Storey Drive
Community Development District

Adopted Budget FY2027

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
FY2027
General Fund

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Adopted
Budget	
FY2026	5/31/26	4 Months	9/30/26	FY2027	

Revenues:		
Special Assessments	$	313,137	$	323,159	$	-	$	323,159	$	313,137	
Interest	3,600	8,370	4,500	12,870	10,000	
Total Revenues	$	316,737	$	331,529	$	4,500	$	336,029	$	323,137	

Expenditures:						
Administrative:						
Supervisor Fees	$	12,000	$	2,600	$	2,000	$	4,600	$	12,000	
FICA Expense	918	199	153	352	918	
Engineering Fees	12,000	1,535	3,465	5,000	12,000	
Attorney	25,000	6,160	5,840	12,000	25,000	
Arbitrage	450	450	-	450	450	
Dissemination	3,785	2,523	1,262	3,785	3,974	
Annual Audit	3,600	3,800	-	3,800	3,800	
Trustee Fees	4,445	4,434	-	4,434	4,445	
Assessment Administration	5,678	5,678	-	5,678	5,962	
Management Fees	41,200	27,467	13,733	41,200	43,260	
Information Technology	1,947	1,298	649	1,947	2,044	
Website Maintenance	1,298	865	433	1,298	1,363	
Telephone	75	-	25	25	75	
Postage	500	62	88	150	500	
Printing & Binding	500	28	47	75	500	
Insurance	6,395	6,163	-	6,163	6,779	
Legal Advertising	2,500	684	1,816	2,500	2,500	
Other Current Charges	600	377	180	557	600	
Office Supplies	150	2	23	25	150	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Total Administrative:	$	123,216	$	64,501	$	29,713	$	94,214	$	126,495	
Operations & Maintenance						
Field Services	$	10,302	$	6,868	$	3,434	$	10,302	$	10,817	
Property Insurance	8,500	7,008	-	7,008	7,100	
Electric	21,500	-	-	-	21,500	
Water & Sewer	10,000	-	-	-	10,000	
Landscape Maintenance	99,696	59,937	20,055	79,992	60,773	
Landscape Contingency	2,500	-	30,000	30,000	25,000	
Lake Maintenance	8,724	5,816	2,908	8,724	8,988	
Irrigation Repairs	2,500	2,663	1,350	4,013	5,000	
Fountain Maintenance	5,000	678	1,822	2,500	5,000	
Pressure Washing	2,500	-	2,500	2,500	2,500	
Repairs & Maintenance	3,500	2,659	-	2,659	3,500	
Contingency	8,799	-	4,250	4,250	8,500	
Total Operations & Maintenance:	$	183,521	$	85,629	$	66,319	$	151,948	$	168,678	
Reserves						
Capital Reserve Transfer	$	10,000	$	10,000	$	-	$	10,000	$	27,964	
Total Reserves	$	10,000	$	10,000	$	-	$	10,000	$	27,964	
						
Total Expenditures	$	316,737	$	160,130	$	96,032	$	256,163	$	323,137	
						
Excess Revenues (Expenditures)	$	-	$	171,399	$	(91,532)	$	79,867	$	-	

Community Development District

FY 2027 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		$122,528.65	
Townhomes	200	0.75	150	$717.94		$143,588.27	
Single Family	70	1.00	70	$957.26		$67,007.86	
Total	526		348			$333,124.78	
		
Fiscal Year 2026					
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		-$0.63	
Townhomes	200	0.75	150	$0.00		$0.27	
Single Family	70	1.00	70	$0.01		$0.36	
Total	526		348			$0.00	

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 proposal from Floralawn for Phases 1 and 2.

Description	Monthly	Annual	
Landscape Maintenance - Partial Phases 1 & 2	$5,064	$60,773	
Total		$60,773	

Landscape Contingency

Represents estimated costs for any additional landscape expenses such as mulch, palm pruning, annuals, etc., 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	
$749	
$8,988	
Total		$8,988	

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
FY2027
Capital Reserve Fund

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Adopted
Budget	
FY2026	5/31/26	4 Months	9/30/26	FY2027	

Revenues:		
Transfer In	$	10,000	$	10,000	$	-	$	10,000	$	27,964	
Interest	1,200	659		800	1,459	1,800	
Total Revenues	$	11,200	$	10,659	$	800	$	11,459	$	29,764	

Expenditures:							
Contingency	$	-	$	-	$	-	$	-	$	-	
Capital Outlay	-	-		-	-	-	
Total Expenditures	$	-	$	-	$	-	$	-	$	-	
							
Excess Revenues (Expenditures)	$	11,200	$	10,659	$	800	$	11,459	$	29,764	
							
Fund Balance - Beginning	$	67,003	$	66,503	$	-	$	66,503	$	77,962	
							
Fund Balance - Ending	$	78,203	$	77,162	$	800	$	77,962	$	107,726	

Community Development District Adopted Budget
FY2027
Debt Service Fund Series 2022

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Adopted
Budget	
FY2026	5/31/26	4 Months	9/30/26	FY2027	

Revenues:		
Special Assessments	$	536,213	$	553,372	$	-	$	553,372	$	536,213	
Interest	18,000	12,239	4,125	16,364	12,000	
Carry Forward Surplus*	242,486	457,898	-	457,898	270,365	
Total Revenues	$	796,699	$	1,023,509	$	4,125	$	1,027,634	$	818,578	

Expenditures:						
Series 2022
Interest - 12/15	

$	161,290	

$	161,290	

$	-	

$	161,290	

$	158,549	
Principal - 06/15	215,000	-	215,000	215,000	220,000	
Interest - 06/15	161,290	-	161,290	161,290	158,549	
Total Expenditures	$	537,580	$	161,290	$	376,290	$	537,580	$	537,098	

Other Sources/(Uses)						
Transfer In/(Out)	$	(10,000)	$	(219,064)	$	(625)	$	(219,689)	$	(2,400)	
Total Other Financing Sources (Uses)	$	(10,000)	$	(219,064)	$	(625)	$	(219,689)	$	(2,400)	
						
Excess Revenues (Expenditures)	$	249,119	$	643,155	$	(372,790)	$	270,365	$	279,080	

*Represents carry forward surplus less	

Reserve amount.			

Interest - 12/15/2027	

$155,744	
				Total	$155,744	
				
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	

6/15/26	$	
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		$  9,095,000  $	5,328,088  $ 14,423,087.50