Adopted Budget
Fiscal Year 2023

Pine Air Lakes Community Development District

July 28, 2022

Pine Air Lakes
Community Development District

TABLE OF CONTENTS

General Fund
Budget	Page 1
Narrative	Page 2-5
Schedule of Capital Reserves	Page 6

Debt Service Fund

Series 2012
Budget	Page 7
Amortization Schedule	Page 8

Series 2022
Budget	Page 9
Amortization Schedule	Page 10

Pine Air Lakes		
Community Development District										General Fund	
		Adopted		Actual		Projected		Total		Adopted	
		Budget		Thru		Next		Projected		Budget	
 Description				FY 2022				6/30/22				3 Months				9/30/22				FY 2023		
Revenues											
Special Assessments		$232,705		$236,574		$0		$236,574		$232,705	
Interest Income		$500		$1,145		$382		$1,527		$500	
Miscellaneous Income		$0		$10,000		$0		$10,000		$0	
Unassigned Fund Balance (1)		$16,665		$78,265		$0		$78,265		$19,495	
 TOTAL REVENUES				$249,870 			$325,984 			$382 			$326,366 			$252,700 	
Expenditures											
Administrative											
Supervisors Fees		$6,000		$5,600		$2,000		$7,600		$6,000	
FICA Expense		$459		$428		$153		$581		$459	
Engineering		$15,000		$4,013		$5,000		$9,013		$15,000	
Arbitrage Services		$600		$600		$0		$600		$600	
Assessment Roll		$300		$225		$75		$300		$300	
Attorney		$12,500		$4,358		$4,167		$8,525		$12,500	
Attorney-Special Counsel		$5,000		$0		$0		$0		$0	
Disclosure Report		$2,000		$1,500		$500		$2,000		$2,000	
Annual Audit		$3,600		$3,600		$0		$3,600		$3,700	
Trustee Fees		$7,600		$7,595		$0		$7,595		$7,600	
Management Fees		$38,472		$28,854		$9,618		$38,470		$39,624	
Website Compliance		$1,500		$1,125		$375		$1,500		$1,500	
Telephone		$50		$0		$13		$13		$50	
Postage		$1,000		$1,738		$250		$1,988		$2,000	
Printing & Binding		$750		$630		$188		$818		$750	
Insurance		$7,153		$6,731		$0		$6,731		$7,572	
Legal Advertising		$2,000		$973		$500		$1,473		$1,500	
Other Current Charges		$500		$642		$125		$767		$1,000	
Office Supplies		$150		$139		$38		$177		$200	
Dues, Licenses & Subscriptions		$175		$175		$0		$175		$175	
Contingency		$0		$0		$0		$0		$5,000	
 Total Administrative				$104,809 			$68,926 			$23,000 			$91,926 			$107,530 	
Maintenance											
Landscape Maintenance		$56,500		$42,375		$14,125		$56,500		$56,500	
Preserve Maintenance		$6,000		$5,250		$1,750		$7,000		$7,000	
Tree Pruning & Replacement		$7,000		$45,000		$0		$45,000		$7,000	
Irrigation Repairs & Maintenance		$10,000		$22,528		$3,400		$25,928		$13,600	
Annual Plantings		$7,000		$45,695		$0		$45,695		$7,000	
Electricity		$8,000		$1,160		$384		$1,544		$2,000	
Lake Maintenance		$9,020		$5,725		$1,872		$7,597		$9,020	
Management Fee (IBIS)		$22,800		$10,730		$11,400		$22,130		$22,800	
Reporting-SFWMD		$4,800		$3,200		$1,600		$4,800		$4,800	
Contingency		$13,941		$18,245		$0		$18,245		$15,450	
 Total Maintenance				$145,061 			$199,908 			$34,531 			$234,439 			$145,170 	
 TOTAL EXPENDITURES				$249,870 			$268,834 			$57,531 			$326,365 			$252,700 	
 Unassigned Fund Balance				$0 			$57,150 			($57,150) 			$0 			($0) 	

	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	
Per Sq. Ft.	$0.24	$0.24	$0.24	$0.24	$0.24	
Net Assessment	$232,705.00	$232,705.00	$232,705.00	$232,705.00	$232,705.00	
Discounts and Collections 7.25%	$18,189.88	$18,189.88	$18,189.88	$18,189.88	$18,189.88	
Gross Assessment	$250,894.88	$250,894.88	$250,894.88	$250,894.88	$250,894.88	

(1) Carry Forward is net of funds on reserve.

