Lucerne Park Community Development District Proposed Budget FY 2025 1-2 3-7 8 9-10 11 Capital Reserve Fund Series 2019 Amortization Schedule Table of Contents General Fund General Fund Narrative Series 2019 Debt Service Fund Adopted Actuals Projected Description BFuYd2g0e2t4 2/T2h9r/u24 7 MNoexntths P9r/oT3jhe0rc/ut2e4d PFBroYup2do0gs2eet5d ARsesveesnsmueesnts $ 446,207 $ 439,957 $ 6,250 $ 446,207 $ 446,207 Total Revenues $ 446,207 $ 439,957 $ 6,250 $ 446,207 $ 446,207 Expenditures Administrative Supervisor Fees 12,000 $ 1,800 $ 7,000 $ 8,800 $ 12,000 $ Engineering 20,000 $ 110 $ 4,500 $ 4,610 $ 20,000 $ Attorney 25,000 $ 3,655 $ 10,964 $ 14,619 $ 25,000 $ Annual Audit 4,800 $ 3,800 $ 1,000 $ 4,800 $ 4,800 $ Assessment Administration 5,000 $ 5,000 $ - $ 5,000 $ 5,250 $ Arbitrage 450 $ - $ 450 $ 450 $ 450 $ Dissemination 5,000 $ 2,083 $ 2,917 $ 5,000 $ 5,250 $ Trustee Fees 4,337 $ 2,478 $ 1,859 $ 4,337 $ 4,337 $ Management Fees 40,124 $ 16,718 $ 23,406 $ 40,124 $ 45,000 $ Information Technology 1,800 $ 750 $ 1,050 $ 1,800 $ 1,890 $ Website Administration 1,200 $ 500 $ 700 $ 1,200 $ 1,260 $ Postage & Delivery 900 $ 221 $ 300 $ 521 $ 900 $ Insurance 6,586 $ 6,197 $ - $ 6,197 $ 7,127 $ Copies 500 $ 13 $ 35 $ 48 $ 500 $ Legal Advertising 3,000 $ 636 $ 2,364 $ 3,000 $ 3,000 $ Contingency 1,000 $ 197 $ 420 $ 617 $ 1,000 $ Office Supplies 350 $ 2 $ 55 $ 57 $ 350 $ Dues, Licenses & Subscriptions 175 $ 175 $ - $ 175 $ 175 $ Total Administrative 132,222 $ 44,335 $ 57,020 $ 101,355 $ 138,289 $ Operations & Maintenance Field Services Property Insurance 13,886 $ 14,264 $ - $ 14,264 $ 21,396 $ Field Management 15,900 $ 6,625 $ 9,275 $ 15,900 $ 16,695 $ Landscape Maintenance 45,800 $ 17,002 $ 23,803 $ 40,805 $ 45,800 $ Landscape Contingency 15,000 $ - $ 7,500 $ 7,500 $ 10,000 $ Streetlights 38,473 $ 14,693 $ 20,480 $ 35,173 $ 38,473 $ Electric 5,000 $ 362 $ 595 $ 957 $ 5,000 $ Water & Sewer 3,500 $ 507 $ 900 $ 1,407 $ 3,500 $ Sidewalk & Asphalt Maintenance 2,500 $ - $ 1,250 $ 1,250 $ - $ Irrigation Repairs 7,500 $ 231 $ 3,750 $ 3,981 $ 7,500 $ General Repairs & Maintenance 10,000 $ 1,538 $ 5,000 $ 6,538 $ 12,000 $ Contingency 7,500 $ - $ 3,750 $ 3,750 $ 7,500 $ Subtotal Field Expenditures 165,059 $ 55,223 $ 76,303 $ 131,526 $ 167,864 $ Community Development District General Fund Lucerne Park 1 Adopted Actuals Projected Description BFuYd2g0e2t4 2/T2h9r/u24 7 MNoexntths P9r/oT3jhe0rc/ut2e4d PFBroYup2do0gs2eet5d Community Development District General Fund Lucerne Park Expenditures Amenity - Electric 6,000 $ 4,160 $ 5,880 $ 10,040 $ 10,100 $ Amenity - Water 6,000 $ 1,894 $ 3,300 $ 5,194 $ 6,000 $ Playground Lease 19,512 $ 8,130 $ 11,382 $ 19,512 $ 19,512 $ Internet 2,000 $ 788 $ 1,096 $ 1,884 $ 2,000 $ Pest Control 600 $ - $ 280 $ 280 $ 600 $ Janitorial Service 15,300 $ 5,775 $ 8,995 $ 14,770 $ 16,160 $ Security Services 32,000 $ 13,286 $ 18,600 $ 31,886 $ 32,000 $ Pool Maintenance 19,800 $ 9,520 $ 13,160 $ 22,680 $ 23,700 $ Amenity Repairs & Maintenance 10,000 $ 2,698 $ 7,302 $ 10,000 $ 10,000 $ Amenity Access Management 5,250 $ 2,188 $ 3,063 $ 5,250 $ 5,513 $ Contingency 8,500 $ - $ 4,250 $ 4,250 $ 14,469 $ Subtotal Amenity Expenditures 124,962 $ 48,439 $ 77,307 $ 125,746 $ 140,054 $ Total Operations & Maintenance 290,022 $ 103,662 $ 153,610 $ 257,272 $ 307,918 $ Other Expenditures Capital Reserves 23,963 $ - $ 35,000 $ 35,000 $ - $ Total Other Expenditures 23,963 $ - $ 35,000 $ 35,000 $ - $ Total Expenditures 446,207 $ 147,997 $ 245,629 $ 393,626 $ 446,207 $ Excess Revenues/(Expenditures) 0 $ 291,960 $ (239,379) $ 52,581 $ 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 2 Lucerne Park Community Development District GENERAL FUND BUDGET 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. 