Title: WAW FY24 Adopted Budget.xlsx - Group
Author: Gms

Windsor at Westside
Community Development District

Adopted Budget
FY2024

Table of Contents

1-2 | General Fund
3-7 | General Fund Narrative
8 | Debt Service Fund Series 2015
9 | Amortization Schedule Series 2015
10 | Debt Service Fund Series 2016
11 | Amortization Schedule Series 2016
12 | Capital Reserve Fund

| Adopted Budget | Actuals Thru | Projected Next | Projected Thru | Adopted Budget
| FY2023 | 6/30/23 | 3 Months | 9/30/23 | FY2024
Revenues | | | | |
O&M Assessments | $	444,642 | $	448,169 | $	- | $	448,169 | $	444,642
Total Revenues | $	444,642 | $	448,169 | $	- | $	448,169 | $	444,642
Expenditures | | | | |
General & Administrative | | | | |
Supervisor Fee | $	7,200 | $	1,800 | $	1,200 | $	3,000 | $	7,200
FICA Expense | $	367 | $	92 | $	61 | $	153 | $	367
Engineering | $	5,000 | $	1,350 | $	3,650 | $	5,000 | $	5,000
Attorney | $	10,000 | $	3,215 | $	2,500 | $	5,715 | $	10,000
Arbitrage | $	900 | $	450 | $	450 | $	900 | $	900
Dissemination | $	7,000 | $	5,250 | $	1,750 | $	7,000 | $	7,000
Annual Audit | $	3,900 | $	4,000 | $	- | $	4,000 | $	4,100
Trustee Fees | $	7,000 | $	7,000 | $	- | $	7,000 | $	7,000
Assessment Administration | $	5,000 | $	5,000 | $	- | $	5,000 | $	5,300
Management Fees | $	41,363 | $	31,022 | $	10,341 | $	41,363 | $	43,845
Information Technology | $	1,800 | $	1,350 | $	450 | $	1,800 | $	1,908
Website Maintenance | $	1,000 | $	750 | $	250 | $	1,000 | $	1,060
Postage | $	300 | $	2,398 | $	75 | $	2,473 | $	300
Insurance | $	7,215 | $	6,464 | $	- | $	6,464 | $	7,111
Printing & Binding | $	500 | $	108 | $	125 | $	233 | $	500
Legal Advertising | $	3,000 | $	464 | $	2,536 | $	3,000 | $	3,000
Other Current Charges | $	1,000 | $	429 | $	250 | $	679 | $	1,000
Property Appraiser | $	500 | $	324 | $	- | $	324 | $	500
Office Supplies | $	200 | $	2 | $	50 | $	52 | $	200
Dues, Licenses & Subscriptions | $	175 | $	175 | $	- | $	175 | $	175
Total General & Administrative: | $	103,520 | $	71,642 | $	23,688 | $	95,331 | $	106,466

| Adopted Budget | Actuals Thru | Projected Next | Projected Thru | Adopted Budget
| FY2023 | 6/30/23 | 3 Months | 9/30/23 | FY2024
Operations & Maintenance | | | | |
Contract Services | | | | |
Field Services | $	10,635 | $	7,976 | $	2,659 | $	10,635 | $	11,274
Landscape Maintenance - Contract | $	63,000 | $	43,526 | $	14,509 | $	58,035 | $	63,000
Lake Maintenance | $	10,500 | $	8,046 | $	2,682 | $	10,728 | $	11,688
Property Insurance | $	2,786 | $	2,554 | $	- | $	2,554 | $	3,831
Repairs & Maintenance | | | | |
Landscape Maintenance - Other | $	10,000 | $	15,686 | $	8,000 | $	23,686 | $	20,000
Repairs and Maintenance | $	2,500 | $	- | $	625 | $	625 | $	20,000
Operating Supplies | $	1,000 | $	- | $	250 | $	250 | $	1,000
Irrigation Repairs | $	10,000 | $	10,142 | $	2,000 | $	12,142 | $	12,000
Signage | $	800 | $	- | $	200 | $	200 | $	800
Fountain Maintenance | $	2,520 | $	5,850 | $	2,550 | $	8,400 | $	10,710
Wetland Maintenance | $	9,400 | $	- | $	4,700 | $	4,700 | $	10,000
Subtotal | $	123,141 | $	93,780 | $	38,175 | $	131,955 | $	164,303
Utilitiy | | | | |
Electric | $	5,280 | $	3,394 | $	1,320 | $	4,714 | $	5,280
Irrigation & Water | $	202,200 | $	88,822 | $	55,000 | $	143,822 | $	150,000
Other | | | | |
Contingency | $	10,500 | $	3,600 | $	2,625 | $	6,225 | $	10,500
Subtotal | $	217,980 | $	95,815 | $	58,945 | $	154,760 | $	165,780
Total Operations & Maintenance: | $	341,121 | $	189,595 | $	97,120 | $	286,715 | $	330,083
Other Expenditures | | | | |
Transfer Out - Capital Reserve | $	- | $	- | $	158,570 | $	158,570 | $	8,093
Total Other Expenditures | $	- | $	- | $	158,570 | $	158,570 | $	8,093

