Storey Drive
Community  Development  District

Adopted Budget FY2026

Table of Contents

1-2

3-7

8

9

10

General Fund

General Fund Narrative

Capital Reserve Fund

Debt Service Fund Series 2022

Amortization Schedule Series 2022

Community Development District Adopted Budget
FY2026
General Fund

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Adopted
Budget	
FY2025	5/31/25	4 Months	9/30/25	FY2026	

Revenues:		
Special Assessments	$	313,137	$	319,895	$	-	$	319,895	$	313,137	
Interest	-	3,663	2,000	5,663	3,600	
Carry Forward Surplus	87,145	111,051	*	-	111,051	-	
Total Revenues	$	400,282	$	434,609	$	2,000	$	436,609	$	316,737	

Expenditures:						
Administrative:						
Supervisor Fees	$	12,000	$	2,000	$	2,400	$	4,400	$	12,000	
FICA Expense	918	153	184	337	918	
Engineering Fees	12,000	538	3,500	4,038	12,000	
Attorney	25,000	6,804	5,741	12,545	25,000	
Arbitrage	450	450	-	450	450	
Dissemination	3,675	2,450	1,225	3,675	3,785	
Annual Audit	3,600	-	3,200	3,200	3,600	
Trustee Fees	4,050	-	4,041	4,041	4,445	
Assessment Administration	5,513	5,513	-	5,513	5,678	
Management Fees	40,000	26,667	13,333	40,000	41,200	
Information Technology	1,890	1,260	630	1,890	1,947	
Website Maintenance	1,260	840	420	1,260	1,298	
Telephone	75	-	25	25	75	
Postage	500	163	72	235	500	
Printing & Binding	500	26	74	100	500	
Insurance	6,150	5,814	-	5,814	6,395	
Legal Advertising	2,500	-	2,500	2,500	2,500	
Other Current Charges	600	335	200	535	600	
Office Supplies	150	8	42	50	150	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Total Administrative:	$	121,006	$	53,195	$	37,587	$	90,782	$	123,216	
Operations & Maintenance						
Field Services	$	10,002	$	6,668	$	3,334	$	10,002	$	10,302	
Property Insurance	5,000	7,444	-	7,444	8,500	
Electric	21,500	-	5,375	5,375	21,500	
Water & Sewer	20,000	-	5,000	5,000	10,000	
Landscape Maintenance	134,304	64,528	32,264	96,792	99,696	
Landscape Contingency	2,500	-	1,250	1,250	2,500	
Lake Maintenance	8,467	5,648	2,824	8,472	8,724	
Lake Contingency	-	10,500	-	10,500	-	
Irrigation Repairs	2,500	1,700	800	2,500	2,500	
Fountain Maintenance	-	-	-	-	5,000	
Pressure Washing	2,500	-	1,250	1,250	2,500	
Repairs & Maintenance	3,500	-	1,750	1,750	3,500	
Contingency	2,500	-	1,250	1,250	8,799	
Total Operations & Maintenance:	$	212,773	$	96,488	$	55,097	$	151,585	$	183,521	
Reserves						
Capital Reserve Transfer	$	66,503	$	6,503	$	60,000	$	66,503	$	10,000	
Total Reserves	$	66,503	$	6,503	$	60,000	$	66,503	$	10,000	
						
Total Expenditures	$	400,282	$	156,186	$	152,684	$	308,870	$	316,737	
						
Excess Revenues (Expenditures)	$	0	$	278,423	$	(150,684)	$	127,739	$	-	

*Less 1st quartering operating funds.						

