Poinciana Community Development District

FY2019 Amended Budget &
FY2020 Proposed Budget

Table of Contents

1

2-6

7

8

9

 	General Fund

 	General Fund Narrative

 	Debt Service Fund Series 2012A-1 & A-2

 	Amortization Schedule Series 2012A-1

 	Amortization Schedule Series 2012A-2

Poinciana
Community Development District

	Fiscal Year 2020 General Fund		
	Adopted		Amended	Actual	Projected	Total	Proposed	
	Budget	Increase/	Budget	Thru	Next 5	Thru	Budget	
Description	FY2019	(Decrese)	FY2019	4/30/19	Months	9/30/19	FY2020	

Revenues								
Special Assessments - Tax Collector	$524,036	$0	$524,036	$524,918	$0	$524,918	$694,955	
Special Assessments - Developer	$96,604	$0	$96,604	$96,604	$0	$96,604	$0	
Interest	$3,500	$0	$3,500	$1,453	$547	$2,000	$2,000	
Misellaneous Income	$0	$0	$0	$100	$0	$100	$0	
Carry Forward Surplus	$56,673	$69,150	$125,823	$85,797	$0	$85,797	$0	
Total Revenues	$680,813	$69,150	$749,963	$708,872	$547	$709,419	$696,955	

Expenditures								
Administrative								
Supervisors Fees	$12,000	$0	$12,000	$4,800	$5,200	$10,000	$12,000	
FICA Expense	$918	$0	$918	$367	$398	$765	$918	
Engineering	$18,000	$0	$18,000	$5,853	$6,147	$12,000	$18,000	
Attorney	$30,000	$0	$30,000	$23,448	$16,552	$40,000	$30,000	
Arbitrage	$450	$0	$450	$0	$450	$450	$450	
Dissemination	$5,000	$150	$5,150	$3,067	$2,083	$5,150	$5,000	
Annual Audit	$3,590	$0	$3,590	$0	$3,590	$3,590	$3,590	
Trustee Fees	$7,000	$0	$7,000	$0	$7,000	$7,000	$7,000	
Assessment Administration	$5,000	$0	$5,000	$5,000	$0	$5,000	$5,000	
Management Fees	$45,000	$0	$45,000	$26,250	$18,750	$45,000	$45,000	
Information Technology	$1,500	$2,500	$4,000	$3,375	$625	$4,000	$1,500	
Telephone	$100	$0	$100	$22	$28	$50	$100	
Postage	$2,400	$200	$2,600	$1,577	$1,023	$2,600	$2,600	
Printing & Binding	$2,700	$700	$3,400	$547	$653	$1,200	$2,000	
Insurance	$15,447	$0	$15,447	$13,811	$0	$13,811	$15,422	
Legal Advertising	$3,500	$0	$3,500	$1,565	$1,935	$3,500	$3,500	
Other Current Charges	$100	$200	$300	$164	$135	$299	$300	
Office Supplies	$300	$0	$300	$154	$146	$300	$400	
Property Appraiser	$9,628	$0	$9,628	$0	$5,000	$5,000	$5,000	
Dues, Licenses & Subscriptions	$175	$0	$175	$175	$0	$175	$175	
Administrative Expenses	$162,808	$3,750	$166,558	$90,174	$69,716	$159,890	$157,955	

Operation & Maintenance								
Field Services	$10,000	$0	$10,000	$5,833	$4,167	$10,000	$10,000	
Electric	$2,000	$0	$2,000	$692	$658	$1,350	$2,000	
Landscape Maintenance	$143,645	$0	$143,645	$83,793	$59,852	$143,645	$155,000	
Aquatic Control Maintenance	$98,000	$5,400	$103,400	$60,317	$43,083	$103,400	$115,000	
Aquatic Midge Management	$172,800	$0	$172,800	$88,083	$62,917	$151,000	$160,000	
R&M - Drainage	$3,000	$0	$3,000	$0	$3,000	$3,000	$5,000	
R&M - Mulch	$4,500	$0	$4,500	$0	$4,500	$4,500	$6,000	
R&M Plant Replacement	$4,060	$0	$4,060	$1,400	$2,660	$4,060	$6,000	
Storm Structure Repairs	$50,000	$60,000	$110,000	$559	$103,015	$103,574	$50,000	
Contingency	$10,000	$0	$10,000	$199	$4,801	$5,000	$10,000	
Capital Outlay	$20,000	$0	$20,000	$5,857	$14,143	$20,000	$20,000	
Operation & Maintenance Expenses	$518,005	$65,400	$583,405	$246,733	$302,796	$549,528	$539,000	
								
