Bridgewalk Community Development District

Adopted Budget
FY 2023

Table of Contents

1-2

3-7

8

9

	General Fund

	General Fund Narrative

	Debt Service Fund Series 2022

	Amortization Schedule Series 2022

Community Development District

Fiscal Year 2023 General Fund

	Adopted
Budget	Actual
Thru	Projected
Next 3	Total
Thru	Adopted
Budget	
	FY2022	6/30/22	Months	9/30/22	FY2023	

Revenues						
Special Assessments	$0	$0	$0	$0	$194,313	
Developer Contributions	$106,918	$94,177	$60,002	$154,179	$136,008	
Total Revenues	$106,918	$94,177	$60,002	$154,179	$330,321	

Expenditures						
Administrative
Supervisor Fees	
$12,000	
$6,400	
$2,000	
$8,400	
$12,000	
FICA Expense	$918	$490	$153	$643	$918	
Engineering	$9,500	$2,500	$2,550	$5,050	$9,500	
Attorney	$25,000	$10,938	$7,062	$18,000	$25,000	
Dissemination	$0	$1,167	$875	$2,042	$3,500	
Annual Audit	$0	$0	$0	$0	$5,000	
Trustee Fees	$0	$0	$0	$0	$4,500	
Assessment Administration	$0	$0	$0	$0	$5,000	
Management Fees	$35,000	$26,250	$8,750	$35,000	$36,750	
Information Technology	$1,050	$788	$263	$1,050	$1,300	
Website Creation	$1,750	$1,750	$0	$1,750	$0	
Website Maintenance	$600	$250	$150	$400	$800	
Telephone	$300	$0	$25	$25	$300	
Postage	$1,000	$58	$442	$500	$1,000	
Printing & Binding	$1,000	$279	$471	$750	$1,000	
Insurance	$5,000	$5,000	$0	$5,000	$5,625	
Legal Advertising	$10,000	$8,196	$1,804	$10,000	$2,500	
Other Current Charges	$3,000	$2,500	$0	$2,500	$600	
Office Supplies	$625	$56	$144	$200	$625	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Total Administrative	$106,918	$66,794	$24,689	$91,483	$116,093	

Community Development District

Fiscal Year 2023 General Fund

	Adopted
Budget	Actual
Thru	Projected
Next 3	Total
Thru	Adopted
Budget	
	FY2022	6/30/22	Months	9/30/22	FY2023	

Operations & Maintenance						
Field Services	$0	$0	$0	$0	$15,000	
Property Insurance	$0	$0	$0	$0	$2,500	
Electric	$0	$422	$543	$965	$2,400	
Streetlights	$0	$0	$15,975	$15,975	$76,356	
Water & Sewer	$0	$1,642	$0	$1,642	$15,000	
Landscape Maintenance	$0	$27,392	$16,435	$43,826	$91,820	
Landscape Contingency	$0	$0	$0	$0	$2,500	
Irrigation Repairs	$0	$0	$0	$0	$2,500	
Lake Maintenance	$0	$0	$288	$288	$1,152	
Contingency	$0	$0	$0	$0	$2,500	
Repairs & Maintnenance	$0	$0	$0	$0	$2,500	
Total Operations & Maintenance	$0	$29,455	$33,241	$62,696	$214,228	
						
Total Expenditures	$106,918	$96,249	$57,930	$154,179	$330,321	
						
Excess Revenues/(Expenditures)	$0	($2,072)	$2,072	$0	$0	
				
Net Assessment	
$194,313	
Collection Cost (6%) 		$12,403  Gross Assessment 	$206,716 

Property Type	Units	Gross Per Unit	Gross Total	
Townhome 25'	117	$560.21	$65,545	
Single Family 40'	54	$896.33	$48,402	
Single Family 50'	48	$1,120.41	$53,780	
Single Family 60'	29	$1,344.49	$38,990	
Total	248		$206,716	

REVENUES:

Special Assessments

The District will levy a non-ad valorem special assessment on all the assessable property within the District in order to pay for the operating expenditures during the fiscal year.

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. Amount is based on 5 supervisors attending 12 meetings during the fiscal year.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisor checks.

Engineering

The District's engineer, Osceola Engineering, 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 relates 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 2022 Special Assessment Bonds, Assessment Area One Project.

