Forest Lake
Community Development District

Adopted Budget
FY2022

Table of Contents

1-2

3-7

8

9-10
 	General Fund

 	General Fund Narrative

 	Series 2020 Debt Service Fund

 	Series 2020 Amortization Schedule

Adopted Budget	Actuals Thru	Projected Next	Total Thru	Adopted Budget	
Description	FY2021	6/30/21	3 Months	9/30/21	FY2022	

Revenues

Assessments - Tax Roll Assessments - Direct Bill Assessments - Lot Closings Developer Contributions
$	-	$
$	-	$
$	-	$
$	165,127	$
-	$
-	$
41,637	$
40,000	$
-	$
-	$
-	$
25,514	$
-	$
-	$
41,637	$
65,514	$
270,152
58,278
-
-

Total Revenues	$	165,127	$	81,637	$	25,514	$	107,151	$	328,430	

Expenditures						

Administrative
Supervisor Fees	

$	12,000	

$	2,600	

$	3,000	

$	5,600	

$	12,000	
Engineering	$	15,000	$	-	$	3,750	$	3,750	$	15,000	
Attorney	$	25,000	$	4,679	$	6,250	$	10,929	$	30,000	
Annual Audit	$	3,000	$	4,300	$	-	$	4,300	$	4,500	
Assessment Administration	$	5,000	$	-	$	-	$	-	$	5,000	
Arbitrage	$	650	$	-	$	650	$	650	$	900	
Dissemination	$	5,000	$	3,750	$	1,250	$	5,000	$	6,000	
Trustee Fees	$	3,550	$	-	$	3,550	$	3,550	$	7,100	
Management Fees	$	35,000	$	26,250	$	8,750	$	35,000	$	36,050	
Information Technology	$	1,410	$	900	$	353	$	1,253	$	1,800	
Website Maintenance	$	940	$	-	$	235	$	235	$	1,200	
Telephone	$	300	$	-	$	75	$	75	$	300	
Postage & Delivery	$	1,000	$	25	$	250	$	275	$	1,000	
Insurance	$	5,000	$	5,000	$	-	$	5,000	$	5,500	
Printing & Binding	$	1,000	$	54	$	250	$	304	$	1,000	
Legal Advertising	$	10,000	$	2,606	$	7,394	$	10,000	$	10,000	
Other Current Charges	$	5,000	$	893	$	1,250	$	2,143	$	5,000	
Office Supplies	$	625	$	16	$	156	$	173	$	625	
Travel Per Diem	$	660	$	-	$	165	$	165	$	660	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative	$	130,310	$	51,248	$	37,328	$	88,576	$	143,810	

Adopted Budget	Actuals Thru	Projected Next	Total Thru	Adopted Budget		
Description	FY2021	6/30/21	3 Months	9/30/21	FY2022		

Operations & Maintenance						
Field Expenses						
Property Insurance	$	5,000	$	-	$	3,000	$	3,000	$	5,000	
Field Management	$	6,250	$	-	$	1,250	$	1,250	$	15,000	
Landscape Maintenance	$	11,650	$	-	$	6,990	$	6,990	$	40,000	
Landscape Replacement	$	1,042	$	-	$	625	$	625	$	2,500	
Streetlights	$	5,250	$	-	$	3,150	$	3,150	$	15,000	
Electric	$	833	$	185	$	500	$	685	$	5,000	
Water & Sewer	$	417	$	-	$	250	$	250	$	3,000	
Sidewalk & Asphalt Maintenance	$	208	$	-	$	125	$	125	$	500	
Irrigation Repairs	$	1,042	$	-	$	625	$	625	$	2,500	
General Repairs & Maintenance	$	2,083	$	-	$	1,250	$	1,250	$	5,000	
Contingency	$	1,042	$	-	$	625	$	625	$	2,500	
Subtotal Field Expenses	$	34,817	$	185	$	18,390	$	18,575	$	96,000	

