Falcon Trace
Community Development District Adopted Budget
FY 2014

Table of Contents

General Fund

8	Capital Reserve Fund

9-10	Debt Service Fund

$214,083

$77

Falcon Trace
Community DeveloQment District

General Fund Budget

	ADOPTED BUDGET	ACTUAL THRU	NEXT
2	PROJECTED THRU	ADOPTED BUDGET	
	F/Y 2013	07/31/13	MONTHS	09/30/2013	F/Y 2014	
REVENUES:						
Maintenance Assessments	$355,855	$364,725	$0	$364,725	$355,855	
Miscellaneous Income	$1,000	$2,485	$400	$2,885	$1,000	
Interest Income	$10	$176	$15	$191	$100	
Carry Forward Surplus	$0	$0	$0	$0	$243,846	
TOTAL REVENUES	$356,865	$367,386	$415		$600,801	

Administrative:

$367,801

Fiscal Year 2014
EXPENDITURES:

Supervisors Fees	$8,000	$4,400	$1,000	$5,400	$8,000	
FICA Expense	$612	$337		$414	$616	
Engineering Fees	$5,000	$3,675	$0	$3,675	$5,000	
Dissemination	$1,200	$1,000	$0	$1,000	$1,200	
Assessment Roll	$5,000	$5,000	$0	$5,000	$5,000	
Arbitrage Rebate	$600	$0	$600	$600	$600	
Attorney Fees	$15,000	$9,802	$2,500	$12,302	$15,000	
Annual Audit	$3,200	$3,200	$0	$3,200	$3,200	
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		$167	$1,000	$1,000	
Telephone	$100	$11	$10	$21	$100	
Postage	$1,000	$287	$500	$787	$1,000	
Printing and Binding	$1,500	$718	$500	$1,218	$1,500	
Insurance	$10,175	$9,500	$0	$9,500	$9,975	
Legal Advertising	$2,100	$1,845		$2,295	$2,500	
Contingency	$1,000	$712	$250	$962	$1,000	
Property Taxes	$6,500	$5,543	$0	$5,543	$6,500	
Property Appraiser	$1,500	$1,500	$0	$1,500	$1,500	
Office Supplies	$800	$536	$250	$786	$800	
Dues, Licenses, Subscriptions	$175	$175	$0	$175	$175	
TOTAL ADMINISTRATIVE	$116,614	$89,616	$17,912	$107,528	$116,818	
Maintenance:						
Field Management	$18,233	$15,194	$3,039	$18,233	$18,233	
Property Insurance	$6,425	$6,105	$0	$6,105	$6,716	
Pool Staff Payroll	$80,930	$50,106	$20,908	$71,014	$74,564	
Security	$750	$2,173	$0	$2,173	$920	
Telephone Expense	$3,120	$2,648	$567	$3,215	$3,300	
Electric	$22,840	$13,778	$3,360	$17,138	$19,200	
Irrigation/Water	$8,000	$6,482	$1,365	$7,847	$8,040	
Lake Maintenance	$8,600	$3,000	$4,830	$7,830	$8,600	
Pest Control	$600	$0	$630	$630	$650	
Pool Maintenance	$24,830	$20,606	$6,174	$26,780	$30,000	
Grounds Maintenance	$29,036	$26,092	$4,568	$30,660	$29,036	
General Facility Maintenance	$12,000	$9,328	$3,675	$13,003	$14,000	
Refuse Service	$1,500	$1,427	$420	$1,847	$2,000	
Field Contingency	$15,000	$107	$7,500	$7,607	$10,000	
Transfer Out - Current Year	$8,387	$0	$0	$0	$14,878	
Transfer Out - Prior Year	$0	$0	$0	$0	$243,846	
TOTAL MAINTENANCE	$240,251	$157,048	$57,035		$483,983	
TOTAL EXPENDITURES	$356,865	$246,664	$74,947	$321,611	$600,801	
EXCESS REVENUES (EXPENDITURES)	$0	$120?23	{$74,532}	$46,190	{$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 2013 Projected Excess Revenues - Fiscal Year 2013 Total Estimated Funds Available - 9/30/13

Allocation ofFunds Available

Funding of First Quarter Operating Expenses
Transfer of Beginning Fund Balance to Capital Projects

