Waterstone	
Community Development District	

Approved Proposed Budget	
FY 2025	

Table of Contents

1-2

3-5

6

	General Fund

	Narratives

	Debt Service Fund Series 2018

7		Assessment Schedule

Waterstone	
Community Development District	
Approved Proposed Budget	
General Fund	

REVENUES:

Special Assessments - On Roll	$902,805	$902,584	$26,567	$929,151	$902,805	
Interest income	5,000	5,469	16,000	21,469	15,000	
Clubhouse Income	-	400	600	1,000	1,000	
Carry Forward Surplus	-	64,016	-	64,016	40,549	

TOTAL REVENUES	$907,805	$972,470	$43,167	$1,015,637	$959,355	

EXPENDITURES:

Administrative						
Supervisor Fees	$2,400	$200	$2,200	$2,400	$2,400	
FICA Taxes	184	15	168	184	184	
Engineering	8,000	-	8,000	8,000	8,000	
Attorney	20,000	2,558	17,443	20,000	20,000	
Annual Audit	5,900	5,900	-	5,900	5,900	
Assessment Administration	-	-	2,000	2,000	2,000	
Arbitrage Rebate	550	-	550	550	550	
Dissemination Agent	4,000	-	4,000	4,000	4,000	
Trustee Fees	7,600	7,543	-	7,543	7,600	
Management Fees	39,690	13,230	26,460	39,690	42,468	
Property Appraiser	-	-	19,266	19,266	-	
Information Technology	1,000	333	667	1,000	1,070	
Website Maintenance	1,500	500	1,000	1,500	1,605	
Telephone	50	-	50	50	50	
Postage & Delivery	500	51	149	200	200	
Insurance General Liability	7,956	7,160	-	7,160	8,234	
Printing & Binding	1,000	97	203	300	300	
Legal Advertising	1,000	-	1,000	1,000	1,000	
Other Current Charges	500	108	392	500	500	
Office Supplies	150	-	150	150	150	
Dues, Licenses & Subscriptions	175	175	-	175	175	

TOTAL ADMINISTRATIVE	$102,155	$37,870	$83,697	$121,567	$106,385	

Waterstone	
Community Development District	
Approved Proposed Budget	
General Fund	

Operations & Maintenance

Field Expenditures

Field Management	$15,000	$5,087	$10,500	$15,587	$16,000	
Electric Streetlights	36,800	11,377	27,200	38,577	40,000	
Electric Pumps/Well/Guardhouse	2,400	677	1,440	2,117	2,400	
Landscape and Irrigation Maintenance	189,410	58,656	125,544	184,200	190,000	
Tree Service	15,000	-	15,000	15,000	15,000	
Lake Maintenance	15,000	8,520	17,040	25,560	25,560	
Irrigation Repairs	3,000	3,969	5,000	8,969	10,000	
Repairs and Maintenance	10,000	4,877	5,123	10,000	10,000	
Street Maintenance	20,000	1,640	18,360	20,000	10,000	
Sign Maintenance	5,000	-	5,000	5,000	5,000	
Gate & Fence Maintenance	2,500	8,398	-	8,398	10,000	
Preserve Maintenance	12,000	-	12,000	12,000	12,000	
Contingency	1,280	2,700	-	2,700	1,280	
Reserves - Roadway Improvements	360,000	-	360,000	360,000	360,000	

TOTAL FIELD EXPENDITURES	$687,390	$105,900	$602,207	$708,107	$707,240	

Recreation Building

Security System	$2,840	$2,641	$1,160	$3,801	$5,000	
Electric Rec Building	15,000	5,809	9,191	15,000	15,000	
Water/Sewer	10,000	2,135	7,865	10,000	10,000	
Building Insurance	11,873	12,651	-	12,651	15,181	
Pool Maintenance	18,000	5,705	12,000	17,705	18,000	
Pool Repair	-	-	15,000	15,000	5,000	
Equipment Maintenance	5,000	210	4,790	5,000	5,000	
Janitorial Maintenance	16,640	5,809	10,831	16,640	16,640	
Sporting Courts Maintenance	7,700	-	7,700	7,700	7,700	
Playground Maintenance	13,200	3,200	10,000	13,200	13,200	
R&M Pool Heater/Pump	3,000	11,675	-	11,675	3,000	
Pest Control	1,008	320	640	960	1,008	
Licenses, Permits, Fees	1,000	-	1,000	1,000	1,000	
Contingency	1,000	3,082	-	3,082	15,000	
Capital Outlay	2,000	-	2,000	2,000	5,000	
Reserve	10,000	-	10,000	10,000	10,000	

