Dowden West
Community Development District

Adopted Budget
FY2024

Table of Contents

1-2

3-8

9

10
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	FY2023	5/31/23	4 Months	9/30/23	FY2024		

Revenues						
Assessments	$	605,457	$	609,953	$	-	$	609,953	$	970,278	
Developer Contributions	$	-	$	-	$	45,655	$	45,655	$	300,000	
Total Revenues	$	605,457	$	609,953	$	45,655	$	655,609	$	1,270,278	

Expenditures						
General & Administrative						
Supervisor Fees	$	4,800	$	400	$	800	$	1,200	$	2,400	
FICA Expense	$	367	$	31	$	61	$	92	$	184	
Engineering	$	12,000	$	10,225	$	4,800	$	15,025	$	15,000	
Attorney	$	25,000	$	15,109	$	7,600	$	22,709	$	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	$	8,100	
Assessment Administration	$	5,000	$	5,000	$	-	$	5,000	$	5,000	
Management Fees	$	37,853	$	25,235	$	12,618	$	37,853	$	40,124	
Information Technology	$	1,125	$	750	$	375	$	1,125	$	1,200	
Website Maintenance	$	750	$	500	$	250	$	750	$	800	
Telephone	$	300	$	-	$	-	$	-	$	300	
Postage	$	1,000	$	102	$	700	$	802	$	750	
Copies	$	1,000	$	148	$	200	$	348	$	750	
Insurance	$	6,684	$	5,988	$	-	$	5,988	$	6,886	
Legal Advertising	$	5,000	$	-	$	5,000	$	5,000	$	5,000	
Other Current Charges	$	2,000	$	308	$	160	$	468	$	2,000	
Office Supplies	$	500	$	2	$	4	$	6	$	500	
Property Appraiser	$	250	$	-	$	-	$	-	$	250	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total General & Administrative:	$	123,704	$	70,797	$	37,224	$	108,022	$	127,319	

Adopted Budget
Description	FY2023	Actuals Thru
5/31/23	Projected Next
4 Months	Projected Thru
9/30/23	Adopted Budget
FY2024							

Operations & Maintenance											
Contract Services											
Field Management	$	15,750	$	10,500	$	5,250	$	15,750	$	16,695						
Landscape Maintenance	$	283,944	$	147,285	$	94,648	$	241,933	$	694,920						
Lake Maintenance	$	12,900	$	6,200	$	4,400	$	10,600	$	64,000						
Mitigation Monitoring	$	10,000	$	-	$	5,000	$	5,000	$	10,000						
Repairs & Maintenance											
General Repairs & Maintenance	$	2,500	$	4,207	$	-	$	4,207	$	2,500						
Operating Supplies	$	500	$	-	$	100	$	100	$	500						
Landscape Replacement	$	5,000	$	-	$	87,999	$	87,999	$	10,000						
Irrigation Repairs	$	3,000	$	1,016	$	2,000	$	3,016	$	3,000						
Alleyway & Sidewalk Maintenance	$	5,000	$	-	$	2,500	$	2,500	$	5,000						
Signage	$	3,500	$	-	$	1,500	$	1,500	$	3,500						
Utilities											
Electric	$	2,000	$	618	$	600	$	1,218	$	4,000						
Water & Sewer	$	20,000	$	26,582	$	13,600	$	40,182	$	85,000						
Streetlights	$	107,475	$	66,206	$	32,544	$	98,750	$	203,844						
Other											
Contingency	$	5,000	$	15,080	$	15,000	$	30,080	$	25,000						
Property Insurance	$	5,184	$	4,752	$	-	$	4,752	$	15,000						
Total Operations & Maintenance:	$	481,753	$	282,446	$	265,141	$	547,587	$	1,142,959	
											
Total Expenditures	$	605,457	$	353,243	$	302,365	$	655,609	$	1,270,278	
											
Excess Revenues/(Expenditures)	$	-	$	256,710	$	(256,710)	$	-	$	-	

Gross Assessments $	1,032,210
(Less: Discounts & Collections 6%)  $	(61,933) 
Net Assessments $	970,278

Assessments - O&M								

Type	
Units	
ERU/Unit	
ERU's	Gross Per Unit Assessment	Net Per Unit Assessment	Total Gross Assessments	Total Net Assessments	
Townhome	364	0.5	182	$713.61	$670.79	$259,754.41	$244,169.14	
Single Family - 40'	225	0.8	180	$1,141.78	$1,073.27	$256,899.96	$241,485.97	
Single Family - 50'	207	1	207	$1,427.22	$1,341.59	$295,434.96	$277,708.86	
Single Family - 60'	81	1.2	97.2	$1,712.67	$1,609.91	$138,725.98	$130,402.42	
Unplatted - Admin	569	---	---	$143.05	$134.47	$81,394.83	$76,511.14	
Total	1446					$1,032,210.14	$970,277.53	

