Villages of Westport Community Development District Approved Budget FY 2025 1-2 3-7 8-9 Table of Contents General Fund General Fund Narrative Special Assessment Bonds Series 2005A Villages of Westport Community Development District General Fund Budget Adopted Actual Projected Projected Approved Description Budget FY 2024 Thru 03/31/24 Next 6 Months Thru 9/30/24 Budget FY 2025 Revenues Maintenance Assessments - Tax Roll $ 234,837 $ 231,685 $ 3,152 $ 234,837 $ 354,243 Maintenance Assessments - Direct $ 98,718 $ - $ 98,718 $ 98,718 $ 136,449 Interest Income $ - $ 17 $ 7 $ 24 $ - Interest Income - SBA $ - $ 151 $ 150 $ 301 $ - Miscellaneous Income $ - $ - $ - $ - $ - Total Revenues $ 333,555 $ 231,853 $ 102,027 $ 333,880 $ 490,692 Expenditure Administrative Supervisor Fees $ 4,800 $ 600 $ 2,400 $ 3,000 $ 4,800 Engineering $ - $ - $ 2,500 $ 2,500 $ 5,000 Arbitrage $ 1,000 $ - $ 1,000 $ 1,000 $ 1,000 Assessment Roll $ 5,000 $ - $ 5,000 $ 5,000 $ 5,000 Dissemination $ 5,000 $ 1,100 $ 1,500 $ 2,600 $ 3,000 Amortization Schedule $ 250 $ - $ - $ - $ - Attorney $ 15,000 $ 6,359 $ 6,359 $ 12,718 $ 17,500 Annual Audit $ 5,000 $ - $ 5,000 $ 5,000 $ 5,000 Trustee Fees $ 3,720 $ 3,717 $ - $ 3,717 $ 3,720 Management Fees $ 27,500 $ 12,985 $ 25,970 $ 38,955 $ 40,903 Information Technology $ - $ 600 $ 1,200 $ 1,800 $ 1,800 Website $ 2,520 $ 900 $ 600 $ 1,500 $ 1,200 Telephone $ - $ 93 $ 558 $ 651 $ 1,250 Postage $ 250 $ 160 $ 48 $ 208 $ 250 Printing & Binding $ - $ 34 $ 54 $ 88 $ 150 Insurance-Liability $ 4,700 $ 4,358 $ - $ 4,358 $ 5,000 Insurance-Public Official $ 3,863 $ 3,581 $ - $ 3,581 $ 4,000 Legal Advertising $ 1,500 $ 80 $ 1,200 $ 1,280 $ 1,500 Other Current Charges $ 1,000 $ 200 $ 300 $ 500 $ 1,000 Office Supplies $ - $ 14 $ 42 $ 56 $ 100 Dues, Licenses & Subscriptions $ 175 $ 175 $ - $ 175 $ 175 Total Administrative $ 81,278 $ 34,956 $ 53,731 $ 88,687 $ 102,348 Field Operations Common Area: Field Services $ 19,200 $ 9,600 $ 9,600 $ 19,200 $ 19,200 Landscape Maintenance $ 54,000 $ 26,611 $ 26,610 $ 53,221 $ 54,517 Irrigation Repairs $ 2,500 $ 3,054 $ 2,500 $ 5,554 $ 2,500 Lake Maintenance $ 14,000 $ 6,913 $ 6,912 $ 13,825 $ 14,516 Repairs and Maintenance $ 5,000 $ 1,826 $ 2,739 $ 4,565 $ 7,000 Contingency $ 8,000 $ - $ 4,000 $ 4,000 $ 8,000 Total Common Area $ 102,700 $ 48,004 $ 52,361 $ 100,365 $ 105,733 Villages of Westport Community Development District General Fund Budget Adopted Actual Projected Projected Approved Description Budget FY 2024 Thru 03/31/24 Next 6 Months Thru 9/30/24 Budget FY 2025 Amenity Center Facility/Pool Attendants $ - $ - $ 29,400 $ 29,400 $ 29,400 Janitorial $ 11,000 $ 5,486 $ 5,460 $ 10,946 $ 10,920 Pool Maintenance $ 18,000 $ 7,309 $ 7,248 $ 14,557 $ 18,000 Pool Chemicals $ - $ - $ - $ - $ - Pool Permits $ - $ - $ - $ - $ 400 Utilities - Water/Electric $ 45,000 $ 15,665 $ 16,800 $ 32,465 $ 45,000 Trash $ - $ 179 $ - $ 179 $ 200 Pest Control $ 500 $ 262 $ 264 $ 526 $ 550 Irrigation Repair $ 3,000 $ - $ 1,500 $ 1,500 $ 3,000 Insurance - Property $ 7,230 $ 6,571 $ - $ 6,571 $ 7,885 Telephone $ 1,500 $ 633 $ 738 $ 1,371 $ 1,500 Access Control $ 1,700 $ 98 $ 294 $ 392 $ 1,700 Community Events $ - $ - $ - $ - $ - Security Patrolling $ 40,000 $ - $ - $ - $ 15,000 Security Camera System/Monitoring $ 6,120 $ 3,360 $ 3,360 $ 6,720 $ 7,056 Facilities Maintenance - Contracted $ 10,127 $ 5,446 $ 5,446 $ 10,892 $ 12,000 Repairs and Maintenance - Amenity $ 5,000 $ - $ 5,000 $ 5,000 $ 5,000 Dues & Licenses $ 400 $ - $ - $ - Total Amenity $ 149,577 $ 45,009 $ 75,510 $ 120,519 $ 157,611 Other Capital Reserve $ - $ - $ - $ - $ 25,000 First Quarter Operating Capital $ - $ - $ - $ - $ 100,000 Total Other $ - $ - $ - $ - $ 125,000 Total Maintenance $ 252,277 $ 93,013 $ 127,871 $ 220,884 $ 388,344 Total Expenditures $ 333,555 $ 127,969 $ 181,602 $ 309,571 $ 490,692 Excess Revenues (Expenditures) $ - $ 103,884 -$ 79,575 $ 24,309 $ - FY24 FY25 Varience Net Assessments $ 333,555 $ 490,692 $ 157,137 Collection Fees (7.5%) $ 27,045 $ 39,786 $ 12,741 Gross Assessments $ 360,600 $ 530,478 $ 169,878 No of Assessable Units 767 748 (19.00) Net Assessment Per Unit $ 435 $ 656 $ 221 Gross Assessment Per Unit (Includes 7.5% Collection Cost) $ 470 $ 709 $ 239 Tax Roll Units 540 Direct Units 208 Total 748 Villages of Westport Community Development District GENERAL FUND BUDGET REVENUES: Assessments The District will levy a non-ad valorem special assessment and on taxable property and unplatted lots within the District to fund general operating and maintenance expenditures for the Fiscal Year. Interest Income Represents estimated interest earnings from cash balances in the District's operating account with City National Bank and State Board Account. Miscellaneous Income Income received from rentals and other miscellaneous income. EXPENDITURES: Administrative: Supervisor Fees The Florida Statutes allows each supervisor to be paid per meeting, for the time devoted to District business and board meetings. FICA Expense Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisor checks. Engineering The District's engineer will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices, etc. The District is currently contracted with Prosser, Inc. Arbitrage The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Capital Improvement Revenue Bonds, Series 2005A. Villages of Westport 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 Capital Improvement Revenue Bonds, Series 2005A. Attorney The District's legal counsel, Kilinski Van Wyk PLLC, will be providing general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions, etc. Annual Audit The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis by an Independent Certified Public Accounting Firm. The District has contracted with Berger, Toombs, Elam, Gaines & Frank for these services. ($4,625/year) Trustee Fees The District’s Capital Improvement Revenue Bonds, Series 2005A will be held and administered with a Trustee. Management Fees The District has contracted with Governmental Management Services, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financials reporting, annual audits, etc. Information Technology The District incurs costs related to the District’s accounting and information systems, District’s website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements. Telephone Telephone and fax machine. Postage Mailing of agenda packages, overnight deliveries, checks for vendors, and any other required correspondence, etc. Printing & Binding Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc Villages of Westport Community Development District GENERAL FUND BUDGET Insurance - Liability Represents the District’s general liability, public officials liability and property insurance coverage, which will be provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies. Legal