Poinciana West

Community Development District

Adopted Budget

FY 2019

	Table of Contents	
1	General Fund	
2-5	General Fund Narrative	
6	Debt Service Fund Series 2017 R1 & R2	
7	Amortization Schedule Series 2017 R1	
8	Amortization Schedule Series 2017 R2	

Poinciana West

Community Development District

Fiscal Year 2019

General Fund

		Adopted	Actual	Projected	Total	Adopted		
		Budget	Thru	Next 2	Thru	Budget		
Description		FY2018	7/31/18	Months	9/30/18	FY2019		
Revenues							
Special Assessments - Tax Collector	$291,294	$292,357	$0	$292,357	$291,294		
Interest	$3,000	$5,915	$585	$6,500	$3,000		
Carry Forward Surplus	$0	$8,622	$0	$8,622	$76,525		
Total Revenues							
	$294,294	$306,893	$585	$307,478	$370,819		
Expenditures							
							
Administrative							
Supervisors Fees	$6,000	$11,000	$2,000	$13,000	$12,000		
FICA Expense	$459	$842	$153	$995	$918		
Engineering	$20,000	$22,535	$2,465	$25,000	$20,000		
Attorney	$50,000	$37,368	$10,202	$47,570	$50,000		
Arbitrage	$600	$900	$0	$900	$450		
Dissemination	$5,000	$5,082	$833	$5,916	$5,000		
Annual Audit	$4,023	$0	$3,415	$3,415	$3,415		
Trustee Fees	$0	$7,004	$0	$7,004	$7,050		
Assessment Administration	$0	$0	$0	$0	$5,000		
Management Fees	$50,525	$39,266	$7,500	$46,766	$45,000		
Information Technology	$0	$1,219	$250	$1,469	$1,500		
Telephone	$0	$24	$26	$50	$100		
Postage	$1,000	$2,888	$650	$3,538	$3,000		
Printing & Binding	$1,500	$2,431	$547	$2,978	$1,500		
Insurance	$10,883	$10,074	$0	$10,074	$10,883		
Legal Advertising	$2,000	$8,393	$507	$8,900	$2,500		
Other Current Charges	$636	$707	$103	$810	$636		
Office Supplies	$200	$318	$37	$355	$200		
Property Appraiser	$6,198	$0	$6,198	$6,198	$6,198		
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175		
Administrative Expenses							
	$159,199	$150,225	$34,886	$185,112	$175,525		
Operation & Maintenance							
Field Services	$4,371	$6,551	$1,667	$8,218	$10,000		
Landscape Maintenance	$56,294	$46,912	$9,382	$56,294	$56,294		
Aquatic Control Maintenance	$32,430	$27,025	$5,405	$32,430	$57,000		
Aquatic Midge Management	$22,000	$18,333	$3,667	$22,000	$32,000		
R&M Plant Replacement	$10,000	$0	$500	$500	$10,000		
Storm Structure Repairs	$0	$2,425	$0	$2,425	$0		
Contingency	$10,000	$0	$500	$500	$10,000		
Capital Outlay	$0	$0	$0	$0	$20,000		
Operation & Maintenance Expenses							
	$135,095	$101,245	$21,121	$122,366	$195,294		
Total Expenditures							
	$294,294	$251,471	$56,007	$307,478	$370,819		
Excess Revenues/(Expenditures)							
							
	$0	$55,422	($55,422)	$0	$0		
								
					Net Assessment	$291,294		
					Collection Cost (6%)	$18,593		
					Gross Assessment	$309,887		

1

Poinciana West

Community Development District

GENERAL FUND BUDGET

REVENUES:

Special Assessments – Tax Collector

The District will levy a non-ad valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the fiscal year.

Interest

The District earns interest income on their operating accounts and other investments.

EXPENDITURES:

Administrative:

Supervisors 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. The amount is based on 5 supervisors attending 12 meetings during the fiscal year.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisor checks.

Engineering

The District's engineer, GAI Consultants, Inc., will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review of invoices and requisitions, preparation and review of contract specifications and bid documents, and various projects assigned as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel, Hopping, Green & Sams, will be providing general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2017 R1 & R2 Special Assessment Refunding Bonds. The District has contracted with AMTEC for this service.