REVENUES:

Assessments

PINE AIR LAKES
COMMUNITY DEVELOPMENT DISTRICT
ADOPTED GENERAL FUND BUDGET FISCAL YEAR 2023

The District will levy a maintenance assessment on all assessable property within the district.

Interest
The District will have all excess funds invested in the State Board of Administration investment account. The amount is based upon the estimated average balance of funds available during the fiscal year.

EXPENDITURES:

Administrative:

Supervisor Fees
Chapter 190 of the Florida Statutes allows for each board member to be compensated for meeting attendance. The District has elected to pay each of the board of supervisors $200 per meeting.

FICA Taxes
Related payroll taxes of 7.65% for above.

Engineering Fees
The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, and various projects assigned as directed by the board of supervisors.

Arbitrage Services
The District is required to have an independent certified public accounting firm annually conduct an arbitrage rebate calculation on the 2012 bond series. The annual fee is based on historical cost for this service.

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

Annual Audit
The District is required by Florida Statute to arrange for an annual 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 – South Florida, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

PINE AIR LAKES
COMMUNITY DEVELOPMENT DISTRICT
ADOPTED GENERAL FUND BUDGET FISCAL YEAR 2023
Dissemination Agent
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.

Trustee Fees
The District issued Series 2022 bonds that are deposited with a trustee at Regions Bank as well as Series 2012 bonds that are deposited with a trustee at US Bank. The annual trustee fee is based on prior year’s cost.

Assessment Roll
Expenses incurred for updating the district’s tax roll and levying the annual assessments.

Telephone
This category includes all charges relating to telephone calls, conference calls, and faxes made to and on behalf of the District.

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

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with Egis Insurance Advisors, an insurance company that specializes in providing insurance coverage to governmental agencies. The amount is based on prior year’s cost.

Printing & Binding
This category includes expenses relating to the printing and binding of agenda packages for board meetings, accounts payable checks, stationary, envelopes, photocopies, etc.

Legal Advertising
The District is required to advertise various notices for board meetings, public hearings, etc. in a newspaper of general circulation.

Other Current Charges
Bank charges and any other miscellaneous expenses incurred during the year.

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.

PINE AIR LAKES
COMMUNITY DEVELOPMENT DISTRICT
ADOPTED GENERAL FUND BUDGET FISCAL YEAR 2023

Website Compliance
Per Section 189.069 F.S., all Districts 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.

Maintenance:

Landscape Maintenance
The District has a contract with Stahlman-England to maintain the landscape within the district for a monthly fee of $4,708, $56,500 for the year.

Preserve Maintenance
The District has a contract with Woods & Wetlands and Stahlman-England to maintain the preserve area within the district.

Tree Pruning & Replacement
The pruning and replacement of trees, plants, shrubs, etc. will be provided on an as needed basis.

Irrigation Repairs and Maintenance
The District has a contract with Stahlman-England to maintain the irrigation system.

Annual Plantings
The annual plantings will be provided throughout the District on an as needed basis.

Electricity
The district incurs electrical costs billed by Florida Power and Light.

Lake Maintenance
The District has contracted with Solitude Lake Management to provide lake maintenance services to all the lakes within the District which also includes quarterly fountain maintenance. The monthly fee is $624, $7,488 for the year. A contingency of $1,532 was added for any unexpected expenditures.

