Lucerne Park
Community Development District

Adopted Budget
FY2023

Table of Contents

1-2

3-7

8

9-10

General Fund

General Fund Narrative

Series 2019 Debt Service Fund

Series 2019 Amortization Schedule

11	Capital Reserve Fund

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

Revenues						
Assessments	$	343,614	$	342,321	$	1,293	$	343,614	$	446,207	
Total Revenues	$	343,614	$	342,321	$	1,293	$	343,614	$	446,207	

Expenditures						
Administrative
Supervisor Fees	

$	12,000	

$	2,400	

$	4,000	

$	6,400	

$	12,000	
Engineering	$	20,000	$	55	$	5,000	$	5,055	$	20,000	
Attorney	$	25,000	$	5,246	$	3,279	$	8,525	$	25,000	
Annual Audit	$	4,600	$	4,600	$	-	$	4,600	$	4,700	
Assessment Administration	$	5,000	$	5,000	$	-	$	5,000	$	5,000	
Arbitrage	$	450	$	-	$	450	$	450	$	450	
Dissemination	$	5,000	$	3,333	$	1,667	$	5,000	$	5,000	
Trustee Fees	$	3,550	$	2,788	$	762	$	3,550	$	3,550	
Management Fees	$	36,050	$	24,033	$	12,017	$	36,050	$	37,853	
Information Technology	$	1,800	$	1,200	$	600	$	1,800	$	1,800	
Website Administration	$	1,200	$	800	$	400	$	1,200	$	1,200	
Telephone	$	250	$	-	$	50	$	50	$	-	
Postage & Delivery	$	450	$	136	$	120	$	256	$	450	
Insurance	$	5,919	$	5,570	$	-	$	5,570	$	6,684	
Copies	$	800	$	10	$	44	$	54	$	500	
Legal Advertising	$	10,000	$	335	$	1,399	$	1,734	$	3,000	
Contingency	$	2,800	$	307	$	240	$	547	$	1,000	
Office Supplies	$	350	$	12	$	20	$	32	$	350	
Travel Per Diem	$	550	$	-	$	50	$	50	$	-	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative	$	135,944	$	56,001	$	30,097	$	86,098	$	128,712	

Operations & Maintenance
Field Services
Property Insurance	

$	12,000	

$	8,415	

$	-	

$	8,415	

$	10,098	
Field Management	$	15,000	$	10,000	$	5,000	$	15,000	$	15,000	
Landscape Maintenance	$	40,500	$	27,203	$	13,602	$	40,805	$	40,805	
Landscape Replacement	$	7,500	$	-	$	3,750	$	3,750	$	15,000	
Streetlights	$	20,000	$	19,200	$	9,600	$	28,800	$	30,000	
Electric	$	8,000	$	292	$	260	$	552	$	5,000	
Water & Sewer	$	12,000	$	709	$	600	$	1,309	$	10,000	
Sidewalk & Asphalt Maintenance	$	500	$	-	$	250	$	250	$	2,500	
Irrigation Repairs	$	2,500	$	-	$	1,250	$	1,250	$	7,500	
General Repairs & Maintenance	$	5,000	$	2,824	$	1,412	$	4,236	$	10,000	
Contingency	$	2,500	$	985	$	933	$	1,918	$	7,500	
Subtotal Field Expenditures	$	125,500	$	69,629	$	36,657	$	106,286	$	153,403	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2022	5/31/22	4 Months	9/30/22	FY2023	
Amenity Expenditures						
Amenity - Insurance	$	2,966	$	-	$	-	$	-	$	-	
Amenity - Electric	$	14,400	$	4,067	$	2,034	$	6,101	$	8,000	
Amenity - Water	$	3,500	$	4,358	$	2,179	$	6,537	$	10,000	
Playground Lease	$	16,750	$	13,008	$	6,504	$	19,512	$	19,512	
Internet	$	3,000	$	911	$	1,089	$	2,000	$	2,000	
Pest Control	$	720	$	320	$	160	$	480	$	480	
Janitorial Service	$	4,800	$	3,425	$	1,600	$	5,025	$	5,600	
Security Services	$	7,500	$	910	$	600	$	1,510	$	34,000	
Pool Maintenance	$	11,500	$	6,650	$	4,750	$	11,400	$	12,000	
Amenity Repairs & Maintenance	$	5,000	$	3,283	$	1,914	$	5,198	$	10,000	
Amenity Access Management	$	-	$	-	$	-	$	-	$	5,000	
Contingency	$	2,034	$	-	$	955	$	955	$	7,500	
Subtotal Amenity Expenditures	$	72,170	$	36,933	$	21,785	$	58,718	$	114,092	
						
Total Operations & Maintenance	$	197,670	$	106,562	$	58,442	$	165,004	$	267,495	

Other Expenditures						
Capital Reserves	$	10,000	$	-	$	10,000	$	10,000	$	50,000	
Total Other Expenditures	$	10,000	$	-	$	10,000	$	10,000	$	50,000	
						
Total Expenditures	$	343,614	$	162,563	$	98,539	$	261,102	$	446,207	
						
Excess Revenues/(Expenditures)	$	-	$	179,758	$	(97,247)	$	82,512	$	0	

Net Assessments	
$	446,207	
Add: Discounts & Collections 7%		$33,585 	
Gross Assessments		$479,792 	
Assessable Units	346	
Per Unit Gross Assessment		$1,386.69 	

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:

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 provides 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 provides 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 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 the Series 2019 bond series.