Community Development District

FY 2026 Assessment Charts

Net Annual Assessments (Total)					$	313,137	
Collection Cost (6%)						$19,987	
Gross Assessments						$333,125	
							
Property Type	Units	ERU Factor	ERUs	Gross Per Unit		Total Gross	
Condo	256	0.50	128	$478.63		$122,528.64	
Townhomes	200	0.75	150	$717.94		$143,588.25	
Single Family	70	1.00	70	$957.25		$67,007.85	
Total	526		348			$333,124.73	
		
Fiscal Year 2025					
Property Type	Units	ERU Factor	ERUs	Gross Per Unit		Total Gross	
Condo	256	0.50	128	$478.63		$122,529.28	
Townhomes	200	0.75	150	$717.94		$143,588.00	
Single Family	70	1.00	70	$957.25		$67,007.50	
Total	526		348			$333,124.78	
		
Adopted Increase					
Property Type	Units	ERU Factor	ERUs	Gross Per Unit		Total Gross	
Condo	256	0.50	128	$0.00		-$0.64	
Townhomes	200	0.75	150	$0.00		$0.25	
Single Family	70	1.00	70	$0.00		$0.35	
Total	526		348			-$0.05	

REVENUES:

Assessments

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

Interest

The District generates funds from invested funds.

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 12 meetings during the fiscal year.

FICA Expense

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

Engineering

The District's engineer, Poulos & Bennett, LLC, will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review of invoices and requisitions, preparation and review of contract specifications and bid documents, and various projects assigned as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel, Latham, Luna, Eden & Beaudine, LLP, will be providing general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2022 Special Assessment Bonds. The District has contracted with AMTEC Corporation for this service.

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. The District has contracted with Governmental Management Services- Central Florida, LLC for this service on Series 2022 Special Assessment Bonds.

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 2022 Special Assessment Bonds that are deposited with Trustee at USBank.

Assessment Administration

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

Management Fees

The District has contracted with Governmental Management Services-Central Florida, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but not limited to, recording and transcription of board meetings, budget preparation, all financial reporting, annual audit, etc.

Information Technology

The District has contracted with Governmental Management Services-Central Florida, LLC for costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc.

Website Maintenance

The District has contracted with Governmental Management Services-Central Florida, LLC for costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statues. 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

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

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 officials liability insurance coverage is provided by 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.

Other Current Charges

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

Office Supplies

Miscellaneous office supplies.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Commerce for $175. This is the only expense under this category for the District.

Operations & Maintenance:

Field Services

The District has contracted with Governmental Management Services-Central Florida, LLC for onsite field management of contracts for the District such as landscape and lake maintenance. Services to 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

Represents estimated costs for the annual coverage of property insurance. Coverage will be provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Electric

Represents estimated cost of electric services for items such as monument lighting, irrigation meters, etc.

Water & Sewer

Represents estimated cost of water services for areas within the district such as main entrance, irrigated turf and landscaping around ponds.

Landscape Maintenance

The District will maintain the landscaping within the common areas of the District after installation of landscape material has been completed. Budgeted amount is based on proposals from Cherry Lake Inc. for Phases 1 and 2.

Description	Monthly	Annual	
Landscape Maintenance - Partial Phases 1 & 2	$8,308	$99,696	
Total		$99,696	

Landscape Contingency

Represents estimated costs for any additional landscape expenses not covered under the monthly landscape maintenance contract.

Lake Maintenance

Represents cost to maintain four stormwater retention ponds. Amount is based on proposal from Applied Aquatic Management, Inc. for monthly maintenance and as needed clean-up/treatments.

Description	Monthly	Annual	
Pond Maintenance
Stormwater Retention Ponds 1 - 4	
$727	
$8,724	
Total		$8,724	

Irrigation Repairs

Represents estimated costs for any repairs to the irrigation system.

Fountain Maintenance

Represents estimated costs for any repairs & maintenance to fountains maintained by the District.

Pressure Washing

Represents estimated cost to pressure wash areas within the District boundaries.

Repairs & Maintenance

Represents general repairs and maintenance costs that are not budgeted under any other budgeted line item.

Contingency

Represents any additional field expense that may not have been provided for in the budget.

Transfer Out – Capital Reserve

Represents excess funds at fiscal year end transferred to the Capital Reserve fund.

