Shingle Creek Community Development District

Adopted Budget
FY 2020

Table of Contents

1

2-6

7

8-9

10

11-12

 	General Fund

 	General Fund Narrative

 	Debt Service Fund Series 2015

 	Amortization Schedule Series 2015

 	Debt Service Fund Series 2019

 	Amortization Schedule Series 2019

Shingle Creek
Community Development District

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

Revenues						
Assessments - Tax Collector	$377,073	$379,419	$14	$379,433	$483,116	
Assessments - Direct Billed	$0	$0	$0	$0	$57,708	
Developer Contributions	$36,508	$0	$0	$0	$59,133	
Total Revenues	$413,581	$379,419	$14	$379,433	$599,957	

Expenditures						
Administrative						
Supervisors Fees	$0	$0	$0	$0	$0	
FICA Expense	$0	$0	$0	$0	$0	
Engineering	$25,000	$17,498	$7,502	$25,000	$25,000	
Attorney	$40,000	$12,605	$5,395	$18,000	$40,000	
Arbitrage	$650	$650	$0	$650	$1,300	
Dissemination	$3,500	$3,792	$1,750	$5,542	$7,000	
Annual Audit	$6,500	$6,500	$0	$6,500	$6,500	
Trustee Fees	$3,500	$3,500	$0	$3,500	$7,500	
Assessment Administration	$5,000	$5,000	$0	$5,000	$5,000	
Management Fees	$33,475	$25,106	$8,369	$33,475	$33,475	
Information Technology	$600	$450	$2,525	$2,975	$2,400	
Telephone	$200	$30	$30	$60	$200	
Postage	$500	$126	$74	$200	$500	
Travel Per Diem	$250	$0	$0	$0	$0	
Printing & Binding	$500	$534	$66	$600	$500	
Insurance	$10,000	$8,930	$0	$8,930	$10,000	
Legal Advertising	$2,500	$9,351	$849	$10,200	$2,500	
Other Current Charges	$300	$0	$100	$100	$300	
Office Supplies	$200	$3	$2	$5	$200	
Property Appraiser	$500	$512	$0	$512	$550	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Administrative Expenses	$133,350	$94,761	$26,662	$121,423	$143,100	

Operation & Maintenance						
Field Services	$7,500	$5,625	$1,875	$7,500	$7,500	
Utilities	$12,000	$5,940	$2,050	$7,990	$17,000	
Landscape Maintenance	$174,851	$106,746	$35,494	$142,240	$315,377	
Landscape Contingency	$10,000	$1,690	$8,310	$10,000	$15,000	
Property Insurance	$6,300	$5,723	$0	$5,723	$8,000	
London Creek Ranch Maintenance	$30,000	$20,000	$10,000	$30,000	$30,000	
Lake Maintenance	$12,080	$7,560	$2,520	$10,080	$16,480	
Lake Contingency	$5,000	$0	$2,500	$2,500	$2,500	
Drainage R&M	$5,000	$0	$2,500	$2,500	$5,000	
Irrigation Repairs	$2,500	$7,964	$2,036	$10,000	$15,000	
Lighting Maintenance	$5,000	$4,116	$884	$5,000	$5,000	
Repairs & Maintenance	$5,000	$909	$1,591	$2,500	$5,000	
Pressure Washing	$0	$0	$8,000	$8,000	$10,000	
Contingency	$5,000	$0	$500	$500	$5,000	
Operation & Maintenance Expenses	$280,231	$166,274	$78,260	$244,534	$456,857	
						
Total Expenditures	$413,581	$261,034	$104,922	$365,956	$599,957	
						
Excess Revenues/(Expenditures)	$0	$118,384	($104,908)	$13,477	$0	

Shingle Creek
Community Development District
GENERAL FUND BUDGET

REVENUES:

Assessments – Tax Collector

The District will levy a non-ad valorem assessment on all the assessable property within the District to fund all general operating and maintenance expenditures during the fiscal year. These assessments are billed on tax bills

Assessments – Direct Billed

The District will levy a non-ad valorem assessment on all assessable property within the District to fund all general operating and maintenance expenditures during the fiscal year. These assessments are directly billed to the property owners.

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 & Series 2019 Special Assessment 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.

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 & Series 2019 Special Assessment 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.

