The Woodlands Community Development District Severn Trent Services, Management Services Division 210 North University Drive, Suite 702 Coral Springs,

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1 Agenda Page #1 The Woodlands Community Development District May 4, 2017 Agenda Package

2 The Woodlands Community Development District Severn Trent Services, Management Services Division 210 North University Drive, Suite 702 Coral Springs, Florida Telephone: (954) Fax: (954) April 27, 2017 Board of Supervisors The Woodlands Community Development District Dear Board Members: A meeting of the Board of Supervisors of The Woodlands Community Development District will be held Thursday, May 4, 2017 at the Cypress Falls Clubhouse, 2605 Arugula Dr., North Port, Florida. Below is the agenda for the meeting beginning at 10:30 a.m. 1. Roll Call 2. Public Comment on Agenda Items 3. Consent Agenda A. Minutes of the March 2, 2017; March 23, 2017; and the April 21, 2017 Special Meeting B. Financial Report March 31, Public Hearing to Consider Adoption of the Budget for Fiscal Year 2018 A. Consideration of Resolution Adopting the Budget B. Consideration of Resolution Levy of Non Ad-Valorem Assessments 5. Attorney s Report 6. Engineer s Report 7. Manager s Report A. Proposed Meeting Schedule FY 2018 B. Acceptance of Walter Cote s Resignation C. Update of Cedar Grove Pump 2 Pending Centex Resolution D. Woodlands Monument at Toledo Blade and Plantation E. North Plantation F. Report on the Number of Qualified Registered Electors for The Woodlands CDD 8. Supervisors Requests 9. Audience Comments 10. Adjourn Enclosed for review are documents for the May 4, 2017 meeting. Items not included in this package will be presented at the meeting. I look forward to seeing you there, and if you have any questions, please contact me. Sincerely, Mark Vega Mark Vega/rh District Manager cc: Tracy Robin Dorian Popescu Edward Vogler Alicia Gayton Brian Yonaley Danny Tyler Pat Neal Agenda Page #2

3 Third Order of Business Agenda Page #3

4 3A. Agenda Page #4

5 Agenda Page # MINUTES OF MEETING THE WOODLANDS COMMUNITY DEVELOPMENT DISTRICT The regular meeting of the Board of Supervisors of The Woodlands Community Development District was held on Thursday, March 2, 2017 at 10:35 a.m. at the Cypress Falls Clubhouse, 2605 Arugula Dr., North Port, Florida. Present and constituting a quorum were: Carl Impastato Chairman William Richardson Vice-Chairman Walter Cote Assistant Secretary Larry Tinkham Assistant Secretary Elio Bucciero Assistant Secretary Also present were: Mark Vega District Manager Tracy Robin District Counsel The following is a summary of the discussion and actions taken at the March 2, 2017 Woodlands Board of Supervisors meeting. FIRST ORDER OF BUSINESS Roll Call Mr. Vega called the meeting to order and called roll. SECOND ORDER OF BUSINESS Public Comment on Agenda Items Audience Comments were received. THIRD ORDER OF BUSINESS Consent Agenda The audit report was discussed. The District is in default relating to the Debt Service Reserve Fund on the bonds. o The Developer who owned all the undeveloped property was unable to pay the debt service assessment and payments were missed. o The District has not been able to make full payment on the bonds since the developer defaulted. Unapproved

6 March 2, 2017 Agenda Page #6 The Woodlands CDD Things will change once market conditions change sufficiently for new developers to come in and take over those properties; pay the taxes and assessments; maintain the property and bring the permits current. The Auditor General of the State will be notified there is a condition of default existing on these bonds. o This triggers one of the factors in determining whether the District has a financial emergency under Florida Statutes. The general financial condition of the District is sound. o The District is able to pay all their other bills; this only affects one creditor of the District which is dependent on the Special Revenue Assessments to pay the bonds. The District has two collection mechanisms for assessments under the Statutes: 1. Direct collect. 2. Tax roll. The District entered into a Forbearance Agreement with the Bondholder and Trustee which suspended the Statute of Limitations to preserve the right to file foreclosure against the assessments not on the roll. This agreement ends in October o The Trustee and Bondholder were contacted twice notifying them the Board will only have 3 meeting thru the end of FY o The Forbearance Agreement will expire in October 2017 before the November meeting occurs. The District is seeking direction from the Trustee for the May meeting. A. Minutes of the January 5, 2017 Meeting B. Financial Report January 31, 2017 C. Acceptance of FY 2017 Financial Audit Report On MOTION by Mr. Impastato seconded by Mr. Bucciero with all in favor the Consent Agenda was approved. 5-0 FOURTH ORDER OF BUSINESS Attorney s Report A. City of North Port Update We received regular communications from the City Attorney s office regarding items proposed in their Resolution. While items were reviewed and changes were made, it was made clear to the City the District does not want the communications misconstrued the District agrees North Plantation should be left out. FIFTH ORDER OF BUSINESS Engineer s Report The District Engineer completed the required Public Facilities Report which is now posted on the website. Unapproved 2