Community Development District Adopted Budget
FY2026
Capital Reserve Fund

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Adopted
Budget	
FY2025	5/31/25	4 Months	9/30/25	FY2026	

Revenues:		
Transfer In	$	66,503	$	6,503	$	60,000	$	66,503	$	10,000	
Interest	6,000	0	500	500	1,200	
Total Revenues	$	72,503	$	6,503	$	60,500	$	67,003	$	11,200	

Expenditures:						
Contingency	$	-	$	-	$	-	$	-	$	-	
Capital Outlay	-	-	-	-	-	
Total Expenditures	$	-	$	-	$	-	$	-	$	-	
						
Excess Revenues (Expenditures)	$	72,503	$	6,503	$	60,500	$	67,003	$	11,200	
						
Fund Balance - Beginning	$	-	$	-	$	-	$	-	$	67,003	
						
Fund Balance - Ending	$	72,503	$	6,503	$	60,500	$	67,003	$	78,203	

Community Development District Adopted Budget
FY2026
Debt Service Fund Series 2022

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Adopted
Budget	
FY2025	5/31/25	4 Months	9/30/25	FY2026	

Revenues:		
Special Assessments	$	536,213	$	547,782	$	-	$	547,782	$	536,213	
Interest	18,000	16,213	7,100	23,313	18,000	
Carry Forward Surplus*	210,417	219,729	-	219,729	242,486	
Total Revenues	$	764,630	$	783,725	$	7,100	$	790,825	$	796,699	

Expenditures:						
Series 2022
Interest - 12/15	

$	163,968	

$	163,968	

$	-	

$	163,968	

$	161,290	
Principal - 06/15	210,000	-	210,000	210,000	215,000	
Interest - 06/15	163,968	-	163,968	163,968	161,290	
Total Expenditures	$	537,935	$	163,968	$	373,968	$	537,935	$	537,580	

Other Sources/(Uses)						
Transfer In/(Out)	$	(12,000)	$	(7,204)	$	(3,200)	$	(10,404)	$	(10,000)	
Total Other Financing Sources (Uses)	$	(12,000)	$	(7,204)	$	(3,200)	$	(10,404)	$	(10,000)	
						
Excess Revenues (Expenditures)	$	214,695	$	612,553	$	(370,068)	$	242,486	$	249,119	

*Represents carry forward surplus less	

Reserve amount.			

Interest - 12/15/2026	

$158,549	
				Total	$158,549	
				
Net Assessment	
$536,213	
				Collection Cost (6%)	$34,226	
				Gross Assessment	$570,439	
						
		Property Type	Units	Gross Per Unit	Gross Total	
		Condo	256	$886	$226,770	
		Townhome	200	$1,102	$220,308	
		Single Family	70	$1,762	$123,359	
		Total	526		$570,437	

Storey Drive
Series 2022, Special Assessment Bonds (Term Bonds Combined)

