Seaton Creek Reserve
Community Development District

Annual Operating and Debt Service Budget

Fiscal Year 2025

Adopted Budget
Adopted on Tuesday July, 23, 2024

Prepared by:

Seaton Creek Reserve

Community Development District

Table of Contents

Page #

OPERATING BUDGET
General Fund
Summary of Revenues, Expenditures and Changes in Fund Balances	1
Exhibit A - Allocation of Fund Balances ………………………………………………………………….	2
Budget Narrative	3 - 5
DEBT SERVICE BUDGETS
Series 2023
Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..	6
Amortization Schedule	7 - 8
Budget Narrative …………………………………………………………………………………………………	9
SUPPORTING BUDGET SCHEDULES
Non-Ad Valorem Assessment Summary	10

Seaton Creek Reserve
Community Development District

Operating Budget
Fiscal Year 2025

Summary of Revenues, Expenditures and Changes in Fund Balances
General Fund Fiscal Year 2025 Budget

	ADOPTED	ACTUAL	PROJECTED	TOTAL		ANNUAL	
	BUDGET	THRU	May-	PROJECTED	% +/(-)	BUDGET	
ACCOUNT DESCRIPTION	FY 2024	4/30/24	10/1/2024	FY 2024	Budget	FY 2025	

Utility Services							
Electric Utility Services	$	15,000	$	-	$	6,250	$	6,250	-58%	$	3,033	
Electricity - Street Lights (543013)	37,500	-	15,625	15,625	-58%	25,000	
Amenity Internet	-	-	-	-	0%	1,417	
Utility - Water/Waste	7,500	-	3,125	3,125	-58%	3,125	
Utility - Irrigation (543018)	-	-	-	-	0%	15,000	
Total Utility Services	$	60,000	$	-	$	25,000	$	25,000		$	47,575	

Amenity							
Field Services	$	-	$	-	$	-	$	-	0%	$	18,000	
Janitorial - Contract	-	-	-	-	0%	2,542	
Janitorial - Supplies/Other	-	-	-	-	0%	1,000	
Rental - Fitness Equipment (544030)	-	-	-	-	0%	9,583	
Contracts - Fitness Classes (534071)	-	-	-	-	0%	6,000	
Garbage Dumpster - Rental/Collection			-	-	0%	1,500	
Contracts - Pest Control/Termite Bond (534125)	-	-	-	-	0%	1,958	
Amenity R&M	-	-	-	-	0%	5,000	
Pool Permits	-	-	-	-	0%	500	
Access Control R&M	-	-	-	-	0%	750	
Contracts - Pool Service (534078)	-	-	-	-	0%	8,750	
Dog Waste Station Service and Supplies	-	-	-	-	0%	8,892	
R&M-Entrance Monument & Wall (546227)	5,000	-	5,000	5,000	0%	5,000	
Contracts - Access Control (534003)	-	-	-	-	0%	8,889	
Miscellaneous Contingency	2,500	-	2,500	2,500	0%	2,500	
Misc-Special Events (549052)	-	-	-	-	0%	8,333	
Misc - Holiday Décor (549027)	-	-	-	-	0%	10,000	
Total Amenity	$	7,500	$	-	$	7,500	$	7,500		$	99,198	

Annual Operating and Debt Service Budget

Summary of Revenues, Expenditures and Changes in Fund Balances
General Fund Fiscal Year 2025 Budget

ADOPTED	ACTUAL PROJECTED		TOTAL		ANNUAL BUDGET		THRU	May-	PROJECTED % +/(-)	BUDGET
ACCOUNT DESCRIPTION	FY 2024	4/30/24	10/1/2024	FY 2024	Budget	FY 2025
REVENUES							
Interest - Investments	$	-	$	-	$	-	$	-	0%	$	-	
Operations & Maintenance Assmts - On Roll	363,425	272,549	90,876	363,425	0%	412,895	
Special Assmnts- CDD Collected	-	-	-	-	0%	-	
Developer Contributions	-	11,897	-	11,897	0%	-	
TOTAL REVENUES	$	363,425	$ 284,446	$	90,876	$	375,322		$	412,895	

