Title: Proposed Budget-FY2024.xlsx - Group
Author: Gms

Willow Creek
Community Development District

Adopted Budget
FY 2027

Table of Contents

1-2	General Fund

3-4	Exhibit A - Shared cost

5-6	Narratives

7-8	Debt Service Fund Series 2022

9	Assessment Schedule

Willow Creek
Community Development District
Adopted Budget
General Fund

Adopted Budget | Actuals Thru | Projected Next | Projected Thru | Adopted Budget
Description	_FY2026 | 6/30/26 | 3 Months | 9/30/26 | FY 2027

REVENUES:

Special Assessments - On Roll | $	274,104 | $	275,636 | $	- | $	275,636 | $	274,104
Developer Contribution | 26,446 | 26,446 | 4,885 | 31,331 | 74,661
Interest income | - | 4,606 | 1,950 | 6,556 | 1,800
Carry Forward Surplus | - | 5,990 | - | 5,990 | 27,425

TOTAL REVENUES | $	300,550 | $	312,678 | $	6,835 | $	319,513 | $	377,990

EXPENDITURES:

Administrative | | | | |
Engineering | $	10,000 | $	- | $	3,333 | $	3,333 | $	10,000
Attorney | 30,000 | 6,935 | 8,065 | 15,000 | 30,000
Annual Audit | 5,100 | 5,100 | - | 5,100 | 5,200
Assessment Administration | 2,000 | 2,000 | - | 2,000 | 2,000
Dissemination Agent | 2,675 | 2,006 | 669 | 2,675 | 2,675
Trustee Fees | 5,000 | - | 5,000 | 5,000 | 5,000
Management Fees | 41,659 | 31,244 | 10,415 | 41,659 | 41,659
Property Appraiser | 150 | 244 | - | 244 | 250
Information Technology | 1,000 | 750 | 250 | 1,000 | 1,000
Website Maintenance | 1,605 | 1,204 | 401 | 1,605 | 1,605
Postage & Delivery | 800 | 166 | 80 | 246 | 500
Insurance General Liability | 8,879 | 5,751 | - | 5,751 | 6,326
Printing & Binding | 500 | - | 80 | 80 | 500
Legal Advertising | 1,000 | 852 | 341 | 1,193 | 1,000
Other Current Charges | 898 | 593 | 234 | 827 | 898
Office Supplies | 100 | 0 | 40 | 40 | 100
Dues, Licenses & Subscriptions | 175 | 175 | - | 175 | 175
First Quarter Operating Capital | - | - | - | - | 26,440
TOTAL ADMINISTRATIVE | $	111,541 | $	57,020 | $	28,908 | $	85,928 | $	135,328

Operations & Maintenance

Field Expenditures

Utilities - Electric | $	25,020 | $	18,548 | $	7,200 | $	25,748 | $	25,020
Utilities - Streetlights | 19,200 | 24,778 | 8,361 | 33,139 | 33,449
Utilities - Water & Sewer | 5,736 | 6,643 | 2,400 | 9,043 | 12,000
Property Taxes | - | 70 | - | 70 | 100
Shared Cost** | 66,085 | 52,640 | 20,959 | 73,599 | 89,771

TOTAL FIELD EXPENDITURES | $	116,041 | $	102,678 | $	38,920 | $	141,598 | $	160,340

Amenity * | | | | |
Shared Cost * | $	72,969 | $	45,750 | $	18,812 | $	64,562 | $	82,322
TOTAL AMENITY * | $	72,969 | $	45,750 | $	18,812 | $	64,562 | $	82,322

TOTAL EXPENDITURES | $	300,550 | $	205,448 | $	86,640 | $	292,088 | $	377,990

EXCESS REVENUES (EXPENDITURES) | $	- | $	107,230 | $	(79,805) | $	27,425 | $	-
*Amenity has transferred in February 2025 to Willow Creek II CDD. | | | |
** Interlocal-Governmental Shared Cost Expense with Willow Creek II CDD | | | |