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 Series 2022 Special Assessment Bonds, Assessment Area One Project that are located with a trustee at USBank.

Assessment Administration

The District will contract with Govenmental 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 the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, security, accounting software, 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 Statues. 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.

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 cost of electric services for items such as entrance lights, irrigation, etc. District currently has one account with Orlando Utilities Commission.

Account #	Description	Monthly	Annual	
02130 28116	56791 Cyrils Drive	$185	$2,220	
	Contingency - (Future Accounts)			$180 	
Total			$2,400	

Streetlights

Represents costs for streetlights maintained with the District. The District will have one account containing 108 streetlights come on line during current fiscal year with Orlando Utilities Commission and is projected to have at least 15 more streetlights come on line in FY2023.

Account #	Description	Monthly	Annual	
TBD	71 - 20' Streetlights & 37 - 27" Streetlights	$5,325	$63,900	
	15 Future Streetlights	$750	$9,000	
	Contingency			$3,456 	
Total			$76,356	

Water & Sewer

Represents estimated costs for reclaimed water for areas maintained by the District.

Landscape Maintenance

The District will maintain the landscaping within the common areas of the District. These services include mowing, edging weed-eating, shrub pruning, tree pruning, etc. The budgeted amount are based on proposals with United Land Services. Phase 1A landscaping was initiated during current fiscal year.

Description	Monthly	Annual	
Landscape Maintenance			
Phase 1A			
October 2022 - January 2023	$6,087	$24,348	
February 2023 - September 2023	$6,271	$50,168	
Phase 1B	$1,442		$17,304 	
Total		$91,820	

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.

Lake Maintenance

Represents costs for maintenance of pond located within the District. The budgeted amount is based on proposal with Applied Aquatic Management, Inc.

Description	Quarterly	Annual	
Pond Maintenance
North, South & East Shoreline
Total	
$288	
$1,152	
		$1,152	
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.

Bridgewalk
Community Development District

Fiscal Year 2023 Debt Service Fund

	Proposed
Budget	Actual
Thru	Projected
Next 3	Total
Thru	Adopted
Budget	
	FY2022	6/30/22	Months	9/30/22	FY2023	

Revenues						
Special Assessments	$77,219	$0	$77,219	$77,219	$246,900	
Bond Proceeds	$171,926	$171,926	$0	$171,926	$0	
Interest	$0	$25	$10	$35	$0	
Transfer In	$0	$0	$0	$0	$0	
Carry Forward Surplus	$0	$0	$0	$0	$77,236	
Total Revenues	$249,145	$171,951	$77,229	$249,180	$324,136	

Expenditures						
Interest Expense - 12/15	$0	$0	$0	$0	$77,219	
Principal Expense 06/15	$0	$0	$0	$0	$90,000	
Interest Expense - 06/15	$48,476	$48,476	$0	$48,476	$77,219	
Transfer Out	$0	$18	$0	$18	$0	
Total Expenditures	$48,476	$48,494	$0	$48,494	$244,438	
						
Excess Revenues/(Expenditures)	$200,669	$123,457	$77,229	$200,686	$79,698	

*Reflects carry forward less Reserve amount.	Interest - 12/15/2023 	$76,094  Total 	$76,094 

Net Assessment		$246,900 Collection Cost (6%) 			$15,760  Gross Assessment 	$262,660 

Property Type	Units	Gross Per Unit	Gross Total	
Townhome 25'	117	$711.81	$83,282	
Single Family 40'	54	$1,138.90	$61,501	
Single Family 50'	48	$1,423.63	$68,334	
Single Family 60'	29	$1,708.35	$49,542	
Total	248		$262,659	

Bridgewalk
Series 2022, Special Assessment Bonds Assessment Area One Project
(Term Bonds Combined)

