Lake Emma Community Development District Adopted Budget FY 2024 1-2 3-6 7 8 9 10 Debt Service Fund Series 2023 Amortization Schedule Series 2023 Table of Contents General Fund General Fund Narrative Debt Service Fund Series 2021 Amortization Schedule Series 2021 Adopted Actual Projected Total Adopted Budget Thru Next 3 Thru Budget FY2023 6/30/23 Months 9/30/23 FY2024 Revenues Administrative Assessments - Outside AA1-2 $74,749 $74,749 $0 $74,749 $35,517 Administrative Assessments - AA1-2 $42,369 $42,483 $0 $42,483 $81,319 Maintenance Assessments - AA1-2 $46,008 $46,023 $0 $46,023 $88,517 Developer Contributions $10,164 $0 $0 $0 $0 Total Revenues $173,290 $163,256 $0 $163,256 $205,353 Expenditures Administrative Supervisor Fees $12,000 $800 $800 $1,600 $6,000 FICA Expense $918 $61 $61 $122 $459 Engineering $12,000 $0 $6,000 $6,000 $12,000 Attorney $25,000 $6,477 $3,523 $10,000 $20,000 Dissemination $3,500 $2,625 $1,459 $4,084 $7,000 Arbitrage $450 $450 $0 $450 $900 Annual Audit $4,500 $4,500 $0 $4,500 $6,100 Trustee Fees $5,000 $4,041 $0 $4,041 $8,100 Assessment Administration $5,000 $5,000 $0 $5,000 $5,300 Management Fees $35,000 $26,250 $8,750 $35,000 $36,750 Information Technology $1,300 $975 $325 $1,300 $1,800 Website Maintenance $800 $600 $200 $800 $1,200 Telephone $300 $0 $25 $25 $300 Postage $750 $245 $155 $400 $750 Printing & Binding $750 $60 $40 $100 $592 Insurance $5,907 $5,645 $0 $5,645 $6,210 Legal Advertising $2,500 $2,093 $2,907 $5,000 $2,500 Other Current Charges $1,000 $346 $116 $462 $600 Office Supplies $218 $1 $1 $2 $50 Property Taxes $50 $17 $0 $17 $50 Dues, Licenses & Subscriptions $175 $175 $0 $175 $175 Total Administrative $117,118 $60,360 $24,362 $84,722 $116,836 Operations & Maintenance Assessment Area 1-2 Field Services $7,500 $5,625 $1,875 $7,500 $7,875 Landscape Maintenance $23,508 $17,631 $5,877 $23,508 $43,272 Contingency $10,000 $0 $2,500 $2,500 $5,000 Repairs & Maintnenance $5,000 $0 $2,500 $2,500 $5,000 Stormwater Repairs & Maintenance $0 $0 $0 $0 $20,000 Capital Outlay $0 $0 $0 $0 $7,370 Total Operations & Maintenance AA1-2 $46,008 $23,256 $12,752 $36,008 $88,517 Outside Assessment Area 1-2 Landscape Maintenance $10,164 $0 $0 $0 $0 Total Operations & Maintenance Outside AA1-2 $10,164 $0 $0 $0 $0 Total Expenditures $173,290 $83,616 $37,114 $120,730 $205,353 Excess Revenues/(Expenditures) $0 $79,640 ($37,114) $42,526 $0 Lake Emma Community Development District Fiscal Year 2024 General Fund 1 Net Administrative Annual Assessments (Total) $116,836 Collection Cost (6%) $7,458 Gross Assessments $124,294 Property Type Units ERU Factor ERUs Gross Per Unit Total Gross 40' Lots 294 0.8 235.2 $85.48 $25,132.27 50' Lots 572 1 572 $106.85 $61,121.00 60' Lots 217 1.2 260.4 $128.23 $27,825.02 65' Lots 24 1.3 31.2 $138.91 $3,333.87 70' Lots 46 1.4 64.4 $149.60 $6,881.46 Total 1153 1163.2 $124,293.62 Net Administrative Annual Assessments (Outside AA1-2) $35,517 Collection Cost (6%) $2,267 Gross Assessments $37,784 Property Type Units ERU Factor ERUs Gross Per Unit Total Gross 40' Lots 41 0.8 