Rolling Oaks
Community Development District

Proposed Budget
FY2023

Table of Contents

1-2	General Fund	

3-6	

General Fund Narrative	

7	

Series 2016 Debt Service Fund	

8	

Series 2016 Amortization Schedule	

9	

Series 2018 Debt Service Fund	

10	

Series 2018 Amortization Schedule	

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

Revenues						
Assessments	$225,536	$219,974	$5,562	$225,536	$539,586	
Miscellaneous Income	$0	$5,049	$0	$5,049	$0	
Developer Contributions	$267,801	$40,843	$221,973	$262,815	$45,457	
Total Revenues	$	493,337	$	265,866	$	227,535	$	493,400	$	585,044	

Expenditures						
Administrative
Supervisor Fees	
$12,000	
$3,800	
$4,000	
$7,800	
$12,000	
FICA Expense	$918	$291	$306	$597	$918	
Engineering	$10,000	$0	$9,000	$9,000	$10,000	
Attorney	$15,000	$3,706	$4,653	$8,359	$15,000	
Arbitrage	$900	$900	$0	$900	$1,350	
Dissemination	$7,000	$4,083	$2,917	$7,000	$8,000	
Assessment Administration	$10,000	$10,000	$0	$10,000	$10,000	
Annual Audit	$4,000	$0	$3,450	$3,450	$3,675	
Trustee Fees	$7,000	$7,000	$0	$7,000	$11,041	
Management Fees	$36,050	$21,029	$15,021	$36,050	$37,853	
Information Technology	$800	$467	$333	$800	$1,000	
Website Maintenance	$475	$277	$198	$475	$594	
Telephone	$150	$0	$50	$50	$100	
Postage	$800	$310	$395	$705	$800	
Insurance	$6,483	$6,405	$0	$6,405	$7,686	
Printing & Binding	$800	$327	$233	$560	$800	
Legal Advertising	$2,000	$0	$2,000	$2,000	$2,000	
Other Current Charges	$2,000	$276	$250	$526	$2,000	
Office Supplies	$125	$54	$72	$126	$130	
Property Appraiser Fee	$180	$229	$0	$229	$300	
Property Taxes	$150	$8	$0	$8	$80	
Meeting Room	$750	$419	$558	$977	$1,674	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
 Administrative Expenditures	$	117,756	$	59,755	$	43,437	$	103,191	$	127,176	

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

Field Operations						
Property Insurance	$0	$7,265	$0	$7,265	$8,718	
Electric	$0	$4,808	$4,000	$8,808	$9,689	
Streetlights	$110,000	$58,955	$43,000	$101,955	$112,151	
Utilities- Water& Sewer	$85,000	$28,536	$27,500	$56,036	$85,000	
Landscape Maintenance	$85,560	$57,410	$45,025	$102,435	$113,400	
Landscape Enhancements	$22,500	$47,049	$0	$47,049	$50,000	
Landscape Irrigation	$6,500	$2,978	$2,127	$5,105	$6,500	
Lawn Mowing/Trimming	$26,400	$8,800	$17,600	$26,400	$27,720	
Lake Maintenance	$32,251	$21,052	$14,104	$35,156	$37,321	
Contingency	$7,370	$0	$0	$0	$7,370	
 Field Operations Expenditures	$	375,581	$	236,853	$	153,356	$	390,209	$	457,868	
						
Total Expenditures	$	493,337	$	296,608	$	196,793	$	493,400	$	585,044	
						
Excess Revenues/(Expenditures)	$	-	$	(30,742)	$  30,741.95	$	(0)	$	-	

FY2023	
				Net Assessments	$539,586	
Add: Discounts & Collections 		$34,442	 Gross Assessments 	$574,028	

Product	ERU's	Assessable Units	ERU/Unit	Net Assessment  Net Per Unit	Gross Per Unit	
Single Family	663.00	663	1.00	$331,553.04	$500.08	$532.00	
Condo	240.00	300	0.80	$120,019.20	$400.06	$425.60	
Apartment	176.00	352	0.50	$88,014.08	$250.04	$266.00	
	1079.00	1315		$539,586.32		

Community Development District
General Fund Budget

REVENUES:

Assessments

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

Developer Contributions

The District will enter into a Deficit Funding Agreement with the Developer to fund any General Fund expenditures remaining once all assessment funds have been utilized.