Total Expenditures	$680,813	$69,150	$749,963	$336,907	$372,511	$709,418	$696,955	
								
Excess Revenues/(Expenditures)	$0	$0	$0	$371,964	($371,964)	$0	$0	

Net Assessment	$694,955	
Collection Cost (6%)	 	$44,359 	
Gross Assessment	 	$739,314 	
Projected FY20 O&M Asses
Property Type	sments
Unit Count	
Per Unit Net	
Per Unit Gross	
Gross Total	
Platted Residential	3234	$173.00	$184.04	$595,194	
Town Center Commercial	72.08	$173.00	$184.04	$13,266	
Unplatted Residential	711	$173.00	$184.04	$130,854	
Total	4017.08			$739,314	

FY19 vs FY20 Per Unit Gross Assessment Com
Property Type	Unit Count	parison
FY19 Gross	
FY20 Gross	
Difference	
% Increase	
Platted Residential	3234	151.18	$184.04	$32.86	22%	
Town Center Commercial	72.08	151.18	$184.04	$32.86	22%	
Unplatted Residential	711	151.18	$184.04	$32.86	22%	
Total	4017.08					

REVENUES:

Special Assessments – Tax Collector

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.

Special Assessments – Direct Billed

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

Interest

The District earns interest income on their operating accounts and other investments.

EXPENDITURES:

Administrative:

Supervisors 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. The amount is based on 5 supervisors attending 12 meetings during the fiscal year.

FICA Expense

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

Engineering

The District's engineer, GAI Consultants, Inc., will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review of invoices and requisitions, preparation and review of contract specifications and bid documents, and various projects assigned as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel, Hopping, Green & Sams, will be providing general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements and resolutions, and other research assigned as directred 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 the Series 2012A-1 & A-2 Special Assessment Refunding Bonds. The District has contracted with AMTEC for this service.

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. The District has contracted with Berger, Toombs, Elam, Gaines & Frank for this service.

Trustee Fees

The District will pay annual trustee fees for the Series 2012A-1 & A-2 Special Assessment Refunding Bonds that are deposited with a Trustee at USBank.

Assessment Administration

The District has contracted with Governmental Management Services-CF, 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-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, budget preparation, all financial reporting, annual audit, etc.

Information Technology

Represents costs related to District’s accounting and information systems, District’s website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements.

Telephone

Telephone and fax machine.

Postage

The District incurs charges for mailing of agenda packages, overnight deliveries, checks for vendors and other required correspondence.

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 officials liability insurance coverage is provided by Public Risk Insurance. Public Risk Insurance specializes in providing insurance coverage to governmental agencies.

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

Represents any miscellaneous expenses incurred during the fiscal year such as bank fees, deposit slips, stop payments, etc.

Office Supplies

The District incurs charges for office supplies that need to be purchased during the fiscal year.

Property Appraiser

Represents a fee charged by Polk County Property Appraiser’s office for assessment administration services.

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:

Field Services

Provide onsite field management 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.

Electric

Represents cost of electric services for item lights. District currently has two accounts with Duke Energy.

Account #	Service Address	Monthly	Annual	
48750 39182	1051 Cypress Pky, 9 Tunnel Lights	$30	$360	
87555 08008	1051 Cypress Pky, Lites/Golf Tunnel 33	$125	$1,500	
	Contingency		$140	
	Total		$2,000	

Landscape Maintenance

The District will maintain the lake bank maintenance that include mowing of no less than once every 7 days during the months of April 1st to October 31st and no less than once every 14 days from November 1st to March 31st. The District has contracted with Floralawn 2, LLC for this service.

Description	Monthly	Annual	
Landscape Maintenance	$11,970
Contingency
Total	$143,645
$11,355	
	$155,000	

Aquatic Control Maintenance

Represents cost for maintenance to the ponds located within the District. Services include, but are not limited to, treatment removal and offsite disposal of nuisance vegetation and algae treatment. The District has contracted with Clarke Aquatic Services, Inc. for these services.