Willow Creek
Community Development District
Adopted Budget
General Fund

Assessment Table

Product

Assessable Units

Total Gross Assessment

FY26
Gross Per Unit

FY27
Gross Per Unit

increase/ (decrease)

Single Family - 65' | 79 | $	71,100 | $	900.00 | $	900.00 | $	0.00
Single Family - 50' | 72 | $	64,800 | $	900.00 | $	900.00 | $	0.00
Single Family - 50' | 173 | $	155,700 | $	900.00 | $	900.00 | $	0.00

Total | 324 | $	291,600
Less Collection Fees & Discounts (6%) | | $	17,496
Net Assessments | | $	274,104

Willow Creek
Community Development District
Adopted Budget
Exhibit A - Shared costs with Willow Creek II CDD

| | Proposed Budget
| Shared Cost | Willow Creek II
| | CDD
Description | FY 2027 | FY 2027
| 23.91% |
Special Assessments - On Roll | $	- | $	-
Special Assessments - Direct | - | -
Developer Contribution | - | -
Interlocal-Governmental Revenue | - | 172,093
Carry Forward Surplus | - | -
TOTAL REVENUES | $	- | $	172,093
Administrative | |
Supervisor Fees | $	- |
FICA Taxes | - |
Engineering | - |
Attorney | - |
Annual Audit | - |
Assessment Administration | - |
Arbitrage Rebate | - |
Dissemination Agent | - |
Trustee Fees | - |
Management Fees | - |
Property Appraiser | - |
Information Technology | - |
Website Maintenance | - |
Postage & Delivery | - |
Insurance General Liability | - |
Printing & Binding | - |
Legal Advertising | - |
Other Current Charges | - |
Office Supplies | - |
Dues, Licenses & Subscriptions | - |
TOTAL ADMINISTRATIVE | $	- | $	-
Operations & Maintenance | |
Field Expenditures | |
Field Management | $	3,159 | $	13,212
Utility-Irrigation (WC II) | 1,148 | 4,800
Irrigation Maintenance (WC II) | 1,148 | 4,800
Landscape Maintenance | 64,704 | 270,600
Mulch | 10,760 | 45,000
Pest Control | 239 | 1,000
Lake Maintenance | 4,691 | 19,620
Wetlands/Preserves | 1,196 | 5,000
Pressure Washing | 1,196 | 5,000
Contingency | 1,530 | 6,400
| - | -
TOTAL FIELD EXPENDITURES | $	89,771 | $	375,432

Estimated Budget

at Buildout

$	-
-
-
-
-

$	-

$	-
- 10,000
30,000
4,900
2,000
550
2,675
5,000
38,934
150
1,000
1,605
1,200
7,575
500
1,000
1,220
100
175

$	108,584

$	27,682
4,800
4,800
180,000
- 1,000
22,000
30,000
10,000
105,000
-

$	385,282

Willow Creek
Community Development District
Adopted Budget
Exhibit A - Shared costs with Willow Creek II CDD

| | Proposed Budget
| Shared Cost | Willow Creek II
| | CDD
Description | FY 2027 | FY 2027
| 23.91% |
Amenity | |
Management Fees | $	19,655 | $	82,200
Access Control | 686 | 2,867
Alarm Monitoring | 244 | 1,020
Pool Monitoring | 244 | 1,020
Utility - Electric | 7,173 | 30,000
Utility - Water & Sewer | 1,722 | 7,200
Cable/Internet Services | 861 | 3,600
Telephone | - | -
Property Insurance | 5,303 | 22,177
Property Taxes | 598 | 2,500
Landscape Maintenance | 5,595 | 23,400
Landscape Replacement | 979 | 4,095
Pest Control | 196 | 819
Pool & Spa Maintenance | 5,911 | 24,720
Repairs and Maintenance | 7,050 | 29,485
Janitorial Maintenance | 6,798 | 28,428
Janitorial Supplies | 538 | 2,252
Office Equipment Maintenance | 637 | 2,664
Office Supplies/Clubhouse Supplies | 956 | 4,000
Air Conditioning Maintenance | 550 | 2,300
Fitness Equipment Lease | - | -
Fitness Equipment Maintenance | 1,273 | 5,324
Window Cleaning/Pressure Cleaning | 1,273 | 5,325
Porter Service | 1,052 | 4,400
Trash Collection | 191 | 800
Special Events | 4,467 | 18,682
Holiday Lighting | 2,391 | 10,000
Contingency | - | -
Capital Outlay | - | -
Capital Reserve | 5,978 | 25,000
TOTAL AMENITY | $	82,322 | $344,278
TOTAL EXPENDITURES | $	172,093 | $	719,710

