Creekside
Community Development District

Adopted Budget
FY2024

Table of Contents

1

2-3

4

	General Fund

	Narratives

	Debt Service Fund Series 2006

5		Series 2006 Amortization Schedule

Creekside	
Community Development District	
Adopted Budget	
General Fund	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Adopted Budget	
Description	FY2023	7/31/23	2 Months	9/30/23	FY 2024	

REVENUES:

Special Assessments - On Roll	$	60,138	$	56,045	$	4,093	$	60,138	$60,138	

TOTAL REVENUES	$	60,138	$	56,045	$	4,093	$	60,138	$	60,138	

EXPENDITURES:

Administrative:						
Engineering	$	5,000	$	1,906	$	381	$	2,288	$	4,643	
Attorney Fees	10,000	32,586	6,517	39,103	11,400	
Annual Audit	4,100	4,100	-	4,100	4,200	
Arbitrage Rebate	600	600	-	600	600	
Dissemination Agent	2,625	2,188	438	2,625	2,625	
Trustee Fees	3,500	-	-	-	-	
Management Fees	21,000	17,500	3,500	21,000	23,100	
Property Appraiser	-	2,722	-	2,722	-	
Computer Time	800	667	133	800	800	
Website Maintenance	1,260	1,050	210		1,260	
Telephone	25	-	25	25	25	
Postage & Delivery	100	114	23	137	100	
Insurance General Liability	7,255	6,920	-	6,920	7,612	
Printing & Binding	250	216	43	259	250	
Legal Advertising	1,000	433	87	519	1,000	
Other Current Charges	1,000	249	50	298	900	
Property Taxes	1,378	-	-	-	1,378	
Office Supplies	70	3	67	70	70	
Dues, Licenses & Subscriptions	175	175	-	175	175	

TOTAL EXPENDITURES	$	60,138	$	71,427	$	11,474	$	81,641	$	60,138	

Other Sources/(Uses)

Transfer In/(Out)	$	-	$	-	$	-	$	-	$	-	

TOTAL OTHER SOURCES/(USES)	$	-	$	-	$	-	$	-	$	-	

EXCESS REVENUES (EXPENDITURES)	$	-	$	(15,382)	$	(7,381)	$	(21,503)	$	-	

Creekside	
Community Development District	
Budget Narrative	
Fiscal Year 2024	

REVENUES	

Special Assessments - On Roll
The District will levy a Non-Ad Valorem assessment on all the platted lots within the District to fund all of the operating expenses for the Fiscal Year in accordance with the adopted budget. All unplatted parcels will be direct billed by the District

Expenditures - Administrative	

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.	
Attorney Fees
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, resolutions etc.	
Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.	
Arbitrage Rebate
The District is required to have an annual arbitrage rebate calculation prepared for the Series 2006 Special Assessment Bonds. The District will contract with an independent CPA firm to perform this calculation.	
Dissemination Agent
The Annual Disclosure Report required is by the Security and Exchange Commission in order to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.	
Trustee Fees
The District’s Series 2006, Special Assessment Bonds are held by the Trustee with US Bank. The amount represents the fee for the administration of the District’s bond issue.	
Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC.	
Property Appraiser
The District reimburses the Board of Commissioners for necessary administrative costs incurred to provide this service. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The budget for Board of Commissioners costs was based on a unit price per parcel.	
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, LLC.	

Creekside	
Community Development District	
Budget Narrative	
Fiscal Year 2024	

Expenditures - Administrative (continued)	

Website Maintenance
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 will be maintained by GMS-SF, LLC and updated monthly.	
Telephone
Telephone and fax machine.	
Postage & Delivery
Mailing of agenda packages, overnight deliveries, correspondence, etc.	
Insurance General Liability
The District has bound General Liability & Public Officials Liability Insurance with a firm that specializes in providing insurance coverage to governmental agencies. The amount is based upon prior year’s policy.	
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.	

Property Tax
Represents Calendar year 2023 Property Taxes.	

Office Supplies
Miscellaneous office supplies.	

Dues, Licenses & Susbscription
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.	

