Scenic Terrace South
Community Development District

Adopted Budget
FY2023

Table of Contents

1

2-6

7

General Fund

General Fund Narrative

Debt Service Fund - Series 2022

8	Amortization Schedule - Series 2022

Subtotal Field Expenses

$

-  $

-	$

-	$

-	$

149,500

		Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
	Description	FY2022	6/30/22	3 Months	9/30/22	FY2023	

Revenues						
Developer Contributions	$	133,610	$70,170	$35,391	$105,561	$	417,811	
Total Revenues	$	133,610	$	70,170	$	35,391	$	105,561	$	417,811	

Expenditures						
General & Administrative
Supervisor Fees	
$	12,000	
$6,000	
$3,000	
$9,000	
$	12,000	
Engineering	$	15,000	$1,533	$3,750	$5,283	$	15,000	
Attorney	$	25,000	$9,901	$4,702	$14,604	$	25,000	
Annual Audit	$	4,000	$0	$4,000	$4,000	$	5,000	
Assessment Administration	$	5,000	$0	$5,000	$5,000	$	5,000	
Arbitrage	$	500	$0	$450	$450	$	500	
Dissemination	$	5,000	$833	$1,250	$2,083	$	5,000	
Trustee Fees	$	3,600	$0	$3,600	$3,600	$	4,041	
Management Fees	$	35,000	$25,121	$8,750	$33,871	$	36,750	
Information Technology	$	1,800	$1,292	$450	$1,742	$	1,800	
Website Maintenance	$	2,950	$2,611	$300	$2,911	$	1,200	
Telephone	$	300	$0	$50	$50	$	-	
Postage & Delivery	$	1,000	$147	$49	$196	$	1,000	
Insurance	$	5,000	$3,740	$0	$3,740	$	5,000	
Copies	$	1,000	$81	$27	$108	$	1,000	
Legal Advertising	$	10,000	$15,332	$990	$16,322	$	18,500	
Contingencies	$	5,000	$0	$1,250	$1,250	$	5,300	
Office Supplies	$	625	$65	$6	$70	$	625	
Travel Per Diem	$	660	$0	$0	$0	$	-	
Boundary Amendment Expense	$	-	$272	$0	$272	$	-	
Dues, Licenses & Subscriptions	$	175	$175	$0	$175	$	175	
Total General & Administrative	$	133,610	$	67,104	$	37,624	$	104,728	$	142,891	

Operations & Maintenance						
Field Services						
Property Insurance	$	-	$0	$0	$0	$	5,000	
Field Management	$	-	$0	$0	$0	$	15,000	
Landscape Maintenance	$	-	$0	$0	$0	$	55,000	
Landscape Replacement	$	-	$0	$0	$0	$	7,500	
Lake Maintenance	$	-	$0	$0	$0	$	15,000	
Streetlights	$	-	$0	$0	$0	$	12,000	
Electric	$	-	$0	$0	$0	$	5,000	
Water & Sewer	$	-	$0	$0	$0	$	5,000	
Sidewalk & Asphalt Maintenance	$	-	$0	$0	$0	$	5,000	
Irrigation Repairs	$	-	$0	$0	$0	$	5,000	
General Repairs & Maintenance	$	-	$0	$0	$0	$	15,000	
Contingency	$	-	$0	$0	$0	$	5,000	

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru		Adopted Budget	
Description	FY2022	6/30/22	3 Months	9/30/22		FY2023	

Amenity Expenses							
Amenity - Electric	$	-	$0	$0		$0	$	15,000	
Amenity - Water	$	-	$0	$0		$0	$	10,000	
Playground Lease	$	-	$0	$0		$0	$	25,000	
Internet	$	-	$0	$0		$0	$	3,000	
Pest Control	$	-	$0	$0		$0	$	720	
Janitorial Service	$	-	$0	$0		$0	$	5,500	
Security Services	$	-	$0	$0		$0	$	30,000	
Pool Maintenance	$	-	$0	$0		$0	$	16,200	
Amenity Repairs & Maintenance	$	-	$0	$0		$0	$	10,000	
Amenity Access Management	$	-	$0	$0		$0	$	5,000	
Contingency	$	-	$0	$0		$0	$	5,000	
Subtotal Amenity Expenses	$0	$0	$0		$0	$125,420	
							
Total Operations & Maintenance	$	-	$	-	$	-	$	-		$	274,920	

Total Expenditures	$	133,610	$	67,104	$	37,624	$	104,728	$	417,811	
						
Excess Revenues/(Expenditures)	$	-	$	3,066	$	(2,232)	$	833	$	-	

Revenues:

Developer Contributions

The District will enter into a funding agreement with the Developer to fund the General Fund expenditures for the Fiscal Year.

Expenditures:

General & 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.

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 and various projects as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel will be providing general legal services to the District, e.g. attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on an anticipated bond issuance.

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. This cost is based upon an anticipated bond issuance.

Trustee Fees

The District will incur trustee related costs with the issuance of its’ issued bonds.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-Central Florida, LLC. The services include but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reports, annual audits, etc.

