Adopted Budget
Fiscal Year 2020

Armstrong Community Development District

August 27, 2019

	Amended
Budget		Actual
thru		Projected
Next		Total
Projected			Adopted
Budget		
Description			FY2019		6/30/19		3 Months		Thru 9/30/19			FY2020		

Revenues														
Assessments - Net			$0		$0		$0		$0			$139,000		
Developer Subsidy - Net			$0		$0		$0		$0			$36,800		
Developer Contributions			$240,759		$99,984		$83,911		$183,895			$263,553		
Total Revenues			$240,759		$99,984		$83,911		$183,895			$439,353		

Expenditures														
Administrative														
Supervisors Fees			$6,000		$6,400		$4,000		$10,400			$9,600		
FICA Expense			$459		$490		$306		$796			$734		
Engineering			$15,000		$5,400		$5,000		$10,400			$10,000		
Arbitrage			$600		$0		$0		$0			$600		
Assessment Roll			$5,000		$0		$0		$0			$5,000		
Dissemination Agent			$3,500		$2,625		$1,875		$4,500			$3,500		
Attorney			$20,000		$23,246		$16,604		$39,850			$30,000		
Annual Audit			$5,000		$3,000		$4,100		$7,100			$4,200		
Trustee			$5,275		$3,717		$0		$3,717			$3,717		
Management Fees			$45,000		$32,750		$18,750		$51,500			$45,000		
Computer Time			$1,500		$1,125		$804		$1,929			$1,500		
Telephone			$250		$262		$187		$449			$300		
Postage			$100		$272		$194		$466			$300		
Insurance			$6,050		$5,500		$0		$5,500			$6,050		
Printing & Binding			$1,500		$1,422		$1,016		$2,438			$2,000		
Legal Advertising			$2,500		$666		$1,500		$2,166			$2,000		
other Current Charges			$500		$310		$221		$531			$500		
Website Admin			$1,000		$580		$414		$994			$1,000		
Website Compliance			$0		$2,250		$0		$2,250			$0		
Property Taxes			$1,200		$750		$0		$750			$1,200		
Office Supplies			$150		$89		$0		$89			$150		
Dues, Licenses & Subscriptions			$175		$175		$0		$175			$175		
			$120,759		$91,029		$54,972		$146,001			$127,527		

Field														
Operations Management			$10,000		$0		$0		$0			$0		
Utilities			$60,000		$8,542		$5,000		$13,542			$60,000		
Repairs & Maintenance			$0		$0		$0		$0			$5,000		
Landscape			$50,000		$0		$10,000		$10,000			$52,365		
Landscape - Contingency			$0		$0		$0		$0			$5,000		
Lake Maintenance			$0		$780		$2,500		$3,280			$12,000		
Irrigation Repairs			$0		$0		$3,000		$3,000			$10,000		

Field Expenses	 	$120,000	$9,322	$20,500	 	$29,822 	$144,365 

 	 	 	 	 

  Description	

Amended Budget
 	FY2019	

Actual thru 6/30/19

Projected Next
 	3 Months	

Total Projected Thru 9/30/19

Adopted Budget
 	FY2020	

Amenity Center		
Insurance	$0	$0	$0	$0	$19,974	
Phone/Internet/Cable	$0	$0	$0	$0	$5,000	
Electric	$0	$0	$0	$0	$20,000	
Water/Irrigation	$0	$0	$0	$0	$15,000	
Gas	$0	$0	$0	$0	$200	
Refuse Service	$0	$0	$0	$0	$2,500	
Security Monitoring	$0	$0	$0	$0	$600	
Access Cards	$0	$0	$0	$0	$2,500	
Field Mgmt/Admin	$0	$0	$0	$0	$15,000	
Amenity Landscaping	$0	$0	$0	$0	$30,631	
Janitorial	$0	$0	$0	$0	$7,000	
Janitorial Supplies	$0	$0	$0	$0	$3,450	
Facility Maintenance	$0	$0	$0	$0	$7,500	
Repairs & Maintenance	$0	$0	$0	$0	$4,310	
Special Events	$0	$0	$0	$0	$5,000	
Holiday Decorations	$0	$0	$0	$0	$1,500	
Fitness Equipment Lease (Sofitco)	$0	$340	$7,732	$8,072	$23,196	
Fitness Center Repairs/Supplies	$0	$0	$0	$0	$900	
Office Supplies	$0	$0	$0	$0	$1,500	
ASCAP/BMI License Fees	$0	$0	$0	$0	$500	
Pest Control	$0	$0	$0	$0	$1,200	
Amenity Center	$0	$340	$7,732	$8,072	$167,461	
						
