Adopted Budget
Fiscal Year 2023

Waterstone Community Development District

July 7, 2022

Waterstone
Community Development District

TABLE OF CONTENTS

General Fund Budget Narrative

Page 1-2
Page 3-7

Debt Service
Budget

Page 8

Waterstone
Community Development District

General Fund

Adopted Budget
     FY 2022	

Actual Thru
   5/31/2022 

Projected Next
    4 Months 

Total Projected
   9/30/2022 

Adopted Budget
     FY 2023	

 Description	

Revenues
Maintenance Assessments-On Roll Maintenance Assessments-Direct Bill Clubhouse Income
Interest income
Total Revenues

$647,871
$0
$0
$0

$646,299
$1,001
$100
$571

$2,459
$0
$0
$700

$648,757
$1,001
$100
$1,271

$902,805
$0
$0
$0

 	$647,871 

 	$647,971 

 	$3,159 

 	$651,130 

 	$902,805 

Expenditures

Administrative Supervisor Fees Fica
Engineering Fees Arbitrage Rebate Dissemination Agent Attorney Fees Annual Audit Trustee Fees Management Fees Computer Time Website Compliance Telephone
Postage
Printing & Binding
General Liability Insurance Legal Advertising
Other Current Charges Office Supplies
Dues, Licenses & Subscriptions Capital Outlay

$2,400
$184
$5,000
$550
$4,000
$20,000
$5,700
$7,600
$36,000
$0
$1,500
$50
$250
$1,000
$6,415
$1,000
$650
$150
$175
$600

$800
$61
$2,480
$550
$4,000
$10,335
$5,700
$7,543
$24,000
$0
$1,000
$0
$269
$510
$6,436
$121
$406
$59
$175
$0

$800
$61
$2,520
$0
$0
$9,665
$0
$0
$12,000
$0
$500
$50
$200
$490
$0
$879
$244
$91
$0
$600

$1,600
$122
$5,000
$550
$4,000
$20,000
$5,700
$7,543
$36,000
$0
$1,500
$50
$469
$1,000
$6,436
$1,000
$650
$150
$175
$600

$2,400
$184
$5,000
$550
$4,000
$20,000
$5,800
$7,600
$37,800
$1,000
$1,500
$50
$500
$1,000
$7,080
$1,000
$1,000
$150
$175
$0

Total Administrative

 	$93,224 

 	$64,445 

 	$28,100 

 	$92,545 

 	$96,789 

Field 
Field Management Electric Streetlights
Electric Pumps/Well/Guardhouse Landscape Maintenance
Tree Service
Lake Maintenance Irrigation Maintenance Repairs and Maintenance Street Maintenance
Sign Maintenance
Gate & Fence Maintenance Preserve Maintenance Contingency
Reserves - Roadway Improvements

$12,000
$30,000
$2,500
$170,000
$15,000
$25,000
$3,000
$10,000
$50,000
$5,000
$2,500
$12,000
$2,000
$144,000

$4,063
$11,783
$1,846
$114,800
$5,546
$9,200
$3,257
$7,789
$5,572
$910
$2,630
$13,890
$0
$24,836

$2,200
$5,988
$1,520
$57,400
$9,454
$4,600
$0
$2,211
$44,428
$4,090
$0
$3,260
$4,006
$119,164

$6,263
$17,771
$3,366
$172,200
$15,000
$13,800
$3,257
$10,000
$50,000
$5,000
$2,630
$17,150
$4,006
$144,000

$7,500
$44,000
$2,500
$174,900
$15,000
$15,000
$3,000
$10,000
$50,000
$5,000
$2,500
$12,000
$5,000
$360,000

Total Field

 	$483,000 

 	$206,121 

 	$258,321 

 	$464,441 

 	$706,400 

Page 1

Waterstone
Community Development District

General Fund

Adopted Budget
     FY 2022	

Actual Thru
   5/31/2022 

Projected Next
    4 Months 

Total Projected
   9/30/2022 

Adopted Budget
     FY 2023	

 Description	

Recreational Building Security System Electric Rec Building Water/Sewer
Building Insurance Pool Maintenance
Equipment Maintenance Janitorial Maintenance Sporting Courts Maintenance Playground Maintenance R&M Pool Heater
Pest Control
Licenses, Permits, Fees Contingency
Capital Outlay

$1,880
$15,000
$7,500
$7,147
$5,160
$5,899
$4,000
$7,200
$12,800
$0
$960
$1,000
$3,101
$0

