Falcon Trace
Community Development District Adopted Budget
FY 2021

Table of Contents

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2-5

6

7

8

 	General Fund

 	General Fund Narrative

 	Capital Reserve Fund

 	Debt Service Fund - Series 2007

 	Amortization Schedule - Series 2007

Falcon Trace
Community Development District

General Fund Budget
Fiscal Year 2021

	ADOPTED
BUDGET	ACTUAL
THRU	NEXT
2	PROJECTED
THRU	ADOPTED
BUDGET	
	FY 2020	7/31/20	MONTHS	9/30/20	FY 2021	

REVENUES:						
Maintenance Assessments	$355,855	$368,711	$0	$368,711	$355,855	
Miscellaneous Income	$1,500	$660	$0	$660	$1,500	
Interest Income	$100	$45	$9	$54	$100	
Transfer In	$0	$256,528	$0	$256,528	$0	
Carry Forward Balance	$0	$0	$0	$0	$10,099	
TOTAL  REVENUES	 	$357,455	$625,943	$9	$625,953	$367,554 EXPENDITURES:
Administrative:

Supervisors Fees	$8,000	$4,200	$2,000	$6,200	$8,000	
FICA Expense	$612	$321	$153	$474	$612	
Engineering Fees	$1,000	$500	$500	$1,000	$1,000	
Dissemination	$1,000	$833	$167	$1,000	$0	
Assessment Roll	$5,000	$5,000	$0	$5,000	$5,000	
Arbitrage Rebate	$600	$600	$0	$600	$0	
Attorney Fees	$15,000	$15,467	$3,093	$18,561	$18,800	
Annual Audit	$3,300	$3,300	$0	$3,300	$3,400	
Trustee Fees	$4,450	$0	$4,450	$4,450	$0	
Management Fees	$51,615	$43,013	$8,603	$51,615	$53,163	
Information Technology	$2,650	$1,208	$242	$1,450	$1,450	
Telephone	$50	$0	$20	$20	$50	
Postage	$500	$646	$71	$717	$800	
Printing and Binding	$600	$269	$103	$372	$600	
Insurance	$11,250	$11,721	$0	$11,721	$11,250	
Legal Advertising	$2,500	$1,525	$768	$2,293	$2,500	
Contingency	$1,200	$425	$76	$501	$1,200	
Property Appraiser	$1,000	$902	$0	$902	$1,000	
Office Supplies	$500	$57	$34	$90	$500	
Dues, Licenses, & Subscriptions	$175	$175	$0	$175	$175	
TOTAL ADMINISTRATIVE	 	$111,002	$90,162	$20,278	$110,441	$109,500 	
Maintenance:						
Field Management	$19,343	$16,119	$3,224	$19,343	$19,923	
Property Insurance	$6,750	$6,432	$0	$6,432	$6,750	
Pool Staff Payroll	$76,000	$46,031	$17,833	$63,864	$78,280	
Security	$1,500	$1,320	$168	$1,488	$1,500	
Telephone Expense	$2,200	$2,075	$424	$2,499	$2,799	
Electric	$18,900	$12,525	$2,505	$15,031	$18,900	
Irrigation/Water	$13,500	$6,090	$1,218	$7,308	$13,500	
Lake Maintenance	$8,600	$3,300	$600	$3,900	$8,600	
Pest Control	$650	$0	$650	$650	$650	
Pool Maintenance	$29,500	$22,573	$4,515	$27,087	$29,500	
Grounds Maintenance	$33,000	$24,880	$4,737	$29,617	$33,000	
General Facility Maintenance	$10,000	$14,726	$513	$15,239	$15,500	
Refuse Service	$5,000	$4,919	$984	$5,903	$6,000	
Field Contingency	$5,000	$5,311	$472	$5,783	$6,000	
First Quarter Operating	$0	$0	$100,000	$100,000	$0	
Transfer Out - Current Year	$16,510	$0	$201,269	$201,269	$17,151	
TOTAL MAINTENANCE	 	$246,453	$166,303	$339,110	$505,413	$258,053 	
TOTAL EXPENDITURES	 	$357,455	$256,465	$359,389	$615,854	$367,554 	
EXCESS REVENUES (EXPENDITURES)	 	($0)	$369,478	($359,380)	$10,099	$0 	
	Net Assessments	$355,855	
Add: Discounts & Collections 		$22,714 Gross Assessments 	$378,569 

1	Total Units	902
Per Unit Assessment      $	419.70 

REVENUES:

MAINTENANCE ASSESSMENTS
The District will levy a Non-Ad Valorem assessment on all of the assessable property within the District in order to pay for the operating expenditures during the fiscal year.