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 - 1 Sign & 2 Floating Fountains		$8,000	
Total		$17,000	

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	
Ritual Road Pond	$1,564	$18,766	
Contingency - Future Areas	$10,147	$121,760	
Total		$315,377	

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
Site Inspections & Maintenance	As Needed
Total	$24,000
$6,000	
	$30,000	

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 - 3 Original Ponds	$840	$10,080	
Windermere/2 Storey Lake/Natures Ridge Ponds	$210	$2,520	
P1/P3/P4 Ponds	$240	$2,880	
Contingency - 2 Future Bronson Ponds		$1,000	
Total		$16,480	

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.

Pressure Washing

Represents estimated costs to pressure wash common area sidewalks, curbs and monuments as needed.

Contingency

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

Shingle Creek
Community Development District

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

Revenues						
Special Assessments	$1,433,611	$1,445,340	$54	$1,445,394	$1,433,611	
Interest Income	$0	$27,328	$2,672	$30,000	$5,000	
Carry Forward Surplus	$928,041	$918,440	$0	$918,440	$970,536	
Total Revenues	$2,361,652	$2,391,107	$2,726	$2,393,834	$2,409,147	

Expenses						
Interest - 11/1	$530,002	$530,002	$0	$530,002	$523,296	
Principal - 11/1	$370,000	$370,000	$0	$370,000	$385,000	
Interest - 5/1	$523,296	$523,296	$0	$523,296	$516,318	
Total Expenditures	$1,423,298	$1,423,298	$0	$1,423,298	$1,424,614	
						
Excess Revenues/(Expenditures)	$938,354	$967,810	$2,726	$970,536	$984,533	
				
Principal - 11/1/2020	
$400,000	
				Interest - 11/1/2020	 	$516,318 	
				Total	 	$916,318 	
				
Net Assessment	
$1,433,611	
				Collection Cost (6%)	$91,507	
				Gross Assessment	$1,525,118	
						
		Property Type	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	

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

	Amortization Schedule		
Date	Balance	Principal	Interest	Annual	
					
11/1/19	$ 20,390,000	$	385,000	$	523,296	$	908,296	
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	

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		$ 20,390,000 $ 17,721,762	$ 38,111,762	

Shingle Creek
Community Development District

	Fiscal Year 2020
Debt Service Fund		
	Series 2019		
	Proposed Budget
FY2019	Actual Thru
6/30/19	Projected Next 3
Months	Total Thru
9/30/19	Adopted Budget
FY2020	

Revenues						
Special Assessments	$419,928	$0	$419,928	$419,928	$1,133,291	
Bond Proceeds	$715,953	$715,953	$0	$715,953	$0	
Interest Income	$150	$3,952	$2,048	$6,000	$2,500	
Carry Forward Surplus	$0	$0	$0	$0	$425,856	
Total Revenues	$1,136,031	$719,905	$421,976	$1,141,881	$1,561,647	

Expenses						
Interest - 11/1	$0	$0	$0	$0	$419,928	
Principal - 5/1	$0	$0	$0	$0	$295,000	
Interest - 5/1	$149,308	$149,308	$0	$149,308	$419,928	
Total Expenditures	$149,308	$149,308	$0	$149,308	$1,134,856	
						
Excess Revenues/(Expenditures)	$986,723	$570,597	$421,976	$992,573	$426,791	

*Carry forward surplus is less Reserve amount.				
Interest - 11/1/2020	
 	$414,581 	
				Total	 	$414,581 	
				
Net Assessment	
$1,133,291	
				Collection Cost (6%)	$72,667	
				Gross Assessment	$1,205,958	
						
		Property Type	Units	Gross Per Unit	Gross Total	
		Single Family	387	$1,691	$654,436	
		Townhome	213	$1,057	$225,122	
		Condo	384	$850	$326,400	
		Total	984		$1,205,958	

Shinle Creek Community Development District Series 2019, Special Assessment Bonds (Term Bonds Combined)