Total Expenditures | $	444,642 | $	261,237 | $	279,378 | $	540,615 | $	444,642
Excess Revenues/(Expenditures) | $	- | $	186,932 | $	(279,378) | $	(92,446) | $	-
Fund Balance - Beginning | $	- | $	201,583 | $	- | $	201,583 | $	-
Fund Balance - Ending | $	- | $	388,515 | $	(279,378) | $	109,137 | $	-
| | | Net Assessments | FY2023 $	444,642 | FY2024 $	444,642
Add: Discounts & Collection  $		28,381 $		28,381  Gross Assessments  $	473,023  $	473,023 

FISCAL YEAR 2024

Product Type

Per Unit Net O&M
Assessment

Per Unit Gross O&M
Assessment

Townhome - 25' | $	621 | $	661
Single Family 40' | $	663 | $	705
Single Family 50' | $	829 | $	882

GROSS PER UNIT ASSESSMENT COMPARISON CHART

Product Type

No. of Units

FY2023
Gross Per Unit Assessments

FY2024
Gross Per Unit Assessments

Increase/ (Decrease)

Townhome - 25' | 148 | $	661 | $	661 | $	0
Single Family 40' | 192 | $	705 | $	705 | $	0
Single Family 50' | 272 | $	882 | $	882 | $	(0)

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:

Supervisor Fees

The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon 3 supervisors attending 12 meetings.

FICA Expense

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

Engineering

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

Attorney

The District's legal counsel, Kutak Rock, LLP, provides 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 AMTEC, an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2015 & 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.

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 various cost of information technology for the District such as video conferencing, cloud storage and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc. Governmental Management Services – Central Florida, LLC provides these systems.

Website Maintenance

Represents the costs associated with 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. Governmental Management Services – Central Florida, LLC provides these services.

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. Governmental Management Services – Central Florida, LLC provides these services.

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. Governmental Management Services – Central Florida, LLC provides these 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.

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 Brightview Landscape Services, Inc.

Description | Monthly | Annually
Landscaping Maintenance | $	3,430 | $	41,160
Mulch for Common Areas | $	1,406 | $	16,875
Contingency | | $	4,965
| | $	63,000

Lake Maintenance

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

Description | Monthly | Annually
Lake Maintenance | $	894 | $	10,728
Contingency | | $	960
| | $	11,688

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 Clean Basin Fount, Inc. for this service.

Description | Monthly | Annually
Fountain Maintenance | $	600 | $	7,200
Quarterly Basin Cleaning | | $	3,000
Contingency | | $	510
| | $	10,710

Wetland Maintenance

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

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 | $	375 | $	4,500
Contingency | | | $	780
| | | $	5,280

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.

Adopted Budget
Debt Service Fund Series 2015

Adopted Budget
Description	FY2023

Actuals Thru
6/30/23

Projected Next
3 Months

Projected Thru
9/30/23

Adopted Budget
FY2024

Revenues | | | | |
Special Assessments | $	276,443 | $	278,635 | $	- | $	278,635 | $	276,443
Interest Income | $	250 | $	8,534 | $	2,133 | $	10,667 | $	250
Carry Forward Surplus | $	241,045 | $	242,782 | $	- | $	242,782 | $	263,160
Total Revenues | $	517,737 | $	529,951 | $	2,133 | $	532,084 | $	539,853
Expenditures | | | | |
General & Administrative: | | | | |
Interest - 11/1 | $	94,644 | $	94,644 | $	- | $	94,644 | $	92,944
Principal - 11/1 | $	85,000 | $	85,000 | $	- | $	85,000 | $	90,000
Interest - 5/1 | $	92,944 | $	92,944 | $	- | $	92,944 | $	90,694
Total Expenditures | $	272,588 | $	272,588 | $	- | $	272,588 | $	273,638
Other Financing Sources: | | | | |