3 Lucerne Park Community Development District GENERAL FUND BUDGET 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 various cost of information technology 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. Governmental Management Services-Central Florida, LLC provides this service. 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. Governmental Management Services-Central Florida, LLC provides this service. 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. 4 Lucerne Park Community Development District GENERAL FUND BUDGET 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. 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 Contingency 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. 5 Lucerne Park Community Development District GENERAL FUND BUDGET 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 Expenditures 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. 6 Lucerne Park Community Development District GENERAL FUND BUDGET 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 Expenditures: Capital Reserves Funds collected and reserved for the replacement of and/or purchase of new capital improvements throughout the District. 7 Adopted Actuals Projected Description BFuY2d0ge2t4 2/T2h9r/u24 7 MNeoxntths P9r/To3jhe0rc/ut2e4d PFBrYou2pd0og2see5td ICARnsaetsrveerersynes Fsmutoe eIrsnnwctasormde Surplus * $$$ 14 19 49 ,, 58 -2814 $$$ 14 19 376,,,676246063 $$$ 59 ,, 38 -2788 $$$ 14 191795,,,579229040 $$$ 24 11 39 ,, 58 -2914 Total Revenues $ 614,405 $ 618,028 $ 15,206 $ 633,234 $ 633,414 Expenses IIPnnrttineerrceeipssatt l-- -15 5/1/11 $$$ 111244577,,,011077022 $$$ 1 4 7 , 1 --72 $$$ 11 24 57 ,, 01 -0702 $$$ 111244577,,,011077022 $$$ 111344044,,,077099077 Total Expenditures $ 419,344 $ 147,172 $ 272,172 $ 419,344 $ 419,594 Excess Revenues/(Expenditures) $ 195,061 $ 470,856 $ (256,966) $ 213,891 $ 213,821 * Carryforward Less Reserve Requirement Interest - 11/1/2025 $142,197 Total $142,197 Product Type Assessable Units Total Net Assessments Per Unit Net Assessment Per Unit Gross Assessment Phase 1 - Phase 3 334466 $$441199,,552244 $1,212 $1,304 Series 2019 Lucerne Park Community Development District Debt Service Fund 8 Lucerne Park Community Development District Series 2019 Special Assessment Bonds Amortization Schedule Date Balance Prinicpal Interest Total 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 $ 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 $ 9 Lucerne Park Community Development District Series 2019 Special Assessment Bonds Amortization Schedule Date Balance Prinicpal Interest Total 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 $ 5,782,260.63 $ 12,512,260.63 $ 10 Adopted Actuals Projected Description BFuY2d0ge2t4 2/T2h9r/u24 7 MNeoxntths P9r/To3jhe0rc/ut2e4d PFBrYou2pd0og2see5td ICRnaetrvereryne Fsutoe Irsnwcaormde Surplus $$ 7 0 , 0 -00 $$ 4 91,,908158 $$ 1 , 4 -25 $$ 4 92,,948453 $$ 8 7 , 4 -28 Total Revenues $ 70,000 $ 51,003 $ 1,425 $ 52,428 $ 87,428 Expenses Capital Outlay $ - $ - $ - $ - $ - Total Expenditures $ - $ - $ - $ - $ - Other Financing Sources Transfer In (Out) $ 23,963 $ - $ 35,000 $ 35,000 $ - Total Other Financing Sources/(Uses) $ 23,963 $ - $ 35,000 $ 35,000 $ - Excess Revenues/(Expenditures) $ 93,963 $ 51,003 $ 36,425 $ 87,428 $ 87,428 Lucerne Park Community Development District Capital Reserve Fund 11