Amenity Expenses						
Amenity - Electric	$	-	$	-	$	-	$	-	$	14,400	
Amenity - Water	$	-	$	-	$	-	$	-	$	3,500	
Playground Lease	$	-	$	-	$	-	$	-	$	14,000	
Internet	$	-	$	-	$	-	$	-	$	3,000	
Pest Control	$	-	$	-	$	-	$	-	$	720	
Janitorial Services	$	-	$	-	$	-	$	-	$	8,500	
Security Services	$	-	$	-	$	-	$	-	$	10,000	
Pool Maintenance	$	-	$	-	$	-	$	-	$	18,000	
Amenity Access Management	$	-	$	-	$	-	$	-	$	5,000	
Amenity Repairs & Maintenance	$	-	$	-	$	-	$	-	$	1,000	
Contingency	$	-	$	-	$	-	$	-	$	7,500	
Subtotal Amenity Expenses	$	-	$	-	$	-	$	-	$	85,620	
						
Total Operations & Maintenance	$	34,817	$	185	$	18,390	$	18,575	$	181,620	

Other Expenses						
Capital Reserves	$	-	$	-	$	-	$	-	$	3,000	
Total Other Expenses	$	-	$	-	$	-	$	-	$	3,000	
						
Total Expenditures	$	165,127	$	51,433	$	55,718	$	107,151	$	328,430	
						
Excess Revenues/(Expenditures)	$	-	$	30,204	$	(30,204)	$	-	$	-	
						
Product	ERU's	Assessable Units	ERU/Unit	Net Assessment	Net Per Unit	Gross Per Unit	
Platted	388.00	388	1.00	$270,152.30	$696.27	$748.68	
Unplatted	83.70	186	0.45	$58,277.70	$313.32	$336.90	
471.70	574		$328,430.00			

Revenues:

Assessments

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

Expenditures:

General & 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.

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 and various projects as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel will be providing general legal services to the District, e.g. attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on its Series 2020 bonds and another anticipated bond issuance.

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. This cost is based upon an the Series 2020 bonds and another anticipated bond issuance.

Trustee Fees

The District will incur trustee related costs with the issuance of its’ issued bonds.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-Central Florida, LLC. The services include but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reports, annual audits, etc.

Information Technology

Represents 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

Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. 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 & Delivery

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public official’s liability insurance coverages.

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 incurred during the year.

Office Supplies

Any supplies that may need to be purchased during the fiscal year, e.g., paper, minute books, file folders, labels, paper clips, etc.

Travel Per Diem

The Board of Supervisors can be reimbursed for travel expenditures related to the conducting of District business.

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 Expenses

Property Insurance

The District’s property insurance coverages.

Field Management

Represents the estimated costs of contracting services that provide onsite field management of contracts for the District such as landscape and lake maintenance. Services can include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Landscape Maintenance

Represents the estimated maintenance of the landscaping within the common areas of the District after the installation of landscape material has been completed. The District has contracted with Prince & Sons, Inc. to provide these services.

Landscape Replacement

Represents the estimated cost of replacing landscaping within the common areas of the District.

Streetlights

Represents the cost to maintain street lights within the District Boundaries that are expected to be in place throughout the fiscal year.

Electric

Represents current and estimated electric charges of common areas throughout the District.

Water & Sewer

Represents current and estimated costs for water and refuse services provided for common areas throughout the District.

Sidewalk & Asphalt Maintenance

Represents the estimated costs of maintaining the sidewalks and asphalt throughout the District’s Boundary.

Irrigation Repairs

Represents the cost of maintaining and repairing the irrigation system. This includes the sprinklers, and irrigation wells.

General Repairs & Maintenance

Represents estimated costs for general repairs and maintenance of the District’s common areas.

Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any field category.

Amenity Expenses

Amenity - Electric

Represents estimated electric charges for the District’s amenity facilities.

Amenity – Water

Represents estimated water charges for the District’s amenity faclilities.

Playground Lease

The District will enter into a leasing agreement for playgrounds installed in the community.

Internet

Internet service will be added for use at the Amenity Center.

Pest Control

The District will incur costs for pest control treatments to its amenity facilities.

