VillaMar
Community Development District

Adopted Budget
FY 2021

Table of Contents

1-2	 		General Fund	

3-7	 		
General Fund Narrative	

8	 		
Debt Service Fund	

9-10	 		
Series 2019 Amortization Schedule	

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

Revenues						
Developer Contributions	$260,126	$20,000	$47,673	$67,673	$0	
Assessments - Lot Closings	$0	$41,688	$0	$41,688	$0	
Assessments - Tax Roll	$0	$0	$0	$0	$217,984	
Assessments - Direct Bill	$0	$0	$0	$0	$82,527	
Total Revenues	$260,126	$61,688	$47,673	$109,361	$300,511	

Expenditures						
Administrative						
Supervisor Fees	$12,000	$3,200	$3,000	$6,200	$12,000	
Engineering	$20,000	$0	$5,000	$5,000	$20,000	
Attorney	$25,000	$9,364	$6,250	$15,614	$25,000	
Annual Audit	$4,000	$0	$3,475	$3,475	$4,000	
Assessment Administration	$5,000	$0	$0	$0	$6,000	
Arbitrage	$650	$0	$650	$650	$1,300	
Dissemination	$5,000	$4,250	$1,250	$5,500	$6,000	
Trustee Fees	$3,500	$0	$3,500	$3,500	$7,000	
Management Fees	$35,000	$26,250	$8,750	$35,000	$35,000	
Information Technology	$900	$675	$225	$900	$2,350	
Telephone	$250	$15	$63	$78	$250	
Postage & Delivery	$850	$103	$213	$315	$850	
Insurance	$5,500	$5,125	$0	$5,125	$5,700	
Printing & Binding	$1,000	$130	$250	$380	$1,000	
Legal Advertising	$10,000	$2,652	$7,348	$10,000	$10,000	
Other Current Charges	$1,000	$0	$500	$500	$998	
Boundary Amendment Expenses	$0	$1,500	$0	$1,500	$0	
Office Supplies	$500	$14	$125	$139	$500	
Travel Per Diem	$550	$0	$138	$138	$550	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Subtotal Administrative	$130,875	$53,453	$40,735	$94,188	$138,673	

Operations & Maintenance						
Field Expenses						
Property Insurance	$5,000	$0	$0	$0	$5,000	
Field Management	$0	$0	$1,875	$1,875	$12,500	
Landscape Maintenance	$67,200	$2,394	$6,990	$9,384	$37,960	
Landscape Replacement	$7,500	$0	$512	$512	$7,500	
Fertilization	$16,364	$0	$0	$0	$0	
Streetlights	$10,000	$0	$2,835	$2,835	$11,340	
Electric	$0	$0	$405	$405	$1,620	
Water & Sewer	$0	$0	$162	$162	$648	
Sidewalk & Asphalt Maintenance	$0	$0	$0	$0	$500	
Irrigation Repairs	$0	$0	$0	$0	$5,000	
General Repairs & Maintenance	$2,000	$0	$0	$0	$15,000	
Contingency	$15,000	$0	$0	$0	$5,000	
Subtotal Field Expenses	$123,064	$2,394	$12,779	$15,173	$102,068	

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

Amenity Expenses						
Amenity - Electric	$2,000	$0	$0	$0	$10,800	
Amenity - Water	$600	$0	$0	$0	$2,880	
Playground Lease	$0	$0	$0	$0	$7,875	
Internet	$0	$0	$0	$0	$675	
Pest Control	$120	$0	$0	$0	$540	
Janitorial Services	$800	$0	$0	$0	$7,500	
Security Services	$0	$0	$0	$0	$7,500	
Pool Maintenance	$2,667	$0	$0	$0	$14,625	
Amenity Repairs & Maintenance	$0	$0	$0	$0	$750	
Contingency	$0	$0	$0	$0	$5,625	
Subtotal Amenity Expenses	$6,187	$0	$0	$0	$58,770	
						
Total Operations & Maintenance	$129,251	$2,394	$12,779	$15,173	$160,838	

Other Expenses						
Capital Reserves	$0	$0	$0	$0	$1,000	
Total Other Expenses	$0	$0	$0	$0	$1,000	
						
Total Expenditures	$260,126	$55,847	$53,514	$109,361	$300,511	
						
Excess Revenues/(Expenditures)	($0)	$5,841	($5,841)	$0	$0	

Net Assessments
Add: Discounts & Collections 7% Gross Assessments	$300,511
 	$22,619 
 	$323,130 	
Product Platted
Unplatted
Total ERU's	ERU's
334.00
126.45
460.45	Assessable Units
334.00
281.00
615.00	ERU/Unit
1.00
0.45	Net Assessment
$217,983.65
$82,527.04
$300,510.69	Net Per Unit
$652.65
$293.69	Gross Per Unit
$701.77
$315.80	

REVENUES:

Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the District in order to pay for operating expenditures during 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 bonds. This cost is based upon the Series 2019 bond series and an additional bond series expected to close during the fiscal year.

