Highland Meadows West
Community Development District

Adopted Budget
FY2022

Table of Contents

1-2

3-6

7

8-9

10

11-12

13

14-15
 	General Fund

 	General Fund Narrative

 	Series 2019 Debt Service Fund

 	Series 2019 Amortization Schedule

 	Series 2020 A2 Debt Service Fund

 	Series 2020 A2 Amortization Schedule

 	Series 2020 A3 Debt Service Fund

 	Series 2020 A3 Amortization Schedule

Adopted Budget	Actuals Thru	Projected Next	Total Thru	Adopted Budget	
Description	FY2021	6/30/21	3 Months	9/30/21	FY2022	

Revenues					
Assessments - Tax Roll	$	308,295	$	311,101	$	-	$	311,101	$	366,228	
Assessments - Lot Closings	$	-	$	3,000	$	-	$	3,000	$	-	
Developer Contributions	$	26,565	$	-	$	-	$	-	$	-	
Other Revenue	$	-	$	254	$	-	$	254	$	-	
Total Revenues	$	334,860	$	314,354	$	-	$	314,354	$	366,228	

Expenditures					
Administrative
Supervisor Fees	
$	12,000	
$	2,000	
$	3,000	$	5,000	
$	12,000	
Engineering	$	20,000	$	-	$	5,000	$	5,000	$	20,000	
District Counsel	$	20,000	$	6,101	$	5,000	$	11,101	$	20,000	
Annual Audit	$	6,000	$	6,000	$	-	$	6,000	$	6,000	
Assessment Administration	$	5,000	$	5,000	$	-	$	5,000	$	5,000	
Arbitrage	$	1,300	$	900	$	-	$	900	$	900	
Dissemination	$	10,000	$	7,750	$	2,500	$	10,250	$	10,000	
Trustee Fees	$	7,000	$	7,147	$	-	$	7,147	$	7,147	
Management Fees	$	35,000	$	26,250	$	8,750	$	35,000	$	36,050	
Information Technology	$	1,410	$	675	$	735	$	1,410	$	1,800	
Website Maintenance	$	940	$	-	$	940	$	940	$	1,200	
Telephone	$	250	$	-	$	63	$	63	$	250	
Postage & Delivery	$	500	$	161	$	125	$	286	$	500	
Office Supplies	$	1,000	$	10	$	250	$	260	$	1,000	
Printing & Binding	$	1,000	$	31	$	250	$	281	$	1,000	
Insurance	$	5,700	$	5,641	$	-	$	5,641	$	5,700	
Legal Advertising	$	10,000	$	1,823	$	4,000	$	5,823	$	10,000	
Other Current Charges	$	5,000	$	1,219	$	390	$	1,609	$	2,500	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Subtotal Administrative	$	142,275	$	70,883	$	31,002	$	101,886	$	141,222	

Adopted Budget	Actuals Thru	Projected Next	Total Thru	Adopted Budget		
Description	FY2021	6/30/21	3 Months	9/30/21	FY2022		

Operations & Maintenance						
Property Insurance	$	6,000	$	-	$	6,000	$	6,000	$	6,000	
Field Management	$	7,500	$	5,625	$	1,875	$	7,500	$	7,500	
Interlocal Amenity Agreement	$	59,005	$	62,409	$	-	$	62,409	$	77,147	
Playground Lease	$	30,000	$	22,354	$	7,434	$	29,788	$	30,000	
Playground Repairs & Maintenance	$	500	$	-	$	-	$	-	$	-	
Landscape Maintenance	$	36,880	$	26,092	$	12,652	$	38,744	$	51,334	
Landscape Replacement	$	5,000	$	-	$	1,250	$	1,250	$	7,500	
Streetlights	$	14,700	$	11,623	$	4,200	$	15,823	$	18,000	
Electric	$	4,000	$	1,211	$	900	$	2,111	$	3,600	
Water & Sewer	$	6,000	$	190	$	150	$	340	$	1,000	
Irrigation Repairs	$	2,500	$	766	$	625	$	1,391	$	3,500	
Sidewalk & Asphalt Maintenance	$	500	$	-	$	-	$	-	$	-	
General Repairs & Maintenance	$	5,000	$	368	$	1,250	$	1,618	$	9,000	
Contingency	$	15,000	$	8	$	3,750	$	3,758	$	5,425	
Subtotal Operations & Maintenance	$	192,585	$	130,646	$	40,086	$	170,732	$	220,006	

Other Expenses						
Capital Reserves
$	-	$	-	$	-	$
-	$	5,000

Net Assessments	$366,228	
Add: Discounts & Collections 7%	 	$27,566 	
Gross Assessments	 	$393,794 	

Assessable Units	
442	
Per Unit Gross Assessment	 	$890.94 	

Revenues:

Assessments

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

Expenditures:

General & 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.

