Forest Lake Community Development District
Proposed Budget
FY 2021

Table of Contents

1	 	General Fund

2-5	 	General Fund Narrative

Forest Lake
Community Development District
Proposed Budget General Fund

	Adopted
Budget	Actuals
Thru	Projected
Next	Total
Thru	Proposed
Budget	
Description	FY2020	3/31/20	6 Months	9/30/20	FY2021	

Revenues						
Developer Contributions	$99,238	$60,000	$34,664	$94,664	$178,977	
Total Revenues	$99,238	$60,000	$34,664	$94,664	$178,977	

Expenditures						
Administrative
Supervisor Fees	

$10,000	

$4,600	

$6,000	

$10,600	

$12,000	
Engineering	$12,500	$0	$7,500	$7,500	$15,000	
Attorney	$20,833	$9,495	$12,500	$21,995	$25,000	
Annual Audit	$0	$0	$0	$0	$3,000	
Assessment Administration	$0	$0	$0	$0	$5,000	
Arbitrage	$0	$0	$0	$0	$650	
Dissemination	$0	$0	$0	$0	$5,000	
Trustee Fees	$0	$0	$0	$0	$3,550	
Management Fees	$29,167	$10,161	$17,500	$27,661	$35,000	
Information Technology	$3,575	$2,375	$450	$2,825	$2,350	
Telephone	$250	$0	$150	$150	$300	
Postage & Delivery	$833	$83	$500	$583	$1,000	
Insurance	$5,000	$3,945	$0	$3,945	$5,000	
Printing & Binding	$833	$127	$500	$627	$1,000	
Legal Advertising	$10,000	$12,437	$2,500	$14,937	$10,000	
Other Current Charges	$5,000	$0	$3,000	$3,000	$5,000	
Office Supplies	$521	$48	$313	$361	$625	
Travel Per Diem	$550	$0	$330	$330	$660	
Dues, Licenses & Subscriptions	$175	$150	$0	$150	$175	
Subtotal Administrative	$99,238	$43,421	$51,243	$94,664	$130,310	

Operations & Maintenance 
Field Expenses
Property Insurance	

$0	

$0	

$0	

$0	

$5,000	
Field Management	$0	$0	$0	$0	$6,250	
Landscape Maintenance	$0	$0	$0	$0	$20,500	
Landscape Replacement	$0	$0	$0	$0	$1,042	
Fertilization	$0	$0	$0	$0	$5,000	
Streetlights	$0	$0	$0	$0	$5,250	
Electric	$0	$0	$0	$0	$833	
Water & Sewer	$0	$0	$0	$0	$417	
Sidewalk & Asphalt Maintenance	$0	$0	$0	$0	$208	
Irrigation Repairs	$0	$0	$0	$0	$1,042	
General Repairs & Maintenance	$0	$0	$0	$0	$2,083	
Contingency	$0	$0	$0	$0	$1,042	
Subtotal Field Expenses	$0	$0	$0	$0	$48,667	
						
Total Operations & Maintenance	$0	$0	$0	$0	$48,667	
						
Total Expenditures	$99,238	$43,421	$51,243	$94,664	$178,977	
						
Excess Revenues/(Expenditures)	$0	$16,579	($16,579)	$0	$0	

REVENUES:

Developer Contributions

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

Engineering

The District's engineer will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices and various projects as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel will be providing general legal services to the District, e.g. attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on its Series 2019 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. This cost is based upon the Series 2019 bond series.

Trustee Fees

The District will incur trustee related costs with the issuance of its’ Series 2019 bonds.

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 reports, annual audits, etc.

Information Technology

Represents costs related to the District’s accounting and information systems, District’s website creation and maintenance, hosting, electronic compliance with Florida Statutes and other electronic data requirements.

Telephone

Telephone and fax machine.

Postage & Delivery

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public official’s liability insurance insurance coverages.

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

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.

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.

Travel Per Diem

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

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.

Operations & Maintenance:

Field Expenses

Property Insurance

The District’s property insurance coverages.

Field Management

Represents the estimated costs of contracting services that provide onsite field management of contracts for the District such as landscape and lake maintenance. Services can include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Landscape Maintenance

Represents the estimated maintenance of the landscaping within the common areas of the District after the installation of landscape material has been completed.

Landscape Replacement

Represents the estimated cost of replacing landscaping within the common areas of the District.

Fertilization

Represents the estimated cost of fertilizing the common areas of the District. This is based on an estimated cost for annuals and mulching.

Streetlights

Represents the cost to maintain street lights within the District Boundaries that are expected to be in place throughout the fiscal year.

Electric

Represents current and estimated electric charges of common areas throughout the District.

Water & Sewer

Represents current and estimated costs for water and refuse services provided for common areas throughout the District.

Sidewalk & Asphalt Maintenance

Represents the estimated costs of maintaining the sidewalks and asphalt throughout the District’s Boundary.

Irrigation Repairs

Represents the cost of maintaining and repairing the irrigation system. This includes the sprinklers, and irrigation wells.

General Repairs & Maintenance

Represents estimated costs for general repairs and maintenance of the District’s common areas.

Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any field category.