TOTAL RECREATION BUILDING	$118,261	$53,237	$92,176	$145,414	$145,729	

TOTAL EXPENDITURES	$907,805	$197,007	$778,081	$975,087	$959,355	

EXCESS REVENUES (EXPENDITURES)	$	-	$775,463	$(734,914)	$40,549	$	-	

REVENUES	

Special Assessments-Tax Roll	
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating expenditures during the Fiscal Year. The assessments are placed on the St Lucie County tax roll.	
Interest	
The District earns interest on the monthly average collected balance for each of their investment accounts.	
Clubhouse Income	
Represents income from clubhouse rentals.	

Expenditures - Administrative	

Supervisors Fees	
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated
$200 per meeting in which they attend.	
FICA Taxes	
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.	
Engineering	
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.	
Attorney	
The District’s Attorney, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.	
Annual Audit	
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 based on contracted fees from the previous year engagement plus anticipated increase.	
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 bonds will be held and administered by a Trustee. This represents the trustee annual fee.	
Management Fees	
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-South Florida, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.	
Information Technology	
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.	
Website Maintenance	
Per Chapter 2014-22, Laws of Florida, all Districts must have a website 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 monthly.	
Communication - Telephone	
New internet and Wi-Fi service for Office.	

Expenditures - Administrative (continued)	
Postage and Delivery	
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.	
Insurance General Liability	
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.	
Printing and Binding	
Copies used in the preparation of agenda packages, required mailings, and other special projects.	
Legal Advertising	
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.	
Other Current Charges	
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.	
Office Supplies	
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.	
Due, Licenses & Subscriptions	
The District is required to pay an annual fee to the Department of Economic Opportunity Community Affairs for $175.	

Expenditures – Field	

Field Management	
The District has an agreement with Pinnacle Association Management, LLC d/b/a Watson Association Management to provide field operation management to the property and its contractors.	
Electric Streetlights	
FPL provides electricity for street 68 lights within the District.	
Electric Pumps/Wells/Guardhouse	
FPL provides electricity for the pumps, wells, and guardhouse within the District.	
Landscape and Irrigation Maintenance	
The district has currently an agreement with Tropical Landscape to provide mowing, edging, finishing trimming, clean up, trimming/pruning, weeding and fertilization and irrigation maintenance. Re-mulching will be a separate fee.	
Tree Service	
The district is currently contracting Tropical Landscape. to trim once per year 180 Palm and 55 Oak trees.	
Lake Maintenance	
Represents the maintenance of the (14) fourteen lakes within the District. The district has currently an agreement with Superior Waterway Service to provide aquatic week control for a monthly fee of $1,150.	
Irrgation Repairs	
Represents the repair of the irrigation system within the District.	
Repairs & Maintenance	
Represents any expenditures such as repairs and maintenance the District may need to make during the Fiscal Year.	
Street Maintenance	
Represents the maintenance of the streets within the District.	
Sign Maintenance	
Represents estimated cost for repairing or replacing street and amenities signage.	
Gate & Fence Maintenance	
Represents the maintenance of the gates and fences within the District.	