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.

District Counsel

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.

Annual Audit

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

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on its Series 2019, Series 2020 A2 & Series 2020 A3 bonds.

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 cost is based upon an the Series 2019, Series 2020 A2 and Series 2020 A3 bonds.

Trustee Fees

The District will incur trustee related costs with the issuance of its’ issued bonds.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-Central Florida, LLC. The services include but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reports, annual audits, etc.

Information Technology

Represents costs 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 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 & Delivery

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

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.

Printing & Binding

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

Insurance

The District’s general liability and public official’s liability insurance coverages

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 expenses incurred during the year.

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 expense under this category for the District.

Operations & Maintenance:

Property Insurance

The District’s property insurance coverages.

Field Management

Represents the costs of contracting services that provide onsite field management of contracts for the District such as landscape and lake maintenance. These services are provided by Governmental Management Services-Central Florida, LLC. Services provided include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Interlocal Amenity Agreement

The District will enter into an Interlocal Agreement with Davenport Road South Community Development District (CDD) for the use of their amenity facilities. This cost is based on 52% of the overall amenity budget of Davenport Road South CDD.

Playground Lease

The District has entered into a leasing agreement for playgrounds installed in the community with Navitas.

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. The District has contracted with Prince & Sons, Inc. to provide these services.

Landscape Replacement

Represents the estimated cost of replacing landscaping within the common areas of 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.

Electric

Represents current and estimated electric charges of common areas throughout the District.

Water & Sewer

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

Irrigation Repairs

Represents the cost of maintaining and repairing the irrigation system. This includes the sprinklers, and irrigation wells.

General Repairs & Maintenance

Represents estimated costs for general repairs and maintenance of the District’s common areas.

Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any field category.
Adopted Budget
Series 2019 Debt Service Fund

Adopted Budget	Actual Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2021	6/30/21	3 Months	9/30/21	FY2022	

Revenues					
Assessments	$	322,081	$	325,459	$	-	$	325,459	$	322,524		
Assessments - Lot Closings	$	-	$	6,020	$	-	$	6,020	$	-		
Prepayments	$	-	$	-	$	-	$	-	$	-		
Interest Income	$	1,000	$	14	$	-	$	14	$	-	
Carry Forward Surplus	$	270,523	$	255,368	$	-	$	255,368	$	216,005	
Total Revenues	$	593,604	$	586,861	$	-	$	586,861	$	538,529	

Expenses					
Interest - 11/1	$	119,338	$	119,338	$	-	$	119,338	$	116,519	
Principal - 11/1	$	105,000	$	105,000	$	-	$	105,000	$	85,000	
Special Call - 11/1	$	-	$	30,000	$	-	$	30,000	$	-	
Interest - 5/1	$	117,238	$	116,519	$	-	$	116,519	$	114,819	
Total Expenditures	$	341,575	$	370,856	$	-	$	370,856	$	316,338	
					
Excess Revenues/(Expenditures)	$	252,029	$	216,005	$	-	$	216,005	$	222,191	

Interest Expense 11/1/22	
$	114,819				
Principal Expense 11/1/22	$	90,000				
Total	$	204,819				

5,000.00
- 0,000.00
- 0,000.00
- 5,000.00
- 0,000.00
- 5,000.00
- 0,000.00
- 0,000.00
- 5,000.00
- 0,000.00
- 5,000.00
- 5,000.00
- 0,000.00
- 5,000.00
- 5,000.00
- 0,000.00
- 0,000.00
- 5,000.00
- 5,000.00
- 5,000.00
- 5,000.00
- 5,000.00
- 5,000.00
- 5,000.00
- 0,000.00
- 0,000.00

Date	Balance	Prinicpal	Interest	Total	

05/01/47	
$	870,000.00	
$	-	$	21,750.00		
11/01/47	$	870,000.00	$	275,000.00	$	21,750.00	$	318,500.00	
05/01/48	$	595,000.00	$	-	$	14,875.00		
11/01/48	$	595,000.00	$	290,000.00	$	14,875.00	$	319,750.00	
05/01/49	$	305,000.00	$	-	$	7,625.00		
11/01/49	$	305,000.00	$	305,000.00	$	7,625.00	$	320,250.00	
		$	4,865,000.00	$	4,231,093.75	$	9,212,612.50	
Highland Meadows West Community Development District Adopted Budget
Series 2020 A2 Debt Service Fund

Adopted Budget	Actual Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2021	6/30/21	3 Months	9/30/21	FY2022	

Revenues					
Assessments	$	157,456	$	159,059	$	-	$	159,059	$	157,625	
Interest Income	$	-	$	9	$	-	$	9	$	-	
Carry Forward Surplus	$	50,927	$	55,143	$	-	$	55,143	$	57,730	
Total Revenues	$	208,384	$	214,211	$	-	$	214,211	$	215,355	

