Management Services, LLC for the maintenance of the Amenity Center Swimming Pool.
Pool Chemicals
The District will contract with local company to provide chemicals necessary for the maintenance of the Amenity Center swimming pool.
Pool Monitors
The District will contract with management company to provide personnel to monitor usage of the pool during peak swim season.

Security Monitoring
Maintenance costs of the security alarms/cameras provided by Hi-Tech System.
Security
The District will contract with security company for on-site patrols.
Permit Fees
Represents Permit Fees paid to the Department of Health for the swimming pool.
Telephone/Cable/Internet
The Amenity Center will contract with vendor to provide phone, cable and internet for Amenity Center.

Expenditures – Amenity Center

Electric
The cost of electricity provided by Clay Electric Cooperative. The District has the following meter:
Location	Account#	Monthly	Annual

2740 Firethorn Ave	9171539	$

550  $

6,600

Contingency for new accounts		18,400 

Total

$	550  $

25,000

Expenditures – Amenity Center (continued)

Water/Sewer/Irrigation
Cost of reclaimed irrigation service from Clay County Utility Authority used by the district. The District has the following meters:
Location	Account#	Monthly	Annual	
2736 Copperwood Avenue	A00040095	$	100	$	1,200	
632 Silverberry Avenue	A00040096	400	4,800	
2738 Firethorn Avenue	A00043494	1,500	18,000	
634 Ivory Palm Road	A00043493	100	1,200	
2965 White Heron Trail	A00043492	100	1,200	
451 Cheswick Oak Ave	A00043491	201	2,412	
708 Sycamore Way	A00043489	100	1,200	
832 Sycamore Way	A00043488	200	2,400	
2530 Firethron Avenue	A00043487	200	2,400	
3048 Firethorn Avenue	A00043486	100	1,200	
3140 Firethorn Avenue	A00043485	100	1,200	
2744 Firethorn Avenue	A00044340	300	3,600	
3169 Flower Branch Avenue	A00047819	200	2,400	
678 Sycamore Way	A00048921	300	3,600	
Contingency		682	8,188 

Repairs & Replacements

Total

$	4,583  $

55,000

Regular maintenance and replacement cost incurred by the Amenity Center of the District.
Refuse Service
The District has contracted with Republic Service company for garbage disposal service.
Location	Account#	Monthly	Annual

2740 Firethorn Ave	xx-9614	$

400  $

4,800

Contingency		20	240 

Special Events

Total

$	420  $

5,040

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.
Office Supplies / Mailings / Printing
Consists of mailings to residents, access control expenses, etc.

Expenditures – Ground Maintenance

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.
Landscape Contingency
For additional landscape services and possible storm cleanup.
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.
Capital Reserve Fund
The District will establish a reserve to fund the renewal and replacement of District’s capital related facilities.

Approved Budget
Debt Service Series 2018B Special Assessment Bonds

Description

Adopted Budget FY2024

Actuals Thru	Projected Next  Projected Thru

5/31/24

	4 Months	

9/30/24

Approved Budget FY 2025

REVENUES:

Special Assessments - Direct Bill	$	73,744	$	12,836	$	-	$	12,836	$	24,725	
Special Assessments - Prepayments	-	430,197	-	430,197	-	
Interest Earnings	3,000	25,295	8,500	33,795	5,000	
Carry Forward Surplus (1)	306,361	750,234	-	750,234	16,044	
TOTAL REVENUES	$	383,105	$ 1,218,562	$	8,500	$  1,227,062	$	45,769	

EXPENDITURES:						
Interest -11/1	$	49,019	$	44,850	$	-	$	44,850	$	12,363	
Principal Prepayment - 11/1	-	555,000	-	555,000	-	
Interest -2/1	-	5,319	-	5,319	-	
Principal Prepayment - 2/1	-	370,000	-	370,000	-	
Interest - 5/1	49,019	18,256	-	18,256	12,363	
Principal Prepayment - 5/1	-	205,000	-	205,000	-	
TOTAL EXPENDITURES	$	98,038	$ 1,198,425	$	-	$  1,198,425	$	24,725	

Other Sources/(Uses)

Interfund transfer In/(Out)