32.8 $85.48 $3,504.84 50' Lots 179 1 179 $106.85 $19,127.03 60' Lots 49 1.2 58.8 $128.23 $6,283.07 65' Lots 24 1.3 31.2 $138.91 $3,333.87 70' Lots 37 1.4 51.8 $149.60 $5,535.08 Total 330 353.6 $37,783.89 Net Administrative Annual Assessments (Assessment Area 1-2) $81,319.14 Collection Cost (6%) $5,190.58 Gross Assessments $86,509.73 Property Type Units ERU Factor ERUs Gross Per Unit Total Gross 40' Lots 253 0.8 202.4 $85.48 $21,627.43 50' Lots 393 1 393 $106.85 $41,993.97 60' Lots 168 1.2 201.6 $128.23 $21,541.95 65' Lots 0 1.3 0 $138.91 $0.00 70' Lots 9 1.4 12.6 $149.60 $1,346.37 Total 823 809.6 $86,509.73 Net Maintenance Annual Assessments (Assessment Area 1-2) $88,517 Collection Cost (6%) $5,650 Gross Assessments $94,167 Property Type Units ERU Factor ERUs Gross Per Unit Total Gross 40' Lots 253 0.8 202.4 $93.05 $23,541.76 50' Lots 393 1 393 $116.31 $45,711.02 60' Lots 168 1.2 201.6 $139.58 $23,448.70 65' Lots 0 1.3 0 $0.00 $0.00 70' Lots 9 1.4 12.6 $162.84 $1,465.54 Total 823 809.6 $94,167.02 Net Administrative & Maintenance Annual Assessments (Assessment Area 1-2) $169,836 Collection Cost (6%) $10,841 Gross Assessments $180,677 Property Type Units ERU Factor ERUs Gross Per Unit Total Gross 40' Lots 253 0.8 202.4 $178.53 $45,169.19 50' Lots 393 1 393 $223.17 $87,704.99 60' Lots 168 1.2 201.6 $267.80 $44,990.65 65' Lots 0 1.3 0 $0.00 $0.00 70' Lots 9 1.4 12.6 $312.44 $2,811.92 Total 823 809.6 $180,676.75 Lake Emma Community Development District Fiscal Year 2024 General Fund 2 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 and Assessment Area Two 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. Amount is based on 5 supervisors attending 6 meetings during the fiscal year. FICA Expense Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisor checks. Engineering The District's engineer, Dewberry Engineer, Inc., 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, Kutak Rock 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 directed by the Board of Supervisors and the District Manager. 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. The District has contracted with Governmental Management Services-Central Florida, LLC for this service on the Series 2021 Special Assessment Bonds (Assessment Area One). Assessment Area Two is expected to be issued in current year. 3 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 2021 Special Assessment Bonds (Assessment Area One). The District has contracted with AMTEC Corporation for this service. Assessment Area Two is expected to be issued in current year. 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 Area Two is expected to be issued in current year. Assessment Administration The District has contracted with Governmental Management Services-Central Florida, 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 The District has contracted with Governmental Management Services-Central Florida, LLC for costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, positive pay implementation and programming for fraud protection, accounting software, Adobe, Microsoft Office, etc. Website Maintenance The District has contracted with Governmental Management Services-Central Florida, LLC for 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. 