Lake Emma Community Development District

Adopted Budget
FY 2022

Table of Contents

1-2

3-5

6

7

 	General Fund

 	General Fund Narrative

 	Debt Service Fund Series 2021

 	Amortization Schedule Series 2021

Lake Emma
Community Development District

Fiscal Year 2022 General Fund

	Adopted
Budget	Actual
Thru	Projected
Next 3	Total
Thru	Adopted
Budget	
	FY2021	6/30/21	Months	9/30/21	FY2022	

Revenues						
Administrative Assessments - Outside AA1	$0	$0	$0	$0	$74,749	
Administrative Assessments - AA1	$0	$0	$0	$0	$42,369	
Maintenance Assessments - AA1	$0	$0	$0	$0	$46,008	
Developer Contributions	$119,818	$48,358	$21,484	$69,842	$0	
Total Revenues	$119,818	$48,358	$21,484	$69,842	$163,126	

Expenditures						
Administrative						
Supervisor Fees	$12,000	$400	$1,200	$1,600	$12,000	
FICA Expense	$918	$31	$92	$122	$918	
Engineering	$12,000	$1,410	$590	$2,000	$12,000	
Attorney	$25,000	$8,756	$5,400	$14,156	$25,000	
Dissemination	$3,500	$875	$875	$1,750	$3,500	
Arbitrage	$450	$0	$0	$0	$450	
Annual Audit	$5,000	$2,800	$0	$2,800	$4,500	
Trustee Fees	$5,000	$0	$0	$0	$5,000	
Assessment Administration	$5,000	$0	$0	$0	$5,000	
Management Fees	$35,000	$26,250	$8,750	$35,000	$35,000	
Information Technology	$1,200	$900	$300	$1,200	$1,050	
Website Maintenance	$0	$0	$0	$0	$600	
Telephone	$300	$0	$75	$75	$300	
Postage	$1,000	$82	$68	$150	$1,000	
Printing & Binding	$1,000	$85	$165	$250	$1,000	
Insurance	$5,650	$5,000	$0	$5,000	$5,500	
Legal Advertising	$5,000	$629	$4,371	$5,000	$2,500	
Other Current Charges	$1,000	$238	$300	$538	$1,000	
Office Supplies	$625	$1	$24	$25	$625	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Total Administrative	$119,818	$47,632	$22,210	$69,842	$117,118	

Operations & Maintenance						
Field Services	$0	$0	$0	$0	$7,500	
Landscape Maintenance	$0	$0	$0	$0	$23,508	
Contingency	$0	$0	$0	$0	$10,000	
Repairs & Maintnenance	$0	$0	$0	$0	$5,000	
Total Operations & Maintenance	$0	$0	$0	$0	$46,008	
						
Total Expenditures	$119,818	$47,632	$22,210	$69,842	$163,126	
						
Excess Revenues/(Expenditures)	$0	$726	($726)	$0	$0	

Lake Emma
Community Development District

Fiscal Year 2022 General Fund

Net Administrative Annual Assessments (Total)	$117,118
Collection Cost (6%)	$7,476

Gross Assessments	$124,594

Property Type		Units	ERU Factor	ERUs	Gross Per Unit	Total Gross	
40' Lots		294	0.8	235.2	$85.69	$25,192.93	
50' Lots		572	1	572	$107.11	$61,268.53	
60' Lots		217	1.2	260.4	$128.54	$27,892.17	
65' Lots		24	1.3	31.2	$139.25	$3,341.92	
70' Lots		46	1.4	64.4	$149.96	$6,898.06	
	Total	1153		1163.2		$124,593.62	

Net Administrative Annual Assessments (Outside AA1)	$74,749
Collection Cost (6%)	$4,771

Gross Assessments	$79,521

Property Type		Units	ERU Factor	ERUs	Gross Per Unit	Total Gross	
40' Lots		161	0.8	128.8	$85.69	$13,796.13	
50' Lots		383	1	383	$107.11	$41,024.21	
60' Lots		123	1.2	147.6	$128.54	$15,809.85	
65' Lots		24	1.3	31.2	$139.25	$3,341.92	
70' Lots		37	1.4	51.8	$149.96	$5,548.44	
	Total	728		742.4		$79,520.55	

Net Administrative Annual Assessments (Assessment Area 1)	$42,368.69
Collection Cost (6%)	$2,704.38

Gross Assessments	$45,073.07

Property Type		Units	ERU Factor	ERUs	Gross Per Unit	Total Gross	
40' Lots		133	0.8	106.4	$85.69	$11,396.80	
50' Lots		189	1	189	$107.11	$20,244.32	
60' Lots		94	1.2	112.8	$128.54	$12,082.32	
65' Lots		0	1.3	0	$139.25	$0.00	
70' Lots		9	1.4	12.6	$149.96	$1,349.62	
	Total	425		420.8		$45,073.07	

Net Maintenance Annual Assessments (Assessment Area 1)	$46,008
Collection Cost (6%)	$2,937

