Lucerne Park Community Development District Adopted Budget FY 2020 1 2-5 6 7-8 Series 2019 Amortization Schedule Table of Contents General Fund General Fund Narrative Series 2019 Debt Service Fund Adopted Actuals Projected Projected Adopted Budget Thru Next Thru Budget Description FY2019 6/30/19 3 Months 9/30/19 FY2020 Revenues Developer Contributions $180,000 $65,000 $37,414 $102,414 $247,105 Total Revenues $180,000 $65,000 $37,414 $102,414 $247,105 Expenditures Administrative Supervisor Fees $6,000 $6,600 $3,000 $9,600 $12,000 Engineering $15,000 $0 $3,750 $3,750 $20,000 Attorney $25,000 $16,196 $8,804 $25,000 $25,000 Annual Audit $6,000 $0 $2,800 $2,800 $2,900 Assessment Administration $0 $0 $0 $0 $5,000 Arbitrage $0 $0 $0 $0 $650 Dissemination $5,000 $0 $1,250 $1,250 $5,000 Trustee Fees $6,000 $0 $3,500 $3,500 $3,550 Management Fees $20,000 $26,250 $8,750 $35,000 $35,000 Information Technology $2,900 $1,125 $225 $1,350 $3,200 Telephone $200 $50 $25 $75 $250 Postage & Delivery $300 $140 $100 $240 $850 Insurance $6,000 $5,000 $0 $5,000 $5,500 Printing & Binding $500 $686 $250 $936 $1,000 Legal Advertising $8,000 $12,779 $500 $13,279 $10,000 Other Current Charges $1,100 $0 $200 $200 $1,000 Office Supplies $0 $84 $75 $159 $500 Travel Per Diem $500 $0 $100 $100 $550 Dues, Licenses & Subscriptions $250 $175 $0 $175 $175 Bank Fees $250 $0 $0 $0 $0 Subtotal Administrative $103,000 $69,085 $33,329 $102,414 $132,125 Operations & Maintenance Property Insurance $0 $0 $0 $0 $5,000 Landscape Maintenance $65,000 $0 $0 $0 $49,200 Landscape Replacement $0 $0 $0 $0 $7,500 Fertilization $0 $0 $0 $0 $12,000 Pest Control $0 $0 $0 $0 $180 Janitorial Service $0 $0 $0 $0 $1,200 Pool Maintenance $12,000 $0 $0 $0 $4,000 Amenity - Electric $0 $0 $0 $0 $3,000 Amenity - Water $0 $0 $0 $0 $900 Streetlights $0 $0 $0 $0 $15,000 General Repairs & Maintenance $0 $0 $0 $0 $2,000 Contingency $0 $0 $0 $0 $15,000 Subtotal Operations & Maintenance $77,000 $0 $0 $0 $114,980 Total Expenditures $180,000 $69,085 $33,329 $102,414 $247,105 Excess Revenues/(Expenditures) $0 ($4,085) $4,085 $0 $0 Lucerne Park Community Development District Adopted Budget General Fund 1 Lucerne Park Community Development District GENERAL FUND BUDGET REVENUES: Developer Contributions The District will enter into a Funding Agreement with the Developer to fund the General Fund expenditures for 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 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. Attorney 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. The District is currently contracted with Grau & Associates. 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 the 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. 2 Lucerne Park Community Development District GENERAL FUND BUDGET Trustee Fees The District issued Series 2019 Special Assessment Revenue Bonds that are deposited with a Trustee at USBank. 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, electronic compliance with Florida Statutes and other electronic data requirements. 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 insurance coverages. Printing & Binding 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. Other Current Charges 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. 3 Lucerne Park Community Development District GENERAL FUND BUDGET 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: Property Insurance The District’s property insurance coverages. 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. Landscape Replacement Represents the estimated cost of replacing landscaping within the common areas of the District. Fertilization Represents the estimated cost of fertilizing the common areas of the District. This is based on an estimated cost for quarterly services. Pest Services The District will incur costs for pest control treatments to its amenity facilities. Janitorial Services Represents estimated costs to provide janitorial services and supplies for the District’s amenity facilities. Pool Maintenance Represents estimated costs of regular cleaning and treatments of the District’s pool. Amenity - Electric Represents estimated electric charges for the District’s amenity facilities. Amenity – Water Represents estimated water charges for the District’s amenity faclilities. 