Creekside	
Community Development District	
Adopted Budget	
Debt Service Series 2006 Special Assessment Improvement Bonds	

Adopted Budget	Adopted Budget	
Description	FY2023

REVENUES:	FY 2024	
Special Assessments-On Roll	$215,473	$215,473	

TOTAL REVENUES	$215,473	$215,473	

EXPENDITURES:

Interest - 11/1	$110,630	$106,080	
Principal - 05/1	175,000	185,000	
Interest - 5/1	110,630	106,080	

TOTAL EXPENDITURES	$396,260	$397,160	

EXCESS REVENUES (EXPENDITURES)	$(180,787)	$(181,687)	

Interest Payment - 11/1/24	$101,270

	Units	FY 2024	
Net Assessments		$215,472.63	
Plus Collections (8%)			$18,736.75	
Gross Assessments		$234,209.38	
Gross Per Unit Asessments-SF	305	$525.37	
Gross Per Unit Asessments-MF	148	$446.56	
Gross Per Unit Assessments-Commercial	30000	$0.26	

(1) The District has defaulted on their bonds	
(2) These assessments have been accelerated and are subject to a foreclosure.	

Creekside	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2006	

Date	Principal Balance	Rate	Interest	Principal	Total	

11/01/14	$5,370,000	5.200%	$139,620	0.00		
05/01/15	$5,370,000	5.200%	$139,620	$115,000	394,240.00	
11/01/15	$5,255,000	5.200%	$136,630	$-	-	
05/01/16	$5,255,000	5.200%	$136,630	$120,000	393,260.00	
11/01/16	$5,135,000	5.200%	$133,510	$-	-	
05/01/17	$5,135,000	5.200%	$133,510	$130,000	397,020.00	
11/01/17	$5,005,000	5.200%	$130,130	$-	-	
05/01/18	$5,005,000	5.200%	$130,130	$135,000	395,260.00	
11/01/18	$4,870,000	5.200%	$126,620	$-	-	
05/01/19	$4,870,000	5.200%	$126,620	$140,000	393,240.00	
11/01/19	$4,730,000	5.200%	$122,980	$-	-	
05/01/20	$4,730,000	5.200%	$122,980	$150,000	395,960.00	
11/01/20	$4,580,000	5.200%	$119,080	$-	-	
05/01/21	$4,580,000	5.200%	$119,080	$160,000	398,160.00	
11/01/21	$4,420,000	5.200%	$114,920	$-	-	
05/01/22	$4,420,000	5.200%	$114,920	$165,000	394,840.00	
11/01/22	$4,255,000	5.200%	$110,630	$-	-	
05/01/23	$4,255,000	5.200%	$110,630	$175,000	396,260.00	
11/01/23	$4,080,000	5.200%	$106,080	$-	-	
05/01/24	$4,080,000	5.200%	$106,080	$185,000	397,160.00	
11/01/24	$3,895,000	5.200%	$101,270	$-	-	
05/01/25	$3,895,000	5.200%	$101,270	$195,000	397,540.00	
11/01/25	$3,700,000	5.200%	$96,200	$-	-	
05/01/26	$3,700,000	5.200%	$96,200	$205,000	397,400.00	
11/01/26	$3,495,000	5.200%	$90,870	$-	-	
05/01/27	$3,495,000	5.200%	$90,870	$215,000	396,740.00	
11/01/27	$3,280,000	5.200%	$85,280	$-	-	
05/01/28	$3,280,000	5.200%	$85,280	$225,000	395,560.00	
11/01/28	$3,055,000	5.200%	$79,430	$-	-	
05/01/29	$3,055,000	5.200%	$79,430	$240,000	398,860.00	
11/01/29	$2,815,000	5.200%	$73,190	$-	-	
05/01/30	$2,815,000	5.200%	$73,190	$250,000	396,380.00	
11/01/30	$2,565,000	5.200%	$66,690	$-	-	
05/01/31	$2,565,000	5.200%	$66,690	$265,000	398,380.00	
11/01/31	$2,300,000	5.200%	$59,800	$-	-	
05/01/32	$2,300,000	5.200%	$59,800	$280,000	399,600.00	
11/01/32	$2,020,000	5.200%	$52,520	$-	-	
05/01/33	$2,020,000	5.200%	$52,520	$295,000	400,040.00	
11/01/33	$1,725,000	5.200%	$44,850	$-	-	
05/01/34	$1,725,000	5.200%	$44,850	$310,000	399,700.00	
11/01/34	$1,415,000	5.200%	$36,790	$-	-	
05/01/35	$1,415,000	5.200%	$36,790	$325,000	398,580.00	
11/01/35	$1,090,000	5.200%	$28,340	$-	-	
05/01/36	$1,090,000	5.200%	$28,340	$345,000	401,680.00	
11/01/36	$745,000	5.200%	$19,370	$-	-	
05/01/37	$745,000	5.200%	$19,370	$365,000	403,740.00	
11/01/37	$380,000	5.200%	$9,880	$-	-	
05/01/38	$380,000	5.200%	$9,880	$380,000	399,760.00	

TOTAL	$4,169,360	$5,370,000	$9,539,360