Gross Assessments	$48,945

Property Type		Units	ERU Factor	ERUs	Gross Per Unit	Total Gross	
40' Lots		133	0.8	106.4	$93.05	$12,375.75	
50' Lots		189	1	189	$116.31	$21,983.23	
60' Lots		94	1.2	112.8	$139.58	$13,120.15	
65' Lots		0	1.3	0	$0.00	$0.00	
70' Lots		9	1.4	12.6	$162.84	$1,465.55	
	Total	425		420.8		$48,944.68	

Net Administrative & Maintenance Annual Assessments (Assessment Area 1)	$88,377
Collection Cost (6%)	$5,641

Gross Assessments	$94,018

Property Type		Units	ERU Factor	ERUs	Gross Per Unit	Total Gross	
40' Lots		133	0.8	106.4	$178.74	$23,772.55	
50' Lots		189	1	189	$223.43	$42,227.55	
60' Lots		94	1.2	112.8	$268.11	$25,202.48	
65' Lots		0	1.3	0	$0.00	$0.00	
70' Lots		9	1.4	12.6	$312.80	$2,815.17	
	Total	425		420.8		$94,017.75	

Lake Emma
Community Development District
GENERAL FUND BUDGET

REVENUES:

Administrative Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the district to fund the administrative portion of the general fund expenditures during the fiscal year.

Maintenance Assessments

The District will levy a non-ad valorem assessment on all the assessable property within Assessment Area One to fund all operations and maintenance 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.

FICA Expense

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

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, etc. District has contracted with Dewberry Engineers, Inc. for this service.

Attorney

The District's legal counsel, Hopping, Green & Sams, will be providing general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions, etc.

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.

Lake Emma
Community Development District
GENERAL FUND BUDGET

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2021Special Assessment Bonds (Assessment Area One).

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 Grau & Associates for this service.

Trustee Fees

The District will pay annual trustee fees for the Series 2021 Special Assessment Bonds (Assessment Area One) that are deposited with a Trustee at USBank.

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 the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, security, accounting software, etc.

Website Maintenance

Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statues. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.

Telephone

Telephone and fax machine.

Postage

Mailing of agenda packages, overnight deliveries, correspondence, etc.

Lake Emma
Community Development District
GENERAL FUND BUDGET

Printing & Binding

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

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

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Miscellaneous office supplies.

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 Services

Provide onsite field management of contracts for the District such as landscape maintenance. Services to include onsite inspections, meetings with contractors, attend Board meetings and receive and respond to property owner phone calls and emails.

Landscape Maintenance

Represents estimated costs for landscape maintenance of dry retention ponds located within the District’s boundaries.

Contingency

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

Repairs & Maintenance

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

Lake Emma
Community Development District

Fiscal Year 2022 Debt Service Fund Series 2021

	Proposed
Budget	Actual
Thru	Projected
Next 3	Total
Thru	Adopted
Budget	
	FY2021	6/30/21	Months	9/30/21	FY2022	

Revenues						
Assessments	$125,850	$0	$125,850	$125,850	$393,888	
Bond Proceeds	$249,381	$249,381	$0	$249,381	$0	
Interest	$0	$3	$0	$3	$0	
Carry Forward Surplus	$0	$0	$0	$0	$125,853	
Total Revenues	$375,231	$249,384	$125,850	$375,234	$519,740	

Expenditures						
Interest - 12/15	$0	$0	$0	$0	$125,850	
Principal - 06/15	$0	$0	$0	$0	$140,000	
Interest - 06/15	$52,438	$52,438	$0	$52,438	$125,850	
Total Expenditures	$52,438	$52,438	$0	$52,438	$391,700	
						
Excess Revenues/(Expenditures)	$322,793	$196,946	$125,850	$322,796	$128,040	

Interest - 12/15/22   $	124,100 
  $	124,100 

Net Assessments	$393,888	
Collection Cost (6%)	$25,142	
Gross Assessments	$419,030	

Property Type	Units	Gross Per Unit	Total Gross	
40' Lots	133	$812.83	$108,106.39	
50' Lots	189	$983.80	$185,938.20	
60' Lots	94	$1,196.00	$112,424.00	
70' Lots	9	$1,395.68	$12,561.12	

Total	425	$419,029.71

Lake Emma
Series 2021, Special Assessment Bonds (Assessment Area One) (Term Bonds Combined)

