North Boulevard
Community Development District

Adopted Budget
FY 2023

Table of Contents

1-2		General Fund	

3-6	
	General Fund Narrative	

7	
	Series 2017 Debt Service Fund	

8	
	Series 2017 Amortization Schedule	

9	
	Series 2019 Debt Service Fund	

10	
	Series 2019 Amortization Schedule	

11	
	Capital Reserve Fund	

North Boulevard
Community Development District

Adopted Budget General Fund

Adopted
Budget	Actuals
Thru	Projected
Next	Projected
Thru	Adopted
Budget	
Description	FY2022	5/31/22	4 Months	9/30/22	FY2023	

Revenues						
Assessments - On Roll	$332,645	$330,769	$1,876	$332,645	$	332,645	
Other Income	$0	$30	$0	$30	$0	
Carryforward Balance	$0	$0	$0	$0	$	24,563	
Total Revenues	$	332,645	$	330,799	$	1,876	$	332,675	$	357,208	

Expenditures						
Administrative						
Supervisor Fees	$	12,000	$	4,200	$4,000	$8,200	$12,000	
Engineering Fees	$	10,000	$	2,078	$1,400	$3,478	$10,000	
Dissemination Agent	$	6,500	$	4,000	$2,500	$6,500	$6,500	
Attorney Fees	$	15,000	$	6,829	$3,414	$10,243	$15,000	
Assessment Administration	$	5,000	$	5,000	$0	$5,000	$5,000	
Annual Audit	$	4,600	$	4,600	$0	$4,600	$4,700	
Trustee Fees	$	6,000	$	7,758	$0	$7,758	$7,780	
Management Fees	$	36,050	$	24,033	$12,017	$36,050	$37,853	
Information Technology	$	2,700	$	1,800	$900	$2,700	$1,800	
Website Maintenance	$	1,200	$	1,100	$400	$1,500	$1,200	
Postage & Delivery	$	1,100	$	124	$240	$364	$1,100	
Telephone	$	50	$0	$50	$50	$50	
Printing & Binding	$	400	$	80	$160	$240	$400	
Insurance	$	6,512	$	6,127	$0	$6,127	$7,352	
Legal Advertising	$	5,000	$	1,035	$1,857	$2,892	$4,000	
Property Taxes	$	200	$	-	$150	$150	$200	
Contingency	$	3,000	$	827	$413	$1,240	$3,000	
Office Supplies	$	100	$	27	$14	$41	$100	
Dues, Licenses & Fees	$	175	$	175	$0	$175	$175	
Total Administrative	$115,587	$69,792	$27,515	$97,308	$118,210	

North Boulevard
Community Development District

Adopted Budget General Fund

Adopted
Budget	Actuals
Thru	Projected
Next	Projected
Thru	Adopted
Budget	
Description	FY2022	5/31/22	4 Months	9/30/22	FY2023	

Operation and Maintenance
Field Expenditures
Field Management	

$	7,500	

$5,000	

$2,500	

$7,500	

$	7,875	
Electric	$	6,385	$4,186	$2,800	$6,986	$	7,300	
Streetlights	$	26,305	$14,194	$7,860	$22,054	$	23,000	
Property Insurance	$	4,079	$3,838	$0	$3,838	$	4,606	
Landscape Maintenance	$	55,500	$37,856	$18,488	$56,344	$	61,500	
Landscape Replacement & Enhancement	$	20,000	$995	$7,080	$8,075	$	20,000	
Irrigation Repairs	$	3,000	$1,547	$1,453	$3,000	$	3,000	
General Field Repairs & Maintenance	$	15,000	$11,710	$3,290	$15,000	$	15,000	
Contingency	$	5,000	$2,991	$2,009	$5,000	$	5,000	
Subtotal	$142,769	$82,316	$45,480	$127,796	$147,281	

Amenity Expenditures
Inter-Governmental Expense	

$	57,994	

$58,390	

$0	

$58,390	

$	73,823	
Playground Lease	$	6,295	$4,197	$2,098	$6,295	$	6,295	
Trash Collection	$	-	$380	$507	$887	$	1,600	
Subtotal	$64,289	$62,967	$2,605	$65,572	$81,718	
						