EXPENDITURES							
Financial and Administrative							
Supervisor Fees	$	7,200	$	1,200	$	3,000	$	4,200	-42%	$	7,200	
District Management	25,000	14,583	10,417	25,000	0%	25,000	
Administration	4,500	2,625	1,875	4,500	0%	4,500	
Recording Secretary	2,400	1,400	1,000	2,400	0%	2,400	
Arbitrage Rebate	1,500	-	1,500	1,500	0%	1,500	
Financial/Revenue Collections	3,500	700	500	1,200	-66%	5,000	
Rental and Leases	600	350	250	600	0%	600	
Assessment Roll	3,500	-	-	-	-100%	3,500	
Accounting Services	12,000	5,250	3,750	9,000	-25%	9,000	
Dissemination Agent/Reporting	3,500	2,917	2,083	5,000	43%	5,000	
Website Admin Services	1,200	721	500	1,221	2%	1,200	
District Engineer	9,500	-	4,000	4,000	-58%	10,000	
District Counsel	12,000	533	5,000	5,533	-54%	15,000	
Trustees Fees	-	-	-	-	0%	4,000	
Auditing Services	4,000	-	4,000	4,000	0%	4,000	
Postage, Phone, Faxes, Copies	500	72	428	500	0%	500	
Legal Advertising	3,500	1,320	2,180	3,500	0%	3,500	
Bank Fees	200	-	200	200	0%	200	
Dues, Licenses & Fees	175	175	-	175	0%	175	
Onsite Office Supplies	100	-	100	100	0%	100	
Website ADA Compliance	1,800	1,500	-	1,500	-17%	1,800	
Misc	1,450	-	1,450	1,450	0%	1,450	
Info Technology	600	350	250	600	0%	600	
Total Financial and Administrative	$	98,725	$ 33,696	$	42,483	$	76,179		$	106,225	

Insurance							
General Liability (545002-53908)	$	3,200	$	-	$	2,860	$	2,860	-11%	$	3,146	
Public Officials Insurance (545008-51301)	2,500	2,340	-	2,340	-6%	2,574	
Property & Casualty Insurance (545009-53908)	12,500	2,860	(2,860)	-	-100%	30,000	
Total Insurance	$	18,200	$	5,200	$	-	$	5,200		$	35,720	

Annual Operating and Debt Service Budget

Summary of Revenues, Expenditures and Changes in Fund Balances
General Fund Fiscal Year 2025 Budget

	ADOPTED	ACTUAL	PROJECTED	TOTAL		ANNUAL	
	BUDGET	THRU	May-	PROJECTED	% +/(-)	BUDGET	
ACCOUNT DESCRIPTION	FY 2024	4/30/24	10/1/2024	FY 2024	Budget	FY 2025	

Landscape and Pond Maintenace							
Landscape Maintenance - Contract	$	125,000	$	-	$	52,083	$	52,083	-58%	$	90,917	
Landscaping - R&M	1,000	-	1,000	1,000	0%	-	
Landscaping - Mulch	5,000	-	5,000	5,000	0%	4,000	
Landscaping - Annuals	5,000	-	-	-	-100%	-	
Landscaping - Plant Replacement Program	5,000	-	-	-	-100%	5,000	
Irrigation Maintenance	12,000	-	5,000	5,000	-58%	6,000	
R&M Drainage	1,000	-	1,000	1,000	0%	1,000	
Stormwater System Maintenance	15,000	-	5,000	5,000	-67%	7,260	
Stormwater Report	3,500	-	3,500	3,500	0%	3,500	
Wetland Maintenance	6,500	-	6,500	6,500	0%	6,500	
Total Landscape and Pond Maintenance	$	179,000	$	-	$	79,083	$	79,083		$	124,177	
							
TOTAL EXPENDITURES	$	363,425	$ 38,896	$	154,067	$	192,963		$	412,895	

Excess (deficiency) of revenues	
$	-	
$ 245,550	
$	(63,191)	
$	182,359	
$	-	

Net change in fund balance	
$	-	
$ 245,550	
$	(63,191)	
$	182,359	
$	-	

FUND BALANCE, BEGINNING	
$	(25,449)	
$ (25,449)	
$	220,101	
$	(25,449)	
$	156,910	
FUND BALANCE, ENDING	$	(25,449)	$ 220,101	$	156,910	$	156,910	$	156,910	

Annual Operating and Debt Service Budget

Budget Narrative
Fiscal Year 2025

REVENUES

Interest-Investments
The District earns interest on its operating accounts.

