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Shingle Creek

Community Development District

Adopted Budget

FY 2018

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	Table of Contents	
1	General Fund	
2-5	General Fund Narrative	
6	Debt Service Fund Series 2015	
7-8	Amortization Schedule Series 2015	

Shingle Creek

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								
	Special Assessments	$359,955	$320,254	$39,701	$359,955	$359,955		
	Total Revenues							
		$359,955	$320,254	$39,701	$359,955	$359,955		
	Expenditures								
									
	Administrative								
	Supervisors Fees	$0	$0	$0	$0	$0		
	FICA Expense	$0	$0	$0	$0	$0		
	Engineering	$25,000	$6,320	$1,680	$8,000	$25,000		
	Attorney	$40,000	$32,096	$7,904	$40,000	$40,000		
	Arbitrage	$650	$650	$600	$1,250	$650		
	Dissemination	$3,500	$2,625	$875	$3,500	$3,500		
	Annual Audit	$5,000	$6,300	$0	$6,300	$6,400		
	Trustee Fees	$5,500	$0	$3,500	$3,500	$3,500		
	Assessment Administration	$5,000	$5,000	$0	$5,000	$5,000		
	Management Fees	$32,500	$24,370	$8,125	$32,495	$32,500		
	Information Technology	$600	$450	$150	$600	$600		
	Telephone	$200	$35	$25	$60	$200		
	Postage	$500	$130	$120	$250	$500		
	Travel Per Diem	$250	$0	$0	$0	$250		
	Printing & Binding	$500	$356	$144	$500	$500		
	Insurance	$10,000	$8,930	$0	$8,930	$10,000		
	Legal Advertising	$2,500	$261	$1,739	$2,000	$2,500		
	Other Current Charges	$300	$14	$11	$25	$300		
	Office Supplies	$200	$16	$9	$25	$200		
	Property Appraiser	$500	$274	$0	$274	$500		
	Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175		
	Contingency	$5,000	$0	$0	$0	$0		
	Administrative Expenses							
		$137,875	$88,000	$24,882	$112,882	$132,275		
	Operation & Maintenance								
	Field Services	$7,500	$5,625	$1,875	$7,500	$7,500		
	Utilities	$12,000	$4,900	$2,100	$7,000	$12,000		
	Landscape Maintenance	$125,000	$48,544	$38,682	$87,226	$125,000		
	Landscape Contingency	$5,000	$5,502	$998	$6,500	$7,500		
	Property Insurance	$2,500	$5,723	$0	$5,723	$6,300		
	London Creek Ranch Maintenance	$35,000	$19,200	$15,800	$35,000	$35,000		
	Lake Maintenance	$10,080	$7,560	$2,520	$10,080	$10,080		
	Lake Contingency	$5,000	$0	$2,500	$2,500	$5,000		
	Irrigation Repairs	$0	$1,503	$497	$2,000	$2,000		
	Contingency	$20,000	$1,661	$439	$2,100	$17,300		
	Operation & Maintenance Expenses							
		$222,080	$100,219	$65,411	$165,630	$227,680		
	Total Expenditures							
		$359,955	$188,219	$90,293	$278,512	$359,955		
	Excess Revenues/(Expenditures)							
								
		$0	$132,034	($50,592)	$81,443	$0		
													
										Net Assessment	$359,955		
										Collection Cost (6%)	$22,976		
										Gross Assessment	$382,931		

								Property Type	Platted Units	Gross Per Unit	Gross Total		
								Single Family	370	$354	$130,921		
								Townhome	290	$221	$64,134		
								Condo/MF	0	$188	$0		
								Unplatted	0	N/A	$187,877		
								Total	660		$382,931		

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Shingle Creek

Community Development District

GENERAL FUND BUDGET

REVENUES:

Special 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, Franklin, Hart and Reid, 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, Latham, Shuker, Eden & Beaudine, 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 directred 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 District has contracted with LLS Tax Solutions, Inc. 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 McDirmit, Davis & Company for this service.

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Shingle Creek

Community Development District

GENERAL FUND BUDGET

Trustee Fees

The District will pay annual trustee fees for the Series 2015 Special Assessment Revenue Bonds that are deposited with a Trustee at Regions Bank.