7 March 2, 2017 Agenda Page #7 The Woodlands CDD SIXTH ORDER OF BUSINESS Manager s Report A. Cypress Falls Phase 2 Revised Lot Configuration Centex is revising the lot configuration from 120 villas to 100 single family homes. The debt remains neutral. The assessment role will need to be revised to change the nature of the product and associated assessments. This purchase has not been finalized, but it is anticipated once it is finalized, payment will be made on the delinquencies. B. Distribution of the Proposed Budget for FY 2018 and Consideration of Resolution Approving the Budget and Setting the Public Hearing Acceptance of the proposed budget for FY 2018 set s the District s high water mark for assessments. The budget can be decreased, but cannot be increased once the proposed budget is approved. Discussion followed on lowering the Capital Outlay by 50%. On MOTION by Mr. Impastato seconded by Mr. Cote with all in favor Resolution Approving the Budget and Setting the Public Hearing for May 4, 2017 was adopted. 5-0 Payment to the Bond Trustee on the note is due October The Board is not scheduled to meet before payment is due; funds are available for payment. Discussion followed. Reimbursement to Pulte for expenses incurred for providing mowing/landscape service in the amount of $101,079 on behalf of the District was discussed. Reimbursement to Pulte when funds are received from the completion of Phase II is recommended. On MOTION by Mr. Impastato seconded by Mr. Richardson with all in favor to pay the Trustee the note in full was approved SEVENTH ORDER OF BUSINESS None. EIGHTH ORDER OF BUSINESS Audience Comments were received. Supervisors Requests Audience Comments Unapproved 3

8 March 2, 2017 Agenda Page #8 The Woodlands CDD NINTH ORDER OF BUSINESS Adjourn On MOTION by Mr. Impastato seconded by Mr. Tinkham with all in favor the meeting was adjourned. 5-0 Chairman/Vice Chairman Unapproved 4

9 MINUTES OF MEETING THE WOODLANDS COMMUNITY DEVELOPMENT DISTRICT Agenda Page # The regular meeting of the Board of Supervisors of The Woodlands Community Development District was held on Thursday, March 23, 2017 at 10:37 a.m. at the Cypress Falls Clubhouse, 2605 Arugula Dr., North Port, Florida. Present and constituting a quorum were: Carl Impastato Chairman William Richardson Vice-Chairman Walter Cote Assistant Secretary Larry Tinkham Assistant Secretary Elio Bucciero Assistant Secretary Also present were: Mark Vega District Manager Tracy Robin (via phone) District Counsel Dorian Popescu District Engineer The following is a summary of the discussion and actions taken at the March 23, 2017 Woodlands Board of Supervisors meeting. FIRST ORDER OF BUSINESS Roll Call Mr. Vega called the meeting to order and called roll. SECOND ORDER OF BUSINESS Public Comment on Agenda Items Audience Comments were received. THIRD ORDER OF BUSINESS City of North Port Resolution Mr. Vega noted he was in receipt of an invoice from the City of North Port in the amount of $9, Mr. Robin noted the City of North Port signed and entered in the record Resolution 2017-R05 A RESOLUTION OF THE CITY OF NORTH PORT, FLORIDA AMENDING THE CONDITIONS OF ACCEPTANCE OF AN EASEMENT RELATING TO RESPONSIBILITY FOR LANDSCAPING AND MAINTENANCE OF PANACEA BOULEVARD IN INSTRUMENT NO OF THE OFFICIAL RECORDS OF THE SARASOTA COUNTY CLERK. Mr. Robin addressed the following sections recited in the North Port Resolution: Unapproved