Transfer In/(Out) | $ | - | | $ | (3,663) | $ | - | | $ | (3,663) | $ | -
Total Other Financing Sources (Uses) | $ | | - | $ | (3,663) | $ | | - | $ | (3,663) | $ | -

Excess Revenues/(Expenditures) | $ | 245,150 | $ | 261,026 | $ | 2,133 | $ | 263,160 | $ | 266,215
Principal - 11/1/2024 | $ | 90,000 | | | | | | | |
Interest - 11/1/2024   $	90,694 
Total	 $	180,694 

Product Type

No. of Units

Maximum Annual
Debt Service

Per Unit Net Debt
Assessment

Per Unit Gross Debt
Assessment

Townhome | 96 | $75,260 | $784 | $834 |
Single Family 40 | 90 | $96,952 | $1,077 | $1,146 |
Single Family 50 | 76 | $104,231 | $1,371 | $1,459 |
| 262 | $276,443 | | |
| Series | 2015 Special Assessment Amortization Schedule | Bonds | |
Date | | Balance | Prinicpal | Interest | Total
11/01/23 | $ | 3,665,000.00 | $	90,000.00 | $	92,943.75 | $	273,637.50
05/01/24 | $ | 3,575,000.00 | $	- | $	90,693.75 |
11/01/24 | $ | 3,575,000.00 | $	90,000.00 | $	90,693.75 | $	269,137.50
05/01/25 | $ | 3,485,000.00 | $	- | $	88,443.75 |
11/01/25 | $ | 3,485,000.00 | $	95,000.00 | $	88,443.75 | $	269,512.50
05/01/26 | $ | 3,390,000.00 | $	- | $	86,068.75 |
11/01/26 | $ | 3,390,000.00 | $	100,000.00 | $	86,068.75 | $	269,637.50
05/01/27 | $ | 3,290,000.00 | $	- | $	83,568.75 |
11/01/27 | $ | 3,290,000.00 | $	105,000.00 | $	83,568.75 | $	269,512.50
05/01/28 | $ | 3,185,000.00 | $	- | $	80,943.75 |
11/01/28 | $ | 3,185,000.00 | $	110,000.00 | $	80,943.75 | $	269,137.50
05/01/29 | $ | 3,075,000.00 | $	- | $	78,193.75 |
11/01/29 | $ | 3,075,000.00 | $	120,000.00 | $	78,193.75 | $	273,387.50
05/01/30 | $ | 2,955,000.00 | $	- | $	75,193.75 |
11/01/30 | $ | 2,955,000.00 | $	125,000.00 | $	75,193.75 | $	272,262.50
05/01/31 | $ | 2,830,000.00 | $	- | $	72,068.75 |
11/01/31 | $ | 2,830,000.00 | $	130,000.00 | $	72,068.75 | $	270,887.50
05/01/32 | $ | 2,700,000.00 | $	- | $	68,818.75 |
11/01/32 | $ | 2,700,000.00 | $	135,000.00 | $	68,818.75 | $	269,262.50
05/01/33 | $ | 2,565,000.00 | $	- | $	65,443.75 |
11/01/33 | $ | 2,565,000.00 | $	145,000.00 | $	65,443.75 | $	272,262.50
05/01/34 | $ | 2,420,000.00 | $	- | $	61,818.75 |
11/01/34 | $ | 2,420,000.00 | $	150,000.00 | $	61,818.75 | $	269,887.50
05/01/35 | $ | 2,270,000.00 | $	- | $	58,068.75 |
11/01/35 | $ | 2,270,000.00 | $	160,000.00 | $	58,068.75 | $	272,137.50
05/01/36 | $ | 2,110,000.00 | $	- | $	54,068.75 |
11/01/36 | $ | 2,110,000.00 | $	165,000.00 | $	54,068.75 | $	268,909.38
05/01/37 | $ | 1,945,000.00 | $	- | $	49,840.63 |
11/01/37 | $ | 1,945,000.00 | $	175,000.00 | $	49,840.63 | $	270,196.88
05/01/38 | $ | 1,770,000.00 | $	- | $	45,356.25 |
11/01/38 | $ | 1,770,000.00 | $	185,000.00 | $	45,356.25 | $	270,971.88
05/01/39 | $ | 1,585,000.00 | $	- | $	40,615.63 |
11/01/39 | $ | 1,585,000.00 | $	195,000.00 | $	40,615.63 | $	271,234.38
05/01/40 | $ | 1,390,000.00 | $	- | $	35,618.75 |
11/01/40 | $ | 1,390,000.00 | $	205,000.00 | $	35,618.75 | $	270,984.38
05/01/41 | $ | 1,185,000.00 | $	- | $	30,365.63 |
11/01/41 | $ | 1,185,000.00 | $	215,000.00 | $	30,365.63 | $	270,221.88
05/01/42 | $ | 970,000.00 | $	- | $	24,856.25 |
11/01/42 | $ | 970,000.00 | $	225,000.00 | $	24,856.25 | $	268,946.88
05/01/43 | $ | 745,000.00 | $	- | $	19,090.63 |
11/01/43 | $ | 745,000.00 | $	235,000.00 | $	19,090.63 | $	267,159.38
05/01/44 | $ | 510,000.00 | $	- | $	13,068.75 |
11/01/44 | $ | 510,000.00 | $	250,000.00 | $	13,068.75 | $	269,731.25
05/01/45 | $ | 260,000.00 | $	- | $	6,662.50 |
11/01/45 | $ | 260,000.00 | $	260,000.00 | $	6,662.50 | $	266,662.50
| | | $	3,750,000.00 | $	2,738,268.75 | $	6,488,268.75
Adopted Budget
Debt Service Fund Series 2016

