Windsor at Westside
Community Development District

Adopted Budget
FY 2017

Table of Contents

1-2

3-6

7

8-9

10

11-12

 	General Fund

 	General Fund Narrative

 	Debt Service Fund Series 2015 

 	Amortization Schedule Series 2015

 	Debt Service Fund Series 2016

 	Amortization Schedule Series 2016

Windsor at Westside
Community Development District

		Fiscal Year 2017 Adopted Budget General Fund		
	Adopted	Actual	Next	Projected	Adopted	
	Budget FY2016	Thru 6/30/16	3
Months	Thru 9/30/16	Budget FY2017	

Revenues						
O&M Assessments	$177,988	$83,788	$43,096	$126,883	$198,963	
Total Revenues	$177,988	$83,788	$43,096	$126,883	$198,963	

Expenditures						
Administrative						
Engineering	$12,000	$2,385	$2,615	$5,000	$5,000	
Attorney	$20,000	$11,204	$8,796	$20,000	$15,000	
Arbitrage	$700	$0	$0	$0	$600	
Dissemination	$3,500	$2,625	$875	$3,500	$7,000	
Annual Audit	$5,000	$3,200	$0	$3,200	$4,300	
Trustee Fees	$5,000	$3,500	$0	$3,500	$7,550	
Assessment Administration	$5,000	$5,000	$0	$5,000	$5,000	
Management Fees	$35,000	$26,250	$8,750	$35,000	$35,000	
Information Technology	$0	$0	$0	$0	$600	
Telephone	$300	$33	$27	$60	$150	
Postage	$1,000	$124	$76	$200	$750	
Insurance	$8,500	$5,150	$0	$5,150	$8,500	
Printing & Binding	$1,000	$953	$547	$1,500	$1,500	
Legal Advertising	$5,000	$5,052	$448	$5,500	$5,000	
Other Current Charges	$875	$204	$71	$275	$775	
Property Appraiser	$0	$200	$0	$200	$650	
Property Taxes	$0	$0	$0	$0	$0	
Office Supplies	$625	$123	$77	$200	$200	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Administrative Expenses	$103,675	$66,178	$22,282	$88,460	$97,750	

Windsor at Westside
Community Development District

		Fiscal Year 2017 Adopted Budget General Fund		
	Adopted	Actual	Next	Projected	Adopted	
	Budget FY2016	Thru 6/30/16	3
Months	Thru 9/30/16	Budget FY2017	

Operation & Maintenance						
Contract Services						
Field Services	$7,500	$2,045	$0	$2,045	$9,000	
Landscape Maintenance - Contract	$33,313	$16,471	$16,842	$33,313	$51,313	
Lake Maintenance	$3,500	$0	$0	$0	$10,500	
Repairs & Maintenance						
Landscape Maintenance - Other	$0	$2,250	$0	$2,250	$3,500	
Repairs - General	$1,500	$0	$0	$0	$1,500	
Operating Supplies	$2,000	$0	$0	$0	$2,000	
Irrigation Repairs	$2,500	$0	$0	$0	$2,500	
Signage	$1,500	$0	$0	$0	$1,500	
Fountain Maintenance	$0	$0	$0	$0	$2,400	
Walls - Repair/Cleaning	$0	$0	$0	$0	$0	
Fencing	$500	$0	$0	$0	$500	
Utility						
Electric	$5,000	$302	$363	$665	$5,000	
Streetlights	$0	$0	$0	$0	$0	
Irrigation Water	$12,000	$100	$50	$150	$10,000	
Other						
Contingency	$5,000	$0	$0	$0	$1,500	
Capital Reserve	$0	$0	$0	$0	$0	
Operation & Maintenance Expenses	$74,313	$21,168	$17,255	$38,423	$101,213	
						
Total Expenditures	$177,988	$87,346	$39,537	$126,883	$198,963	
						
Excess Revenues/(Expenditures)	$0	($3,559)	$3,559	$0	$0	

FY2016	

FY2017	
Net Assessments	$73,549		$198,963	
Add: Discounts & Collection	$4,695		$12,700	
Gross Assessments	 	$78,244 		$211,663	

FISCAL YEAR 2017				

Product Type	Per Unit Net O&M
Assessment	Per Unit
Gross O&M Assessment	
Townhome	$283	$301	
Single Family 40'	$302	$321	
Single Family 50'	$377	$401	

GROSS PER UNIT ASSESSMENT COMPARISON CHART

Product Type	

Units	FY2016
Gross Per Unit Assessments	FY2017
Gross Per Unit Assessments	
Increase/ (Decrease)	
Townhome	96	$267	$301	$34	
Single Family 40'	243	$285	$321	$36	
Single Family 50'	261	$356	$401	$45	

Windsor at Westside
Community Development District
GENERAL FUND BUDGET

REVENUES:

O&M Assessments

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.

