Poinciana West Community Development District

Adopted Budget FY 2020

Table of Contents

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2-5

6

7

8

 	General Fund

 	General Fund Narrative

 	Debt Service Fund Series 2017 R1 & R2

 	Amortization Schedule Series 2017 R1

 	Amortization Schedule Series 2017 R2

Poinciana West
Community Development District

		Fiscal Year 2020 General Fund		
	Adopted	Actual	Projected	Total	Adopted	
	Budget	Thru	Next 3	Thru	Budget	
Description	FY2019	6/30/19	Months	9/30/19	FY2020	

Revenues						
Special Assessments - Tax Collector	$291,294	$292,607	$0	$292,607	$291,294	
Interest	$3,000	$3,706	$794	$4,500	$4,500	
Carry Forward Surplus	$76,525	$11,228	$0	$11,228	$39,261	
Total Revenues	$370,819	$307,541	$794	$308,335	$335,055	

Expenditures						
Administrative						
Supervisors Fees	$12,000	$4,000	$3,000	$7,000	$6,000	
FICA Expense	$918	$306	$230	$536	$459	
Engineering	$20,000	$4,425	$2,575	$7,000	$15,000	
Attorney	$50,000	$18,661	$8,839	$27,500	$30,000	
Arbitrage	$450	$450	$450	$900	$450	
Dissemination	$5,000	$4,100	$1,250	$5,350	$5,500	
Annual Audit	$3,415	$0	$3,415	$3,415	$3,415	
Trustee Fees	$7,050	$7,004	$0	$7,004	$7,050	
Assessment Administration	$5,000	$5,000	$0	$5,000	$5,000	
Management Fees	$45,000	$33,750	$11,250	$45,000	$45,000	
Information Technology	$1,500	$3,625	$375	$4,000	$1,500	
Telephone	$100	$45	$55	$100	$100	
Postage	$3,000	$653	$347	$1,000	$1,500	
Printing & Binding	$1,500	$414	$336	$750	$750	
Insurance	$10,883	$9,000	$0	$9,000	$10,883	
Legal Advertising	$2,500	$1,481	$1,019	$2,500	$2,000	
Other Current Charges	$636	$592	$183	$775	$800	
Office Supplies	$200	$369	$56	$425	$200	
Property Appraiser	$6,198	$0	$3,100	$3,100	$3,100	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Administrative Expenses	$175,525	$94,049	$36,480	$130,529	$138,882	

Operation & Maintenance						
Field Services	$10,000	$7,500	$2,500	$10,000	$10,000	
Landscape Maintenance	$56,294	$42,220	$14,073	$56,294	$58,694	
Aquatic Control Maintenance	$57,000	$42,750	$14,250	$57,000	$64,479	
Aquatic Midge Management	$32,000	$17,100	$5,950	$23,050	$30,000	
R&M Plant Replacement	$10,000	$50	$2,450	$2,500	$3,000	
Storm Structure Repairs	$0	$0	$21,462	$21,462	$10,000	
Contingency	$10,000	$1,650	$3,350	$5,000	$10,000	
Capital Outlay	$20,000	$0	$2,500	$2,500	$10,000	
Operation & Maintenance Expenses	$195,294	$111,270	$66,535	$177,806	$196,173	
						
Total Expenditures	$370,819	$205,320	$103,015	$308,335	$335,055	
						
Excess Revenues/(Expenditures)	$0	$102,221	($102,221)	$0	$0	

Net Assessment	

$291,294	
		Collection Cost (6%)	 	$18,593 	
		Gross Assessment	 	$309,887 	
				
Property Type	Platted Units	Gross Per Unit	Gross Total	
Single Family	1650	$186.57	$307,841	
Recreational	11	$186.57	$2,052	
Total	1661		$309,893	

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.

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.

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
Contingency
Total	$56,294
$2,400	
	$58,694	

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	
Contingency - Pond 19A	$270	$3,240	
Contingency - Pond 19B	$353	$4,239	
Total		$64,479	

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	$1,983
Contingency
Total	$23,800
$6,200	
	$30,000	

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.