Janitorial Services

Represents estimated costs to provide janitorial services and supplies for the District’s amenity facilities.

Security Services

Represents the estimated cost of contracting a monthly security service for the District’s amenity facilities.

Pool Maintenance

Represents estimated costs of regular cleaning and treatments of the District’s pool.

Amenity Access Management

Represents the cost of managing and monitoring access to the District’s amenity facilities.

Amenity Repairs & Maintenance

Represents estimated costs for repairs and maintenance of the District’s amenity facilities.

Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any amenity category.

Other Expenses:

Capital Reserves

Funds collected and reserved for the replacement of and/or purchase of new capital improvements throughout the District.
Adopted Budget
Series 2020 Debt Service Fund

Adopted Budget	Actuals Thru	Projected Next	Total Thru	Adopted Budget	
Description	FY2021	6/30/21	3 Months	9/30/21	FY2022	

Revenues

Special Assessments
$	-	$
-	$	77,040	$
77,040	$
505,199

Assessments - Lot Closings	$	-	$	91,297	$	-	$	91,297	$	-	
Interest	$	-	$	28	$	-	$	28	$	-	
Carry Forward Surplus	$	-	$	198,264	$	-	$	198,264	$	168,365	
Total Revenues	$	-	$	289,589	$	77,040	$	366,629	$	673,564	

Expenditures					

Interest Expense - 11/1	
$	-	$	-	$	-	$	-	$	168,338				
Principal Expense - 5/1	$	-	$	-	$	-	$	-	$	170,000				
Interest Expense - 5/1	$	-	$	198,264	$	-	$	198,264	$	168,338	
Total Expenditures	$	-	$	198,264	$	-	$	198,264	$	506,675	

Other Financing Sources/(Uses)					

Transfer In/(Out)	
$	-	$	0	
$	-	
$	0	
$	3,000	
Total Other Financing Sources/(Uses)	$	-	$	0	$	-	$	0	$	3,000	
					
Excess Revenues/(Expenditures)	$	-	$	91,325	$	77,040	$	168,365	$	166,889	

Interest Expense 11/1/22	 $	166,106 
Total	$	166,106

Maximum Annual	Net Assessment Per	Gross Assessment
Product	Assessable Units	Debt Service	Unit	Per Unit					
SF - Phase 1	203	$	273,995	$1,350	$1,451	
SF - Phase 2	185	$	231,204	$1,250	$1,344	
	388	$	505,199			