10 March 23, 2017 Agenda Page #10 The Woodlands CDD Maintenance of all landscaping within the right-of-way of Panacea Boulevard shall be the responsibility of the City. Maintenance of all landscaping within the right-of-way of Plantation Boulevard within the boundary of the Woodlands Community Development District shall be the responsibility of the Woodlands Community Development District 4.01 This Resolution shall take effect immediately upon receipt of payment by the Woodlands CDD for abatement of Panacea and Plantation Boulevards. No further action needs to be taken by the District with respect to Panacea Boulevard; payment of the $9, will operate to make the Resolution effective as to the transfer of maintenance responsibilities to the City. The issue with Plantation Boulevard remains unresolved and is subject to appeal to be filed by the District. On MOTION by Mr. Impastato seconded by Mr. Cote with all in favor to approve payment to the City of North Port Invoice #1045 in the amount of $9, FOURTH ORDER OF BUSINESS Spending Limit Authorization Resolution Authorizing and Setting Expenditure Limits for Designated Individuals was presented for consideration. Discussion followed on the spending limit for the Chairperson and District Manager and it was determined the amount should be $10,000 each. On MOTION by Mr. Impastato seconded by Mr. Richardson with all in favor Resolution Authorizing and Setting Expenditure Limits for Designated Individuals establishing a pre-authorized amount of $10,000 each for the Chairperson and District Manager was adopted. 5-0 Mr. Vega provided follow-up information on erosion issues at Cedar Grove. A quote from JJ&A Construction Inc. in the amount of $14,500. The following work would be performed: o Provide labor and material to repair lake banks near irrigation pump hoses. o Hand dig areas where hoses are raised to align all hoses together. o Cover existing piping with fill dirt. o Install silt fabric over fill and piping to prevent erosion. o Install large quantity or rip rap rock so no future erosion will occur. o Rip rap rock will be placed in water flow area where hoses are exposed near pump. o A 4ft perimeter will be cut around pump area to remove trees, shrubs and bushes. o Rip rap rock will hide existing hoses completely. The amount of rip rap used may be less than the amount estimated. The amount billed will reflect the actual number of truck loads used. The District Engineer is to oversee the project. Unapproved 2

11 March 23, 2017 Agenda Page #11 The Woodlands CDD On MOTION by Mr. Impastato seconded by Mr. Tinkham with all in favor to accept the estimate from JJ&A Construction Inc. in an amount NTE $14,500 for the repair of the lake banks near the irrigation pump hoses in Cedar Grove. 5-0 FIFTH ORDER OF BUSINESS Audience Comments Audience Comments were received. SIXTH ORDER OF BUSINESS Adjourn On MOTION by Mr. Tinkham seconded by Mr. Cote with all in favor the meeting was adjourned. 5-0 Chairman/Vice Chairman Unapproved 3

12 MINUTES OF MEETING THE WOODLANDS COMMUNITY DEVELOPMENT DISTRICT Agenda Page # A Special Meeting of the Board of Supervisors of The Woodlands Community Development District was held on Friday, April 21, 2017 at 09:10 a.m. at the Cypress Falls Clubhouse, 2605 Arugula Dr., North Port, Florida. Present and constituting a quorum were: Carl Impastato Chairman William Richardson Vice-Chairman Larry Tinkham Assistant Secretary Elio Bucciero Assistant Secretary Also present were: Mark Vega District Manager Vivek Babbar District Counsel Tracy Robin (via phone) District Counsel Michael Woolery Centex Todd Mathis Benderson Development The following is a summary of the discussion and actions taken at the April 21, 2017 Woodlands Board of Supervisors meeting. FIRST ORDER OF BUSINESS Roll Call Mr. Vega called the meeting to order and called roll. SECOND ORDER OF BUSINESS Public Comment on Agenda Items None. THIRD ORDER OF BUSINESS Consideration of a Settlement Regarding the Amounts Due on the Outstanding Special Assessments in Connection with the Sale of Parcel C. Mr. Robin provided information regarding the sale of Parcel C to Centex which was scheduled for April 20, 2017 but was postponed pending the District s consideration of a Settlement Regarding the Amounts Due on the Outstanding Special Assessments in Connection with the Sale of Parcel C. The conditions of the settlement were discussed. Unapproved

