Riverwalk
Community Development District

Adopted Budget
FY2024

Table of Contents

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7-8
	General Fund

	General Fund Narrative

	Apendix A: Buildout Budget

		Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
	Description	FY2023	5/31/23	4 Months	9/30/23	FY2024	

Revenues							

Assessments	$	-	$	-	
$	-	
$	-	
$	253,202				
Developer Contributions	$	138,170	$	49,665	$	37,820	$	87,485	$	107,133				
Total Revenues	$	138,170	$	49,665	$	37,820	$	87,485	$	360,335				

Expenditures							
General & Administrative							
Supervisor Fees	$	12,000	$	-	$	4,000	$	4,000	$	12,000		
FICA Expense	$	918	$	-	$	306	$	306	$	918		
Engineering	$	15,000	$	1,923	$	2,000	$	3,923	$	13,000		
Attorney	$	25,000	$	8,543	$	6,102	$	14,644	$	25,000		
Annual Audit	$	4,000	$	-	$	-	$	-	$	4,000		
Assessment Administration	$	5,000	$	-	$	-	$	-	$	5,000		
Arbitrage	$	450	$	-	$	-	$	-	$	450		
Dissemination	$	5,000	$	-	$	-	$	-	$	5,000		
Trustee Fees	$	4,042	$	-	$	-	$	-	$	4,042		
Management Fees	$	40,000	$	26,667	$	13,333	$	40,000	$	40,000		
Information Technology	$	1,800	$	1,200	$	600	$	1,800	$	1,800		
Website Maintenance	$	1,200	$	2,550	$	400	$	2,950	$	1,200		
Telephone	$	300	$	-	$	100	$	100	$	300		
Postage & Delivery	$	1,000	$	26	$	20	$	46	$	1,000		
Insurance	$	5,000	$	5,000	$	-	$	5,000	$	5,500		
Copies	$	1,000	$	64	$	32	$	96	$	500		
Legal Advertising	$	10,000	$	10,485	$	2,000	$	12,485	$	10,000		
Contingencies	$	5,000	$	-	$	1,667	$	1,667	$	2,500		
Office Supplies	$	625	$	37	$	37	$	74	$	250		
Travel Per Diem	$	660	$	-	$	220	$	220	$	500		
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175		
Total Administrative Expenditures	$	138,170	$	56,668	$	30,817	$	87,485	$	133,135		

Description	Adopted Budget
FY2023	Actuals Thru
5/31/23	Projected Next
4 Months	Projected Thru
9/30/23	Adopted Budget
FY2024	

Field Operations						
Field Management	$	-	$	-	$	-	$	-	$	15,000	
Property Insurance	$	-	$	-	$	-	$	-	$	8,000	
Electric	$	-	$	-	$	-	$	-	$	2,500	
Streetlights	$	-	$	-	$	-	$	-	$	54,000	
Water & Sewer	$	-	$	-	$	-	$	-	$	9,500	
Landscape Maintenance	$	-	$	-	$	-	$	-	$	85,000	
Landscape Contingencies	$	-	$	-	$	-	$	-	$	12,500	
Irrigation Repairs	$	-	$	-	$	-	$	-	$	5,500	
Lake Maintenance	$	-	$	-	$	-	$	-	$	12,500	
Fountain Maintenance	$	-	$	-	$	-	$	-	$	5,200	
Repairs & Maintenance	$	-	$	-	$	-	$	-	$	7,500	
Contingency	$	-	$	-	$	-	$	-	$	10,000	
Total Field Expenditures	$	-	$	-	$	-	$	-	$	227,200	

Total Expenditures	$	138,170	$	56,668	$	30,817	$	87,485	$	360,335	
											
Excess Revenues/(Expenditures)	$	-	$	(7,003)	$	7,004	$	-	$	-	

Product Type	ERU	Assessable Units	Total ERU	Net Assessment	Net Per Unit	Gross Per Unit	
Townhouse	0.4	64	25.6	$21,687.55	$338.87	$360.50	
Bundgalow - 34'	0.68	146	99.28	$84,107.01	$576.08	$612.85	
Bundgalow - 40'	0.8	9	7.20	$6,099.62	$677.74	$721.00	
Bundgalow - 45'	0.90	2	1.80	$1,524.91	$762.45	$811.12	
Single Family - 50'	1	99	99	$83,869.80	$847.17	$901.24	
Single Family - 60'	1.2	55	66	$55,913.20	$1,016.60	$1,081.49	
		375	298.88	$253,202.09			

Revenues:

Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the District to pay for 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:

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, Donald W. McIntosh Associates, Inc., provides 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, Kutak Rock, LLP, provides 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 an 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 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 various cost of information technology for the District such as video conferencing, cloud storage and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc. Governmental Management Services – Central Florida, LLC provides these systems.

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.
Governmental Management Services – Central Florida, LLC provides these services.

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.

Copies

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.

Contingencies

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.

Field Expenditures:

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.

Property Insurance

The District’s estimated property insurance coverages.

Electric

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

Streetlights

Encompasses the budgeted amount for the District’s decorative light poles and fixtures in various locations.

Water & Sewer

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

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.

Landscape Enhancement

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

Irrigation Repairs

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

Lake Maintenance

Represents the estimated costs of maintaining the lake for the District.

Fountain Maintenance

Represents the estimated costs of maintaining the fountain for the District.

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.

Revenues		
Assessment - Tax Roll	$	700,423	
Total Revenues	$	700,423	

Expenditures		
General & Administrative
Supervisor Fees	

$	12,000	
FICA Expense	$	918	
Engineering	$	13,000	
Attorney	$	25,000	
Annual Audit	$	7,000	
Assessment Administration	$	7,500	
Arbitrage	$	1,350	
Dissemination	$	8,000	
Trustee Fees	$	12,126	
Management Fees	$	50,000	
Information Technology	$	1,908	
Website Maintenance	$	1,272	
Telephone	$	300	
Postage & Delivery	$	1,000	
Insurance	$	5,300	
Copies	$	500	
Legal Advertising	$	12,000	
Contingencies	$	5,000	
Office Supplies	$	250	
Travel Per Diem	$	500	
Dues, Licenses & Subscriptions	$	175	
Total Administrative Expenditures	$	165,099	

Field Operations			
Field Management		$	18,500	
Property Insurance		$	20,000	
Electric		$	5,000	
Streetlights		$	157,824	
Water & Sewer		$	25,000	
Landscape Maintenance		$	190,000	
Landscape Enhancement		$	35,000	
Irrigation Repairs		$	17,000	
Lake Maintenance		$	25,000	
Fountain Maintenance		$	15,000	
Repairs & Maintenance		$	17,000	
Contingency		$	10,000	
Total Field Expenditures		$	535,324	
			
Total Expenditures		$	700,423	
			
Excess Revenues/(Expenditures)		$	-	
			
Product Type	ERU	Gross Per Unit	
Townhouse	0.4	$360.50	
Bundgalow - 34'	0.68	$612.85	
Bundgalow - 40'	0.8	$721.00	
Bundgalow - 45'	0.90	$811.12	
Single Family - 50'	1	$901.24	
Single Family - 60'	1.2	$1,081.49