Trustee Fees

The District will incur trustee related costs with the issuance of its’ Series 2019 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 accounting and information systems, District’s website creation and maintenance, hosting, electronic compliance with Florida Statutes and other electronic data requirements.

Website Maintenance

Represents 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.

Insurance

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

Copies

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.

Contingency

Bank charges and any other miscellaneous expenses 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.

Travel Per Diem

The Board of Supervisors can be reimbursed for travel expenditures related to the conducting of District business.

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

Property Insurance

The District’s property insurance coverages.

Field Management

The District has contracted with Governmental Management Services – Central Florida, LLC to provide onsite field management of contracts for the District such as landscape maintenance. Services can 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

The District has a contract with Prince & Sons, Inc. to maintain the landscaping located within the District. These services include monthly landscape maintenance such as mowing of turf areas, pruning and trimming, plant bed weed control, fertilization and irrigation inspections.

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.

Sidewalk & Asphalt Maintenance

Represents the estimated costs of maintaining the sidewalks and asphalt throughout the District’s Boundary.

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.

Amenity Expenses

Amenity - Electric

Represents estimated electric charges for the District’s amenity facilities.

Amenity – Water

Represents estimated water charges for the District’s amenity facilities.

Playground Lease

Represents the cost of the District leasing playground equipment for the fiscal year.

Internet

Internet service will be added for use at the Amenity Center.

Pest Control

The District will incur costs for pest control treatments to its amenity facilities.

Janitorial Services

Represents costs to provide janitorial services and supplies for the District’s amenity facilities.

Security Services

Represents the cost of contracting a monthly security service for the District’s amenity facilities.

Pool Maintenance

Represents the costs of regular cleaning and treatments of the District’s pool.

Amenity Repairs & Maintenance

Represents estimated costs for repairs and maintenance of the District’s amenity facilities.

Amenity Access Management

Represents the cost of managing the monitoring access to the District’s amenity facilities.

Contingency

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

Other Expenses:
Capital Reserves

Funds collected and reserved for the replacement of and/or purchase of new capital improvements throughout the District.

Lucerne Park
Community Development District
Debt Service Fund Series 2019

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

Revenues						
Assessments	$	419,524	$	417,943	$	11,879	$	429,822	$	419,524	
Interest Income	$	-	$	18	$	9	$	27	$	-	
Carry Forward Surplus *	$	169,959	$	173,056	$	-	$	173,056	$	184,632	
Total Revenues	$	589,483	$	591,018	$	11,888	$	602,906	$	604,156	

Expenses						
Interest - 11/1	$	151,637	$	151,637	$	-	$	151,637	$	149,452	
Principal - 5/1	$	115,000	$	115,000	$	-	$	115,000	$	120,000	
Interest - 5/1	$	151,637	$	151,637	$	-	$	151,637	$	149,452	
Total Expenditures	$	418,274	$	418,274	$	-	$	418,274	$	418,904	
						
Excess Revenues/(Expenditures)	$	171,209	$	172,744	$	11,888	$	184,632	$	185,252	

* Carryforward Less Reserve Requirement				
Interest - 11/1	
	$147,172 	
				Total		$147,172 	