EXPENDITURES:

Administrative:

Engineering

The District's engineer, Osceola Engineering, Inc., will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices, etc.

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, resolutions, etc.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2016 Special Assessment Bonds.

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 by an Independent Certified Public Accounting Firm. The District has contracted with  Grau & Associates for this service.

Trustee Fees

The District issued Series 2015 Special Assessment Bonds that are deposited with a Trustee at Regions Bank. The District will be issuing Series 2016 Special Assessment Bonds to also be deposited with a Trustee at Regions Bank.

Windsor at Westside
Community Development District
GENERAL FUND BUDGET

Assessment Administration

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

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 reporting, annual audits, etc.

Information Technology

Represents costs related to the 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, correspondence, etc.

Insurance

The District’s general liability, public officials liability and property insurance coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Printing & Binding

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.

Other Current Charges

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

Windsor at Westside
Community Development District
GENERAL FUND BUDGET

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.

Operation & Maintenance:

Field Services

Provide onsite field management of contracts for the Districts such as landscape and lake maintenance. Services to include onsite inspections, meetings with contractors, attend Board meetings and receive and respond to property owner phone calls and emails.

Landscape Maintenance - Contract

The District will maintain the landscaping within the Phase I common areas of the District. The amount is based upon contract with ValleyCrest Landscape Maintenance, Inc. District anticipates Phase 2 ponds coming on board during fiscal year.

Lake Maintenance

The District will provide lake maintenance for 3 lakes within Phase I. The amount is based upon an estimate from Applied Aquatics.

Landscape Maintenance – Other

Represents estimated costs for any landscape repairs not included in landscape contract.

Repairs - General

Represents estimated costs for general repairs and maintenance to the common areas within Phase I of the District.

Operating Supplies

Represents estimated cost of the purchase of operating supplies.

Irrigation Repairs

Represents estimated cost for any unforeseen repairs to the irrigation system such as replacing nozzles, rotors, line breaks, etc.

Windsor at Westside
Community Development District
GENERAL FUND BUDGET

Signage

Represents estimated cost to maintain all District signs.

Fountain Maintenance

Represents estimated cost for any repairs and maintenance to the fountain the District may incur during the fiscal year.

Fencing

Represents estimated cost to repair fencing maintained by the District.

Electric

Represents estimated cost for electric to common areas and electric used to operate irrigation meters within the District.

Irrigation Water

Represents estimated cost for reclaimed water utilities of the common areas within the District.

Contingency

Represents estimated cost for any expense not budgeted in other line items.

Windsor at Westside
Community Development District

	Fiscal Year 2017 Adopted Budget
Debt Service Fund		
	Series 2015		
	Adopted	Actual	Next	Projected	Adopted	
	Budget FY2016	Thru 6/30/16	3
Months	Thru 9/30/16	Budget FY2017	

Revenues						
Special Assessments	$276,388	$110,577	$165,866	$276,443	$276,388	
Interest Income	$0	$176	$74	$250	$0	
Carry Forward Surplus	$73,560	$73,590	$0	$73,590	$174,870	
Transfer In	$0	$1,591	$0	$1,591	$0	
Total Revenues	$349,948	$185,934	$165,940	$351,873	$451,258	

Expenses						
Interest - 11/1	$73,560	$73,560	$0	$73,560	$103,444	
Principal - 11/1	$0	$0	$0	$0	$65,000	
Interest - 5/1	$103,444	$103,444	$0	$103,444	$102,144	
Total Expenditures	$177,004	$177,004	$0	$177,004	$270,588	
						