Amortization Schedule

Date	Balance	Principal	Interest	Annual

5/1/19

$ 17,895,000

$	-	$

149,308	$	-

11/1/19
5/1/20	$ 17,895,000
$ 17,895,000	$	-	$	419,928
$	295,000	$	419,928	$	569,236
$	-	
11/1/20	$ 17,600,000	$	-	$	414,581	$ 1,129,509	
5/1/21	$ 17,600,000	$	305,000	$	414,581	$	-	
11/1/21	$ 17,295,000	$	-	$	409,053	$ 1,128,634	
5/1/22	$ 17,295,000	$	320,000	$	409,053	$	-	
11/1/22	$ 16,975,000	$	-	$	403,253	$ 1,132,306	
5/1/23	$ 16,975,000	$	330,000	$	403,253	$	-	
11/1/23	$ 16,645,000	$	-	$	397,272	$ 1,130,525	
5/1/24	$ 16,645,000	$	345,000	$	397,272	$	-	
11/1/24	$ 16,300,000	$	-	$	391,019	$ 1,133,291	
5/1/25	$ 16,300,000	$	355,000	$	391,019	$	-	
11/1/25	$ 15,945,000	$	-	$	383,919	$ 1,129,938	
5/1/26	$ 15,945,000	$	370,000	$	383,919	$	-	
11/1/26	$ 15,575,000	$	-	$	376,519	$ 1,130,438	
5/1/27	$ 15,575,000	$	385,000	$	376,519	$	-	
11/1/27	$ 15,190,000	$	-	$	368,819	$ 1,130,338	
5/1/28	$ 15,190,000	$	400,000	$	368,819	$	-	
11/1/28	$ 14,790,000	$	-	$	360,819	$ 1,129,638	
5/1/29	$ 14,790,000	$	420,000	$	360,819	$	-	
11/1/29	$ 14,370,000	$	-	$	352,419	$ 1,133,238	
5/1/30	$ 14,370,000	$	435,000	$	352,419	$	-	
11/1/30	$ 13,935,000	$	-	$	342,088	$ 1,129,506	
5/1/31	$ 13,935,000	$	460,000	$	342,088	$	-	
11/1/31	$ 13,475,000	$	-	$	331,163	$ 1,133,250	
5/1/32	$ 13,475,000	$	480,000	$	331,163	$	-	
11/1/32	$ 12,995,000	$	-	$	319,763	$ 1,130,925	
5/1/33	$ 12,995,000	$	505,000	$	319,763	$	-	
11/1/33	$ 12,490,000	$	-	$	307,769	$ 1,132,531	
5/1/34	$ 12,490,000	$	530,000	$	307,769	$	-	
11/1/34	$ 11,960,000	$	-	$	295,181	$ 1,132,950	
5/1/35	$ 11,960,000	$	555,000	$	295,181	$	-	
11/1/35	$ 11,405,000	$	-	$	282,000	$ 1,132,181	
5/1/36	$ 11,405,000	$	580,000	$	282,000	$	-	
11/1/36	$ 10,825,000	$	-	$	268,225	$ 1,130,225	
5/1/37	$ 10,825,000	$	610,000	$	268,225	$	-	
11/1/37	$ 10,215,000	$	-	$	253,738	$ 1,131,963	
5/1/38	$ 10,215,000	$	640,000	$	253,738	$	-	
11/1/38	$ 9,575,000	$	-	$	238,538	$ 1,132,275	
5/1/39	$ 9,575,000	$	670,000	$	238,538	$	-	
11/1/39	$ 8,905,000	$	-	$	222,625	$ 1,131,163	

Shingle Creek Community Development District Series 2019, Special Assessment Bonds
(Term Bonds Combined)

	Amortization Schedule		
Date	Balance	Principal	Interest	Annual	

5/1/40	
$ 8,905,000	
$	705,000	
$	222,625	
$	-	
11/1/40	$ 8,200,000	$	-	$	205,000	$ 1,132,625	
5/1/41	$ 8,200,000	$	740,000	$	205,000	$	-	
11/1/41	$ 7,460,000	$	-	$	186,500	$ 1,131,500	
5/1/42	$ 7,460,000	$	775,000	$	186,500	$	-	
11/1/42	$ 6,685,000	$	-	$	167,125	$ 1,128,625	
5/1/43	$ 6,685,000	$	815,000	$	167,125	$	-	
11/1/43	$ 5,870,000	$	-	$	146,750	$ 1,128,875	
5/1/44	$ 5,870,000	$	860,000	$	146,750	$	-	
11/1/44	$ 5,010,000	$	-	$	125,250	$ 1,132,000	
5/1/45	$ 5,010,000	$	905,000	$	125,250	$	-	
11/1/45	$ 4,105,000	$	-	$	102,625	$ 1,132,875	
5/1/46	$ 4,105,000	$	950,000	$	102,625	$	-	
11/1/46	$ 3,155,000	$	-	$	78,875	$ 1,131,500	
5/1/47	$ 3,155,000	$ 1,000,000	$	78,875	$	-	
11/1/47	$ 2,155,000	$	-	$	53,875	$ 1,132,750	
5/1/48	$ 2,155,000	$ 1,050,000	$	53,875	$	-	
11/1/48	$ 1,105,000	$	-	$	27,625	$ 1,131,500	
5/1/49	$ 1,105,000	$ 1,105,000	$	27,625	$ 1,132,625	
Totals		$ 17,895,000	$ 16,613,933	$ 34,508,933