Operations & Maintenance Assessments – On Roll
The District will levy a Non-Ad Valorem assessment on all the assessable property within the District to pay for the operating expenditures during the Fiscal Year. The collection will be provided by the Tax Collector pursuant to Section 197.3632, Florida Statutes, which is the Uniform Collection Methodology.

Developer Contributions
The district will direct bill and collect non-ad valorem assessments on assessable property in order to pay for the debt service expenditures during the fiscal year.

EXPENDITURES

Financial and Administrative

Supervisor Fees
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting at which they are in attendance. The amount for the Fiscal Year is based upon four supervisors attending 14 meetings.

District Management
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.

Administration
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Inframark Infrastructure Management Services.

Recording Secretary
Inframark provides recording services with near verbatim minutes.

Financial/Revenue Collections
Service includes all functions necessary for the timely billing and collection and reporting of District assessments in order to ensure adequate funds to meet the District’s debt service and operations and maintenance obligations. These services include, but are not limited to, assessment roll preparation and certification, direct billings and funding request processing as well as responding to property owner questions regarding District assessments. This line item also includes the fees incurred for a collection agent to collect the funds for the principal and interest payment for its short-term bond issues and any other bond related collection needs. These funds are collected as prescribed in the Trust Indenture. The Collection Agent also provides for the release of liens on property after the full collection of bond debt levied on particular properties.

Rentals and Leases
The anticipated cost of rental expenses including but not limited to renting meeting room space for district board meetings.

Assessment Roll
Administrative fee to prepare the district’s special assessment roll and maintain the lien books.

Budget Narrative
Fiscal Year 2025

EXPENDITURES

Financial and Administrative (continued)

Accounting Services
Services including the preparation and delivery of the District’s financial statements in accordance with Governmental Accounting Standards, accounts payable and accounts receivable functions, asset tracking, investment tracking, capital program administration and requisition processing, filing of annual reports required by the State of Florida and monitoring of trust account activity.

Dissemination Agent/Reporting
The District is required by the Securities and Exchange Commission to comply with rule 15c2-12(b)-(5), which relates to additional reporting requirements for unrelated bond issues. The budgeted amount for the fiscal year is based on standard fees charged for this service.

Website Administration Services
The cost of web hosting and regular maintenance of the District’s website by Inframark Management Services.

District Engineer
The District's engineer provides general engineering services to the District, i.e., attendance and preparation for board meetings when requested, review of invoices, and other specifically requested assignments.
District Counsel
The District’s attorney provides general legal services to the District, i.e., attendance and preparation for Board meetings, review of contracts, agreements, resolutions, and other research as directed or requested by the BOS District Manager.

Trustee Fees
The District pays US Bank an annual fee for trustee services on the Series 2014 and Series 2015 Bonds. The budgeted amount for the fiscal year is based on previous year plus any out-of-pocket expenses.

Auditing Services
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is an estimate based on prior year costs.

Postage, Phone, Faxes, Copies
This item refers to the cost of materials and service to produce agendas and conduct day-to-day business of the District.

Professional Services – Arbitrage Rebate
The District is required to annually calculate the arbitrage rebate liability on its Series bonds.

Legal Advertising
The District is required to advertise various notices for monthly Board meetings and other public hearings in the newspaper of general circulation.

Bank Fees
This represents the cost of bank charges and other related expenses that are incurred during the year.

Dues, Licenses and Fees
This represents the cost of the District’s operating license as well as the cost of memberships in necessary organizations.

