Adopted Budget	
Fiscal Year 2021	

Waterstone	
Community Development District	

August 6, 2020

Waterstone	
Community Development District	

TABLE OF CONTENTS

General Fund	
Budget	
Narrative	

Page 1-2	
Page 3-5	

Debt Service	
Budget	

Page 7

Waterstone	
Community Development District	

General Fund

Adopted	
Budget	
     FY 2020		

Actual	
Thru	
    6/30/2020 	

Projected	
Next	
    3 Months 	

Total	
Projected	
    9/30/2020 	

Adopted	
Budget	
     FY 2021		

 Description	

Revenues	
Carry Forward Surplus	
Maintenance Assessments-On Roll	
Maintenance Assessments-Direct	

$60,239	
$0	
$352,040	

$55,769	
$0	
$265,076	

$0	
$0	
$87,646	

$55,769	
$0	
$352,722	

$45,729	
$5,713	
$451,322	

Total Revenues	 	$412,279	 	$320,845	 	$87,646	 	$408,491	 	$502,764 

Expenditures

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

$4,800	
$367	
$3,000	
$1,200	
$4,000	
$20,000	
$5,800	
$6,000	
$30,900	
$1,000	
$1,000	
$25	
$100	
$200	
$5,922	
$1,000	
$600	
$25	
$175	
$750	

$400	
$31	
$2,258	
$1,150	
$4,000	
$10,490	
$5,500	
$7,543	
$23,175	
$750	
$750	
$4	
$92	
$88	
$5,922	
$46	
$518	
$18	
$175	
$0	

$400	
$31	
$2,800	
$0	
$0	
$9,510	
$0	
$0	
$7,725	
$250	
$250	
$21	
$8	
$112	
$0	
$954	
$82	
$7	
$0	
$0	

$800	
$61	
$5,058	
$1,150	
$4,000	
$20,000	
$5,500	
$7,543	
$30,900	
$1,000	
$1,000	
$25	
$100	
$200	
$5,922	
$1,000	
$600	
$25	
$175	
$0	

$2,400	
$184	
$3,000	
$550	
$4,000	
$20,000	
$5,600	
$7,600	
$30,900	
$1,000	
$1,000	
$50	
$250	
$1,000	
$6,415	
$1,000	
$650	
$150	
$175	
$600	

Total Administrative	 	$86,864	 	$62,908	 	$22,150	 	$85,058	 	$86,524 

Field 	
Field Management	
Electric Streetlights	
Electric Pumps/Well/Guardhouse	
Water/Sewer	
Landscape Maintenance	
Tree Service	
Lake Maintenance	
Irrigation Maintenance	
Repairs and Maintenance	
Street Maintenance	
Sign Maintenance	
Gate & Fence Maintenance	
Preserve Maintenance	
Contingency	

$12,000	
$20,000	
$0	
$0	
$100,000	
$30,000	
$19,140	
$6,000	
$10,000	
$10,000	
$2,500	
$2,500	
$21,975	
$5,000	

$0	
$14,039	
$4,088	
$2,083	
$59,900	
$0	
$4,720	
$0	
$11,159	
$0	
$0	
$0	
$38,145	
$0	

$0	
$4,800	
$2,700	
$600	
$30,000	
$30,000	
$3,540	
$6,000	
$10,000	
$10,000	
$2,500	
$2,500	
$3,335	
$5,000	

$0	
$18,839	
$6,788	
$2,683	
$89,900	
$30,000	
$8,260	
$6,000	
$21,159	
$10,000	
$2,500	
$2,500	
$41,480	
$5,000	

$8,000	
$20,000	
$6,500	
$1,500	
$140,000	
$30,000	
$19,140	
$6,000	
$10,000	
$50,000	
$2,500	
$2,500	
$25,300	
$15,000	

Total Field	 	$239,115	 	$134,134	 	$110,975	 	$245,109	 	$336,440 

Waterstone	
Community Development District	

General Fund

Adopted	
Budget	
     FY 2020		

Actual	
Thru	
    6/30/2020 	

Projected	
Next	
    3 Months 	

Total	
Projected	
    9/30/2020 	

Adopted	
Budget	
     FY 2021		

$2,600	
$1,200	
$18,000	
$6,000	
$10,000	
$12,000	
$1,000	
$8,000	
$12,000	
$6,000	
$1,500	
$2,000	
$1,000	
$5,000	