Amortization Schedule

Date	Balance	Principal	Interest	Annual	

6/15/25	$	
9,305,000	
$	210,000  $	
163,967.50  $	
-	
12/15/25  $	9,095,000	$	-	$	161,290.00  $	535,257.50	
6/15/26	$	9,095,000	$	215,000  $	161,290.00  $	-	
12/15/26  $	8,880,000	$	-	$	158,548.75  $	534,838.75	
6/15/27	$	8,880,000	$	220,000  $	158,548.75  $	-	
12/15/27  $	8,660,000	$	-	$	155,743.75  $	534,292.50	
6/15/28	$	8,660,000	$	225,000  $	155,743.75  $	-	
12/15/28  $	8,435,000	$	-	$	152,368.75  $	533,112.50	
6/15/29	$	8,435,000	$	235,000  $	152,368.75  $	-	
12/15/29  $	8,200,000	$	-	$	148,843.75  $	536,212.50	
6/15/30	$	8,200,000	$	240,000  $	148,843.75  $	-	
12/15/30  $	7,960,000	$	-	$	145,243.75  $	534,087.50	
6/15/31	$	7,960,000	$	245,000  $	145,243.75  $	-	
12/15/31  $	7,715,000	$	-	$	141,568.75  $	531,812.50	
6/15/32	$	7,715,000	$	255,000  $	141,568.75  $	-	
12/15/32  $	7,460,000	$	-	$	137,743.75  $	534,312.50	
6/15/33	$	7,460,000	$	265,000  $	137,743.75  $	-	
12/15/33  $	7,195,000	$	-	$	133,437.50  $	536,181.25	
6/15/34	$	7,195,000	$	270,000  $	133,437.50  $	-	
12/15/34  $	6,925,000	$	-	$	129,050.00  $	532,487.50	
6/15/35	$	6,925,000	$	280,000  $	129,050.00  $	-	
12/15/35  $	6,645,000	$	-	$	124,500.00  $	533,550.00	
6/15/36	$	6,645,000	$	290,000  $	124,500.00  $	-	
12/15/36  $	6,355,000	$	-	$	119,787.50  $	534,287.50	
6/15/37	$	6,355,000	$	300,000  $	119,787.50  $	-	
12/15/37  $	6,055,000	$	-	$	114,912.50  $	534,700.00	
6/15/38	$	6,055,000	$	310,000  $	114,912.50  $	-	
12/15/38  $	5,745,000	$	-	$	109,875.00  $	534,787.50	
6/15/39	$	5,745,000	$	320,000  $	109,875.00  $	-	
12/15/39  $	5,425,000	$	-	$	104,675.00  $	534,550.00	
6/15/40	$	5,425,000	$	330,000  $	104,675.00  $	-	
12/15/40  $	5,095,000	$	-	$	99,312.50  $	533,987.50	
6/15/41	$	5,095,000	$	340,000  $	99,312.50  $	-	
12/15/41  $	4,755,000	$	-	$	93,787.50  $	533,100.00	
6/15/42	$	4,755,000	$	350,000  $	93,787.50  $	-	
12/15/42  $	4,405,000	$	-	$	88,100.00  $	531,887.50	
6/15/43	$	4,405,000	$	365,000  $	88,100.00  $	-	
12/15/43  $	4,040,000	$	-	$	80,800.00  $	533,900.00	
6/15/44	$	4,040,000	$	380,000  $	80,800.00  $	-	
12/15/44  $	3,660,000	$	-	$	73,200.00  $	534,000.00	
6/15/45	$	3,660,000	$	395,000  $	73,200.00  $	-	
12/15/45  $	3,265,000	$	-	$	65,300.00  $	533,500.00	
6/15/46	$	3,265,000	$	410,000  $	65,300.00  $	-	
12/15/46  $	2,855,000	$	-	$	57,100.00  $	532,400.00	
6/15/47	$	2,855,000	$	430,000  $	57,100.00  $	-	
12/15/47  $	2,425,000	$	-	$	48,500.00  $	535,600.00	
6/15/48	$	2,425,000	$	445,000  $	48,500.00  $	-	
12/15/48  $	1,980,000	$	-	$	39,600.00  $	533,100.00	
6/15/49	$	1,980,000	$	465,000  $	39,600.00  $	-	
12/15/49  $	1,515,000	$	-	$	30,300.00  $	534,900.00	
6/15/50	$	1,515,000	$	485,000  $	30,300.00  $	-	
12/15/50  $	1,030,000	$	-	$	20,600.00  $	535,900.00	
6/15/51	$	1,030,000	$	505,000  $	20,600.00  $	-	
12/15/51  $	525,000	$	-	$	10,500.00  $	536,100.00	
6/15/52	$	525,000	$	525,000  $	10,500.00  $	535,500.00	
Totals		$  9,305,000  $	5,653,345  $ 14,958,345.00