$1,335
$7,253
$3,975
$6,724
$5,822
$630
$10,575
$3,600
$3,400
$640
$0
$0
$4,935
$0

$420
$4,772
$3,525
$0
$3,960
$5,269
$5,250
$3,600
$9,400
$0
$960
$500
$7,599
$0

$1,755
$12,025
$7,500
$6,724
$9,782
$5,899
$15,825
$7,200
$12,800
$640
$960
$500
$12,534
$0

$1,880
$12,000
$7,500
$7,396
$10,880
$5,000
$11,000
$7,200
$12,800
$6,000
$960
$1,000
$5,000
$11,000

Total Recreational Building

 	$71,647 

 	$48,888 

 	$45,255 

 	$94,143 

 	$99,616 

Total Expenditures

 	$647,871 

 	$319,454 

 	$331,676 

 	$651,130 

 	$902,805 

Net change in Fund balance

 	$0 

 	$328,517 

    ($328,517)

 	($0)

 	$0 

Page 2

Increase

per Lot
$384.86
($30.79)

$354.08

On Roll
Gross assessments

FY 2022

FY2023

Lots 720

per lot	Total
$978.07	$704,207.28
($78.25)	($56,336.58)

per lot	Total
$1,362.93	$981,309.78
($109.03)	($78,504.78)

less: Discount/Commission/Property appraiser 8%

Net assessments

$899.82	$647,870.70

$1,253.90	$902,805.00

Waterstone
Community Development District

General Fund

REVENUES:

Maintenance Assessments- -On Roll
The District will levy a non-ad valorem maintenance assessment on the developable property within the District to fund the operating budget. The assessments are placed on the St Lucie County tax roll.

EXPENDITURES:

Administrative:

Supervisor Fees
The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year.  The amount for the fiscal year is based upon all five supervisors attending the estimated four annual meetings.

FICA Expense
These expenses represent the Employer’s share of Social Security and Medicare taxes withheld from the Board of Supervisors checks.

Engineering Fees
The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc.

Arbitrage Rebate
The District is required to annually have an arbitrage rebate calculation on the District’s Bonds.

Dissemination Agent
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.

Attorney Fees
The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc. The District has contracted with Straley Robin Vericker for these services.

Annual Audit
The District is required to annually conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The fee is based on similar Community Development Districts and includes the GASB 34 pronouncement.

Trustee Fees
The amount of the trustee fees is based on the agreement between U.S. Bank and the District.

Page 3

Waterstone
Community Development District

General Fund

Administrative: (continued)

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services – South Florida, LLC. These services are further outlined in Exhibit "A"  of the Management Agreement.

Website Compliance
Per Chapter 2014-22, Laws of Florida, all Districts must have a website by October 1, 2015 to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website  is maintained by GMS-SF, LLC and updated monthly.

Telephone
Cost for telephone and fax machine.

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

Insurance
The District will bind General Liability & Public Officials Liability Insurance with a firm that specializes in providing insurance coverage to governmental agencies.

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 that incurred during the year.

Office Supplies
Miscellaneous office supplies for agendas.

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Capital Outlay
Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for District files.

Page 4

Waterstone
Community Development District

General Fund

Field:

Field Management
The District has an agreement with Pinnacle Association Management, LLC d/b/a Watson Association Management to provide field operation management to the property and its contractors. Currently for a monthly fee of $500 plus office supplies.

Electric Streetlights
FPL provides electricity for street 68 lights within the District.

Electric Pumps/Well/Guardhouse
FPL provides electricity for the pumps, wells, and guardhouse within the District.

Landscape Maintenance
The district has currently an agreement with Tropical Landscape to provide mowing, edging, finishing trimming, clean up, trimming/pruning, weeding and fertilization bi-monthly for a monthly fee of $14,350, not to exceed
$174,900. Re-mulching will be a separate fee.

Tree Service
The district is currently contracting Tropical Landscape. to trim once per year 180 Palm and 55 Oak trees.

Lake Maintenance
Represents the maintenance of the (14) fourteen lakes within the District. The district has currently an agreement with Superior Waterway Service to provide aquatic week control for a monthly fee of $1,150.

Irrigation Maintenance
Represents the repair and maintenance of the irrigation system within the District.

Repairs & Maintenance
Represents any expenditures such as repairs and maintenance the District may need to make during the Fiscal Year.