Description	Monthly	Annual	
Aquatic Maintenance	$8,617
Contingency
Total	$103,400
$11,600	
	$115,000	

Aquatic Midge Management

Represents costs for aquatic midge control (blind mosquitoes, weekly ATV aerosol & monthly aerial larva side.)

Description	Monthly	Annual	
Aquatic Midge Control	$12,583
Contingency
Total	$151,000
$9,000	
	$160,000	

R&M - Drainage

Represents estimated repair and maintenance cost to the drainage structures maintained by the District.

R&M - Mulch

Represents estimated cost for mulch.

R&M – Plant Replacement

Represents estimated cost for the replacement of aquatic plants and tree replacement around the ponds.

Contingency

Represents any additional field expense that may not have been provided for in the budget.

Capital Outlay

Represents estimated cost for Aeration Systems.

		Fiscal Year 2020 Debt Service Fund		
	Adopted Budget
FY2019	Actual Thru
4/30/19	Projected Next 5
Months	Total Thru
9/30/19	Proposed Budget
FY2020	

Revenues						
Special Assessments - Tax Collector	$1,404,442	$1,417,568	$0	$1,417,568	$1,319,024	
Special Assessments - Direct Billed	$313,990	$313,990	$0	$313,990	$302,619	
Special Assessments - Prepayments	$0	$3,663	$0	$3,663	$0	
Interest Income	$0	$3,359	$1,141	$4,500	$0	
Carry Forward Surplus	$612,054	$605,760	$0	$605,760	$694,865	
Total Revenues	$2,330,486	$2,344,339	$1,141	$2,345,480	$2,316,507	

Expenses						
Administrative
Property Appraiser	

$15,500	

$0	

$15,175	

$15,175	

$15,500	
Series 2012A-1
Special Call - 11/1	

$5,000	

$5,000	

$0	

$5,000	

$0	
Interest - 11/1	$209,850	$209,850	$0	$209,850	$199,909	
Principal - 5/1	$600,000	$0	$600,000	$600,000	$620,000	
Interest - 5/1	$209,850	$0	$209,753	$209,753	$199,909	
Special Call - 5/1	$5,000	$0	$5,000	$5,000	$0	
Series 2012A-2
Interest - 11/1	

$160,425	

$160,419	

$0	

$160,419	

$152,231	
Principal - 05/1	$285,000	$0	$285,000	$285,000	$300,000	
Interest - 5/1	$160,425	$0	$160,419	$160,419	$152,231	
Total Expenditures	$1,651,050	$375,269	$1,275,347	$1,650,616	$1,639,781	
						
Excess Revenues/(Expenditures)	$679,436	$1,969,071	($1,274,206)	$694,865	$676,726	

 		Series 2012A-1		                                     Interest - 11/1/2020	$189,059

 	Series 2012A-2	
	Interest - 11/1/2020	$143,606	
	Net Assessment	$1,319,024	
	Collection Cost (6%)	$84,193	
	Gross Assessment	$1,403,217	
			
Property Type	Platted Units	Gross Per Unit	Gross Total	
Platted Residential	2797	$438.05	$1,225,226	
Platted Residentail - Assessment Area 2019	320	$457.66	$146,451	
Platted Residential - Prepaid	117	$0.00	$0	
Town Center Commercial	72	$438.05	$31,540	
Unplatted Residential	711	$457.66	$325,396	
Total	4017		$1,728,613	