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.

Postage & Delivery

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public official’s liability insurance coverages.

Copies

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes, etc.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings, etc. in a newspaper of general circulation.

Contingencies

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Any supplies that may need to be purchased during the fiscal year, e.g., paper, minute books, file folders, labels, paper clips, etc.

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.

Operations & Maintenance:

Field Expenses

Property Insurance

The District’s property insurance coverages.

Field Management

Represents the estimated costs of contracting services that provide onsite field management of contracts for the District such as landscape and lake maintenance. Services can include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Landscape Maintenance

Represents the estimated maintenance of the landscaping within the common areas of the District after the installation of landscape material has been completed.

Landscape Replacement

Represents the estimated cost of replacing landscaping within the common areas of the District.

Lake Maintenance

Represents the estimated maintenance of the lake within the common areas of the District.

Streetlights

Represents the cost to maintain street lights within the District Boundaries that are expected to be in place throughout the fiscal year.

Electric

Represents current and estimated electric charges of common areas throughout the District.

Water & Sewer

Represents current and estimated costs for water and refuse services provided for common areas throughout the District.

Sidewalk & Asphalt Maintenance

Represents the estimated costs of maintaining the sidewalks and asphalt throughout the District’s Boundary.

Irrigation Repairs

Represents the cost of maintaining and repairing the irrigation system. This includes the sprinklers, and irrigation wells.

General Repairs & Maintenance

Represents estimated costs for general repairs and maintenance of the District’s common areas.

Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any field category.

Amenity Expenses

Amenity - Electric

Represents estimated electric charges for the District’s amenity facilities.

Amenity – Water

Represents estimated water charges for the District’s amenity facilities.

Playground Lease

Represents the cost of the District leasing playground equipment for the fiscal year.

Internet

Internet service will be added for use at the Amenity Center.

Pest Control

The District will incur costs for pest control treatments to its amenity facilities. Janitorial Services
Represents costs to provide janitorial services and supplies for the District’s amenity facilities. Security Services
Represents the cost of contracting a monthly security service for the District’s amenity facilities.

Pool Maintenance

Represents the costs of regular cleaning and treatments of the District’s pool.

Amenity Repairs & Maintenance

Represents estimated costs for repairs and maintenance of the District’s amenity facilities.

Amenity Access Management

Represents the cost of managing the monitoring access to the District’s amenity facilities.

Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any amenity category.

Scenic Terrace South
Community Development District

Adopted Budget Debt Service Fund Series 2022

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2022	6/30/22	3 Months	9/30/22	FY2023	

Revenues						

Assessments	$	-	$	-	
$	-	
$	-	
$	499,816	
Interest Income	$	-	$	624	$	208	$	833	$	-	
Carry Forward Surplus *	$	-	$	-	$	-	$	-	$	1,069,883	
Total Revenues	$	-	$	624	$	208	$	833	$	1,569,699	

Expenses
Interest- 11/01	

$	-	$	-	

$	-	

$	-	

$	569,234	
Principal - 05/01	$	-	$	-	$	-	$	-	$	-	
Interest - 05/01	$	-	$	-	$	-	$	-	$	499,816	
Total Expenditures	$	-	$	-	$	-	$	-	$	1,069,050	

Other Financing Sources/(Uses)

Bond Proceeds

$	-	$

2,437,547	$

-	$	2,437,547	$	-

Total Other Financing Sources/(Uses)	$	-	$	2,437,547	$	-	$	2,437,547	$	-

Excess Revenues/(Expenditures)	$	-	$	2,438,171	$	208	$	2,438,380	$	500,649

*Carry forward less amount in Reserve funds.

	Series 2022 Interest - 11/01/23	
$499,816	
Product *	Assessable Units	Net Assessment	Net Per Unit	Gross Per Unit		
Single Family - 40'	264	$485,596	$1,839.38	$1,977.83		
Single Family - 50'	480	$882,901	$1,839.38	$1,977.82		
Total ERU's	744	$1,368,497				

(1) The per unit and total annual debt assessments reflected in this chart represent payment of full year of principal and interest.

For Fiscal Year 2023 the actual annual debt assessments will be 6 months of interest only.

Scenic Terrace South Community Development District Series 2022 Special Assessment Bonds Amortization Schedule

