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Storey Park

Community Development District

Adopted Budget

FY 2018

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	Table of Contents	
1-2	General Fund	
3	Phase 1 Assessment  Area  Allocation Chart	
4-7	General Fund Narrative	
8	Debt Service Fund	
9-10	Amortization Schedule	

Storey Park

Community Development District

Fiscal Year 2018

General Fund

				Adopted	Actual	Projected	Total	Adopted		
				Budget	Thru	Next 3	Thru	Budget		
	Description		FY2017	6/30/17	Months	9/30/17	FY2018		
	Revenues							
										
	O&M Assessments (1)	$320,544	$323,648	$418	$324,066	$320,544		
	Developer Contributions	$74,169	$11,564	$0	$11,564	$74,169		
	Interest	$0	$19	$6	$25	$0		
	Total Revenues							
		$394,713	$335,231	$424	$335,655	$394,713		

Expenditures

Administrative

Supervisor Fees	$0	$0	$0	$0	$0		
FICA Expense	$0	$0	$0	$0	$0		
Engineering	$12,000	$3,211	$2,789	$6,000	$12,000		
Attorney	$25,000	$9,879	$7,403	$17,282	$25,000		
Arbitrage	$0	$0	$600	$600	$600		
Dissemination Agent	$3,500	$2,625	$875	$3,500	$3,500		
Annual Audit	$3,300	$3,300	$0	$3,300	$3,400		
Trustee Fees	$5,000	$3,500	$0	$3,500	$3,500		
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	$600	$450	$150	$600	$1,200		
Telephone	$300	$0	$50	$50	$300		
Postage	$1,000	$81	$44	$125	$1,000		
Insurance	$5,665	$5,253	$0	$5,253	$5,800		
Printing & Binding	$1,360	$192	$308	$500	$1,000		
Legal Advertising	$1,500	$0	$1,500	$1,500	$1,925		
Other Current Charges	$1,000	$0	$100	$100	$1,000		
Property Appraiser	$700	$265	$0	$265	$700		
Property Taxes	$0	$0	$0	$0	$0		
Office Supplies	$625	$4	$21	$25	$625		
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175		
Administrative Expenses							
	$101,725	$60,186	$22,590	$82,776	$101,725		

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Storey Park

Community Development District

Fiscal Year 2018

General Fund

				Adopted	Actual	Projected	Total	Adopted		
				Budget	Thru	Next 3	Thru	Budget		
	Description		FY2017	6/30/17	Months	9/30/17	FY2018		
	Operation & Maintenance								
	Contract Services							
	Field Management	$15,000	$11,250	$3,750	$15,000	$15,000		
	Landscape Maintenance - Contract	$150,000	$53,953	$21,542	$75,495	$150,000		
	Lake Maintenance	$6,500	$2,565	$855	$3,420	$6,500		
	Mitigation Monitoring & Maintenance	$0	$0	$0	$0	$9,000		
	Repairs & Maintenance							
	Repairs - General	$3,500	$0	$875	$875	$2,000		
	Operating Supplies	$500	$0	$125	$125	$500		
	Landscape Contingency	$0	$1,400	$600	$2,000	$2,000		
	Irrigation Repairs	$3,000	$1,426	$574	$2,000	$2,000		
	Roadways & Sidewalks	$5,000	$0	$1,000	$1,000	$5,000		
	Trail Maintenance	$1,500	$0	$375	$375	$1,500		
	Signage	$3,500	$0	$875	$875	$3,500		
	Utility							
	Electric	$1,000	$173	$62	$235	$1,000		
	Water & Sewer	$14,000	$4,872	$3,128	$8,000	$14,000		
	Streetlights	$79,488	$23,746	$9,934	$33,680	$79,488		
	Other							
	Contingency	$10,000	$325	$0	$325	$0		
	Property Insurance	$0	$1,311	$0	$1,311	$1,500		
	Operation & Maintenance Expenses							
		$292,988	$101,021	$43,695	$144,716	$292,988		
	Total Expenditures							
		$394,713	$161,207	$66,285	$227,492	$394,713		
	Excess Revenues/(Expenditures)							
								
		$0	$174,024	($65,861)	$108,163	$0		
										
	(1) Assessments are imposed on the platted and unplatted lots in Assessment Area One ("AA1").			Net Assessments	$320,544		
	The assessments on platted lots will be certified for collection on the tax bill and the assessments		Add: Discounts & Collection	$20,460		
	on the unplatted lots will be direct billed. The Developer Contribution consists of a prorated portion		Gross Assessments	$341,004		
	of the administrative costs attributable to areas outside of AA1 but within the CDD boundaries.						