Subtotal Operations & Maintenance	$	207,058	$	145,283	$	48,085	$	193,368	$	228,999	
						
Total Expenditures	$	322,645	$	215,076	$	75,600	$	290,676	$	347,208	

Other Financing Sources/Uses:						
Capital Reserve	$	(10,000)	$	-	$	(10,000)	$	(10,000)	$	(10,000)	
Total Other Financing Sources/Uses	$	(10,000)	$	-	$	(10,000)	$	(10,000)	$	(10,000)	
						
Excess Revenues/(Expenditures)	$	-	$	115,724	$	(83,724)	$	31,999	$	(0)	

Net Assessments	$ 332,645	
Add: Discounts & Collections 7%	$25,038	
Gross Assessments	$357,683	

Product	ERU's	Assessable Units	ERU/Unit	Net Assessment	Net Per Unit	Gross Per Unit	
Platted	389.00	389.00	1.00	$332,645.00	$855.13	$919.49	

North Boulevard Community Development District
General Fund Budget

REVENUES:

Assessments

The District will levy a non-ad valorem assessment on all assessable property within the District to fund all general operating and maintenance expenditures during the fiscal year.

EXPENDITURES:

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. Amount is based on 5 Supervisors attending 5 meetings during the fiscal year.

Engineering Fees

The District's engineer will provide general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices, etc.

Dissemination Agent

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 the Series 2019 and 2022 bond series. Governmental Management Services – Central Florida, LLC completes these reporting requirements.

Attorney Fees

The District's legal counsel provides general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions, etc.

Assessment Administration

The District is contracted with Governmental Management Services – Central Florida, LLC to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Annual Audit

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

Trustee Fees

The District will pay annual trustee fees for the Series 2017 and Series 2019 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.

North Boulevard Community Development District
General Fund Budget

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. 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.

Postage & Delivery

Mailing of agenda packages, overnight deliveries, correspondence, etc.

Telephone

Telephone and fax machine.

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Insurance

The District’s general liability and public official’s liability insurance coverage is provided by the Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings, etc in a newspaper of general circulation.

Property Taxes

Represents costs related to the county property tax.

Contingency

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Costs for general office supplies needed for the district.

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.

North Boulevard Community Development District
General Fund Budget

Operation and Maintenance Field Expenditures:

Field Management

The District is contracted with Governmental Management Services-Central Florida, LLC for onsite field management of contracts for the District such as landscape and lake maintenance. Services include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Electric

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

Street Lights

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

Property Insurance

The District’s property insurance coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Landscape Maintenance

Represents the maintenance of the landscaping within the common areas of the District after the installation of landscape material has been completed.

Landscape Replacement & Enhancement

Represents the estimated cost of replacing landscaping within the common areas of the District. This includes annual mulching and yearly general plant and sod replacements.

Irrigation Repairs

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

General Field Repairs & Maintenance

The estimated costs that the District will incur for repairs and maintenance. This includes sidewalks, roads, fences, lighting features, and monuments.

Contingency

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

North Boulevard Community Development District
General Fund Budget

Amenity Expenses

Inter-Governmental Expense – Holly Hill Road East CDD

The District will enter into an Interlocal Agreement with Holly Hill Road East Community Development District (CDD) for the use of their amenity facilities. This cost is based on the overall amenity budget of Holly Hill Road East CDD.

Playground Lease

The District has entered into a leasing agreement for playgrounds installed in the community.

Trash Collection

Represents the cost incurred for waste collection throughout the district.

Other Financing Sources/Uses

Capital Reserve

Represents projected excess funds transfer out to the Capital Reserve Fund

North Boulevard
Community Development District Adopted Budget
Debt Service Fund Series 2017

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2022	5/31/22	4 Months	9/30/22	FY2023	

Revenues						

Assessments - Tax Roll	$	248,150	$	256,756	
$	-		
$	256,756	
$	258,211	
Interest	$	-	$	10	$	5	$	15	$	-	
Carry Forward Surplus (1)	$	117,912	$	114,247	$	-		$	114,247	$	111,681	
Total Revenues	$	366,061	$	371,013	$	5	$	371,018	$	369,891	

