Scenic Terrace South
Community Development District

Adopted Budget
FY2024

Table of Contents

1

2-6

7

General Fund

General Fund Narrative

Debt Service Fund - Series 2022

8	Amortization Schedule - Series 2022

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2023	6/30/23	3 Months	9/30/23	FY2024	

Revenues

Assessments - Tax Roll	$	-	$	98,192	$	-	$	98,192	$	471,325	
Assessnents - Direct	$	-	$	-	$	-	$	-	$	15,815	
Developer Contributions	$	417,811	$	13,000	$	68,523	$	81,523	$	-	
Boundary Amendment Contribution	$	-	$	22,964	$	-	$	22,964	$	-	
Total Revenues	$	417,811	$	134,155	$	68,523	$	202,678	$	487,141	

Expenditures								
General & Administrative
Supervisor Fees	
$	12,000	
$	4,400	
$	3,000	
$	
7,400	
$	
12,000	
Engineering	$	15,000	$	6,497	$	2,166	$	8,662	$	15,000	
Attorney	$	25,000	$	8,542	$	2,847	$	11,390	$	25,000	
Annual Audit	$	5,000	$	-	$	3,250	$	3,250	$	5,000	
Assessment Administration	$	5,000	$	-	$	-	$	-	$	5,000	
Arbitrage	$	500	$	-	$	450	$	450	$	500	
Dissemination	$	5,000	$	3,750	$	1,250	$	5,000	$	5,000	
Trustee Fees	$	4,041	$	4,041	$	-	$	4,041	$	4,041	
Management Fees	$	36,750	$	27,563	$	9,188	$	36,750	$	38,955	
Information Technology	$	1,800	$	1,350	$	450	$	1,800	$	1,800	
Website Maintenance	$	1,200	$	900	$	300	$	1,200	$	1,200	
Postage & Delivery	$	1,000	$	247	$	241	$	489	$	1,000	
Insurance	$	5,000	$	5,000	$	-	$	5,000	$	6,575	
Copies	$	1,000	$	-	$	50	$	50	$	1,000	
Legal Advertising	$	18,500	$	13,940	$	8,080	$	22,019	$	6,500	
Boundary Amendment Expense	$	-	$	21,465	$	-	$	21,465	$	-	
Contingencies	$	5,300	$	-	$	1,000	$	1,000	$	5,300	
Office Supplies	$	625	$	14	$	8	$	22	$	625	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total General & Administrative	$	142,891	$	97,884	$	32,279	$	130,163	$	134,671	

Operations & Maintenance						
Field Services						
Property Insurance	$	5,000	$	-	$	-	$	-	$	7,500	
Field Management	$	15,000	$	-	$	7,500	$	7,500	$	15,000	
Landscape Maintenance	$	55,000	$	-	$	27,500	$	27,500	$	75,000	
Landscape Replacement	$	7,500	$	-	$	3,750	$	3,750	$	12,500	
Lake Maintenance	$	15,000	$	-	$	7,500	$	7,500	$	15,000	
Streetlights	$	12,000	$	-	$	6,000	$	6,000	$	30,000	
Electric	$	5,000	$	265	$	2,500	$	2,765	$	5,000	
Water & Sewer	$	5,000	$	-	$	2,500	$	2,500	$	-	
Sidewalk & Asphalt Maintenance	$	5,000	$	-	$	2,500	$	2,500	$	2,500	
Irrigation Repairs	$	5,000	$	-	$	2,500	$	2,500	$	10,000	
General Repairs & Maintenance	$	15,000	$	-	$	7,500	$	7,500	$	15,000	
Contingency	$	5,000	$	-	$	2,500	$	2,500	$	15,000	
Subtotal Field Expenses	$	149,500	$	265	$	72,250	$	72,515	$	202,500	

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2023	6/30/23	3 Months	9/30/23	FY2024	

Amenity Expenses						
Amenity - Electric	$	15,000	$	-	$	-	$	-	$	15,000	
Amenity - Water	$	10,000	$	-	$	-	$	-	$	7,500	
Playground Lease	$	25,000	$	-	$	-	$	-	$	50,000	
Internet	$	3,000	$	-	$	-	$	-	$	3,000	
Pest Control	$	720	$	-	$	-	$	-	$	720	
Janitorial Service	$	5,500	$	-	$	-	$	-	$	6,550	
Security Services	$	30,000	$	-	$	-	$	-	$	30,000	
Pool Maintenance	$	16,200	$	-	$	-	$	-	$	16,200	
Amenity Repairs & Maintenance	$	10,000	$	-	$	-	$	-	$	10,000	
Amenity Access Management	$	5,000	$	-	$	-	$	-	$	6,000	
Contingency	$	5,000	$	-	$	-	$	-	$	5,000	
Subtotal Amenity Expenses	$	125,420	$	-	$	-	$	-	$	149,970	
						