Estimated Budget

at Buildout

$	100,000
2,867
1,638
12,831
27,847
20,066
3,686
3,522
19,636
- 26,823
4,095
819
34,399
29,485
50,000
2,252
2,662
6,962
2,293
6,143
5,324
4,423
819
12,285
18,682
49,399
12,150
- 12,000

$473,108
$	966,974
at Buildout

Net Assessments  $	966,974
Collection Fees & Discounts (6%) 	61,722 

Gross Assessments | $	1,028,695
No. of Units | 1,143
Per Unit Assessments (Net) | $	846.00
Per Unit Assessments (Gross/tax bill)) | $	900.00

Willow Creek
Community Development District
Budget Narrative
FY 2027

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.
Developer Contribution
The District entered into a funding agreement with the developer to fund all general operating expenditures for the Fiscal Year.
Interest
The District earns interest on the monthly average collected balance for their investment account.

Expenditures - Administrative

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-CF, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.
Property Appraiser
The Brevard County Board of Commissioners provides the District with a listing of the legal description of each property parcel within the District boundaries, and the names and addresses of the owners of such property. The District reimburses the Board of Commissioners for necessary administrative costs incurred to provide this service. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The budget for Board of Commissioners costs was based on a unit price per parcel.
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 – CF, 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-CF, LLC and updated monthly.
Postage and Delivery
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.

Willow Creek
Community Development District
Budget Narrative
FY 2027

Expenditures - Administrative (continued)
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
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 Florida Department of Commerce for $175.

Expenditures – Field

Utilities - Electric | | |
FPL provides electricity to entrance and lift station.
Location | Vendor | Monthly | Total
1101 Willow Creek Blvd - Entrance | FPL | 35 | 420
7705 Fortana Way - Lift Station | FPL | 60 | 720
1135 Willow Creek Blvd Pump Foun | FPL | 700 | 8,400
8059 Cortese DR #LS | FPL | 90 | 1,080
1401 Willow Creek Blvd - Fountain | FPL | 600 | 7,200
7893 Turchetta Ct - Meter #3048690 | FPL | 600 | 7,200
| | Total | 25,020
Utilities - Streetlights | | |
FPL streetlight meters throughout the district.
Location | Vendor | Monthly | Total
1125 Willow Creek Blvd SL | FPL | 2,787 | 33,449
Utilities - Water & Sewer | | |
City of Titusville provides water and sewer service to the district.
Location | Vendor | Monthly | Total
7705 Fortana Way LS | City of Titusville | 15 | 180
1135 Willow Creek Blvd | City of Titusville | 64 | 768
8516 Cortese Dr | City of Titusville | 821 | 9,852
8556 Cortese Dr | City of Titusville | 100 | 1,200
| | Total | 12,000
Property Taxes | | |
Non-ad valorem taxes the District incurs relating to the amenity center location.
Interlocal-Governmental Expense | | |
Field expenditures paid by Willow Creek II CDD shared 23.91% per Interlocal & Cost Share Agreement.

Expenditures – Amenity

Interlocal-Governmental Expense
Amenity expenditures paid by Willow Creek II CDD shared 23.91% per Interlocal & Cost Share Agreement.

