2024

SEATON CREEK RESERVE
COMMUNITY DEVELOPMENT DISTRICT

FISCAL YEAR 2024
ADOPTED ANNUAL OPERATING BUDGET

September 12, 2023

FISCAL YEAR 2024
ADOPTED ANNUAL OPERATING BUDGET

SECTION	DESCRIPTION	PAGE
BUDGET INTRODUCTION	1
ADOPTED OPERATING BUDGET	2
GENERAL FUND 001 DESCRIPTIONS	5
DEBT SERVICE FUND	7
SCHEDULE OF ANNUAL ASSESSMENTS	8

September 12, 2023

Background Information

The Seaton Creek Reserve Community Development District is a local special purpose government authorized by Chapter 190, Florida Statutes, as amended. The Community Development District (CDD) is an alternative method for planning, financing, acquiring, operating and maintaining community-wide infrastructure in master planned communities. The CDD also is a mechanism that provides a “solution” to the State’s needs for delivery of capital infrastructure to service projected growth without overburdening other governments and their taxpayers. CDDs represent a major advancement in Florida’s effort to manage its growth effectively and efficiently. This allows the community to set a higher standard for construction along with providing a long-term solution to the operation and maintenance of community facilities.

The following report represents the District budget for Fiscal Year 2024, which begins on October 1, 2023. The District budget is organized by fund to segregate financial resources and ensure that the segregated resources are used for their intended purpose, and the District has established the following funds.

Fund Number	Fund Name	Services Provided

001

200

General Fund

Debt Service Fund

Operations and Maintenance of Community
Collection of Special Assessments for Debt Service on the Series 2023 Special Assessment Revenue Bonds

Facilities of the District

The District’s existing facilities will include storm-water management (lake and water control structures), wetland preserve areas, street lighting, landscaping, entry signage, entry features, irrigation distribution facilities and other related public improvements.

Maintenance of the Facilities

In order to maintain the facilities, the District conducts hearings to adopt an operating budget each year. The funding of the maintenance budget is levied as a non-ad valorem assessment on your property by the District Board of Supervisors.

SEATON CREEK RESERVE COMMUNITY DEVELOPMENT DISTRICT
REVENUE COLLECTION
Fiscal Year 2024 Adopted Operating Budget
October 1st 2023 - September 30th 2024

	GENERAL FUND REVENUES	

SPECIAL ASSESSMENTS - SERVICE CHARGES		
Operations & Maintenance Assmts-On Tax Roll	$	-	
Operations & Maintenance Assmts-Off Tax Roll	$	363,425	
TOTAL SPECIAL ASSESSMENTS - SERVICE CHARGES	$	363,425	
CONTRIBUTIONS & DONATIONS FROM PRIVATE SOURCES			
Landowner/Private Contributions	$	-	
TOTAL CONTRIBUTIONS & DONATIONS FROM PRIVATE SOURCES	$	-	
OTHER MISCELLANEOUS REVENUES			
Miscellaneous GF 001	$	-	
TOTAL OTHER MISCELLANEOUS REVENUES	$	-	
			
TOTAL REVENUES	$	363,425	

Notations:			
(1) Revenues shown exclude County 3.5% collection cost and 4% early payment discount.			

ADMINISTRATION DETAIL
October 1st 2023 - September 30th 2024

EXPENDITURES - ADMINSTRATIVE		
	FINANCIAL & ADMINISTRATIVE		
	Supervisor Fees	7,200	

District Manager	25,000	
District Engineer	9,500	
Administration Services	4,500	
Recording Secretary	2,400	
ADA Website Set Up/Compliance	1,800	
Website Maintenance	1,200	
Accounting Services	12,000	
Assessment Roll Preparation	3,500	
Financial & Revenue Collections	3,500	
Auditing Services	4,000	
Dissemination Services	3,500	
Arbitrage Rebate Reporting	1,500	
Postage, Phone, Faxes, Copies	500	
Public Officials Insurance	2,500	
Legal Advertising	3,500	
Bank Fees	200	
Dues, Licenses, & Fees	175	
Rentals and Leases	600	
Office Supplies	100	
Technology Services	600	
Miscellaneous Fees	1,450	
LEGAL COUNSEL		
District Counsel	$	12,000	
		
TOTAL ADMINSTRATIVE	$	101,225	

SITE OPERATIONS
October 1st 2023 - September 30th 2024

 EXPENDITURES - FIELD OPERATIONS	
ELECTRIC UTILITY SERVICES		
Electric Utility Services - Streetlights	$	37,500	
Electric Utility Services - All Others	15,000	
TOTAL ELECTRIC UTILITY SERVICES	$	52,500	
		
WATER-SEWER COMBINATION SERVICES		
Water Utility Services	$	7,500	
TOTAL WATER-SEWER COMBINATION SERVICES	$	7,500	
		
STORMWATER CONTROL		
Stormwater System Maintenance	$	15,000	
Wetland Monitoring/Maintenance	6,500	
Annual Stormwater Report	3,500	
TOTAL STORMWATER CONTROL	$	25,000	
		
