Riverwalk
Community Development District

Proposed Budget
FY2026

6M3

Table of Contents

1-2		General Fund	

3-6	
	General Fund Narrative	

7	
	Debt Service Fund - Series 2024	

8-9	
	Series 2024 Amortization Schedule	

10	
	Debt Service Fund - Series 2025	

11	
	Series 2025 Amortization Schedule	

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2025	3/31/25	6 Months	9/30/25	FY2026	

Revenues						
Assessments - Tax	$	253,134	$	236,560	$	16,574	$	253,134	$	479,024	
Developer Contributions	$	243,966	$	44,838	$	127,445	$	172,282	$	423,545	
Boundary Amendment Contribution	$	-	$	1,936	$	-	$	1,936	$	-	
Stormwater Contributions	$	-	$	593	$	-	$	593	$	-	
Total Revenues	$	497,100	$	283,928	$	144,018	$	427,946	$	902,569	

Expenditures						
General & Administrative						
Supervisor Fees	$	12,000	$	-	$	6,000	$	6,000	$	12,000	
FICA Expense	$	918	$	-	$	459	$	459	$	918	
Engineering	$	13,000	$	2,318	$	6,500	$	8,818	$	13,000	
Attorney	$	25,000	$	7,649	$	12,500	$	20,149	$	25,000	
Annual Audit	$	4,000	$	-	$	4,000	$	4,000	$	4,100	
Assessment Administration	$	5,250	$	5,250	$	-	$	5,250	$	5,408	
Arbitrage	$	450	$	-	$	450	$	450	$	900	
Dissemination	$	5,000	$	5,000	$	-	$	5,000	$	6,000	
Trustee Fees	$	4,042	$	-	$	4,042	$	4,042	$	8,892	
Management Fees	$	42,500	$	21,250	$	21,250	$	42,500	$	43,775	
Information Technology	$	1,890	$	945	$	945	$	1,890	$	1,947	
Website Maintenance	$	1,260	$	630	$	630	$	1,260	$	1,298	
Telephone	$	300	$	-	$	50	$	50	$	150	
Postage & Delivery	$	1,000	$	66	$	250	$	316	$	1,000	
Insurance	$	5,775	$	5,408	$	-	$	5,408	$	7,434	
Copies	$	500	$	40	$	150	$	190	$	500	
Legal Advertising	$	10,000	$	692	$	3,526	$	4,218	$	8,000	
Contingencies	$	2,500	$	342	$	1,250	$	1,592	$	2,500	
Boundary Amendment Expenses	$	-	$	4,257	$	-	$	4,257	$	-	
Office Supplies	$	250	$	1	$	50	$	51	$	250	
Travel Per Diem	$	500	$	-	$	250	$	250	$	500	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative Expenditures	$	136,310	$	54,021	$	62,302	$	116,324	$	143,746	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2025	3/31/25	6 Months	9/30/25	FY2026	

Field Operations						
Field Management	$	15,750	$	7,875	$	7,875	$	15,750	$	16,223	
Property Insurance	$	8,000	$	4,930	$	-	$	4,930	$	8,000	
Electric	$	25,000	$	9,296	$	9,296	$	18,593	$	25,000	
Electric - Fountain	$	71,040	$	44,824	$	44,824	$	89,647	$	225,600	
Streetlights	$	54,000	$	18,774	$	18,774	$	37,548	$	108,000	
Water & Sewer	$	9,500	$	-	$	4,750	$	4,750	$	9,500	
Landscape Maintenance	$	97,000	$	23,440	$	52,740	$	76,180	$	225,000	
Landscape Contingencies	$	20,000	$	-	$	10,000	$	10,000	$	50,000	
Irrigation Repairs	$	5,500	$	2,772	$	2,728	$	5,500	$	5,500	
Lake Maintenance	$	12,500	$	10,600	$	11,550	$	22,150	$	25,000	
Fountain Maintenance	$	25,000	$	5,660	$	6,160	$	11,820	$	-	
Monument Fountain Maintenance	$	-	$	-	$	-	$	-	$	10,000	
Pond Fountain Maintenance	$	-	$	-	$	-	$	-	$	33,500	
Repairs & Maintenance	$	7,500	$	-	$	3,750	$	3,750	$	7,500	
Contingency	$	10,000	$	11,004	$	-	$	11,004	$	10,000	
Total Field Expenditures		$	360,790	$	139,175	$	172,447	$	311,622	$	758,823	
							