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STOREY PARK COMMUNITY DEVELOPMENT DISTRICT

PROJECTED ANNUAL DEBT SERVICE AND O&M ASSESSMENTS FOR EACH PRODUCT TYPE

PHASE 1 ASSESSMENT AREA

				Net Annual	Gross Annual	Net Annual	Gross Annual	
					Debt		Debt	O&M	O&M	
		ERUs per		Assessment	Assessment	Assessment	Assessment	
Product Type	No. of Units	Unit	Total ERUs		Per Unit		Per Unit	Per Unit	Per Unit	
Apartments	30	0.25	8		$0		$0	$149	$158	
Townhome - 20'	100	0.40	40		$476		$506	$238	$253	
Townhome - 25'	90	0.50	45		$595		$633	$298	$317	
Single Family 32'	130	0.64	83		$761		$810	$381	$406	
Single Family 40'	112	0.80	90		$952		$1,013	$476	$507	
Single Family 50'	172	1.00	172		$1,190		$1,266	$596	$634	
Single Family 60'	67	1.20	80		$1,428		$1,519	$715	$760	
	701		518							
Commercial (1,000 Square Feet)	82	0.25	21	$	-	$	-	$149	$158	

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Storey Park

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.

Developer Contributions

The District will enter into a Funding Agreement with the Developer to fund the General Fund administrative expenditures allocated to Developer for areas outside Phase I Assessment Area for the Fiscal Year.

EXPENDITURES:

Administrative:

Supervisor 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 District has not budgeted nor anticipates an amount for this 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, Poulos & Bennet, will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review 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 Attorney, Latham, Shuker, Eden & Beaudine, LLP, will be providing general legal services to the District, e.g. attendance and preparation for monthly Board meetings, preparation and review of agreements and resolutions, and other research 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 2015 Special Assessment Revenue Bonds. The Distirit has contracted with Grau & Associates for this service.

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Storey Park

Community Development District

GENERAL FUND BUDGET

Dissemination Agent

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. Governmental Management Services-CF, LLC has been retained to serve as the District’s dissemination agent.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records by and Independent Certified Public Accounting Firm. The District’s auditing firm is Grau & Associates.

Trustee Fees

The District will pay annual trustee fees for the Series 2015 Special Assessment Bonds held at Regions Bank.

Assessment Administration

The District has contracted with Governmental Management Services-CF, LLC to administer the collection of a Non-Ad Valorem assessment on all assessable property within the District.

Management Fees

The District has contracted with Governmental Management Services-CF, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reports, annual audits, 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

Mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

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

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Storey Park

Community Development District

GENERAL FUND BUDGET

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, correspondence, stationary, envelopes, photocopies and other printed material.

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 any fee the District may be charged by Orange County Property Appraiser’s office for assessment administration services.

Office Supplies

Miscellaneous office supplies.

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:

Contract Services

Field Management

It is anticipated that the District will contract to provide onsite field management of contracts for the District such as landscape and lake maintenance. Services to include onsite inspections, meetings with contractors and monitoring of utility accounts.

Landscape Maintenance

The District will maintain the landscaping within the common areas of the District after installation of landscape material has been completed. The District has contracted with BrightView Landscape Services for services on Phase I Assessment Area.

Lake Maintenance

Represents estimated cost for maintaining ponds within the Phase 1 Assessment Area. The budget is based on an estimate provided by a lake maintenance contractor.

Mitigation Monitoring & Maintenance

Represents estimated costs for environmental monitoring, reporting and maintenance of mitigation areas within the District boundaries.

