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Falcon Trace
Community Development District
Adopted Budget
FY 2012

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Table of Contents

1-7	General Fund

8-9	Debt Service Fund

REVENUES:

Falcon Trace
Community Develor:iment District

General Fund Budget
Fiscal Year 2012

ADOPTED		ACTUAL		NEXT	PROJECTED	ADOPTED BUDGET		THRU			2		THRU	BUDGET F/Y2011	07/31/11	MONTHS 09/30/2011 F/Y2012

$238,795

$237,466

$118,311

$93,623

Maintenance Assessments	$355,855	$358,253	$0	$358,253	$355,855

$24

Miscellaneous Income	$1,000	$3,185	$250	$3,435	$1,000
Interest Income	$250	$0	$24	$50

Administrative:

TOTAL REVENUES	$357,105	$361,462	$250	$361,712	$356,905 EXPENDITURES:

$77

$4

Supervisors Fees	$8,000	$3,800	$1,000	$4,800	$8,000
FICA Expense	$612	$291		$368	$612	
Engineering Fees	$3,500	$5,250	$0	$5,250	$5,000	
Dissemination	$1,000	$1,000	$0	$1,000	$1,000	
Assessment Roll	$5,000	$5,000	$0	$5,000	$5,000	
Arbitrage Rebate	$1,200	$0	$1,200	$1,200	$1,200	
Attorney Fees	$15,000	$12,421	$2,000	$14,421	$15,000	
Annual Audit	$6,600	$6,600	$0	$6,600	$6,600	
Trustee Fees	$3,500	$0	$3,500	$3,500	$3,500	
Management Fees	$48,652	$40,543	$8,109	$48,652	$48,652	
Computer Time	$1,000	$833	$167	$1,000	$1,000	
Telephone	$100		$20	$24	$100	
Postage	$2,000	$273	$500	$773	$1,000	
Printing and Binding	$1,500	$411	$125	$536	$1,500	
Insurance	$8,571	$8,000	$0	$8,000	$9,200	
Legal Advertising	$2,100	$837	$400	$1,237	$2,100	
Contingency	$1,000	$583	$350	$933	$1,000	
Property Taxes	$6,500	$5,912	$0	$5,912	$6,500	
Property Appraiser	$1,500	$1,500	$0	$1,500	$1,500	
Office Supplies	$800	$188	$100	$288	$800	
Dues, Licenses, Subscriptions
TOTAL ADMINISTRATIVE	$175	$175	$0
$17,547	$175
$111,170	
$119,439	
Maintenance:
						
Field Management	$18,233	$15,193	$3,040	$18,233	$18,233	
Property Insurance	$4,836	$5,188	$0	$5,188	$5,970	
Pool Staff Payroll	$68,789	$46,792	$21,676	$68,468	$71,207	
Security	$663	$722	$0	$722	$750	
Telephone Expense	$2,160	$1,612	$330	$1,942	$2,160	
Utilities	$30,720	$22,418	$5,474	$27,892	$30,960	
Lake Maintenance	$14,600	$4,695	$4,200	$8,895	$8,600	
Pest Control	$600	$0	$600	$600	$600	
Pool Maintenance	$24,830	$20,994	$9,226	$30,220	$24,830	
Grounds Maintenance	$29,036	$21,633	$5,256	$26,889	$29,036	
General Facility Maintenance	$10,000	$10,063	$2,500	$12,563	$12,000	
Refuse Service	$1,000	$921	$350	$1,271	$1,500	
Field Contingency	$15,000	$4,660	$5,000	$9,660	$15,000	
Maintenance & Operating Reserves	$18,328	$0	$0	$0	$16,620	
TOTAL MAINTENANCE		$154,891	$57,652	$212,543		
TOTAL EXPENDITURES	$357,105	$248,514	$75,200	$323,713	$356,905	
EXCESS REVENUES (EXPENDITURES)	$0	$112,948	($74,950)	$37,999	$0	
Net Assessments	$355,855	
Add: Discounts & Collections	$22,714	
Gross Assessments	$378,569	
Total Units	902	
Per Unit Assessment	$	419.70	

FaIcon Trace
Community Development District
Exhibit II   A 11
Allocation of Operating Reserve

Allocation of Operating Reserves

Estimated Funds Available

Beginning Fund Balance Balance - Fiscal Year 2011 Projected Excess Revenues - Fiscal Year 2011 Total Estimated Funds Available - 9/30/11

Allocation ofFunds Available

$185,387
$37,999
$223,386

Funding of First Quarter Operating Expenses	$89,226	
Operating Reserves	$134,160	
Total Operating Reserves	$223,386	

Undesignated Cash 	$0-

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.
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 I 5c2- l 2(b) (5) which relates to additional repmiing requirements for unrated bond issues. The District's hired Prager, Sealy & Co., LLC to provide this service.
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.
ANNUAL AUDIT

. The District is required by Florida Statue to arrange for an independent audit ofits financial records on an annual basis. The District's auditing firm is Grau & Company.

FALCON TRACE
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND BUDGET

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 rep01ting, 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 prope1ty insurance coverages are provide by the Preferred Governmental Insurance Trust.
LEGAL ADVERTISING
Advertising ofmonthly board meetings, public hearings, and any services that are required to be adve1tised for public bidding, i.e. audit services, engineering service, maintenance contracts and any other adve1tising 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 2012 fees to be paid to the Orange County Prope1ty Appraiser.
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.