Expenses					
Interest - 11/1	$	50,741	$	50,741	$	-	$	50,741	$	49,950	
Principal - 5/1	$	55,000	$	55,000	$	-	$	55,000	$	55,000	
Interest - 5/1	$	50,741	$	50,741	$	-	$	50,741	$	49,950	
Total Expenditures	$	156,481	$	156,481	$	-	$	156,481	$	154,900	
					
Excess Revenues/(Expenditures)	$	51,902	$	57,730	$	-	$	57,730	$	60,455	

Interest Expense 11/1/22
Total
$	49,159

$	49,159

- 5,000.00
- 0,000.00
- 0,000.00
- 0,000.00
- 5,000.00
- 5,000.00
- 5,000.00
- 0,000.00
- 0,000.00
- 5,000.00
- 5,000.00
- 0,000.00
- 0,000.00
- 5,000.00
- 0,000.00
- 0,000.00
- 5,000.00
- 0,000.00
- 0,000.00
- 5,000.00
- 0,000.00
- 5,000.00
- 0,000.00
- 5,000.00
-

Date	Balance	Prinicpal	Interest	Total	

05/01/46	
$	700,000.00	
$	130,000.00	$	14,000.00		
11/01/46	$	570,000.00	$	-	$	11,400.00	$	155,400.00	
05/01/47	$	570,000.00	$	135,000.00	$	11,400.00		
11/01/47	$	435,000.00	$	-	$	8,700.00	$	155,100.00	
05/01/48	$	435,000.00	$	140,000.00	$	8,700.00		
11/01/48	$	295,000.00	$	-	$	5,900.00	$	154,600.00	
05/01/49	$	295,000.00	$	145,000.00	$	5,900.00		
11/01/49	$	150,000.00	$	-	$	3,000.00	$	153,900.00	
05/01/50	$	150,000.00	$	150,000.00	$	3,000.00	$	153,000.00	
		$	2,715,000.00	$	1,823,531.25	$	4,644,271.88	
Adopted Budget
Series 2020 A3 Debt Service Fund

Adopted Budget	Actual Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2021	6/30/21	3 Months	9/30/21	FY2022	

Revenues					
Assessments	$	55,769	$	56,282	$	-	$	56,282	$	55,775	
Interest Income	$	-	$	3	$	-	$	3	$	-	
Carry Forward Surplus	$	17,562	$	19,016	$	-	$	19,016	$	20,308	
Total Revenues	$	73,331	$	75,301	$	-	$	75,301	$	76,082	

Expenses					
Interest - 11/1	$	17,497	$	17,497	$	-	$	17,497	$	17,209	
Principal - 5/1	$	20,000	$	20,000	$	-	$	20,000	$	20,000	
Interest - 5/1	$	17,497	$	17,497	$	-	$	17,497	$	17,209	
Total Expenditures	$	54,994	$	54,994	$	-	$	54,994	$	54,419	
					
Excess Revenues/(Expenditures)	$	18,338	$	20,308	$	-	$	20,308	$	21,664	

Interest Expense 11/1/22
Total
$	16,922

$	16,922

17,209.38
17,209.38
16,921.88
16,921.88
16,634.38
16,634.38
16,346.88
16,346.88
16,059.38
16,059.38
15,734.38
15,734.38
15,409.38
15,409.38
15,003.13
15,003.13
14,596.88
14,596.88
14,190.63
14,190.63
13,784.38
13,784.38
13,331.25
13,331.25
12,878.13
12,878.13
12,334.38
12,334.38
11,790.63
11,790.63
11,246.88
11,246.88
10,703.13
10,703.13
10,068.75
10,068.75
9,434.38
9,434.38
8,800.00
8,800.00
8,100.00
8,100.00
7,300.00
7,300.00
6,500.00
6,500.00
5,700.00
5,700.00
4,800.00

Date	Balance	Prinicpal	Interest	Total	

05/01/46	
$	240,000.00	
$	45,000.00	$	4,800.00		
11/01/46	$	195,000.00	$	-	$	3,900.00	$	53,700.00	
05/01/47	$	195,000.00	$	45,000.00	$	3,900.00		
11/01/47	$	150,000.00	$	-	$	3,000.00	$	51,900.00	
05/01/48	$	150,000.00	$	50,000.00	$	3,000.00		
11/01/48	$	100,000.00	$	-	$	2,000.00	$	55,000.00	
05/01/49	$	100,000.00	$	50,000.00	$	2,000.00		
11/01/49	$	50,000.00	$	-	$	1,000.00	$	53,000.00	
05/01/50	$	50,000.00	$	50,000.00	$	1,000.00	$	51,000.00	
		$	935,000.00	$	629,556.25	$	1,602,053.13