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL

11/01/22	$	22,350,000.00	$	
05/01/23	$	22,350,000.00	$	
11/01/23	$	22,350,000.00	$	
05/01/24	$	22,350,000.00	$	375	
11/01/24	$	21,975,000.00	$	
05/01/25	$	21,975,000.00	$	390	
11/01/25	$	20,760,000.00	$	
05/01/26	$	20,760,000.00	$	405	
11/01/26	$	20,760,000.00	$	
05/01/27	$	20,760,000.00	$	420	
11/01/27	$	20,760,000.00	$	
05/01/28	$	20,760,000.00	$	435	
11/01/28	$	20,325,000.00	$	
05/01/29	$	20,325,000.00	$	455	
11/01/29	$	19,870,000.00	$	
05/01/30	$	19,870,000.00	$	475	
11/01/30	$	18,385,000.00	$	
05/01/31	$	18,385,000.00	$	495	
11/01/31	$	18,385,000.00	$	
05/01/32	$	18,385,000.00	$	515	
11/01/32	$	18,385,000.00	$	
05/01/33	$	18,385,000.00	$	535	
11/01/33	$	17,850,000.00	$	
05/01/34	$	17,850,000.00	$	560	
11/01/34	$	17,290,000.00	$	
05/01/35	$	17,290,000.00	$	585	
11/01/35	$	16,705,000.00	$	
05/01/36	$	16,705,000.00	$	615	
11/01/36	$	16,090,000.00	$	
05/01/37	$	16,090,000.00	$	640	
11/01/37	$	15,450,000.00	$	
05/01/38	$	15,450,000.00	$	670	
11/01/38	$	14,780,000.00	$	
05/01/39	$	14,780,000.00	$	700	
11/01/39	$	14,080,000.00	$	
05/01/40	$	14,080,000.00	$	735	
11/01/40	$	11,770,000.00	$	
05/01/41	$	11,770,000.00	$	770	
11/01/41	$	11,770,000.00	$	
05/01/42	$	11,770,000.00	$	805	
11/01/42	$	11,770,000.00	$	
05/01/43	$	11,770,000.00	$	840	
11/01/43	$	10,930,000.00	$	
05/01/44	$	10,930,000.00	$	880	
11/01/44	$	10,050,000.00	$	
05/01/45	$	10,050,000.00	$	920	
11/01/45	$	9,130,000.00	$	
05/01/46	$	9,130,000.00	$	965	
11/01/46	$	8,165,000.00	$	
05/01/47	$	8,165,000.00	$	1,010	
11/01/47	$	7,155,000.00	$	
05/01/48	$	7,155,000.00	$	1,060	
11/01/48	$	6,095,000.00	$	
05/01/49	$	6,095,000.00	$	1,110	
11/01/49	$	4,985,000.00	$	
05/01/50	$	4,985,000.00	$	1,160	
11/01/50	$	3,825,000.00	$	
05/01/51	$	3,825,000.00	$	1,215	
11/01/51	$	2,610,000.00	$	
05/01/52	$	2,610,000.00	$	1,275	
11/01/52	$	1,335,000.00	$	
05/01/53	$	1,335,000.00	$	1,335	

$	569,234.46	$	569,234.46	
$	499,815.63	$	-	
$	499,815.63	$	999,631.25	
$	499,815.63	$	-	
$	492,784.38	$	1,367,600.00	
$	492,784.38	$	-	
$	485,471.88	$	1,368,256.25	
$	485,471.88	$	-	
$	477,878.13	$	1,368,350.00	
$	477,878.13	$	-	
$	470,003.13	$	1,367,881.25	
$	470,003.13	$	-	
$	461,031.25	$	1,366,034.38	
$	461,031.25	$	-	
$	451,646.88	$	1,367,678.13	
$	451,646.88	$	-	
$	441,850.00	$	1,368,496.88	
$	441,850.00	$	-	
$	431,640.63	$	1,368,490.63	
$	431,640.63	$	-	
$	421,018.75	$	1,367,659.38	
$	421,018.75	$	-	
$	408,981.25	$	1,365,000.00	
$	408,981.25	$	-	
$	396,381.25	$	1,365,362.50	
$	396,381.25	$	-	
$	383,218.75	$	1,364,600.00	
$	383,218.75	$	-	
$	369,381.25	$	1,367,600.00	
$	369,381.25	$	-	
$	354,981.25	$	1,364,362.50	
$	354,981.25	$	-	
$	339,906.25	$	1,364,887.50	
$	339,906.25	$	-	
$	324,156.25	$	1,364,062.50	
$	324,156.25	$	-	
$	307,618.75	$	1,366,775.00	
$	307,618.75	$	-	
$	290,293.75	$	1,367,912.50	
$	290,293.75	$	-	
$	272,181.25	$	1,367,475.00	
$	272,181.25	$	-	
$	252,756.25	$	1,364,937.50	
$	252,756.25	$	-	
$	232,406.25	$	1,365,162.50	
$	232,406.25	$	-	
$	211,131.25	$	1,363,537.50	
$	211,131.25	$	-	
$	188,815.63	$	1,364,946.88	
$	188,815.63	$	-	
$	165,459.38	$	1,364,275.00	
$	165,459.38	$	-	
$	140,946.88	$	1,366,406.25	
$	140,946.88	$	-	
$	115,278.13	$	1,366,225.00	
$	115,278.13	$	-	
$	88,453.13	$	1,363,731.25	
$	88,453.13	$	-	
$	60,356.25	$	1,363,809.38	
$	60,356.25	$	-	
$	30,871.88	$	1,366,228.13	
$	30,871.88	$	1,365,871.88	

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$	22,350,000.00  $	20,202,481.34  $	42,552,481.34