Westside
Community Development District

Adopted Budget Fiscal Year 2018

Presented by:

Westside
Community Development District

Table of Contents

1

2-8

9

10

11

12

 	General Fund

 	General  Fund Narrative

 	Series 2005 Debt  Service

 	Allocation Methodology - Series  2005

 	Series 2007 Debt  Service

 	Allocation Methodology - Series  2007

13	 	Capital Reserve Fund

Westside
Community Development District
General Fund
Fiscal Year 2018	
	ADOPTED BUDGET
FY 2017	ACTUAL THRU
06/30/17	PROJECTED NEXT
3 MONTHS	TOTAL PROJECTED
9/30/17	ADOPTED BUDGET
FY 2018	

REVENUES:						
Maintenance Assessments	$681,730	$670,950	$15,590	$686,540	$681,730	
Interest Income	$180	$277	$96	$373	$200	
Miscellaneous	$0	$10,643	$0	$10,643	$0	
TOTAL REVENUES	$681,910	$681,870	$15,686	$697,556	$681,930	

EXPENDITURES:						
Administrative:						
Supervisor Fees	$12,000	$2,600	$1,200	$3,800	$12,000	
FICA Expense	$918	$184	$92	$275	$918	
Engineering Fees	$10,500	$725	$1,000	$1,725	$10,500	
Legal Services	$40,000	$39,589	$10,411	$50,000	$40,000	
Arbitrage	$1,200	$1,200	$0	$1,200	$1,200	
Management Fees	$38,625	$28,969	$9,656	$38,625	$39,784	
Information Technology	$1,000	$750	$250	$1,000	$1,000	
Dissemination	$6,000	$6,000	$0	$6,000	$6,000	
Trustee Fee	$6,000	$0	$6,000	$6,000	$6,000	
Assessment Roll Services	$5,000	$5,000	$0	$5,000	$5,000	
Auditing Services	$3,975	$3,975	$0	$3,975	$3,975	
Telephone	$100	$7	$15	$22	$100	
Postage	$2,250	$904	$880	$1,784	$2,250	
Insurance - General Liability	$8,500	$7,736	$0	$7,736	$8,600	
Printing and Binding	$2,000	$289	$520	$809	$2,000	
Legal Advertising	$1,500	$986	$854	$1,840	$1,500	
Miscellaneous Services	$1,250	$413	$220	$633	$1,250	
Office Supplies	$400	$75	$45	$120	$400	
Property Appraiser's Fee	$600	$556	$0	$556	$600	
Property Taxes	$10	$4	$0	$4	$10	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Settlement Agreement Payment	$53,750	$53,750	$0	$53,750	$53,750	
TOTAL ADMINISTRATIVE	$195,753	$153,886	$31,143	$185,029	$197,012	

Maintenance:						
Landscape Maintenance	$85,290	$63,968	$21,323	$85,290	$87,855	
Irrigation Repairs	$15,000	$447	$6,553	$7,000	$15,000	
Plant Replacement	$30,000	$0	$15,000	$15,000	$30,000	
Electric	$1,500	$493	$372	$865	$1,500	
Streetlighting	$55,000	$38,460	$12,947	$51,407	$55,000	
Irrigation Water	$40,000	$43,802	$21,900	$65,702	$60,000	
Property Insurance	$1,000	$923	$0	$923	$1,100	
Field Management	$18,025	$13,519	$4,506	$18,025	$18,566	
Lake & Wetland Maintenance	$16,200	$14,400	$1,800	$16,200	$22,800	
Misc. Contingency	$10,000	$28,642	$470	$29,112	$30,000	
Stormwater/Lake Repair	$15,000	$0	$7,500	$7,500	$15,000	
Operating Reserves	$199,142	$6,800	$0	$6,800	$0	
TWA Utility Conveyance	$0	$0	$60,000	$60,000	$0	
TOTAL MAINTENANCE	$486,157	$211,454	$152,370	$363,824	$336,821	
						
TOTAL EXPENDITURES	$681,910	$365,340	$183,513	$548,853	$533,832	

Other Sources/(Uses)
Transfer Out - Capital Reserve	
$0	
$0	
($148,703)	
($148,703)	
($148,098)	
SUBTOTAL OTHER SOURCES/(USES)	$0	$0	($148,703)	($148,703)	($148,098)	
						
