Poinciana West
Community Development District

Proposed Budget
FY2023

Table of Contents

1		General Fund	

2-5	
	General Fund Narrative	

6	
	Fund Balance Analysis	

7	
	Debt Service Fund Series 2017 R1 & R2	

8	
	Amortization Schedule Series 2017 R1	

9	
	Amortization Schedule Series 2017 R2	

Poinciana West
Community Development District
Proposed Budget General Fund

	Adopted Budget	Actuals Thru	Projected Next	Total Projected	Proposed Budget	
	FY2022	4/30/22	5 Months	9/30/22	FY2023	

Revenues						
Special Assessments - Tax Collector	$	291,294	$	288,882	$	2,412	$	291,294	$	291,294	
Interest	$	500	$	306	$	200	$	506	$	500	
Carry Forward Balance	$	50,003	$	35,383	$	-	$	35,383	$	38,728	
Total Revenues	$	341,797	$	324,572	$	2,612	$	327,184	$	330,522	

Expenditures						
Administrative						
Supervisors Fees	$	6,000	$	3,800	$	2,500	$	6,300	$	6,000	
FICA Expense	$	459	$	291	$	191	$	482	$	459	
Engineering	$	15,000	$	3,988	$	6,250	$	10,238	$	15,000	
Attorney	$	20,000	$	5,729	$	8,333	$	14,062	$	20,000	
Arbitrage	$	450	$	450	$	-	$	450	$	450	
Dissemination	$	5,500	$	3,317	$	2,083	$	5,400	$	3,500	
Annual Audit	$	3,310	$	-	$	3,310	$	3,310	$	3,410	
Trustee Fees	$	7,050	$	4,837	$	2,213	$	7,050	$	4,256	
Assessment Administration	$	5,000	$	5,000	$	-	$	5,000	$	5,000	
Management Fees	$	46,350	$	27,038	$	19,313	$	46,350	$	40,000	
Information Technology	$	1,125	$	656	$	469	$	1,125	$	1,500	
Website Maintenance	$	750	$	438	$	313	$	750	$	1,200	
Telephone	$	100	$	-	$	42	$	42	$	100	
Postage	$	1,250	$	303	$	521	$	824	$	1,250	
Printing & Binding	$	1,000	$	161	$	417	$	577	$	1,000	
Insurance	$	8,100	$	6,025	$	-	$	6,025	$	6,778	
Legal Advertising	$	2,500	$	1,432	$	1,042	$	2,474	$	2,500	
Other Current Charges	$	2,400	$	1,154	$	1,000	$	2,154	$	2,400	
Office Supplies	$	300	$	62	$	125	$	187	$	300	
Property Appraiser	$	3,100	$	-	$	3,100	$	3,100	$	3,100	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative	$	129,919	$	64,854	$	51,220	$	116,074	$	118,378	

Operations & Maintenance						
Field Services	$	10,300	$	6,008	$	4,292	$	10,300	$	10,300	
Landscape Maintenance	$	61,713	$	33,401	$	24,159	$	57,560	$	63,882	
Aquatic Control Maintenance	$	66,865	$	33,921	$	24,588	$	58,509	$	64,963	
Aquatic Midge Maintenance	$	30,000	$	14,578	$	10,413	$	24,990	$	30,000	
R&M Plant Replacement	$	3,000	$	-	$	1,250	$	1,250	$	3,000	
Storm Structure Repairs	$	10,000	$	2,225	$	4,167	$	6,392	$	10,000	
Contingency	$	20,000	$	880	$	8,333	$	9,213	$	20,000	
Capital Outlay	$	10,000	$	-	$	4,167	$	4,167	$	10,000	
Total Operations & Maintenance	$	211,878	$	91,013	$	81,369	$	172,381	$	212,144	
						
Total Expenditures	$	341,797	$	155,867	$	132,589	$	288,456	$	330,522	
						
Excess Revenues/(Expenditures)	$	-	$	168,706	$	(129,978)	$	38,728	$	-	
				
Net Assessments	
$	291,294	
				Collection Cost (6%)	$	18,593	
				Gross Assessments	$	309,887	
						
		Property Type	Platted Units	Gross Per Unit	Gross Total	
		Single Family	1650	$186.57	$307,841	
		Recreational	11	$186.57	$2,052	
			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, Clark & Albaugh, LLP, 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.

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 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

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.