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Storey Park

Community Development District

GENERAL FUND BUDGET

Repairs & Maintenance

Repairs – General

Represents any miscellaneous repairs throughout the fiscal year to the common areas maintained by the District that are not covered under any other expense line item.

Operating Supplies

Represents estimated costs of supplies purchased for operating and maintaining the District.

Landscape Contingency

Represents estimated costs for any additional services not included in the landscape contract.

Irrigation Repairs

Represents estimated costs for repairs to the irrigation system.

Roadways & Sidewalks

Represented estimated costs for any maintenance of roadways and sidewalks.

Trail Maintenance

Represents estimated costs for any maintenance to the trail.

Signage

Represents estimated cost to maintain all signs.

Utilities

Electric/Water

Represents estimated cost of electric for items such as irrigation controllers, monument lighting, etc. and reclaimed water for irrigation of common areas.

Streetlights

Represents estimated cost of electric for streetlights that will be coming on line within the community.

Other

Property Insurance

Represents estimated costs for the annual coverage of property insurance. Coverage will be provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

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Storey Park

Community Development District

Fiscal Year 2018

Debt Service Fund

				Adopted	Actual	Projected		Total	Adopted		
				Budget	Thru		Next 3		Thru	Budget		
				FY2017	6/30/17				Months	9/30/17		FY2018		
Revenues																	
Special Assessments	$607,044			$410,152			$203,926	$614,077		$607,044		
Interest	$0			$1,413			$287	$1,700		$0		
Carry Forward Surplus	$324,983			$324,714			$0	$324,714		$399,572		
Total Revenues													
	$932,026			$736,278			$204,213	$940,491		$1,006,616		
Expenses																	
																	
Interest - 11/1	$226,359			$226,359			$0	$226,359		$224,559		
Principal - 11/1	$90,000			$90,000			$0	$90,000		$155,000		
Interest - 5/1	$224,559			$224,559			$0	$224,559		$221,459		
Total Expenditures													
	$540,918			$540,919			$0	$540,919		$601,018		
Excess Revenues/(Expenditures)													
													
	$391,108			$195,360			$204,213	$399,572		$405,598		
									
Direct Assessments Payment Schedule Per Resolution 2016-09 Section 4B.:				Principal - 11/1/2018	$160,000		
													Interest - 11/1/2018	$221,459		
				Gross Assessed		Less: Disc. & Coll.			Net Due		Total	$381,459		
																
April 1, 2017		$184,046.46		($11,042.79)			$173,003.67						

September 1, 2017	$216,054.54		($12,963.27)			$203,091.27						
Total Amount Due	$400,101.00					$376,094.94						

										Gross Per		Gross				
			Product Type	Platted Units		Unit		Total				
			Apartments	0			$0		$0				
			Townhome - 20'	18			$506		$9,108				
			Townhome - 25'	0			$633		$0				
			Single Family - 32'	62			$810		$50,220				
			Single Family - 40'	51			$1,013		$51,663				
			Single Family - 50'	86			$1,266		$108,876				
			Single Family - 60'	17			$1,519		$25,823				
			Unplatted	0				N/A		$400,101				
							234							$645,791				
			Commercial	82			$0		$0				

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Storey Community Development District

Series 2015, Special Assessment Bonds

(Term Bonds Combined)