Budget Narrative
Fiscal Year 2025

EXPENDITURES

Financial and Administrative (continued)

Onsite Office Supplies
This represents the cost of supplies used to prepare agenda packages, create required mailings, and perform other special projects. The budget for this line item also includes the cost for supplies in the District office.

Website ADA Compliance
Cost of maintaining district website’s compliance with the Americans with Disabilities Act of 1990.

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

Annual Stormwater Report
Cost to produce annual report on CDD stormwater infrastructure.

Miscellaneous Administrative
All other administrative costs not otherwise specified above.

EXPENDITURES

Insurance

Insurance-General Liability
The District's General Liability & Public Officials Liability Insurance policy is with Egis Insurance Advisors, LLC. The budgeted amount allows for a projected increase in the premium.

Public Officials Insurance
The District will incur expenditures for public officials’ liability insurance for the Board and Staff and may incur a 10% premium increase.

Property & Casualty Insurance
The District will incur fees to insure items owned by the district for its property needs.

EXPENDITURES

Utility Services
Electric Utility Services
Electricity for accounts with the local Utilities Commissions for the swim club, parks, and irrigation. Fees are based on historical costs for metered use.

Streetlights
Local Utility Company charges electricity usage (maintenance fee). The budget is based on historical costs.
Amenity Internet
Internet service for clubhouse and other amenity locations.

Budget Narrative
Fiscal Year 2025

EXPENDITURES

Utility Services (Continued)

Water/Waste
The District charges each new water/sewer system customer an Accrued Guaranteed Revenue Fee (AGRF) for wastewater service in accordance with the adopted rate schedule.
Utility – Water Irrigation
Cost of water to irrigate common areas.

EXPENDITURES

Amenity

Field Services
Services for administration and operation of the property and its contractors.

Pool Monitor
Cost of staff members to facilitate pool safety services.
Janitorial – Contract
Cost of janitorial labor for CDD Facilities.

Janitorial Supplies/Other
Cost of janitorial supplies for CDD Facilities.
Garbage Dumpster – Rental and Collection
Cost of dumpster rental and trash collection at CDD facilities.

Amenity Pest Control
Cost of exterminator and pesticides at CDD amenities and facilities.
Amenity R&M
Cost of repairs and regular maintenance of CDD amenities.

Pool Permits
Cost of permits required for CDD pool and spa operation as required by law.
Access Control R&M
Cost of repairs and maintenance to electronic locks, gates, and other security fixtures.

Contracts – Access Control
Contract for community security.
Dog Waste Station Service & Supplies
Cost of cleaning and resupplying dog waste stations.

Budget Narrative
Fiscal Year 2025

EXPENDITURES

Amenity (Continued)

Entrance Monuments, Gates, Walls R&M
Cost of repairs and regular maintenance for entryways, walls, and gates.

Pool Maintenance – Contract
Cost of Maintenance for CDD pool facilities.
Special Events
Cost of holiday celebrations and events hosted on CDD property.

Holiday Decorations
Cost of decorations for major holidays (i.e., Christmas)

Miscellaneous contingency
Amenity expenses not otherwise specified.

EXPENDITURES

Landscape and Pond Maintenance
Stormwater System Maintenance
Cost of repairs and regular maintenance to the CDD’s stormwater and drainage infrastructure.

Landscape Maintenance - Contract
Landscaping company to provide maintenance consisting of mowing, edging, trimming, blowing, fertilizing, and applying pest and disease control chemicals to turf throughout the District.

EXPENDITURES

Landscape and Pond Maintenance (Continued) Landscaping – Plant Replacement Program
Cost of replacing dead or damaged plants throughout the district.

Irrigation Maintenance
Purchase of irrigation supplies. Unscheduled maintenance consists of major repairs and replacement of system components including weather station and irrigation lines.

Wetlands Maintenance and Monitoring
Cost of upkeep and protection of wetlands on CDD property.