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.

2

Poinciana West

Community Development District

GENERAL FUND BUDGET

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis. The District has contracted with Berger, Toombs, Elam, Gaines & Frank for this service.

Trustee Fees

The District will pay annual trustee fees for the Series 2017 R-1 & R-2 Special Assessment Refunding Bonds that are deposited with a Trustee at USBank.

Assessment Administration

The District has contracted with Governmental Management Services-CF, LLC to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Management Fees

The District has contracted with Governmental Management Services-Central Florida, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but not limited to, recording and transcription of board meetings, budget preparation, all financial reporting, annual audit, etc.

Information Technology

Represents costs related to District’s accounting and information systems, District’s website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements.

Telephone

Telephone and fax machine.

Postage

The District incurs charges for mailing of agenda packages, overnight deliveries, checks for vendors and other required correspondence.

Printing & Binding

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

Insurance

The District’s general liability and public officials liability insurance coverage is provided by Public Risk Insurance. Public Risk Insurance specializes in providing insurance coverage to governmental agencies.

Legal Advertising

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

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Poinciana West

Community Development District

GENERAL FUND BUDGET

Other Current Charges

Represents any miscellaneous expenses incurred during the fiscal year such as bank fees, deposit slips, stop payments, etc.

Office Supplies

The District incurs charges for office supplies that need to be purchased during the fiscal year.

Property Appraiser

Represents a fee charged by Polk County Property Appraiser’s office for assessment administration services.

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 Services

Provide onsite field management of contracts for the District such as landscape and lake maintenance. Services to 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

The District will maintain the lake bank maintenance that include mowing of no less than once every 7 days during the months of April 1st to October 31st and no less than once every 14 days from November 1st to March 31st. The District has contracted with Floralawn 2, LLC for this service.

Description	Monthly	Annual	
Landscape Maintenance	$4,691	$56,294	
Total		$56,294	

Aquatic Control Maintenance

Represents cost for maintenance to the ponds located within the District. Services include, but are not limited to, treatment removal and offsite disposal of nuisance vegetation and algae treatment. The District has contracted with Clarke Aquatic Services, Inc. for these services.

Description	Monthly	Annual	
Aquatic Maintenance	$4,750	$57,000	
Total		$57,000	

4

Poinciana West

Community Development District

GENERAL FUND BUDGET

Aquatic Midge Management

Represents costs for aquatic midge control (blind mosquitoes, weekly ATV aerosol & monthly aerial larva side.)

Description	Monthly	Annual	
Aquatic Midge Control	$1,833	$22,000	
Contingency		$10,000	
Total		$32,000	

R&M – Plant Replacement

Represents estimated cost for the replacement of aquatic plants and tree replacement around the ponds.

Storm Structure Repairs

Represents estimated repair and maintenance cost to the storm structures maintained by the District.

Contingency

Represents any additional field expense that may not have been provided for in the budget.

Capital Outlay

Represents estimated cost for Aeration Systems.

5

Poinciana West

Community Development District

Fiscal Year 2019

Debt Service Fund

	Adopted	Actual	Projected	Total	Adopted		
	Budget	Thru	Next 2	Thru	Budget		
	FY2018	7/31/18	Months	9/30/18	FY2019		
Revenues							
Special Assessments - Tax Collector	$1,050,687	$1,054,523	$0	$1,054,523	$1,050,687		
Interest Income	$100	$1,530	$220	$1,750	$100		
Carry Forward Surplus	$974,881	$275,726	$0	$275,726	$292,350		
Total Revenues							
	$2,025,668	$1,331,779	$220	$1,331,999	$1,343,137		
Expenses							
							
Administrative							
Property Appraiser	$22,355	$0	$22,355	$22,355	$22,355		
Trustee Fees	$5,500	$0	$0	$0	$0		
Series 2017 R-1							
Interest - 11/1	$198,166	$198,166	$0	$198,166	$194,316		
Principal - 5/1	$385,000	$385,000	$0	$385,000	$395,000		
Interest - 5/1	$198,166	$198,166	$0	$198,166	$194,316		
Series 2017 R-2							
Interest - 11/1	$77,981	$77,981	$0	$77,981	$75,831		
Principal - 5/1	$80,000	$80,000	$0	$80,000	$85,000		
Interest - 5/1	$77,981	$77,981	$0	$77,981	$75,831		
Total Expenditures							
	$1,045,149	$1,017,294	$22,355	$1,039,649	$1,042,649		
Excess Revenues/(Expenditures)							
							
