Adopted Budget
Fiscal Year 2023

Reserve           Community Development District #2

July 21, 2022

Reserve
Community Development District #2

TABLE OF CONTENTS

General Fund Budget
Budget Narrative

Page 1
Page 2-3

Debt Service Fund Series 2010 Budget
Amortization Schedule

Page 4
Page 5

Reserve
Community Development District #2

General Fund

Adopted Budget
 	FY 2022	

Actual Thru
    6/30/2022 

Projected Next
    3 Months	

Total Projected
    9/30/2022 

Adopted Budget
 	FY 2023	

 Description	

Revenues

Unassigned Fund Balance Maintenance Assessments

$5,348
$70,007

$6,546
$70,727

$0
$0

$6,546
$70,727

$4,968
$70,007

TOTAL REVENUES

 	$75,355 

 	$77,273 

 	$0 

 	$77,273 

 	$74,975 

Expenditures

Administrative Supervisor Fees FICA Expense Engineering Fees Attorney Fees Trustee Fees Property Appraiser Collection Agent Assessment Roll Annual Audit Management Fees Computer Time Telephone Postage
Printing & Binding Rentals & Leases Insurance
Legal Advertising Other Current Charges Office Supplies
Dues, Licenses & Subscriptions Website Compliance

$4,000
$306
$500
$1,500
$4,090
$6,761
$6,000
$2,500
$3,350
$33,176
$250
$0
$1,000
$300
$2,400
$6,497
$1,000
$500
$50
$175
$1,000

$2,800
$214
$0
$0
$4,089
$6,499
$3,000
$1,500
$3,350
$24,882
$187
$0
$764
$231
$1,800
$6,405
$0
$767
$52
$175
$750

$1,000
$77
$0
$0
$0
$0
$3,000
$1,000
$0
$8,294
$63
$0
$10
$20
$600
$0
$377
$150
$0
$0
$250

$3,800
$291
$0
$0
$4,089
$6,499
$6,000
$2,500
$3,350
$33,176
$250
$0
$774
$251
$2,400
$6,405
$377
$917
$52
$175
$1,000

$4,000
$306
$500
$1,500
$4,090
$6,761
$6,000
$2,500
$3,350
$33,176
$250
$0
$1,000
$300
$2,400
$6,497
$620
$500
$50
$175
$1,000

TOTAL EXPENDITURES

 	$75,355 

 	$57,465 

 	$14,840 

 	$72,305 

 	$74,975 

UNASSIGNED FUND BALANCE

 	$0 

$19,808

($14,840)

$4,968

$0

Page 1

Gross Assessment Levied
Less Discounts & Collection Fees
Net Assessment Levied
No. of Units
Net Per Unit Assessment
Gross Per Unit Assessment

$74,475.00 ($4,468.50)

$70,006.50

1,090
$64.20
$68.30

Reserve
Community Development District #2

General Fund

REVENUES:

Maintenance Assessments
The District will levy a non ad-valorem special assessment on all taxable property within the District to fund all of the General Operating Expenditures for the fiscal year.

EXPENDITURES:

Administrative:

Supervisor Fees
The Florida Statutes allows each board member to receive $200 per meeting no to exceed $4,800 in one year. The amount for the fiscal year is based upon all five supervisors attending the estimated 4 annual meetings.

FICA Expense
Represents the Employer's share of Social Security and Medicare taxes withheld from Board of Supervisors checks.

Engineering Fees
The District's engineer will be providing general engineering services to the District including attendance and preparation for board meetings, etc.

Attorney Fees
The District's legal counsel will be providing general legal services to the District, i.e., attendance and preparation for monthly meetings, review operating and maintenance contracts, etc.

Trustee Fees
The District issued Series 2010 Special Assessment Revenue Bonds which are held with a Trustee at US Bank. The amount of the trustee fees budgeted is based on the agreement between US Bank and the District.

Property Appraiser Fee
The St. Lucie County Property Appraiser charges the District 2% of the total on roll assessment as their charge for placing the assessments on the County’s tax roll.

Collection Agent
The District’ has contracted with Robert L. Fromm & Associates for meeting attendance and budget review and preparation.

Assessment Roll
The District’ has contracted with Robert L. Fromm & Associates for the certifications of the District’s annual maintenance and debt service assessments to the County Tax Collector.

Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

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

Computer Time
The District processes all its financial activities, i.e., accounts payable, financial statements, etc. on a mainframe computer leased by Governmental Management Services.

Page 2

Reserve
Community Development District #2

General Fund

Administrative: (continued)

Telephone
Telephone and fax machine.

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

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

Room Rental and Leases-Reserve #1 CDD
The District is charged $200 per month from Reserve CDD for the office space and meeting room at Reserve Commerce Center.

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance (FIA). The Florida Insurance Alliance 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 are incurred during the year.

Contingency
Any unforeseen expenditures or repairs. If the expense is not incurred, the balance is added to the unassigned fund balance.

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.

Website Compliance
Per Section 189.069 F.S, all District must have a website by October 1, 2015 to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated as required by the Statute.

Page 3

Exhibit A page 4 of 5

Reserve
Community Development District #2

Debt Service Fund Series 2010A, Capital Improvement Refunding Bonds

Adopted Budget
 	FY 2022	

Actual Thru
    6/30/2022 

Projected Next
    3 Months	

Total Projected
    9/30/2022 

Adopted Budget
 	FY 2023	

 Description	

Revenues
Carry Forward Surplus (1) Special Assessments - On Roll Interest Income

$11,726
$235,439
$0

$12,632
$237,858
$77

$0
$0
$5

$12,632
$237,858
$82

$23,251
$235,439
$0

TOTAL REVENUES

 	$247,165 

 	$250,567 

 	$5 

 	$250,572 

 	$258,691 

Expenditures

Series 2010A Interest - 11/01 Interest - 05/01 Principal - 05/01

$11,252
$11,069
$205,000

$11,252
$11,069
$205,000

$0
$0
$0

$11,252
$11,069
$205,000

$8,538
$8,399
$210,000

TOTAL EXPENDITURES

 	$227,321 

 	$227,321 

 	$0 

 	$227,321 

 	$226,938 

Excess Revenue over Expenditures

 	$19,844 

$23,246

$5

$23,251

$31,753

(1) Carry forward surplus is net of the reserve requirement

11/1/23 Interest 	$5,758 
 	$5,758 

Page 4

Gross Assessment Levied
Less Discounts & Collection Fees Net Assessment Levied
No. of Units
Net Per Unit Assessment Gross Per Unit Assessment

$250,467.18 ($15,028.03)

$235,439.15

1,090
$215.92
$229.70

Reserve
Community Development District #2

Amortization Schedule
Series 2010A,  Capital Improvement Refunding Bonds

 	DATE	

 	BALANCE	

   RATE 

 	PRINCIPAL	

 	INTEREST	

 	TOTAL	

11/01/23
05/01/24
11/01/24
05/01/25

$435,000.00
$435,000.00
$220,000.00
$220,000.00

2.59%
2.59%
2.59%
2.59%

$0.00
$215,000.00
$0.00
$220,000.00

$5,758.43
$5,695.84
$2,912.31
$2,864.83

$226,454.28

$225,777.14

Total

$645,000.00

$34,168.93

$679,168.93

Page 5

11/01/22	$645,000.00	2.59%	$0.00	$8,538.37
05/01/23	$645,000.00	2.59%	$210,000.00	$8,399.15	$226,937.52