Davenport Road South
Community Development District

Adopted Budget
FY 2023

Table of Contents

1-2

3-6

7

8

	General Fund

	General Fund Narrative

	Series 2018 Debt Service Fund

	Series 2018 Amortization Schedule

9		Capital Reserve Fund

Davenport Road South
Community Development District

Adopted Budget General Fund

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

Revenues						
Assessments - On Roll	$355,842	$354,445	$1,398	$355,842	$355,842	
Contribution from HM West	$77,147	$0	$77,147	$77,147	$92,626	
Other Income	$0	$100	$0	$100	$0	
Total Revenues	$	432,989	$	354,545	$	78,545	$	433,089	$	448,468	

Expenditures						
Administrative						
Supervisor Fees	$12,000	$3,200	$4,000	$7,200	$12,000	
Engineering	$10,000	$1,468	$8,000	$9,468	$10,000	
Dissemination Fees	$5,000	$3,433	$1,567	$5,000	$5,000	
Attorney Fees	$20,000	$4,621	$2,959	$7,580	$18,000	
Assessment Administration	$5,000	$5,000	$0	$5,000	$5,000	
Annual Audit	$4,100	$4,100	$0	$4,100	$4,200	
Trustee Fees	$6,000	$3,717	$1,549	$5,266	$6,000	
Management Fees	$36,050	$24,033	$12,017	$36,050	$37,853	
Information Technology	$1,500	$1,000	$500	$1,500	$1,500	
Website Maintenance	$2,700	$2,500	$900	$3,400	$1,500	
Postage	$950	$99	$157	$256	$850	
Telephone	$200	$0	$50	$50	$100	
Printing & Binding	$350	$63	$32	$95	$150	
Insurance	$6,512	$6,127	$0	$6,127	$7,352	
Legal Advertising	$5,750	$1,015	$1,854	$2,870	$5,750	
Contingency	$2,500	$341	$201	$542	$3,357	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	

Total Administrative	$118,787	$60,893	$33,785	$94,678	$118,787	

Davenport Road South
Community Development District

Adopted Budget General Fund

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

Operation and Maintenance
Field Expenses
Field Management	

$	15,000	

$10,000	

$5,000	

$15,000	

$	15,750	
Electric	$	5,000	$1,132	$766	$1,898	$	3,000	
Streetlights	$	16,800	$11,840	$6,400	$18,240	$	19,000	
Landscape Maintenance	$	39,850	$20,120	$11,200	$31,320	$	35,000	
Landscape Replacement & Enhancement	$	25,000	$0	$12,500	$12,500	$	25,000	
Irrigation Repairs	$	6,000	$2,646	$1,323	$3,969	$	6,000	
General Field Repairs & Maintenance	$	7,500	$4,129	$2,065	$6,194	$	12,500	
Contingency	$	7,500	$5,521	$1,979	$7,500	$	7,500	
Subtotal	$122,650	$55,389	$41,233	$96,621	$123,750	

Amenity Expenses
Property Insurance	

$	10,941	

$10,294	

$0	

$10,294	

$	12,353	
Security	$	18,000	$2,264	$9,055	$11,318	$	35,000	
Landscape Maintenace-Amenity	$	15,630	$8,870	$4,480	$13,350	$	14,500	
Landscape Replacement-Amenity	$	7,500	$0	$1,250	$1,250	$	7,500	
Pest Control	$	1,000	$408	$204	$612	$	750	
Pool Maintenance	$	19,000	$12,175	$6,000	$18,175	$	18,000	
Janitorial Services	$	8,580	$5,577	$2,800	$8,377	$	9,000	
Amenity-Electric	$	15,000	$10,590	$5,295	$15,885	$	16,200	
Amenity-Water	$	2,000	$976	$520	$1,496	$	2,000	
Cable/Internet	$	1,900	$1,324	$712	$2,036	$	2,150	
Playground Lease	$	27,001	$18,001	$9,000	$27,001	$	27,001	
Amenity Repairs & Maintenance	$	10,000	$6,029	$3,014	$9,043	$	13,000	
Amenity Access Management	$	-	$3,333	$1,987	$5,320	$	5,000	
Amenity Contingency	$	5,000	$4,294	$706	$5,000	$	7,500	
Subtotal	 $	141,552	$	84,134	$	45,023	$	129,158	$	169,954 	
Subtotal Field Expenses	$	264,202	$	139,523	$	86,256	$	225,779	$	293,704	
						
Total Expenditures	$	382,989	$	200,416	$	120,041	$	320,457	$	412,490	

Other Financing Sources/Uses:						
Capital Reserve	$	(50,000)	$	-	$	(50,000)	$	(50,000)	$	(35,978)	
Total Other Financing Sources/Uses	$	(50,000)	$	-	$	(50,000)	$	(50,000)	$	(35,978)	
						
Excess Revenues/(Expenditures)	$	-	$	154,129	$	(91,496)	$	62,632	$	(0)	

Net Assessments	
$355,842	
Add: Discounts & Collections 7%	$26,784	
Gross Assessments	$382,626	

Product	ERU's	Assessable Units	ERU/Unit	Net Assessment	Net Per Unit	Gross Per Unit	
Platted	369.00	369.00	1.00	$355,842.21	$964.34	$1,036.93	

Davenport Road South Community Development District
General Fund Budget

REVENUES:

Assessments

The District will levy a non-ad valorem assessment on all assessable property within the District to fund all general operating and maintenance expenditures during the fiscal year.