Management Fee

PINE AIR LAKES
COMMUNITY DEVELOPMENT DISTRICT
ADOPTED GENERAL FUND BUDGET FISCAL YEAR 2023

The District is currently contracted with IBIS to provide field management services within the District. The amount budgeted is based on the following:
Task 1	Landscape Maintenance	$12,000 Annually	
Task 2	General Site Maintenance	$ 1 ,800 Annually	
Task 3	Lake Maintenance	$ 3,000 Annually	
Task 4	Preserve Maintenance	$ 3,000 Annually	
	Contingency	$ 3,000 Annually	
Total		$22,800 Annually	

Reporting-SFWMD
The District has contracted with Cardno Entrix to provide quarterly compliance reports of the withdrawals from wells and surface water pumps to the South Florida Water Management District. The monthly amount is
$400, annual amount is $4,800.

Contingency
Unanticipated repairs or maintenance that may need to be done during the fiscal year.

	PINE AIR LAKES
COMMUNITY DEVELOPMENT DISTRICT		
	MAINTENANCE RESERVES SCHEDULE		
	Shrub Replacement
Reserve	Irrigation
Reserves	Lake/Fountain
Reserves	

FY 2002 BUDGET	
$0.00	
$0.00	
$0.00	
FY 2003 RESERVE DEPOSIT	$104,286.90	$37,245.32	$42,125.74	
FY 2003 SPENT	($32,595.28)	($6,135.49)	($14,151.43)	
FY 2004 RESERVE DEPOSIT	$11,000.00	$12,100.00	$3,300.00	
FY 2004 SPENT	$0.00	$0.00	$0.00	
FY 2005 RESERVE DEPOSIT	$11,000.00	$12,100.00	$3,300.00	
FY 2005 SPENT	$0.00	$0.00	$0.00	
FY 2006 RESERVE DEPOSIT	$11,000.00	$12,100.00	$3,300.00	
FY 2006 SPENT	$0.00	$0.00	$0.00	
FY 2007 RESERVE DEPOSIT	$11,000.00	$12,100.00	$3,300.00	
FY 2007 SPENT	$0.00	$0.00	$0.00	
FY 2008 RESERVE DEPOSIT	$11,000.00	$12,100.00	$3,300.00	
FY 2008 SPENT	$0.00	$0.00	$0.00	
FY 2009 RESERVE DEPOSIT	$11,000.00	$12,100.00	$3,300.00	
FY 2009 SPENT	$0.00	$0.00	$0.00	
FY 2010 RESERVE DEPOSIT	$11,000.00	$12,100.00	$3,300.00	
FY 2010 SPENT	$0.00	($4,472.80)	$0.00	
FY 2011 RESERVE DEPOSIT	$11,000.00	$12,100.00	$3,300.00	
FY 2011 SPENT	$0.00	($3,061.50)	$0.00	
FY 2012 RESERVE DEPOSIT	$11,000.00	$12,100.00	$3,300.00	
FY 2012 SPENT	$0.00	($1,024.50)	($6,669.52)	
FY 2013 RESERVE DEPOSIT	$11,000.00	$12,100.00	$3,300.00	
FY 2013 SPENT	($974.00)	($1,358.20)	$0.00	
FY 2014 RESERVE DEPOSIT	$0.00	$0.00	$0.00	
FY 2014 SPENT	$0.00	$0.00	$0.00	
FY 2015 RESERVE DEPOSIT	($50,000.00)	$0.00	$0.00	
FY 2015 SPENT	$0.00	$0.00	$0.00	
FY 2016 RESERVE DEPOSIT	$0.00	($10,383.17)	$0.00	
FY 2016 SPENT	$0.00	$0.00	$0.00	
FY 2017 RESERVE DEPOSIT	$0.00	$0.00	$0.00	
FY 2017 SPENT	$0.00	$0.00	$0.00	
FY 2018 RESERVE DEPOSIT	$0.00	$0.00	$0.00	
FY 2018 SPENT	$0.00	$0.00	$0.00	
FY 2019 RESERVE DEPOSIT	$0.00	$25,000.00	$0.00	
FY 2019 SPENT	$0.00	($48,149.00)	$0.00	
FY 2020 RESERVE DEPOSIT	$3,647.83	$0.00	$0.00	
FY 2020 SPENT	$0.00	$0.00	$0.00	
FY 2021 RESERVE DEPOSIT	$463.10	$0.00	$0.00	
FY 2021 SPENT	$0.00	$0.00	$0.00	
FY 2022 RESERVE DEPOSIT	$858.00	$0.00	$0.00	
FY 2022 SPENT	($69,865.00)	($8,400.00)	$0.00	
BALANCE	$65,821.55	$100,260.66	$54,304.79	