Willow Creek
Community Development District
Adopted Budget
Debt Service Series 2022 Capital Improvement Bonds

Adopted Budget | Actuals Thru | Projected Next | Projected Thru | Adopted Budget
Description	_FY2026 | 6/30/26 | 3 Months | 9/30/26 | FY 2027

REVENUES:

Special Assessments-On Roll | $	174,947 | $	175,497 | $	- | $	175,497 | $	174,947
Interest Earnings | 3,500 | 5,477 | 1,200 | 6,677 | 3,500
Carry Forward Surplus ^(1) | 97,423 | 97,155 | - | 97,155 | 108,046

TOTAL REVENUES | $	275,869 | $	278,129 | $	1,200 | $	279,329 | $	286,493

EXPENDITURES:

Interest - 11/01 | $	65,641 | $	65,641 | $	- | $	65,641 | $	64,701
Interest - 05/01 | 65,641 | 65,641 | - | 65,641 | 64,701
Principal - 05/01 | 40,000 | 40,000 | - | 40,000 | 45,000

TOTAL EXPENDITURES | $	171,283 | $	171,283 | $	- | $	171,283 | $	174,403

TOTAL EXPENDITURES | $	171,283 | $	171,283 | $	- | $	171,283 | $	174,403

EXCESS REVENUES (EXPENDITURES) | $	104,587 | $	106,846 | $	1,200 | $	108,046 | $	112,090

Interest Due 11/1/27 | $	63,644

^(1) Carry Forward is Net of Reserve Requirement

Product

Assessable Units

Total Gross Assessment

FY26
Gross Per Unit

FY27
Gross Per Unit

Increase/ (Decrease)

Single Family - 50' | 71 | $	54,378.90 | $	765.90 | $	765.90 | $	-
Single Family - 50' | 172 | $	131,734.80 | $	765.90 | $	765.90 | $	-

Total | 243 | $	186,114
Less Collection Fees & Discounts (6%) | | 11,167
Net Assessments | | $	174,947

Willow Creek
Community Development District
AMORTIZATION SCHEDULE
Debt Service Series 2022 Capital Improvement Bonds

Period | Outstanding Balance | Coupons | Principal | Interest | Annual Debt Service