EXPENDITURES:

Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to received $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 the Board of Supervisor checks.

Engineering

The District's engineer 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 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 2016 & Series 2018 Special Assessment Revenue Bonds and any additional bond issuance in 2023.

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.

Assessment Administration

The District has contracted with Governmental Management Services-CF, 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 2016 & Series 2018 Special Assessment Revenue Bonds that are deposited with a Trustee at Regions Bank. This will also include an additional bond issued in 2023.

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

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.

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.

Telephone

Telephone and fax machine.

Postage

The District incurs charges for mailing of agenda packages, overnight deliveries, checks for vendors and other required correspondence.

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.

Printing & Binding

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.

Other Current Charges

Represents any miscellaneous expenses incurred during the fiscal year such as bank fees, deposit slips, stop payments, etc.

Office Supplies

The District incurs charges for office supplies that need to be purchased during the fiscal year.

Property Appraiser

Represents a fee charged by Osceola County Property Appraiser’s office for assessment administration services.

Property Taxes

Represents a fee charged by the Osceola County Tax Collector’s Office for all assessable property within the District.

Meeting Room

Represents the fee charged by Margaritaville Resort Orlando for room rental.

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 Operations:

Property Insurance

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

Electric

Represents estimated costs for electrical accounts with Duke Energy for entrance lighting, irrigation meters and other District areas.

Utilities – Water & Sewer

Represents estimated costs for water & sewer services with Toho Water Authority.

Landscape Maintenance

The District will incur monthly landscape expenses, which include mowing, edging, and string-trimming from REW Landscape Corp.

Description	Monthly
Landscape Maintenance	$	9,450.00 Total	Annually

$ 113,400.00	
	$ 113,400.00	

Landscape Enhancements

Represents estimated costs for landscape enhancements from REW Landscape Corp.

Landscape Irrigation

Represents estimated costs for any miscellaneous landscape irrigation repairs needed for the District from REW Landscape Corp.

Lawn Mowing/Trimming

This represents the mowing of the Pond #4 banks. The District has contracted Lawnmasters Landscaping Of Orlando Inc.

Lake Maintenance

The District will also provide monthly aquatic management services for inspection and treatment of lakes throughout the District from Solitude Lake Management Services.

	Description	Monthly	Annually	
Maintenance		$	1,989.94	$	23,879.28	
Midge Treatment		$	465.42	$	5,585.04	

Lake Assessment		Quarterly
$	1,212.31	
$	4,849.24	
		Semiannually		
Aeration Maintenance	$	614.97	$	1,229.94

Contingency	 $	1,777.50	
Total	$	37,321.00	

Contingency

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

Proposed Budget Debt Service Fund Series 2016

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

Revenues						
Assessments - Tax Roll	$1,014,751	$989,726	$25,025	$1,014,751	$1,125,001	
Assessments - Direct	$114,750	$82,688	$32,062	$114,750	$114,750	
Interest	$500	$207	$148	$355	$500	
Carry Forward Surplus	$796,901	$796,705	$0	$796,705	$807,468	
Total Revenues	$ 1,926,902	$ 1,869,326	$	57,235	$ 1,926,561	$ 2,047,720	

Expenditures						
Interest - 11/01	$434,853	$434,853	$0	$434,853	$429,116	
Principal - 11/01	$255,000	$255,000	$0	$255,000	$265,000	
Interest - 05/01	$429,116	$0	$429,116	$429,116	$423,153	
Total Expenditures	$ 1,118,969	$	689,853	$	429,116	$ 1,118,969	$ 1,117,269	