4 Lake Emma Community Development District GENERAL FUND BUDGET Postage Mailing of agenda packages, overnight deliveries, correspondence, etc. 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. Property Taxes Represents estimated costs billed by Lake County Property Appraiser’s office. 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 The District has contracted with Governmental Management Services-Central Florida, LLC for 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. 5 Lake Emma Community Development District GENERAL FUND BUDGET Landscape Maintenance Represents proposed costs provided by CherryLake Inc. for landscape maintenance of dry retention ponds located within the District’s boundaries. Description Monthly Annual Trinity Lake Ponds & Disking $1,959 $23,508 Phase 3 Ponds $847 $10,164 Phase 4 Ponds $800 $9,600 Total $43,272 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. Stormwater Repairs & Maintenance Represents estimated costs for storm structure maintenance and erosion repairs. Capital Outlay Represents costs for capital outlay related expenses. 6 Adopted Actual Projected Total Adopted Budget Thru Next 3 Thru Budget FY2023 6/30/23 Months 9/30/23 FY2024 Revenues Assessments $393,888 $394,466 $0 $394,466 $393,888 Interest $0 $13,073 $2,927 $16,000 $12,000 Carry Forward Surplus $132,625 $134,674 $0 $134,674 $151,928 Total Revenues $526,513 $542,213 $2,927 $545,140 $557,816 Expenditures Interest - 12/15 $124,100 $124,100 $0 $124,100 $122,288 Principal - 06/15 $145,000 $145,000 $0 $145,000 $150,000 Interest - 06/15 $124,100 $124,100 $0 $124,100 $122,288 Transfer In $0 $12 $0 $12 $0 Total Expenditures $393,200 $393,212 $0 $393,212 $394,575 Excess Revenues/(Expenditures) $133,313 $149,001 $2,927 $151,928 $163,241 Interest - 12/15/24 $ 120,413 $ 120,413 $393,888 $25,142 $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 Collection Cost (6%) Gross Assessments Lake Emma Community Development District Fiscal Year 2024 Debt Service Fund Series 2021 Net Assessments 7 Date Balance Principal Interest Annual 12/15/23 $ 6,755,000 $ - $ 122,287.50 $ 122,287.50 6/15/24 $ 6,755,000 $ 150,000 $ 122,287.50 $ - 12/15/24 $ 6,605,000 $ - $ 120,412.50 $ 392,700.00 6/15/25 $ 6,605,000 $ 155,000 $ 120,412.50 $ - 12/15/25 $ 6,450,000 $ - $ 118,475.00 $ 393,887.50 6/15/26 $ 6,450,000 $ 155,000 $ 118,475.00 $ - 12/15/26 $ 6,295,000 $ - $ 116,537.50 $ 390,012.50 6/15/27 $ 6,295,000 $ 160,000 $ 116,537.50 $ - 12/15/27 $ 6,135,000 $ - $ 114,057.50 $ 390,595.00 6/15/28 $ 6,135,000 $ 165,000 $ 114,057.50 $ - 12/15/28 $ 5,970,000 $ - $ 111,500.00 $ 390,557.50 6/15/29 $ 5,970,000 $ 170,000 $ 111,500.00 $ - 12/15/29 $ 5,800,000 $ - $ 108,865.00 $ 390,365.00 6/15/30 $ 5,800,000 $ 175,000 $ 108,865.00 $ - 12/15/30 $ 5,625,000 $ - $ 106,152.50 $ 390,017.50 6/15/31 $ 5,625,000 $ 180,000 $ 106,152.50 $ - 12/15/31 $ 