Tapestry
Community Development District

Proposed Budget
FY 2018

Table of Contents

1

2-5

6

7-8

 	General Fund

 	General Fund Narrative

 	Debt Service Fund Series 2016 

 	Amortization Schedule Series 2016

Tapestry
Community Development District
Proposed Budget General Fund Fiscal Year 2018

	Adopted
Budget	Actual
thru	Projected
Next 6	Total
thru	Proposed
Budget	
Description	FY2017	3/31/17	Months	9/30/17	FY2018	

Revenues						
Non-Ad Valorem Assessments	$363,215	$286,731	$76,484	$363,215	$363,215	
Interest	$0	$71	$71	$142	$0	
Total Revenues	$363,215	$286,802	$76,555	$363,357	$363,215	

Expenditures						
Administrative						
Supervisor Fees	$0	$200	$800	$1,000	$1,200	
FICA Expense	$0	$15	$60	$75	$100	
Engineering	$10,000	$375	$3,500	$3,875	$10,000	
Attorney	$25,000	$3,083	$15,000	$18,083	$25,000	
Annual Audit	$3,500	$0	$3,500	$3,500	$3,600	
Assessment Administration	$2,500	$2,500	$0	$2,500	$2,500	
Arbitrage	$600	$0	$600	$600	$600	
Dissemination	$3,500	$1,750	$1,750	$3,500	$3,500	
Trustee Fees	$5,000	$3,500	$0	$3,500	$3,500	
Management Fees	$35,000	$17,500	$17,500	$35,000	$35,000	
Information Technology	$600	$300	$300	$600	$600	
Telephone	$300	$6	$30	$36	$300	
Postage	$1,000	$80	$150	$230	$800	
Insurance	$5,665	$5,253	$0	$5,253	$6,000	
Printing & Binding	$1,000	$141	$500	$641	$1,000	
Legal Advertising	$5,000	$1,061	$3,939	$5,000	$5,000	
Other Current Charges	$1,000	$157	$180	$337	$1,000	
Office Supplies	$625	$2	$10	$12	$590	
Property Appraiser	$250	$108	$0	$108	$250	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Field						
Field Management	$7,500	$3,750	$3,750	$7,500	$7,500	
Property Insurance	$5,000	$0	$0	$0	$5,000	
Landscape & Lake Maintenance	$250,000	$2,000	$20,000	$22,000	$250,000	
Total Expenditures	$363,215	$41,958	$71,569	$113,527	$363,215	
						
Excess Revenues/(Expenditures)	$0	$244,844	$4,986	$249,830	$0	

Net Assessments	$363,215	
Add: Discounts & Collection	$23,184	
Gross Assessments	$386,399	

Product Type	
ERU	
Units	Total
ERU	Net
O&M	Gross
O&M	
Townhouse	0.6	230	138	$225	$240	
Single-Family 40'	0.9	254	229	$338	$359	
Single-Family 45'	1.0	218	218	$375	$399	
Single-Family 50'	1.1	196	216	$413	$439	
Single-Family 60'	1.3	129	168	$488	$519	
		1027	968			

Tapestry
Community Development District
GENERAL FUND BUDGET

REVENUES:

Non-Ad Valorem Assessments

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

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. The amount for the fiscal year is based upon 1 Supervisor attending 6 monthly meetings.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisors 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 invoices, etc.

Attorney

The District's legal counsel, Hopping, Green & Sams, will be providing general legal services to the District, e.g. attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records by an Independent Certified Public Accounting firm. The  District has contracted with Grau & Associates.

Tapestry
Community Development District
GENERAL FUND BUDGET

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessments on all assessable property within the District.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2016 Special Assessment Revenue Bonds.

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.

Trustee Fees

The District will be issuing Series 2016 Special Assessment Revenue Bonds that will be deposited with a Trustee at Regions Bank.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-Central Florida, LLC. The services include but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reporting, annual audits, etc.

Information Technology

Represents costs related to the District’s accounting and information systems, District’s website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements.

Telephone

Telephone and fax machine.

Tapestry
Community Development District
GENERAL FUND BUDGET

Postage

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public official’s liability insurance coverage is provided by the 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

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Any supplies that may need to be purchased during the fiscal year, e.g., paper, minute books, file folders, labels, paper clips, etc.

Property Appraiser

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

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.

Tapestry
Community Development District
GENERAL FUND BUDGET

Field:

Field Management

Provide onsite field management of contracts for the District such as landscape and lake maintenance. Services to include onsite inspections, meetings with contractors, attend Board meetings and receive and respond to property owner phone calls and emails.

Property Insurance

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

Landscape & Lake Maintenance

The District will schedule maintenance that will include mowing, edging, blowing to common areas overseen by the District. It will also schedule inspections and treatments of aquatic weeds and algae within CDD lakes.

Tapestry
Community Development District
Proposed Budget Debt Service Fund Fiscal Year 2018

	Adopted
Budget	Actual
thru	Projected
Next 6	Total
thru	Proposed
Budget	
Description	FY2017	3/31/17	Months	9/30/17	FY2018	

Revenues						
Special Assessments	$464,000	$366,284	$97,716	$464,000	$464,000	
Interest	$100	$1,131	$369	$1,500	$0	
Carry Forward Surplus	$184,965	$184,365	$0	$184,365	$173,025	
Total Revenues	$649,065	$551,780	$98,085	$649,865	$637,025	

Expenditures						
Interest Payment - 11/01	$184,965	$184,965	$0	$184,965	$170,331	
Principal Payment - 05/01	$120,000	$0	$120,000	$120,000	$125,000	
Interest Payment - 05/01	$172,506	$0	$172,506	$172,506	$170,331	
Total Expenditures	$477,471	$184,965	$292,506	$477,471	$465,663	
						
