Title: BW FY23 Adopted Budget
Author: Teresa V

Bridgewalk

Bridgewalk
Community Development District
GENERAL FUND BUDGET

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