Total Expenditures		$	497,100	$	193,197	$	234,749	$	427,946	$	902,569	
							
Excess Revenues/(Expenditures)		$	-	$	90,731	$	(90,731)	$	-	$	-	
							
Product Type	ERU	Assessable Units	Total ERU	Net Assessment	Net Per Unit	Gross Per Unit	
Townhouse	0.4	126	50.4	$42,697.36	$338.87	$360.50	
Bundgalow - 34'	0.68	198	134.64	$114,062.93	$576.08	$612.85	
Bundgalow - 40'	0.8	101	80.80	$68,451.32	$677.74	$721.00	
Single Family - 50'	1	176	176	$149,101.87	$847.17	$901.24	
Single Family - 60'	1.2	103	123.6	$104,710.18	$1,016.60	$1,081.49	
		704	565.44	$479,023.66			

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.
FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisors checks.
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.

Electric - Fountain
Represents 12 current fountains and estimated electric charges throughout the District. Expected increase to a total of 24 fountains in the year.

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 Contingencies

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.

Monument Fountain Maintenance
Represents the costs for repairs and maintenance of the monument fountain.

Pond Fountain Maintenance

Represents costs for repairs and maintenance of the pond fountain.

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.

Community Development District
Proposed Budget
Series 2024 Debt Service Fund

Proposed Budget	Actuals Thru	Projected Next	Total Thru	Proposed Budget	
Description	FY2025	3/31/25	6 Months	9/30/25	FY2026	

Revenues						
Special Assessments	$	388,740	$	363,287	$	25,453	$	388,740	$	388,740	
Interest	$	-	$	6,641	$	6,641	$	13,282	$	8,000	
Carry Forward	$	149,766	$	151,750	$	-	$	151,750	$	169,332	
Total Revenues	$	538,506	$	521,678	$	32,094	$	553,772	$	566,072	

Expenditures						
Interest Expense - 11/1	$	149,252	$	149,252	$	-	$	149,252	$	153,431	
Principal Expense - 5/1	$	80,000	$	-	$	80,000	$	80,000	$	80,000	
Interest Expense - 5/1	$	155,291	$	-	$	155,291	$	155,291	$	155,291	
Total Expenditures	$	384,543	$	149,252	$	235,291	$	384,543	$	388,723	

Other Financing Sources/(Uses)						
Transfer In/(Out)	$	-	$	103	$	-	$	103	$	-	
Total Other Financing Sources/(Uses)	$	-	$	103	$	-	$	103	$	-	
						
Excess Revenues/(Expenditures)	$	153,963	$	372,529	$	(203,197)	$	169,332	$	177,349	

*Carry forward less amount in Reserve funds.						
Interest Expense 11/1/26	 $	153,431 

Total

$	153,431

Product	
Assessable Units	Total Net Assessments	Net Assessment Per Unit	Gross Assessment Per Unit	
Townhouse	64	$	38,271	$	597.98	$	636.15	
Bundgalow - 34'	140	$	111,624	$	797.31	$	848.21	
Bundgalow - 40'	17	$	13,554	$	797.31	$	848.21	
Single Family - 50'	102	$	139,779	$	1,370.38	$	1,457.85	
Single Family - 60'	52	$	85,512	$	1,644.46	$	1,749.42	
	375	$	388,740			