FY2023 - 2024 Comparison

Type	FY2023 Gross Per Unit	FY2024 Gross Per Unit	Increase/ (Decrease)	
Townhome	$498.24	$713.61	$215.37	
Single Family - 40'	$797.18	$1,141.78	$344.60	
Single Family - 50'	$996.47	$1,427.22	$430.75	
Single Family - 60'	$1,195.77	$1,712.67	$516.90	

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, Dewberry Engineers, will provide 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, Latham, Luna, Eden & Beaudine, LLP, will provide 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 has contracted with AMTEC to annually calculate the District’s Arbitrage Rebate Liability on its Series 2018 bonds. The budget includes estimates for an additional future 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. This service is contracted with Governmental Management Services-Central Florida, LLC and includes costs for our Series 2018 issuance and another anticipated issuance.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis. This service is contracted with Berger, Toombs, Elam, Gaines & Frank.

Trustee Fees

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

Assessment Administration

The District has contracted with Governmental Management Services-Central Florida, LLC 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 various cost of information technology with Governmental Management Services-Central Florida, LLC for the District such as video conferencing, cloud storage and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, 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.

Copies

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

Insurance

The District’s general liability, public official’s liability insurance and property insurance coverages with Florida Insurance Alliance.

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.

Description	Monthly Amount	Annual Amount	
Current Landscape Maintenance	$	20,612	$	247,344	
East West Road Ph1 Maintenance	$	3,050	$	36,600	
East West Road Ph2 Maintenance	$	7,090	$	85,080	
Dowden Road Segment 4 Maintenance	$	10,550	$	126,600	
Dowden Road Segment 5 Maintenance	$	10,610	$	127,320	
N4 Maintenance	$	2,930	$	35,160	
N5 Maintenance	$	3,068	 $	36,816		
		$	694,920	

Lake Maintenance

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

Description	Monthly Amount	Annual Amount	
Lake Maintenance Phase 1 & 4	$	600	$	7,200	
Lake Maintenance Phase 2	$	350	$	4,200	
Dowden Road 4 Maintenance	$	600	$	7,200	
Dowden Road 5 Maintenance	$	350	$	4,200	
East West Road Ph1 Maintenance	$	150	$	1,800	
East West Road Ph2 Maintenance	$	650	$	7,800	
Meridian Parks N4 Maintenance	$	100	$	1,200	
Meridian Parks N5 Maintenance	$	200	$	2,400	
Midge Treatment		 $	28,000		
		$	64,000	

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	
Current Streetlights	$	94,500	
East West Road Ph1 Streetlights	$	6,528	
East West Road Ph2 Streetlights	$	10,200	
Dowden Road Segment 4 Streetlights	$	29,376	
Dowden Road Segment 5 Streetlights	$	24,480	
N4 Streetlights	$	26,520	
N5 Streetlights	 $	12,240	
$	203,844			

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	FY2023	5/31/23	4 Months	9/30/23	FY2024			

Revenues							
Assessments		$	419,890	$	424,941	$	-	$	424,941	$	420,744	
Interest		$	-	$	5,883	$	2,988	$	8,871	$	-	
Carry Forward Surplus		$	167,729	$	172,532	$	-	$	172,532	$	188,757	
Total Revenues		$	587,619	$	603,356	$	2,988	$	606,344	$	609,501	

Expenditures							
Interest - 11/1		$	158,794	$	158,794	$	-	$	158,794	$	156,619	
Principal - 5/1		$	100,000	$	100,000	$	-	$	100,000	$	105,000	
Interest - 5/1		$	158,794	$	158,794	$	-	$	158,794	$	156,619	
Total Expenditures		$	417,588	$	417,588	$	-	$	417,588	$	418,238	
							
Excess Revenues/(Expenditures)		$	170,032	$	185,769	$	2,988	$	188,757	$	191,263	
					
Interest - 11/1/24	
 $	154,073 	
					Total	 $	154,073 	
Assessments - 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	$97,760			
Single Family - 40'	201	$800.00	$752.00	$160,800	$151,152			
Single Family - 50'	118	$1,000.00	$940.00	$118,000	$110,920			
Single Family - 60'	54	$1,200.00	$1,128.00	$64,800	$60,912			
Total	581			$447,600	$420,744			
Series 2018 Special Assessment Bonds Amortization Schedule

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