$	-  $

(12,593) $

-  $	(12,593) $	-

EXCESS REVENUES (EXPENDITURES)	$	285,067  $	7,544  $	8,500  $	16,044  $	21,044

TOTAL EXPENDITURES	$	98,038  $ 1,211,018  $	-  $  1,211,018  $	24,725

TOTAL OTHER SOURCES/(USES)	$	-  $	(12,593)  $	-  $	(12,593)  $	-

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/25

$12,363

AMORTIZATION SCHEDULE
Debt Service Series 2018B Special Assessment Bonds

Period

Outstanding Balance

Coupons

Principal

Interest

Annual Debt Service

11/01/24	$	430,000	5.750%	-  $	12,363	$	24,725	
05/01/25	430,000	5.750%	-	12,363		
11/01/25	430,000	5.750%	-	12,363	24,725	
05/01/26	430,000	5.750%	-	12,363		
11/01/26	430,000	5.750%	-	12,363	24,725	
05/01/27	430,000	5.750%	-	12,363		
11/01/27	430,000	5.750%	-	12,363	24,725	
05/01/28	430,000	5.750%	-	12,363		

Total

$

-  $

98,900  $

98,900

Approved Budget
Debt Service Series 2019A Special Assessment Bonds

Description

Adopted Budget FY2024

Actuals Thru	Projected Next  Projected Thru

5/31/24

	4 Months	

9/30/24

Approved Budget FY 2025

REVENUES:

Special Assessments - Tax Roll	$	521,627	$	518,173	$	3,454	$	521,627	$	521,627	
Interest Earnings	2,500	20,320	3,500	23,820	7,500	
Carry Forward Surplus (1)	225,208	218,863	-	218,863	240,290	
TOTAL REVENUES	$	749,335	$	757,356	$	6,954	$	764,310	$	769,417	

EXPENDITURES:						
Interest -11/1	$	189,510	$	189,510	$	-	$	189,510	$	186,175	
Interest - 5/1	189,510	189,510	-	189,510	186,175	
Principal - 5/1	145,000	145,000	-	145,000	150,000	
TOTAL EXPENDITURES	$	524,020	$	524,020	$	-	$	524,020	$	522,350	

Other Sources/(Uses)						

Interfund transfer In/(Out)	
$	-	
$	-	
$	-	
$	-	
$	-	
TOTAL OTHER SOURCES/(USES)	$	-	$	-	$	-	$	-	$	-	
						
TOTAL EXPENDITURES	$	524,020	$	524,020	$	-	$	524,020	$	522,350	
						
EXCESS REVENUES (EXPENDITURES)	$	225,315	$	233,336	$	6,954	$	240,290	$	247,067	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/25

$182,725

Wilford Preserve
Community Development District
AMORTIZATION SCHEDULE (Combined)
Debt Service Series 2019A Special Assessment Bonds