Expenditures – Field (continued)	
Preserve Maintenance	
Represents protection costs of wetlands, waterways, and preserves within the District. Currently has an agreement with Solitude Lake Management to provide control of nuisance & exotic within 3 ea. located within projected area for a monthly fee $950. The district will stock the lakes with fish with additional cost.	
Contingency	
Represents any additional expenditures that are not mentioned above.	
Peserves-Roadways Improvements	
Represents improvements to the district roadways	

Expenditures – Recreational Building	
Security System	
The district has a contract with Total LifeSafety Corp. to provide inspection and maintenance of the fire sprinkler system and cell charges at the recreational building for a quarterly fee of $220 and fobs.	
Electric Rec Building	
FPL provides electricity for the recreational building and playground light and pump.	
Water/Sewer	
Represents Water and Sewer services provided by St. Lucie County Utilities.	
Building Insurance	
The District will bind Property Insurance with a firm that specializes in providing insurance coverage to governmental agencies.	
Pool Maintenance	
The district has a contract with Everclear Pools USA to provide pool cleaning 3 days per week, vacuum, skim and brush as needed to remove algae or debris, remove oil scum line as needed, supply chemicals, maintenance to the chemical feed tank and inspect equipment and contingency.	
Equipment Maintenance	
The district has a contract with T.C.A Fitness Service providing preventive maintenance and repairs to the recreational	
Janitorial Maintenance	
The district has a contract with Crystal Clean Services to provide cleaning of the recreational building 4 days per week.	
Sporting Courts Maintenance	
Represents costs associated with repairs of basketball, tennis courts within the District.	
Pleayground Maintenance	
The district has currently a contract with Hanna Painting Plus LLC to pressure wash playground, benches & picnic tables, concrete slab under tables, mailbox structure, clubhouse, and pool deck/walkway pavers.	
R&M Pool Heating /Pump	
Repairs and maintenance to pool heater and pump.	
Pest Control	
The district has an agreement with Reynolds Pest Management to provide pest control for ants, roaches, and spiders.	
Licenses, Permits, Fees	
Represents pool licenses and inspections on an annual basis.	
Contingency	
Represents any additional expenditures that are not mentioned above.	
Capital Outlay	
Represents any additional assets purchased	
Reserves	
Building reserves for the recreational building future improvements.	

Waterstone	
Community Development District	
Approved Proposed Budget	
Debt Service Series 2018A/B Capital Appreciation Bonds	

Adopted
Budget	Actuals Thru	Projected Next	Projected Thru	Approved
Proposed	
Description	FY2024	1/31/24	8 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments-On Roll	$546,355	$222,376	$6,547	$228,923	$222,482	
Special Assessments - Estoppels	-	15,920	-	15,920	-	
Special Assessments - Prepayments	-	593,164	-	593,164	-	
Interest Earnings	1,000	20,142	30,000	50,142	30,000	
Carry Forward Surplus (1)	405,120	774,976	-	774,976	1,337,223	

TOTAL REVENUES	$952,475	$1,626,577	$36,547	$1,663,124	$1,589,705	

EXPENDITURES:

Series 2018 B						
Special Call 11/1	$-	$325,901	$-	$325,901	$-	

TOTAL EXPENDITURES	$-	$325,901	$-	$325,901	$-	

EXCESS REVENUES (EXPENDITURES)	$952,475	$1,300,676	$36,547	$1,337,223	$1,589,705	

(1) Carry Forward is Net of Reserve Requirement

Waterstone	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2024-2025	

Neighborhood	O&M Units	Bonds 2018
Units	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	

Townhomes 35'	

86	

0	

$1,362.93	

$1,362.93	

$0.00	

$560.93	

$560.93	

$0.00	

$1,923.86	

$1,923.86	

$0.00	
Townhomes 40'	90	0	$1,362.93	$1,362.93	$0.00	$641.65	$641.65	$0.00	$2,004.58	$2,004.58	$0.00	
Single Family 47'	133	58	$1,362.93	$1,362.93	$0.00	$754.04	$754.04	$0.00	$2,116.97	$2,116.97	$0.00	
Single Family 52'	146	56	$1,362.93	$1,362.93	$0.00	$833.74	$833.74	$0.00	$2,196.67	$2,196.67	$0.00	
Single Family 62'	168	71	$1,362.93	$1,362.93	$0.00	$994.15	$994.15	$0.00	$2,357.08	$2,357.08	$0.00	
Single Family 72'	97	70	$1,362.93	$1,362.93	$0.00	$1,154.57	$1,154.57	$0.00	$2,517.50	$2,517.50	$0.00	
Total	720	255										

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