Advertising Advertising of monthly board meetings, public hearings, and any services that are required to be advertised for public bidding, i.e. audit services, engineering service, maintenance contracts and any other advertising that may be required. Other Current Charges Bank charges and any other miscellaneous expenses incurred during the fiscal year. Office Supplies The District incurs charges for supplies that need to be purchased during the fiscal year, including copier and printer toner cartridges, paper, file folders, binders, pens, paper clips, and other such office supplies. Dues, Licenses & Subscriptions The District is required to pay an annual fee to the Florida Department of Commerce for $175. This is the only expense under this category for the District. Field Operations (Common Area): Field Services The District is contracted with Vesta to provide onsite field management of contracts for District Services such as landscape maintenance. Services to include weekly site inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails. Landscape Maintenance The District will incur landscape maintenance expenses, which include mowing, edging, string-trimming, annual flower replacements, shrub and palm pruning, weeding, fertilization, pine straw, pest control and irrigation inspections during the fiscal year. Landscape Contingency To record the cost of landscape enhancements as well as any miscellaneous landscape items currently not budgeted or covered in landscape contract. Irrigation Repairs To record the cost of repairs to the irrigation system and preventative maintenance on the irrigation pump station. Villages of Westport Community Development District GENERAL FUND BUDGET Lake Maintenance The District will contract to provide for the Stormwater management facilities that the CDD will own and maintain. Repairs and Maintenance Cost of repairs and maintenance throughout the common area of the District. Amenity Center: Pool Attendants The cost to hire and supervise pool attendants used to help with running the amenity center’s pool. Account line includes staff hours for the fiscal year, all related benefits, and a contingency for projects and pay increase. Janitorial The cost for Vesta to provide cleaning for amenity center. Pool Maintenance The District is contracted with Vesta to provide for the maintenance of the Amenity Center swimming pool. Pool Permits Represents Permit Fees paid to the Department of Health for the swimming pool. Utilities – Water/Electric The cost of electric to run the amenity center. Trash The cost of providing garbage disposal services. Pest Control This represents pest control of amenity center by contracted vendor. Irrigation Repairs The District will incur cost for irrigation repairs at the amenity center. Villages of Westport Community Development District GENERAL FUND BUDGET Insurance - Property The District's Property Insurance policy will contract with Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies. The amount budgeted represents the estimated premium for property insurance related to the Amenity Center. Telephone The cost of phone services for amenity center. Access Control Represents the estimated cost for access cards used for entry to the District’s Amenity Center. Community Events Represents estimated costs for the District to host special events for the community throughout the Fiscal Year. Security