Windsor at Westside Community Development District

Adopted Budget
FY 2020

Table of Contents

1-2

3-7

8

9-10

11

12-13

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

Revenues						
O&M Assessments	$198,963	$200,696	$0	$200,696	$198,963	
Total Revenues	$198,963	$200,696	$0	$200,696	$198,963	

Expenditures						
Administrative						
Engineering	$5,000	$263	$737	$1,000	$5,000	
Attorney	$15,000	$3,735	$1,765	$5,500	$15,000	
Arbitrage	$500	$450	$0	$450	$450	
Dissemination	$7,000	$5,250	$1,750	$7,000	$7,000	
Annual Audit	$4,500	$3,600	$1,000	$4,600	$4,700	
Trustee Fees	$7,000	$7,000	$0	$7,000	$7,000	
Assessment Administration	$5,000	$5,000	$0	$5,000	$5,000	
Management Fees	$37,132	$27,849	$9,283	$37,132	$37,132	
Information Technology	$600	$2,150	$150	$2,300	$1,800	
Telephone	$100	$42	$33	$75	$100	
Postage	$300	$73	$52	$125	$300	
Insurance	$5,950	$5,398	$0	$5,398	$5,950	
Printing & Binding	$1,500	$203	$97	$300	$500	
Legal Advertising	$3,000	$2,594	$406	$3,000	$3,000	
Other Current Charges	$700	$205	$95	$300	$500	
Property Appraiser	$500	$232	$0	$232	$500	
Property Taxes	$100	$0	$0	$0	$100	
Office Supplies	$200	$42	$33	$75	$200	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Administrative Expenses	$94,257	$64,260	$15,401	$79,661	$94,407	

Operation & Maintenance						
Contract Services
Field Services	
$9,548	
$7,161	
$2,387	
$9,548	
$9,834	
Landscape Maintenance - Contract	$63,900	$39,002	$13,001	$52,003	$60,000	
Lake Maintenance	$10,500	$7,380	$2,460	$9,840	$10,500	
Wetland Monitoring & Maintenance	$9,400	$0	$0	$0	$9,400	
Property Insurance	$2,250	$1,980	$0	$1,980	$2,250	
Repairs & Maintenance
Landscape Maintenance - Other	
$3,500	
$8,146	
$854	
$9,000	
$10,000	
Repairs and Maintenance	$2,500	$174	$126	$300	$2,500	
Operating Supplies	$2,000	$18	$32	$50	$2,000	
Irrigation Repairs	$3,000	$3,451	$549	$4,000	$3,000	
Signage	$1,500	$0	$250	$250	$1,500	
Fountain Maintenance	$2,400	$1,405	$450	$1,855	$2,400	
Walls - Repair/Cleaning	$0	$0	$0	$0	$0	
Fencing	$0	$0	$0	$0	$0	
Subtotal Expenditures	$110,498	$68,717	$20,109	$88,826	$113,384	

Windsor at Westside
Community Development District

Fiscal Year 2020 Adopted Budget
		General Fund		
	Adopted Budget
FY2019	Actual Thru
6/30/19	Next 3
Months	Projected Thru
9/30/19	Adopted Budget
FY2020	
Utility
Electric	
$3,400	
$2,583	
$917	
$3,500	
$3,700	
Irrigation Water	$1,000	$346	$154	$500	$2,000	
Other
Contingency	
$215	
$0	
$50	
$50	
$215	
Subtotal Expenditures	$4,615	$2,928	$1,121	$4,049	$5,915	
						
Total Expenditures	$209,370	$135,905	$36,631	$172,536	$213,706	
						
Excess Revenues/(Expenditures)	($10,407)	$64,792	($36,631)	$28,160	($14,743)	
						
Beginning Fund Balance	$10,407	$35,193	$0	$35,193	$14,743	
						
Ending Fund Balance	$0	$99,985	($36,631)	$63,354	($0)	
				
FY2019	
FY2020	
Net Assessments	$198,963		$198,963	
Add: Discounts & Collection	$12,700		$12,700	
Gross Assessments	 	$211,663 		 	$211,663 	

FISCAL YEAR 2020				

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	FY2019
Gross Per Unit Assessments	FY2020
Gross Per Unit Assessments	
Increase/ (Decrease)	
Townhome	96	$301	$301	$0	
Single Family 40'	243	$321	$321	$0	
Single Family 50'	261	$401	$401	$0	

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. The District has contracted with Governmental Management Services-Central Florida, LLC for this service.

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 and the Series 2016 Special Assessment Bonds that are deposited with a Trustee at Regions Bank.

Assessment Administration

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

Windsor at Westside
Community Development District
GENERAL FUND BUDGET

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 and public officials liability 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.

Property Appraiser

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

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.

Windsor at Westside
Community Development District
GENERAL FUND BUDGET

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 Down To Earth Lawn Care II, Inc. District anticipates Phase 2 ponds coming on board during fiscal year.

Description	Monthly	Annually	
Monaco & Westside Boulevard	$	2,182	$	26,180	
Monaco & Phase 2A Pond	$	1,667	$	20,000	
Phase 2B Pond	$	485	$	5,823	
Contingency		$	7,997	
		$	60,000	

Lake Maintenance - Contract

The District will provide lake maintenance for 3 lakes. The District has contracted with Applied Aquatic Management, Inc. for this service.