Amortization Schedule

Date		Balance		Principal		Interest		Annual	
5/1/17	$	9,120,000	$	-	$	224,559	$	-	
11/1/17	$	9,120,000	$	155,000	$	224,559	$	604,119	
5/1/18	$	8,965,000	$	-	$	221,459	$	-	
11/1/18	$	8,965,000	$	160,000	$	221,459	$	602,919	
5/1/19	$	8,805,000	$	-	$	218,259	$	-	
11/1/19	$	8,805,000	$	170,000	$	218,259	$	606,519	
5/1/20	$	8,635,000	$	-	$	214,859	$	-	
11/1/20	$	8,635,000	$	175,000	$	214,859	$	604,719	
5/1/21	$	8,460,000	$	-	$	211,359	$	-	
11/1/21	$	8,460,000	$	180,000	$	211,359	$	602,719	
5/1/22	$	8,280,000	$	-	$	207,309	$	-	
11/1/22	$	8,280,000	$	190,000	$	207,309	$	604,619	
5/1/23	$	8,090,000	$	-	$	203,034	$	-	
11/1/23	$	8,090,000	$	200,000	$	203,034	$	606,069	
5/1/24	$	7,890,000	$	-	$	198,534	$	-	
11/1/24	$	7,890,000	$	205,000	$	198,534	$	602,069	
5/1/25	$	7,685,000	$	-	$	193,922	$	-	
11/1/25	$	7,685,000	$	215,000	$	193,922	$	602,844	
5/1/26	$	7,245,000	$	-	$	189,084	$	-	
11/1/26	$	7,245,000	$	225,000	$	189,084	$	603,169	
5/1/27	$	7,245,000	$	-	$	184,022	$	-	
11/1/27	$	7,245,000	$	235,000	$	184,022	$	603,044	
5/1/28	$	7,010,000	$	-	$	178,147	$	-	
11/1/28	$	7,010,000	$	250,000	$	178,147	$	606,294	
5/1/29	$	6,760,000	$	-	$	171,897	$	-	
11/1/29	$	6,760,000	$	260,000	$	171,897	$	603,794	
5/1/30	$	6,500,000	$	-	$	165,397	$	-	
11/1/30	$	6,500,000	$	275,000	$	165,397	$	605,794	
5/1/31	$	6,225,000	$	-	$	158,522	$	-	
11/1/31	$	6,225,000	$	290,000	$	158,522	$	607,044	
5/1/32	$	5,935,000	$	-	$	151,272	$	-	
11/1/32	$	5,935,000	$	300,000	$	151,272	$	602,544	
5/1/33	$	5,635,000	$	-	$	143,772	$	-	
11/1/33	$	5,635,000	$	315,000	$	143,772	$	602,544	
5/1/34	$	5,320,000	$	-	$	135,897	$	-	
11/1/34	$	5,320,000	$	335,000	$	135,897	$	606,794	
5/1/35	$	4,985,000	$	-	$	127,522	$	-	
11/1/35	$	4,985,000	$	350,000	$	127,522	$	605,044	
5/1/36	$	4,635,000	$	-	$	118,772	$	-	
11/1/36	$	4,635,000	$	365,000	$	118,772	$	602,544	

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Storey Community Development District

Series 2015, Special Assessment Bonds

(Term Bonds Combined)

Amortization Schedule

Date		Balance		Principal		Interest		Annual	
5/1/37	$	4,270,000	$	-	$	109,419	$	-	
11/1/37	$	4,270,000	$	385,000	$	109,419	$	603,838	
5/1/38	$	3,885,000	$	-	$	99,553	$	-	
11/1/38	$	3,885,000	$	405,000	$	99,553	$	604,106	
5/1/39	$	3,480,000	$	-	$	89,175	$	-	
11/1/39	$	3,480,000	$	425,000	$	89,175	$	603,350	
5/1/40	$	3,055,000	$	-	$	78,284	$	-	
11/1/40	$	3,055,000	$	450,000	$	78,284	$	606,569	
5/1/41	$	2,605,000	$	-	$	66,753	$	-	
11/1/41	$	2,605,000	$	470,000	$	66,753	$	603,506	
5/1/42	$	2,135,000	$	-	$	54,709	$	-	
11/1/42	$	2,135,000	$	495,000	$	54,709	$	604,419	
5/1/43	$	1,640,000	$	-	$	42,025	$	-	
11/1/43	$	1,640,000	$	520,000	$	42,025	$	604,050	
5/1/44	$	1,120,000	$	-	$	28,700	$	-	
11/1/44	$	1,120,000	$	545,000	$	28,700	$	602,400	
5/1/45	$	575,000	$	-	$	14,734	$	-	
11/1/45	$	575,000	$	575,000	$	14,734	$	604,469	
									
Totals			$	9,120,000	$	8,401,906	$	17,521,906	

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