	$980,519	$314,485	($22,135)	$292,350	$300,488		
							
				Series 2017 R-1		
				Interest - 11/1/2019	$190,119		
				Series 2017 R-2		
				Interest - 11/1/2019	$73,547		
				Net Assessment	$1,050,687		
				Collection Cost (6%)	$67,065		
				Gross Assessment	$1,117,752		

6

Poinciana West

Community Development District

SERIES 2017 R-1

AMORTIZATION SCHEDULE

	DATE		BALANCE		PRINCIPAL		INTEREST		TOTAL	
										
	11/1/18	$	10,345,000.00	$	-	$	194,315.63	$	194,315.63	
	5/1/19	$	10,345,000.00	$	395,000.00	$	194,315.63	$	-	
11/1/19	$	9,950,000.00	$	-	$	190,118.75	$	779,434.38	
5/1/20	$	9,950,000.00	$	405,000.00	$	190,118.75	$	-	
11/1/20	$	9,545,000.00	$	-	$	185,258.75	$	780,377.50	
5/1/21	$	9,545,000.00	$	415,000.00	$	185,258.75	$	-	
11/1/21	$	9,130,000.00	$	-	$	179,656.25	$	779,915.00	
5/1/22	$	9,130,000.00	$	425,000.00	$	179,656.25	$	-	
11/1/22	$	8,705,000.00	$	-	$	173,281.25	$	777,937.50	
5/1/23	$	8,705,000.00	$	440,000.00	$	173,281.25	$	-	
11/1/23	$	8,265,000.00	$	-	$	166,406.25	$	779,687.50	
5/1/24	$	8,265,000.00	$	455,000.00	$	166,406.25	$	-	
11/1/24	$	7,810,000.00	$	-	$	159,012.50	$	780,418.75	
5/1/25	$	7,810,000.00	$	470,000.00	$	159,012.50	$	-	
11/1/25	$	7,340,000.00	$	-	$	150,787.50	$	779,800.00	
5/1/26	$	7,340,000.00	$	485,000.00	$	150,787.50	$	-	
11/1/26	$	6,855,000.00	$	-	$	142,057.50	$	777,845.00	
5/1/27	$	6,855,000.00	$	505,000.00	$	142,057.50	$	-	
11/1/27	$	6,350,000.00	$	-	$	132,715.00	$	779,772.50	
5/1/28	$	6,350,000.00	$	525,000.00	$	132,715.00	$	-	
11/1/28	$	5,825,000.00	$	-	$	122,871.25	$	780,586.25	
5/1/29	$	5,825,000.00	$	545,000.00	$	122,871.25	$	-	
11/1/29	$	5,280,000.00	$	-	$	111,971.25	$	779,842.50	
5/1/30	$	5,280,000.00	$	565,000.00	$	111,971.25	$	-	
11/1/30	$	4,715,000.00	$	-	$	100,318.13	$	777,289.38	
5/1/31	$	4,715,000.00	$	590,000.00	$	100,318.13	$	-	
11/1/31	$	4,125,000.00	$	-	$	88,149.38	$	778,467.50	
5/1/32	$	4,125,000.00	$	615,000.00	$	88,149.38	$	-	
11/1/32	$	3,510,000.00	$	-	$	75,465.00	$	778,614.38	
5/1/33	$	3,510,000.00	$	645,000.00	$	75,465.00	$	-	
11/1/33	$	2,865,000.00	$	-	$	61,597.50	$	782,062.50	
5/1/34	$	2,865,000.00	$	670,000.00	$	61,597.50	$	-	
11/1/34	$	2,195,000.00	$	-	$	47,192.50	$	778,790.00	
5/1/35	$	2,195,000.00	$	700,000.00	$	47,192.50	$	-	
11/1/35	$	1,495,000.00	$	-	$	32,142.50	$	779,335.00	
5/1/36	$	1,495,000.00	$	730,000.00	$	32,142.50	$	-	
11/1/36	$	765,000.00	$	-	$	16,447.50	$	778,590.00	
5/1/37	$	765,000.00	$	765,000.00	$	16,447.50	$	781,447.50	
										