Other Financing Sources/(Uses)						
Transfer In(Out)	$0	($124)	$0	($124)	$0	
Total Other Financing Sources/(Uses)	$	-	$	(124)	$	-	$	(124)	$	-	
						
Excess Revenues/(Expenditures)	$	807,934	$  1,179,349	$	(371,881)	$	807,468	$	930,451	

Principal 11/1/23 $	275,000
Interest 11/1/23  $	423,153 
Total	 $	698,153 

Unit Type	Units	Gross Per Unit	Total

Single Family	500	$
Less: Discount/Collection (6%)

2,393.62

$ 1,196,810.00
$	(71,808.60)

Net Annual Assessment	$	1,125,001

Rolling Oaks Community Development District Series 2016 Special Assessment Bonds
Amortization Schedule

Date	Balance	Prinicpal	Interest	Total

11/01/22	$	14,695,000.00	$	265	
05/01/23	$	14,430,000.00	$	
11/01/23	$	14,430,000.00	$	275	
05/01/24	$	14,155,000.00	$	
11/01/24	$	14,155,000.00	$	290	
05/01/25	$	13,865,000.00	$	
11/01/25	$	13,865,000.00	$	305	
05/01/26	$	13,560,000.00	$	
11/01/26	$	13,560,000.00	$	320	
05/01/27	$	13,240,000.00	$	
11/01/27	$	13,240,000.00	$	340	
05/01/28	$	12,900,000.00	$	
11/01/28	$	12,900,000.00	$	355	
05/01/29	$	12,545,000.00	$	
11/01/29	$	12,545,000.00	$	375	
05/01/30	$	12,170,000.00	$	
11/01/30	$	12,170,000.00	$	395	
05/01/31	$	11,775,000.00	$	
11/01/31	$	11,775,000.00	$	420	
05/01/32	$	11,355,000.00	$	
11/01/32	$	11,355,000.00	$	445	
05/01/33	$	10,910,000.00	$	
11/01/33	$	10,910,000.00	$	470	
05/01/34	$	10,440,000.00	$	
11/01/34	$	10,440,000.00	$	500	
05/01/35	$	9,940,000.00	$	
11/01/35	$	9,940,000.00	$	530	
05/01/36	$	9,410,000.00	$	
11/01/36	$	9,410,000.00	$	560	
05/01/37	$	8,850,000.00	$	
11/01/37	$	8,850,000.00	$	590	
05/01/38	$	8,260,000.00	$	
11/01/38	$	8,260,000.00	$	625	
05/01/39	$	7,635,000.00	$	
11/01/39	$	7,635,000.00	$	665	
05/01/40	$	6,970,000.00	$	
11/01/40	$	6,970,000.00	$	705	
05/01/41	$	6,265,000.00	$	
11/01/41	$	6,265,000.00	$	745	
05/01/42	$	5,520,000.00	$	
11/01/42	$	5,520,000.00	$	790	
05/01/43	$	4,730,000.00	$	
11/01/43	$	4,730,000.00	$	840	
05/01/44	$	3,890,000.00	$	
11/01/44	$	3,890,000.00	$	890	
05/01/45	$	3,000,000.00	$	
11/01/45	$	3,000,000.00	$	940	
05/01/46	$	2,060,000.00	$	
11/01/46	$	2,060,000.00	$	1,000	
05/01/47	$	1,060,000.00	$	
11/01/47	$	1,060,000.00	$	1,060	