EXCESS REVENUES (EXPENDITURES)	$0	$316,530	($316,530)	$0	$0	
	
Net Assessments	
FY2015
$681,730	
FY2016
$681,730	
FY2017
$681,730	
FY2018
$681,730	
Add: Discounts & Collections 		$43,515		$43,515		$43,515		$43,515	 Gross Assessments 	$725,245	$725,245	$725,245	$725,245	

Units 	4720	4609	4609	4609		
Per Unit Assessment	$154	$157	$157	$157	

Net Assessments	
$681,730	
$681,730	
$681,730	
$681,730	
Total Developable Units 		4720		4609		4609		4609		 Total Net Assessments 	$144	$148	$148	$148	
Units (Tax Roll)	1052	1052	1052	1052	
Net Assessments(per unit) 		$144		$148		$148		$148	 Total Revenue on Tax Roll 	$151,945	$155,604	$155,604	$155,604	

REVENUES

Westside
Community Development District
Budget Narratives FY 2018
GENERAL FUND

Maintenance 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.

Interest Income

The District earns interest income on their checking account with SunTrust Bank. Interest is calculated on the average monthly collected balance in the operating.

EXPENDITURES

Administrative:

Supervisor Fees

The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon 5 supervisors attending 12 meetings.

FICA Expense

Represents the Employer's share of Social Security and Medicare taxes withheld from Board of Supervisors checks.

Engineering Fees

The District's engineer, Hanson, Walter & Associates, will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.

Legal Services

The District's legal counsel, Latham, Shuker, Eden & Beaudine, will provide general legal services to the District, i.e. attendance and preparation for monthly meetings, review of operating and maintenance contracts, and other specifically requested assignments.

Westside
Community Development District
Budget Narratives FY 2018

Arbitrage

The District has contracted with AMTEC, an independent certified public accountant, to annually calculate the District’s Arbitrage Rebate Liability on the Series 2005 & 2007 Special Assessment Revenue Bonds.

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, administrative services, budget preparation, all financial reporting, annual audits, etc.

Information Technology

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

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional report requirements for unrated bond issues. The District has contracted with Lerner Reporting Services, Inc to provide this service and the amount is based upon this contract.

Trustee Fee

The District will pay annual fees for Series 2005 and Series 2007 Special Assessment Revenue Bonds that are deposited with a Trustee at US Bank, N.A.

Assessment Roll Services

The District has contracted with Governmental Management Services-Central Florida, LLC for the collection of prepaid assessments, updating the District’s Tax Roll and levying the annual assessment.

Auditing Services

The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The District has hired Berger, Toombs, Elam, Gaines & Frank.

Westside
Community Development District
Budget Narratives FY 2018

Telephone

Telephone and fax machine expenses. Postage
Represents postage cost used for District mailings including agenda packages, vendor checks and other correspondence.

Insurance – General Liability

The District’s general liability and public official’s liability insurance coverage is provided by the Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Printing and Binding

Includes copy charges for printing of agenda packages, required mailings, and other special projects.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.

Miscellaneous Services

Bank charges and any other miscellaneous charges incurred by the District. Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.

Property Appraiser’s Fee

Represents a fee charged by Osceola County Property Appraiser’s office for assessment administration services.

Property Taxes

Represents the estimated Non-Ad Valorem assessments on District property levied by Osceola County.

Westside
Community Development District
Budget Narratives FY 2018

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only anticipated expenditure for this category.

Settlement Agreement Payment

Represents amount due on November 15, 2017 to JR. Davis Construction Company, Inc. per the Settlement Agreement dated November 10, 2014.

MAINTENANCE:

Landscape Maintenance

The District currently has a contract to maintain the landscaping starting at US 192 South to Goodman Road / Florence Villa Grove Road intersection within the District, including: General (mowing, edging, trimming, weeding, pruning and maintenance), irrigation inspection, fertilization and pest control services. The District has contracted with Yellowstone Landscape.

Monthly	Annual
Description	Amount	Amount	
Landscape Maintenance	$7,321

Total	$87,855	
	$87,855	

Irrigation Repairs

The District pays Austin Outdoor, LLC for various repairs/replacements to the irrigation system that include but are not limited to spray heads, nozzles, rotors, controllers, etc. Increase amount is based on proposal by Yellowstone Landscape.