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	$4,832	$57,983	
5% Increase		$2,899	
Contingency			$3,000 	
Total		$63,882	

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	$4,918	$59,012	
5% Increase		$2,951	
Contingency			$3,000 	
Total		$64,963	

Aquatic Midge Management

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

Description	Monthly	Annual	
Aquatic Midge Control	$2,083	$24,990	
5% Increase		$1,250	
Contingency			$3,760 	
Total		$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 any capital related projects.

Projected Fund Balance Analysis

FY 2022 Projected Ending Fund Balance		
Actual Beginning Fund Balance	$  633,087	
Less: cash to balance budget	$	-	
Plus: projected excess revenue	 $	3,345 	
Projected Ending Fund Balance	 $  636,432 	
FY 2023 Estimated Ending Fund Balance		
Projected Beginning Fund Balance	$  636,432	
Less: cash to balance budget	 $	(38,728) 	
Projected Ending Fund Balance	 $  597,704 	
FY 2023 Estimated Reserves (Ending Fund Balance)		
Operating Reserve (3 months)	$	82,631	
Unreserved Fund Balance	 $  515,073 	
	 $  597,704 	

Proposed Budget Debt Service Fund

	Adopted Budget	Actuals Thru	Projected Next	Total Projected	Proposed Budget	
	FY2022	4/30/22	5 Months	9/30/22	FY2023	

Revenues						

Assessments - Tax Collector	$	1,046,815	$	1,035,919	
$	10,896	
$	1,046,815	
$	1,042,297	
Assessments - Prepayments	$	-	$	27,211	$	-	$	27,211	$	-	
Interest	$	-	$	31	$	-	$	31	$	-	
Carry Forward Surplus	$	290,113	$	308,033	$	-	$	308,033	$	341,197	
Total Revenues	$	1,336,928	$	1,371,194	$	10,896	$	1,382,090	$	1,383,495	

Expenditures

Administrative
Property Appraiser	
$	
11,200	
$	
-	
$	
11,200	
$	
11,200	
$	
11,200	

Series 2017 R-1
Interest - 11/1	

$	178,771	

$	178,771	$	-	

$	178,771	

$	171,789	
Special Call - 11/1	$	-	$	15,000	$	-	$	15,000	$	-	
Principal - 5/1	$	425,000	$	-	$	425,000	$	425,000	$	435,000	
Interest - 5/1	$	178,771	$	-	$	178,771	$	178,771	$	171,789	

Series 2017 R-2
Interest - 11/1	

$	66,075	

$	66,075	

$	-	

$	66,075	

$	62,272	
Special Call -11/1	$	-	$	5,000	$	-	$	5,000	$	-	
Principal - 5/1	$	95,000	$	-	$	95,000	$	95,000	$	100,000	
Interest - 5/1	$	66,075	$	-	$	66,075	$	66,075	$	62,272	
Total Expenditures	$	1,020,893	$	264,846	$	776,046	$	1,040,893	$	1,014,323	
						
Excess Revenues/(Expenditures)	$	316,035	$	1,106,348	$	(765,151)	$	341,197	$	369,172	

	Series 2017 R-1	
Interest - 11/1/23	$164,993

	Series 2017 R-2	
Interest - 11/1/23	$59,584

Net Assessments	$	1,042,297	
Collection Cost (6%)	$	66,530	
Gross Assessments	$	1,108,827	

Property Type	Platted Units	Gross Per Unit	Gross Total	
Single Family	1604	$686.58	$1,101,274	
Recreational	11	$686.58	$7,552	
	1615		$1,108,827	

