Black Creek Community Development District

Proposed Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2020) IV	DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2022) V	ASSESSMENT COMPARISON

PROPOSED BUDGET
BLACK CREEK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023 BUDGET	
Administrative Assessments	141,656	
Maintenance Assessments	354,787	
Debt Assessments (2020)	263,617	
Debt Assessments (2022)	1,299,191	
Developer Contribution - Debt	0	
Other Revenue	0	
Interest Income	0	
		
TOTAL REVENUES	$	2,059,252	
EXPENDITURES		
Maintenance Expenditures		
Annual Engineer's Report & Inspections	2,000	
Field Operations Management	1,500	
Street/Roadway Maintenance/Signage	3,000	
Miscellaneous Maintenance	3,000	
Wall Feature Maintenance/Upkeep	4,000	
Landscape Maintenance	10,000	
Maintenance Contingency	310,000	
TOTAL MAINTENANCE EXPENDITURES	$	333,500	
		
Administrative Expenditures		
Supervisor Fees	0	
Management	27,612	
Legal	12,000	
Legal - Extraordinary	0	
Assessment Roll	6,000	
Audit Fees	5,500	
Arbitrage Rebate Fee	650	
Insurance	6,420	
Legal Advertisements	1,500	
Miscellaneous	1,000	
Postage	525	
Office Supplies	525	
Dues & Subscriptions	175	
Trustee Fees	4,250	
Continuing Disclosure Fee	1,000	
Website Management	2,000	
Administrative Contingency	64,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$	133,157	
		
TOTAL EXPENDITURES	$	466,657	

REVENUES LESS EXPENDITURES	$	1,592,595	
		
Bond Payments (2020)	(247,800)	
Bond Payments (2022)	(1,221,240)	
		
BALANCE	$	123,555	
		
County Appraiser & Tax Collector Fee	(41,185)	
Discounts For Early Payments	(82,370)	
		
EXCESS/ (SHORTFALL)	$	(0)	

DETAILED PROPOSED BUDGET
BLACK CREEK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2020/2021 ACTUAL	
FISCAL YEAR 2021/2022 BUDGET	
FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	
Administrative Assessments	72,997	73,227	141,656	Expenditures Less Interest /.94	
Maintenance Assessments	17,879	17,553	354,787	Expenditures/.94	
Debt Assessments (2020)	263,618	263,617	263,617	Bond Payments/.94	
Debt Assessments (2022)	0	0	1,299,191	Bond Payments/.94	
Developer Contribution - Debt	81,388	0	0		
Other Revenue	17,944	0	0		
Interest Income	0	0	0	Projected At $0 Per Month	
TOTAL REVENUES	$	453,826	$	354,397	$	2,059,252		
					
EXPENDITURES					
Maintenance Expenditures					
Annual Engineer's Report & Inspections	1,165	2,000	2,000	No Change From 2021/2022 Budget	
Field Operations Management	0	1,500	1,500	Field Operations Management	
Street/Roadway Maintenance/Signage	0	3,000	3,000	No Change From 2021/2022 Budget	
Miscellaneous Maintenance	0	3,000	3,000	No Change From 2021/2022 Budget	
Wall Feature Maintenance/Upkeep	0	4,000	4,000	No Change From 2021/2022 Budget	
Landscape Maintenance	0	0	10,000	Landscape Maintenance	
Maintenance Contingency	0	3,000	310,000	Maintenance Contingency	
TOTAL MAINTENANCE EXPENDITURES	$	1,165	$	16,500	$	333,500		
					
Administrative Expenditures					
Supervisor Fees	0	0	0		
Management	26,448	26,808	27,612	CPI Adjustment (Capped at 3%)	
Legal	13,265	12,000	12,000	No Change From 2021/2022 Budget	
Legal - Extraordinary	6,000	0	0		
Assessment Roll	0	6,000	6,000	Assessment Roll	
Audit Fees	3,800	5,400	5,500	Increased Due To Second Bond Issue	
Arbitrage Rebate Fee	0	650	650	Arbitrage Rebate Fee	
Insurance	5,513	6,000	6,420	Insurance Estimate	
Legal Advertisements	2,729	1,500	1,500	No Change From 2021/2022 Budget	
Miscellaneous	190	1,000	1,000	No Change From 2021/2022 Budget	
Postage	284	525	525	No Change From 2021/2022 Budget	
Office Supplies	126	525	525	No Change From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	No Change From 2021/2022 Budget	
Trustee Fees	4,031	4,250	4,250	No Change From 2021/2022 Budget	
Continuing Disclosure Fee	500	1,000	1,000	No Change From 2021/2022 Budget	
Website Management	2,000	2,000	2,000	No Change From 2021/2022 Budget	
Administrative Contingency	0	1,000	64,000	Administrative Contingency	
TOTAL ADMINISTRATIVE EXPENDITURES	$	65,061	$	68,833	$	133,157		
					