Adopted Budget | Actuals Thru | Projected Next | Projected Thru | Adopted Budget |
Description	FY2023 | 6/30/23 | 3 Months | 9/30/23 | FY2024 |
Revenues | | | | |
Assessments | $	419,451 | $	422,777 | $	- | $	422,777 | $	419,451
Interest | $	250 | $	12,077 | $	3,019 | $	15,096 | $	250
Carry Forward Surplus | $	333,749 | $	336,244 | $	- | $	336,244 | $	359,598
Total Revenues | $	753,450 | $	771,098 | $	3,019 | $	774,117 | $	779,298
Expenditures | | | | |
General & Administrative: | | | | |
Interest - 11/1 | $	141,769 | $	141,769 | $	- | $	141,769 | $	139,088
Principal - 11/1 | $	130,000 | $	130,000 | $	- | $	130,000 | $	140,000
Interest - 5/1 | $	139,088 | $	139,088 | $	- | $	139,088 | $	136,200
Total Expenditures | $	410,856 | $	410,856 | $	- | $	410,856 | $	415,288
Other Financing Sources: | | | | |
Transfer In/(Out)	$	-	$	3,663 | $	- | $	3,663 | $	- | |
Total Other Financing Sources (Uses) | $	- | $	3,663 | $	- | $	3,663 | $	-
Excess Revenues/(Expenditures) | $	342,594 | $	356,579 | $	3,019 | $	359,598 | $	364,011

Principal - 11/1/2024  $	145,000
Interest - 11/1/2024   $	136,200 
Total	 $	281,200 

Product Type

No. of Units

Maximum Annual
Debt Service

Per Unit Net Debt
Assessment

Per Unit Gross Debt
Assessment

Townhome | 52 | $40,766 | $784 | $834
Single Family 40' | 102 | $109,878 | $1,077 | $1,146
Single Family 50' | 196 | $268,806 | $1,371 | $1,459
| 350 | $419,451 | |
Series 2016 Special Assessment Bonds Amortization Schedule

,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00

Adopted Budget Capital Reserves Fund

Adopted Budget | Actuals Thru | Projected Next | Projected Thru | Adopted Budget
Description	FY2023 | 6/30/23 | 3 Months | 9/30/23 | FY2024

Revenues

Interest
$	-	$
-	$	-	$	-	$	-

Expenditures

-

-

-

-

-

-