Expenditures					
Interest - 11/1	$	87,231	$	87,231	$	-	$	87,231	$	85,678	
Special Call - 11/1	$	-	$	5,000	$	-	$	5,000	$	-	
Principal - 5/1	$	75,000	$	75,000	$	-	$	75,000	$	75,000	
Interest - 5/1	$	87,231	$	87,106	$	-	$	87,106	$	85,678	
Special Call - 5/1	$	-	$	5,000	$	-	$	5,000	$	-	
Total Expenditures	$	249,462	$	259,338	$	-	$	259,338	$	246,356	
					
Excess Revenues/(Expenditures)	$	116,599	$	111,675	$	5	$	111,681	$	123,535	

Interest - 11/1/2023  $	84,365.63

(1) Carryforward Surplus is net of Debt Service Reserve Funds

Total  $

84,365.63

North Boulevrd Community Development District Series 2017 Special Assessment Bonds
Amortization Schedule

Date	Balance	Prinicpal	Interest	Total

11/01/22	$	3,615,000.00	$	
05/01/23	$	3,615,000.00	$	75	
11/01/23	$	3,540,000.00	$	
05/01/24	$	3,540,000.00	$	80	
11/01/24	$	3,460,000.00	$	
05/01/25	$	3,460,000.00	$	80	
11/01/25	$	3,380,000.00	$	
05/01/26	$	3,380,000.00	$	85	
11/01/26	$	3,295,000.00	$	
05/01/27	$	3,295,000.00	$	90	
11/01/27	$	3,205,000.00	$	
05/01/28	$	3,205,000.00	$	90	
11/01/28	$	3,115,000.00	$	
05/01/29	$	3,115,000.00	$	95	
11/01/29	$	3,020,000.00	$	
05/01/30	$	3,020,000.00	$	100	
11/01/30	$	2,920,000.00	$	
05/01/31	$	2,920,000.00	$	105	
11/01/31	$	2,815,000.00	$	
05/01/32	$	2,815,000.00	$	110	
11/01/32	$	2,705,000.00	$	
05/01/33	$	2,705,000.00	$	115	
11/01/33	$	2,590,000.00	$	
05/01/34	$	2,590,000.00	$	120	
11/01/34	$	2,470,000.00	$	
05/01/35	$	2,470,000.00	$	125	
11/01/35	$	2,345,000.00	$	
05/01/36	$	2,345,000.00	$	130	
11/01/36	$	2,215,000.00	$	
05/01/37	$	2,215,000.00	$	140	
11/01/37	$	2,075,000.00	$	
05/01/38	$	2,075,000.00	$	145	
11/01/38	$	1,930,000.00	$	
05/01/39	$	1,930,000.00	$	155	
11/01/39	$	1,775,000.00	$	
05/01/40	$	1,775,000.00	$	160	
11/01/40	$	1,615,000.00	$	
05/01/41	$	1,615,000.00	$	170	
11/01/41	$	1,445,000.00	$	
05/01/42	$	1,445,000.00	$	175	
11/01/42	$	1,270,000.00	$	
05/01/43	$	1,270,000.00	$	185	
11/01/43	$	1,085,000.00	$	
05/01/44	$	1,085,000.00	$	195	
11/01/44	$	890,000.00	$	
05/01/45	$	890,000.00	$	205	
11/01/45	$	685,000.00	$	
05/01/46	$	685,000.00	$	215	
11/01/46	$	470,000.00	$	
05/01/47	$	470,000.00	$	230	
11/01/47	$	240,000.00	$	
05/01/48	$	240,000.00	$	240	
			$	3,615	