Poinciana West
Community Development District

		Fiscal Year 2020 Debt Service Fund		
	Adopted Budget
FY2019	Actual Thru
6/30/19	Projected Next 3
Months	Total Thru
9/30/19	Adopted Budget
FY2020	

Revenues						
Special Assessments - Tax Collector	$1,050,687	$1,055,403	$0	$1,055,403	$1,050,687	
Interest Income	$100	$2,374	$376	$2,750	$1,000	
Carry Forward Surplus	$292,350	$295,991	$0	$295,991	$282,651	
Total Revenues	$1,343,137	$1,353,768	$376	$1,354,144	$1,334,338	

Expenses						
Administrative
Property Appraiser	
$22,355	
$0	
$11,200	
$11,200	
$11,200	
Series 2017 R-1
Interest - 11/1	
$194,316	
$194,316	
$0	
$194,316	
$190,011	
Principal - 5/1	$395,000	$395,000	$0	$395,000	$405,000	
Interest - 5/1	$194,316	$194,316	$0	$194,316	$190,011	
Special Call - 5/1	$0	$5,000	$0	$5,000	$0	
Series 2017 R-2
Interest - 11/1	
$75,831	
$75,831	
$0	
$75,831	
$72,582	
Principal - 5/1	$85,000	$85,000	$0	$85,000	$90,000	
Interest - 5/1	$75,831	$75,830	$0	$75,830	$72,582	
Special Call - 5/1	$0	$35,000	$0	$35,000	$0	
Total Expenditures	$1,042,649	$1,060,293	$11,200	$1,071,493	$1,031,386	
						
Excess Revenues/(Expenditures)	$300,488	$293,475	($10,824)	$282,651	$302,952	

 		Series 2017 R-1		Interest - 11/1/2020	$185,151

 	Series  2017 R-2	
Interest - 11/1/2020	$70,163	

Net Assessment	
$1,050,687	
Collection Cost (6%)	$67,065	
Gross Assessment	$1,117,752	

Property Type	Platted Units	Gross Per Unit	Gross Total	
Single Family	1617	$686.58	$1,110,200	
Recreational	11	$686.58	$7,552	
Total	1628		$1,117,752	

Poinciana West
Community Development District

SERIES 2017 R-1 AMORTIZATION SCHEDULE

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL	
				
11/1/19	$	9,945,000.00	$	-	$	190,011.25	$	190,011.25	
5/1/20	$	9,945,000.00	$	405,000.00   $	190,011.25	$	-	
11/1/20	$	9,540,000.00	$	-	$	185,151.25	$	780,162.50	
5/1/21	$	9,540,000.00	$	415,000.00   $	185,151.25	$	-	
11/1/21	$	9,125,000.00	$	-	$	179,548.75	$	779,700.00	
5/1/22	$	9,125,000.00	$	425,000.00   $	179,548.75	$	-	
11/1/22	$	8,700,000.00	$	-	$	173,173.75	$	777,722.50	
5/1/23	$	8,700,000.00	$	440,000.00   $	173,173.75	$	-	
11/1/23	$	8,260,000.00	$	-	$	166,298.75	$	779,472.50	
5/1/24	$	8,260,000.00	$	455,000.00   $	166,298.75	$	-	
11/1/24	$	7,805,000.00	$	-	$	158,905.00	$	780,203.75	
5/1/25	$	7,805,000.00	$	470,000.00   $	158,905.00	$	-	
11/1/25	$	7,335,000.00	$	-	$	150,680.00	$	779,585.00	
5/1/26	$	7,335,000.00	$	485,000.00   $	150,680.00	$	-	
11/1/26	$	6,850,000.00	$	-	$	141,950.00	$	777,630.00	
5/1/27	$	6,850,000.00	$	505,000.00   $	141,950.00	$	-	
11/1/27	$	6,345,000.00	$	-	$	132,607.50	$	779,557.50	
5/1/28	$	6,345,000.00	$	525,000.00   $	132,607.50	$	-	
11/1/28	$	5,820,000.00	$	-	$	122,763.75	$	780,371.25	
5/1/29	$	5,820,000.00	$	545,000.00   $	122,763.75	$	-	
11/1/29	$	5,275,000.00	$	-	$	111,863.75	$	779,627.50	
5/1/30	$	5,275,000.00	$	565,000.00   $	111,863.75	$	-	
11/1/30	$	4,710,000.00	$	-	$	100,210.63	$	777,074.38	
5/1/31	$	4,710,000.00	$	590,000.00   $	100,210.63	$	-	
11/1/31	$	4,120,000.00	$	-	$	88,041.88	$	778,252.50	
5/1/32	$	4,120,000.00	$	615,000.00   $	88,041.88	$	-	
11/1/32	$	3,505,000.00	$	-	$	75,357.50	$	778,399.38	
5/1/33	$	3,505,000.00	$	645,000.00   $	75,357.50	$	-	
11/1/33	$	2,860,000.00	$	-	$	61,490.00	$	781,847.50	
5/1/34	$	2,860,000.00	$	670,000.00   $	61,490.00	$	-	
11/1/34	$	2,190,000.00	$	-	$	47,085.00	$	778,575.00	
5/1/35	$	2,190,000.00	$	700,000.00   $	47,085.00	$	-	
11/1/35	$	1,490,000.00	$	-	$	32,035.00	$	779,120.00	
5/1/36	$	1,490,000.00	$	730,000.00   $	32,035.00	$	-	
11/1/36	$	760,000.00	$	-	$	16,340.00	$	778,375.00	
5/1/37	$	760,000.00	$	760,000.00   $	16,340.00	$	776,340.00	
		$	9,945,000.00   $	4,267,027.50	$	14,212,027.50	