Date		Balance	Prinicpal	Interest	Total	
						
11/01/22	$	8,630,000.00	$	-	$	171,789.38	$	171,789.38	
05/01/23	$	8,630,000.00	$	435,000.00	$	171,789.38		
11/01/23	$	8,195,000.00	$	-	$	164,992.50	$	771,781.88	
05/01/24	$	8,195,000.00	$	450,000.00	$	164,992.50		
11/01/24	$	7,745,000.00	$	-	$	157,680.00	$	772,672.50	
05/01/25	$	7,745,000.00	$	465,000.00	$	157,680.00		
11/01/25	$	7,280,000.00	$	-	$	149,542.50	$	772,222.50	
05/01/26	$	7,280,000.00	$	485,000.00	$	149,542.50		
11/01/26	$	6,795,000.00	$	-	$	140,812.50	$	775,355.00	
05/01/27	$	6,795,000.00	$	500,000.00	$	140,812.50		
11/01/27	$	6,295,000.00	$	-	$	131,562.50	$	772,375.00	
05/01/28	$	6,295,000.00	$	520,000.00	$	131,562.50		
11/01/28	$	5,775,000.00	$	-	$	121,812.50	$	773,375.00	
05/01/29	$	5,775,000.00	$	540,000.00	$	121,812.50		
11/01/29	$	5,235,000.00	$	-	$	111,012.50	$	772,825.00	
05/01/30	$	5,235,000.00	$	565,000.00	$	111,012.50		
11/01/30	$	4,670,000.00	$	-	$	99,359.38	$	775,371.88	
05/01/31	$	4,670,000.00	$	585,000.00	$	99,359.38		
11/01/31	$	4,085,000.00	$	-	$	87,293.75	$	771,653.13	
05/01/32	$	4,085,000.00	$	610,000.00	$	87,293.75		
11/01/32	$	3,475,000.00	$	-	$	74,712.50	$	772,006.25	
05/01/33	$	3,475,000.00	$	635,000.00	$	74,712.50		
11/01/33	$	2,840,000.00	$	-	$	61,060.00	$	770,772.50	
05/01/34	$	2,840,000.00	$	665,000.00	$	61,060.00		
11/01/34	$	2,175,000.00	$	-	$	46,762.50	$	772,822.50	
05/01/35	$	2,175,000.00	$	695,000.00	$	46,762.50		
11/01/35	$	1,480,000.00	$	-	$	31,820.00	$	773,582.50	
05/01/36	$	1,480,000.00	$	725,000.00	$	31,820.00		
11/01/36	$	755,000.00	$	-	$	16,232.50	$	773,052.50	
05/01/37	$	755,000.00	$	755,000.00	$	16,232.50	$	771,232.50	
			$	8,630,000.00	$	3,132,890.00	$	11,762,890.00	

Date		Balance	Prinicpal	Interest		Total	
							
11/01/22	$	2,240,000.00	$	-	$	62,271.88	$	62,271.88	
05/01/23	$	2,240,000.00	$	100,000.00	$	62,271.88			
11/01/23	$	2,140,000.00	$	-	$	59,584.38	$	221,856.25	
05/01/24	$	2,140,000.00	$	105,000.00	$	59,584.38			
11/01/24	$	2,035,000.00	$	-	$	56,762.50	$	221,346.88	
05/01/25	$	2,035,000.00	$	110,000.00	$	56,762.50			
11/01/25	$	1,925,000.00	$	-	$	53,806.25	$	220,568.75	
05/01/26	$	1,925,000.00	$	115,000.00	$	53,806.25			
11/01/26	$	1,810,000.00	$	-	$	50,715.63	$	219,521.88	
05/01/27	$	1,810,000.00	$	125,000.00	$	50,715.63			
11/01/27	$	1,685,000.00	$	-	$	47,356.25	$	223,071.88	
05/01/28	$	1,685,000.00	$	130,000.00	$	47,356.25			
11/01/28	$	1,555,000.00	$	-	$	43,862.50	$	221,218.75	
05/01/29	$	1,555,000.00	$	135,000.00	$	43,862.50			
11/01/29	$	1,420,000.00	$	-	$	40,234.38	$	219,096.88	
05/01/30	$	1,420,000.00	$	145,000.00	$	40,234.38			
11/01/30	$	1,275,000.00	$	-	$	36,337.50	$	221,571.88	
05/01/31	$	1,275,000.00	$	155,000.00	$	36,337.50			
11/01/31	$	1,120,000.00	$	-	$	31,920.00	$	223,257.50	
05/01/32	$	1,120,000.00	$	160,000.00	$	31,920.00			
11/01/32	$	960,000.00	$	-	$	27,360.00	$	219,280.00	
05/01/33	$	960,000.00	$	170,000.00	$	27,360.00			
11/01/33	$	790,000.00	$	-	$	22,515.00	$	219,875.00	
05/01/34	$	790,000.00	$	180,000.00	$	22,515.00			
11/01/34	$	610,000.00	$	-	$	17,385.00	$	219,900.00	
05/01/35	$	610,000.00	$	190,000.00	$	17,385.00			
11/01/35	$	420,000.00	$	-	$	11,970.00	$	219,355.00	
05/01/36	$	420,000.00	$	205,000.00	$	11,970.00			
11/01/36	$	215,000.00	$	-	$	6,127.50	$	223,097.50	
05/01/37	$	215,000.00	$	215,000.00	$	6,127.50	$	221,127.50	
			$	2,240,000.00	$	1,136,417.50	$	3,376,417.50