Contribution from Highland Meadow West

The District has an interlocal agreement with Highland Meadows West for shared amenity facilities with certain costs being allocated based upon the proportionate number of platted units in each District.

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. Amount is based on 5 Supervisors attending 5 meetings during the fiscal year.

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, etc.

Dissemination Fees

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

Attorney

The District's legal counsel will be providing general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions, etc.

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Trustee Fees

The District will pay annual trustee fees for the proposed bonds.

Davenport Road South Community Development District
General Fund Budget

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services.

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. These are a part of the management agreement with Governmental Management Services.

Website Maintenance

Represents the 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. These are a part of the agreement with VGlobal.

Postage

Mailing of agenda packages, overnight deliveries, correspondence, etc.

Telephone

Telephone and fax machine.

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Insurance

The District’s general liability, public officials liability and property insurance coverages.

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.

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.

Davenport Road South Community Development District
General Fund Budget

Operation and Maintenance Field Expenditures:

Field Management

Represents the estimated costs of contracting services that provide onsite field management of contracts for the District such as landscape and lake 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.

Electric

Represents current and estimated electric charges of common areas throughout the District.

Street Lights

Encompasses the budgeted amount for the District’s decorative light poles and fixtures in various locations.

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 & Enhancement

Represents the estimated cost of replacing landscaping within the common areas of the District.

Irrigation Repairs

Represents the cost of maintaining and repairing the irrigation system. This includes the sprinklers, and irrigation wells.

General Field Repairs & Maintenance

The estimated costs that the District will incur for repairs and maintenance.

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

Property Insurance

The District’s property insurance coverages.

Security

Represents security services provided throughout the fiscal year.

Landscape Maintenance

Represents the estimated maintenance of the landscaping within the Amenity of the District.

Davenport Road South Community Development District
General Fund Budget

Landscape Replacement

Represents the estimated cost of replacing landscaping within the Amenity of the District.

Pest Control

Represents pest control for monthly treatment at the Amenity Center.

Pool Maintenance

The District will contract with respective companies to provide pool chemicals and pool maintenance services

Janitorial Services

This line item represents janitorial services provided for the Amenity Center.

Electric – Amenity

This represents the estimated cost for electric utility of the Amenity Center.

Water – Amenity

Represents current and estimated costs for water and refuse services provided.

Cable/Internet

The District will obtain cable television, cable and internet services at the Amenity Center.

Playground Lease

The District has entered into a leasing agreement for playgrounds installed in the community.

Amenity Repairs & Maintenance

Represents estimated general cost for repairs and maintenance of the amenity center.

Amenity Access Management

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

Amenity Contingency

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

Other Financing Sources/(Uses)

Capital Reserve

Represents projected excess funds transfer out to the Capital Projects fund.

Davenport Road South
Community Development District Adopted Budget
Debt Service Fund Series 2018

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

Revenues						

Assessments - Tax Roll	$	447,275	$	445,516	
$	1,759	
$	447,275	
$	447,275	
Interest	$	-	$	21	$	7	$	27	$	-	
Carry Forward Surplus (1)	$	343,413	$	343,416	$	-	$	343,416	$	346,785	
Total Revenues	$	790,688	$	788,953	$	1,766	$	790,719	$	794,060	

Expenditures						
Interest - 11/1	$	163,094	$	163,094	$	-	$	163,094	$	160,844	
Principal - 11/1	$	120,000	$	120,000	$	-	$	120,000	$	125,000	
Interest - 5/1	$	160,844	$	160,844	$	-	$	160,844	$	158,500	
Special Call - 5/1	$	-	$	5,000	$	-	$	5,000	$	-	
Total Expenditures	$	443,938	$	448,938	$	-	$	443,938	$	444,344	

Other Sources/(Uses)						
Transfer In/(Out)	$	-	$	4	$	-	$	4	$	-	
Total Other Sources/(Uses)	$	-	$	4	$	-	$	4	$	-	
						
Excess Revenues/(Expenditures)	$	346,750	$	340,020	$	1,766	$	346,785	$	349,717	
	
Interest - 11/1/2023	
$	158,500.00	
	Principal - 11/1/2023	$	130,000.00	

(1) Carryforward Surplus is net of Debt Service Reserve Funds	Total	$	288,500.00	

Davenport Road South Community Development District Series 2018 Special Assessment Bonds Amortization Schedule