Total Expenses	$240,759	$100,691	$83,204	$183,895	$439,353	
						
ASSIGNED FUND BALANCE	$0	-$707	$707	$0	$0	

Platted Lots:

Assessments - On Roll	FY 2020

200	
Net Assessment - Per Unit	$695	
Total Net Assessments	$139,000	
Gross Assessment (6% Discount)	$147,340	
Gross Assessment - Per Unit	$739	
DeveloQer Subsid'lf.	200	
Total Assessment Per Unit	$879	
Less: Assessment Per Unit on Roll	$695	
Developer Subsidy Per Unit	$184	
Total Developer Subsidy - Net	$36,800	

2

REVENUES:

Developer Contributions
It 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
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
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(S), which relates to additional reporting requirements for un-rated bond issues. GMS, LLC will act as Dissemination Agent.

Attorney
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 to annually conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The fee is based on similar Community Development Districts and includes the GASB 34 pronouncement.

Trustee Fees
The District issued Series 2017A/B that are held with a Trustee at US Bank. The amount of the trustee fees is based on the agreement between the Bank and the District.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

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

Page 3

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

Insurance
The District has a General Liability & Public Officials Liability Insurance policy with Egis Insurance & Risk Advisors, a firm that specializes in providing insurance coverage to governmental agencies.

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.

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, LLC and updated monthly.

Property Taxes
Represents the Ad Valorem taxes due on a Conservation Easement held by the Districts. Taxes are paid to Jimmy Weeks, Clay County Tax Collector.

Office Supplies
Miscellaneous office supplies.

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.

Utilities
The District will open electric and water accounts to serve the common areas.

Repairs & Maintenance
Miscellaneous repairs and needed maintenance of the District common areas.

Landscape Maintenance
The District will enter into a contract for the mowing, edging and maintenance of the common areas.

Page 4

Landscape Contingency
Any necessary landscape work not covered by the monthly contract.

Lake Maintenance
Maintain the water quality in the District lakes.

Irrigation Repairs
Miscellaneous irrigation repairs and maintenance.

Amenity Center:

Insurance
The cost of property insurance to cover the Districts assets.

Phone/Internet/Cable
Service to the clubhouse.

Electric
Electric service to the clubhouse.

Water/Irrigation
Water service to the clubhouse and surrounding landscaping.

Gas
Gas service to the clubhouse.

Refuse Service
Contract for monthly dumpster rental and removal.

Security Monitoring
Monitoring of clubhouse cameras/security system.

Access Cards
Represents the estimated cost for access cards to the District's Amenity Center.

Field Management/Admin
Contract administration services and oversite of the Amenity Center.

Amenity Landscaping
Landscaping of area surrounding the Amenity Center.

Janitorial
Janitorial services for the Amenity Center.

,Janitorial Supplies
Cleaning supplies for the Janitorial staff.

Facility Maintenance
Cost of routine repairs and maintenance of the District's Amenity Center.

Page 5

Repairs & Maintenance
Cost of routine repairs and replacements of the District's common areas and Amenity Center.

Special Events
Represents the estimated cost for the District to host any special events for the community throughout the Fiscal Year.

Holiday Decorations
The cost of decorations for the Amenity Center.

Fitness Equipment Lease
The District is leasing equipment for the Fitness Center.

Fitness Center Repairs/Supplies
The cost ·of regular maintenance and any necessary repairs to the Fitness equipment.

Office Supplies
Supplies for the Amenity Center.

ASCAP/BMI License Fees
The cost of showing movies and streaming music in the Amenity Center.

Pest Control
Pest control services for the Amenity Center.

Page 6

Armstrong
Community Development District	Debt Service Fund
Series 2017A/B

Adopted Budget	Actual
thru	Projected Next	Total Projected	Adopted Budget	
Description	FY2019	6/30/19	3 Months	Thru 9/30/19	FY2020	
Assessments - Series 2017A	$414,675	$1,862,254	$43,506	$1,905,760		$265,819	
Assessments - Series 2017B (Direct)	$0	$0	$0	$0		$50,663	
Interest Income	$0	$2,693	$600	$3,293		$0	
Carry Forward Surplus	$176,208	$542,694	$0	$542,694		$189,082	
Total Revenues	$590,883	$2,407,641	$44,106	$2,451,747	 		$505,563	

