Tapestry
Community Development District

Adopted Budget
FY2022

Table of Contents

1

2-5

6

7
 	General Fund

 	General Fund Narrative

 	Debt Service Fund - Series 2016

 	Amortization Schedule - Series 2016
Tapestry
Community Development District Adopted Budget
General Fund

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
	FY2021	6/30/21	3 Months	9/30/21	FY2022	

Revenues						
Non-Ad Valorem Assessments	$	203,354	$	203,939	$	-	$	203,939	$	203,354	
Interest	$	-	$	74	$	25	$	99	$	-	
Total Revenues	$	203,354	$	204,013	$	25	$	204,038	$	203,354	

Expenditures						
General & Administrative						
Supervisor Fees	$	4,000	$	400	$	800	$	1,200	$	4,000	
FICA Expense	$	100	$	15	$	31	$	46	$	153	
Engineering	$	10,000	$	625	$	2,500	$	3,125	$	10,000	
Attorney	$	20,000	$	3,648	$	5,000	$	8,648	$	20,000	
Annual Audit	$	3,500	$	1,000	$	2,500	$	3,500	$	3,600	
Assessment Administration	$	2,500	$	2,500	$	-	$	2,500	$	2,500	
Arbitrage	$	450	$	450	$	-	$	450	$	450	
Dissemination	$	3,500	$	2,625	$	875	$	3,500	$	3,500	
Trustee Fees	$	3,500	$	-	$	3,500	$	3,500	$	3,500	
Management Fees	$	36,050	$	27,038	$	9,012	$	36,050	$	37,132	
Information Technology	$	800	$	540	$	260	$	800	$	1,000	
Website Maintenance	$	400	$	360	$	40	$	400	$	650	
Telephone	$	300	$	-	$	75	$	75	$	300	
Postage	$	800	$	92	$	200	$	292	$	800	
Insurance	$	6,500	$	6,189	$	-	$	6,189	$	6,808	
Printing & Binding	$	1,000	$	28	$	250	$	278	$	1,000	
Legal Advertising	$	2,500	$	353	$	625	$	978	$	2,500	
Other Current Charges	$	1,000	$	1,376	$	250	$	1,626	$	1,000	
Office Supplies	$	500	$	2	$	125	$	127	$	500	
Property Appraiser	$	300	$	303	$	-	$	303	$	300	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total General & Administrative:	$	97,875	$	47,719	$	26,043	$	73,762	$	99,868	

Operations & Maintenance						
Field Expenses						
Field Management	$	7,725	$	5,794	$	1,931	$	7,725	$	7,957	
Property Insurance	$	4,500	$	-	$	-	$	-	$	4,500	
Landscape Maintenance	$	47,160	$	35,370	$	11,790	$	47,160	$	47,160	
Landscape Contingency	$	5,490	$	700	$	1,373	$	2,073	$	5,490	
Lake Maintenance	$	7,354	$	5,355	$	1,785	$	7,140	$	7,354	
Stormwater Maintenance	$	10,000	$	-	$	-	$	-	$	10,000	
Wetland Maintenance	$	4,600	$	-	$	-	$	-	$	4,600	
Plant Replacement	$	5,000	$	-	$	-	$	-	$	5,000	
Contingency	$	13,650	$	-	$	3,413	$	3,413	$	11,426	
Total Operations & Maintenance:	$	105,479	$	47,219	$	20,291	$	67,510	$	103,487	
						
Total Expenditures	$	203,354	$	94,938	$	46,334	$	141,272	$	203,354	
						
Excess Revenues/(Expenditures)	$	-	$	109,076	$	(46,310)	$	62,766	$	-	

Net Assessments	
$	203,354					
Add: Discounts & Collection	$	12,980					
Gross Assessments	$	216,334					

Product Type	
ERU	
Units	Total
ERU	Net
O&M	Gross
O&M	
Townhouse	0.6	304	182	$126	$134	
Single-Family 40'	0.9	337	303	$188	$200	
Single-Family 45'	1.0	101	101	$209	$223	
Single-Family 50'	1.1	249	274	$230	$245	
Single-Family 60'	1.3	85	111	$272	$290	
		1076	971			

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 4 Supervisors attending 5 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 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.

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 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 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.

Operations & Maintenance:

Field Management

The District has contracted with Governmental Management Services-Central Florida, LLC to 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 Maintenance

The District has contracted with Yellowstone Landscape – Southeast, LLC to provide monthly landscape services to common areas overseen by the District. The amount is based on the current contract set in place and estimated costs for additional pond mowing and perimeter landscaping.

Description	Monthly	Annual		
Landscaping Maintenance	$3,930
Total	$47,160	
	$47,160	

Landscape Contingency

Represents estimated costs for any additional landscape expenses not covered under the monthly landscape maintenance contract.

Lake Maintenance

The District has contracted with Applied Aquatic Management, Inc. to schedule inspections and treatments of aquatic weeds and algae within CDD lakes.

Description	Monthly	Annual		
Lake Maintenance - 5 Lakes	$595 Contingency
Total	$7,140
$214	
	$7,354	

Stormwater Maintenance

The District will incur costs related to maintaining the storm water systems. The amount is based on estimated costs.