13 April 21, 2017 Agenda Page #13 The Woodlands CDD The Settlement Agreement is attached to Resolution as Exhibit A. The Resolution authorizes the Chair or Vice-Chair to sign a Settlement Agreement in substantial form with any changes that might be approved by the Chair, Vice-Chair and District Counsel if that were necessary; and for the Chair or Vice-Chair to take any and all other action appropriate to consummate the settlement. The amount owed on the assessments adversely impairs the marketability of the property. Reinstatement of the debt assessment on the property and receipt of payment of the other assessments is beneficial to the financial condition of the District. Continuing the development and build-out of the District s residential community and the property is in the best interest of the District and its residents. Continuing the build-out of the residential community in the District will further stabilize the financial condition of the District. Resolving remaining delinquencies on assessments is desirable and should ultimately restore the District s credit standing and improve market values of properties throughout the District s residential community and mitigate any stigma remaining on the District and the community from the events of the most recent recession which are at the root of these problems. The Board s action will accomplish two things: 1. Deaccelerate the debt assessments so the payments in arrears can be paid and the debt assessment payments be brought current; and 2. The total amount of debt will be reduced to $2,381, plus $10,000 for legal fees. The total amount paid by the seller would be $2,391, The difference in the total amount of the Estoppel Letter and $2, is the amount of the statutory penalty. All of the assessments and accrued interest are being collected except for the statutory penalty. If approved that will be the effect of the settlement. On recommendation by District Counsel this agreement is in the best interest of the District and is consistent with the objectives the Board has stated. On MOTION by Mr. Impastato seconded by Mr. Tinkham with all in favor the Resolution Authorizing a Settlement Agreement Regarding Delinquent and Outstanding Assessments Owed to the District on Parcel C was adopted. 4-0 Unapproved 2

14 April 21, 2017 Agenda Page #14 The Woodlands CDD Mr. Robin noted the Trustee put the District on notice they are not in agreement with District Counsels assessment to whom the penalty belongs but agreed this matter could be addressed in the future if necessary. FOURTH ORDER OF BUSINESS Audience Comments Mr. Vega noted he received a letter of resignation from Mr. Cote for The Woodlands CDD Board; he is no longer a resident of the District as of the April 20, FIFTH ORDER OF BUSINESS Adjourn On MOTION by Mr. Tinkham seconded by Mr. Richardson with all in favor the meeting was adjourned. 4-0 Chairman/Vice Chairman Unapproved 3

15 3B. Agenda Page #15

16 Agenda Page #16 The Woodlands Community Development District Financial Report March 31, 2017 Prepared by

17 THE WOODLANDS Community Development District Agenda Page #17 Table of Contents FINANCIAL STATEMENTS Balance Sheet - All Funds. Page 1 Statement of Revenues, Expenditures and Changes in Fund Balances General Fund. Page 2-3 Debt Service Fund. Page 4 SUPPORTING SCHEDULES Non-Ad Valorem Special Assessments. Page 5 Check Register Report. Page 6-7

18 Agenda Page #18 The Woodlands Community Development District Financial Statements (Unaudited) March 31, 2017

19 THE WOODLANDS Community Development District Agenda Page #19 Governmental Funds Balance Sheet March 31, 2017 ACCOUNT DESCRIPTION GENERAL FUND SERIES 2004A DEBT SERVICE FUND TOTAL ASSETS Cash - Checking Account $ 1,008,912 $ - $ 1,008,912 Assessments Receivable 812,290 12,793,711 13,606,001 Allow-Doubtful Collections (812,290) (12,793,711) (13,606,001) Due From Other Funds 126, ,587 Investments: Prepayment Account A - 105, ,444 Reserve Fund A - 20,067 20,067 Revenue Fund A - 519, ,240 Deposits TOTAL ASSETS $ 1,135,999 $ 644,751 $ 1,780,750 LIABILITIES Accounts Payable $ 8,308 $ - $ 8,308 Due To Developer 101, ,079 Mature Bonds Payable - 3,747,908 3,747,908 Mature Interest Payable - 7,371,504 7,371,504 Due To Other Funds - 126, ,587 TOTAL LIABILITIES 109,387 11,245,999 11,355,386 FUND BALANCES Nonspendable: Deposits Unassigned: 1,026,112 (10,601,248) (9,575,136) TOTAL FUND BALANCES $ 1,026,612 $ (10,601,248) $ (9,574,636) TOTAL LIABILITIES & FUND BALANCES $ 1,135,999 $ 644,751 $ 1,780,750 Report Date: 4/20/2017 Page 1

