Black Creek Community Development District

Proposed Budget For Fiscal Year 2021/2022
October 1, 2021 - September 30, 2022

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2020) IV	DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2021) V	ASSESSMENT COMPARISON

PROPOSED BUDGET
BLACK CREEK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2021/2022 BUDGET	
Administrative Assessments	121,365	
Maintenance Assessments	376,064	
Debt Assessments (2020)	263,617	
Debt Assessments (2021)	2,245,658	
Developer Contribution	0	
Other Revenue	0	
Interest Income	0	
		
TOTAL REVENUES	$	3,006,704	
		
EXPENDITURES		
Maintenance Expenditures		
Annual Engineer's Report & Inspections	4,000	
Field Operations Management	1,500	
Street/Roadway Maintenance/Signage	3,000	
Miscellaneous Maintenance	45,000	
Wall Feature Maintenance/Upkeep	7,000	
Maintenance Contingency	293,000	
TOTAL MAINTENANCE EXPENDITURES	$	353,500	
		
Administrative Expenditures		
Supervisor Fees	0	
Management	26,808	
Legal	12,000	
Legal - Extraordinary	0	
Assessment Roll	6,000	
Audit Fees	5,400	
Arbitrage Rebate Fee	650	
Insurance	6,000	
Legal Advertisements	1,500	
Miscellaneous	2,000	
Postage	525	
Office Supplies	525	
Dues & Subscriptions	175	
Trustee Fees	8,500	
Continuing Disclosure Fee	2,000	
Website Management	2,000	
Administrative Contingency	40,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$	114,083	
		
TOTAL EXPENDITURES	$	467,583	

REVENUES LESS EXPENDITURES	$	2,539,121	
		
Bond Payments (2020)	(247,800)	
Bond Payments (2021)	(2,110,919)	
		
BALANCE	$	180,402	
		
County Appraiser & Tax Collector Fee	(60,134)	
Discounts For Early Payments	(120,268)	
		
EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
BLACK CREEK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2019/2020 ACTUAL	
FISCAL YEAR 2020/2021 BUDGET	
FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	
Administrative Assessments	0	72,982	121,365	Expenditures Less Interest /.94	
Maintenance Assessments	0	17,879	376,064	Expenditures/.94	
Debt Assessments (2020)	0	263,617	263,617	Bond Payments/.94	
Debt Assessments (2021)	0	0	2,245,658	Bond Payments/.94	
Developer Contribution	68,550	0	0		
Other Revenue	643	0	0		
Interest Income	0	120	0	Projected At $0 Per Month	
					
TOTAL REVENUES	$	69,193	$	354,598	$	3,006,704		
					
EXPENDITURES					
Maintenance Expenditures					
Annual Engineer's Report & Inspections	643	1,800	4,000	$2,200 Increase From 2020/2021 Budget	
Field Operations Management	0	0	1,500	Field Operations Management	
Street/Roadway Maintenance/Signage	0	3,000	3,000	No Change From 2020/2021 Budget	
Miscellaneous Maintenance	0	3,000	45,000	$42,000 Increase From 2020/2021 Budget	
Wall Feature Maintenance/Upkeep	0	6,900	7,000	$100 Increase From 2020/2021 Budget	
Maintenance Contingency	0	2,106	293,000	Maintenance Contingency	
TOTAL MAINTENANCE EXPENDITURES	$	643	$	16,806	$	353,500		
					
Administrative Expenditures					
Supervisor Fees	0	0	0		
Management	25,860	26,448	26,808	CPI Adjustment	
Legal	10,793	12,000	12,000	No Change From 2020/2021 Budget	
Legal - Extraordinary	9,496	0	0		
Assessment Roll	6,000	6,000	6,000	Assessment Roll	
Audit Fees	0	3,900	5,400	Increased Due To Second Bond	
Arbitrage Rebate Fee	0	0	650	Arbitrage Rebate Fee	
Insurance	5,251	6,000	6,000	Insurance Estimate	
Legal Advertisements	653	2,500	1,500	$1,000 Decrease From 2020/2021 Budget	
Miscellaneous	73	1,000	2,000	$1,000 Increase From 2020/2021 Budget	
Postage	122	550	525	$25 Decrease From 2020/2021 Budget	
Office Supplies	201	900	525	$25 Decrease From 2020/2021 Budget	
Dues & Subscriptions	175	175	175	No Change From 2020/2021 Budget	
Trustee Fees	0	4,250	8,500	Increased Due To Second Bond	
Continuing Disclosure Fee	500	1,000	2,000	Increased Due To Second Bond	
Website Management	2,000	2,000	2,000	No Change From 2020/2021 Budget	
Administrative Contingency	0	2,000	40,000	Administrative Contingency	
TOTAL ADMINISTRATIVE EXPENDITURES	$	61,124	$	68,723	$	114,083		
					
TOTAL EXPENDITURES	$	61,767	$	85,529	$	467,583		

REVENUES LESS EXPENDITURES	$	7,426	$	269,069	$	2,539,121		
					
Bond Payments (2020)	0	(247,800)	(247,800)	2022 P & I Payments	
Bond Payments (2021)	0	0	(2,110,919)	2022 P & I Payments	
					