Patrolling The monthly service fee and maintenance costs associated with security patrolling provided by contracted vendor. Security Camera System/Monitoring The monthly service fee and maintenance costs associated with security camera system monitoring provided by contracted vendor. Facilities Maintenance-Contracted Represents regular repairs and replacements for District’s Amenity Center provided by Vesta. Other: Capital Reserve This amount is subject to change upon further completion of infrastructure supported by professional reserve study or engineer’s estimate for annual funding. Villages of Westport Community Development District Debt Service Fund Budget Series 2005A Bonds Adopted Actual Projected Projected Approved Description Budget FY 2024 Thru 03/31/24 Next 6 Months Thru 9/30/24 Budget FY 2025 Revenues Assessments - Tax Roll $ 551,111 $ 543,717 $ 7,394 $ 551,111 $ 551,111 Assessments - Direct $ 242,411 $ - $ 242,411 $ 242,411 $ 222,122 Interest Income $ - $ 21,469 $ 10,000 $ 31,469 $ 15,000 Transfer In $ - $ 2,125 $ - $ 2,125 $ - Carry Forward Surplus $ - $ 412,645 $ - $ 412,645 $ 437,885 Total Revenues $ 793,522 $ 979,956 $ 259,805 $ 1,239,761 $ 1,226,118 Expenditure Interest - 11/1 $ 195,938 $ 195,938 $ - $ 195,938 $ 184,253 Principal - 5/1 $ 410,000 $ - $ 410,000 $ 410,000 $ 435,000 Interest - 5/1 $ 195,938 $ - $ 195,938 $ 195,938 $ 184,253 Transfer Out $ - $ - $ - $ - $ - Total Expenditures $ 801,876 $ 195,938 $ 605,938 $ 801,876 $ 803,505 Excess Revenues -$ 8,354 $ 784,018 -$ 346,133 $ 437,885 $ 422,613 Beginning Fund Balance $ 903,303 Interest - 11/1 $ 171,855 Less: Debt Service Reserve $ (490,658) Carry Forward Surplus $ 412,645 Product Type Units Debt Gross Total Net Total Single Family 1 $ - $ - $ - Single Family 45 $ 577 $ 25,963 $ 24,016 Single Family 1 $ 673 $ 673 $ 623 Single Family 493 $ 1,154 $ 569,159 $ 526,472 Total Units 540 $ 595,795 $ 551,111 Product Type Units Debt Gross Total Net Total Single Family 208 $ 1,154.48 $ 240,131.84 $ 222,121.95 Tax Collector Direct Villages of Westport Community Development District Series 2005A, Special Assessment Bonds (Term due 5/1/35) Amortization Schedule Date Balance Coupon Principal Interest Annual 11/1/23 $ 6,875,000 5.700% $ 195,938 $ - 5/1/24 $ 6,875,000 5.700% $ 410,000 $ 195,938 $ - 11/1/24 $ 6,465,000 5.700% $ 184,253 $ 790,190 5/1/25 $ 6,465,000 5.700% $ 435,000 $ 184,253 $ - 11/1/25 $ 6,030,000 5.700% $ 171,855 $ 791,108 5/1/26 $ 6,030,000 5.700% $ 460,000 $ 171,855 $ - 11/1/26 $ 5,570,000 5.700% $ 158,745 $ 790,600 5/1/27 $ 5,570,000 5.700% $ 490,000 $ 158,745 $ - 11/1/27 $ 5,080,000 5.700% $ 144,780 $ 793,525 5/1/28 $ 5,080,000 5.700% $ 515,000 $ 144,780 $ - 11/1/28 $ 4,565,000 5.700% $ 130,103 $ 789,883 5/1/29 $ 4,565,000 5.700% $ 545,000 $ 130,103 $ - 11/1/29 $ 4,020,000 5.700% $ 114,570 $ 789,673 5/1/30 $ 4,020,000 5.700% $ 580,000 $ 114,570 $ - 11/1/30 $ 3,440,000 5.700% $ 98,040 $ 792,610 5/1/31 $ 3,440,000 5.700% $ 610,000 $ 98,040 $ - 11/1/31 $ 2,830,000 5.700% $ 80,655 $ 788,695 5/1/32 $ 2,830,000 5.700% $ 650,000 $ 80,655 $ - 11/1/32 $ 2,180,000 5.700% $ 62,130 $ 792,785 5/1/33 $ 2,180,000 5.700% $ 685,000 $ 62,130 $ - 11/1/33 $ 1,495,000 5.700% $ 42,608 $ 789,738 5/1/34 $ 1,495,000 5.700% $ 725,000 $ 42,608 $ - 11/1/34 $ 770,000 5.700% $ 21,945 $ 789,553 5/1/35 $ 770,000 5.700% $ 770,000 $ 21,945 $ - 11/1/35 $ - 5.700% $ 791,945 Totals $ 6,875,000 $ 2,811,240 $ 9,490,303