SERIES 2012A-1 AMORTIZATION SCHEDULE

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL	
				
11/1/19	$	9,405,000.00	$	-	$	199,909.38	$	199,909.38	
5/1/20	$	9,405,000.00	$	620,000.00   $	199,909.38	$	-	
11/1/20	$	8,785,000.00	$	-	$	189,059.38	$	1,008,968.75	
5/1/21	$	8,785,000.00	$	640,000.00   $	189,059.38	$	-	
11/1/21	$	8,145,000.00	$	-	$	177,059.38	$	1,006,118.75	
5/1/22	$	8,145,000.00	$	665,000.00   $	177,059.38	$	-	
11/1/22	$	7,480,000.00	$	-	$	164,175.00	$	1,006,234.38	
5/1/23	$	7,480,000.00	$	695,000.00   $	164,175.00	$	-	
11/1/23	$	6,785,000.00	$	-	$	150,275.00	$	1,009,450.00	
5/1/24	$	6,785,000.00	$	725,000.00   $	150,275.00	$	-	
11/1/24	$	6,060,000.00	$	-	$	134,868.75	$	1,010,143.75	
5/1/25	$	6,060,000.00	$	755,000.00   $	134,868.75	$	-	
11/1/25	$	5,305,000.00	$	-	$	118,353.13	$	1,008,221.88	
5/1/26	$	5,305,000.00	$	790,000.00   $	118,353.13	$	-	
11/1/26	$	4,515,000.00	$	-	$	101,071.88	$	1,009,425.00	
5/1/27	$	4,515,000.00	$	825,000.00   $	101,071.88	$	-	
11/1/27	$	3,690,000.00	$	-	$	83,025.00	$	1,009,096.88	
5/1/28	$	3,690,000.00	$	860,000.00   $	83,025.00	$	-	
11/1/28	$	2,830,000.00	$	-	$	63,675.00	$	1,006,700.00	
5/1/29	$	2,830,000.00	$	900,000.00   $	63,675.00	$	-	
11/1/29	$	1,930,000.00	$	-	$	43,425.00	$	1,007,100.00	
5/1/30	$	1,930,000.00	$	945,000.00   $	43,425.00	$	-	
11/1/30	$	985,000.00	$	-	$	22,162.50	$	1,010,587.50	
5/1/31	$	985,000.00	$	985,000.00   $	22,162.50	$	1,007,162.50	
		$	9,405,000.00   $	2,894,118.75	$	12,299,118.75	

Poinciana
Community Development District

SERIES 2012A-2 AMORTIZATION SCHEDULE

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL	
				
11/1/19	$	5,100,000.00	$	-	$	152,231.25	$	152,231.25	
5/1/20	$	5,100,000.00	$	300,000.00	$	152,231.25	$	-	
11/1/20	$	4,800,000.00	$	-	$	143,606.25	$	595,837.50	
5/1/21	$	4,800,000.00	$	315,000.00	$	143,606.25	$	-	
11/1/21	$	4,485,000.00	$	-	$	134,550.00	$	593,156.25	
5/1/22	$	4,485,000.00	$	335,000.00	$	134,550.00	$	-	
11/1/22	$	4,150,000.00	$	-	$	124,500.00	$	594,050.00	
5/1/23	$	4,150,000.00	$	355,000.00	$	124,500.00	$	-	
11/1/23	$	3,795,000.00	$	-	$	113,850.00	$	593,350.00	
5/1/24	$	3,795,000.00	$	380,000.00	$	113,850.00	$	-	
11/1/24	$	3,415,000.00	$	-	$	102,450.00	$	596,300.00	
5/1/25	$	3,415,000.00	$	405,000.00	$	102,450.00	$	-	
11/1/25	$	3,010,000.00	$	-	$	90,300.00	$	597,750.00	
5/1/26	$	3,010,000.00	$	430,000.00	$	90,300.00	$	-	
11/1/26	$	2,580,000.00	$	-	$	77,400.00	$	597,700.00	
5/1/27	$	2,580,000.00	$	455,000.00	$	77,400.00	$	-	
11/1/27	$	2,125,000.00	$	-	$	63,750.00	$	596,150.00	
5/1/28	$	2,125,000.00	$	485,000.00	$	63,750.00	$	-	
11/1/28	$	1,640,000.00	$	-	$	49,200.00	$	597,950.00	
5/1/29	$	1,640,000.00	$	515,000.00	$	49,200.00	$	-	
11/1/29	$	1,125,000.00	$	-	$	33,750.00	$	597,950.00	
5/1/30	$	1,125,000.00	$	545,000.00	$	33,750.00	$	-	
11/1/30	$	580,000.00	$	-	$	17,400.00	$	596,150.00	
5/1/31	$	580,000.00	$	580,000.00	$	17,400.00	$	597,400.00	
		$	5,100,000.00	$	2,205,975.00	$	7,305,975.00