$	429,115.63	$	1,123,231.25	
$	423,153.13		
$	423,153.13	$	1,121,306.25	
$	415,934.38		
$	415,934.38	$	1,121,868.75	
$	408,321.88		
$	408,321.88	$	1,121,643.75	
$	400,315.63		
$	400,315.63	$	1,120,631.25	
$	391,915.63		
$	391,915.63	$	1,123,831.25	
$	382,990.63		
$	382,990.63	$	1,120,981.25	
$	373,671.88		
$	373,671.88	$	1,122,343.75	
$	362,656.25		
$	362,656.25	$	1,120,312.50	
$	351,053.13		
$	351,053.13	$	1,122,106.25	
$	338,715.63		
$	338,715.63	$	1,122,431.25	
$	325,643.75		
$	325,643.75	$	1,121,287.50	
$	311,837.50		
$	311,837.50	$	1,123,675.00	
$	297,150.00		
$	297,150.00	$	1,124,300.00	
$	281,581.25		
$	281,581.25	$	1,123,162.50	
$	265,131.25		
$	265,131.25	$	1,120,262.50	
$	247,800.00		
$	247,800.00	$	1,120,600.00	
$	229,050.00		
$	229,050.00	$	1,123,100.00	
$	209,100.00		
$	209,100.00	$	1,123,200.00	
$	187,950.00		
$	187,950.00	$	1,120,900.00	
$	165,600.00		
$	165,600.00	$	1,121,200.00	
$	141,900.00		
$	141,900.00	$	1,123,800.00	
$	116,700.00		
$	116,700.00	$	1,123,400.00	
$	90,000.00		
$	90,000.00	$	1,120,000.00	
$	61,800.00		
$	61,800.00	$	1,123,600.00	
$	31,800.00		
$	31,800.00	$	1,123,600.00	

,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

$	14,695,000.00	$	14,052,659.38	$	29,176,775.00

Rolling Oaks
Community Development District Proposed Budget
Debt Service Fund Series 2018

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

Revenues						
Assessments	$900,000	$675,000	$225,000	$900,000	$899,947	
Interest	$5,000	$136	$97	$233	$5,000	
Carry Forward Surplus	$594,355	$594,275	$0	$594,275	$600,800	
Total Revenues	$ 1,499,356	$ 1,269,411	$	225,097	$ 1,494,508	$ 1,505,747	

Expenditures						
Interest - 11/01	$346,547	$346,547	$0	$346,547	$342,063	
Principal - 11/01	$205,000	$205,000	$0	$205,000	$215,000	
Interest - 05/01	$342,063	$0	$342,063	$342,063	$337,359	
Total Expenditures	$	893,609	$	551,547	$	342,063	$	893,610	$	894,422	

Other Financing Sources/(Uses)						
Transfer In(Out)	$0	($99)	$0	($99)	$0	
Total Other Financing Sources/(Uses)	$	-	$	(99)	$	-	$	(99)	$	-	
						
Excess Revenues/(Expenditures)	$	605,746	$	717,765	$	(116,965)	$	600,800	$	611,325	

Principal 11/1/23 $	225,000
Interest 11/1/23  $	337,359 
Total	$	562,359

Unit Type	Units	Gross Per Unit	Total	
Single Family		163	$	2,393.62	$	390,159.65	
Condo		300	$	1,890.77	$	567,231.00	
Less: Discount/Collection (6%)			$	(57,443.44)	
Net Annual Assessment			$	899,947	

Rolling Oaks Community Development District Series 2018 Special Assessment Bonds
Amortization Schedule