Total Operations & Maintenance	$	274,920	$	265	$	72,250	$	72,515	$	352,470	
						
Total Expenditures	$	417,811	$	98,149	$	104,529	$	202,678	$	487,141	
						
Excess Revenues/(Expenditures)	$	-	$	36,006	$	(36,006)	$	-	$	-	
						
Product	Assessable	ERU/Unit	Total ERU's	Net Assessment	Net Per Unit (7%)	Gross Per Unit	
Platted Lots	744	1.00	744.00	$471,325.22	$633.50	$681.18	
Unplatted - Admin Only	99	0.12	11.63	$15,815.41	$159.75	$171.78	
Total ERU's	843	755.63	$487,140.63			

Revenues:

Assessments

The District will levy a non-ad valorem assessment on all assessable property within the District to fund all general operating and maintenance expenditures during 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 provides 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 provides 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, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, 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	FY2023	6/30/23	3 Months	9/30/23	FY2024	

Revenues							
Assessments		$	499,816	$	122,987	$	376,829	$	499,816	$	1,291,372	
Assesments - Prepayments	$	-	$	1,182,000	$	-	$	1,182,000	$	-	
Interest Income	$	-	$	59,087	$	19,696	$	78,782	$	-	
Carry Forward Surplus *	$	1,069,883	$	1,077,227	$	-	$	1,077,227	$	506,706	
Total Revenues	$	1,569,699	$	2,441,300	$	396,524	$	2,837,825	$	1,798,077	

Expenses						
Interest- 11/01	$	569,234	$	569,234	$	-	$	569,234	$	471,572	
Principal - 05/01	$	-	$	-	$	-	$	-	$	355,000	
Interest - 05/01	$	499,816	$	499,816	$	-	$	499,816	$	471,572	
Special Call - 08/01	$	-	$	-	$	1,265,000	$	1,265,000	$	-	
Total Expenditures	$	1,069,050	$	1,069,050	$	1,265,000	$	2,334,050	$	1,298,144	

Other Financing Sources/(Uses)						
Transfer In/(Out)	$	-	$	2,931	$	-	$	2,931	$	-	
Total Other Financing Sources/(Uses)	$	-	$	2,931	$	-	$	2,931	$	-	
						
Excess Revenues/(Expenditures)	$	500,649	$	1,375,182	$	(868,476)	$	506,706	$	499,934	

*Carry forward less amount in Reserve funds.						
				Series 2022 Interest - 11/01	
$464,916	
Product *	Assessable Units	Net Assessment	Net Per Unit	Gross Per Unit		
Single Family - 40'	546	$1,004,297	$1,839.37	$1,977.82		
Single Family - 50'	198	$287,074	$1,449.87	$1,559.00		
Total ERU's	744	$1,291,372				