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 and an additional bond series expected to close during the fiscal year.

Trustee Fees

The District will incur trustee related costs with the issuance of bonds. This cost is based upon the Series 2019 bond series and an additional bond series expected to close during the fiscal year.

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. The District has contracted with Prince & Sons, Inc. to provide these services.

Landscape Replacement

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

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.

Amenity Expenses

Amenity - Electric

Represents estimated electric charges for the District’s amenity facilities.

Amenity – Water

Represents estimated water charges for the District’s amenity faclilities.

Playground Lease

The District will enter into a leasing agreement for playgrounds installed in the community.

Internet

Internet service will be added for use at the Amenity Center.

Pest Control

The District will incur costs for pest control treatments to its amenity facilities.

Janitorial Services

Represents estimated costs to provide janitorial services and supplies for the District’s amenity facilities.

Security Services

Represents the estimated cost of contracting a monthly security service for the District’s amenity facilities.

Pool Maintenance

Represents estimated costs of regular cleaning and treatments of the District’s pool.

Amenity Repairs & Maintenance

Represents estimated costs for repairs and maintenance of the District’s amenity facilities.

Contingency

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

Other Expenses:
Capital Reserves

Funds collected and reserved for the replacement of and/or purchase of new capital improvements throughout the District.

VillaMar
COMMUNITY DEVELOPMENT DISTRICT

Adopted Budget Debt Service Fund Series 2019

Adopted
Budget FY2020	Actual
Thru 6/30/20		Projected Next
3 Months	Projected
Thru 9/30/20	Adopted
Budget FY2021	

Revenues

Assessments	$166,231
Assessments - Lot Closings	$0
Prepayments	$0
Interest Income	$0
Carry Forward Surplus	$282,593

Total Revenues	$448,824

Expenses

Interest - 11/1	$116,362
Special Call - 11/1	$0
Principal - 5/1	$0
Interest - 5/1	$166,231
Special Call - 8/1	$0

Total Expenditures	$282,593

Other Financing Sources

Transfer In (Out)	$0

Total Other Financing Sources (Uses)		$0 Excess Revenues/(Expenditures)	$166,231
* Carryforward surplus less reserve requirement of $432,938.	

$0
$57,012
$289,333
$4,741
$303,045

$654,131

$116,362
$0
$0
$166,231
$0

$282,593

$105

$105

$371,643	

*	

$83,068	$83,068
$26,152	$83,164
$102,601	$391,934
$10	$4,751
$0	$303,045

$211,830	$865,961

$0	$116,362
$0	$0
$0	$0
$0	$166,231
$290,000	$290,000

$290,000	$572,593

$0	$105

$0	$105

($78,170)	$293,473

Interest - 11/1/2021 Total	

$450,869
$0
$0
$0
$293,473

$744,342

$159,547
$100,000
$115,000
$159,547
$0

$534,094

$0

$0

$210,248

 	$157,391 
 	$157,391 	

		Maximum	Per Unit	Per Unit	
		Annual	Net Debt	Gross Debt	
Product Type	No. of Units	Debt Service	Assessment	Assessment	
Single Family	334