4 Lucerne Park Community Development District GENERAL FUND BUDGET Streetlights Represents the cost to maintain street lights within the District Boundaries that are expected to be in place throughout the fiscal year. 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 standard category. 5 Adopted Actual Projected Projected Adopted Budget Thru Next Thru Budget FY2019 6/30/19 3 Months 9/30/19 FY2020 Revenues Special Assessments $0 $0 $0 $0 $160,466 Bond Proceeds $0 $738,500 $0 $738,500 $0 Interest Income $0 $322 $300 $622 $0 Carry Forward Surplus $0 $0 $0 $0 $300,428 * Total Revenues $0 $738,823 $300 $739,123 $460,894 Expenses Interest - 11/1 $0 $0 $0 $0 $139,962 Principal - 5/1 $0 $0 $0 $0 $0 Interest - 5/1 $0 $0 $0 $0 $160,466 Total Expenditures $0 $0 $0 $0 $300,428 Excess Revenues/(Expenditures) $0 $738,823 $300 $739,123 $160,466 * Carryforward Less Reserve Requirement of $438,071.88 Interest - 11/1/2020 $160,466 Total $160,466 Maximum Per Unit Per Unit Annual Net Debt Gross Debt Product Type No. of Units Debt Service Assessment Assessment Phase 1 - Phase 3 346 $438,072 $1,266 $1,361 346 $438,072 (1) Fiscal Year 2020 Debt Service Assessment is a partial year assessment and represents the 11/1/2020 semi-annual debt service payment not funded by capitalized interest from the Series 2019 Bonds. Lucerne Park COMMUNITY DEVELOPMENT DISTRICT Adopted Budget Debt Service Fund Series 2019 6 Lucerne Park Community Development District Series 2019, Special Assessment Bonds (Combined) Amortization Schedule Date Balance Principal Interest Annual 11/1/19 $ 7,025,000 $ - $ 139,962 $ 139,962 5/1/20 $ 7,025,000 $ - $ 160,466 $ - 11/1/20 $ 7,025,000 $ - $ 160,466 $ 320,933 5/1/21 $ 7,025,000 $ 115,000 $ 160,466 $ - 11/1/21 $ 6,910,000 $ - $ 158,281 $ 433,748 5/1/22 $ 6,910,000 $ 120,000 $ 158,281 $ - 11/1/22 $ 6,790,000 $ - $ 156,001 $ 434,283 5/1/23 $ 6,790,000 $ 125,000 $ 156,001 $ - 11/1/23 $ 6,665,000 $ - $ 153,626 $ 434,628 5/1/24 $ 6,535,000 $ 130,000 $ 153,626 $ - 11/1/24 $ 6,535,000 $ - $ 151,156 $ 434,783 5/1/25 $ 6,535,000 $ 135,000 $ 151,156 $ - 11/1/25 $ 6,400,000 $ - $ 148,456 $ 434,613 5/1/26 $ 6,400,000 $ 140,000 $ 148,456 $ - 11/1/26 $ 6,260,000 $ - $ 145,656 $ 434,113 5/1/27 $ 6,260,000 $ 145,000 $ 145,656 $ - 11/1/27 $ 6,115,000 $ - $ 142,756 $ 433,413 5/1/28 $ 6,115,000 $ 155,000 $ 142,756 $ - 11/1/28 $ 5,960,000 $ - $ 139,656 $ 437,413 5/1/29 $ 5,800,000 $ 160,000 $ 139,656 $ - 11/1/29 $ 5,800,000 $ - $ 136,456 $ 436,113 5/1/30 $ 5,800,000 $ 165,000 $ 136,456 $ - 11/1/30 $ 5,635,000 $ - $ 132,641 $ 434,097 5/1/31 $ 5,635,000 $ 175,000 $ 132,641 $ - 11/1/31 $ 5,460,000 $ - $ 128,594 $ 436,234 5/1/32 $ 5,460,000 $ 185,000 $ 128,594 $ - 11/1/32 $ 5,275,000 $ - $ 124,316 $ 437,909 5/1/33 $ 5,275,000 $ 190,000 $ 124,316 $ - 11/1/33 $ 5,085,000 $ - $ 119,922 $ 434,238 5/1/34 $ 5,085,000 $ 200,000 $ 119,922 $ - 11/1/34 $ 4,885,000 $ - $ 115,297 $ 435,219 5/1/35 $ 4,885,000 $ 210,000 $ 115,297 $ - 11/1/35 $ 4,675,000 $ - $ 110,441 $ 435,738 5/1/36 $ 4,675,000 $ 220,000 $ 110,441 $ - 11/1/36 $ 4,455,000 $ - $ 105,353 $ 435,794 5/1/37 $ 4,455,000 $ 230,000 $ 105,353 $ - 11/1/37 $ 4,225,000 $ - $ 100,034 $ 435,388 5/1/38 $ 4,225,000 $ 240,000 $ 100,034 $ - 7 Lucerne Park Community Development District Series 2019, Special Assessment Bonds (Combined) Amortization Schedule Date Balance Principal Interest Annual 11/1/38 $ 3,985,000 $ - $ 94,484 $ 434,519 5/1/39 $ 3,730,000 $ 255,000 $ 94,484 $ - 11/1/39 $ 3,730,000 $ - $ 88,588 $ 438,072 5/1/40 $ 3,730,000 $ 265,000 $ 88,588 $ - 11/1/40 $ 3,465,000 $ - $ 82,294 $ 435,881 5/1/41 $ 3,465,000 $ 280,000 $ 82,294 $ - 11/1/41 $ 3,185,000 $ - $ 75,644 $ 437,938 5/1/42 $ 3,185,000 $ 290,000 $ 75,644 $ - 11/1/42 $ 2,895,000 $ - $ 68,756 $ 434,400 5/1/43 $ 2,895,000 $ 305,000 $ 68,756 $ - 11/1/43 $ 2,590,000 $ - $ 61,513 $ 435,269 5/1/44 $ 2,590,000 $ 320,000 $ 61,513 $ - 11/1/44 $ 2,270,000 $ - $ 53,913 $ 435,425 5/1/45 $ 2,270,000 $ 335,000 $ 53,913 $ - 11/1/45 $ 1,935,000 $ - $ 45,956 $ 434,869 5/1/46 $ 1,935,000 $ 350,000 $ 45,956 $ - 11/1/46 $ 1,585,000 $ - $ 37,644 $ 433,600 5/1/47 $ 1,585,000 $ 370,000 $ 37,644 $ - 11/1/47 $ 1,215,000 $ - $ 28,856 $ 436,500 5/1/48 $ 1,215,000 $ 385,000 $ 28,856 $ - 11/1/48 $ 830,000 $ - $ 19,713 $ 433,569 5/1/49 $ 830,000 $ 405,000 $ 19,713 11/1/49 $ 425,000 $ - $ 10,094 $ 434,806 5/1/50 $ 425,000 $ 425,000 $ 10,094 $ 435,094 Totals $ 7,025,000 $ 6,493,553 $ 13,518,553 8