Adopted Budget	
Fiscal Year 2022	

Centre Lake	
Community Development District	

August 18, 2021

Centre Lake	
Community Development District	

TABLE OF CONTENTS

General Fund	
Budget	
Budget Narrative	

Page 1	
Page 2-3	

Debt Service Fund	
Budget	
Amortization Schedule	

Page 4	
Page 5	

Centre Lake		
Community Development District										General Fund	

 Description			Adopted Budget
 	FY 2021			Actual Thru
 	7/31/2021			Projected Next
 	2 Months			Total Projected
     9/30/2021			Adopted Budget
 	FY 2022		
Revenues											
Maintenance Assessments		$241,000		$242,860		$0		$242,860		$241,000	
 TOTAL REVENUES			 	$241,000  		 	$242,860  		 	$0  		 	$242,860  		 	$241,000  	
Expenditures											
Administrative
Engineering Fees		
$4,500		
$8,441		
$1,407		
$9,848		
$6,000	
Arbitrage		$2,750		$0		$0		$0		$2,750	
Dissemination Agent		$5,000		$4,167		$833		$5,000		$2,500	
Assessment Roll		$0		$0		$0		$0		$5,000	
Attorney Fees		$10,000		$22,235		$2,000		$24,235		$12,000	
Annual Audit		$3,500		$3,500		$0		$3,500		$3,500	
Trustee Fees		$3,250		$3,250		$0		$3,250		$3,250	
Management Fees		$33,372		$27,810		$5,562		$33,372		$33,372	
Computer Time		$1,000		$833		$167		$1,000		$1,000	
Website Compliance		$1,000		$833		$167		$1,000		$1,000	
Telephone		$40		$0		$10		$10		$40	
Postage		$200		$213		$36		$249		$200	
Printing & Binding		$300		$361		$60		$421		$300	
Insurance		$6,205		$5,920		$0		$5,920		$6,520	
Legal Advertising		$500		$591		$200		$791		$700	
Other Current Charges		$450		$307		$51		$358		$450	
Office Supplies		$90		$0		$25		$25		$90	
Dues, Licenses & Subscription		$175		$175		$0		$175		$175	
 TOTAL ADMINISTRATIVE			 	$72,332  		 	$78,636  		 	$10,517  		 	$89,153  		 	$78,847  	
Field											
Field Management		$12,000		$10,000		$2,000		$12,000		$12,000	
Landscape Maintenance		$65,000		$55,995		$9,005		$65,000		$65,000	
Plant Replacement		$8,000		$0		$1,333		$1,333		$5,000	
General Repairs		$12,000		$1,775		$2,000		$3,775		$15,000	
Lake Maintenance		$14,400		$21,275		$2,400		$23,675		$14,400	
Midge Control		$28,553		$14,000		$7,000		$21,000		$28,553	
Lake Debris Removal		$2,000		$0		$333		$333		$2,000	
Holiday Decorations		$5,000		$0		$5,000		$5,000		$5,000	
Sidewalk Maintenance		$5,000		$0		$833		$833		$5,000	
Contingency		$16,715		$9,760		$1,627		$11,387		$3,000	
Fountain Maintenance		$0		$1,269		$1,000		$2,269		$7,200	
 TOTAL FIELD			 	$168,668  		 	$114,074  		 	$32,531  		 	$146,606  		 	$162,153  	
 TOTAL EXPENDITURES			 	$241,000  		 	$192,710  		 	$43,049  		 	$235,759  		 	$241,000  	
 FUND BALANCE			 	$0  		 	$50,150  		 	($43,049)		 	$7,101  		 	$0  	
								
Per Unit		
Total	

Gross Assessment	$526.32		$253,684	
Less: Disc. & Coll. (5%)	-$26.32		($12,684)	
Net Assessment	$500.00		$241,000	
Number of Units	482	

Page 1

Centre Lake
Community Development District

REVENUES:

Assessments
The District will levy a Maintenance Assessment on all assessable property within the District.

EXPENDITURES:

Administrative:

Engineering Fees
The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc.

Arbitrage Rebate Calculation
The District is required to annually have an arbitrage rebate calculation on the District's Series 2016 Special Assessment Bonds. The District will contract with an independent certified public accounting firm to calculate the rebate liability and submit a report to the District.

Dissemination Agent
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.

Attorney Fees
The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, resolutions etc.

Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Per Section
218.39 of the Florida Statues, each special district with total revenues or expenditures in excess of $100,000 OR any special district with revenue or expenses between $50,000 and $100,000 that has not been subject to a financial audit in the 2 preceding fiscal years must perform an independent annual audit.

Trustee Fees
The District issued Series 2016 Special Assessment Bonds which are held with a Trustee at Zions Bank. The amount of the trustee fees budgeted is based on the agreement between Zions Bank and the District.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC.

Computer Time
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.

Website Compliance
Per Section 189.069 F.S, all Districts must have a website by October 1, 2015 to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated as required by the Statute.

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.

Centre Lake
Community Development District

Administrative: (continued)

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies.  The amount is based upon similar Community Development Districts.

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 that incurred during the year.

Office Supplies
Miscellaneous office supplies.

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Field:

Field Management
The supervision and on-site management of Centre Lake CDD. The responsibilities include reviewing contracts and other maintenance related items.

Landscape Maintenance
Common area lawn maintenance. Includes grass cutting and edging, quarterly fertilization, bi-monthly pest control and weed control.

Plant Replacement
The District will go into contract for the replacement of plants needed along the common areas.

General Repairs
Includes maintenance and repair work that may come up during the Fiscal Year.

Lake Maintenance
Includes monthly Lake Management Services for the Lakes in the District.

Midge Control
The District will hire a company to provide midge management services.

Lake Debris Removal
Includes monthly cleaning and debris removal of all CDD lakes.

Holiday Decorations
The District will hire a company to decorate the common grounds for the holidays.

Sidewalk Maintenance
This line item is the estimated cost for the maintenance of the sidewalks.

Contingency
Any unscheduled repairs and maintenance that the District should incur during the fiscal year.

Fountain Maintenance
This is the estimated cost for the maintenance of the fountains within the district.

Centre Lake	
Community Development District	

 	
Debt Service Fund	
Series 2016 Special Assessment Bonds	

Adopted	
Budget	
 	FY 2021		

 Description	

Revenues	
Special Assessments - A Bonds	
Interest Income	
Carry Forward Surplus (1)	

 TOTAL REVENUES	

Actual	
Thru	
     7/31/2021		

Projected	
Next	
 	2 Months		

Total	Adopted	
Projected	Budget	
     9/30/2021	FY 2022		

$676,618	$681,726	$0	$681,726
$0	$78	$16	$94
$508,054	$496,777	$0	$496,777

 	$1,184,672  	 	$1,178,580  	

                     $16  	 	$1,178,596  	

$676,618	
$0	
$506,266	

 	$1,182,884  

Expenditures

Series 2016	
Interest - 12/15	
Principal - 12/15	
Interest - 06/15	

$232,871	
$210,000	
$229,459	

$232,871	
$210,000	
$229,459	

$0	
$0	
$0	

$232,871	
$210,000	
$229,459	

$229,459	
$215,000	
$225,965	

 TOTAL EXPENDITURES			 	$672,330  		 	$672,330  		 	$0  		 	$672,330  		 	$670,424  	
 EXCESS REVENUES			 	$512,342  		 	$506,250  		 	$16  		 	$506,266  		 	$512,460  	

Interest 12/15/2022	
Principal 12/15/2022	

$ 225,965.00	
  $ 220,000.00  	
  $ 445,965.00  	

		Series 2016		
Land Use	No. Units	Gross Per Unit	TOTAL	
Single	256	$1,767.76	$452,546.02	
Townhomes	 	226		$1,149.04	 	$259,683.52		
	482		$712,229.54	
	Less Disc	ount/Collection Fees	       ($35,611.48) 	
	T	otal Net Assessment	$676,618.06	

(1) Carry forward surplus is net of the reserve requirement.