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 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, checks for vendors and other required correspondence.

Travel Per Diem

The Board of Supervisors can be reimbursed for travel expenditures related to the conducting of District business.

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 Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

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Shingle Creek

Community Development District

GENERAL FUND BUDGET

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 Osceola 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.

Field:

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.

Utilities

Represents estimated cost of electric and water services for items such as monument lighting, fountains, etc.

Landscape Maintenance

The District will maintain the landscaping within the common areas of the District after installation of landscape material has been completed.

Description	Monthly	Annual	
Landscape Maintenance	$7,889	$94,668	
Contingency		$30,332	
Total		$125,000	

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Shingle Creek

Community Development District

GENERAL FUND BUDGET

Landscape Contingency

Represents estimated costs for any additional landscape expenses not covered under the monthly landscape maintenance contract.

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.

London Creek Ranch Maintenance

The District will schedule maintenance of wetlands located in the London Creek Ranch area of the District. Services will include vegetation maintenance, site inspections, site maintenance, trail maintenance and permit status and compliance.

Lake Maintenance

Represents cost for maintenance to three ponds located within the District. Services include shoreline grass and brush control, floating and submersed vegetation control, additional treatments as required and a monthly report of all waterways treated. The District has contracted with Aquatic Weed Control, Inc. for these services.

Description	Monthly	Annual	
Lake Maintenance	$840	$10,080	
Total		$10,080	

Lake Contingency

Represents estimated costs for any additional lake expenses not covered under the monthly lake maintenance contract.

Irrigation Repairs

Represents estimated costs for any repairs to the irrigation system.

Contingency

Represents any additional field expense that may not have been provided for in the budget.

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Shingle Creek

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	$1,433,379	$1,140,331	$293,048	$1,433,379	$1,433,379		
Interest Income	$0	$4,173	$827	$5,000	$0		
Carry Forward Surplus	$906,291	$891,771	$0	$891,771	$905,843		
Total Revenues							
	$2,339,670	$2,036,275	$293,875	$2,330,150	$2,339,222		
Expenses							

Interest - 11/1	$542,780	$542,780	$0	$542,780	$536,527		
Principal - 11/1	$345,000	$345,000	$0	$345,000	$360,000		
Interest - 5/1	$536,527	$536,527	$0	$536,527	$530,002		
Total Expenditures							
	$1,424,307	$1,424,307	$0	$1,424,307	$1,426,529		
Excess Revenues/(Expenditures)							
							
	$915,363	$611,968	$293,875	$905,843	$912,693		
									
						Principal - 11/1/2018	$370,000		
						Interest - 11/1/2018	$530,002		
						Total	$900,002		
									
						Net Assessment	$1,433,379		
						Collection Cost (6%)	$91,492		
						Gross Assessment	$1,524,871		

				Property Type	Platted Units	Gross Per Unit	Gross Total		
				Single Family	370	$1,691	$625,689		
				Townhome	290	$1,057	$306,504		
				Condo/MF	0	$850	$0		
				Unplatted	0	N/A	$592,679		
				Total	660		$1,524,871		

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Shinle Creek Community Development District

Series 2015, Special Assessment Bonds

(Term Bonds Combined)