Excess Revenues/(Expenditures)	$171,594	$366,815	($194,422)	$172,394	$171,363	

1. Carry forward surplus is net of Reserves.

    Interest 11/1/18	$168,066	

Net Assessments	$464,000
Add: Discounts & Collection 	$29,617 
Gross Assessments 	$493,617 

Product Type	
ERU	
Units	Total
ERU	Net
Debt	Gross
Debt	
Townhouse	0.6	230	138	$288	$306	
Single-Family 40'	0.9	254	229	$431	$459	
Single-Family 45'	1.0	218	218	$479	$510	
Single-Family 50'	1.1	196	216	$527	$561	
Single-Family 60'	1.3	129	168	$623	$663	
		1027	968			

Tapestry Community Development District Series 2016, Special Assessment Revenue Bonds (Term Bonds Combined)

Amortization Schedule

Date	Balance	Principal	Interest	Annual

11/1/17	$ 7,165,000	$	-	$	170,331	$	170,331	
5/1/18	$ 7,165,000	$	125,000    $	170,331	$	-	
11/1/18	$ 7,040,000	$	-	$	168,066	$	463,397	
5/1/19	$ 7,040,000	$	130,000    $	168,066	$	-	
11/1/19	$ 6,910,000	$	-	$	165,709	$	463,775	
5/1/20	$ 6,910,000	$	135,000    $	165,709	$	-	
11/1/20	$ 6,775,000	$	-	$	163,263	$	463,972	
5/1/21	$ 6,775,000	$	140,000    $	163,263	$	-	
11/1/21	$ 6,635,000	$	-	$	160,725	$	463,988	
5/1/22	$ 6,635,000	$	145,000    $	160,725	$	-	
11/1/22	$ 6,490,000	$	-	$	157,644	$	463,369	
5/1/23	$ 6,490,000	$	150,000    $	157,644	$	-	
11/1/23	$ 6,340,000	$	-	$	154,456	$	462,100	
5/1/24	$ 6,340,000	$	155,000    $	154,456	$	-	
11/1/24	$ 6,185,000	$	-	$	151,163	$	460,619	
5/1/25	$ 6,185,000	$	160,000    $	151,163	$	-	
11/1/25	$ 6,025,000	$	-	$	147,763	$	458,925	
5/1/26	$ 6,025,000	$	170,000    $	147,763	$	-	
11/1/26	$ 5,855,000	$	-	$	144,150	$	461,913	
5/1/27	$ 5,855,000	$	180,000    $	144,150	$	-	
11/1/27	$ 5,855,000	$	-	$	139,830	$	463,980	
5/1/28	$ 5,855,000	$	185,000    $	139,830	$	-	
11/1/28	$ 5,675,000	$	-	$	135,390	$	460,220	
5/1/29	$ 5,675,000	$	195,000    $	135,390	$	-	
11/1/29	$ 5,490,000	$	-	$	130,710	$	461,100	
5/1/30	$ 5,490,000	$	205,000    $	130,710	$	-	
11/1/30	$ 5,295,000	$	-	$	125,790	$	461,500	
5/1/31	$ 5,295,000	$	215,000    $	125,790	$	-	
11/1/31	$ 5,090,000	$	-	$	120,630	$	461,420	
5/1/32	$ 5,090,000	$	225,000    $	120,630	$	-	
11/1/32	$ 4,875,000	$	-	$	115,230	$	460,860	
5/1/33	$ 4,875,000	$	235,000    $	115,230	$	-	
11/1/33	$ 4,650,000	$	-	$	109,590	$	459,820	
5/1/34	$ 4,650,000	$	250,000    $	109,590	$	-	
11/1/34	$ 4,415,000	$	-	$	103,590	$	463,180	
5/1/35	$ 4,415,000	$	260,000    $	103,590	$	-	
11/1/35	$ 4,165,000	$	-	$	97,350	$	460,940	
5/1/36	$ 4,165,000	$	275,000    $	97,350	$	-	
11/1/36	$ 3,905,000	$	-	$	90,750	$	463,100	
5/1/37	$ 3,620,000	$	285,000    $	90,750	$	-	
11/1/37	$ 3,345,000	$	-	$	83,625	$	459,375	

Tapestry Community Development District Series 2016, Special Assessment Revenue Bonds (Term Bonds Combined)

Amortization Schedule

Date	Balance	Principal	Interest	Annual	

5/1/38	
$   3,045,000	$	300,000    $	83,625	
$	-	
11/1/38	$   3,045,000	$	-	$	76,125	$	459,750	
5/1/39	$   2,730,000	$	315,000    $	76,125	$	-	
11/1/39	$   2,730,000	$	-	$	68,250	$	459,375	
5/1/40	$   2,395,000	$	335,000    $	68,250	$	-	
11/1/40	$   2,395,000	$	-	$	59,875	$	463,125	
5/1/41	$   2,045,000	$	350,000    $	59,875	$	-	
11/1/41	$   2,045,000	$	-	$	51,125	$	461,000	
5/1/42	$   1,675,000	$	370,000    $	51,125	$	-	
11/1/42	$   1,675,000	$	-	$	41,875	$	463,000	
5/1/43	$   1,285,000	$	390,000    $	41,875	$	-	
11/1/43	$   1,285,000	$	-	$	32,125	$	464,000	
5/1/44	$	880,000	$	405,000    $	32,125	$	-	
11/1/44	$	880,000	$	-	$	22,000	$	459,125	
5/1/45	$	450,000	$	430,000    $	22,000	$	-	
11/1/45	$	450,000	$	-	$	11,250	$	463,250	
5/1/46	$	-	$	450,000    $	11,250	$	461,250	
Totals	$   7,165,000	$ 6,396,758	$	13,561,758