Plant Replacement

Represents costs for maintenance of tree, shrub and other plant material replacements. Amount includes an enhancement proposal by Yellowstone Landscape.

Westside
Community Development District
Budget Narratives FY 2018

Electric

The District has the following utility account(s) with Duke Energy to provide electricity for the common areas.

Account #	

Address	Estimated Monthly Amount	Estimated Annual Amount	
15704 70086	9000 W Irlo Bronson Memorial Hwy	$110	$1,320	
	Contingency	$15	$180	
Total			$1,500	

Streetlights

The District maintains the following streetlights with Duke Energy along Westside Boulevard.

Account #	

Address	Estimated Monthly Amount	Estimated Annual Amount	
09047 36125	000 Westside Blvd Lite, Entrance	$4,412	$52,944	
	Contingency		$2,056	
Total			$55,000	

Irrigation Water

The District has the following utility accounts with Toho Water Authority for reclaimed water.

Account #	
Address	Estimated Monthly Amount	Estimated Annual Amount	
2118575-920460	0 Westside Blvd Reclaim D	$2,094	$25,132	
2118575-1129340	0 Westside Blvd Reclaim	$2,610	$31,316	
2118575-1124768	2400 Blk Even Westside Blvd	$21	$252	
	Contingency		$3,300	
Total			$60,000	

Westside
Community Development District
Budget Narratives FY 2018

Property Insurance

The District’s property insurance coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Field Management

Provide onsite field management of contracts for District services such as landscape and lake maintenance. Services to include weekly site inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and respond to property owner phone calls and emails.

Lake and Wetland Maintenance

The District has a permit obligation to comply with certain conditions for the establishment and maintenance and monitoring of upland/wetland conservation areas and for maintenance of the lakes. The amount is based on current contracts with Aquatic Weed Management and Bio-tech Consulting Inc.

Monthly	Annual
Description	Amount	Amount	
Stormwater Pond Plant Management	$600 Mitigation Maintenance

Total	$7,200
$15,600	
	$22,800	

Miscellaneous Contingency

Any other miscellaneous charges incurred by the District. Stormwater/Lake Repair
Represents contingency for potential repairs to stormwater system. Operating Reserves
Various capital improvements of District assets. TWA Utility Conveyance
Projection of completion costs for items relating to conveying TWA utility facilities firm.

Westside
Community Development District
Budget Narratives FY 2018

Transfer Out - Capital Reserve

Estimated funds to be transferred to the Capital Projects funds for any capital outlay expenses.

Westside
Community Development District

Debt Service Fund Series 2005
Fiscal Year 2018

ADOPTED BUDGET FY 2018

ADOPTED BUDGET FY 2017

REVENUES:

Assessments	$1,214,786	$1,214,786
Settlement Agreement	$0	$0
Other Debt Service Funds	$7,912	$11,441

TOTAL REVENUES	 	$1,222,698	$1,226,228 

EXPENDITURES:		
Interest - 11/1	$421,349	$410,614	
Interest - 5/1	$421,349	$410,614	
Principal - 5/1	$380,000	$405,000	

TOTAL EXPENDITURES	 	$1,222,698	$1,226,228 

EXCESS REVENUES/(EXPENDITURES)	 	$0	$0 

WESTSIDE

Allocation of total bond assessment based on equivalent assessment units. Individual principal and assessments calculated on a per unit basis.
Includes principal, interest, collection costs, and early payment discounts.
Total Units Subject to 2005 Assessments. Total planned units are 589 for O&M

COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2005

	ALLOCATION METHODOLOGY - SERIES 2005 BONDS (1)

PRODUCT TYPE	PER UNIT	
		LOT	PER UNIT	TOTAL	% OF		TOTAL	ANNUAL	TOTAL	ANNUAL		
LU 0
TH	PRODUCT

Townhome/MF Resort	SIZE

TH	EAU's

1.00	EAU's

1,889.00	EAU's

73.04%	UNITS

1,889	PRINCIPAL

$12,799,538	ASSMT. (2)

$944,219	PRINCIPAL

$6,776	ASSMT. (2)