Date	Balance	Prinicpal	Interest	Total

11/01/22	$	6,505,000.00	$	-	$	149,451.88	$	416,088.75	
05/01/23	$	6,505,000.00	$	120,000.00	$	149,451.88		
11/01/23	$	6,385,000.00	$	-	$	147,171.88	$	416,623.75	
05/01/24	$	6,385,000.00	$	125,000.00	$	147,171.88		
11/01/24	$	6,260,000.00	$	-	$	144,796.88	$	416,968.75	
05/01/25	$	6,260,000.00	$	130,000.00	$	144,796.88		
11/01/25	$	6,130,000.00	$	-	$	142,196.88	$	416,993.75	
05/01/26	$	6,130,000.00	$	135,000.00	$	142,196.88		
11/01/26	$	5,995,000.00	$	-	$	139,496.88	$	416,693.75	
05/01/27	$	5,995,000.00	$	140,000.00	$	139,496.88		
11/01/27	$	5,855,000.00	$	-	$	136,696.88	$	416,193.75	
05/01/28	$	5,855,000.00	$	145,000.00	$	136,696.88		
11/01/28	$	5,710,000.00	$	-	$	133,796.88	$	415,493.75	
05/01/29	$	5,710,000.00	$	155,000.00	$	133,796.88		
11/01/29	$	5,555,000.00	$	-	$	130,696.88	$	419,493.75	
05/01/30	$	5,555,000.00	$	160,000.00	$	130,696.88		
11/01/30	$	5,395,000.00	$	-	$	126,996.88	$	417,693.75	
05/01/31	$	5,395,000.00	$	165,000.00	$	126,996.88		
11/01/31	$	5,230,000.00	$	-	$	123,181.25	$	415,178.13	
05/01/32	$	5,230,000.00	$	175,000.00	$	123,181.25		
11/01/32	$	5,055,000.00	$	-	$	119,134.38	$	417,315.63	
05/01/33	$	5,055,000.00	$	185,000.00	$	119,134.38		
11/01/33	$	4,870,000.00	$	-	$	114,856.25	$	418,990.63	
05/01/34	$	4,870,000.00	$	190,000.00	$	114,856.25		
11/01/34	$	4,680,000.00	$	-	$	110,462.50	$	415,318.75	
05/01/35	$	4,680,000.00	$	200,000.00	$	110,462.50		
11/01/35	$	4,480,000.00	$	-	$	105,837.50	$	416,300.00	
05/01/36	$	4,480,000.00	$	210,000.00	$	105,837.50		

Date		Balance	Prinicpal	Interest	Total	

11/01/36	
$	
4,270,000.00	
$	-	
$	100,981.25	
$	416,818.75	
05/01/37	$	4,270,000.00	$	220,000.00	$	100,981.25		
11/01/37	$	4,050,000.00	$	-	$	95,893.75	$	416,875.00	
05/01/38	$	4,050,000.00	$	230,000.00	$	95,893.75		
11/01/38	$	3,820,000.00	$	-	$	90,575.00	$	416,468.75	
05/01/39	$	3,820,000.00	$	240,000.00	$	90,575.00		
11/01/39	$	3,580,000.00	$	-	$	85,025.00	$	415,600.00	
05/01/40	$	3,580,000.00	$	255,000.00	$	85,025.00		
11/01/40	$	3,325,000.00	$	-	$	78,968.75	$	418,993.75	
05/01/41	$	3,325,000.00	$	265,000.00	$	78,968.75		
11/01/41	$	3,060,000.00	$	-	$	72,675.00	$	416,643.75	
05/01/42	$	3,060,000.00	$	280,000.00	$	72,675.00		
11/01/42	$	2,780,000.00	$	-	$	66,025.00	$	418,700.00	
05/01/43	$	2,780,000.00	$	295,000.00	$	66,025.00		
11/01/43	$	2,485,000.00	$	-	$	59,018.75	$	420,043.75	
05/01/44	$	2,485,000.00	$	305,000.00	$	59,018.75		
11/01/44	$	2,180,000.00	$	-	$	51,775.00	$	415,793.75	
05/01/45	$	2,180,000.00	$	320,000.00	$	51,775.00		
11/01/45	$	1,860,000.00	$	-	$	44,175.00	$	415,950.00	
05/01/46	$	1,860,000.00	$	335,000.00	$	44,175.00		
11/01/46	$	1,525,000.00	$	-	$	36,218.75	$	415,393.75	
05/01/47	$	1,525,000.00	$	355,000.00	$	36,218.75		
11/01/47	$	1,170,000.00	$	-	$	27,787.50	$	419,006.25	
05/01/48	$	1,170,000.00	$	370,000.00	$	27,787.50		
11/01/48	$	800,000.00	$	-	$	19,000.00	$	416,787.50	
05/01/49	$	800,000.00	$	390,000.00	$	19,000.00		
11/01/49	$	410,000.00	$	-	$	9,737.50	$	418,737.50	
05/01/50	$	410,000.00	$	410,000.00	$	9,737.50	$	419,737.50	
			$	6,505,000.00	$	5,325,260.00	$	12,096,896.88	

Lucerne Park
Community Development District
Capital Reserve Fund

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

Revenues

Carry Forward Surplus	

$	-	

$	-	$	-	

$	-	

$	10,000	
Total Revenues	$	-	$	-	$	-	$	-	$	10,000	

Expenses

Capital Outlay	

$	-	

$	-	$	-	

$	-	

$	-	
Total Expenditures	$	-	$	-	$	-	$	-	$	-	

Other Financing Sources

Transfer In (Out)	

$	10,000	

$	-	$	10,000	

$	10,000	

$	50,000	
Total Other Financing Sources/(Uses)	$	10,000	$	-	$	10,000	$	10,000	$	50,000	
					
Excess Revenues/(Expenditures)	$	10,000	$	-	$	10,000	$	10,000	$	60,000