11/01/24	$	5,585,000.00	$	-	$	149,252.15	$	149,252.15	
05/01/25	$	5,585,000.00	$	80,000.00	$	155,291.25			
11/01/25	$	5,505,000.00	$	-	$	153,431.25	$	388,722.50	
05/01/26	$	5,505,000.00	$	80,000.00	$	153,431.25			
11/01/26	$	5,425,000.00	$	-	$	151,571.25	$	385,002.50	
05/01/27	$	5,425,000.00	$	85,000.00	$	151,571.25			
11/01/27	$	5,340,000.00	$	-	$	149,595.00	$	386,166.25	
05/01/28	$	5,340,000.00	$	90,000.00	$	149,595.00			
11/01/28	$	5,250,000.00	$	-	$	147,502.50	$	387,097.50	
05/01/29	$	5,250,000.00	$	95,000.00	$	147,502.50			
11/01/29	$	5,155,000.00	$	-	$	145,293.75	$	387,796.25	
05/01/30	$	5,155,000.00	$	100,000.00	$	145,293.75			
11/01/30	$	5,055,000.00	$	-	$	142,968.75	$	388,262.50	
05/01/31	$	5,055,000.00	$	105,000.00	$	142,968.75			
11/01/31	$	4,950,000.00	$	-	$	140,527.50	$	388,496.25	
05/01/32	$	4,950,000.00	$	110,000.00	$	140,527.50			
11/01/32	$	4,840,000.00	$	-	$	137,502.50	$	388,030.00	
05/01/33	$	4,840,000.00	$	115,000.00	$	137,502.50			
11/01/33	$	4,725,000.00	$	-	$	134,340.00	$	386,842.50	
05/01/34	$	4,725,000.00	$	120,000.00	$	134,340.00			
11/01/34	$	4,605,000.00	$	-	$	131,040.00	$	385,380.00	
05/01/35	$	4,605,000.00	$	130,000.00	$	131,040.00			
11/01/35	$	4,475,000.00	$	-	$	127,465.00	$	388,505.00	
05/01/36	$	4,475,000.00	$	135,000.00	$	127,465.00			
11/01/36	$	4,340,000.00	$	-	$	123,752.50	$	386,217.50	
05/01/37	$	4,340,000.00	$	145,000.00	$	123,752.50			
11/01/37	$	4,195,000.00	$	-	$	119,765.00	$	388,517.50	
05/01/38	$	4,195,000.00	$	150,000.00	$	119,765.00			
11/01/38	$	4,045,000.00	$	-	$	115,640.00	$	385,405.00	
05/01/39	$	4,045,000.00	$	160,000.00	$	115,640.00			
11/01/39	$	3,885,000.00	$	-	$	111,240.00	$	386,880.00	
05/01/40	$	3,885,000.00	$	170,000.00	$	111,240.00			
11/01/40	$	3,715,000.00	$	-	$	106,565.00	$	387,805.00	
05/01/41	$	3,715,000.00	$	180,000.00	$	106,565.00			
11/01/41	$	3,345,000.00	$	-	$	101,615.00	$	388,180.00	
05/01/42	$	2,935,000.00	$	190,000.00	$	101,615.00			
11/01/42	$	2,935,000.00	$	-	$	96,390.00	$	388,005.00	
05/01/43	$	2,935,000.00	$	200,000.00	$	96,390.00			
11/01/43	$	2,935,000.00	$	-	$	90,890.00	$	387,280.00	
05/01/44	$	2,935,000.00	$	210,000.00	$	90,890.00			

11/01/44	$	2,935,000.00	$	-	$	85,115.00	$	386,005.00	
05/01/45	$	2,935,000.00	$	225,000.00	$	85,115.00			
11/01/45	$	2,710,000.00	$	-	$	78,590.00	$	388,705.00	
05/01/46	$	2,710,000.00	$	235,000.00	$	78,590.00			
11/01/46	$	2,475,000.00	$	-	$	71,775.00	$	385,365.00	
05/01/47	$	2,475,000.00	$	250,000.00	$	71,775.00			
11/01/47	$	2,225,000.00	$	-	$	64,525.00	$	386,300.00	
05/01/48	$	2,225,000.00	$	265,000.00	$	64,525.00			
11/01/48	$	1,960,000.00	$	-	$	56,840.00	$	386,365.00	
05/01/49	$	1,960,000.00	$	280,000.00	$	56,840.00			
11/01/49	$	1,680,000.00	$	-	$	48,720.00	$	385,560.00	
05/01/50	$	1,680,000.00	$	300,000.00	$	48,720.00			
11/01/50	$	1,380,000.00	$	-	$	40,020.00	$	388,740.00	
05/01/51	$	1,380,000.00	$	315,000.00	$	40,020.00			
11/01/51	$	1,065,000.00	$	-	$	30,885.00	$	385,905.00	
05/01/52	$	1,065,000.00	$	335,000.00	$	30,885.00			
11/01/52	$	730,000.00	$	-	$	21,170.00	$	387,055.00	
05/01/53	$	730,000.00	$	355,000.00	$	21,170.00	$	-	
11/01/53	$	375,000.00	$	-	$	10,875.00	$	387,045.00	
05/01/54	$	375,000.00	$	375,000.00	$	10,875.00	$	385,875.00	
			$	5,585,000.00	$	6,026,511.25	$	11,611,511.25	