Period

Outstanding Balance

Principal

Interest

Annual Debt Service

11/01/24	$	7,310,000		$	186,175		
05/01/25	7,310,000	150,000	186,175	522,350	
11/01/25	7,160,000		182,725		
05/01/26	7,160,000	160,000	182,725	525,450	
11/01/26	7,000,000		179,045		
05/01/27	7,000,000	165,000	179,045	523,090	
11/01/27	6,835,000		174,920		
05/01/28	6,835,000	175,000	174,920	524,840	
11/01/28	6,660,000		170,545		
05/01/29	6,660,000	185,000	170,545	526,090	
11/01/29	6,475,000		165,920		
05/01/30	6,475,000	190,000	165,920	521,840	
11/01/30	6,285,000		161,170		
05/01/31	6,285,000	200,000	161,170	522,340	
11/01/31	6,085,000		156,170		
05/01/32	6,085,000	215,000	156,170	527,340	
11/01/32	5,870,000		150,795		
05/01/33	5,870,000	225,000	150,795	526,590	
11/01/33	5,645,000		145,170		
05/01/34	5,645,000	235,000	145,170	525,340	
11/01/34	5,410,000		139,295		
05/01/35	5,410,000	245,000	139,295	523,590	
11/01/35	5,165,000		133,170		
05/01/36	5,165,000	260,000	133,170	526,340	
11/01/36	4,905,000		126,670		
05/01/37	4,905,000	275,000	126,670	528,340	
11/01/37	4,630,000		119,795		
05/01/38	4,630,000	285,000	119,795	524,590	
11/01/38	4,345,000		112,670		
05/01/39	4,345,000	300,000	112,670	525,340	
11/01/39	4,045,000		105,170		
05/01/40	4,045,000	315,000	105,170	525,340	
11/01/40	3,730,000		96,980		
05/01/41	3,730,000	335,000	96,980	528,960	
11/01/41	3,395,000		88,270		
05/01/42	3,395,000	350,000	88,270	526,540	
11/01/42	3,045,000		79,170		
05/01/43	3,045,000	370,000	79,170	528,340	
11/01/43	2,675,000		69,550		
05/01/44	2,675,000	390,000	69,550	529,100	
11/01/44	2,285,000		59,410		
05/01/45	2,285,000	410,000	59,410	528,820	
11/01/45	1,875,000		48,750		
05/01/46	1,875,000	435,000	48,750	532,500	
11/01/46	1,440,000		37,440		
05/01/47	1,440,000	455,000	37,440	529,880	
11/01/47	985,000		25,610		
05/01/48	985,000	480,000	25,610	531,220	
11/01/48	505,000		13,130		
05/01/49	505,000	505,000	13,130	531,260	
Total	$	7,310,000	$	5,855,430	$  13,165,430	

Non-Ad Valorem Assessments Comparison 2024-2025

Neighborhood	O&M Units	Bonds 2018
Units	Bonds 2019
Units	
Annual Maintenance Assessments	
Annual Debt Assessments	
	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	
							Series	Series	Series	Series	Total	
							2018	2019	2018	2019		

50'	
357	
0	
357	
$1,208.64	
$1,208.64	
$0.00	
$0.00	
$1,202.69	
$0.00	
$1,202.69	
$0.00	
60'	88	0	87	$1,208.64	$1,208.64	$0.00	$0.00	$1,443.23	$0.00	$1,443.23	$0.00	
Wilford Ph4	148	0	0	$1,208.64	$0.00	$1,208.64	$0.00	$0.00	$0.00	$0.00	$0.00	
Cheswick South	232	0	0	$1,208.64	$0.00	$1,208.64	$0.00	$0.00	$0.00	$0.00	$0.00	
Total	825	0	444							

Gross Assessments		$997,126.59	
Less: Discount	4.00%	39,885.06	
Less: Commission fees	2.00%	19,942.53	
Net Assessments		$937,299.00	

Proposed Budget Capital Reserve Fund

Description

Adopted Budget FY2024

Actuals Thru	Projected Next  Projected Thru

5/31/24

	4 Months	

9/30/24

Approved Budget FY 2025

REVENUES:

Interest Income	$	-  $	-  $	-  $	-  $	2,000	
Capital Reserve Funding	-	-	-	105,000	
Carry Forward Balance	-	-	-	-	-	
TOTAL REVENUES	$	-  $	-  $	-  $	-  $	107,000	

EXPENDITURES:		
Repairs and Replacements	$	-  $	-  $	-  $	-  $	-	
TOTAL EXPENDITURES	$	-  $	-  $	-  $	-  $	-	

Other Sources/(Uses)		
Transfer in/(Out)	$	-  $	-  $	-  $	-  $	-	
TOTAL OTHER SOURCES/(USES)	$	-  $	-  $	-  $	-  $	-	
		
TOTAL EXPENDITURES	$	-  $	-  $	-  $	-  $	-	
		
EXCESS REVENUES (EXPENDITURES)	$	-  $	-  $	-  $	-  $	107,000	
	
Capital Reserve Study	

Decsription	FY 2025
Reserve Study	
Reserves Beginning of Year	$	77,979	
Contributions	77,979	
Interest Income	4,679	
Expenditures	-	
Anticipated Balance	$	160,637	

Decsription

FY 2025
Budget

Reserves Beginning of Year	$	-
Contributions	105,000
Interest Income	2,000

Anticipated Balance	$	107,000

Expenditures	-

Variance Reserve Study Vs Actual	($53,637)