$	85,678.13	$	85,678.13	
$	85,678.13		
$	84,365.63	$	245,043.75	
$	84,365.63		
$	82,725.63	$	247,091.25	
$	82,725.63		
$	81,085.63	$	243,811.25	
$	81,085.63		
$	79,343.13	$	245,428.75	
$	79,343.13		
$	77,498.13	$	246,841.25	
$	77,498.13		
$	75,653.13	$	243,151.25	
$	75,653.13		
$	73,456.25	$	244,109.38	
$	73,456.25		
$	71,143.75	$	244,600.00	
$	71,143.75		
$	68,715.63	$	244,859.38	
$	68,715.63		
$	66,171.88	$	244,887.50	
$	66,171.88		
$	63,512.50	$	244,684.38	
$	63,512.50		
$	60,737.50	$	244,250.00	
$	60,737.50		
$	57,846.88	$	243,584.38	
$	57,846.88		
$	54,840.63	$	242,687.50	
$	54,840.63		
$	51,603.13	$	246,443.75	
$	51,603.13		
$	48,250.00	$	244,853.13	
$	48,250.00		
$	44,375.00	$	247,625.00	
$	44,375.00		
$	40,375.00	$	244,750.00	
$	40,375.00		
$	36,125.00	$	246,500.00	
$	36,125.00		
$	31,750.00	$	242,875.00	
$	31,750.00		
$	27,125.00	$	243,875.00	
$	27,125.00		
$	22,250.00	$	244,375.00	
$	22,250.00		
$	17,125.00	$	244,375.00	
$	17,125.00		
$	11,750.00	$	243,875.00	
$	11,750.00		
$	6,000.00	$	247,750.00	
$	6,000.00	$	246,000.00	

-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00

,000.00  $

2,839,005.00  $

6,454,005.00

North Boulevard
Community Development District Adopted Budget
Debt Service Fund Series 2019

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2022	5/31/22	4 Months	9/30/22	FY2023	

Revenues						

Assessments - Tax Roll	$	212,194	$	208,580	
$	5,198	
$	213,778	
$	209,762	
Interest	$	-	$	9	$	9	$	18	$	-	
Carry Forward Surplus (1)	$	161,047	$	155,115	$	-	$	155,115	$	142,089	
Total Revenues	$	373,241	$	363,704	$	5,207	$	368,911	$	351,851	

Expenditures						
Interest - 11/1	$	80,134	$	81,688	$	-	$	81,688	$	80,134	
Special Call - 11/1	$	40,000	$	40,000	$	-	$	40,000	$	-	
Principal - 11/1	$	25,000	$	25,000	$	-	$	25,000	$	50,000	
Interest - 5/1	$	80,134	$	80,134	$	-	$	80,134	$	79,072	
Total Expenditures	$	225,269	$	226,822	$	-	$	226,822	$	209,206	
						
Excess Revenues/(Expenditures)	$	147,972	$	136,882	$	5,207	$	142,089	$	142,645	
	
Interest - 11/1/2023	
$	79,071.88	
	Principal - 11/1/2023	$	50,000.00	

(1) Carryforward Surplus is net of Debt Service Reserve Funds	Total	$	129,071.88	

North Boulevrd Community Development District Series 2019 Special Assessment Bonds
Amortization Schedule

Date	Balance	Prinicpal	Interest	Total

05/01/22	$	2,955,000.00	$	
11/01/22	$	2,955,000.00	$	50	
05/01/23	$	2,905,000.00	$	
11/01/23	$	2,905,000.00	$	50	
05/01/24	$	2,855,000.00	$	
11/01/24	$	2,855,000.00	$	55	
05/01/25	$	2,800,000.00	$	
11/01/25	$	2,800,000.00	$	55	
05/01/26	$	2,745,000.00	$	
11/01/26	$	2,745,000.00	$	60	
05/01/27	$	2,685,000.00	$	
11/01/27	$	2,685,000.00	$	60	
05/01/28	$	2,625,000.00	$	
11/01/28	$	2,625,000.00	$	65	
05/01/29	$	2,560,000.00	$	
11/01/29	$	2,560,000.00	$	65	
05/01/30	$	2,495,000.00	$	
11/01/30	$	2,495,000.00	$	70	
05/01/31	$	2,425,000.00	$	
11/01/31	$	2,425,000.00	$	75	
05/01/32	$	2,350,000.00	$	
11/01/32	$	2,350,000.00	$	80	
05/01/33	$	2,270,000.00	$	
11/01/33	$	2,270,000.00	$	85	
05/01/34	$	2,185,000.00	$	
11/01/34	$	2,185,000.00	$	90	
05/01/35	$	2,095,000.00	$	
11/01/35	$	2,095,000.00	$	95	
05/01/36	$	2,000,000.00	$	
11/01/36	$	2,000,000.00	$	95	
05/01/37	$	1,905,000.00	$	
11/01/37	$	1,905,000.00	$	105	
05/01/38	$	1,800,000.00	$	
11/01/38	$	1,800,000.00	$	110	
05/01/39	$	1,690,000.00	$	
11/01/39	$	1,690,000.00	$	115	
05/01/40	$	1,575,000.00	$	
11/01/40	$	1,575,000.00	$	120	
05/01/41	$	1,455,000.00	$	
11/01/41	$	1,455,000.00	$	130	
05/01/42	$	1,325,000.00	$	
11/01/42	$	1,325,000.00	$	135	
05/01/43	$	1,190,000.00	$	
11/01/43	$	1,190,000.00	$	145	
05/01/44	$	1,045,000.00	$	
11/01/44	$	1,045,000.00	$	150	
05/01/45	$	895,000.00	$	
11/01/45	$	895,000.00	$	160	
05/01/46	$	735,000.00	$	
11/01/46	$	735,000.00	$	170	
05/01/47	$	565,000.00	$	
11/01/47	$	565,000.00	$	180	
05/01/48	$	385,000.00	$	
11/01/48	$	385,000.00	$	185	
05/01/49	$	200,000.00	$	
11/01/49	$	200,000.00	$	200	
			$	2,955	

