Shingle Creek at Bronson Community Development District Adopted Budget FY 2024 1 2-6 7 8 9 Amortization Schedule Series 2021 Table of Contents General Fund General Fund Narrative Debt Service Fund Series 2021 Capital Reserve Fund Adopted Actual Projected Total Adopted Budget Thru Next 3 Thru Budget FY2023 6/30/23 Months 9/30/23 FY2024 Revenues Special Assessments - Tax Roll $287,180 $288,905 $0 $288,905 $287,180 Carry Forward Surplus * $178,364 $191,375 $0 $191,375 $104,801 Total Revenues $465,544 $480,279 $0 $480,279 $391,981 Expenditures Administrative Supervisor Fees $9,600 $4,000 $2,000 $6,000 $10,000 FICA Expense $734 $306 $153 $459 $765 Engineering $12,000 $7,842 $4,158 $12,000 $12,000 Attorney $25,000 $7,430 $4,570 $12,000 $25,000 Dissemination $3,500 $2,625 $875 $3,500 $3,500 Arbitrage $450 $450 $0 $450 $450 Annual Audit $4,500 $4,500 $0 $4,500 $4,600 Trustee Fees $5,000 $4,041 $0 $4,041 $4,050 Assessment Administration $5,000 $5,000 $0 $5,000 $5,300 Management Fees $34,125 $25,594 $8,531 $34,125 $37,500 Information Technology $1,050 $788 $263 $1,050 $1,800 Website Maintenance $600 $450 $150 $600 $1,200 Telephone $300 $0 $25 $25 $100 Postage $1,000 $96 $29 $125 $750 Printing & Binding $1,000 $79 $21 $100 $750 Insurance $5,850 $5,563 $0 $5,563 $6,200 Legal Advertising $2,500 $782 $1,718 $2,500 $2,500 Other Current Charges $1,000 $379 $120 $499 $600 Office Supplies $625 $2 $1 $3 $150 Property Appraiser $425 $333 $0 $333 $425 Dues, Licenses & Subscriptions $175 $175 $0 $175 $175 Total Administrative $114,434 $70,434 $22,614 $93,048 $117,815 Operations & Maintenance Field Services $7,875 $5,906 $1,969 $7,875 $10,000 Property Insurance $1,500 $0 $0 $0 $1,500 Electric $2,500 $0 $0 $0 $2,500 Streetlights $11,000 $0 $0 $0 $11,000 Water & Sewer $10,000 $5,650 $2,400 $8,050 $10,000 Landscape Maintenance $114,514 $61,079 $15,750 $76,829 $82,500 Landscape Contingency $7,500 $6,606 $0 $6,606 $7,500 Irrigation Repairs $5,000 $0 $1,250 $1,250 $5,000 Lake Maintenance $12,500 $7,875 $2,625 $10,500 $13,295 Lake Contingency $1,000 $0 $250 $250 $1,000 Contingency $2,399 $0 $250 $250 $2,500 Repairs & Maintenance $5,000 $0 $500 $500 $5,000 Transfer Out - Capital Reserve $170,321 $170,321 $0 $170,321 $122,371 Total Operations & Maintenance $351,109 $257,437 $24,994 $282,430 $274,166 Total Expenditures $465,543 $327,871 $47,608 $375,478 $391,981 Excess Revenues/(Expenditures) $0 $152,409 ($47,608) $104,801 $0 *Less 1st Quarter Operating Reserve Net Assessment $287,180 Collection Cost (6%) $18,331 Gross Assessment $305,511 Fiscal Year 2023 Increase Fiscal Year 2024 Fiscal Year 2024 Property Type Units Gross Per Unit % Increase Gross Per Unit Gross Per Unit Total Gross Townhome 358 $384 0% $0 $384 $137,406.56 Single Family 274 $614 0% $0 $614 $168,104.08 Total 632 Gross Assessment $305,510.64 Shingle Creek at Bronson Community Development District Fiscal Year 2024 General Fund 1 Shingle Creek at Bronson Community Development District GENERAL FUND BUDGET REVENUES: Special Assessments – Tax Collector The District will levy a non-ad valorem special assessment on all the assessment property within the District in order to fund all operating and maintenance expenditures during the fiscal year. These assessments are billed on tax bills. 