20 THE WOODLANDS Community Development District Agenda Page #20 General Fund Statement of Revenues, Expenditures and Changes in Fund Balances For the Period Ending March 31, 2017 ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE AS A % OF MAR-17 ACCOUNT DESCRIPTION BUDGET ACTUAL ADOPTED BUD ACTUAL REVENUES Interest - Investments $ - $ 1, % $ 381 Special Assmnts- Tax Collector 504, , % 2,591 Special Assmnts- Delinquent 659, , % - Special Assmnts- Discounts (46,550) (29,996) 64.44% (29) TOTAL REVENUES 1,117, , % 2,943 EXPENDITURES Administration P/R-Board of Supervisors 12,000 4, % 1,800 FICA Taxes % 138 ProfServ-Engineering 10,000 4, % - ProfServ-Legal Services 20,000 36, % 10,040 ProfServ-Mgmt Consulting Serv 33,743 16, % 2,812 ProfServ-Property Appraiser % - ProfServ-Web Site Development 1,000 1, % - Auditing Services 6,300 4, % - Travel % - Postage and Freight 1, % 4 Insurance - General Liability 14,723 15, % - Printing and Binding 1, % 6 Legal Advertising 3, % 75 Misc-Bank Charges % 48 Misc-Property Taxes 4, % - Misc-Assessmnt Collection Cost 17,456 11, % 38 Office Supplies % 39 Annual District Filing Fee % - Total Administration 126,946 98, % 15,000 Flood Control/Stormwater Mgmt R&M-Lake 7, % - Total Flood Control/Stormwater Mgmt 7, % - Report Date: 4/20/2017 Page 2

21 THE WOODLANDS Community Development District Agenda Page #21 General Fund Statement of Revenues, Expenditures and Changes in Fund Balances For the Period Ending March 31, 2017 ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE AS A % OF MAR-17 ACCOUNT DESCRIPTION BUDGET ACTUAL ADOPTED BUD ACTUAL Field ProfServ-Field Management 15,450 7, % 1,288 Communication - Teleph - Field 6,200 3, % 520 Electricity - Entrance 1, % 65 Misc-Contingency 149,466 3, % - Total Field 172,441 14, % 1,873 Landscape Services Utility - Pump Station 61,500 13, % 2,109 R&M-General 1,000 9, % 9,066 R&M-Renewal and Replacement 2, % - R&M-Irrigation 12, % - R&M-Pump Station 12,500 6, % 1,976 Cap Outlay - Pump Station 95, % - Total Landscape Services 185,095 29, % 13,151 TOTAL EXPENDITURES 491, , % 30,024 Excess (deficiency) of revenues Over (under) expenditures 625, , % (27,081) OTHER FINANCING SOURCES (USES) Contribution to (Use of) Fund Balance 625, % - TOTAL FINANCING SOURCES (USES) 625, % - Net change in fund balance $ 625,213 $ 629, % $ (27,081) FUND BALANCE, BEGINNING (OCT 1, 2016) 397, ,394 FUND BALANCE, ENDING $ 1,022,607 $ 1,026,612 Report Date: 4/20/2017 Page 3

22 THE WOODLANDS Community Development District Agenda Page #22 Series 2004A Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balances For the Period Ending March 31, 2017 REVENUES ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE AS A % OF MAR-17 ACCOUNT DESCRIPTION BUDGET ACTUAL ADOPTED BUD ACTUAL Interest - Investments $ - $ % $ 191 Special Assmnts- Tax Collector 647, , % 3,251 Special Assmnts- Prepayment - 70, % 14,695 Special Assmnts- CDD Collected 1,572, % - Special Assmnts- Discounts (25,912) (14,397) 55.56% (37) TOTAL REVENUES 2,194, , % 18,100 EXPENDITURES Administration ProfServ-Arbitrage Rebate % - ProfServ-Dissemination Agent 5, % - ProfServ-Trustee Fees 9,000 5, % - Misc-Assessmnt Collection Cost 12,956 6, % 48 Total Administration 27,556 11, % 48 Debt Service Principal Debt Retirement 765, % - Prepayments Series A - 1,960, % - Interest Expense 1,407,045 10, % - Total Debt Service 2,172,045 1,970, % - TOTAL EXPENDITURES 2,199,601 1,982, % 48 Excess (deficiency) of revenues Over (under) expenditures (5,568) (1,503,610) 0.00% 18,052 OTHER FINANCING SOURCES (USES) Interfund Transfer - In - 1,685, % - Contribution to (Use of) Fund Balance (5,568) % - TOTAL FINANCING SOURCES (USES) (5,568) 1,685, % - Net change in fund balance $ (5,568) $ 182, % $ 18,052 FUND BALANCE, BEGINNING (OCT 1, 2016) (10,783,345) (10,783,345) FUND BALANCE, ENDING $ (10,788,913) $ (10,601,248) Report Date: 4/20/2017 Page 4