$0	
$0	
$0	
$0	
$1,600	
$1,290	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	

$867	
$400	
$6,000	
$2,000	
$0	
$1,290	
$333	
$2,667	
$4,000	
$2,000	
$500	
$667	
$333	
$8,648	

$867	
$400	
$6,000	
$2,000	
$1,600	
$2,580	
$333	
$2,667	
$4,000	
$2,000	
$500	
$667	
$333	
$8,648	

$2,600	
$1,200	
$18,000	
$4,500	
$10,000	
$12,000	
$0	
$8,000	
$12,000	
$6,000	
$1,500	
$2,000	
$1,000	
$1,000	

 Description	

Recreational Building	
Security System	
Cable & Internet	
Electric	
Water/Sewer	
Insurance	
Pool Maintenance	
Solar System Maintenance	
Equipment Maintenance	
Janitorial Maintenance	
Sporting Courts Maintenance	
Playground Maintenance	
Pest Control	
Licenses, Permits, Fees	
Contingency	

Total Recreational Building	
 	$86,300 		
 	$2,890 		
 	$29,705 		
 	$32,595 		
 	$79,800 	
Total Expenditures	 	$412,279 		 	$199,932 		 	$162,830 		 	$362,762 		 	$502,764 	
Net change in Fund balance	 	$0 		 	$120,913 		 	($75,184)		 	$45,729 		 	$0 	

	FY 2020	
Per Unit Lots	720	$488.94	

FY2021	
$634.77	

Waterstone
Community Development District	General Fund

REVENUES:

Maintenance Assessments- Direct
The District will levy new owners as the lots are being sold, any needed funds will be billed to the builder.

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

Dissemination
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
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.

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.

Waterstone
Community Development District	General Fund

Administrative: (continued)

Computer Time
The District processes all its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.

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.

Waterstone
Community Development District	General Fund

Field:

Field Management
The District’s field manager or the HOA will provide oversight of the property and its contractors.

Electric Streetlights
FPL provides electricity for street 56 lights within the District.

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

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

Landscape Maintenance
Represents mowing and maintain of grounds within the District.

Tree Service
Represents costs to trim trees within the District.

Lake Maintenance
Represents the maintenance of the (14) fourteen lakes within the District.

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 a contract with EcoTech.

Recreational Building:

Security System
Represents security system costs for the recreational building.

Cable/Internet
Cable and internet services for the Recreational Building.

Waterstone
Community Development District	General Fund

Recreational Building: (continued)

Electric
FPL provides electricity for the recreational building.

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

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

Pool Maintenance
Represents maintenance services for pool.

Equipment Maintenance
Represents scheduled maintenance on equipment.

Janitorial Maintenance
Represents cleaning of the recreational building.

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

Playground Maintenance
Represents costs associated with repairs and maintenance of the playground within the District.

Pest Control
Represents monthly pest control service.

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

Contingency
Represents any additional expenditures that are not mentioned above.

Waterstone	
Community Development District	

	
Debt Service	
Series 2018 A/B Capital Appreciation Bonds	

Adopted	
Budget	
     FY 2020		

Actual	
Thru	
 	6/30/2020		

Projected	
Next	
    3 Months 	

Total	
Projected	
 	9/30/2020		

Adopted	
Budget	
     FY 2021		

 Description	

Revenues

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

$0	
$0	
$0	
$0	

$0	
$0	
$976	
$325	

$0	
$0	
$363	
$5	

$0	
$0	
$1,339	
$330	

$1,669	
$9,318	
$0	
$0	

Total Revenues	 	$0	 	$1,301	 	$368	 	$1,669	 	$10,986 

$0	
$0	

$0	
$0	

$0	
$0	

$0	
$0	

$0	
$0	

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	

Total Expenditures	
 	$0 		
 	$0 		
 	$0 		
 	$0 		
 	$0 	
Excess Revenue /(Expenditures)	 	$0 

  Units unsold 		 	$1,301 

    Description			 	$368 

    Units sold 		 	$1,669 

   Gross per unit		 	$10,986 

   Total Gross	

86	
90	
133	
156	
158	
 	97		
720	

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

0	
0	
2	
3	
0	
 	4		
9	

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

$0.00	
$0.00	
$1,508.09	
$2,501.22	
$0.00	
 	$4,618.26	
$8,627.57	

Total Gross assessments	
less 8% discount/commission	
Total Net assessments	

$8,627.57	
($690.21)	
 	$9,317.77