Bridgewalk Community Development District Adopted Budget FY 2024 1-2 3-7 8 9 Table of Contents General Fund General Fund Narrative Debt Service Fund Series 2022 Amortization Schedule Series 2022 Adopted Actual Projected Total Adopted Budget Thru Next 3 Thru Budget FY2023 6/30/23 Months 9/30/23 FY2024 Revenues Special Assessments $194,313 $195,034 $0 $195,034 $501,001 Developer Contributions $136,008 $21,856 $114,152 $136,008 $0 Total Revenues $330,321 $216,890 $114,152 $331,042 $501,001 Expenditures Administrative Supervisor Fees $12,000 $4,000 $2,000 $6,000 $12,000 FICA Expense $918 $306 $153 $459 $918 Engineering $9,500 $0 $2,375 $2,375 $9,500 Attorney $25,000 $7,161 $6,339 $13,500 $25,000 Arbitrage $0 $0 $0 $0 $900 Dissemination $3,500 $2,625 $875 $3,500 $7,000 Annual Audit $5,000 $3,300 $0 $3,300 $4,400 Trustee Fees $4,500 $4,041 $0 $4,041 $8,100 Assessment Administration $5,000 $5,000 $0 $5,000 $5,300 Management Fees $36,750 $27,563 $9,188 $36,750 $38,955 Information Technology $1,300 $975 $325 $1,300 $1,800 Website Maintenance $800 $600 $200 $800 $1,200 Telephone $300 $0 $25 $25 $300 Postage $1,000 $240 $60 $300 $1,000 Printing & Binding $1,000 $64 $36 $100 $1,000 Insurance $5,625 $5,375 $0 $5,375 $5,915 Legal Advertising $2,500 $0 $2,500 $2,500 $2,500 Other Current Charges $600 $35 $120 $155 $600 Office Supplies $625 $2 $1 $3 $625 Property Appaiser $0 $347 $0 $347 $400 Dues, Licenses & Subscriptions $175 $175 $0 $175 $175 Total Administrative $116,093 $61,809 $24,197 $86,005 $127,588 Bridgewalk Community Development District Fiscal Year 2024 General Fund 1 Adopted Actual Projected Total Adopted Budget Thru Next 3 Thru Budget FY2023 6/30/23 Months 9/30/23 FY2024 Operations & Maintenance Field Services $15,000 $11,250 $3,750 $15,000 $15,900 Property Insurance $2,500 $1,053 $0 $1,053 $7,500 Electric $2,400 $322 $120 $442 $2,400 Streetlights $76,356 $0 $35,400 $35,400 $157,123 Water & Sewer $15,000 $8,472 $3,200 $11,672 $25,000 Landscape Maintenance $91,820 $52,957 $18,261 $71,218 $117,824 Landscape Contingency $2,500 $780 $3,832 $4,612 $5,000 Irrigation Repairs $2,500 $0 $625 $625 $2,500 Lake Maintenance $1,152 $0 $288 $288 $1,152 Contingency $2,500 $0 $625 $625 $2,500 Repairs & Maintenance $2,500 $0 $625 $625 $2,500 Capital Outlay $0 $0 $0 $0 $34,014 Total Operations & Maintenance $214,228 $74,834 $66,726 $141,560 $373,413 Total Expenditures $330,321 $136,643 $90,923 $227,566 $501,001 Excess Revenues/(Expenditures) $0 $80,248 $23,229 $103,477 ($0) Net Assessment $501,001 Collection Cost (6%) $31,979 Gross Assessment $532,980 Property Type Units Gross Per Unit Gross Total Townhome 25' 117 $560.21 $65,545 Single Family 40' 88 $896.33 $78,877 Single Family 50' 210 $1,120.41 $235,286 Single Family 60' 114 $1,344.49 $153,272 Total 529 $532,980 Community Development District Fiscal Year 2024 General Fund Bridgewalk 2 Bridgewalk Community Development District GENERAL FUND BUDGET 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. Arbitrage The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2022 Special Assessment Bonds, Assessment Area One. The District will contract with AMTEC Corporation for this service. District anticipates a second bond issuance. 