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 10 meetings. FICA Expense Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisor checks. Engineering The District's engineer, Hamilton Engineering & Surveying, Inc., will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices, preparation and review of contract specifications and bid documents and various projects assigned as directed by the Board of Supervisors and the District Manager. Attorney The District's legal counsel, Latham, Luna, Eden & Beaudine, will be providing general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions and other research as directed by the Board of Supervisors and the District Manager. Dissemination The District is required by the Security and Exchange Commission to comply with Rule 15c2- 12(b)(5) which related to additional reporting requirements for unrated bond issues. The District has contracted with Governmental Management Services-Central Florida, LLC for this service on the Series 2021 Special Assessment Bonds. 2 Shingle Creek at Bronson Community Development District GENERAL FUND BUDGET Arbitrage The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2021 Special Assessment Bonds. The District has contracted with AMTEC Corporation for this service. 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 has contracted with Grau & Associates for this service. Trustee Fees The District will pay annual trustee fees for the Series 2021 Special Assessment Bonds that are deposited with a Trustee at USBank. Assessment Administration The District has contracted with Governmental Management Services-Central Florida, LLC to levy and administer the collection of non-ad valorem assessment on all assessable property within the District. Management Fees The District has contracted with Governmental Management Services-Central Florida, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but not limited to, recording and transcription of board meetings, budget preparation, all financial reporting, annual audit, etc. Information Technology The District has contracted with Governmental Management Services-Central Florida, LLC for costs related to District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, positive pay implementation and programming for fraud protection, accounting software, Adobe, Microsoft Office, etc. Website Maintenance The District has contracted with Governmental Management Services-Central Florida, LLC for 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. Telephone Telephone and fax machine. Postage Mailing of agenda packages, overnight deliveries, correspondence, etc. 3 Shingle Creek at Bronson Community Development District GENERAL FUND BUDGET Printing & Binding Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc. Insurance The District’s general liability and public officials liability insurance coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies. 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 Miscellaneous office supplies. 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 Provide onsite field management of contracts for the District such as landscape and lake maintenance. Services to include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails. Property Insurance Represents estimated costs for the annual coverage of property insurance. Coverage will be provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies. Electric Represents estimated electric cost. 4 Shingle Creek at Bronson Community Development District GENERAL