Adoted Budget
Fiscal Year 2023

Eureka Grove Community Development District

August 19, 2022

Eureka Grove
Community Development District

General Fund

Adopted Budget
 	FY 2022	

Actual thru
 	7/31/2022	

Projected Next
 	2 Months	

Total Projected at
 	9/30/2022	

Adopted Budget
 	FY 2023	

 Description	

Revenues

Maintenance Assessments Interest Income

$63,001
$0

$63,027
$10

$0
$0

$63,027
$10

$63,001
$0

Total Revenues

 	$63,001 

 	$63,037 

 	$0 

 	$63,037 

 	$63,001 

Expenditures

Administrative

Engineering Fees Arbitrage Rebate Dissemination Agent Assessment Roll Attorney Fees Annual Audit Trustee Fees Management Fees Postage
Printing & Binding
General Liability Insurance Legal Advertising
Other Current Charges Website Admin
Dues, Licenses & Subscriptions

$4,000
$550
$1,500
$1,000
$12,000
$5,000
$3,000
$24,000
$395
$300
$5,776
$1,250
$3,055
$1,000
$175

$0
$0
$0
$1,000
$3,638
$5,100
$0
$20,000
$6
$29
$5,435
$294
$577
$833
$175

$2,000
$550
$0
$0
$4,000
$0
$4,000
$4,000
$150
$150
$0
$500
$115
$167
$0

$2,000
$550
$0
$1,000
$7,638
$5,100
$4,000
$24,000
$156
$179
$5,435
$794
$692
$1,000
$175

$4,000
$550
$1,500
$1,000
$12,000
$3,700
$4,000
$25,200
$395
$300
$6,114
$1,250
$1,817
$1,000
$175

Total Expenditures

 	$63,001 

 	$37,086 

 	$15,632 

 	$52,718 

 	$63,001 

Assigned Fund Balance

 	$1 

 	$25,951 

 	($15,632)

 	$10,319 

 	$0 

Page 1

O&M Assessments
Annual Net	Annual Gross
Land Use	 No. of Units		 	Per Unit		 	Per Unit	
Villas	150		$420.00	$442.11 Less: Discounts/Commissions (5%)
*Amount includes 4% for Discounts and 1% for County Fees

Annual Gross*
Total

$66,316.50

-$3,315.83

$63,000.68

Eureka Grove
Community Development District

GENERAL FUND BUDGET

REVENUES:

Maintenance Assessments

is presently anticipated that the District will enter into a Funding Agreement with the Developer to Fund all General Fund expenditures for the Fiscal Year.

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

The District is required to have an annual arbitrage rebate calculation on the District’s Bonds. The District will contract with an independent auditing firm to perform the calculations.

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. GMS-SF, LLC will oversee the dissemination reporting.

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, etc.

Annual Audit

The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

Trustee Fees

The District bonds will be held and administered by a Trustee. This represents the Trustee annual fee.

Management Fees

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

Website Administration

Per Chapter 2014-22, Laws of Florida, all Districts must have a website 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 monthly.

Postage

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

Page 2

Eureka Grove
Community Development District

GENERAL FUND BUDGET

Administrative: (continued)

Printing & Binding

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

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.

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.

Page 3

Eureka Grove
Community Development District

Debt Service Fund
Series 2021 Special Assessment Bond

Adopted Budget
 	FY 2022	

Actual thru
 	7/31/2022	

Projected Next
 	2 Months	

Total Projected at
 	9/30/2022	

Adopted Budget
 	FY 2023	

 Description	

Revenues

Interest Income Assessments
Carry Forward Surplus (1)

$0
$162,000
$25,531

$80
$162,068
$25,531

$0
$0
$0

$80
$162,068
$25,531

$0
$162,000
$52,272

Total Revenues

 	$187,531 

 	$187,679 

 	$0 

 	$187,679 

 	$214,272 

Expenditures

Series 2021 Interest 11/01 Interest 05/01 Principal 05/01

$25,531
$49,953
$60,000

$25,531
$49,953
$60,000

$0
$0
$0

$25,531
$49,953
$60,000

$49,263
$49,263
$60,000

Total Expenditures

 	$135,484 

 	$135,484 

 	$0 

 	$135,484 

 	$158,525 

Other Financing Sources/(Uses)

Bond Proceeds

$0

$77

$0

$77

$0

Total Other Financing Sources/(Uses 	$0 

 	$77 

 	$0 

 	$77 

 	$0 

 	$52,047 

$52,272

$0

$52,272

$55,747

(1) Carry forward is net of Reserve Fund requirement.