Community Development District
Proposed Budget
Series 2025 Debt Service Fund

Proposed Budget	Actuals Thru	Projected Next	Total Thru	Proposed Budget	
Description	FY2025	3/31/25	6 Months	9/30/25	FY2026	

Revenues					
Special Assessments	$	129,654	$	-	$	129,654	$	129,654	$	336,633	
Carry Forward	$	-	$	-	$	-	$	-	$	129,654	
Total Revenues	$	129,654	$	-	$	129,654	$	129,654	$	466,287	

Expenditures					
Interest Expense - 11/1	$	-	$	-	$	-	$	-	$	129,654	
Principal Expense - 5/1	$	-	$	-	$	-	$	-	$	75,000	
Interest Expense - 5/1	$	28,812	$	-	$	28,812	$	28,812	$	129,654	
Total Expenditures	$	28,812	$	-	$	28,812	$	28,812	$	334,309	

Other Financing Sources/(Uses)					
Bond Proceeds	$	112,970	$	112,970	$	-	$	112,970	$	-	

Transfer In/(Out)

$	-	$

-	$	-	$

-	$	-

Excess Revenues/(Expenditures)	$	213,812	$	112,970	$	100,842	$	213,813	$	131,979

Total Other Financing Sources/(Uses)	$	112,970	$	112,970	$	-	$	112,970	$	-

*Carry forward less amount in Reserve funds.

Interest Expense 11/1/26
Total

$	128,098

$	128,098

Product	
Assessable Units	Total Net	Net Assessments	Assessment Per Unit	Gross Assessment Per Unit	
Townhouse	62	$	37,192.61  $	599.88	$	638.17	
Bundgalow - 34'	58	$	46,390.78  $	799.84	$	850.89	
Bundgalow - 40'	84	$	67,186.65  $	799.84	$	850.89	
Single Family - 50'	74	$	101,729.79  $	1,374.73	$	1,462.48	
Single Family - 60'	51	$	84,133.29  $	1,649.67	$	1,754.97	
	329	$	336,633.12			

Riverwalk Community Development District Series 2025 Special Assessment Bonds
Amortization Schedule