Poinciana West
Community Development District

SERIES 2017 R-2 AMORTIZATION SCHEDULE

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL	
				
11/1/19	$	2,620,000.00	$	-	$	72,581.88	$	72,581.88	
5/1/20	$	2,620,000.00	$	90,000.00	$	72,581.88	$	-	
11/1/20	$	2,530,000.00	$	-	$	70,163.13	$	232,745.00	
5/1/21	$	2,530,000.00	$	95,000.00	$	70,163.13	$	-	
11/1/21	$	2,435,000.00	$	-	$	67,610.00	$	232,773.13	
5/1/22	$	2,435,000.00	$	95,000.00	$	67,610.00	$	-	
11/1/22	$	2,340,000.00	$	-	$	65,056.88	$	227,666.88	
5/1/23	$	2,340,000.00	$	105,000.00	$	65,056.88	$	-	
11/1/23	$	2,235,000.00	$	-	$	62,235.00	$	232,291.88	
5/1/24	$	2,235,000.00	$	110,000.00	$	62,235.00	$	-	
11/1/24	$	2,125,000.00	$	-	$	59,278.75	$	231,513.75	
5/1/25	$	2,125,000.00	$	115,000.00	$	59,278.75	$	-	
11/1/25	$	2,010,000.00	$	-	$	56,188.13	$	230,466.88	
5/1/26	$	2,010,000.00	$	120,000.00	$	56,188.13	$	-	
11/1/26	$	1,890,000.00	$	-	$	52,963.13	$	229,151.25	
5/1/27	$	1,890,000.00	$	130,000.00	$	52,963.13	$	-	
11/1/27	$	1,760,000.00	$	-	$	49,469.38	$	232,432.50	
5/1/28	$	1,760,000.00	$	135,000.00	$	49,469.38	$	-	
11/1/28	$	1,625,000.00	$	-	$	45,841.25	$	230,310.63	
5/1/29	$	1,625,000.00	$	140,000.00	$	45,841.25	$	-	
11/1/29	$	1,485,000.00	$	-	$	42,078.75	$	227,920.00	
5/1/30	$	1,485,000.00	$	150,000.00	$	42,078.75	$	-	
11/1/30	$	1,335,000.00	$	-	$	38,047.50	$	230,126.25	
5/1/31	$	1,335,000.00	$	160,000.00	$	38,047.50	$	-	
11/1/31	$	1,175,000.00	$	-	$	33,487.50	$	231,535.00	
5/1/32	$	1,175,000.00	$	170,000.00	$	33,487.50	$	-	
11/1/32	$	1,005,000.00	$	-	$	28,642.50	$	232,130.00	
5/1/33	$	1,005,000.00	$	180,000.00	$	28,642.50	$	-	
11/1/33	$	825,000.00	$	-	$	23,512.50	$	232,155.00	
5/1/34	$	825,000.00	$	190,000.00	$	23,512.50	$	-	
11/1/34	$	635,000.00	$	-	$	18,097.50	$	231,610.00	
5/1/35	$	635,000.00	$	200,000.00	$	18,097.50	$	-	
11/1/35	$	435,000.00	$	-	$	12,397.50	$	230,495.00	
5/1/36	$	435,000.00	$	210,000.00	$	12,397.50	$	-	
11/1/36	$	225,000.00	$	-	$	6,412.50	$	228,810.00	
5/1/37	$	225,000.00	$	225,000.00	$	6,412.50	$	231,412.50	
		$	2,620,000.00	$	1,608,127.50	$	4,228,127.50