Pine Air Lakes	Debt Service Fund
Community Development District	Series 2012, Special Assessment Refunding Bonds

	Adopted
Budget		Actual
Thru		Projected
Next		 
Total	Adopted
Projected	Budget	
 Description				FY 2022				6/30/22				3 Months				9/30/22	 	FY 2023		
Revenues									
Assessments		$519,840		$553,482		$0		$553,482	$446,600	
Interest Income		$1,000		$385		$128		$513	$1,000	
Carry Forward Surplus (1)		$86,287		$339,776		$0		$339,776	$140,902	
  TOTAL REVENUES				$607,127 			$893,643 			$128 		 
	$893,771  	$588,502 	
Expenditures									
Series 2012 Interest 11/1		
$45,825		
$44,850		
$0		
$44,850	$25,125	
Interest - 5/1		$45,825		$30,975		$0		$30,975	$25,125	
Principal - 5/1		$435,000		$390,000		$0		$390,000	$400,000	
Special Call - 11/1		$0		$235,000		$0		$235,000	$0	
  TOTAL EXPENDITURES				$526,650 			$700,825 			$0 		 
	$700,825  	$450,250 	
Other Sources and Uses									
Cost of Issuance		$0		($52,044)		$0		($52,044)	$0	
  TOTAL OTHER SOURCES AND USES				$0 			($52,044) 			$0 		 
	($52,044)  	$0 	
  EXCESS REVENUES				$80,477 			$140,774 			$128 		 
	$140,902  	$138,252 	
								11/23 Interest $	19,125.00	

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

Pine Air Lakes	Amortization Schedule
Community Development District	Series 2012, Special Assessment Refunding Bonds

	DATE				BALANCE				RATE				PRINCIPAL				INTEREST				TOTAL		
11/1/22		$	1,675,000.00		3.00%		$	-		$	25,125.00		$	446,100.00	
5/1/23		$	1,675,000.00		3.00%		$	400,000.00		$	25,125.00			
11/1/23		$	1,275,000.00		3.00%		$	-		$	19,125.00		$	444,250.00	
5/1/24		$	1,275,000.00		3.00%		$	410,000.00		$	19,125.00			
11/1/24		$	865,000.00		3.00%		$	-		$	12,975.00		$	442,100.00	
5/1/25		$	865,000.00		3.00%		$	425,000.00		$	12,975.00			
11/1/25		$	440,000.00		3.00%		$	-		$	6,600.00		$	444,575.00	
5/1/26		$	440,000.00		3.00%		$	440,000.00		$	6,600.00		$	446,600.00	
	Total							 $	2,300,000.00 		 $	193,125.00 		 $	2,954,675.00 	

Pine Air Lakes	Debt Service Fund
Community Development District	Series 2022, Special Assessment Refunding Bonds

	Adopted
Budget		Actual
Thru		Projected
Next		 
Total	Adopted
Projected	Budget	
 Description				FY 2022				6/30/22				3 Months				9/30/22	 	FY 2023		
Revenues									
Assessments (1)		$0		$0		$0		$0	$216,298	
Carry Forward Surplus (2)		$0		$0		$0		$0	$39,082	
  TOTAL REVENUES				$0 			$0 			$0 		 
	$0  	$255,380 	
Expenditures									
Series 2008 Interest 11/1		
$0		
$0		
$0		
$0	$39,082	
Interest - 5/1		$0		$0		$0		$0	$56,732	
Principal - 5/1		$0		$0		$0		$0	$105,000	
  TOTAL EXPENDITURES				$0 			$0 			$0 		 
	$0  	$200,814 	
Other Sources and Uses									
Payment to Escrow Agent		$0		($2,602,286)		$0		($2,602,286)	$0	
Cost of Issuance		$0		($197,250)		$0		($197,250)	$0	
Bond Proceeds		$0		$2,525,000		$0		$2,525,000	$0	
Interfund Transfer in/(Out)		$0		$346,622		$0		$346,622	$0	
  TOTAL OTHER SOURCES AND USES				$0 			$72,086 			$0 		 
	$72,086  	$0 	
  EXCESS REVENUES				$0 			$72,086 			$0 			$72,086  	$54,566 	
								11/23 Interest $	54,566.25	
(1) Represents Maximum Annual Assessment.									
(2) Carry forward surplus is net of the reserve requirement									