05/31/22 | $	2,575,000 | 4.700% | $	- | $	- | $	-
11/01/22 | 2,575,000 | 4.700% | - | 57,789 | 57,789
05/01/23 | 2,575,000 | 4.700% | 35,000 | 68,888 |
11/01/23 | 2,540,000 | 4.700% | 10,000 | 68,065 | 181,953
05/01/24 | 2,530,000 | 4.700% | 50,000 | 67,793 | -
11/01/24 | 2,480,000 | 4.700% | - | 66,581 | 184,374
05/01/25 | 2,480,000 | 4.700% | 40,000 | 66,581 |
11/01/25 | 2,440,000 | 4.700% | - | 65,641 | 172,223
05/01/26 | 2,440,000 | 4.700% | 40,000 | 65,641 |
11/01/26 | 2,400,000 | 4.700% | - | 64,701 | 170,343
05/01/27 | 2,400,000 | 4.700% | 45,000 | 64,701 |
11/01/27 | 2,355,000 | 4.700% | - | 63,644 | 173,345
05/01/28 | 2,355,000 | 5.000% | 45,000 | 63,644 |
11/01/28 | 2,310,000 | 5.000% | - | 62,519 | 171,163
05/01/29 | 2,310,000 | 5.000% | 50,000 | 62,519 |
11/01/29 | 2,260,000 | 5.000% | - | 61,269 | 173,788
05/01/30 | 2,260,000 | 5.000% | 50,000 | 61,269 |
11/01/30 | 2,210,000 | 5.000% | - | 60,019 | 171,288
05/01/31 | 2,210,000 | 5.000% | 55,000 | 60,019 |
11/01/31 | 2,155,000 | 5.000% | - | 58,644 | 173,663
05/01/32 | 2,155,000 | 5.000% | 55,000 | 58,644 |
11/01/32 | 2,100,000 | 5.000% | - | 57,269 | 170,913
05/01/33 | 2,100,000 | 5.375% | 60,000 | 57,269 |
11/01/33 | 2,040,000 | 5.375% | - | 55,656 | 172,925
05/01/34 | 2,040,000 | 5.375% | 65,000 | 55,656 |
11/01/34 | 1,975,000 | 5.375% | - | 53,909 | 174,566
05/01/35 | 1,975,000 | 5.375% | 65,000 | 53,909 |
11/01/35 | 1,910,000 | 5.375% | - | 52,163 | 171,072
05/01/36 | 1,910,000 | 5.375% | 70,000 | 52,163 |
11/01/36 | 1,840,000 | 5.375% | - | 50,281 | 172,444
05/01/37 | 1,840,000 | 5.375% | 75,000 | 50,281 |
11/01/37 | 1,765,000 | 5.375% | - | 48,266 | 173,547
05/01/38 | 1,765,000 | 5.375% | 80,000 | 48,266 |
11/01/38 | 1,685,000 | 5.375% | - | 46,116 | 174,381
05/01/39 | 1,685,000 | 5.375% | 85,000 | 46,116 |
11/01/39 | 1,600,000 | 5.375% | - | 43,831 | 174,947
05/01/40 | 1,600,000 | 5.375% | 85,000 | 43,831 |
11/01/40 | 1,515,000 | 5.375% | - | 41,547 | 170,378
05/01/41 | 1,515,000 | 5.375% | 90,000 | 41,547 |
11/01/41 | 1,425,000 | 5.375% | - | 39,128 | 170,675
05/01/42 | 1,425,000 | 5.375% | 95,000 | 39,128 |
11/01/42 | 1,330,000 | 5.375% | - | 36,575 | 170,703
05/01/43 | 1,330,000 | 5.500% | 100,000 | 36,575 |
11/01/43 | 1,230,000 | 5.500% | - | 33,825 | 170,400
05/01/44 | 1,230,000 | 5.500% | 110,000 | 33,825 |
11/01/44 | 1,120,000 | 5.500% | - | 30,800 | 174,625
05/01/45 | 1,120,000 | 5.500% | 115,000 | 30,800 |
11/01/45 | 1,005,000 | 5.500% | - | 27,638 | 173,438
05/01/46 | 1,005,000 | 5.500% | 120,000 | 27,638 |
11/01/46 | 885,000 | 5.500% | - | 24,338 | 171,975
05/01/47 | 885,000 | 5.500% | 130,000 | 24,338 |
11/01/47 | 755,000 | 5.500% | - | 20,763 | 175,100
05/01/48 | 755,000 | 5.500% | 135,000 | 20,763 |
11/01/48 | 620,000 | 5.500% | - | 17,050 | 172,813
05/01/49 | 620,000 | 5.500% | 140,000 | 17,050 |
11/01/49 | 480,000 | 5.500% | - | 13,200 | 170,250
05/01/50 | 480,000 | 5.500% | 150,000 | 13,200 |
11/01/50 | 330,000 | 5.500% | - | 9,075 | 172,275
05/01/51 | 330,000 | 5.500% | 160,000 | 9,075 |
11/01/51 | 170,000 | 5.500% | - | 4,675 | 173,750
05/01/52 | 170,000 | 5.500% | 170,000 | 4,675 | 174,675
TOTAL | | | $	2,575,000 | $	2,680,776 | $	5,255,776

Willow Creek
Community Development District
Non-Ad Valorem Assessments Comparison
2026-2027

Neighborhood

O&M Units

Bonds 2022
Units

Annual Maintenance Assessments

Annual Debt Assessments

Total Assessed Per Unit

| FY 2027 | FY2026 | Increase/ (decrease) | FY 2027 | FY2026 | Increase/ (decrease) | FY 2027 | FY2026 | Increase/ (decrease)

On Roll Phase 1
Single Family - 65'

79

0

$900.00

$900.00

$0.00

$0.00

$0.00

$0.00

$900.00

$900.00

$0.00

Village B
Single Family - 50'

173

172

$900.00

$900.00

$0.00

$765.90

$765.90

$0.00

$1,665.90

$1,665.90

$0.00

Village D
Single Family - 50'

72

71

$900.00

$900.00

$0.00

$765.90

$765.90

$0.00

$1,665.90

$1,665.90

$0.00

Total | 324 | 243 | | | | | | | | |

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