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Shingle Creek

Community Development District

Adopted Budget

FY 2019

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	Table of Contents	
1	General Fund	
2-6	General Fund Narrative	
7	Debt Service Fund Series 2015	
8-9	Amortization Schedule Series 2015	

Shingle Creek

Community Development District

Fiscal Year 2019

General Fund

							Adopted	Actual	Projected	Total	Adopted		
							Budget	Thru	Next 3	Thru	Budget		
	Description		FY2018	6/30/18	Months	9/30/18	FY2019		
	Revenues								
	Special Assessments	$359,955	$336,541	$25,133	$361,673	$377,073		
	Developer Contributions	$0	$0	$0	$0	$36,508		
	Total Revenues							
		$359,955	$336,541	$25,133	$361,673	$413,581		
	Expenditures							

	Administrative								
	Supervisors Fees	$0	$0	$0	$0	$0		
	FICA Expense	$0	$0	$0	$0	$0		
	Engineering	$25,000	$5,875	$14,125	$20,000	$25,000		
	Attorney	$40,000	$15,286	$9,714	$25,000	$40,000		
	Arbitrage	$650	$650	$0	$650	$650		
	Dissemination	$3,500	$2,625	$875	$3,500	$3,500		
	Annual Audit	$6,400	$6,400	$0	$6,400	$6,500		
	Trustee Fees	$3,500	$3,500	$0	$3,500	$3,500		
	Assessment Administration	$5,000	$5,000	$0	$5,000	$5,000		
	Management Fees	$32,500	$24,375	$8,125	$32,500	$33,475		
	Information Technology	$600	$450	$150	$600	$600		
	Telephone	$200	$7	$18	$25	$200		
	Postage	$500	$57	$93	$150	$500		
	Travel Per Diem	$250	$0	$0	$0	$250		
	Printing & Binding	$500	$82	$68	$150	$500		
	Insurance	$10,000	$8,930	$0	$8,930	$10,000		
	Legal Advertising	$2,500	$1,013	$987	$2,000	$2,500		
	Other Current Charges	$300	$50	$25	$75	$300		
	Office Supplies	$200	$3	$22	$25	$200		
	Property Appraiser	$500	$421	$0	$421	$500		
	Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175		
	Administrative Expenses							
		$132,275	$74,898	$34,202	$109,100	$133,350		
	Operation & Maintenance								
	Field Services	$7,500	$5,625	$1,875	$7,500	$7,500		
	Utilities	$12,000	$5,969	$1,831	$7,800	$12,000		
	Landscape Maintenance	$125,000	$87,537	$35,336	$122,873	$174,851		
	Landscape Contingency	$7,500	$13,797	$5,545	$19,342	$10,000		
	Property Insurance	$6,300	$5,723	$0	$5,723	$6,300		
	London Creek Ranch Maintenance	$35,000	$18,000	$12,000	$30,000	$30,000		
	Lake Maintenance	$10,080	$7,560	$2,520	$10,080	$12,080		
	Lake Contingency	$5,000	$0	$1,250	$1,250	$5,000		
	Drainage R&M	$0	$0	$0	$0	$5,000		
	Irrigation Repairs	$2,000	$885	$1,115	$2,000	$2,500		
	Lighting Maintenance	$0	$1,040	$0	$1,040	$5,000		
	Repairs & Maintenance	$0	$980	$270	$1,250	$5,000		
	Contingency	$17,300	$1,891	$460	$2,351	$5,000		
	Operation & Maintenance Expenses							
		$227,680	$149,005	$62,202	$211,207	$280,231		
	Total Expenditures							
		$359,955	$223,903	$96,404	$320,307	$413,581		
	Excess Revenues/(Expenditures)							
								
		$0	$112,637	($71,272)	$41,366	($0)		
													
										Net Assessment	$377,073		
										Collection Cost (6%)	$23,408		
										Gross Assessment	$400,481		

								Property Type	Platted Units	Gross Per Unit	Gross Total		
								Single Family	565	$354	$199,920		
								Townhome	861	$221	$190,410		
								Condo/MF	54	$188	$10,151		
								Unplatted	N/A	N/A	$0		
								Total	1480		$400,481		

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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.