Expenditures							
Series 2017A							
Interest 11/1	$98,975	$98,975	$0	$98,975		$98,975	
Interest 11/1	$0	$0	$0	$0		$65,000	
Principal 5/1	$98,975	$98,975	$0	$98,975		$97,797	
Series 20178							
Interest 11/1	$75,863	$75,863	$0	$75,863		$25,331	
Special Call 11/1	$0	$365,000	$0	$365,000		$0	
Special Call 2/1,	$0	$185,000	$0	$185,000		$0	
Interest Expense 2/1	$0	$2,428	$0	$2,428		$0	
Interest 5/1	$75,863	$61,425	$0	$61,425		$25,331	
Special Call 5/1	$0	$1,375,000	$0	$1,375,000		$0	
Total Debt Service Expenditures	$349,675	$2,262,666	 	$0	$2,262,666	 		$312,435	
EXCESS REVENUES/ (EXPENDITURES)	$241,208	$144,976	44,106	189,082	193,128
 	2017  A & B	
11/1/20 Interest	$	123,128	
11/1/20 Principal	 	$	70,000 	
	$	193,128	
Assessments - Platted Lots on Tax Roll		
2017A
Product Ttee	# Units	Per Unit	
Total	
43' Lot	51	$1,053	$53,703	
53' Lot	73	$1,299	$94,827	
63' Lot	76	$1,543	 	$117,268	
	$265,798	

7

Armstrong	Series  2017A
COMMUNITY DEVELOPMENT DISTRICT	Amortization Schedule

	PRINCIPAL		
DATE	BALANCE	INTEREST	PRINCIPAL	TOTAL	

"'

1-Ma -18	$	4,035,000	$	117,121	$	$
1-Nov-18	$	4,035,000	$	98,975	$	$	216,095.60
1-Ma -19	$	4,035,000	$	98,975	$	$
1-Nov-19	$	4,035,000	$	98,975	$	65,000	$	262,950.00
1-May-20	$	3,970,000	$	97,797	$	$
1-Nov-20	$	3,970,000	$	97,797	$	70,000	$	265,593.75
1-May-21	$	3,900,000	$	96,528	$	$
1-Nov-21	$	3,900,000	$	96,528	$	70,000	$	263,056.25
1-May-22	$	3,830,000	$	95,259	$	$
1-Nov-22	$	3,830,000	$	95,259	$	75,000	$	265,518.75
1-May-23	$	3,755,000	$	93,900	$	$
1-Nov-23	$	3,755,000	$	93,900	$	75,000	$	262,800.00
1-May-24	$	3,680,000	$	92,541	$	$
1-Nov-24	$	3,680,000	$	92,541	$	80,000	$	265,081.25
1-May-25	$	3,600,000	$	90,741	$	$
1-Nov-25	$	3,600,000	$	90,741	$	80,000	$	261,481.25
1-May-26	$	3,520,000	$	88,941	$	$
1-Nov-26	$	3,520,000	$	88,941	$	85,000	$	262,881.25
1-May-27	$	3,435,000	$	87,028	$	$
1-Nov-27	$	3,435,000	$	87,028	$	90,000	$	264,056.25
1-May-28	$	3,345,000	$	85,003	$	$
1-Nov-28	$	3,345,000	$	85,003	$	95,000	$	265,006.25
1-May-29	$	3,250,000	$	82,866	$	$
1-Nov-29	$	3,250,000	$	82,866	$	100,000	$	265,731.25
1-May-30	$	3,150,000	$	80,366	$	$
1-Nov-30	$	3,150,000	$	80,366	$	100,000	$	260,731.25
1-May-31	$	3,050,000	$	77,866	$	$
1-Nov-31	$	3,050,000	$	77,866	$	105,000	$	260,731.25
1-May-32	$	2,945,000	$	75,241	$	$
1-Nov-32	$	2,945,000	$	75,241	$	115,000	$	265,481.25
1-May-33	$	2,830,000	$	72,366	$	$
1-Nov-33	$	2,830,000	$	72,366	$	120,000	$	264,731.25
1-May-34	$	2,710,000	$	69,366	$	$
1-Nov-34	$	2,710,000	$	69,366	$	125,000	$	263,731.25
1-May-35	$	2,585,000	$	66,241	$	$
1-Nov-35	$	2,585,000	$	66,241	$	130,000	$	262,481.25
1-May-36	$	2,455,000	$	62,909	$	$
1-Nov-36	$	2,455,000	$	62,909	$	140,000	$	265,818.75
1-May-37	$	2,315,000	$	59,322	$	$
1-Nov-37	$	2,315,000	$	59,322	$	145,000	$	263,643.75
1-May-38	$	2,170,000	$	55,606	$	$
1-Nov-38	$	2,170,000	$	55,606	$	150,000	$	261,212.50
1-May-39	$	2,020,000	$	51,763	$	$
1-Nov-39	$	2,020,000	$	51,763	$	160,000	$	263,525.00
1-May-40	$	1,860,000	$	47,663	$	$
1-Nov-40	$	1,860,000	$	47,663	$	170,000	$	265,325.00
1-May-41	$	1,690,000	$	43,306	$	$
1-Nov-41	$	1,690,000	$	43,306	$	175,000	$	261,612.50
1-May-42	$	1,515,000	$	38,822	$	$
1-Nov-42	$	1,515,000	$	38,822	$	185,000	$	262,643.75
1-May-43	$	1,330,000	$	34,081	$	$
1-Nov-43	$	1,330,000	$	34,081	$	195,000	$	263,162.50
1-May-44	$	1,135,000	$	29,084	$	$
1-Nov-44	$	1,135,000	$	29,084	$	205,000	$	263,168.75
1-May-45	$	930,000	$	23,831	$	$
1-Nov-45	$	930,000	$	23,831	$	215,000	$	262,662.50
1-May-46	$	715,000	$	18,322	$	$
1-Nov-46	$	715,000	$	18,322	$	225,000	$	261,643.75
1-May-47	$	490,000	$	12,556	$	$
1-Nov-47	$	490,000	$	12,556	$	240,000	$	265,112.50
1-May-48	$	250,000	$	6,406	$	$
1-Nov-48	$	250,000	$	6,406	$	250,000	$	262,812.50