Amortization Schedule

Date	Balance	Principal	Interest	Annual

6/15/21	$ 7,040,000	$	
12/15/21	$ 7,040,000	$	
6/15/22	$ 7,040,000	$	
12/15/22	$ 6,900,000	$	
6/15/23	$ 6,900,000	$	
12/15/23	$ 6,755,000	$	
6/15/24	$ 6,755,000	$	
12/15/24	$ 6,605,000	$	
6/15/25	$ 6,605,000	$	
12/15/25	$ 6,450,000	$	
6/15/26	$ 6,450,000	$	
12/15/26	$ 6,295,000	$	
6/15/27	$ 6,295,000	$	
12/15/27	$ 6,135,000	$	
6/15/28	$ 6,135,000	$	
12/15/28	$ 5,970,000	$	
6/15/29	$ 5,970,000	$	
12/15/29	$ 5,800,000	$	
6/15/30	$ 5,800,000	$	
12/15/30	$ 5,625,000	$	
6/15/31	$ 5,625,000	$	
12/15/31	$ 5,445,000	$	
6/15/32	$ 5,445,000	$	
12/15/32	$ 5,255,000	$	
6/15/33	$ 5,255,000	$	
12/15/33	$ 5,060,000	$	
6/15/34	$ 5,060,000	$	
12/15/34	$ 4,860,000	$	
6/15/35	$ 4,860,000	$	
12/15/35	$ 4,650,000	$	
6/15/36	$ 4,650,000	$	
12/15/36	$ 4,435,000	$	
6/15/37	$ 4,435,000	$	
12/15/37	$ 4,210,000	$	
6/15/38	$ 4,210,000	$	
12/15/38	$ 3,980,000	$	
6/15/39	$ 3,980,000	$	
12/15/39	$ 3,740,000	$	
6/15/40	$ 3,740,000	$	
12/15/40	$ 3,490,000	$	
6/15/41	$ 3,490,000	$	
12/15/41	$ 3,230,000	$	
6/15/42	$ 3,230,000	$	
12/15/42	$ 2,960,000	$	
6/15/43	$ 2,960,000	$	
12/15/43	$ 2,680,000	$	
6/15/44	$ 2,680,000	$	
12/15/44	$ 2,390,000	$	
6/15/45	$ 2,390,000	$	
12/15/45	$ 2,090,000	$	
6/15/46	$ 2,090,000	$	
12/15/46	$ 1,775,000	$	
6/15/47	$ 1,775,000	$	
12/15/47	$ 1,450,000	$	
6/15/48	$ 1,450,000	$	
12/15/48	$ 1,110,000	$	
6/15/49	$ 1,110,000	$	
12/15/49	$	755,000	$	
6/15/50	$	755,000	$	
12/15/50	$	385,000	$	
6/15/51	$	385,000	$	
Totals		$	

-	$
-	$
140,000   $
-	$
145,000   $
-	$
150,000   $
-	$
155,000   $
-	$
155,000   $
-	$
160,000   $
-	$
165,000   $
-	$
170,000   $
-	$
175,000   $
-	$
180,000   $
-	$
190,000   $
-	$
195,000   $
-	$
200,000   $
-	$
210,000   $
-	$
215,000   $
-	$
225,000   $
-	$
230,000   $
-	$
240,000   $
-	$
250,000   $
-	$
260,000   $
-	$
270,000   $
-	$
280,000   $
-	$
290,000   $
-	$
300,000   $
-	$
315,000   $
-	$
325,000   $
-	$
340,000   $
-	$
355,000   $
-	$
370,000   $
-	$
385,000   $

52,437.50   $
125,850.00   $
125,850.00   $
124,100.00   $
124,100.00   $
122,287.50   $
122,287.50   $
120,412.50   $
120,412.50   $
118,475.00   $
118,475.00   $
116,537.50   $
116,537.50   $
114,057.50   $
114,057.50   $
111,500.00   $
111,500.00   $
108,865.00   $
108,865.00   $
106,152.50   $
106,152.50   $
103,362.50   $
103,362.50   $
100,037.50   $
100,037.50   $
96,625.00   $
96,625.00   $
93,125.00   $
93,125.00   $
89,450.00   $
89,450.00   $
85,687.50   $
85,687.50   $
81,750.00   $
81,750.00   $
77,725.00   $
77,725.00   $
73,525.00   $
73,525.00   $
69,150.00   $
69,150.00   $
64,600.00   $
64,600.00   $
59,200.00   $
59,200.00   $
53,600.00   $
53,600.00   $
47,800.00   $
47,800.00   $
41,800.00   $
41,800.00   $
35,500.00   $
35,500.00   $
29,000.00   $
29,000.00   $
22,200.00   $
22,200.00   $
15,100.00   $
15,100.00   $
7,700.00   $
7,700.00   $

- 178,287.50
- 389,950.00
- 391,387.50
- 392,700.00
- 393,887.50
- 390,012.50
- 390,595.00
- 390,557.50
- 390,365.00
- 390,017.50
- 389,515.00
- 393,400.00
- 391,662.50
- 389,750.00
- 392,575.00
- 390,137.50
- 392,437.50
- 389,475.00
- 391,250.00
- 392,675.00
- 393,750.00
- 393,800.00
- 392,800.00
- 391,400.00
- 389,600.00
- 392,300.00
- 389,500.00
- 391,200.00
- 392,300.00
- 392,800.00
392,700.00

7,040,000   $	4,882,788 $ 11,922,787.50