5,445,000 $ - $ 103,362.50 $ 389,515.00 6/15/32 $ 5,445,000 $ 190,000 $ 103,362.50 $ - 12/15/32 $ 5,255,000 $ - $ 100,037.50 $ 393,400.00 6/15/33 $ 5,255,000 $ 195,000 $ 100,037.50 $ - 12/15/33 $ 5,060,000 $ - $ 96,625.00 $ 391,662.50 6/15/34 $ 5,060,000 $ 200,000 $ 96,625.00 $ - 12/15/34 $ 4,860,000 $ - $ 93,125.00 $ 389,750.00 6/15/35 $ 4,860,000 $ 210,000 $ 93,125.00 $ - 12/15/35 $ 4,650,000 $ - $ 89,450.00 $ 392,575.00 6/15/36 $ 4,650,000 $ 215,000 $ 89,450.00 $ - 12/15/36 $ 4,435,000 $ - $ 85,687.50 $ 390,137.50 6/15/37 $ 4,435,000 $ 225,000 $ 85,687.50 $ - 12/15/37 $ 4,210,000 $ - $ 81,750.00 $ 392,437.50 6/15/38 $ 4,210,000 $ 230,000 $ 81,750.00 $ - 12/15/38 $ 3,980,000 $ - $ 77,725.00 $ 389,475.00 6/15/39 $ 3,980,000 $ 240,000 $ 77,725.00 $ - 12/15/39 $ 3,740,000 $ - $ 73,525.00 $ 391,250.00 6/15/40 $ 3,740,000 $ 250,000 $ 73,525.00 $ - 12/15/40 $ 3,490,000 $ - $ 69,150.00 $ 392,675.00 6/15/41 $ 3,490,000 $ 260,000 $ 69,150.00 $ - 12/15/41 $ 3,230,000 $ - $ 64,600.00 $ 393,750.00 6/15/42 $ 3,230,000 $ 270,000 $ 64,600.00 $ - 12/15/42 $ 2,960,000 $ - $ 59,200.00 $ 393,800.00 6/15/43 $ 2,960,000 $ 280,000 $ 59,200.00 $ - 12/15/43 $ 2,680,000 $ - $ 53,600.00 $ 392,800.00 6/15/44 $ 2,680,000 $ 290,000 $ 53,600.00 $ - 12/15/44 $ 2,390,000 $ - $ 47,800.00 $ 391,400.00 6/15/45 $ 2,390,000 $ 300,000 $ 47,800.00 $ - 12/15/45 $ 2,090,000 $ - $ 41,800.00 $ 389,600.00 6/15/46 $ 2,090,000 $ 315,000 $ 41,800.00 $ - 12/15/46 $ 1,775,000 $ - $ 35,500.00 $ 392,300.00 6/15/47 $ 1,775,000 $ 325,000 $ 35,500.00 $ - 12/15/47 $ 1,450,000 $ - $ 29,000.00 $ 389,500.00 6/15/48 $ 1,450,000 $ 340,000 $ 29,000.00 $ - 12/15/48 $ 1,110,000 $ - $ 22,200.00 $ 391,200.00 6/15/49 $ 1,110,000 $ 355,000 $ 22,200.00 $ - 12/15/49 $ 755,000 $ - $ 15,100.00 $ 392,300.00 6/15/50 $ 755,000 $ 370,000 $ 15,100.00 $ - 12/15/50 $ 385,000 $ - $ 7,700.00 $ 392,800.00 6/15/51 $ 385,000 $ 385,000 $ 7,700.00 $ 392,700.00 Totals $ 6,755,000 $ 4,330,450 $ 11,085,450.00 (Term Bonds Combined) Amortization Schedule Lake Emma Series 2021, Special Assessment Bonds (Assessment Area One) 8 Proposed Actual Projected Total Adopted Budget Thru Next 3 Thru Budget FY2023 6/30/23 Months 9/30/23 FY2024 Revenues Assessments $0 $0 $0 $0 $457,319 Bond Proceeds $549,905 $549,905 $0 $549,905 $0 Interest $0 $0 $0 $0 $2,500 Carry Forward Surplus $0 $0 $0 $0 $92,587 * Total Revenues $549,905 $549,905 $0 $549,905 $552,405 Expenditures Interest - 11/1 $0 $0 $0 $0 $92,587 Principal - 05/01 $0 $0 $0 $0 $100,000 Interest - 05/01 $0 $0 $0 $0 $179,200 Total Expenditures $0 $0 $0 $0 $371,787 Excess Revenues/(Expenditures) $549,905 $549,905 $0 $549,905 $180,619 *Represents carry forward amount less Reserve. Interest - 11/1/24 $ 176,950 $ 176,950 $457,320 $29,191 $486,510 Property Type Units Gross Per Unit Total Gross 40' Lots 120 $1,099.12 $131,894.40 50' Lots 204 $1,249.00 $254,796.00 60' Lots 74 $1,348.92 $99,820.08 Total 398 $486,510.48 Collection Cost (6%) Gross Assessments Lake Emma Community Development District Fiscal Year 2024 Debt Service Fund Series 2023 Net Assessments 