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Falcon Trace
Community Development District Adopted Budget
FY 2015

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Table of Contents

1-6	General Fund

7	Capital Reserve Fund

8-9	Debt Service Fund

REVENUES:

Falcon Trace
Communiti' DeveloRment District
General Fund Budget
Fiscal Year 2015
ADOPTED		ACTUAL		NEXT	PROJECTED	ADOPTED BUDGET			THRU			2			THRU		BUDGET FY 2014	07/31/14	MONTHS		9/30/14		FY 2015

Maintenance Assessments	$355,855	$365,059		$0	$365,059	$355,855 Miscellaneous Income		$1,000		$2,870	$500		$3,370		$1,000

Carry Forward Surplus	$243,846	$343,197	$0	$343,197	$40,527	
TOTAL REVENUES	$600,801	$711,129	$500	$711,629	$397,382	

Interest Income	$100	$0	$0

EXPENDITURES:
Administrative:

$459

Supervisors Fees	$8,000	$4,000	$2,000	$6,000	$8,000
FICA Expense	$616	$306	$612
Engineering Fees	$5,000	$3,266	$0	$3,266	$5,000
Dissemination	$1,200	$1,000	$0	$1,000	$1,000
Assessment Roll	$5,000	$5,000	$0	$5,000	$5,000
Arbitrage Rebate	$600	$0	$600	$600	$600
Attorney Fees	$15,000	$10,033	$4,967	$15,000	$15,000
Annual Audit	$3,200	$3,200	$0	$3,200	$3,200
Trustee Fees	$3,500	$0	$3,771	$3,771	$4,327
Management Fees	$48,652	$40,543	$8,109	$48,652	$48,652
Computer Time	$1,000	$833	$167	$1,000	$1,000
Telephone	$100	$0	$50	$50	$100
Postage	$1,000	$148	$102	$250	$1,000
Printing and Binding	$1,500	$384	$366	$750	$1,500
Insurance	$9,975	$9,786	$0	$9,786	$10,765
Legal Advertising	$2,500	$827	$1,673	$2,500	$2,500
Contingency	$1,000	$936	$179	$1,11S	$1,200
Property Taxes	$6,500	$5,480	$0	$5,480	$6,500
Property Appraiser	$1,500	$1,500	$0	$1,500	$1,000

$22,320

Office Supplies	$800		$67	$183	$250	$800 Dues, Licenses, Subscriptions	$175	$175		$0	$175	$175

TOTAL ADMINISTRATIVE	$116,818
Maintenance:

$109,802	$117,931

Field Management	$18,233	$15,194	$3,039	$18,233	$18,233
Property Insurance	$6,716	$6,1OS	$0	$6,105	$6,716
Pool Staff Payroll	$74,564	$53,548           $19,052	$72,600	$74,778 Security		$920		$730	$14		$744		$920
Telephone Expense	$3,300	$2,905	$618	$3,523	$4,000
Electric	$19,200	$13,407	$3,003	$16,410	$19,200
Irrigation/Water	$8,040	$8,265	$1,200	$9,465	$10,200
Lake Maintenance	$8,600	$5,650	$600	$6,250	$8,600
Pest Control		$650		$0		$650		$650		$650 Pool Maintenance	$30,000	$20,143	$4,792	$24,935	$30,000
Grounds Maintenance	$29,036	$22,248	$4,256	$26,504	$29,036 General Facility Maintenance	$14,000		$9,986	$3,014	$13,000	$14,000 Refuse Service		$2,000		$1,410		$590		$2,000		$2,000
Field Contingency		$10,000			$6	$4,994			$5,000	$10,000 Transfer Out - Current Year		$14,878		$14,878		$0		$14,878	$51,118 Transfer Out - Prior Year	$243,846	$243,846		$0	$243,846		$0

$483,983

TOTAL MAINTENANCE	$418,321	$45,821	$464,142	$279,451
TOTAL EXPENDITURES	$600,801	$505,804	$68,141	$573,945	$397,382

$137,684

EXCESS REVENUES (EXPENDITURES)	$0	$205,325	($67,6412	$0

Net Assessments	$355,855	
Add: Discounts & Collections	$22,714	
Gross Assessments	$378,569	
Total Units	902	
Per Unit Assessment	$	419.70	

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FALCON TRACE
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND BUDGET