Street Maintenance
Represents the maintenance of the streets within the District.

Sign Maintenance
Represents estimated cost for repairing or replacing street and amenities signage.

Gate & Fence Maintenance
Represents the maintenance of the gates and fences within the District.

Preserve Maintenance
Represents protection costs of wetlands, waterways, and preserves within the District. Currently has an agreement with Solitude Lake Management to provide control of nuisance & exotic within 3 ea. located within projected area for a monthly fee $950. The district will stock the lakes with fish with additional cost.

Page 5

Waterstone
Community Development District

General Fund

Field: (continued)

Contingency
Represents any additional expenditures that are not mentioned above.

Reserves-Roadways Improvements
Represents improvements to the district roadways.

Recreational Building:

Security System
The district has a contract with Total LifeSafety Corp. to provide inspection and maintenance of the fire sprinkler system and cell charges at the recreational building for a quarterly fee of $210 and fobs.

Electric Rec Building
FPL provides electricity for the recreational building and playground light and pump.

Water/Sewer
Represents Water and Sewer services provided by St. Lucie County Utilities.

Building Insurance
The District will bind Property Insurance with a firm that specializes in providing insurance coverage governmental agencies.

to

Pool Maintenance
The district has a contract with Everclear Pools USA to provide pool cleaning 3 days per week, vacuum, skim and brush as needed to remove algae or debris, remove oil scum line as needed, supply chemicals, maintenance to the chemical feed tank and inspect equipment for a monthly fee of $490 and contingency.

Equipment Maintenance
The district has a contract with T.C.A Fitness Service providing preventive maintenance and repairs to the recreational equipment’s.

Janitorial Maintenance
The district has a contract with Crystal Clean Services to provide cleaning of the recreational building.

Sporting Courts Maintenance
Represents costs associated with repairs of basketball, tennis courts within the District.

Playground Maintenance
The district has currently a contract with Hanna Painting Plus LLC to pressure wash playground, benches & picnic tables, concrete slab under tables, mailbox structure, clubhouse, and pool deck/walkway pavers for a quarterly fee of
$3,200.

Page 6

Waterstone
Community Development District

General Fund

Recreational Building: (continued)

Pest Control
The district has an agreement with Reynolds Pest Management to provide pest control for ants, roaches, and spiders for monthly fee of $80.

Licenses, Permits, Fees
Represents pool licenses and inspections on an annual basis.

Contingency
Represents any additional expenditures that are not mentioned above.

Capital Outlay
Represents any additional assets purchased.

Page 7

Waterstone
Community Development District

Debt Service
Series 2018 A/B Capital Appreciation Bonds

Adopted Budget
     FY 2022	

Actual Thru
     5/31/2022	

Projected Next
    4 Months 

Total Projected
     9/30/2022	

Adopted Budget
 	FY 2023	

 Description	

Revenues

Carry Forward Surplus
Special Assessments - On Roll Special Assessments - Direct Special Assessments - Prepayment Interest Income

$63,041
$64,002
$0
$0
$0

$67,566
$93,974
$29,195
$118,494
$17

$0
$354
$0
$0
$10

$67,566
$94,328
$29,195
$118,494
$27

$309,611
$162,912
$0
$0
$0

Total Revenues

 	$127,043 

 	$309,247 

 	$364 

 	$309,611 

 	$472,523 

Expenditures

Series 2018 A Interest Expense 11/1 Interest Expense 5/1

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

Series 2018 B Interest Expense 11/1 Interest Expense 5/1

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

Total Expenditures

 	$0 

 	$0 

 	$0 

 	$0 

 	$0 

Excess Revenue /(Expenditures)

 	$127,043 

 	$309,247 

 	$364 

 	$309,611 

 	$472,523 

Net Change in Fund Balance

 	$127,043 

$309,247

$364

$309,611

$472,523

    Description 

  Units On roll 

  Gross per unit

 	Total Gross

35' TH
40' TH
47' SF
52' SF
62' SF
72' SF
Total

0
0
56
42
47
 	46	
191

$560.93
$641.65
$754.04
$833.74
$994.15
 	$1,154.57

$0.00
$0.00
$42,226.43
$35,017.04
$46,725.15
 	$53,110.00
$177,078.63

Page 8

Gross assessments	$177,078.63
less: Discount/Commission/Property appraiser 8%		($14,166.29) Net assessments	$162,912.34