Date	Balance	Prinicpal	Interest	Total

11/01/22	$	12,760,000.00	$	215	
05/01/23	$	12,545,000.00	$	
11/01/23	$	12,545,000.00	$	225	
05/01/24	$	12,320,000.00	$	
11/01/24	$	12,320,000.00	$	230	
05/01/25	$	12,090,000.00	$	
11/01/25	$	12,090,000.00	$	245	
05/01/26	$	11,845,000.00	$	
11/01/26	$	11,845,000.00	$	255	
05/01/27	$	11,590,000.00	$	
11/01/27	$	11,590,000.00	$	270	
05/01/28	$	11,320,000.00	$	
11/01/28	$	11,320,000.00	$	280	
05/01/29	$	11,040,000.00	$	
11/01/29	$	11,040,000.00	$	295	
05/01/30	$	10,745,000.00	$	
11/01/30	$	10,745,000.00	$	310	
05/01/31	$	10,435,000.00	$	
11/01/31	$	10,435,000.00	$	325	
05/01/32	$	10,110,000.00	$	
11/01/32	$	10,110,000.00	$	345	
05/01/33	$	9,765,000.00	$	
11/01/33	$	9,765,000.00	$	365	
05/01/34	$	9,400,000.00	$	
11/01/34	$	9,400,000.00	$	385	
05/01/35	$	9,015,000.00	$	
11/01/35	$	9,015,000.00	$	405	
05/01/36	$	8,610,000.00	$	
11/01/36	$	8,610,000.00	$	425	
05/01/37	$	8,185,000.00	$	
11/01/37	$	8,185,000.00	$	450	
05/01/38	$	7,735,000.00	$	
11/01/38	$	7,735,000.00	$	475	
05/01/39	$	7,260,000.00	$	
11/01/39	$	7,260,000.00	$	500	
05/01/40	$	6,760,000.00	$	
11/01/40	$	6,760,000.00	$	525	
05/01/41	$	6,235,000.00	$	
11/01/41	$	6,235,000.00	$	555	
05/01/42	$	5,680,000.00	$	
11/01/42	$	5,680,000.00	$	585	
05/01/43	$	5,095,000.00	$	
11/01/43	$	5,095,000.00	$	615	
05/01/44	$	4,480,000.00	$	
11/01/44	$	4,480,000.00	$	650	
05/01/45	$	3,830,000.00	$	
11/01/45	$	3,830,000.00	$	685	
05/01/46	$	3,145,000.00	$	
11/01/46	$	3,145,000.00	$	725	
05/01/47	$	2,420,000.00	$	
11/01/47	$	2,420,000.00	$	765	
05/01/48	$	1,655,000.00	$	
11/01/48	$	1,655,000.00	$	805	
05/01/49	$	850,000.00	$	
11/01/49	$	850,000.00	$	850	

$	342,062.50	$	899,125.00	
$	337,359.38		
$	337,359.38	$	899,718.75	
$	332,437.50		
$	332,437.50	$	894,875.00	
$	326,831.25		
$	326,831.25	$	898,662.50	
$	320,859.38		
$	320,859.38	$	896,718.75	
$	314,643.75		
$	314,643.75	$	899,287.50	
$	308,062.50		
$	308,062.50	$	896,125.00	
$	301,237.50		
$	301,237.50	$	897,475.00	
$	293,309.38		
$	293,309.38	$	896,618.75	
$	284,978.13		
$	284,978.13	$	894,956.25	
$	276,243.75		
$	276,243.75	$	897,487.50	
$	266,971.88		
$	266,971.88	$	898,943.75	
$	257,162.50		
$	257,162.50	$	899,325.00	
$	246,815.63		
$	246,815.63	$	898,631.25	
$	235,931.25		
$	235,931.25	$	896,862.50	
$	224,509.38		
$	224,509.38	$	899,018.75	
$	212,415.63		
$	212,415.63	$	899,831.25	
$	199,650.00		
$	199,650.00	$	899,300.00	
$	185,900.00		
$	185,900.00	$	896,800.00	
$	171,462.50		
$	171,462.50	$	897,925.00	
$	156,200.00		
$	156,200.00	$	897,400.00	
$	140,112.50		
$	140,112.50	$	895,225.00	
$	123,200.00		
$	123,200.00	$	896,400.00	
$	105,325.00		
$	105,325.00	$	895,650.00	
$	86,487.50		
$	86,487.50	$	897,975.00	
$	66,550.00		
$	66,550.00	$	898,100.00	
$	45,512.50		
$	45,512.50	$	896,025.00	
$	23,375.00		
$	23,375.00	$	896,750.00	

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

$	12,965,000.00  $	13,064,306.25  $	26,029,306.25