FUND BUDGET Streetlights Represents estimated costs for 22 streetlights that will be maintained by the District. Water & Sewer Represents costs for water services for areas within the District. The District currently has one account with Toho Water Authority. Account # Description Monthly Annual 002674346-033259219 4300 Natures Ridge Odd Drive 2" RM $550 $6,600 Contingency (Future Accounts) $3,400 Total $10,000 Landscape Maintenance The District will maintain the landscaping within the District after installation of landscape material has been completed such as Nature’s Ridge Drive, Tracts A, B, L3, P-1, P-2 and the Cove at Storey Lake PH II & III. The District has contract with Frank Polly Sod, Inc. for this service. Description Monthly Annual Landscape Maintenance $6,250 $75,000 Contingency $7,500 Total $82,500 Landscape Contingency Represents costs for installation of annuals, mulch and any other landscape expenses not covered under monthly landscape contract. Irrigation Repairs Represents estimated costs for any supplies and repairs to irrigation system maintained by the District. 5 Shingle Creek at Bronson Community Development District GENERAL FUND BUDGET Lake Maintenance Represents cost for maintenance to 7 ponds located within the District. Services include shoreline grass and brush control, floating and submersed vegetation control, additional treatments as required and a monthly report of all waterways treated. The District has contracted with Aquatic Weed Control, Inc. for these services. Description Monthly Annual Pond Maintenance - Ponds Pond 1 - 2 $135 $1,620 Pond 3 $70 $840 Pond 4 $80 $960 Pond 5 $160 $1,920 Pond 6 $160 $1,920 Pond 7 $450 $5,400 Contingency $635 Total $13,295 Lake Contingency Represents estimated costs for any additional lake expenses not covered under the monthly lake maintenance contract. Contingency Represents any additional field expense that may not have been provided for in the budget. Repairs & Maintenance Represents estimated costs for any repairs and maintenance to common areas maintained by the District. Transfer Out – Capital Reserve Represents proposed amount to transfer to Capital Reserve Fund. 6 Adopted Actual Projected Total Adopted Budget Thru Next 3 Thru Budget FY2023 6/30/23 Months 9/30/23 FY2024 Revenues Transfer In $170,321 $170,321 $0 $170,321 $122,371 Interest $100 $3 $0 $3 $1,200 Total Revenues $170,421 $170,324 $0 $170,324 $123,571 Expenses Capital Outlay $0 $0 $0 $0 $0 Total Expenditures $0 $0 $0 $0 $0 Excess Revenues/(Expenditures) $170,421 $170,324 $0 $170,324 $123,571 Fund Balance - Beginning $0 $0 $0 $0 $170,324 Fund Balance - Ending $0 $170,324 $0 $170,324 $293,895 Shingle Creek at Bronson Community Development District Fiscal Year 2024 Capital Reseve Fund 7 Adopted Actual Projected Total Adopted Budget Thru Next 3 Thru Budget FY2023 6/30/23 Months 9/30/23 FY2024 Revenues Special Assessments - Tax Roll $780,300 $784,992 $0 $784,992 $780,300 Interest $0 $25,847 $4,153 $30,000 $17,500 Carry Forward Surplus $257,681 $262,523 $0 $262,523 $282,714 Total Revenues $1,037,981 $1,073,361 $4,153 $1,077,514 $1,080,514 Expenses Interest - 12/15 $246,563 $246,563 $0 $246,563 $242,938 Principal - 12/15 $290,000 $290,000 $0 $290,000 $295,000 Interest - 6/15 $246,563 $246,563 $0 $246,563 $242,938 Transfer Out $0 $10,060 $1,616 $11,675 $0 Total Expenditures $783,125 $793,185 $1,616 $794,800 $780,875 Excess Revenues/(Expenditures) $254,856 $280,176 $2,537 $282,714 $299,639 Interest - 12/15/2024 $239,250 Total $239,250 Net Assessment $780,300 Collection Cost (6%) $49,806 Gross Assessment $830,106 Property Type Units Gross Per Unit Gross Total Townhome 358 $1,042 $373,151 Single Family 274 $1,668 $456,955 Total 632 $830,106 Shingle Creek at Bronson Community Development District Fiscal Year 2024 Series 2021 Debt Service Fund 8 Date Balance Principal Interest Annual 12/15/23 $ 13,420,000 $ - $ 242,937.50 $ 242,937.50 6/15/24 $ 13,420,000 $ 295,000 $ 242,937.50 $ - 12/15/24 $ 13,125,000 $ - $ 239,250.00 $ 777,187.50 6/15/25 $ 13,125,000 $ 305,000 $ 239,250.00 $ - 12/15/25 $ 12,820,000 $ - $ 235,437.50 $ 779,687.50 6/15/26 $ 12,820,000 $ 310,000 $ 235,437.50 $ - 12/15/26 $ 12,510,000 $ - $ 231,562.50 $ 777,000.00 6/15/27 $ 12,510,000 $ 320,000 $ 231,562.50 $ - 12/15/27 $ 12,190,000 $ - $ 226,602.50 $ 778,165.00 6/15/28 $ 12,190,000 $ 330,000 $ 226,602.50 $ - 12/15/28 $ 11,860,000 $ - $ 221,487.50 $ 778,090.00 6/15/29 $ 11,860,000 $ 340,000 $ 221,487.50 $ - 12/15/29 $ 11,520,000 $ - $ 216,217.50 $ 777,705.00 6/15/30 $ 11,520,000 $ 350,000 $ 216,217.50 $ - 12/15/30 $ 11,170,000 $ - $ 210,792.50 $ 777,010.00 6/15/31 $ 11,170,000 $ 360,000 $ 210,792.50 $ - 12/15/31 $ 10,810,000 $ - $ 205,212.50 $ 776,005.00 6/15/32 $ 10,810,000 $ 375,000 $ 205,212.50 $ - 12/15/32 $ 10,435,000 $ - $ 198,650.00 $ 778,862.50 6/15/33 $ 10,435,000 $ 385,000 $ 198,650.00 $ - 12/15/33 $ 10,050,000 $ - $ 191,912.50 $ 775,562.50 6/15/34 $ 10,050,000 $ 400,000 $ 191,912.50 $ - 12/15/34 $ 9,650,000 $ - $ 184,912.50 $ 776,825.00 6/15/35 $ 9,650,000 $ 415,000 $ 184,912.50 $ - 12/15/35 $ 9,235,000 $ - $ 177,650.00 $ 777,562.50 6/15/36 $ 9,235,000 $ 430,000 $ 177,650.00 $ - 12/15/36 $ 8,805,000 $ - $ 170,125.00 $ 777,775.00 6/15/37 $ 8,805,000 $ 445,000 $ 170,125.00 $ - 12/15/37 $ 8,360,000 $ - $ 162,337.50 $ 777,462.50 6/15/38 $ 8,360,000 $ 460,000 $ 162,337.50 $ - 12/15/38 $ 7,900,000 $ - $ 154,287.50 $ 776,625.00 6/15/39 $ 7,900,000 $ 480,000 $ 154,287.50 $ - 12/15/39 $ 7,420,000 $ - $ 145,887.50 $ 780,175.00 6/15/40 $ 7,420,000 $ 495,000 $ 145,887.50 $ - 12/15/40 $ 6,925,000 $ - $ 137,225.00 $ 778,112.50 6/15/41 $ 6,925,000 $ 510,000 $ 137,225.00 $ - 12/15/41 $ 6,415,000 $ - $ 128,300.00 $ 775,525.00 6/15/42 $ 6,415,000 $ 530,000 $ 128,300.00 $ - 12/15/42 $ 5,885,000 $ - $ 117,700.00 $ 776,000.00 6/15/43 $ 5,885,000 $ 555,000 $ 117,700.00 $ - 12/15/43 $ 5,330,000 $ - $ 106,600.00 $ 779,300.00 6/15/44 $ 5,330,000 $ 575,000 $ 106,600.00 $ - 12/15/44 $ 4,755,000 $ - $ 95,100.00 $ 776,700.00 6/15/45 $ 4,755,000 $ 600,000 $ 95,100.00 $ - 12/15/45 $ 4,155,000 $ - $ 83,100.00 $ 778,200.00 6/15/46 $ 4,155,000 $ 625,000 $ 83,100.00 $ - 12/15/46 $ 3,530,000 $ - $ 70,600.00 $ 778,700.00 6/15/47 $ 3,530,000 $ 650,000 $ 70,600.00 $ - 12/15/47 $ 2,880,000 $ - $ 57,600.00 $ 778,200.00 6/15/48 $ 2,880,000 $ 675,000 $ 57,600.00 $ - 12/15/48 $ 2,205,000 $ - $ 44,100.00 $ 776,700.00 6/15/49 $ 2,205,000 $ 705,000 $ 44,100.00 $ - 12/15/49 $ 1,500,000 $ - $ 30,000.00 $ 779,100.00 6/15/50 $ 1,500,000 $ 735,000 $ 30,000.00 $ - 12/15/50 $ 765,000 $ - $ 15,300.00 $ 780,300.00 6/15/51 $ 765,000 $ 765,000 $ 15,300.00 $ 780,300.00 Totals $ 13,420,000 $ 8,601,775.00 $ 22,021,775.00 (Term Bonds Combined) Amortization Schedule Shingle Creek at Bronson Series 2021, Special Assessment Bonds 9