(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

11/01/23	$	21,085,000.00	$	
05/01/24	$	21,085,000.00	$	355	
11/01/24	$	20,730,000.00	$	
05/01/25	$	20,730,000.00	$	365	
11/01/25	$	19,590,000.00	$	
05/01/26	$	19,590,000.00	$	380	
11/01/26	$	19,590,000.00	$	
05/01/27	$	19,590,000.00	$	395	
11/01/27	$	19,590,000.00	$	
05/01/28	$	19,590,000.00	$	410	
11/01/28	$	19,180,000.00	$	
05/01/29	$	19,180,000.00	$	425	
11/01/29	$	18,755,000.00	$	
05/01/30	$	18,755,000.00	$	445	
11/01/30	$	17,360,000.00	$	
05/01/31	$	17,360,000.00	$	465	
11/01/31	$	17,360,000.00	$	
05/01/32	$	17,360,000.00	$	485	
11/01/32	$	17,360,000.00	$	
05/01/33	$	17,360,000.00	$	505	
11/01/33	$	16,855,000.00	$	
05/01/34	$	16,855,000.00	$	530	
11/01/34	$	16,325,000.00	$	
05/01/35	$	16,325,000.00	$	555	
11/01/35	$	15,770,000.00	$	
05/01/36	$	15,770,000.00	$	580	
11/01/36	$	15,190,000.00	$	
05/01/37	$	15,190,000.00	$	605	
11/01/37	$	14,585,000.00	$	
05/01/38	$	14,585,000.00	$	635	
11/01/38	$	13,950,000.00	$	
05/01/39	$	13,950,000.00	$	660	
11/01/39	$	13,290,000.00	$	
05/01/40	$	13,290,000.00	$	690	
11/01/40	$	11,115,000.00	$	
05/01/41	$	11,115,000.00	$	725	
11/01/41	$	11,115,000.00	$	
05/01/42	$	11,115,000.00	$	760	
11/01/42	$	11,115,000.00	$	
05/01/43	$	11,115,000.00	$	795	
11/01/43	$	10,320,000.00	$	
05/01/44	$	10,320,000.00	$	830	
11/01/44	$	9,490,000.00	$	
05/01/45	$	9,490,000.00	$	870	
11/01/45	$	8,620,000.00	$	
05/01/46	$	8,620,000.00	$	910	
11/01/46	$	7,710,000.00	$	
05/01/47	$	7,710,000.00	$	955	
11/01/47	$	6,755,000.00	$	
05/01/48	$	6,755,000.00	$	1,000	
11/01/48	$	5,755,000.00	$	
05/01/49	$	5,755,000.00	$	1,045	
11/01/49	$	4,710,000.00	$	
05/01/50	$	4,710,000.00	$	1,095	
11/01/50	$	3,615,000.00	$	
05/01/51	$	3,615,000.00	$	1,150	
11/01/51	$	2,465,000.00	$	
05/01/52	$	2,465,000.00	$	1,205	
11/01/52	$	1,260,000.00	$	
05/01/53	$	1,260,000.00	$	1,260	

$	471,571.88	$	471,571.88	
$	471,571.88	$	-	
$	464,915.63	$	1,291,487.50	
$	464,915.63	$	-	
$	458,071.88	$	1,287,987.50	
$	458,071.88	$	-	
$	450,946.88	$	1,289,018.75	
$	450,946.88	$	-	
$	443,540.63	$	1,289,487.50	
$	443,540.63	$	-	
$	435,084.38	$	1,288,625.00	
$	435,084.38	$	-	
$	426,318.75	$	1,286,403.13	
$	426,318.75	$	-	
$	417,140.63	$	1,288,459.38	
$	417,140.63	$	-	
$	407,550.00	$	1,289,690.63	
$	407,550.00	$	-	
$	397,546.88	$	1,290,096.88	
$	397,546.88	$	-	
$	386,184.38	$	1,288,731.25	
$	386,184.38	$	-	
$	374,259.38	$	1,290,443.75	
$	374,259.38	$	-	
$	361,771.88	$	1,291,031.25	
$	361,771.88	$	-	
$	348,721.88	$	1,290,493.75	
$	348,721.88	$	-	
$	335,109.38	$	1,288,831.25	
$	335,109.38	$	-	
$	320,821.88	$	1,290,931.25	
$	320,821.88	$	-	
$	305,971.88	$	1,286,793.75	
$	305,971.88	$	-	
$	290,446.88	$	1,286,418.75	
$	290,446.88	$	-	
$	274,134.38	$	1,289,581.25	
$	274,134.38	$	-	
$	257,034.38	$	1,291,168.75	
$	257,034.38	$	-	
$	238,650.00	$	1,290,684.38	
$	238,650.00	$	-	
$	219,456.25	$	1,288,106.25	
$	219,456.25	$	-	
$	199,337.50	$	1,288,793.75	
$	199,337.50	$	-	
$	178,293.75	$	1,287,631.25	
$	178,293.75	$	-	
$	156,209.38	$	1,289,503.13	
$	156,209.38	$	-	
$	133,084.38	$	1,289,293.75	
$	133,084.38	$	-	
$	108,918.75	$	1,287,003.13	
$	108,918.75	$	-	
$	83,596.88	$	1,287,515.63	
$	83,596.88	$	-	
$	57,003.13	$	1,290,600.00	
$	57,003.13	$	-	
$	29,137.50	$	1,291,140.63	
$	29,137.50	$	1,289,137.50	

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-
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$	21,085,000.00  $	18,061,662.50  $	39,146,662.50