Seaton Creek Reserve
Community Development District

Debt Service Budgets
Fiscal Year 2025

Seaton Creek Reserve

Community Development District	Series 2023 Debt Service
Series 2023 Bonds
Fiscal Year 2025 Budget

REVENUES

CDD Debt Service Assessments	$	464,906

TOTAL REVENUES

$

464,906

EXPENDITURES

June Bond Interest Payment	$	179,953

June Bond Principal Payment	$	105,000

December Bond Interest Payment	$	179,953

TOTAL EXPENDITURES	$	464,906

EXCESS OF REVENUES OVER EXPENDITURES

$

-

ANALYSIS OF BONDS OUTSTANDING

Bonds Outstanding - Period Ending 12/15/2024	$	6,770,000	
Principal Payment Applied Toward Bonds	$	105,000	
Bonds Outstanding - Period Ending 11/1/2025	$	6,665,000	

Annual Operating and Debt Service Budget

Seaton Creek Reserve Community Development District Special Assessment Bonds, Series 2023 (Assessment Area One)
Period
Ending	Outstanding
Balance	Principal	Coupon	Interest	Debt Service	
12/15/2023	$	6,870,000			$	155,938	$	155,938	
6/15/2024	$	6,870,000	$	100,000	4.625%	$	182,266	$	282,266	
12/15/2024	$	6,770,000			$	179,953	$	179,953	
6/15/2025	$	6,770,000	$	105,000	4.625%	$	179,953	$	284,953	
12/15/2025	$	6,665,000			$	177,525	$	177,525	
6/15/2026	$	6,665,000	$	110,000	4.625%	$	177,525	$	287,525	
12/15/2026	$	6,555,000			$	174,981	$	174,981	
6/15/2027	$	6,555,000	$	115,000	4.625%	$	174,981	$	289,981	
12/15/2027	$	6,440,000			$	172,322	$	172,322	
6/15/2028	$	6,440,000	$	120,000	4.625%	$	172,322	$	292,322	
12/15/2028	$	6,320,000			$	169,547	$	169,547	
6/15/2029	$	6,320,000	$	125,000	4.625%	$	169,547	$	294,547	
12/15/2029	$	6,195,000			$	166,656	$	166,656	
6/15/2030	$	6,195,000	$	130,000	4.625%	$	166,656	$	296,656	
12/15/2030	$	6,065,000			$	163,650	$	163,650	
6/15/2031	$	6,065,000	$	140,000	5.250%	$	163,650	$	303,650	
12/15/2031	$	5,925,000			$	159,975	$	159,975	
6/15/2032	$	5,925,000	$	145,000	5.250%	$	159,975	$	304,975	
12/15/2032	$	5,780,000			$	156,169	$	156,169	
6/15/2033	$	5,780,000	$	155,000	5.250%	$	156,169	$	311,169	
12/15/2033	$	5,625,000			$	152,100	$	152,100	
6/15/2034	$	5,625,000	$	160,000	5.250%	$	152,100	$	312,100	
12/15/2034	$	5,465,000			$	147,900	$	147,900	
6/15/2035	$	5,465,000	$	170,000	5.250%	$	147,900	$	317,900	
12/15/2035	$	5,295,000			$	143,438	$	143,438	
6/15/2036	$	5,295,000	$	180,000	5.250%	$	143,438	$	323,438	
12/15/2036	$	5,115,000			$	138,713	$	138,713	
6/15/2037	$	5,115,000	$	190,000	5.250%	$	138,713	$	328,713	
12/15/2037	$	4,925,000			$	133,725	$	133,725	
6/15/2038	$	4,925,000	$	200,000	5.250%	$	133,725	$	333,725	
12/15/2038	$	4,725,000			$	128,475	$	128,475	
6/15/2039	$	4,725,000	$	210,000	5.250%	$	128,475	$	338,475	
12/15/2039	$	4,515,000			$	122,963	$	122,963	
6/15/2040	$	4,515,000	$	220,000	5.250%	$	122,963	$	342,963	
12/15/2040	$	4,295,000			$	117,188	$	117,188	
6/15/2041	$	4,295,000	$	235,000	5.250%	$	117,188	$	352,188	
12/15/2041	$	4,060,000			$	111,019	$	111,019	
6/15/2042	$	4,060,000	$	245,000	5.250%	$	111,019	$	356,019	
12/15/2042	$	3,815,000			$	104,588	$	104,588	
6/15/2043	$	3,815,000	$	260,000	5.250%	$	104,588	$	364,588	
12/15/2043	$	3,555,000			$	97,763	$	97,763	
6/15/2044	$	3,555,000	$	275,000	5.500%	$	97,763	$	372,763	
12/15/2044	$	3,280,000			$	90,200	$	90,200	
6/15/2045	$	3,280,000	$	290,000	5.500%	$	90,200	$	380,200	
12/15/2045	$	2,990,000			$	82,225	$	82,225	
6/15/2046	$	2,990,000	$	305,000	5.500%	$	82,225	$	387,225	
12/15/2046	$	2,685,000			$	73,838	$	73,838	
6/15/2047	$	2,685,000	$	325,000	5.500%	$	73,838	$	398,838	
12/15/2047	$	2,360,000			$	64,900	$	64,900	
6/15/2048	$	2,360,000	$	340,000	5.500%	$	64,900	$	404,900	