BALANCE	$	7,426	$	21,269	$	180,402		
					
County Appraiser & Tax Collector Fee	0	(7,090)	(60,134)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	0	(14,179)	(120,268)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	7,426	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND (SERIES 2020) BUDGET
BLACK CREEK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	FISCAL YEAR 2019/2020 ACTUAL	FISCAL YEAR 2020/2021 BUDGET	FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	

Interest Income	
352	
0	
25	
Projected Interest For FY 2021/2022	

Bond Proceeds	
184,941	
0	
0		

NAV Tax Collection	
0	
247,800	
247,800	
Maximum Debt Service Collection	

Total Revenues	
$	185,293	
$	247,800	
$	247,825		

EXPENDITURES					

Principal Payments	
0	
85,000	
85,000	
Principal Payment Due In 2022	

Interest Payments	
61,244	
161,500	
158,951	
Interest Payments Due In 2022	

Bond Redemption	
0	
1,300	
3,874	
Estimated Excess Debt Collections	

Total Expenditures	
$	61,244	
$	247,800	
$	247,825		

Excess/ (Shortfall)	
$	124,049	
$	-	
$	-		

Series 2020 Bond Information

Original Par Amount =	$4,365,000	Annual Principal Payments Due =	June 15th	
Interest Rate =	3.00% - 4.00%	Annual Interest Payments Due =	June 15th & December 15th	
Issue Date =	January 2020			
Maturity Date =

Par Amount As Of 1/1/21 =	June 2050

$4,365,000			

DETAILED PROPOSED DEBT SERVICE FUND (SERIES 2021) BUDGET
BLACK CREEK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	FISCAL YEAR 2019/2020 ACTUAL	FISCAL YEAR 2020/2021 BUDGET	FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	

Interest Income	
0	
0	
25	
Projected Interest For FY 2021/2022	

Bond Proceeds	
0	
0	
0		

NAV Tax Collection	
0	
0	
2,110,919	
Maximum Debt Service Collection	

Total Revenues	
$	-	
$	-	
$	2,110,944		

EXPENDITURES					

Principal Payments	
0	
0	
200,000	
Estimated Principal Payment Due In 2022	

Interest Payments	
0	
0	
1,905,000	
Estimated Interest Payments Due In 2022	

Bond Redemption	
0	
0	
5,944	
Estimated Excess Debt Collections	

Total Expenditures	
$	-	
$	-	
$	2,110,944		

Excess/ (Shortfall)	
$	-	
$	-	
$	-		

Principal & Interest Payment Amounts Are Estimated - Maximum Debt Service Based On Master Expansion Area Methodology

Black Creek Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year 2018/2019	2019/2020	2020/2021	2021/2022
  Assessment*    Assessment*      Assessment*     Projected Assessment* 

Original Units		
Administrative Assessment For Townhomes	$	-	$	-	$	333.25	$	101.14	
Maintenance Assessment For Townhomes	$	-	$	-	$	81.64	$	313.39	
Debt Assessment For Townhomes	$	- 	$	- 	$	1,156.63	$	1,156.63	

Total	
$	-	$	-	$	1,571.52	
$	
1,571.16	

Administrative Assessment For Single Family Homes	
$	-	$	-	$	333.25	
$	
101.14	
Maintenance Assessments For Single Family Homes	$	-	$	-	$	81.64	$	313.39	
Debt Assessment For Single Family Homes	$	- 	$	- 	$	1,260.83	$	1,260.83	

Total	$	-	$	-	$	1,675.72	$	
1,675.36	
Expansion Units
Administrative Assessment For Villas	$	-	$	-	$	-	$	

101.14	
Maintenance Assessment For Villas	$	-	$	-	$	-	$	313.39	
Debt Assessment For Villas

Total	$	-	$	-	$	- 

$	-	$	-	$	-	$	2,158.14

$	2,572.67	

Administrative Assessment For Townhomes	
$	-	$	-	$	-	
$	101.14	
Maintenance Assessment For Townhomes	$	-	$	-	$	-	$	313.39	
Debt Assessment For Townhomes	$	-	$	-	$	- 	$	2,340.18	
Total	$	-	$	-	$	-	$	2,754.71	

Administrative Assessment For Single Family Homes	
$	-	$	-	$	333.25	
$	101.14	
Maintenance Assessments For Single Family Homes	$	-	$	-	$	81.64	$	313.39	
Debt Assessment For Single Family Homes	$	-	$	-	$	1,260.83	$	2,522.23	
Total	$	-	$	-	$	1,675.72	$	2,936.76	

* Assessments Include the Following :		

Note		
4% Discount for Early Payments	Net Per Unit O&M Covenant amount is	$390.00	
1% County Tax Collector Fee
1% County Property Appraiser Fee	Gross Per Unit O&M Covenant amount	is $414.89	
Community Information - Original Units:		Total Units:			
Townhomes	120	Original Units	219	
Single Family Units	99	Expansion Units	981	
Total Units	219	Total Units	1200	
Community Information - Expansion Units:			
Villas	418
Townhomes	420
Single Family Units	143
Total Units	981