Pine Air Lakes	Amortization Schedule
Community Development District	Series 2022, Special Assessment Refunding Bonds

	DATE				BALANCE				PRINCIPAL				INTEREST				TOTAL		
11/1/22		$	2,525,000.00		$	-		$	39,081.96		$	200,813.84	
5/1/23		$	2,525,000.00		$	105,000.00		$	56,731.88			
11/1/23		$	2,420,000.00		$	-		$	54,566.25		$	216,298.13	
5/1/24		$	2,420,000.00		$	105,000.00		$	54,566.25			
11/1/24		$	2,315,000.00		$	-		$	52,400.63		$	211,966.88	
5/1/25		$	2,315,000.00		$	110,000.00		$	52,400.63			
11/1/25		$	2,205,000.00		$	-		$	50,131.88		$	212,532.50	
5/1/26		$	2,205,000.00		$	115,000.00		$	50,131.88			
11/1/26		$	2,090,000.00		$	-		$	47,760.00		$	212,891.88	
5/1/27		$	2,090,000.00		$	120,000.00		$	47,760.00			
11/1/27		$	1,970,000.00		$	-		$	45,285.00		$	213,045.00	
5/1/28		$	1,970,000.00		$	125,000.00		$	45,285.00			
11/1/28		$	1,845,000.00		$	-		$	42,472.50		$	212,757.50	
5/1/29		$	1,845,000.00		$	130,000.00		$	42,472.50			
11/1/29		$	1,715,000.00		$	-		$	39,547.50		$	212,020.00	
5/1/30		$	1,715,000.00		$	140,000.00		$	39,547.50			
11/1/30		$	1,575,000.00		$	-		$	36,397.50		$	215,945.00	
5/1/31		$	1,575,000.00		$	145,000.00		$	36,397.50			
11/1/31		$	1,430,000.00		$	-		$	33,135.00		$	214,532.50	
5/1/32		$	1,430,000.00		$	150,000.00		$	33,135.00			
11/1/32		$	1,280,000.00		$	-		$	29,760.00		$	212,895.00	
5/1/33		$	1,280,000.00		$	160,000.00		$	29,760.00			
11/1/33		$	1,120,000.00		$	-		$	26,040.00		$	215,800.00	
5/1/34		$	1,120,000.00		$	165,000.00		$	26,040.00			
11/1/34		$	955,000.00		$	-		$	22,203.75		$	213,243.75	
5/1/35		$	955,000.00		$	175,000.00		$	22,203.75			
11/1/35		$	780,000.00		$	-		$	18,135.00		$	215,338.75	
5/1/36		$	780,000.00		$	180,000.00		$	18,135.00			
11/1/36		$	600,000.00		$	-		$	13,950.00		$	212,085.00	
5/1/37		$	600,000.00		$	190,000.00		$	13,950.00			
11/1/37		$	410,000.00		$	-		$	9,532.50		$	213,482.50	
5/1/38		$	410,000.00		$	200,000.00		$	9,532.50			
11/1/38		$	210,000.00		$	-		$	4,882.50		$	214,415.00	
5/1/39		$	210,000.00		$	210,000.00		$	4,882.50		$	214,882.50	
	Total					 $	2,525,000.00 		 $	1,148,213.84 		 $	3,834,945.71