11/1/23 Interest

$48,573

Page 4

Debt Service Assessments
Annual Net	Annual Gross	Annual Gross*
Land Use	 No. of Units		 	Per Unit		 	Per Unit		Total

Villas	150	$	1,080.00	$	1,136.84
Less: Discounts/Commissions (5%)
*Amount includes 4% for Discounts and 1% for County Fees

$ 170,526.00
$	(8,526.30)

$ 161,999.70

Eureka Grove
Community Development District

Series 2021 Special Assessment Bond
Amortization  Schedule

PRINCIPAL
 	BALANCE	

 	DATE	

COUPON

 	INTEREST	

 	PRINCIPAL	

 	TOTAL	

1-Nov-21
1-May-22

$2,850,000.00
$2,850,000.00

2.300%
2.300%

$25,531.28
$49,952.50

$0.00
$60,000.00

$135,483.78

1-Nov-23
1-May-24
1-Nov-24
1-May-25
1-Nov-25
1-May-26
1-Nov-26
1-May-27
1-Nov-27
1-May-28
1-Nov-28
1-May-29
1-Nov-29
1-May-30
1-Nov-30
1-May-31
1-Nov-31
1-May-32
1-Nov-32
1-May-33
1-Nov-33
1-May-34
1-Nov-34
1-May-35
1-Nov-35
1-May-36
1-Nov-36
1-May-37
1-Nov-37
1-May-38
1-Nov-38
1-May-39
1-Nov-39
1-May-40
1-Nov-40
1-May-41
1-Nov-41
1-May-42
1-Nov-42
1-May-43
1-Nov-43
1-May-44
1-Nov-44
1-May-45
1-Nov-45
1-May-46
1-Nov-46
1-May-47
1-Nov-47
1-May-48
1-Nov-48
1-May-49
1-Nov-49
1-May-50
1-Nov-50
1-May-51

$2,730,000.00
$2,730,000.00
$2,670,000.00
$2,670,000.00
$2,605,000.00
$2,605,000.00
$2,540,000.00
$2,540,000.00
$2,475,000.00
$2,475,000.00
$2,405,000.00
$2,405,000.00
$2,335,000.00
$2,335,000.00
$2,265,000.00
$2,265,000.00
$2,190,000.00
$2,190,000.00
$2,115,000.00
$2,115,000.00
$2,035,000.00
$2,035,000.00
$1,955,000.00
$1,955,000.00
$1,870,000.00
$1,870,000.00
$1,785,000.00
$1,785,000.00
$1,695,000.00
$1,695,000.00
$1,600,000.00
$1,600,000.00
$1,505,000.00
$1,505,000.00
$1,405,000.00
$1,405,000.00
$1,300,000.00
$1,300,000.00
$1,190,000.00
$1,190,000.00
$1,075,000.00
$1,075,000.00
$960,000.00
$960,000.00
$840,000.00
$840,000.00
$715,000.00
$715,000.00
$585,000.00
$585,000.00
$450,000.00
$450,000.00
$305,000.00
$305,000.00
$155,000.00
$155,000.00

2.300%
2.300%
2.300%
2.300%
2.300%
2.300%
2.300%
2.750%
2.750%
2.750%
2.750%
2.750%
2.750%
2.750%
2.750%
2.750%
2.750%
3.500%
3.500%
3.500%
3.500%
3.500%
3.500%
3.500%
3.500%
3.500%
3.500%
3.500%
3.500%
3.500%
3.500%
3.500%
3.500%
3.500%
3.500%
3.500%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%

$48,572.50
$48,572.50
$47,882.50
$47,882.50
$47,135.00
$47,135.00
$46,387.50
$46,387.50
$45,493.75
$45,493.75
$44,531.25
$44,531.25
$43,568.75
$43,568.75
$42,606.25
$42,606.25
$41,575.00
$41,575.00
$40,262.50
$40,262.50
$38,862.50
$38,862.50
$37,462.50
$37,462.50
$35,975.00
$35,975.00
$34,487.50
$34,487.50
$32,912.50
$32,912.50
$31,250.00
$31,250.00
$29,587.50
$29,587.50
$27,837.50
$27,837.50
$26,000.00
$26,000.00
$23,800.00
$23,800.00
$21,500.00
$21,500.00
$19,200.00
$19,200.00
$16,800.00
$16,800.00
$14,300.00
$14,300.00
$11,700.00
$11,700.00
$9,000.00
$9,000.00
$6,100.00
$6,100.00
$3,100.00
$3,100.00

$0.00
$60,000.00
$0.00
$65,000.00
$0.00
$65,000.00
$0.00
$65,000.00
$0.00
$70,000.00
$0.00
$70,000.00
$0.00
$70,000.00
$0.00
$75,000.00
$0.00
$75,000.00
$0.00
$80,000.00
$0.00
$80,000.00
$0.00
$85,000.00
$0.00
$85,000.00
$0.00
$90,000.00
$0.00
$95,000.00
$0.00
$95,000.00
$0.00
$100,000.00
$0.00
$105,000.00
$0.00
$110,000.00
$0.00
$115,000.00
$0.00
$115,000.00
$0.00
$120,000.00
$0.00
$125,000.00
$0.00
$130,000.00
$0.00
$135,000.00
$0.00
$145,000.00
$0.00
$150,000.00
$0.00
$155,000.00

$157,145.00

$160,765.00

$159,270.00

$157,775.00

$160,987.50

$159,062.50

$157,137.50

$160,212.50

$158,150.00

$160,525.00

$157,725.00

$159,925.00

$156,950.00

$158,975.00

$160,825.00

$157,500.00

$159,175.00

$160,675.00

$162,000.00

$162,600.00

$158,000.00

$158,400.00

$158,600.00

$158,600.00

$158,400.00

$163,000.00

$162,200.00

$161,200.00

 	Total	

 	$1,909,788.78

 	$2,850,000.00

 	$4,759,788.78

Page 5

1-Nov-22	$2,790,000.00	2.300%	$49,262.50	$0.00
1-May-23	$2,790,000.00	2.300%	$49,262.50	$60,000.00	$158,525.00