Date		Balance		Prinicpal		Interest		Total	

05/01/25	

$	

5,030,000.00	

$	

-	

$	

28,812.08			
11/01/25	$	4,875,000.00	$	-	$	129,654.38	$	158,466.46	
05/01/26	$	4,615,000.00	$	75,000.00	$	129,654.38			
11/01/26	$	4,615,000.00	$	-	$	128,098.13	$	332,752.50	
05/01/27	$	4,615,000.00	$	80,000.00	$	128,098.13			
11/01/27	$	4,615,000.00	$	-	$	126,438.13	$	334,536.25	
05/01/28	$	4,615,000.00	$	85,000.00	$	126,438.13			
11/01/28	$	4,615,000.00	$	-	$	124,674.38	$	336,112.50	
05/01/29	$	4,615,000.00	$	85,000.00	$	124,674.38			
11/01/29	$	4,615,000.00	$	-	$	122,910.63	$	332,585.00	
05/01/30	$	4,615,000.00	$	90,000.00	$	122,910.63			
11/01/30	$	4,615,000.00	$	-	$	121,043.13	$	333,953.75	
05/01/31	$	4,615,000.00	$	95,000.00	$	121,043.13			
11/01/31	$	4,090,000.00	$	-	$	118,965.00	$	335,008.13	
05/01/32	$	4,090,000.00	$	100,000.00	$	118,965.00			
11/01/32	$	4,090,000.00	$	-	$	116,777.50	$	335,742.50	
05/01/33	$	4,090,000.00	$	105,000.00	$	116,777.50			
11/01/33	$	4,090,000.00	$	-	$	114,480.63	$	336,258.13	
05/01/34	$	4,090,000.00	$	110,000.00	$	114,480.63			
11/01/34	$	4,090,000.00	$	-	$	112,074.38	$	336,555.00	
05/01/35	$	4,090,000.00	$	115,000.00	$	112,074.38			
11/01/35	$	4,090,000.00	$	-	$	109,558.75	$	336,633.13	
05/01/36	$	4,090,000.00	$	120,000.00	$	109,558.75			
11/01/36	$	3,970,000.00	$	-	$	106,438.75	$	335,997.50	
05/01/37	$	3,970,000.00	$	125,000.00	$	106,438.75			
11/01/37	$	3,845,000.00	$	-	$	103,188.75	$	334,627.50	
05/01/38	$	3,845,000.00	$	130,000.00	$	103,188.75			
11/01/38	$	3,715,000.00	$	-	$	99,808.75	$	332,997.50	
05/01/39	$	3,715,000.00	$	140,000.00	$	99,808.75			
11/01/39	$	3,575,000.00	$	-	$	96,168.75	$	335,977.50	
05/01/40	$	3,575,000.00	$	145,000.00	$	96,168.75			
11/01/40	$	3,430,000.00	$	-	$	92,398.75	$	333,567.50	
05/01/41	$	3,430,000.00	$	155,000.00	$	92,398.75			
11/01/41	$	3,115,000.00	$	-	$	88,368.75	$	335,767.50	
05/01/42	$	2,575,000.00	$	160,000.00	$	88,368.75			
11/01/42	$	2,575,000.00	$	-	$	84,208.75	$	332,577.50	
05/01/43	$	2,575,000.00	$	170,000.00	$	84,208.75			
11/01/43	$	2,575,000.00	$	-	$	79,788.75	$	333,997.50	
05/01/44	$	2,575,000.00	$	180,000.00	$	79,788.75			
11/01/44	$	2,575,000.00	$	-	$	75,108.75	$	334,897.50	
05/01/45	$	2,575,000.00	$	190,000.00	$	75,108.75			
11/01/45	$	2,575,000.00	$	-	$	70,168.75	$	335,277.50	
05/01/46	$	2,575,000.00	$	200,000.00	$	70,168.75			
11/01/46	$	2,375,000.00	$	-	$	64,718.75	$	334,887.50	
05/01/47	$	2,375,000.00	$	210,000.00	$	64,718.75			
11/01/47	$	2,165,000.00	$	-	$	58,996.25	$	333,715.00	
05/01/48	$	2,165,000.00	$	220,000.00	$	58,996.25			
11/01/48	$	1,945,000.00	$	-	$	53,001.25	$	331,997.50	
05/01/49	$	1,945,000.00	$	235,000.00	$	53,001.25			
11/01/49	$	1,710,000.00	$	-	$	46,597.50	$	334,598.75	
05/01/50	$	1,710,000.00	$	250,000.00	$	46,597.50			
11/01/50	$	1,460,000.00	$	-	$	39,785.00	$	336,382.50	
05/01/51	$	1,460,000.00	$	260,000.00	$	39,785.00			
11/01/51	$	1,200,000.00	$	-	$	32,700.00	$	332,485.00	
05/01/52	$	1,200,000.00	$	275,000.00	$	32,700.00			
11/01/52	$	925,000.00	$	-	$	25,206.25	$	332,906.25	
05/01/53	$	925,000.00	$	290,000.00	$	25,206.25	$	-	
11/01/53	$	635,000.00	$	-	$	17,303.75	$	332,510.00	
05/01/54	$	635,000.00	$	310,000.00	$	17,303.75	$	-	
11/01/54	$	325,000.00	$	-	$	8,856.25	$	336,160.00	
05/01/55	$	325,000.00	$	325,000.00	$	8,856.25	$	333,856.25	
			$	5,030,000.00	$	5,134,975.00	$	10,193,787.08