				$	10,345,000.00	$	4,659,528.75	$	15,004,528.75	

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Poinciana West

Community Development District

SERIES 2017 R-2

AMORTIZATION SCHEDULE

DATE		BALANCE		PRINCIPAL		INTEREST		TOTAL	
									
11/1/18	$	2,740,000.00	$	-	$	75,831.25	$	75,831.25	
5/1/19	$	2,740,000.00	$	85,000.00	$	75,831.25	$	-	
11/1/19	$	2,655,000.00	$	-	$	73,546.88	$	234,378.13	
5/1/20	$	2,655,000.00	$	90,000.00	$	73,546.88	$	-	
11/1/20	$	2,565,000.00	$	-	$	71,128.13	$	234,675.00	
5/1/21	$	2,565,000.00	$	95,000.00	$	71,128.13	$	-	
11/1/21	$	2,470,000.00	$	-	$	68,575.00	$	234,703.13	
5/1/22	$	2,470,000.00	$	100,000.00	$	68,575.00	$	-	
11/1/22	$	2,370,000.00	$	-	$	65,887.50	$	234,462.50	
5/1/23	$	2,370,000.00	$	105,000.00	$	65,887.50	$	-	
11/1/23	$	2,265,000.00	$	-	$	63,065.63	$	233,953.13	
5/1/24	$	2,265,000.00	$	110,000.00	$	63,065.63	$	-	
11/1/24	$	2,155,000.00	$	-	$	60,109.38	$	233,175.00	
5/1/25	$	2,155,000.00	$	115,000.00	$	60,109.38	$	-	
11/1/25	$	2,040,000.00	$	-	$	57,018.75	$	232,128.13	
5/1/26	$	2,040,000.00	$	125,000.00	$	57,018.75	$	-	
11/1/26	$	1,915,000.00	$	-	$	53,659.38	$	235,678.13	
5/1/27	$	1,915,000.00	$	130,000.00	$	53,659.38	$	-	
11/1/27	$	1,785,000.00	$	-	$	50,165.63	$	233,825.00	
5/1/28	$	1,785,000.00	$	135,000.00	$	50,165.63	$	-	
11/1/28	$	1,650,000.00	$	-	$	46,537.50	$	231,703.13	
5/1/29	$	1,650,000.00	$	145,000.00	$	46,537.50	$	-	
11/1/29	$	1,505,000.00	$	-	$	42,640.63	$	234,178.13	
5/1/30	$	1,505,000.00	$	155,000.00	$	42,640.63	$	-	
11/1/30	$	1,350,000.00	$	-	$	38,475.00	$	236,115.63	
5/1/31	$	1,350,000.00	$	160,000.00	$	38,475.00	$	-	
11/1/31	$	1,190,000.00	$	-	$	33,915.00	$	232,390.00	
5/1/32	$	1,190,000.00	$	170,000.00	$	33,915.00	$	-	
11/1/32	$	1,020,000.00	$	-	$	29,070.00	$	232,985.00	
5/1/33	$	1,020,000.00	$	180,000.00	$	29,070.00	$	-	
11/1/33	$	840,000.00	$	-	$	23,940.00	$	233,010.00	
5/1/34	$	840,000.00	$	190,000.00	$	23,940.00	$	-	
11/1/34	$	650,000.00	$	-	$	18,525.00	$	232,465.00	
5/1/35	$	650,000.00	$	205,000.00	$	18,525.00	$	-	
11/1/35	$	445,000.00	$	-	$	12,682.50	$	236,207.50	
5/1/36	$	445,000.00	$	215,000.00	$	12,682.50	$	-	
11/1/36	$	230,000.00	$	-	$	6,555.00	$	234,237.50	
5/1/37	$	230,000.00	$	230,000.00	$	6,555.00	$	236,555.00	
									
			$	2,740,000.00	$	1,782,656.25	$	4,522,656.25	

8