3 Bridgewalk Community Development District GENERAL FUND BUDGET 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. District anticipates a second bond issuance. 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. District anticipates a second bond issuance. Assessment Administration The District will contract 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 the 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 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. 4 Bridgewalk Community Development District GENERAL FUND BUDGET 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. Property Appraiser Represents a fee charged by Osceola County Property Appraiser’s office for assessment administration services. 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. 5 Bridgewalk Community Development District GENERAL FUND BUDGET 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 $50 $600 Contingency - (Future Accounts) $1,800 Total $2,400 Streetlights Represents costs for streetlights maintained with the District. The District will have one account containing 118 streetlights come on line during current fiscal year with Orlando Utilities Commission. Account # Description Monthly Annual TBD 81 - 20' Streetlights & 37 - 27" Streetlights $5,900 $70,800 TBD Phase 2A/B - Streetlights $1,570 $18,841 TBD Phase 2C - Streetlights $5,000 $60,000 Contingency $7,482 Total $157,123 Water & Sewer Represents estimated costs for reclaimed water for areas maintained by the District. Account # Description Monthly Annual 002702083-033330659 2900 Addison Boulevard Odd $800 $9,600 002702083-033330709 3100 Addison Boulevard Even $300 $3,600 TBD 5600 Quiet Palm Loop Even $50 $600 Contingency (2 Future Accounts) $11,200 Total $25,000 6 Bridgewalk Community Development District GENERAL FUND BUDGET 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 2023 - December 2023 $6,087 $24,348 January 2024 - September 2024 $6,271 $50,168 Phase 1B $1,442 $17,304 Phase 2C $2,167 $26,004 Total $117,824 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 $288 $1,152 Total $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. Capital Outlay Represents costs for capital outlay related expenses. 7 Proposed Actual Projected Total Adopted Budget Thru Next 3 Thru Budget FY2023 6/30/23 Months 9/30/23 FY2024 Revenues Special Assessments $246,900 $247,815 $0 $247,815 $246,900 Interest $0 $8,353 $1,647 $10,000 $5,000 Carry Forward Surplus $77,236 $77,230 $0 $77,230 $86,799 Total Revenues $324,136 $333,399 $1,647 $335,046 $338,699 Expenditures Interest Expense - 12/15 $77,219 $77,219 $0 $77,219 $76,094 Principal Expense 06/15 $90,000 $90,000 $0 $90,000 $95,000 Interest Expense - 06/15 $77,219 $77,219 $0 $77,219 $76,094 Transfer Out $0 $3,183 $626 $3,809 $0 Total Expenditures $244,438 $247,621 $626 $248,247 $247,188 Excess Revenues/(Expenditures) $79,699 $85,778 $1,021 $86,799 $91,512 Interest - 12/15/2024 $74,906 Total $74,906 