Amortization Schedule

Date	Balance		Principal		Interest		Annual	
5/1/17	$ 21,120,000	$	-	$	536,527	$	-	
11/1/17	$ 21,120,000	$	360,000	$	536,527	$	1,433,054	
5/1/18	$ 20,760,000	$	-	$	530,002	$	-	
11/1/18	$ 20,760,000	$	370,000	$	530,002	$	1,430,004	
5/1/19	$ 20,390,000	$	-	$	523,296	$	-	
11/1/19	$ 20,390,000	$	385,000	$	523,296	$	1,431,591	
5/1/20	$ 20,005,000	$	-	$	516,318	$	-	
11/1/20	$ 20,005,000	$	400,000	$	516,318	$	1,432,635	
5/1/21	$ 19,605,000	$	-	$	509,068	$	-	
11/1/21	$ 19,605,000	$	415,000	$	509,068	$	1,433,135	
5/1/22	$ 19,190,000	$	-	$	499,730	$	-	
11/1/22	$ 19,190,000	$	430,000	$	499,730	$	1,429,460	
5/1/23	$ 18,760,000	$	-	$	490,055	$	-	
11/1/23	$ 18,760,000	$	450,000	$	490,055	$	1,430,110	
5/1/24	$ 18,310,000	$	-	$	479,930	$	-	
11/1/24	$ 18,310,000	$	470,000	$	479,930	$	1,429,860	
5/1/25	$ 17,840,000	$	-	$	469,355	$	-	
11/1/25	$ 17,840,000	$	490,000	$	469,355	$	1,428,710	
5/1/26	$ 17,350,000	$	-	$	458,330	$	-	
11/1/26	$ 17,350,000	$	515,000	$	458,330	$	1,431,660	
5/1/27	$ 16,835,000	$	-	$	445,133	$	-	
11/1/27	$ 16,835,000	$	540,000	$	445,133	$	1,430,266	
5/1/28	$ 16,295,000	$	-	$	431,296	$	-	
11/1/28	$ 16,295,000	$	570,000	$	431,296	$	1,432,591	
5/1/29	$ 15,725,000	$	-	$	416,689	$	-	
11/1/29	$ 15,725,000	$	600,000	$	416,689	$	1,433,379	
5/1/30	$ 15,125,000	$	-	$	401,314	$	-	
11/1/30	$ 15,125,000	$	630,000	$	401,314	$	1,432,629	
5/1/31	$ 14,495,000	$	-	$	385,171	$	-	
11/1/31	$ 14,495,000	$	660,000	$	385,171	$	1,430,341	
5/1/32	$ 13,835,000	$	-	$	368,258	$	-	
11/1/32	$ 13,835,000	$	695,000	$	368,258	$	1,431,516	
5/1/33	$ 13,140,000	$	-	$	350,449	$	-	
11/1/33	$ 13,140,000	$	730,000	$	350,449	$	1,430,898	
5/1/34	$ 12,410,000	$	-	$	331,743	$	-	
11/1/34	$ 12,410,000	$	765,000	$	331,743	$	1,428,485	
5/1/35	$ 11,645,000	$	-	$	312,139	$	-	
11/1/35	$ 11,645,000	$	805,000	$	312,139	$	1,429,279	
5/1/36	$ 10,840,000	$	-	$	291,511	$	-	
11/1/36	$ 10,840,000	$	850,000	$	291,511	$	1,433,023	

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Shingle Creek Community Development District Series 2015, Special Assessment Bonds (Term Bonds Combined)

Amortization Schedule

Date		Balance		Principal		Interest		Annual	
5/1/37	$	9,990,000	$	-	$	269,730	$	-	
11/1/37	$	9,990,000	$	890,000	$	269,730	$	1,429,460	
5/1/38	$	9,100,000	$	-	$	245,700	$	-	
11/1/38	$	9,100,000	$	940,000	$	245,700	$	1,431,400	
5/1/39	$	8,160,000	$	-	$	220,320	$	-	
11/1/39	$	8,160,000	$	990,000	$	220,320	$	1,430,640	
5/1/40	$	7,170,000	$	-	$	193,590	$	-	
11/1/40	$	7,170,000	$	1,045,000	$	193,590	$	1,432,180	
5/1/41	$	6,125,000	$	-	$	165,375	$	-	
11/1/41	$	6,125,000	$	1,100,000	$	165,375	$	1,430,750	
5/1/42	$	5,025,000	$	-	$	135,675	$	-	
11/1/42	$	5,025,000	$	1,160,000	$	135,675	$	1,431,350	
5/1/43	$	3,865,000	$	-	$	104,355	$	-	
11/1/43	$	3,865,000	$	1,220,000	$	104,355	$	1,428,710	
5/1/44	$	2,645,000	$	-	$	71,415	$	-	
11/1/44	$	2,645,000	$	1,290,000	$	71,415	$	1,432,830	
5/1/45	$	1,355,000	$	-	$	36,585	$	-	
11/1/45	$	1,355,000	$	1,355,000	$	36,585	$	1,428,170	
									
Totals			$	21,120,000	$	20,378,115	$	41,498,115	

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