Dowden West
Community Development District

Adopted Budget
FY2023

Table of Contents

1-2

3-7

8

9
General Fund

General Fund Narrative

Series 2018 Debt Service Fund

Series 2018 Amortization Schedule

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget		
Description	FY2022	5/31/22	4 Months	9/30/22	FY2023		

Revenues						
Assessments - Tax Roll	$	134,546	$	152,587	$	2,762	$	155,350	$	451,014	
Assessments - Direct	$	96,631	$	119,994	$	-	$	119,994	$	154,442	
Developer Contributions	$	273,919	$	-	$	109,670	$	109,670	$	-	
Total Revenues	$	505,096	$	272,581	$	112,432	$	385,013	$	605,457	

Expenditures						
General & Administrative						
Supervisor Fees	$	4,800	$	200	$	800	$	1,000	$	4,800	
FICA Expense	$	367	$	15	$	61	$	77	$	367	
Engineering	$	12,000	$	6,140	$	4,000	$	10,140	$	12,000	
Attorney	$	25,000	$	5,371	$	8,333	$	13,704	$	25,000	
Arbitrage	$	900	$	450	$	-	$	450	$	900	
Dissemination Fees	$	7,000	$	2,333	$	1,167	$	3,500	$	7,000	
Annual Audit	$	5,000	$	-	$	3,490	$	3,490	$	5,000	
Trustee Fees	$	7,000	$	4,041	$	-	$	4,041	$	7,000	
Assessment Administration	$	5,000	$	5,000	$	-	$	5,000	$	5,000	
Management Fees	$	36,050	$	24,033	$	12,017	$	36,050	$	37,853	
Information Technology	$	900	$	600	$	300	$	900	$	1,125	
Website Maintenance	$	600	$	2,150	$	200	$	2,350	$	750	
Telephone	$	300	$	-	$	100	$	100	$	300	
Postage	$	1,000	$	74	$	100	$	174	$	1,000	
Printing & Binding	$	1,000	$	67	$	125	$	192	$	1,000	
Insurance	$	5,919	$	5,570	$	-	$	5,570	$	6,684	
Legal Advertising	$	5,000	$	1,056	$	3,500	$	4,556	$	5,000	
Other Current Charges	$	2,000	$	324	$	180	$	504	$	2,000	
Office Supplies	$	500	$	2	$	167	$	168	$	500	
Property Appraiser	$	250	$	79	$	-	$	79	$	250	
Dues, Licenses & Subscriptions	$	175	$	175	$	58	$	233	$	175	
Total General & Administrative:	$	120,761	$	57,679	$	34,598	$	92,277	$	123,704	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget			
Description	FY2022	5/31/22	4 Months	9/30/22	FY2023			

Operations & Maintenance							
Contract Services							
Field Management		$	15,000	$	10,000	$	5,000	$	15,000	$	15,750	
Landscape Maintenance		$	247,835	$	116,010	$	58,005	$	174,014	$	283,944	
Lake Maintenance		$	8,000	$	4,800	$	2,400	$	7,200	$	12,900	
Mitigation Monitoring		$	10,000	$	-	$	-	$	-	$	10,000	
Repairs & Maintenance							
General Repairs & Maintenance		$	2,000	$	-	$	-	$	-	$	2,500	
Operating Supplies		$	500	$	-	$	-	$	-	$	500	
Landscape Replacement		$	5,000	$	205	$	1,667	$	1,872	$	5,000	
Irrigation Repairs		$	3,000	$	2,890	$	1,000	$	3,890	$	3,000	
Alleyway & Sidewalk Maintenance		$	2,500	$	-	$	833	$	833	$	5,000	
Signage		$	3,500	$	325	$	1,167	$	1,492	$	3,500	
Utilities							
Electric		$	2,000	$	244	$	240	$	484	$	2,000	
Water & Sewer		$	14,000	$	10,616	$	8,000	$	18,616	$	20,000	
Streetlights		$	63,000	$	34,641	$	25,373	$	60,014	$	107,475	
Other							
Contingency		$	5,000	$	739	$	4,261	$	5,000	$	5,000	
Property Insurance		$	3,000	$	4,320	$	-	$	4,320	$	5,184	
Total Operations & Maintenance:		$	384,335	$	184,790	$	107,946	$	292,736	$	481,753	
							
Total Expenditures		$	505,096	$	242,469	$	142,543	$	385,013	$	605,457	
							
Excess Revenues/(Expenditures)		$	-	$	30,112	$	(30,112)	$	-	$	-	

FY2023 Assessments - O&M							

Type	Units	
ERU/Unit	
ERU's	Gross Per Unit Assessment	Net Per Unit Assessment	Total Gross Assessments	Total Net Assessments	
Townhome	259	0.5	129.5	$498.24	$468.34	$129,043.46	$121,300.85	
Single Family - 40'	201	0.8	160.8	$797.18	$749.35	$160,233.11	$150,619.13	
Single Family - 50'	118	1	118	$996.47	$936.69	$117,584.00	$110,528.96	
Single Family - 60'	61	1.2	73.2	$1,195.77	$1,124.02	$72,941.94	$68,565.42	
Unplatted	807	0.20	164.88	$203.59	$191.38	$164,300.49	$154,442.46	
Total	1446		646.38			$644,103.00	$605,456.82	

FY2022 - 2023 Comparison

Type	FY2022 Gross Per Unit	FY2023 Gross Per Unit	
$ Increase	
Townhome	$315.13	$498.24	$183.11	
Single Family - 40'	$504.22	$797.18	$292.96	
Single Family - 50'	$630.27	$996.47	$366.20	
Single Family - 60'	$756.32	$1,195.77	$439.45	

REVENUES:

Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the fiscal year.