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 Community Development District Fiscal Year 2024 Debt Service Fund 8 Date Balance Principal Interest Annual 12/15/23 $ 4,350,000 $ - $ 76,093.75 $ 76,093.75 6/15/24 $ 4,350,000 $ 95,000 $ 76,093.75 $ - 12/15/24 $ 4,255,000 $ - $ 74,906.25 $ 246,000.00 6/15/25 $ 4,255,000 $ 95,000 $ 74,906.25 $ - 12/15/25 $ 4,160,000 $ - $ 73,718.75 $ 243,625.00 6/15/26 $ 4,160,000 $ 100,000 $ 73,718.75 $ - 12/15/26 $ 4,060,000 $ - $ 72,468.75 $ 246,187.50 6/15/27 $ 4,060,000 $ 100,000 $ 72,468.75 $ - 12/15/27 $ 3,960,000 $ - $ 71,218.75 $ 243,687.50 6/15/28 $ 3,960,000 $ 105,000 $ 71,218.75 $ - 12/15/28 $ 3,855,000 $ - $ 69,643.75 $ 245,862.50 6/15/29 $ 3,855,000 $ 105,000 $ 69,643.75 $ - 12/15/29 $ 3,750,000 $ - $ 68,068.75 $ 242,712.50 6/15/30 $ 3,750,000 $ 110,000 $ 68,068.75 $ - 12/15/30 $ 3,640,000 $ - $ 66,418.75 $ 244,487.50 6/15/31 $ 3,640,000 $ 115,000 $ 66,418.75 $ - 12/15/31 $ 3,525,000 $ - $ 64,693.75 $ 246,112.50 6/15/32 $ 3,525,000 $ 115,000 $ 64,693.75 $ - 12/15/32 $ 3,410,000 $ - $ 62,968.75 $ 242,662.50 6/15/33 $ 3,410,000 $ 120,000 $ 62,968.75 $ - 12/15/33 $ 3,290,000 $ - $ 61,018.75 $ 243,987.50 6/15/34 $ 3,290,000 $ 125,000 $ 61,018.75 $ - 12/15/34 $ 3,165,000 $ - $ 58,987.50 $ 245,006.25 6/15/35 $ 3,165,000 $ 130,000 $ 58,987.50 $ - 12/15/35 $ 3,035,000 $ - $ 56,875.00 $ 245,862.50 6/15/36 $ 3,035,000 $ 135,000 $ 56,875.00 $ - 12/15/36 $ 2,900,000 $ - $ 54,681.25 $ 246,556.25 6/15/37 $ 2,900,000 $ 135,000 $ 54,681.25 $ - 12/15/37 $ 2,765,000 $ - $ 52,487.50 $ 242,168.75 6/15/38 $ 2,765,000 $ 140,000 $ 52,487.50 $ - 12/15/38 $ 2,625,000 $ - $ 50,212.50 $ 242,700.00 6/15/39 $ 2,625,000 $ 145,000 $ 50,212.50 $ - 12/15/39 $ 2,480,000 $ - $ 47,856.25 $ 243,068.75 6/15/40 $ 2,480,000 $ 150,000 $ 47,856.25 $ - 12/15/40 $ 2,330,000 $ - $ 45,418.75 $ 243,275.00 6/15/41 $ 2,330,000 $ 155,000 $ 45,418.75 $ - 12/15/41 $ 2,175,000 $ - $ 42,900.00 $ 243,318.75 6/15/42 $ 2,175,000 $ 160,000 $ 42,900.00 $ - 12/15/42 $ 2,015,000 $ - $ 40,300.00 $ 243,200.00 6/15/43 $ 2,015,000 $ 165,000 $ 40,300.00 $ - 12/15/43 $ 1,850,000 $ - $ 37,000.00 $ 242,300.00 6/15/44 $ 1,850,000 $ 175,000 $ 37,000.00 $ - 12/15/44 $ 1,675,000 $ - $ 33,500.00 $ 245,500.00 6/15/45 $ 1,675,000 $ 180,000 $ 33,500.00 $ - 12/15/45 $ 1,495,000 $ - $ 29,900.00 $ 243,400.00 6/15/46 $ 1,495,000 $ 190,000 $ 29,900.00 $ - 12/15/46 $ 1,305,000 $ - $ 26,100.00 $ 246,000.00 6/15/47 $ 1,305,000 $ 195,000 $ 26,100.00 $ - 12/15/47 $ 1,110,000 $ - $ 22,200.00 $ 243,300.00 6/15/48 $ 1,110,000 $ 205,000 $ 22,200.00 $ - 12/15/48 $ 905,000 $ - $ 18,100.00 $ 245,300.00 6/15/49 $ 905,000 $ 215,000 $ 18,100.00 $ - 12/15/49 $ 690,000 $ - $ 13,800.00 $ 246,900.00 6/15/50 $ 690,000 $ 220,000 $ 13,800.00 $ - 12/15/50 $ 470,000 $ - $ 9,400.00 $ 243,200.00 6/15/51 $ 470,000 $ 230,000 $ 9,400.00 $ - 12/15/51 $ 240,000 $ - $ 4,800.00 $ 244,200.00 6/15/52 $ 240,000 $ 240,000 $ 4,800.00 $ 244,800.00 Totals $ 4,350,000 $ 2,811,475.00 $ 7,161,475.00 (Term Bonds Combined) Amortization Schedule Assessment Area One Project Bridgewalk Series 2022, Special Assessment Bonds 9