Wetland Maintenance

The District will incur costs related to maintaining the wetlands located within its boundaries. The amount is based on estimated costs.

Description	Quarterly	Annual		
Wetland Maintenance	$1,150
Total	$4,600	
	$4,600	

Plant Replacement

Represents estimated costs related to the possible replacement of landscaping needed throughout the fiscal year.

Contingency

Represents unforeseen costs not budgeted for in other line items.

Adopted Budget
Debt Service Fund Series 2016

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget		
Description	FY2021	6/30/21	3 Months	9/30/21	FY2022		

Revenues						
Special Assessments	$	464,000	$	466,718	$	-	$	466,718	$	464,000	
Interest	$	-	$	48	$	16	$	65	$	-	
Carry Forward Surplus	$	184,506	$	188,643	$	-	$	188,643	$	188,400	
Total Revenues	$	648,506	$	655,409	$	16	$	655,425	$	652,400	

Expenditures						
General & Administrative:						
Interest - 11/1	$	163,263	$	163,263	$	-	$	163,263	$	160,725	
Principal - 5/1	$	140,000	$	140,000	$	-	$	140,000	$	145,000	
Interest - 5/1	$	163,263	$	163,263	$	-	$	163,263	$	160,725	
Total Expenditures	$	466,525	$	466,525	$	-	$	466,525	$	466,450	

Other Sources/(Uses)						

Transfer In/(Out)	$	-	$	(500)	
$	-	
$	(500)	
$	-			
Total Other Financing Sources (Uses)	$	-	$	(500)	$	-	$	(500)	$	-			

 Interest 11/1/22	$157,644 

Net Assessments	$	464,000	
Add: Discounts & Collection	$	30,933	
Gross Assessments	$	494,933	

	Total	Net	Gross			
Product Type	ERU	Units	ERU	O&M	O&M	
Townhouse	0.6	304	182	$287	$306	
Single-Family 40'	0.9	337	303	$430	$459	
Single-Family 45'	1.0	101	101	$478	$510	
Single-Family 50'	1.1	249	274	$526	$561	
Single-Family 60'	1.3	85	111	$621	$663	
		1076	971			
Series 2016 Special Assessment Bonds Amortization Schedule

05/01/21	$
11/01/21	$
05/01/22	$
11/01/22	$
05/01/23	$
11/01/23	$
05/01/24	$
11/01/24	$
05/01/25	$
11/01/25	$
05/01/26	$
11/01/26	$
05/01/27	$
11/01/27	$
05/01/28	$
11/01/28	$
05/01/29	$
11/01/29	$
05/01/30	$
11/01/30	$
05/01/31	$
11/01/31	$
05/01/32	$
11/01/32	$
05/01/33	$
11/01/33	$
05/01/34	$
11/01/34	$
05/01/35	$
11/01/35	$
05/01/36	$
11/01/36	$
05/01/37	$
11/01/37	$
05/01/38	$
11/01/38	$
05/01/39	$
11/01/39	$
05/01/40	$
11/01/40	$
05/01/41	$
11/01/41	$
05/01/42	$
11/01/42	$
05/01/43	$
11/01/43	$
05/01/44	$
11/01/44	$
05/01/45	$
11/01/45	$
05/01/46	$
6,775,000.00	$
6,635,000.00	$
6,635,000.00	$
6,490,000.00	$
6,490,000.00	$
6,340,000.00	$
6,340,000.00	$
6,185,000.00	$
6,185,000.00	$
6,025,000.00	$
6,025,000.00	$
5,855,000.00	$
5,855,000.00	$
5,675,000.00	$
5,675,000.00	$
5,490,000.00	$
5,490,000.00	$
5,295,000.00	$
5,295,000.00	$
5,090,000.00	$
5,090,000.00	$
4,875,000.00	$
4,875,000.00	$
4,650,000.00	$
4,650,000.00	$
4,415,000.00	$
4,415,000.00	$
4,165,000.00	$
4,165,000.00	$
3,905,000.00	$
3,905,000.00	$
3,630,000.00	$
3,630,000.00	$
3,345,000.00	$
3,345,000.00	$
3,045,000.00	$
3,045,000.00	$
2,730,000.00	$
2,730,000.00	$
2,395,000.00	$
2,395,000.00	$
2,045,000.00	$
2,045,000.00	$
1,675,000.00	$
1,675,000.00	$
1,285,000.00	$
1,285,000.00	$
880,000.00	$
880,000.00	$
450,000.00	$
450,000.00	$
140,000.00
- 145,000.00
- 150,000.00
- 155,000.00
- 160,000.00
- 170,000.00
- 180,000.00
- 185,000.00
- 195,000.00
- 205,000.00
- 215,000.00
- 225,000.00
- 235,000.00
- 250,000.00
- 260,000.00
- 275,000.00
- 285,000.00
- 300,000.00
- 315,000.00
- 335,000.00
- 350,000.00
- 370,000.00
- 390,000.00
- 405,000.00
- 430,000.00
- 450,000.00