Date	Balance	Prinicpal	Interest	Total

11/01/22	$	6,485,000.00	$	125	
05/01/23	$	6,360,000.00	$	
11/01/23	$	6,360,000.00	$	130	
05/01/24	$	6,230,000.00	$	
11/01/24	$	6,230,000.00	$	135	
05/01/25	$	6,095,000.00	$	
11/01/25	$	6,095,000.00	$	140	
05/01/26	$	5,955,000.00	$	
11/01/26	$	5,955,000.00	$	145	
05/01/27	$	5,810,000.00	$	
11/01/27	$	5,810,000.00	$	150	
05/01/28	$	5,660,000.00	$	
11/01/28	$	5,660,000.00	$	160	
05/01/29	$	5,500,000.00	$	
11/01/29	$	5,500,000.00	$	165	
05/01/30	$	5,335,000.00	$	
11/01/30	$	5,335,000.00	$	175	
05/01/31	$	5,160,000.00	$	
11/01/31	$	5,160,000.00	$	185	
05/01/32	$	4,975,000.00	$	
11/01/32	$	4,975,000.00	$	190	
05/01/33	$	4,785,000.00	$	
11/01/33	$	4,785,000.00	$	200	
05/01/34	$	4,585,000.00	$	
11/01/34	$	4,585,000.00	$	210	
05/01/35	$	4,375,000.00	$	
11/01/35	$	4,375,000.00	$	220	
05/01/36	$	4,155,000.00	$	
11/01/36	$	4,155,000.00	$	235	
05/01/37	$	3,920,000.00	$	
11/01/37	$	3,920,000.00	$	245	
05/01/38	$	3,675,000.00	$	
11/01/38	$	3,675,000.00	$	255	
05/01/39	$	3,420,000.00	$	
11/01/39	$	3,420,000.00	$	270	
05/01/40	$	3,150,000.00	$	
11/01/40	$	3,150,000.00	$	285	
05/01/41	$	2,865,000.00	$	
11/01/41	$	2,865,000.00	$	300	
05/01/42	$	2,565,000.00	$	
11/01/42	$	2,565,000.00	$	315	
05/01/43	$	2,250,000.00	$	
11/01/43	$	2,250,000.00	$	330	
05/01/44	$	1,920,000.00	$	
11/01/44	$	1,920,000.00	$	345	
05/01/45	$	1,575,000.00	$	
11/01/45	$	1,575,000.00	$	365	
05/01/46	$	1,210,000.00	$	
11/01/46	$	1,210,000.00	$	385	
05/01/47	$	825,000.00	$	
11/01/47	$	825,000.00	$	400	
05/01/48	$	425,000.00	$	
11/01/48	$	425,000.00	$	425	
			$	6,605	

$	160,843.75	$	446,687.50	
$	158,500.00		
$	158,500.00	$	447,000.00	
$	156,062.50		
$	156,062.50	$	447,125.00	
$	153,025.00		
$	153,025.00	$	446,050.00	
$	149,875.00		
$	149,875.00	$	444,750.00	
$	146,612.50		
$	146,612.50	$	443,225.00	
$	143,237.50		
$	143,237.50	$	446,475.00	
$	139,637.50		
$	139,637.50	$	444,275.00	
$	135,512.50		
$	135,512.50	$	446,025.00	
$	131,137.50		
$	131,137.50	$	447,275.00	
$	126,512.50		
$	126,512.50	$	443,025.00	
$	121,762.50		
$	121,762.50	$	443,525.00	
$	116,762.50		
$	116,762.50	$	443,525.00	
$	111,512.50		
$	111,512.50	$	443,025.00	
$	106,012.50		
$	106,012.50	$	447,025.00	
$	100,137.50		
$	100,137.50	$	445,275.00	
$	94,012.50		
$	94,012.50	$	443,025.00	
$	87,637.50		
$	87,637.50	$	445,275.00	
$	80,718.75		
$	80,718.75	$	446,437.50	
$	73,415.63		
$	73,415.63	$	446,831.25	
$	65,728.13		
$	65,728.13	$	446,456.25	
$	57,656.25		
$	57,656.25	$	445,312.50	
$	49,200.00		
$	49,200.00	$	443,400.00	
$	40,359.38		
$	40,359.38	$	445,718.75	
$	31,006.25		
$	31,006.25	$	447,012.50	
$	21,140.63		
$	21,140.63	$	442,281.25	
$	10,890.63		
$	10,890.63	$	446,781.25	

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5,376,975.00  $

12,022,818.75

Davenport Road South
Community Development District Adopted Budget
Capital Reserve

	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	

$	-	

$	-	$	-	

$	-	

$	50,000	
Total Revenues	$	-	$	-	$	-	$	-	$	50,000	

Expenditures

Capital Outlay	

$	-	

$	-	$	-	

$	-	

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

Other Sources/(Uses)					
Transfer In/(Out)	$	50,000	$	-	$	50,000	$	50,000	$	35,978	
Total Other Sources/(Uses)	$	50,000	$	-	$	50,000	$	50,000	$	35,978	
					
Excess Revenues/(Expenditures)	$	50,000	$	-	$	50,000	$	50,000	$	85,978