Centre Lake	
Community Development District	

 	
Series 2016 Special Assessment Bonds	
AMORTIZATION SCHEDULE	

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL	

12/15/21	$	10,025,000.00	$	215,000.00	$	229,458.75	$	673,917.50	
06/15/22	$	9,810,000.00	$	-	$	225,965.00	$	-	
12/15/22	$	9,810,000.00	$	220,000.00	$	225,965.00	$	671,930.00	
06/15/23	$	9,590,000.00	$	-	$	221,427.50	$	-	
12/15/23	$	9,590,000.00	$	230,000.00	$	221,427.50	$	672,855.00	
06/15/24	$	9,360,000.00	$	-	$	216,683.75	$	-	
12/15/24	$	9,360,000.00	$	240,000.00	$	216,683.75	$	673,367.50	
06/15/25	$	9,120,000.00	$	-	$	211,733.75	$	-	
12/15/25	$	9,120,000.00	$	250,000.00	$	211,733.75	$	673,467.50	
06/15/26	$	8,870,000.00	$	-	$	206,577.50	$	-	
12/15/26	$	8,870,000.00	$	260,000.00	$	206,577.50	$	673,155.00	
06/15/27	$	8,610,000.00	$	-	$	201,215.00	$	-	
12/15/27	$	8,610,000.00	$	270,000.00	$	201,215.00	$	672,430.00	
06/15/28	$	8,340,000.00	$	-	$	195,646.25	$	-	
12/15/28	$	8,340,000.00	$	285,000.00	$	195,646.25	$	676,292.50	
06/15/29	$	8,055,000.00	$	-	$	189,233.75	$	-	
12/15/29	$	8,055,000.00	$	295,000.00	$	189,233.75	$	673,467.50	
06/15/30	$	7,760,000.00	$	-	$	182,596.25	$	-	
12/15/30	$	7,760,000.00	$	310,000.00	$	182,596.25	$	675,192.50	
06/15/31	$	7,450,000.00	$	-	$	175,621.25	$	-	
12/15/31	$	7,450,000.00	$	325,000.00	$	175,621.25	$	676,242.50	
06/15/32	$	7,125,000.00	$	-	$	168,308.75	$	-	
12/15/32	$	7,125,000.00	$	340,000.00	$	168,308.75	$	676,617.50	
06/15/33	$	6,785,000.00	$	-	$	160,658.75	$	-	
12/15/33	$	6,785,000.00	$	355,000.00	$	160,658.75	$	676,317.50	
06/15/34	$	6,430,000.00	$	-	$	152,316.25	$	-	
12/15/34	$	6,430,000.00	$	370,000.00	$	152,316.25	$	674,632.50	
06/15/35	$	6,060,000.00	$	-	$	143,621.25	$	-	
12/15/35	$	6,060,000.00	$	385,000.00	$	143,621.25	$	672,242.50	
06/15/36	$	5,675,000.00	$	-	$	134,573.75	$	-	
12/15/36	$	5,675,000.00	$	405,000.00	$	134,573.75	$	674,147.50	
06/15/37	$	5,270,000.00	$	-	$	125,056.25	$	-	
12/15/37	$	5,270,000.00	$	425,000.00	$	125,056.25	$	675,112.50	
06/15/38	$	4,845,000.00	$	-	$	115,068.75	$	-	
12/15/38	$	4,845,000.00	$	445,000.00	$	115,068.75	$	675,137.50	
06/15/39	$	4,400,000.00	$	-	$	104,500.00	$	-	
12/15/39	$	4,400,000.00	$	465,000.00	$	104,500.00	$	674,000.00	
06/15/40	$	3,935,000.00	$	-	$	93,456.25	$	-	
12/15/40	$	3,935,000.00	$	485,000.00	$	93,456.25	$	671,912.50	
06/15/41	$	3,450,000.00	$	-	$	81,937.50	$	-	
12/15/41	$	3,450,000.00	$	510,000.00	$	81,937.50	$	673,875.00	
06/15/42	$	2,940,000.00	$	-	$	69,825.00	$	-	
12/15/42	$	2,940,000.00	$	535,000.00	$	69,825.00	$	674,650.00	
06/15/43	$	2,405,000.00	$	-	$	57,118.75	$	-	
12/15/43	$	2,405,000.00	$	560,000.00	$	57,118.75	$	674,237.50	
06/15/44	$	1,845,000.00	$	-	$	43,818.75	$	-	
12/15/44	$	1,845,000.00	$	585,000.00	$	43,818.75	$	672,637.50	
06/15/45	$	1,260,000.00	$	-	$	29,925.00	$	-	
12/15/45	$	1,260,000.00	$	615,000.00	$	29,925.00	$	674,850.00	
06/15/46	$	645,000.00	$	-	$	15,318.75	$	-	
12/15/46	$	645,000.00	$	645,000.00	$	15,318.75	$	675,637.50	

$	10,025,000.00	$	7,273,866.25	$	17,528,325.00