Excess Revenues/(Expenditures)	$172,944	$8,930	$165,940	$174,870	$180,670	
				
Principal - 11/1/2017	
$70,000	
				Interest - 11/1/2017	 	$102,144 	
				Total	 	$172,144 	

Product Type	

No. of Units	Maximum Annual
Debt Service	Per Unit Net Debt
Assessment	Per Unit Gross Debt
Assessment	
Townhome	96	$75,218	$784	$834	
Single Family 40'	90	$96,961	$1,077	$1,146	
Single Family 50'	76	$104,208	$1,371	$1,459	

262	

$276,388			

Windsor at Westside Community Development District
Series 2015, Special Assessment Bonds Assessment Area One Project (Term Bonds Due 11/1/2045)

Amortization Schedule

Date	Balance	Principal	Interest	Annual	

11/1/15	
$ 4,190,000	
$	-	
$	73,560	
$	73,560	
5/1/16	$ 4,190,000	$	-	$	103,444	$	-	
11/1/16	$ 4,190,000	$	65,000	$	103,444	$	271,888	
5/1/17	$ 4,125,000	$	-	$	102,144	$	-	
11/1/17	$ 4,125,000	$	70,000	$	102,144	$	274,288	
5/1/18	$ 4,055,000	$	-	$	100,744	$	-	
11/1/18	$ 4,055,000	$	70,000	$	100,744	$	271,488	
5/1/19	$ 3,985,000	$	-	$	99,344	$	-	
11/1/19	$ 3,985,000	$	75,000	$	99,344	$	273,688	
5/1/20	$ 3,910,000	$	-	$	97,844	$	-	
11/1/20	$ 3,910,000	$	80,000	$	97,844	$	275,688	
5/1/21	$ 3,830,000	$	-	$	96,244	$	-	
11/1/21	$ 3,830,000	$	80,000	$	96,244	$	272,488	
5/1/22	$ 3,750,000	$	-	$	94,644	$	-	
11/1/22	$ 3,750,000	$	85,000	$	94,644	$	274,288	
5/1/23	$ 3,665,000	$	-	$	92,944	$	-	
11/1/23	$ 3,665,000	$	90,000	$	92,944	$	275,888	
5/1/24	$ 3,575,000	$	-	$	90,694	$	-	
11/1/24	$ 3,575,000	$	90,000	$	90,694	$	271,388	
5/1/25	$ 3,485,000	$	-	$	88,444	$	-	
11/1/25	$ 3,485,000	$	95,000	$	88,444	$	271,888	
5/1/26	$ 3,390,000	$	-	$	86,069	$	-	
11/1/26	$ 3,390,000	$	100,000    $	86,069	$	272,138	
5/1/27	$ 3,290,000	$	-	$	83,569	$	-	
11/1/27	$ 3,290,000	$	105,000    $	83,569	$	272,138	
5/1/28	$ 3,185,000	$	-	$	80,944	$	-	
11/1/28	$ 3,185,000	$	110,000    $	80,944	$	271,888	
5/1/29	$ 3,075,000	$	-	$	78,194	$	-	
11/1/29	$ 3,075,000	$	120,000    $	78,194	$	276,388	
5/1/30	$ 2,955,000	$	-	$	75,194	$	-	
11/1/30	$ 2,955,000	$	125,000    $	75,194	$	275,388	
5/1/31	$ 2,830,000	$	-	$	72,069	$	-	
11/1/31	$ 2,830,000	$	130,000    $	72,069	$	274,138	
5/1/32	$ 2,700,000	$	-	$	68,819	$	-	
11/1/32	$ 2,700,000	$	135,000    $	68,819	$	272,638	
5/1/33	$ 2,565,000	$	-	$	65,444	$	-	
11/1/33	$ 2,565,000	$	145,000    $	65,444	$	275,888	
5/1/34	$ 2,420,000	$	-	$	61,819	$	-	
11/1/34	$ 2,420,000	$	150,000    $	61,819	$	273,638	
5/1/35	$ 2,270,000	$	-	$	58,069	$	-	
11/1/35	$ 2,270,000	$	160,000    $	58,069	$	276,138	
5/1/36	$ 2,110,000	$	-	$	54,069	$	-	
11/1/36	$ 2,110,000	$	165,000    $	54,069	$	273,138	

Windsor at Westside Community Development District
Series 2015, Special Assessment Bonds Assessment Area One Project (Term Bonds Due 11/1/2045)