Description	Monthly	Annually	
One Retention Pond	$	295	$	3,540	
Pond 2A Phase 2	$	275	$	3,300	
Pond 2B Phase 2	$	250	$	3,000	
Contingency		$	660	
		$	10,500	

Wetland Monitoring & Maintenance

Represents estimated costs for the annual monitoring and maintenance of Phase 2 on-site wetlands and preservation areas within the District boundaries.

Description	Annually	
Mitigation Monitoring Mitigation Maintenance	$	3,000
$	6,400	
	$	9,400	

Windsor at Westside
Community Development District
GENERAL FUND BUDGET

Property Insurance

The District’s property insurance coverage is provided by Florida Insurance Alliance (FIA) who specializes in providing insurance coverage to government agencies. FIA specializes in providing insurance coverage to governmental agencies.

Landscape Maintenance – Other

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

Repairs and Maintenance

Represents estimated costs for general repairs and maintenance to the common areas within Phase I of the District, including repairs and cleaning of walls and fencing maintained by 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.

Signage

Represents estimated cost to maintain all District signs.

Fountain Maintenance

The District will provide maintenance to the fountain located within the District boundaries. Services include but are not limited to inspection reports, check and supply chemicals, clean area of debris and service three times per week. The District has contracted with Prestige Pool Care, Inc. for this service.

Description	Monthly	Annually	
Fountain Maintenance	$	150
Contingency	$	1,800
$	600	
	$	2,400	

Windsor at Westside
Community Development District
GENERAL FUND BUDGET

Electric

Represents estimated cost for electric to common areas and electric used to operate irrigation meters within the District. The District currently has one account with Duke Energy.

Account #	Description	Monthly	Annually	
55906 38373	9000 W Irlo Bronson Memorial Hwy Sign	$	275	$	3,300	
Contingency			$	400	
	TOTAL		$	3,700	

Irrigation Water

Represents estimated cost for reclaimed water utilities of the common areas within the District. The District currently has one account with Toho Water Authority.

Account #	Description	Monthly	Annually	
002592178-				
033016529	2100 E. Monaco Blvd Fountain	$	125	$	1,500	
Contingency			$	500	
	TOTAL		$	2,000	

Contingency

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

Windsor at Westside
Community Development District

	Fiscal Year 2020 Adopted Budget
Debt Service Fund		
	Series 2015		
	Adopted	Actual	Next	Projected	Adopted	
	Budget	Thru	3	Thru	Budget	
	FY2019	6/30/19	Months	9/30/19	FY2020	

Revenues						
Special Assessments	$276,388	$278,896	$0	$278,896	$276,388	
Interest Income	$0	$5,544	$456	$6,000	$500	
Carry Forward Surplus	$194,501	$195,743	$0	$195,743	$210,552	
Total Revenues	$470,889	$480,183	$456	$480,639	$487,440	

Expenses						
Interest - 11/1	$100,744	$100,744	$0	$100,744	$99,344	
Principal - 11/1	$70,000	$70,000	$0	$70,000	$75,000	
Interest - 5/1	$99,344	$99,344	$0	$99,344	$97,844	
Total Expenditures	$270,088	$270,088	$0	$270,088	$272,188	
						
Excess Revenues/(Expenditures)	$200,801	$210,096	$456	$210,552	$215,252	
				
Principal - 11/1/2020	
$80,000	
				Interest - 11/1/2020	 	$97,844 	
				Total	 	$177,844 	

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	

11/1/19	$ 3,985,000	$	75,000	$	99,344	$	174,344	
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		$ 3,985,000	$ 3,320,431	$ 7,305,431	

Windsor at Westside
Community Development District

	Fiscal Year 2020 Adopted Budget
Debt  Service Fund		
	Series 2016		
	Adopted Budget
FY2019	Actual Thru
6/30/19	Next 3
Months	Projected Thru
9/30/19	Adopted Budget
FY2020	

Revenues						
Special Assessments	$418,750	$422,702	$0	$422,702	$418,750	
Interest Income	$500	$7,962	$538	$8,500	$500	
Carry Forward Surplus	$282,112	$282,455	$0	$282,455	$294,914	
Total Revenues	$701,362	$713,118	$538	$713,656	$714,164	

Expenses						
Interest - 11/1	$150,897	$150,897	$0	$150,897	$148,884	
Principal - 11/1	$115,000	$115,000	$0	$115,000	$120,000	
Interest - 5/1	$148,884	$148,884	$0	$148,884	$146,784	
Transfer Out	$0	$3,961	$0	$3,961	$0	
Total Expenditures	$414,781	$418,742	$0	$418,742	$415,668	
						
Excess Revenues/(Expenditures)	$286,581	$294,376	$538	$294,914	$298,496	
				
Principal - 11/1/2020	
$125,000	
				Interest - 11/1/2020	 	$146,784 	
				Total	 	$271,784 	

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	
					
11/1/19	$ 6,310,000	$	120,000	$	148,884	$	268,884	
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		$ 6,310,000	$ 5,201,547	$ 11,511,547