(1) Represents Interest from 9/6/17 through 5/1/18

 	
 	$	4,085,483.10	$	4,035,000.00		$	 	8,120,483.10 

8

Armstrong
COMMUNITY DEVELOPMENT DISTRICT

Serles 20178
Amortization Schedule

  	  	 	
PRINCIPAL
DATE	 	BALANCE	RATE	INTEREST	PRINCIPAL	TOTAL

1-May-18	$	2,890,000	5.25%	$	89,770.63	$	$	
1-Nov-18	$	2,890,000	5.25%	$	75,862.50	$	365,000.00	$	530,633.13	
1-Feb-19	$	2,525,000	5.25%	$	2,428.13	$	185,000.00	$	187,428.13	
1-Ma -19	$	2,340,000	5.25%	$	61,425.00	$	1,375,000.00	$	1,436,425.00	
1-Nov-19	$	965,000	5.25%	$	25,331.25	$	$	25,331.25	
1-Ma -20	$	965,000	5.25%	$	25,331.25	$	$	
1-Nov-20	$	965,000	5.25%	$	25,331.25	$	$	50,662.50	
1-May-21	$	965,000	5.25%	$	25,331.25	$	$	
1-Nov-21	$	965,000	5.25%	$	25,331.25	$	$	50,662.50	
1-May-22	$	965,000	5.25%	$	25,331.25	$	$	
1-Nov-22	$	965,000	5.25%	$	25,331.25	$	$	50,662.50	
1-May-23	$	965,000	5.25%	$	25,331.25	$	$	
1-Nov-23	$	965,000	5.25%	$	25,331.25	$	$	50,662.50	
1-May-24	$	965,000	5.25%	$	25,331.25	$	$	
1-Nov-24	$	965,000	5.25%	$	25,331.25	$	$	50,662.50	
1-May-25	$	965,000	5.25%	$	25,331.25	$	$	
1-Nov-25	$	965,000	5.25%	$	25,331.25	$	$	50,662.50	
1-May-26	$	965,000	5.25%	$	25,331.25	$	$	
1-Nov-26	$	965,000	5.25%	$	25,331.25	$	$	50,662.50	
1-May-27	$	965,000	5.25%	$	25,331.25	$	$	
1-Nov-27	$	965,000	5.25%	$	25,331.25	$	$	50,662.50	
1-May-28	$	965,000	5.25%	$	25,331.25	$	$	
1-Nov-28	$	965,000	5.25%	$	25,331.25	$	$	50,662.50	
1-May-29	$	965,000	5.25%	$	25,331.25	$	$	
1-Nov-29	$	965,000	5.25%	$	25,331.25	$	965,000.00	$	1,015,662.50	
		Total	$	761,442.51	$	2,890,000.00	$	3,651,442.51	

Represents Interest from	
9/6-117 lhrough 5/1/18					

(1)

(1)

9