Developer Contributions

The District will enter into a Funding Agreement with the Developer to fund the operating expenditures not covered by assessments for 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.

FICA Expense

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

Engineering

The District's engineer will be providing general engineering services to the District,
e.g. attendance and preparation for monthly board meetings, review invoices and various projects as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel will be providing general legal services to the District, e.g. attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on its Series 2018 bonds in addition to a second bond issuance.

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.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Trustee Fees

The District will incur trustee related costs with the Series 2018 bonds in addition to a second bond issuance.

Assessment Administration

The District will contract 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 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

Represents costs with Governmental Management Services – Central Florida LLC related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, security, accounting software, etc.

Website Maintenance

Represents the costs with Governmental Management Services – Central Florida LLC associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. 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.

Postage

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability, public official’s liability insurance and property insurance coverages.

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

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 expenditures incurred during the year.

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.

Property Appraiser

Represents the fees to be paid to the Orange County Property Appraiser for annual assessment roll administration.

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 expenditure under this category for the District.

Operations & Maintenance:

Contract Services:

Field Management

Represents the costs of onsite field management with Governmental Management Services – Central Florida LLC of contracts for the District such as landscape and lake maintenance. 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.

Landscape Maintenance

Represents the estimated maintenance of the landscaping within the common areas of the District after the installation of landscape material has been completed. Phase 1 & 4 maintenance includes costs of the East West Collector Road Phase 1 estimated services.

Description	Annual Amount	
Landscape Maintenance Phase 1 & 4	$	210,624	
Landscape Maintenance Phase 2 & 3	 $	73,320		
	$	283,944	

Lake Maintenance		

Represents estimated costs for maintenance to all lakes the District must maintain within District boundaries.

Description	Annual Amount	
Lake Maintenance Phase 1 & 4	$	7,200	
Lake Maintenance Phase 2	$	4,200	
Contingency	 $	1,500		
	$	12,900	

Mitigation Monitoring

The District will incur costs for scheduled monitoring of mitigation areas located throughout the District. The amounts are estimated.

Repairs & Maintenance:

General Repairs & Maintenance

Represents estimated costs for the general repairs and maintenance of various facilities throughout the District.

Operating Supplies

Represents estimated costs of supplies purchased for operating and maintaining common areas.

Landscape Replacement

Represents estimated costs related to the replacement of any landscaping needed throughout the fiscal year.

Irrigation Repairs

The District will incur costs related to repairing and maintaining its irrigation systems. The amount is based on estimated costs.

Alleyway Maintenance

Represents estimated costs for the maintenance of alleyways located within the District.

Signage

Represents estimated costs to replace miscellaneous signs throughout the fiscal year.

Utilities:

Electric

Represents estimated electric charges of common areas throughout the District.

Water & Sewer

Represents estimated costs for water and refuse services provided for common areas throughout the District.

Streetlights

Represents the cost to maintain street lights within the District Boundaries that are expected to be in place throughout the fiscal year.

Description	Annual Amount	
Streetlights Dowden Rd Phase 1 & 4	$	54,000	
Streetlights Phase 2	$	24,150	
Streetlights Phase 3	 $	29,325		
	$	107,475	

Other:

Contingency

Represents funds allocated to expenditures that the District could incur throughout the fiscal year that do not fit into any standard category.

Property Insurance

The District will incur fees to insure items owned by the District for its property needs. Coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage for government agencies.

Adopted Budget
Debt Service Fund Series 2018

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget			
Description	FY2022	5/31/22	4 Months	9/30/22	FY2023			

Revenues							
Assessments		$	419,890	$	415,507	$	4,382	$	419,890	$	419,890	
Interest		$	-	$	7	$	-	$	7	$	-	
Carry Forward Surplus		$	168,427	$	169,770	$	-	$	169,770	$	167,729	
Total Revenues		$	588,317	$	585,284	$	4,382	$	589,667	$	587,619	

Expenditures							
General & Administrative:							

Interest - 11/1		
$	160,969	
$	160,969	
$	-	
$	160,969	
$	158,794	
Principal - 5/1		$	100,000	$	100,000	$	-	$	100,000	$	100,000	
Interest - 5/1		$	160,969	$	160,969	$	-	$	160,969	$	158,794	
Total Expenditures		$	421,938	$	421,938	$	-	$	421,938	$	417,588	
							
Excess Revenues/(Expenditures)		$	166,379	$	163,347	$	4,382	$	167,729	$	170,032	
					
Interest - 11/1/23	
 $	156,619 	
					Total	 $	156,619 	
FY2023 Assessments - On Roll Debt	Service						

Type	Units	Gross Per Unit Assessment	Net Per Unit Assessment	Total Gross Assessments	Total Net Assessments			
Townhome	208	$500.00	$470.00	$104,000.00	$97,760.00			
Single Family - 40'	201	$800.00	$752.00	$160,800.00	$151,152.00			
Single Family - 50'	118	$1,000.00	$940.00	$118,000.00	$110,920.00			
Single Family - 60'	54	$1,200.00	$1,128.00	$64,800.00	$60,912.00			
Total	581			$447,600.00	$420,744.00			
Series 2018 Special Assessment Bonds Amortization Schedule

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