Approved Proposed Budget
Fiscal Year 2024

Eureka Grove Community Development District

March 17, 2023

Eureka Grove
Community Development District

General Fund

Adopted Budget
	FY 2023	

Actual thru
	2/28/23	

Projected Next
	7 Months	

Total Projected at
	9/30/23	

Proposed Budget
	FY 2024	

 Description	

Revenues

Maintenance Assessments

$63,001

$60,566

$2,435

$63,001

$63,001

Total Revenues

	$63,001 

	$60,566 

	$2,435 

	$63,001 

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

$0
$0
$625
$0
$2,000
$5,200
$0
$10,500
$43
$3
$5,842
$0
$48
$417
$175

$3,000
$0
$875
$1,000
$8,500
$0
$5,675
$14,700
$150
$150
$0
$500
$1,500
$583
$0

$3,000
$0
$1,500
$1,000
$10,500
$5,200
$5,675
$25,200
$193
$153
$5,842
$500
$1,548
$1,000
$175

$2,000
$0
$1,500
$1,000
$12,000
$5,300
$5,675
$25,200
$395
$300
$6,114
$1,000
$1,342
$1,000
$175

Total Expenditures

	$63,001 

	$24,852 

	$36,633 

	$61,486 

	$63,001 

Assigned Fund Balance

	$0 

	$35,714 

	($34,199) 

	$1,515 

	$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

The District will levy a Non-Ad Valorem assessment on all the platted lots within the District to pay all of the operating expenses for the Fiscal Year in accordance with the adopted budget.

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.

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.

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.

Page 2

Eureka Grove
Community Development District

GENERAL FUND BUDGET

Administrative: (continued)

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 2023	

Actual thru
	2/28/23	

Projected Next
	7 Months	

Total Projected at
	9/30/23	

Proposed Budget
	FY 2024	

 Description	

Revenues

Interest Income Assessments
Carry Forward Surplus (1)

$0
$162,000
$25,531

$1,218
$155,738
$52,384

$1,867
$6,262
$0

$3,085
$162,000
$52,384

$0
$162,000
$56,632

Total Revenues

	$187,531 

	$209,340 

	$8,129 

	$217,469 

	$218,631 

Expenditures

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

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

$49,263
$0
$0

$0
$49,953
$60,000

$49,263
$49,953
$60,000

$48,573
$48,573
$60,000

Total Expenditures

	$158,525 

	$49,263 

	$109,953 

	$159,215 

	$157,145 

Other Financing Sources/(Uses)

Interfund Transfer In/(Out)

$0

($972)

($650)

($1,622)

$0

Total Other Financing Sources/(Uses)

	$0 

	($972) 

	($650) 

	($1,622) 

	$0 

	$29,006 

	$159,106 

	($101,174) 

	$56,632 

	$61,486 

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

11/1/24 Interest

$47,883

Page 4

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

Villas	150	$	1,080.00	$	1,136.84

Less: Discounts/Commissions (5%)
*Amount includes 4% for Discounts and 1% for County Fees

Annual Gross*
Total

$	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
1-Nov-22
1-May-23

$2,850,000.00
$2,850,000.00
$2,790,000.00
$2,790,000.00

2.300%
2.300%
2.300%
2.300%

$25,531.28
$49,952.50
$49,262.50
$49,262.50

$0.00
$60,000.00
$0.00
$60,000.00

$25,531.28

$159,215.00

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

$2,670,000.00
$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%
2.750%
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%

$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
$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

$156,455.00

$160,017.50

$158,522.50

$156,881.25

$160,025.00

$158,100.00

$156,175.00

$159,181.25

$156,837.50

$159,125.00

$156,325.00

$158,437.50

$155,462.50

$157,400.00

$159,162.50

$155,837.50

$157,425.00

$158,837.50

$159,800.00

$160,300.00

$155,700.00

$156,000.00

$156,100.00

$156,000.00

$155,700.00

$160,100.00

$159,200.00
$158,100.00

	Total	

	$1,909,788.78 

	$2,850,000.00 

	$4,759,788.78 

Page 5

1-Nov-23	$2,730,000.00	2.300%	$48,572.50	$0.00	$157,835.00
1-May-24	$2,730,000.00	2.300%	$48,572.50	$60,000.00