Annual Operating and Debt Service Budget

12/15/2048	$	2,020,000			$	55,550	$	55,550	
6/15/2049	$	2,020,000	$	360,000	5.500%	$	55,550	$	415,550	
12/15/2049	$	1,660,000			$	45,650	$	45,650	
6/15/2050	$	1,660,000	$	380,000	5.500%	$	45,650	$	425,650	
12/15/2050	$	1,280,000			$	35,200	$	35,200	
6/15/2051	$	1,280,000	$	405,000	5.500%	$	35,200	$	440,200	
12/15/2051	$	875,000			$	24,063	$	24,063	
6/15/2052	$	875,000	$	425,000	5.500%	$	24,063	$	449,063	
12/15/2052	$	450,000			$	12,375	$	12,375	
6/15/2053	$	450,000	$	450,000	5.500%	$	12,375	$	462,375	
		$	6,870,000		$	7,143,498	$ 14,013,498	

Annual Operating and Debt Service Budget

Seaton Creek Preserve
Community Development District	Debt Service Fund

Budget Narrative
Fiscal Year 2025

REVENUES

Interest-Investments
The District earns interest on its operating accounts.

Operations & Maintenance Assessments – On Roll
The District will levy a Non-Ad Valorem assessment on all the assessable property within the District to pay for the operating expenditures during the Fiscal Year. The collection will be provided by the Tax Collector pursuant to Section 197.3632, Florida Statutes, which is the Uniform Collection Methodology.

Developer Contributions
The district will direct bill and collect non-ad valorem assessments on assessable property in order to pay for the debt service expenditures during the fiscal year.

Other Miscellaneous Revenues
Additional revenue sources not otherwise specified by other categories.

EXPENDITURES

Debt Service

Principal Debt Retirement
The district pays regular principal payments to annually to pay down/retire the debt.

Interest Expense
The District Pays interest Expenses on the debt twice a year.

Seaton Creek Reserve
Community Development District

Supporting Budget Schedules
Fiscal Year 2025

Seaton Creek Reserve

Community Development District	All Funds

Assessment Summary Fiscal Year 2024 VS 2025

ASSESSMENT ALLOCATION

Assessment Area One	
			O&M Assessment	Debt Service Series 2023	Total Assessments per Unit	

Product	
OM Units	
DS Units	FY2025	FY2024	Dollar
Change	FY2025	FY2024	Dollar
Change	FY2025	FY2024	Dollar	Percent
Change	Change	

Single Family AA1	
279	
279	
$ 1,500.30  $ 1,320.55  $	179.00	
$	1,798.94  $	1,798.94  $	-	
$	3,299.24  $ 3,119.49  $	179.00	6%	
Gross Acreage AA2	185	0	$	150.03  $	132.05  $	17.00	$	-	$	-	$	-	$	150.03  $	132.05  $	17.00	14%	
	464.22					

Annual Operating and Debt Service Budget Fiscal Year 2025