OTHER PHYSICAL ENVIRONMENT		
Property & Casualty Insurance	$	12,500	
General Liability Insurance	3,200	
Entry & Wall Maintenance	5,000	
Landscape Maintenance	125,000	
Irrigation Maintenance	12,000	
Landscape Mulch	5,000	
Landscape Annuals	5,000	
Plant Replacement Program	5,000	
Miscellaneous Landscape	1,000	
TOTAL OTHER PHYSICAL ENVIRONMENT	$	173,700	
		
ROAD & STREET FACILITIES		
Pavement & Drainage Maintenance	$	1,000	
TOTAL ROAD & STREET FACILITIES	$	1,000	
		
Contingency		
Miscellaneous Contingency	$	2,500	
TOTAL CONTINGENCY	$	2,500	
		
TOTAL SITE OPERATIONS	$	262,200	

District Manager

 Financial & Administrative	
The District retains the services of a consulting manager, who is responsible for the daily administration of the District's business, including any and all financial work related to the Bond Funds and Operating Funds of the District, and preparation of the minutes of the Board of Supervisors. In addition, the District Manager prepares the Annual Budget(s), implements all policies of the Board of Supervisors, and attends all meetings of the Board of Supervisors.

District Engineer

Consists of attendance at scheduled meetings of the Board of Supervisors, offering advice and consultation on all matters related to the works of the District, such as bids for yearly contracts, operating policy, compliance with regulatory permits, etc.

Disclosure Reporting

On a quarterly and annual basis, disclosure of relevant district information is provided to the Muni Council, as required within the bond indentures.

Trustees Fees

This item relates to the fee assessed for the annual administration of bonds outstanding, as required within the bond indentures.

Auditing Services

The District is required to annually undertake an independent examination of its books, records and accounting procedures. This audit is conducted pursuant to State Law and the Rules of the Auditor General.

Postage, Phone, Fax, Copies

This item refers to the cost of materials and service to produce agendas and conduct day-to-day business of the District.

Public Officials Insurance

The District carries Public Officials Liability in the amount of $1,000,000.

Legal Advertising

This is required to conduct the official business of the District in accordance with the Sunshine Law and other advertisement requirements as indicated by the Florida Statutes.

Bank Fees

The District operates a checking account for expenditures and receipts.

Dues, Licenses & Fees

The District is required to file with the County and State each year. To provide for unbudgeted administrative expenses.

Office Supplies

Miscellaneous Fees

Cost of daily supplies required by the District to facilitate operations.

Website Administration

This is for maintenance and administration of the Districts official website.

FISCAL YEAR 2024
ADOPTED ANNUAL OPERATING BUDGET

 Legal Counsel	
 District Counsel	
Requirements for legal services are estimated at an annual expenditures on an as needed and also cover such items as attendance at scheduled meetings of the Board of Supervisor's, Contract preparation and review, etc.
 Electric Utility Services	
 Electric Utility Services	
This item is for street lights, pool, recreation facility and other common element electricity
 Other Physical Environment	
 Waterway Management System 
This item is for maintaining the multiple waterways that compose the District's waterway
management system and aids in controlling nuisance vegetation that may otherwise restrict the flow of water.
 Property & Casualty Insurance	
The District carries $1,000,000 in general liability and also has sovereign immunity.
 Entry & Walls Maintenance	
This item is for maintaining the main entry feature and other common area walls.
 Landscape Maintenance	
The District contracts with a professional landscape firm to provide service through a public bid process. This fee does not include replacement material or irrigation repairs.
 Miscellaneous Landscape	
This item is for any unforeseen circumstances that may effect the appearance of the landscape program.
 Plant Replacement Program   
This item is for landscape items that may need to be replaced during the year.

FISCAL YEAR 2024
ADOPTED ANNUAL OPERATING BUDGET

Seaton Creek Reserve
Community Development District

Series 2023

REVENUES

CDD Debt Service Assessments	$	438,204

TOTAL REVENUES

$

438,204

EXPENDITURES

Series 2023 December Bond Interest Payment Series 2023 June Bond Principal Payment Series 2023 June Bond Interest Payment

EXCESS OF REVENUES OVER EXPENDITURES

$

-

ANALYSIS OF BONDS OUTSTANDING

TOTAL EXPENDITURES

$	155,938
$	100,000
$	182,266
$	438,204

Bonds Outstanding - Period Ending 12/15/2023	$	6,870,000	
Principal Payment Applied Toward Series 2023 Bonds	$	100,000	
Bonds Outstanding - Period Ending 12/15/2024	$	6,770,000	

* Semi-annual Payments are made on 6/15 and 12/15 of each year. FY 2024 payments are 12/15/23 and 6/15/24

SEATON CREEK RESERVE COMMUNITY DEVELOPMENT DISTRICT
ASSESSMENT SUMMARY
Fiscal Year 2024 Adopted Operating Budget

Lot Size	EAU
Value	O&M Unit Count	Debt Service Unit Count	Debt Service Per Unit	O&M Per Unit	FY 2024 Total Assessment	
	
Single Family AA1	1.000	279	279	$1,798.94	$1,221.51	$3,020.45	
Gross Acreage AA2	0.100	185	0	$0.00	$122.15	$122.15	
Subtotal	464	279
Notations:
(1) Assessments shown are net of County 3.5% collection cost and 4% early payment discount.