9 Date Balance Principal Interest Annual 11/1/23 $ 6,775,000 $ - $ 92,586.67 $ 92,586.67 5/1/24 $ 6,775,000 $ 100,000 $ 179,200.00 $ - 11/1/24 $ 6,675,000 $ - $ 176,950.00 $ 456,150.00 5/1/25 $ 6,675,000 $ 105,000 $ 176,950.00 $ - 11/1/25 $ 6,570,000 $ - $ 174,587.50 $ 456,537.50 5/1/26 $ 6,570,000 $ 110,000 $ 174,587.50 $ - 11/1/26 $ 6,460,000 $ - $ 172,112.50 $ 456,700.00 5/1/27 $ 6,460,000 $ 115,000 $ 172,112.50 $ - 11/1/27 $ 6,345,000 $ - $ 169,525.00 $ 456,637.50 5/1/28 $ 6,345,000 $ 120,000 $ 169,525.00 $ - 11/1/28 $ 6,225,000 $ - $ 166,825.00 $ 456,350.00 5/1/29 $ 6,225,000 $ 125,000 $ 166,825.00 $ - 11/1/29 $ 6,100,000 $ - $ 164,012.50 $ 455,837.50 5/1/30 $ 6,100,000 $ 130,000 $ 164,012.50 $ - 11/1/30 $ 5,970,000 $ - $ 161,087.50 $ 455,100.00 5/1/31 $ 5,970,000 $ 135,000 $ 161,087.50 $ - 11/1/31 $ 5,835,000 $ - $ 157,543.75 $ 453,631.25 5/1/32 $ 5,835,000 $ 145,000 $ 157,543.75 $ - 11/1/32 $ 5,690,000 $ - $ 153,737.50 $ 456,281.25 5/1/33 $ 5,690,000 $ 150,000 $ 153,737.50 $ - 11/1/33 $ 5,540,000 $ - $ 149,800.00 $ 453,537.50 5/1/34 $ 5,540,000 $ 160,000 $ 149,800.00 $ - 11/1/34 $ 5,380,000 $ - $ 145,600.00 $ 455,400.00 5/1/35 $ 5,380,000 $ 170,000 $ 145,600.00 $ - 11/1/35 $ 5,210,000 $ - $ 141,137.50 $ 456,737.50 5/1/36 $ 5,210,000 $ 175,000 $ 141,137.50 $ - 11/1/36 $ 5,035,000 $ - $ 136,543.75 $ 452,681.25 5/1/37 $ 5,035,000 $ 185,000 $ 136,543.75 $ - 11/1/37 $ 4,850,000 $ - $ 131,687.50 $ 453,231.25 5/1/38 $ 4,850,000 $ 195,000 $ 131,687.50 $ - 11/1/38 $ 4,655,000 $ - $ 126,568.75 $ 453,256.25 5/1/39 $ 4,655,000 $ 205,000 $ 126,568.75 $ - 11/1/39 $ 4,450,000 $ - $ 121,187.50 $ 452,756.25 5/1/40 $ 4,450,000 $ 220,000 $ 121,187.50 $ - 11/1/40 $ 4,230,000 $ - $ 115,412.50 $ 456,600.00 5/1/41 $ 4,230,000 $ 230,000 $ 115,412.50 $ - 11/1/41 $ 4,000,000 $ - $ 109,375.00 $ 454,787.50 5/1/42 $ 4,000,000 $ 245,000 $ 109,375.00 $ - 11/1/42 $ 3,755,000 $ - $ 102,943.75 $ 457,318.75 5/1/43 $ 3,755,000 $ 255,000 $ 102,943.75 $ - 11/1/43 $ 3,500,000 $ - $ 96,250.00 $ 454,193.75 5/1/44 $ 3,500,000 $ 270,000 $ 96,250.00 $ - 11/1/44 $ 3,230,000 $ - $ 88,825.00 $ 455,075.00 5/1/45 $ 3,230,000 $ 285,000 $ 88,825.00 $ - 11/1/45 $ 2,945,000 $ - $ 80,987.50 $ 454,812.50 5/1/46 $ 2,945,000 $ 300,000 $ 80,987.50 $ - 11/1/46 $ 2,645,000 $ - $ 72,737.50 $ 453,725.00 5/1/47 $ 2,645,000 $ 320,000 $ 72,737.50 $ - 11/1/47 $ 2,325,000 $ - $ 63,937.50 $ 456,675.00 5/1/48 $ 2,325,000 $ 335,000 $ 63,937.50 $ - 11/1/48 $ 1,990,000 $ - $ 54,725.00 $ 453,662.50 5/1/49 $ 1,990,000 $ 355,000 $ 54,725.00 $ - 11/1/49 $ 1,635,000 $ - $ 44,962.50 $ 454,687.50 5/1/50 $ 1,635,000 $ 375,000 $ 44,962.50 $ - 11/1/50 $ 1,260,000 $ - $ 34,650.00 $ 454,612.50 5/1/51 $ 1,260,000 $ 395,000 $ 34,650.00 $ - 11/1/51 $ 865,000 $ - $ 23,787.50 $ 453,437.50 5/1/52 $ 865,000 $ 420,000 $ 23,787.50 $ - 11/1/52 $ 445,000 $ - $ 12,237.50 $ 456,025.00 5/1/53 $ 445,000 $ 445,000 $ 12,237.50 $ 457,237.50 Totals $ 6,775,000 $ 6,971,262 $ 13,746,261.67 (Term Bonds Combined) Amortization Schedule Lake Emma Series 2023, Special Assessment Bonds (Assessment Area Two) 10