$	80,134.38		
$	80,134.38	$	210,268.75	
$	79,071.88		
$	79,071.88	$	208,143.75	
$	78,009.38		
$	78,009.38	$	211,018.75	
$	76,840.63		
$	76,840.63	$	208,681.25	
$	75,534.38		
$	75,534.38	$	211,068.75	
$	74,109.38		
$	74,109.38	$	208,218.75	
$	72,684.38		
$	72,684.38	$	210,368.75	
$	71,140.63		
$	71,140.63	$	207,281.25	
$	69,596.88		
$	69,596.88	$	209,193.75	
$	67,671.88		
$	67,671.88	$	210,343.75	
$	65,609.38		
$	65,609.38	$	211,218.75	
$	63,409.38		
$	63,409.38	$	211,818.75	
$	61,071.88		
$	61,071.88	$	212,143.75	
$	58,596.88		
$	58,596.88	$	212,193.75	
$	55,984.38		
$	55,984.38	$	206,968.75	
$	53,371.88		
$	53,371.88	$	211,743.75	
$	50,484.38		
$	50,484.38	$	210,968.75	
$	47,459.38		
$	47,459.38	$	209,918.75	
$	44,296.88		
$	44,296.88	$	208,593.75	
$	40,921.88		
$	40,921.88	$	211,843.75	
$	37,265.63		
$	37,265.63	$	209,531.25	
$	33,468.75		
$	33,468.75	$	211,937.50	
$	29,390.63		
$	29,390.63	$	208,781.25	
$	25,171.88		
$	25,171.88	$	210,343.75	
$	20,671.88		
$	20,671.88	$	211,343.75	
$	15,890.63		
$	15,890.63	$	211,781.25	
$	10,828.13		
$	10,828.13	$	206,656.25	
$	5,625.00		
$	5,625.00	$	211,250.00	

-
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-
,000.00
-
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-
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,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
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,000.00
-
,000.00
-
,000.00
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,000.00
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,000.00
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,000.00
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,000.00
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,000.00
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,000.00
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,000.00
-
,000.00

,000.00  $

2,928,625.00  $

5,883,625.00

North Boulevard
Community Development District

Adopted Budget Capital Reserve Fund

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2022	5/31/22	4 Months	9/30/22	FY2023	

Revenues						
Carry Forward Surplus	$	-	$	-	$	-	$	-	$	10,000	
Total Revenues	$	-	$	-	$	-	$	-	$	10,000	

Expenditures
Capital Outlay	

$	-	

$	-	

$	-	

$	-	

$	-	
Total Expenditures	$	-	$	-	$	-	$	-	$	-	

Other Financing Sources/Uses:					
Transfer In	$	10,000	$	-	$	10,000	$	10,000	$	10,000	
Total Other Financing Sources/Uses	$	10,000	$	-	$	10,000	$	10,000	$	10,000	
					
Excess Revenues/(Expenditures)	$	10,000	$	-	$	10,000	$	10,000	$	20,000