Developer Contributions

The District will enter into a Funding Agreement with the Developer to fund any shortfall in the General Fund expenditures for 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.

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Shingle Creek

Community Development District

GENERAL FUND BUDGET

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.

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.

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Shingle Creek

Community Development District

GENERAL FUND BUDGET

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.

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 cost of electric and water services for items such as monument lighting, fountains, etc. District currently has one account with Kissimmee Utility Authority.

Description	Monthly	Annual	
3100 Storey Lake Blvd. Block Even	$750	$9,000	
Monument/Fountain			
Contingency		$3,000	
Total		$12,000	
	4		

Shingle Creek

Community Development District

GENERAL FUND BUDGET

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 Down to Earth Lawncare II, Inc. for this service.

Description	Monthly	Annual	
Phase I	$6,116	$73,392	
Phase II - Storey Lake Boulevard	$1,423	$17,076	
Area I - Bahia Mowing	$350	$4,200	
Phase II Part 2 - Additional Bahia	$1,150	$13,800	
Phase III - Roundabout	$2,740	$32,875	
Storey Lake Additional Areas	$2,792	$33,508	
Total		$174,851	

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. The District has contracted with Austin Environmental Consultants, Inc. for this service.

Description	Per Visit	Annual	
Vegetation Maintenance - 3 x per year	$8,000	$24,000	
Site Inspections & Maintenance	As Needed	$6,000	
Total		$30,000	

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Shingle Creek

Community Development District

GENERAL FUND BUDGET

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	
Contingency		$2,000	
Total		$12,080	

Drainage R&M

Represents estimate repair and maintenance costs to the drainage structures, outfall structures, storm piping and bank erosions maintained by the District.

Irrigation Repairs

Represents estimated costs for any repairs to the irrigation system.

Lighting Maintenance

Represents estimated repair and maintenance cost to all lighting fixtures maintained by the District.

Repairs & Maintenance

Represents general repairs and maintenance costs that are not budgeted under any other budgeted line item.

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 2019

Debt Service Fund

			Adopted	Actual	Projected	Total	Adopted		
			Budget	Thru	Next 3	Thru	Budget		
			FY2018	6/30/18	Months	9/30/18	FY2019		
Revenues								
Special Assessments	$1,433,379	$1,337,087	$104,502	$1,441,589	$1,433,611		
Interest Income	$0	$13,836	$2,164	$16,000	$0		
Carry Forward Surplus	$905,843	$896,980	$0	$896,980	$928,041		
Total Revenues							
	$2,339,222	$2,247,904	$106,666	$2,354,570	$2,361,652		
Expenses								
								
Interest - 11/1	$536,527	$536,527	$0	$536,527	$530,002		
Principal - 11/1	$360,000	$360,000	$0	$360,000	$370,000		
Interest - 5/1	$530,002	$530,002	$0	$530,002	$523,296		
Total Expenditures							
	$1,426,529	$1,426,529	$0	$1,426,529	$1,423,298		
Excess Revenues/(Expenditures)							
							
	$912,693	$821,375	$106,666	$928,041	$938,354		
									
						Principal - 11/1/2019	$385,000		
						Interest - 11/1/2019	$523,296		
						Total	$908,296		
									
						Net Assessment	$1,433,611		
						Collection Cost (6%)	$91,507		
						Gross Assessment	$1,525,118		

				Property Type	Platted Units	Gross Per Unit	Gross Total		
				Single Family	565	$1,691	$955,443		
				Townhome	539	$1,057	$569,674		
				Condo/MF	0	$850	$0		
				Unplatted	0	N/A	$0		
				Total	1104		$1,525,118		

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Shinle Creek Community Development District

Series 2015, Special Assessment Bonds

(Term Bonds Combined)

Amortization Schedule

Date	Balance		Principal		Interest		Annual	
5/1/18	$ 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			$	20,760,000	$	18,775,059	$	40,065,061	

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