Amortization Schedule

Date	Balance	Principal	Interest	Annual	

5/1/37	
$ 1,945,000	
$	-	$	49,841	
$	-	
11/1/37	$ 1,945,000	$	175,000    $	49,841	$	274,681	
5/1/38	$ 1,770,000	$	-	$	45,356	$	-	
11/1/38	$ 1,770,000	$	185,000    $	45,356	$	275,713	
5/1/39	$ 1,585,000	$	-	$	40,616	$	-	
11/1/39	$ 1,585,000	$	195,000    $	40,616	$	276,231	
5/1/40	$ 1,390,000	$	-	$	35,619	$	-	
11/1/40	$ 1,390,000	$	205,000    $	35,619	$	276,238	
5/1/41	$ 1,185,000	$	-	$	30,366	$	-	
11/1/41	$ 1,185,000	$	215,000    $	30,366	$	275,731	
5/1/42	$	970,000	$	-	$	24,856	$	-	
11/1/42	$	970,000	$	225,000    $	24,856	$	274,713	
5/1/43	$	745,000	$	-	$	19,091	$	-	
11/1/43	$	745,000	$	235,000    $	19,091	$	273,181	
5/1/44	$	510,000	$	-	$	13,069	$	-	
11/1/44	$	510,000	$	250,000    $	13,069	$	276,138	
5/1/45	$	260,000	$	-	$	6,663	$	-	
11/1/45	$	260,000	$	260,000    $	6,663	$	273,325	
Totals		$ 4,190,000 $ 4,105,998	$	8,295,998	

Windsor at Westside
Community Development District

	Fiscal Year 2017 Adopted Budget
Debt Service Fund		
	Series 2016		
	Proposed	Actual	Next	Projected	Adopted	
	Budget FY2016	Thru 6/30/16	3
Months	Thru 9/30/16	Budget FY2017	

Revenues						
Special Assessments	$0	$0	$0	$0	$418,750	
Bond Proceeds	$352,858	$352,858	$0	$352,858	$0	
Interest Income	$0	$47	$53	$100	$0	
Carry Forward Surplus	$0	$0	$0	$0	$143,483	
Total Revenues	$352,858	$352,905	$53	$352,958	$562,233	

Expenses						
Interest - 11/1	$0	$0	$0	$0	$143,483	
Principal - 11/1	$0	$0	$0	$0	$0	
Interest - 5/1	$0	$0	$0	$0	$152,822	
Total Expenditures	$0	$0	$0	$0	$296,305	
						
Excess Revenues/(Expenditures)	$352,858	$352,905	$53	$352,958	$265,928	
				
Principal - 11/1/2017	
$110,000	
				Interest - 11/1/2017	 	$152,822 	
				Total	 	$262,822 	

Product Type	

No. of Units	Maximum Annual
Debt Service	Per Unit Net Debt
Assessment	Per Unit Gross Debt
Assessment	
Single Family 40'	153	$146,903	$960	$1,146	
Single Family 50'	185	$157,883	$853	$1,459	

338	

$418,750			

Windsor at Westside Community Development District
Series 2016, Special Assessment Bonds Assessment Area Two Project (Term Bonds Due 11/1/2046)