11/01/21	$	8,845,000.00	$	-	$	168,337.50	$	366,601.67	
05/01/22	$	8,845,000.00	$	170,000.00	$	168,337.50	$	-	
11/01/22	$	8,675,000.00	$	-	$	166,106.25	$	504,443.75	
05/01/23	$	8,675,000.00	$	175,000.00	$	166,106.25	$	-	
11/01/23	$	8,500,000.00	$	-	$	163,809.38	$	504,915.63	
05/01/24	$	8,500,000.00	$	175,000.00	$	163,809.38	$	-	
11/01/24	$	8,325,000.00	$	-	$	161,512.50	$	500,321.88	
05/01/25	$	8,325,000.00	$	180,000.00	$	161,512.50	$	-	
11/01/25	$	8,145,000.00	$	-	$	159,150.00	$	500,662.50	
05/01/26	$	8,145,000.00	$	185,000.00	$	159,150.00	$	-	
11/01/26	$	7,960,000.00	$	-	$	156,143.75	$	500,293.75	
05/01/27	$	7,960,000.00	$	195,000.00	$	156,143.75	$	-	
11/01/27	$	7,765,000.00	$	-	$	152,975.00	$	504,118.75	
05/01/28	$	7,765,000.00	$	200,000.00	$	152,975.00	$	-	
11/01/28	$	7,565,000.00	$	-	$	149,725.00	$	502,700.00	
05/01/29	$	7,565,000.00	$	205,000.00	$	149,725.00	$	-	
11/01/29	$	7,360,000.00	$	-	$	146,393.75	$	501,118.75	
05/01/30	$	7,360,000.00	$	215,000.00	$	146,393.75	$	-	
11/01/30	$	7,145,000.00	$	-	$	142,900.00	$	504,293.75	
05/01/31	$	7,145,000.00	$	220,000.00	$	142,900.00	$	-	
11/01/31	$	6,925,000.00	$	-	$	138,500.00	$	501,400.00	
05/01/32	$	6,925,000.00	$	230,000.00	$	138,500.00	$	-	
11/01/32	$	6,695,000.00	$	-	$	133,900.00	$	502,400.00	
05/01/33	$	6,695,000.00	$	240,000.00	$	133,900.00	$	-	
11/01/33	$	6,455,000.00	$	-	$	129,100.00	$	503,000.00	
05/01/34	$	6,455,000.00	$	250,000.00	$	129,100.00	$	-	
11/01/34	$	6,205,000.00	$	-	$	124,100.00	$	503,200.00	
05/01/35	$	6,205,000.00	$	260,000.00	$	124,100.00	$	-	
11/01/35	$	5,945,000.00	$	-	$	118,900.00	$	503,000.00	
05/01/36	$	5,945,000.00	$	270,000.00	$	118,900.00	$	-	
11/01/36	$	5,675,000.00	$	-	$	113,500.00	$	502,400.00	
05/01/37	$	5,675,000.00	$	280,000.00	$	113,500.00	$	-	
11/01/37	$	5,395,000.00	$	-	$	107,900.00	$	501,400.00	
05/01/38	$	5,395,000.00	$	295,000.00	$	107,900.00	$	-	
11/01/38	$	5,100,000.00	$	-	$	102,000.00	$	504,900.00	
05/01/39	$	5,100,000.00	$	305,000.00	$	102,000.00	$	-	
11/01/39	$	4,795,000.00	$	-	$	95,900.00	$	502,900.00	
05/01/40	$	4,795,000.00	$	315,000.00	$	95,900.00	$	-	
11/01/40	$	4,480,000.00	$	-	$	89,600.00	$	500,500.00	
05/01/41	$	4,480,000.00	$	330,000.00	$	89,600.00	$	-	
11/01/41	$	4,150,000.00	$	-	$	83,000.00	$	502,600.00	
05/01/42	$	4,150,000.00	$	345,000.00	$	83,000.00	$	-	
11/01/42	$	3,805,000.00	$	-	$	76,100.00	$	504,100.00	
05/01/43	$	3,805,000.00	$	360,000.00	$	76,100.00	$	-	
11/01/43	$	3,445,000.00	$	-	$	68,900.00	$	505,000.00	

Date	Balance	Prinicpal	Interest	Total	

05/01/44	
$	3,445,000.00	
$	370,000.00	$	68,900.00	
$	-	
11/01/44	$	3,075,000.00	$	-	$	61,500.00	$	500,400.00	
05/01/45	$	3,075,000.00	$	390,000.00	$	61,500.00	$	-	
11/01/45	$	2,685,000.00	$	-	$	53,700.00	$	505,200.00	
05/01/46	$	2,685,000.00	$	405,000.00	$	53,700.00	$	-	
11/01/46	$	2,280,000.00	$	-	$	45,600.00	$	504,300.00	
05/01/47	$	2,280,000.00	$	420,000.00	$	45,600.00	$	-	
11/01/47	$	1,860,000.00	$	-	$	37,200.00	$	502,800.00	
05/01/48	$	1,860,000.00	$	435,000.00	$	37,200.00	$	-	
11/01/48	$	1,425,000.00	$	-	$	28,500.00	$	500,700.00	
05/01/49	$	1,425,000.00	$	455,000.00	$	28,500.00	$	-	
11/01/49	$	970,000.00	$	-	$	19,400.00	$	502,900.00	
05/01/50	$	970,000.00	$	475,000.00	$	19,400.00	$	-	
11/1/50	$	495,000.00	$	-	$	9,900.00	$	504,300.00	
5/1/51	$	495,000.00	$	495,000.00	$	9,900.00	$	504,900.00	
		$	8,845,000	$	6,408,506	$	15,451,770