TOTAL EXPENDITURES	$	66,226	$	85,333	$	466,657		

REVENUES LESS EXPENDITURES	$	387,600	$	269,064	$	1,592,595		
					
Bond Payments (2020)	(331,930)	(247,800)	(247,800)	2023 P & I Payments	
Bond Payments (2022)	0	0	(1,221,240)	2023 P & I Payments	
					
BALANCE	$	55,670	$	21,264	$	123,555		
					
County Appraiser & Tax Collector Fee	(3,403)	(7,088)	(41,185)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(14,179)	(14,176)	(82,370)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	38,088	$	-	$	(0)		

DETAILED PROPOSED DEBT SERVICE FUND (SERIES 2020) BUDGET
BLACK CREEK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR 2020/2021 ACTUAL	FISCAL YEAR 2021/2022 BUDGET	FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	

Interest Income	
12	
25	
25	
Projected Interest For FY 2022/2023	

Payment By Developer	
81,388	
0	
0		

NAV Tax Collection	
250,542	
247,800	
247,800	
Maximum Debt Service Collection	

Total Revenues	
$	331,942	
$	247,825	
$	247,825		

EXPENDITURES					

Principal Payments	
85,000	
85,000	
90,000	
Principal Payment Due In 2023	

Interest Payments	
162,775	
158,951	
156,325	
Interest Payments Due In 2023	

Transfer To Construction Fund	
6	
0	
0		

Bond Redemption	
0	
3,874	
1,500	
Estimated Excess Debt Collections	

Total Expenditures	
$	247,781	
$	247,825	
$	247,825		

Excess/ (Shortfall)	
$	84,161	
$	-	
$	-		

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 1/1/22 =	June 2050

$4,280,000			

DETAILED PROPOSED DEBT SERVICE FUND (SERIES 2022) BUDGET
BLACK CREEK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR 2020/2021 ACTUAL	FISCAL YEAR 2021/2022 BUDGET	FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	

Interest Income	
0	
0	
25	
Projected Interest For FY 2022/2023	

Bond Proceeds	
0	
0	
0		

NAV Tax Collection	
0	
0	
1,221,240	
Maximum Debt Service Collection	

Total Revenues	
$	-	
$	-	
$	1,221,265		

EXPENDITURES					

Principal Payments	
0	
0	
200,000	
Principal Payment Due In 2023	

Interest Payments	
0	
0	
1,000,000	
Interest Payments Due In 2023	

Bond Redemption	
0	
0	
21,265	
Estimated Excess Debt Collections	

Total Expenditures	
$	-	
$	-	
$	1,221,265		

Excess/ (Shortfall)	
$	-	
$	-	
$	-		

Principal & Interest Payment Amounts Are Estimated.
Maximum Debt Service Based On First Supplemental Expansion Area Methodology As Of 3/15/22.

Black Creek Community Development District Assessment Comparison

Fiscal Year	 Fiscal Year	Fiscal Year	Fiscal Year 2019/2020	2020/2021	2021/2022	2022/2023
 Assessment*   Assessment*    Assessment*    Projected Assessment* 

Original Units		
Administrative Assessment For Townhomes	$	-	$	333.25	$	334.37	$	118.05	
Maintenance Assessment For Townhomes	$	-	$	81.64	$	80.16	$	295.66	
Debt Assessment For Townhomes	$	- 	$	1,156.63	$	1,156.63	$	1,156.63	
Total	$	-	$	1,571.52	$	1,571.16	$	1,570.33	

Administrative Assessment For Single Family Homes	
$	-	
$	333.25	
$	334.37	
$	118.05	
Maintenance Assessments For Single Family Homes	$	-	$	81.64	$	80.16	$	295.66	
Debt Assessment For Single Family Homes	$	- 	$	1,260.83	$	1,260.83	$	1,260.83	
Total	$	-	$	1,675.72	$	1,675.36	$	1,674.53	

Expansion Units					
Administrative Assessment For Villas	$	-	$	-	$	-	$	118.05	
Maintenance Assessment For Villas	$	-	$	-	$	-	$	295.66	
Debt Assessment For Villas	$	- 	$	- 	$	- 	$	1,348.56	
Total	$	-	$	-	$	-	$	1,762.26	

Administrative Assessment For Townhomes	
$	-	$	-	$	-	$	118.05	
Maintenance Assessment For Townhomes	$	-	$	-	$	-	$	295.66	
Debt Assessment For Townhomes	$	- 	$	- 	$	- 	$	1,453.88	
Total	$	-	$	-	$	-	$	1,867.58	

Administrative Assessment For Single Family Homes	
$	-	$	-	$	-	$	118.05	
Maintenance Assessments For Single Family Homes	$	-	$	-	$	-	$	295.66	
Debt Assessment For Single Family Homes	$	- 	$	- 	$	- 	$	1,559.20	
Total	$	-	$	-	$	-	$	1,972.90	

Notes
* Assessments Include the Following :		Net Per Unit O&M Covenant amount is $390.00 4% Discount for Early Payments		Gross Per Unit O&M Covenant amount is $414.89 1% County Tax Collector Fee
1% County Property Appraiser Fee	Expansion Units Debt Assessments may change based on Bond Issuance amount.

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