Amortization Schedule

Date	Balance	Principal	Interest	Annual

11/1/16	$ 6,535,000	$	-	$	143,483	$	143,483	
5/1/17	$ 6,535,000	$	-	$	152,822	$	-	
11/1/17	$ 6,535,000	$	110,000	$	152,822	$	415,644	
5/1/18	$ 6,425,000	$	-	$	150,897	$	-	
11/1/18	$ 6,425,000	$	115,000	$	150,897	$	416,794	
5/1/19	$ 6,310,000	$	-	$	148,884	$	-	
11/1/19	$ 6,310,000	$	120,000	$	148,884	$	417,769	
5/1/20	$ 6,190,000	$	-	$	146,784	$	-	
11/1/20	$ 6,190,000	$	125,000	$	146,784	$	418,569	
5/1/21	$ 6,065,000	$	-	$	144,597	$	-	
11/1/21	$ 6,065,000	$	125,000	$	144,597	$	414,194	
5/1/22	$ 5,940,000	$	-	$	142,019	$	-	
11/1/22	$ 5,940,000	$	130,000	$	142,019	$	414,038	
5/1/23	$ 5,810,000	$	-	$	139,338	$	-	
11/1/23	$ 5,810,000	$	140,000	$	139,338	$	418,675	
5/1/24	$ 5,670,000	$	-	$	136,450	$	-	
11/1/24	$ 5,670,000	$	145,000	$	136,450	$	417,900	
5/1/25	$ 5,525,000	$	-	$	133,459	$	-	
11/1/25	$ 5,525,000	$	150,000	$	133,459	$	416,919	
5/1/26	$ 5,375,000	$	-	$	130,366	$	-	
11/1/26	$ 5,375,000	$	155,000	$	130,366	$	415,731	
5/1/27	$ 5,220,000	$	-	$	127,169	$	-	
11/1/27	$ 5,220,000	$	160,000	$	127,169	$	414,338	
5/1/28	$ 5,060,000	$	-	$	123,869	$	-	
11/1/28	$ 5,060,000	$	170,000	$	123,869	$	417,738	
5/1/29	$ 4,890,000	$	-	$	119,831	$	-	
11/1/29	$ 4,890,000	$	175,000	$	119,831	$	414,663	
5/1/30	$ 4,715,000	$	-	$	115,675	$	-	
11/1/30	$ 4,715,000	$	185,000	$	115,675	$	416,350	
5/1/31	$ 4,530,000	$	-	$	111,281	$	-	
11/1/31	$ 4,530,000	$	195,000	$	111,281	$	417,563	
5/1/32	$ 4,335,000	$	-	$	106,650	$	-	
11/1/32	$ 4,335,000	$	205,000	$	106,650	$	418,300	
5/1/33	$ 4,130,000	$	-	$	101,781	$	-	
11/1/33	$ 4,130,000	$	215,000	$	101,781	$	418,563	
5/1/34	$ 3,915,000	$	-	$	96,675	$	-	
11/1/34	$ 3,915,000	$	225,000	$	96,675	$	418,350	
5/1/35	$ 3,690,000	$	-	$	91,331	$	-	
11/1/35	$ 3,690,000	$	235,000	$	91,331	$	417,663	
5/1/36	$ 3,455,000	$	-	$	85,750	$	-	
11/1/36	$ 3,455,000	$	245,000	$	85,750	$	416,500	
5/1/37	$ 3,210,000	$	-	$	79,931	$	-	
11/1/37	$ 3,210,000	$	255,000	$	79,931	$	414,863	

Windsor at Westside Community Development District
Series 2016, Special Assessment Bonds Assessment Area Two Project (Term Bonds Due 11/1/2046)

Amortization Schedule

Date	Balance	Principal	Interest	Annual	

5/1/38	
$ 2,955,000	
$	-	$	73,875	
$	-	
11/1/38	$ 2,955,000	$	270,000	$	73,875	$	417,750	
5/1/39	$ 2,685,000	$	-	$	67,125	$	-	
11/1/39	$ 2,685,000	$	280,000	$	67,125	$	414,250	
5/1/40	$ 2,405,000	$	-	$	60,125	$	-	
11/1/40	$ 2,405,000	$	295,000	$	60,125	$	415,250	
5/1/41	$ 2,110,000	$	-	$	52,750	$	-	
11/1/41	$ 2,110,000	$	310,000	$	52,750	$	415,500	
5/1/42	$ 1,800,000	$	-	$	45,000	$	-	
11/1/42	$ 1,800,000	$	325,000	$	45,000	$	415,000	
5/1/43	$ 1,475,000	$	-	$	36,875	$	-	
11/1/43	$ 1,475,000	$	340,000	$	36,875	$	413,750	
5/1/44	$ 1,135,000	$	-	$	28,375	$	-	
11/1/44	$ 1,135,000	$	360,000	$	28,375	$	416,750	
5/1/45	$	775,000	$	-	$	19,375	$	-	
11/1/45	$	775,000	$	380,000	$	19,375	$	418,750	
5/1/46	$	395,000	$	-	$	9,875	$	-	
11/1/46	$	395,000	$	395,000	$	9,875	$	414,750	
Totals		$  6,535,000	$ 6,101,352	$ 12,636,352