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.
INTEREST INCOME
The District will invest surplus funds with the US Bank.
CARRY FORWARD SURPLUS
Funds carried forward from previous fiscal years
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.
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 will be providing general engineering services to the District on an as needed basis as directed by the Board of Supervisors.
DISSEMINATION
The District is required by the Security and Exchange Commission to comply with Rule l 5c2- 12(b) (5) which relates to additional reporting requirements for unrated bond issues. The District's hired Prager & Co., LLC to provide this service.
ASSESSMENT ROLL
The District will contract to levy and administer the collection of a Non-Ad Valorem assessment on all assessable property within the District.
ARBITRAGE REBATE
The District had contracted with Grau & Associates, to annually calculate the District's Arbitrage Rebate Liability on the Series 2007 Special Assessment Bonds
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. The District's legal firm is Hopping, Green & Sams.

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FALCON TRACE
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND BUDGET

ANNUAL AUDIT
The District is required by Florida Statue to arrange for an independent audit of its financial records on an annual basis. The District's auditing firm is Grau & Associates.
TRUSTEE FEES
The District issued Series 2007 Special Assessment Bonds that are deposited with a Trustee at US Bank.
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.
COMPUTER TIME
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a mainframe computer leased by Governmental Management Services-Central Florida, LLC.
TELEPHONE
Telephone and fax machine.
POSTAGE
Mailing of Board Meeting Agenda's, 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, public officials liability and property insurance coverages are provide by the Florida Insurance Alliance.
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
Bank charges and any other miscellaneous charges that the District may incur.
PROPERTY TAXES
These taxes represent the estimated non ad valorem assessments on District property levied by Orange County.
PROPERTY APPRAISER
Represent the Fiscal Year 2015 fees to be paid to the Orange County Property Appraiser.

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FALCON TRACE
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND BUDGET

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.
DUES, LICENSE, SUBSCRIPTIONS
The District is required to pay an annual fee to the Department of Economic Opportunities for
$175.
MAINTENANCE:
FIELD MANAGEMENT
Includes employees utilized in the field provided under a management consulting contract with Governmental Management Services- Central Florida, LLC.
POOL STAFF PAYROLL
The District has contracted with Govenm1ental 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 2015, 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.

Vendor: ADT
Annual Contract
Contingency
o	Total Projected Annual Cost
Vendor: Safetouch
Annual Contract
Contingency
o	Total Projected Annual Cost
TELEPHONE EXPENSE
This fee represents telephone and facsimile charges for the recreational facility.
Vendor: AT&T
o	Account 407 816-1040 200 3140 (Estimated at $333/month)
ELECTRIC

Annual Costs
$730
$20
$750

$156
$14
$170

Annual Costs
$4,000

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

Vendor: Progress Energy
o	Account 63686 18371 (Estimated at $1,600/month)

Annual Costs
$19,200

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FALCON TRACE
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND BUDGET

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

Vendor: Orange County Utilities
o	Account 0038166200 (Estimated at $850/month)

LAKE MAINTENANCE

Annual Costs
$10,200

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

Lake Maintenance: Contract Cost of$300 monthly
Additional Treatments
Total Projected Annual Cost
PEST CONTROL

Annual Costs
$3,600
$5,000
$8,600

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.

Vendor: Osborne's Pool Service and Supply
Pool Service: Contract Cost of$1,015 monthly
Pool Maintenance
Contingency
Total Projected Annual Cost
GROUNDS MAINTENANCE

Annual Costs
$12,180
$12,000
$5,820
$30,000

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.

Vendor: REW Custom Landscape
Monthly Service: Contract Cost of$2,128 monthly
Anticipated Irrigation Repairs
Contingency
Total Projected Annual Cost
GENERAL FACILITY MAINTENANCE

Annual Costs
$25,536
$1,000
$2,500
$29,036

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.

5

FALCON TRACE
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND BUDGET

REFUSE SERVICE
Scheduled maintenance consists of regular trash removal.
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.
MAINTENANCE & OPERATING RESERVES
Includes a specific amount of funds allocated annually for future maintenance operations for major repair or replacement of items associated with the recreation center, including pool pumps, filters, control panels, air conditioning units, light fixtures, electrical components, and plumbing.
TRANSFER OUT - CURRENT YEAR
Transfer out to Capital Projects fund from FY 2015 funds.