MISCELLANEOUS INCOME
The District will receive income from guest fees, including rental income and pool access cards.

INTEREST INCOME
The District earns interest income on their operating accounts and other investments.

EXPENDITURES:

ADMINISTRATIVE:

SUPERVISORS FEES
The Florida Statutes allows each supervisor to be paid per meeting, for the time devoted to District business and board meetings. The amount for the fiscal year is based upon 5 supervisors attending 8 monthly meetings.

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

ENGINEERING FEES
Estimated cost for providing general engineering services to the District on an as needed basis as directed by the Board of Supervisors.

ASSESSMENT ROLL
The District has contracted with Governmental Management Services – Central Florida, LLC. to levy and administer the collection of a Non-Ad Valorem assessment on all assessable property within the District.

ATTORNEY FEES
The District's attorney will be providing general legal services to the District, e.g., attendance and preparation for monthly meetings, reviewing contracts, agreements, resolutions, etc.

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’s auditing firm is Grau & Associates.

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

TELEPHONE
The District incurs charges for telephone and facsimile services.

POSTAGE
Mailing of Board meeting agenda packages, overnight deliveries, checks for vendors and any other required correspondence.

PRINTING AND BINDING
Printing and binding agenda packages for board meetings, printing of computerized checks, correspondence, stationary, etc.

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

LEGAL ADVERTISING
Advertising of monthly board meetings, public hearings, and any services that are required to be advertised for public bidding, i.e. audit services, engineering service, maintenance contracts and any other advertising that may be required.

CONTINGENCY
Represents estimated bank charges and any other miscellaneous charges that the District may incur during the fiscal year.

PROPERTY APPRAISER
Represents the fees to be paid to the Orange County Property Appraiser’s office for assessment administration services.

OFFICE SUPPLIES
The District incurs charges for supplies that need to be purchased during the fiscal year, including copier and printer toner cartridges, paper, file folders, binders, pens, paper clips, and other such office supplies.

DUES, LICENSES, & SUBSCRIPTIONS
The District is required to pay an annual fee to the Department of Economic Opportunities for $175. This is the only expense under this category for the District.

MAINTENANCE:

FIELD MANAGEMENT
Provide onsite field management of contracts for the District per the management consulting contract with Governmental Management Services - Central Florida, LLC. Services to include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

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

POOL STAFF PAYROLL
The District has contracted with Governmental Management Services - Central Florida, LLC. to hire and supervise pool attendants; coordinate all facility operations and be the contact point for answering questions and solving problems for residents. Account line includes staff hours for the fiscal year, all related benefits, and a contingency for projects and a pay increase.

SECURITY
This represents the cost of monthly monitoring of the security system to the recreation center.

MONTHLY	ANNUAL
DESCRIPTION	AMOUNT	AMOUNT	
SAFETOUCH	$84
CONTINGENCY	$1,007
$493	
	$1,500	

TELEPHONE EXPENSE
This fee represents telephone and facsimile charges for the recreational facility.

MONTHLY	ANNUAL
DESCRIPTION	AMOUNT	AMOUNT	
BRIGHTHOUSE - ACCOUNT # 0050710061-01	$211.92 CONTINGENCY	$2,543
$256	
	$2,799	

ELECTRIC
The District has electrical accounts with Duke Energy for the recreation facility and other District areas.

IRRIGATION/WATER
This item represents utility service costs for water and wastewater.

MONTHLY	ANNUAL
DESCRIPTION	AMOUNT	AMOUNT	
ORANGE COUNTY UTILITIES - ACCOUNT # 0038166200	$1,125	$13,500	
	$13,500	

MONTHLY	ANNUAL
DESCRIPTION	AMOUNT	AMOUNT	
DUKE ENERGY - ACCOUNT # 63686 18371	$1,575	$18,900	
	$18,900	

LAKE MAINTENANCE
Maintenance consists of treatment of the lake edge on the pond area by the recreation center. Costs are based on estimated service costs.

MONTHLY	ANNUAL
DESCRIPTION	AMOUNT	AMOUNT	
AQUATIC WEED MANAGEMENT	$300 ADDITIONAL TREATMENTS	$3,600
$5,000	
	$8,600	

PEST CONTROL
Scheduled maintenance consists of monthly interior and exterior service at Big Hawk Lake recreation center.

POOL MAINTENANCE
Scheduled maintenance consists of maintaining the pool, maintaining the chlorine balance in the pool, and monthly purchase of a CO2 tank. Unscheduled maintenance consists of shocking the pool, extra chlorine treatments, or unforeseen repairs.