Total Operating Reserves

$283,174
$46,190
$329,364

$85,519
$243,846

$329,365
Undesignated Cash 	$0-

REVENUES:
MAINTENANCE ASSESSMENTS
The District will levy a non-ad valorem assessment on all of the assessable prope1iy 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.
CARRYFORWARD 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 rep01iing requirements for unrated bond issues. The District's hired Prager & 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
ATTORNEYFEES
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 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 repmiing, 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 propetiy insurance coverages are provide by the Preferred Governmental Insurance Trust.
LEGAL ADVERTISING
Adve1iising 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 prope1iy levied by Orange County.
PROPERTY APPRAISER
Represent the Fiscal Year 2012 fees to be paid to the Orange County Propetiy 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.
DUES, LICENSE, SUBSCRIPTIONS
The District is required to pay an annual fee to the Department of Economic Opp01iunities 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 mcrease.
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 $275/month)
ELECTRIC

Annual Costs
$730
$20
$750

$156
$14
$170

Annual Costs
$3,300

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

IRRIGATION/WATER
This item represents utility service costs for water and wastewater.
Vendor: Orange County Utilities
o	Account 0038166200 (Estimated at $670/month)
LAKE MAINTENANCE

Annual Costs
$8,040

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 o/$300 monthly
Additional Treatments
o	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 o/$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 o/$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.

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 2014 funds
TRANSFER OUT - PRIOR YEAR
Transfer out to Capital Projects fund from funds remaining from previous fiscal years

Community  Development District

Capital  Reserve Fund

Fiscal Year  2014

	ADOPTED
BUDGET	ACTUAL THRU	NEXT
2	PROJECTED THRU	ADOPTED BUDGET	
	F/Y 2013	07/31/13	MONTHS	09/30/2013	F/Y 2014	
REVENUES:						
Transfer In - Prior Year	$0	$0	$0	$0	$243,846	
Transfer In - Current Year	$0	$0	$0	$0	$14,878	
Beginning Fund Balance	$0	$26,419	$0	$26,419	$26,419	
TOTAL REVENUES	$0	$26,419	$0	$26,419	$285,143	
EXPENDITURES:
						
Pool Slide Resurfacing	$0	$0	$0	$0	$26,000	
Pool Furniture	$0	$0	$0	$0	$15,000	
Slide Building Stucco Repair	$0	$0	$0	$0	$17,500	
Pool Surface Cleaning	$0	$0	$0	$0	$3,500	
General Building Maintenance	$0	$0	$0	$0	$10,000	
TOTAL EXPENDITURES	$0	$0	$0	$0	$72,000	
EXCESS REVENUES	$0	$26!419	$0	$26!419	$213!143	

Community Development District
Debt Service Fund Series 2007

Fiscal Year  2014

	ADOPTED BUDGET	ACTUAL THRU	NEXT
2	PROJECTED THRU	ADOPTED BUDGET	
	F/Y 2013	07/31/13	MONTHS	09/30/2013	F/Y 2014	
REVENUES:						
Beginning Fund Balance	$202,885	$205,133	$0	$205,133	$212,251	
Assessments- On Roll	$414,122	$423,500	$0	$423,500	$413,660	
Interest Income	$100	$76	$10	$86	$100	
TOTAL REVENUES	$617,107	$628,709	$10	$628,719	$626,011	
EXPENDITURES:						
Interest - 11/1	$60,734	$60,734	$0	$60,734	$54,466	
Principal - 5/1	$295,000	$295,000	$0	$295,000	$310,000	
Interest - 5/1	$60,734	$60,734	$0	$60,734	$54,466	
Special Call - 5/1	$0	$0	$0	$0	$0	
TOTAL EXPENDITURES	$416,468	$416,468	$0	$416,468	$418,931	
EXCESS REVENUES	$200,639	$212,241	$10	$212,251	$207,080	
				1-Nov-14	$47,878	
Net Assessments	$413,660	
Add: Discounts & Collections	$26,404	
Gross Assessments	$440,064	
Total Units	900	
Per Unit Assessment	$	488.96	

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

DATE	BALANCE	RATE	PRINCIPAL	INTEREST	TOTAL	
11/01/13	$2,480,000.00	4.250%	$0.00	$54,465.63	$410,200.01	
05/01/14	$2,480,000.00	4.250%	$310,000.00	$54,465.63		
11/01/14	$2,170,000.00	4.250%	$0.00	$47,878.13	$412,343.76	
05/01/15	$2,170,000.00	4.250%	$325,000.00	$47,878.13		
11/01/15	$1,845,000.00	4.375%	$0.00	$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	$459,218.78	$3,289,953.16	

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