Amortization Schedule

Date	Balance	Principal	Interest	Annual

6/15/52

$	240,000

$

12/15/22	$ 4,440,000	$	
6/15/23	$ 4,440,000	$	90	
12/15/23	$ 4,350,000	$	
6/15/24	$ 4,350,000	$	95	
12/15/24	$ 4,255,000	$	
6/15/25	$ 4,255,000	$	95	
12/15/25	$ 4,160,000	$	
6/15/26	$ 4,160,000	$	100	
12/15/26	$ 4,060,000	$	
6/15/27	$ 4,060,000	$	100	
12/15/27	$ 3,960,000	$	
6/15/28	$ 3,960,000	$	105	
12/15/28	$ 3,855,000	$	
6/15/29	$ 3,855,000	$	105	
12/15/29	$ 3,750,000	$	
6/15/30	$ 3,750,000	$	110	
12/15/30	$ 3,640,000	$	
6/15/31	$ 3,640,000	$	115	
12/15/31	$ 3,525,000	$	
6/15/32	$ 3,525,000	$	115	
12/15/32	$ 3,410,000	$	
6/15/33	$ 3,410,000	$	120	
12/15/33	$ 3,290,000	$	
6/15/34	$ 3,290,000	$	125	
12/15/34	$ 3,165,000	$	
6/15/35	$ 3,165,000	$	130	
12/15/35	$ 3,035,000	$	
6/15/36	$ 3,035,000	$	135	
12/15/36	$ 2,900,000	$	
6/15/37	$ 2,900,000	$	135	
12/15/37	$ 2,765,000	$	
6/15/38	$ 2,765,000	$	140	
12/15/38	$ 2,625,000	$	
6/15/39	$ 2,625,000	$	145	
12/15/39	$ 2,480,000	$	
6/15/40	$ 2,480,000	$	150	
12/15/40	$ 2,330,000	$	
6/15/41	$ 2,330,000	$	155	
12/15/41	$ 2,175,000	$	
6/15/42	$ 2,175,000	$	160	
12/15/42	$ 2,015,000	$	
6/15/43	$ 2,015,000	$	165	
12/15/43	$ 1,850,000	$	
6/15/44	$ 1,850,000	$	175	
12/15/44	$ 1,675,000	$	
6/15/45	$ 1,675,000	$	180	
12/15/45	$ 1,495,000	$	
6/15/46	$ 1,495,000	$	190	
12/15/46	$ 1,305,000	$	
6/15/47	$ 1,305,000	$	195	
12/15/47	$ 1,110,000	$	
6/15/48	$ 1,110,000	$	205	
12/15/48	$	905,000	$	
6/15/49	$	905,000	$	215	
12/15/49	$	690,000	$	
6/15/50	$	690,000	$	220	
12/15/50	$	470,000	$	
6/15/51	$	470,000	$	230	
12/15/51	$	240,000	$	

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$
$	240,000  $

77,218.75  $
77,218.75  $
76,093.75  $
76,093.75  $
74,906.25  $
74,906.25  $
73,718.75  $
73,718.75  $
72,468.75  $
72,468.75  $
71,218.75  $
71,218.75  $
69,643.75  $
69,643.75  $
68,068.75  $
68,068.75  $
66,418.75  $
66,418.75  $
64,693.75  $
64,693.75  $
62,968.75  $
62,968.75  $
61,018.75  $
61,018.75  $
58,987.50  $
58,987.50  $
56,875.00  $
56,875.00  $
54,681.25  $
54,681.25  $
52,487.50  $
52,487.50  $
50,212.50  $
50,212.50  $
47,856.25  $
47,856.25  $
45,418.75  $
45,418.75  $
42,900.00  $
42,900.00  $
40,300.00  $
40,300.00  $
37,000.00  $
37,000.00  $
33,500.00  $
33,500.00  $
29,900.00  $
29,900.00  $
26,100.00  $
26,100.00  $
22,200.00  $
22,200.00  $
18,100.00  $
18,100.00  $
13,800.00  $
13,800.00  $
9,400.00  $
9,400.00  $
4,800.00  $
4,800.00  $

77,218.75
- 243,312.50
- 246,000.00
- 243,625.00
- 246,187.50
- 243,687.50
- 245,862.50
- 242,712.50
- 244,487.50
- 246,112.50
- 242,662.50
- 243,987.50
- 245,006.25
- 245,862.50
- 246,556.25
- 242,168.75
- 242,700.00
- 243,068.75
- 243,275.00
- 243,318.75
- 243,200.00
- 242,300.00
- 245,500.00
- 243,400.00
- 246,000.00
- 243,300.00
- 245,300.00
- 246,900.00
- 243,200.00
- 244,200.00
244,800.00

Totals	$	4,440,000  $  2,965,912.50  $  7,405,912.50