FALCON TRACE COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND BUDGET

DUES, LICENSE, SUBSCRIPTIONS
The District is required to pay an annual fee to the Department of Community Affairs 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 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 2012, all related benefits, and a contingency for projects and a pay increase.
SECURITY
This represents the cost of monthly monitoring ofthe security system to the recreation center.

Vendor: ADT
Annual Contract
Contingency
o	Total Projected Annual Cost
TELEPHONE EXPENSE
This fee represents telephone and facsimile charges for the recreational facility.
AT&T

Annual Costs
$722
$28
$750

Account#

407 816-1040 200 3140

Estimated	Estimated Monthly Amount	Annual Amount

$180.00	$2,160

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

Account# 63686 18371

Estimated	Estimated
Address	Monthly Amount	Annual Amount 13709 Hawk Lake Dr.		$1,700		$20,400

FALCON TRACE COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND BUDGET

Water/Wastewater
This item represents utility service costs for water and wastewater.
Orange County Utilites

Account# 5038166200
0038166200

Address
13709 Hawk Lake Dr Irr. 13709 Hawk Lake Dr. Water

Estimated Monthly Amount
$700
$180

Estimated Annual Amount
$8,400
$2,160

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.

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

Annual Costs
$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 ofa CO2 tank. Unscheduled maintenance consists ofshocking 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

Annual Costs
$12,180
$12,000
$650
$24,830

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 ofrepairs or replacement ofdamaged areas.

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

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

FALCON TRACE COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND BUDGET
GENERAL FACILITY MAINTENANCE
Scheduled maintenance consists of cleaning the recreation center, replacing light bulbs for the tennis com1s, performing any necessary general maintenance, painting, electrical and plumbing repairs, and repairing any other damages.
REFUSE SERVICE
Scheduled maintenance consists ofregular 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. The District will utilized the reserve to funds to cover the first quarter operating expenses until the District starts getting the assessments from the tax collector.

Falcon Trace

Community Development District
Debt Service Fund Series 2007

Fiscal Year 2012

	ADOPTED
BUDGET	ACTUAL THRU	NEXT
2	PROJECTED THRU	ADOPTED BUDGET	
	F/Y 2011	07/31/11	MONTHS	09/30/2011	F/Y 2012	
REVENUES:						
Beginning Fund Balance	$162,666	$197,079	$0	$197,079	$194,407	
Assessments- On Roll	$414,122	$416,931	$0	$416,931	$414,122	
Interest Income	$1,500	$191	$0	$191	$200	
TOTAL REVENUES	$578,288	$614,201	$0	$614,201	$608,729	
EXPENDITURES:						
Interest - 11/1	$72,397	$72,397	$0	$72,397	$66,725	
Principal - 5/1	$275,000	$275,000	$0	$275,000	$285,000	
Interest - 5/1	$72,397	$72,397	$0	$72,397	$66,725	
TOTAL EXPENDITURES	$419,794	$419,794	$0	$419,794	$418,450	
EXCESS REVENUES	$158,494	$194,407	$0	$194,407	$190,279	
				1-Nov-12	$60,847	
Net Assessments	$414,122	
Add: Discounts & Collections	$26,433	
Gross Assessments	$440,555	
Total Units	901	
Per Unit Assessment	$	488.96	

FALCON TRACE
Communit�t Develo(!ment District
 	
SERIES 2007 SPECIAL ASSESSMENTS BONDS DEBT SERVICE SCHEDULE

AMORTIZATION SCHEDULE

DATE	BALANCE	RATE	PRINCIPAL	INTEREST	TOTAL	
11/01/11	$3,060,000.00	4.125%	$0.00	$66,725.00	$414,121.88	
05/01/12	$3,060,000.00	4.125%	$285,000.00	$66,725.00		
11/01/12	$2,-775,000.00	4.250%	$0.00	$60,846.88	$412,571.88	
05/01/13	$2,775,000.00	4.250%	$295,000.00	$60,846.88		
11/01/13	$2,480,000.00	4.250%	$0.00	$54,578.13	$410,425.01	
05/01/14	$2,480,000.00	4.250%	$310,000.00	$54,578.13		
11/01/14	$2,170,000.00	4.250%	$0.00	$47,990.63	$412,568.76	
05/01/15	$2,170,000.00	4.250%	$325,000.00	$47,990.63		
11/01/15	$1,845,000.00	4.375%	$0.00	$41,084.38	$414,075.01	
05/01/16	$1,845,000.00	4.375%	$335,000.00	$41,084.38		
11/01/16	$1,510,000.00	4.375%	$0.00	$33,756.25	$409,840.63	
05/01/17	$1,510,000.00	4.375%	$350,000.00	$33,756.25		
11/01/17	$1,160,000.00	4.500%	$0.00	$26,100.00	$409,856.25	
05/01/18	$1,160,000.00	4.500%	$370,000.00	$26,100.00		
11/01/18	$790,000.00	4.500%	$0.00	$17,775.00	$413,875.00	
05/01/19	$790,000.00	4.500%	$385,000.00	$17,775.00		
11/01/19	$405,000.00	4.500%	$0.00	$9,112.50	$411,887.50	
05/01/20	$405,000.00	4.500%	$405,000.00	$9,112.50	$414,112.50	
			$3,060,000.00	$715,937.54	$4,123,334.42