DESCRIPTION	MONTHLY
AMOUNT	ANNUAL
AMOUNT	
ROBERTS POOL SERVICE AND REPAIR INC	$600	$7,200	
POOL MAINTENANCE	$1,000	$12,000	
CONTINGENCY		$10,300	
		$29,500	

GROUNDS MAINTENANCE
Scheduled maintenance consists of mowing turf, landscape maintenance, trash pickup on the common areas, and all regular landscaping maintenance activities. Unscheduled maintenance consists of repairs or replacement of damaged areas.

DESCRIPTION	MONTHLY
AMOUNT	ANNUAL
AMOUNT	
REW LANDSCAPE CORP	$2,256	$27,067	
IRRIGATION REPAIRS		$1,500	
CONTINGENCY		$4,433	
		$33,000	

GENERAL FACILITY MAINTENANCE
Scheduled maintenance consists of cleaning the recreation center, replacing light bulbs for the tennis courts, performing any necessary general maintenance, painting, electrical and plumbing repairs, and repairing any other damages.

REFUSE SERVICE
Scheduled maintenance consists of regular trash removal.

FIRST QUARTER OPERATING
This represents to total amount needed to operated the first quarter.

FIELD CONTINGENCY
The current year contingency represents the potential excess of unscheduled maintenance expenses not included in budget categories or not anticipated in specific line items.

TRANSFER OUT
Excess funds transfer out to Capital Projects fund.

Capital Reserve Fund
Fiscal Year 2021

	ADOPTED
BUDGET	ACTUAL
THRU	NEXT
2	PROJECTED
THRU	ADOPTED
BUDGET	
	FY 2020	07/31/20	MONTHS	9/30/20	FY 2021	

REVENUES:						
Transfer In - General Fund	$249,506	$0	$201,269	$201,269	$17,151	
Interest	$150	$69	$14	$82	$150	
Beginning Fund Balance	$242,526	$257,642	$0	$257,642	$253,462	
TOTAL REVENUES	$492,182	$257,711	$201,283	$458,993	$270,763	

EXPENDITURES:						
Parking Lot Resurfacing	$37,500	$37,369	$0	$37,369	$0	
Pool Furniture	$10,000	$0	$5,000	$5,000	$0	
Capital Reserves	$0	$71,123	$0	$71,123	$0	
Landscape Improvements	$15,000	$62,902	$0	$62,902	$15,000	
Roof Replacement	$0	$0	$0	$0	$50,000	
Restroom Renovation	$0	$0	$0	$0	$75,000	
Slide Tower Painting	$0	$0	$0	$0	$10,000	
Sports Court Resurfacing/Improvements	$0	$2,697	$0	$2,697	$0	
Transfer Out	$0	$26,441	$0	$26,441	$0	
TOTAL EXPENDITURES	$62,500	$200,531	$5,000	$205,531	$150,000	
						
EXCESS REVENUES	$429,682	$57,179	$196,283	$253,462	$120,763	

Debt Service Fund Series 2007
Fiscal Year 2021

	ADOPTED
BUDGET	ACTUAL
THRU	NEXT
2	PROJECTED
THRU	ADOPTED
BUDGET	
	FY 2020	07/31/20	MONTHS	9/30/20	FY 2021	

REVENUES:						
Assessments - On Roll	$413,660	$402,212	$0	$402,212	$0	
Interest Income	$300	$259	$0	$259	$0	
Transfer In	$0	$26,441	$0	$26,441	$0	
Beginning Fund Balance	$236,821	$240,390	$0	$240,390	$0	
TOTAL REVENUES	$650,781	$669,303	$0	$669,303	$0	

EXPENDITURES:						
Interest - 11/1	$8,888	$8,888	$0	$8,888	$0	
Principal - 5/1	$400,000	$395,000	$0	$395,000	$0	
Interest - 5/1	$8,888	$8,888	$0	$8,888	$0	
Transfer Out	$233,006	$256,528	$0	$256,528	$0	
TOTAL EXPENDITURES	$650,782	$669,303	$0	$669,303	$0	
						
EXCESS REVENUES	($0)	($0)	$0	($0)	$0	

FALCON TRACE
Community Development District
SERIES 2007 SPECIAL ASSESSMENTS BONDS DEBT SERVICE SCHEDULE

AMORTIZATION SCHEDULE

DATE	
BALANCE	
RATE	
PRINCIPAL	
INTEREST	
TOTAL	
						
11/01/19	$395,000.00	4.500%	$0.00	$8,887.50	$0.00	
05/01/20	$395,000.00	4.500%	$400,000.00	$8,887.50	$417,775.00	
						
			$400,000.00	$17,775.00	$417,775.00