Lucerne Park
Community Development District

Adopted Budget
FY2025

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	FY2024	4/30/24	5 Months	9/30/24	FY2025	

Revenues						
Assessments	$	446,207	$	445,366	$	841	$	446,207	$	446,207	
Total Revenues	$	446,207	$	445,366	$	841	$	446,207	$	446,207	

Expenditures						
Administrative
Supervisor Fees	

$	12,000	

$	3,400	

$	5,000	

$	8,400	

$	12,000	
Engineering	$	20,000	$	750	$	3,500	$	4,250	$	20,000	
Attorney	$	25,000	$	8,502	$	6,073	$	14,575	$	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	$	2,917	$	2,083	$	5,000	$	5,250	
Trustee Fees	$	4,337	$	2,478	$	1,859	$	4,337	$	4,337	
Management Fees	$	40,124	$	23,406	$	16,718	$	40,124	$	45,000	
Information Technology	$	1,800	$	1,050	$	750	$	1,800	$	1,890	
Website Administration	$	1,200	$	700	$	500	$	1,200	$	1,260	
Postage & Delivery	$	900	$	261	$	300	$	561	$	900	
Insurance	$	6,586	$	6,197	$	-	$	6,197	$	6,817	
Copies	$	500	$	17	$	35	$	52	$	500	
Legal Advertising	$	3,000	$	2,217	$	783	$	3,000	$	3,000	
Contingency	$	1,000	$	279	$	300	$	579	$	1,000	
Office Supplies	$	350	$	3	$	55	$	58	$	350	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative	$	132,222	$	61,151	$	39,407	$	100,558	$	137,979	

Operations & Maintenance
Field Services
Property Insurance	

$	13,886	

$	14,264	

$	-	

$	14,264	

$	16,118	
Field Management	$	15,900	$	9,275	$	6,625	$	15,900	$	15,900	
Landscape Maintenance	$	45,800	$	23,803	$	17,002	$	40,805	$	45,800	
Landscape Contingency	$	15,000	$	-	$	7,500	$	7,500	$	10,000	
Streetlights	$	38,473	$	20,672	$	14,948	$	35,620	$	38,473	
Electric	$	5,000	$	501	$	425	$	926	$	2,000	
Water & Sewer	$	3,500	$	621	$	750	$	1,371	$	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	$	3,646	$	5,000	$	8,646	$	12,000	
Contingency	$	7,500	$	-	$	3,750	$	3,750	$	7,500	
Subtotal Field Expenditures	$	165,059	$	73,014	$	61,000	$	134,014	$	158,791	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2024	4/30/24	5 Months	9/30/24	FY2025	
Amenity Expenditures						
Amenity - Electric	$	6,000	$	5,147	$	4,200	$	9,347	$	10,100	
Amenity - Water	$	6,000	$	2,265	$	2,750	$	5,015	$	6,000	
Playground Lease	$	19,512	$	11,382	$	8,130	$	19,512	$	19,512	
Internet	$	2,000	$	1,126	$	846	$	1,973	$	2,000	
Pest Control	$	600	$	-	$	200	$	200	$	600	
Janitorial Service	$	15,300	$	8,345	$	6,425	$	14,770	$	16,160	
Security Services	$	32,000	$	19,804	$	14,146	$	33,950	$	35,000	
Pool Maintenance	$	19,800	$	13,280	$	9,400	$	22,680	$	23,700	
Amenity Repairs & Maintenance	$	10,000	$	5,184	$	4,816	$	10,000	$	10,000	
Amenity Access Management	$	5,250	$	3,063	$	2,188	$	5,250	$	5,250	
Contingency	$	8,500	$	-	$	4,250	$	4,250	$	14,469	
Subtotal Amenity Expenditures	$	124,962	$	69,596	$	57,351	$	126,947	$	142,791	
						
Total Operations & Maintenance	$	290,022	$	142,610	$	118,351	$	260,961	$	301,583	

Other Expenditures						
Capital Reserves	$	23,963	$	-	$	35,000	$	35,000	$	6,646	
Total Other Expenditures	$	23,963	$	-	$	35,000	$	35,000	$	6,646	

Total Expenditures	$	446,207	$	203,761	$	192,758	$	396,519	$	446,207	
						
Excess  Revenues/(Expenditures)	$	0	$	241,605	$	(191,916)	$	49,688	$	-	

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 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.

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 Commerce 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.

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.

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.

Lucerne Park
Community Development District
Debt Service Fund Series 2019

		Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
	Description	FY2024	4/30/24	5 Months	9/30/24	FY2025	

Revenues							

Assessments	$	419,524	$	418,731	
$	793	
$	419,524	
$	419,524	
Interest Income	$	-	$	12,170	$	8,693	$	20,864	$	10,432	
Carry Forward Surplus *	$	194,881	$	197,720	$	-	$	197,720	$	218,764	
Total Revenues	$	614,405	$	628,621	$	9,486	$	638,108	$	648,720	
Expenses						
Interest - 11/1	$	147,172	$	147,172	$	-	$	147,172	$	144,797	
Principal - 5/1	$	125,000	$	-	$	125,000	$	125,000	$	130,000	
Interest - 5/1	$	147,172	$	-	$	147,172	$	147,172	$	144,797	
Total Expenditures	$	419,344	$	147,172	$	272,172	$	419,344	$	419,594	
						
Excess Revenues/(Expenditures)	$	195,061	$	481,450	$  (262,686)	$	218,764	$	229,126	

* 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	346	$419,524	$1,212	$1,304	
	346	$419,524			

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		

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

Lucerne Park
Community Development District
Capital Reserve Fund

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2024	4/30/24	5 Months	9/30/24	FY2025	

Revenues						
Interest Income	$	-	$	1,435	$	1,025	$	2,459	$	1,230	
Carry Forward Surplus	$	70,000	$	49,985	$	-	$	49,985	$	87,444	
Total Revenues	$	70,000	$	51,420	$	1,025	$	52,444	$	88,674	

Expenses						
Capital Outlay	$	-	$	-	$	-	$	-	$	-	
Total Expenditures	$	-	$	-	$	-	$	-	$	-	

Other Financing Sources						
Transfer In (Out)	$	23,963	$	-	$	35,000	$	35,000	$	6,646	
Total Other Financing Sources/(Uses)	$	23,963	$	-	$	35,000	$	35,000	$	6,646	
						
Excess Revenues/(Expenditures)	$	93,963	$	51,420	$	36,025	$	87,444	$	95,319