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Falcon Trace
Community Development District

REVENUES:

Transfer In - Prior Year Transfer In - Current Year Transfer In
Interest
Beginning Fund Balance
TOTAL REVENUES

EXPENDITURES:

Pool Slide Resurfacing
Pool Resurfacing/Improvements Pool Furniture
Slide Building Stucco Repair Pool Surface Cleaning General Building Maintenance Transfer Out
TOTAL EXPENDITURES EXCESS REVENUES

Capital Reserve Fund
Fiscal Year 2015
ADOPTED	ACTUAL	NEXT
BUDGET	THRU	2
FY 2014	07/31/14	MONTHS

$243,846	$243,846	$0
$14,878	$14,878	$0
$0	$0	$0
$0	$156	$73
$26,419	$26,419	$0
$285,143	$285,299	$73

$26,000	$20,550	$0
$0	$0	$0
$15,000	$0	$7,500
$17,500	$20,265	$0
$3,500	$2,425	$0
$10,000	$11,439	$4,000
$0	$4	$0
$72,000	$54,683	$11,500

$213,143	$230,617	($11,4272

PROJECTED	ADOPTED THRU		BUDGET
9/30/14	FY 2015

$243,846	$0
$14,878	$0
$0	$51,118
$229	$150
$26,419	$219,190
$285,372	$270,458

$20,550	$0
$0	$50,750
$7,500	$10,000
$20,265	$0
$2,425	$0
$15,439	$10,000
$4	$0
$66,183	$70,750

$219,190	$199,708

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Falcon Trace
Community Development District

Debt Service Fund Series 2007

$44

Fiscal Year 2015

	ADOPTED BUDGET	ACTUAL THRU	NEXT 2	PROJECTED THRU	ADOPTED BUDGET	
	FY 2014	07/31/14	MONTHS	9/30/14	FY 2015	
REVENUES:						
Beginning Fund Balance	$212,251	$212,281	$0	$212,281	$217,289	
Assessments- On Roll	$413,660	$423,888	$0	$423,888	$413,660	
Interest Income	$100		$8		$100	
TOTAL REVENUES	$626,011	$636,213	$8	$636,221	$631,049	

EXPENDITURES:						
Interest - 11/1	$54,466	$54,466	$0	$54,466	$47,878	
Principal - 5/1	$310,000	$310,000	$0	$310,000	$325,000	
Interest - 5/1	$54,466	$54,466	$0	$54,466	$47,878	
TOTAL EXPENDITURES	$418,931	$418,931	$0	$418,931	$420,756	
EXCESS REVENUES	$207!080	$217!281	$8	$217!289	$210!293	
				11/01/15	$40,972	
Net Assessments	$413,660	
Add: Discounts & Collections	$26,404	
Gross Assessments	$440,064	
Total Units	900	
Per Unit Assessment	$	488.96	

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

AMORTIZATION SCHEDULE

DATE	BALANCE	RATE	PRINCIPAL	INTEREST	TOTAL	
05/01/14	$2,480,000.00	4.250%	$310,000.00	$54,465.63		
11/01/14	$2,170,000.00	4.250%	$0.06	$47,878.13	$412,343.76	
05/01/15	$2,170,000.00	4.250%	$325,000.00	$47,878.13		
ll/Oi/15	$1,845,600.00	4.375%	$0.06	$40,971.88	$413,850.01	
05/01/16	$1,845,000.00	4.375%	$335,000.00	$40,971.88		
11/01/16	$1,510,000.00	4.375%	$0.00	$33,643.75	$409,615.63	
05/01/17	$1,510,000.00	4.375%	$350,000.00	$33,643.75		
11/01/17	$1,160,000.00	4.500%	$0.00	$25,987.50	$409,631.25	
05/01/18	$1,160,000.00	4.500%	$370,000.00	$25,987.50		
11/01/18	$790,000.00	4.500%	$0.00	$17,662.50	$413,650.00	
05/01/19	$790,000.00	4.500%	$385,000.00	$17,662.50		
11/01/19	$405,000.00	4.500%	$0.00	$9,000.00	$411,662.50	
05/01/20	$405,000.00	4.500%	$400,000.00	$9,000.00	$409,000.00	
			$2,475,000.00	$404,753.15	$2,879,753.15	

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