$500	

Unit	
50	Single Family Garden	50' approx.	1.20	398.40	15.40%	332	$2,699,490	$199,141	$8,131	$600	Lots	
70	Single Family Estate	70' approx.	2.00	152.00	5.88%	76	$1,029,926	$75,977	$13,552	$1,000	Lots	
C	Commercial	COM	1.00	147.00	5.68%	147	3	$996,047	$73,478	$6,776	$500	1K SF	
TOTAL	2,586.40		100.00%		2,444		$17,525,000		$1,292,815		

Westside
Community Development District
Debt Service Fund Series 2007
Fiscal Year 2018

	ADOPTED
BUDGET	ADOPTED
BUDGET	
	FY 2017	FY 2018	

REVENUES:			
Assessments	$1,427,360	$1,427,360	
Settlement Agreement	$0	$0	
Other Debt Service Funds	$560	$8,600	

TOTAL REVENUES	 	$1,427,920	$1,435,960 

EXPENDITURES:		
Interest - 11/1	$566,460	$555,480	
Interest - 5/1	$556,460	$555,480	
Principal - 5/1	$305,000	$325,000	

TOTAL EXPENDITURES	 	$1,427,920	$1,435,960 

EXCESS REVENUES/(EXPENDITURES)	 	$0	$0 

WESTSIDE
COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2007

	ALLOCATION METHODOLOGY - SERIES 2007 BONDS (1)

PRODUCT TYPE	PER UNIT	
		LOT	PER UNIT	TOTAL	% OF		TOTAL	ANNUAL	TOTAL	ANNUAL		
LU	PRODUCT	SIZE	EAU's	EAU's	EAU's	UNITS	PRINCIPAL	ASSMT. (2)	PRINCIPAL	ASSMT. (2)		
A	Apartments		0.50	164.00	3.31%	328	$579,602	$50,272	$2,046	$177	
Unit	
CO	Condos		1.00	1,243.00	25.09%	1,243	$4,392,962	$381,027	$2,046	$177	Unit	
TH	Townhome/MF Resort	TH	1.00	1,662.00	33.55%	1,662	*	$5,873,775	$509,467	$6,776	$500	Unit	
50	Single Family Garden	50' approx.	1.20	376.80	7.61%	314	$1,331,672	$115,504	$2,046	$177	Lots	
G50	Single Family Garden	50' approx.	1.20	127.20	2.57%	106	$449,545	$38,992	$8,964	$777	Lots	
60	Single Family Garden	60' approx.	1.50	550.50	11.11%	367	$1,945,556	$168,749	$10,693	$927	Lots	
70	Single Family Estate	70' approx.	2.00	150.00	3.03%	75	$530,124	$45,981	$13,552	$177	Lots	
G70	Single Family Estate	70' approx.	2.00	112.00	2.26%	56	$395,826	$34,332	$13,575	$1,177	Lots	
C	Commercial	COM	1.00	422.00	8.52%	422	*				1K SF	
R	Retail		1.00	147.00	2.97%	147	$519,522	$45,061	$2,046	$177	Unit	

TOTAL	4,954.50	100.00%	4,720	$17,510,000	$1,518,745

(1) Allocation of costs based on equivalent assessments units. Individual amounts calculated on a pro rata basis. (2)Represents the Total Project
(3)Includes principal, interest, collection costs, and early payment discounts
*Developer contributed infrastructure inlieu of assessments. Includes La Rosa Tract Townhomes.	

Westside
Community Development District
Capital Reserve Fund
Fiscal Year 2018

	PROPOSED
BUDGET	ACTUAL
THRU	PROJECTED
NEXT	TOTAL
PROJECTED	ADOPTED
BUDGET	
	FY 2017	03/31/17	6 MONTHS	9/30/17	FY 2018	
REVENUES:						
Fund Balance	$0	$0	$0	$0	$148,703	
Transfer In	$0	$0	$148,703	$148,703	$148,098	
TOTAL REVENUES	$0	$0	$148,703	$148,703	$296,800	

EXPENDITURES:						
Capital Outlay	$0	$0	$0	$0	$0	
TOTAL EXPENDITURES	$0	$0	$0	$0	$0	
						
EXCESS REVENUES/(EXPENDITURES)	$0	$0	$148,703	$148,703	$296,800