334	$450,869

$450,869	$1,350	$1,452	

Date	Balance	Principal	Interest		Annual	
						
11/1/20	$ 6,890,000	$	-	$	159,547	$	159,547	
5/1/21	$ 6,890,000	$	115,000	$	159,547	$	-	
11/1/21	$ 6,775,000	$	-	$	157,391	$	431,938	
5/1/22	$ 6,775,000	$	120,000	$	157,391	$	-	
11/1/22	$ 6,655,000	$	-	$	155,141	$	432,531	
5/1/23	$ 6,655,000	$	125,000	$	155,141	$	-	
11/1/23	$ 6,530,000	$	-	$	152,797	$	432,938	
5/1/24	$ 6,405,000	$	125,000	$	152,797	$	-	
11/1/24	$ 6,405,000	$	-	$	150,453	$	428,250	
5/1/25	$ 6,405,000	$	130,000	$	150,453	$	-	
11/1/25	$ 6,275,000	$	-	$	147,853	$	428,306	
5/1/26	$ 6,275,000	$	140,000	$	147,853	$	-	
11/1/26	$ 6,135,000	$	-	$	145,053	$	432,906	
5/1/27	$ 6,135,000	$	145,000	$	145,053	$	-	
11/1/27	$ 5,990,000	$	-	$	142,153	$	432,206	
5/1/28	$ 5,990,000	$	150,000	$	142,153	$	-	
11/1/28	$ 5,840,000	$	-	$	139,153	$	431,306	
5/1/29	$ 5,685,000	$	155,000	$	139,153	$	-	
11/1/29	$ 5,685,000	$	-	$	136,053	$	430,206	
5/1/30	$ 5,685,000	$	160,000	$	136,053	$	-	
11/1/30	$ 5,525,000	$	-	$	132,353	$	428,406	
5/1/31	$ 5,525,000	$	170,000	$	132,353	$	-	
11/1/31	$ 5,355,000	$	-	$	128,422	$	430,775	
5/1/32	$ 5,355,000	$	180,000	$	128,422	$	-	
11/1/32	$ 5,175,000	$	-	$	124,259	$	432,681	
5/1/33	$ 5,175,000	$	185,000	$	124,259	$	-	
11/1/33	$ 4,990,000	$	-	$	119,981	$	429,241	
5/1/34	$ 4,990,000	$	195,000	$	119,981	$	-	
11/1/34	$ 4,795,000	$	-	$	115,472	$	430,453	
5/1/35	$ 4,795,000	$	205,000	$	115,472	$	-	
11/1/35	$ 4,590,000	$	-	$	110,731	$	431,203	
5/1/36	$ 4,590,000	$	215,000	$	110,731	$	-	
11/1/36	$ 4,375,000	$	-	$	105,759	$	431,491	
5/1/37	$ 4,375,000	$	225,000	$	105,759	$	-	
11/1/37	$ 4,150,000	$	-	$	100,556	$	431,316	
5/1/38	$ 4,150,000	$	235,000	$	100,556	$	-	

Date	Balance	Principal		Interest	Annual	

11/1/38	
$ 3,915,000	
$	-	
$	
95,122	
$	430,678	
5/1/39	$ 3,670,000	$	245,000	$	95,122	$	-	
11/1/39	$ 3,670,000	$	-	$	89,456	$	429,578	
5/1/40	$ 3,670,000	$	260,000	$	89,456	$	-	
11/1/40	$ 3,410,000	$	-	$	83,119	$	432,575	
5/1/41	$ 3,410,000	$	270,000	$	83,119	$	-	
11/1/41	$ 3,140,000	$	-	$	76,538	$	429,656	
5/1/42	$ 3,140,000	$	285,000	$	76,538	$	-	
11/1/42	$ 2,855,000	$	-	$	69,591	$	431,128	
5/1/43	$ 2,855,000	$	300,000	$	69,591	$	-	
11/1/43	$ 2,555,000	$	-	$	62,278	$	431,869	
5/1/44	$ 2,555,000	$	315,000	$	62,278	$	-	
11/1/44	$ 2,240,000	$	-	$	54,600	$	431,878	
5/1/45	$ 2,240,000	$	330,000	$	54,600	$	-	
11/1/45	$ 1,910,000	$	-	$	46,556	$	431,156	
5/1/46	$ 1,910,000	$	345,000	$	46,556	$	-	
11/1/46	$ 1,565,000	$	-	$	38,147	$	429,703	
5/1/47	$ 1,565,000	$	365,000	$	38,147	$	-	
11/1/47	$ 1,200,000	$	-	$	29,250	$	432,397	
5/1/48	$ 1,200,000	$	380,000	$	29,250	$	-	
11/1/48	$	820,000	$	-	$	19,988	$	429,238	
5/1/49	$	820,000	$	400,000	$	19,988	$	-	
11/1/49	$	420,000	$	-	$	10,238	$	430,225	
5/1/50	$	420,000	$	420,000	$	10,238	$	430,238	
Totals		$ 6,890,000	$	6,196,019	$ 13,086,019