23 Agenda Page #23 The Woodlands Community Development District Supporting Schedules March 31, 2017

24 THE WOODLANDS Community Development District Agenda Page #24 Non-Ad Valorem Special Assessments - Sarasota County Tax Collector (Monthly Collection Distributions) For the Fiscal Year Ending September 30, 2017 ALLOCATION BY FUND Discount / Gross GF Date Net Amount (Penalties) Collection Amount General Series 2004 Delinquent Received Received Amount Costs Received Fund Debt Service** FY13 & FY14 $ 1,163,743 Assessments Levied-Total $ 1,796,731 $ 504,514 $ 632,987 $ 659,229 Allocation % 28% 35% 37% 57% 57% 11/18/16 $ 47,703 $ 2,080 $ 726 $ 50,509 $ 22,402 $ 28,107 $ - 11/30/16 88,191 3,731 1,343 93,265 41,366 51,899-12/14/16 335,252 14,177 5, , , ,288-12/14/16 437,831 18,521 6, , , ,249 12/21/16 22, ,206 10,736 13,470-01/31/17 16, ,565 7,790 9,774-02/28/17 205,737 4,336 3, ,206 94, ,643-03/29/17 5, ,842 2,591 3,251 - TOTAL $ 1,160,086 $ 44,393 $ 17,666 $ 1,222,146 $ 497,464 $ 422,432 $ 302,249 % COLLECTED 68% 99% 67% 46% TOTAL OUTSTANDING $ 574,585 $ 7,050 $ 210,555 $ 356,980 ** Debt Service - Variance from Adopted Budget assessments ($647,797) is due to Prepayments received after budget adoption. Report Date: 4/20/2017 Page 5

25 THE WOODLANDS COMMUNITY DEVELOPMENT DISTRICT Payment Register by Fund For the Period from 2/1/17 to 3/31/17 (Sorted by Check / ACH No.) Agenda Page #25 Fund No. Check / ACH No. Date Payee Invoice No. Payment Description Invoice / GL Description G/L Account # Amount Paid GENERAL FUND /01/17 FRONTIER /19-2/18/ SRV Communication - Teleph - Field $ /01/17 JJ&A CONSTRUCTION, INC. 206 install rip rap rock-irr pipes Misc-Contingency $2, /01/17 STRALEY ROBIN VERICKER /19-1/10/17 GEN COUNSEL ProfServ-Legal Services $1, /01/17 STRALEY ROBIN VERICKER /17-12/15/16 GEN COUNSEL ProfServ-Legal Services $2, /16/17 DMK ASSOCIATES /16-1/17 GEN ENGINEERING ProfServ-Engineering $2, /17/17 FEDEX JAN POSTAGE Postage and Freight $ /23/17 BRIGHTVIEW LANDSCAPING CYPRESS FALLS SOD-Clbhse R&M-Renewal and Replacement $ /23/17 JJ&A CONSTRUCTION, INC. 223 CG pool area/well pump piping R&M-Pump Station $ A 03/08/17 SAM'S CLUB IPAD-A BRD IPAD PURCHASE Office Supplies $ /28/17 FEDEX FEB POSTAGE Postage and Freight $ /02/17 FRONTIER /19-3/18/17 Internet Communication - Teleph - Field $ /02/17 SEVERN TRENT SERVICES JAN MGMNT SERVICES ADMINISTRATION $2, /02/17 SEVERN TRENT SERVICES JAN MGMNT SERVICES FIELD OPS $1, /02/17 SEVERN TRENT SERVICES JAN MGMNT SERVICES POSTAGE $ /02/17 SEVERN TRENT SERVICES JAN MGMNT SERVICES COPIES $ /02/17 SEVERN TRENT SERVICES FEB MGMNT SERVICES ProfServ-Mgmt Consulting Serv $2, /02/17 SEVERN TRENT SERVICES FEB MGMNT SERVICES ProfServ-Field Management $1, /02/17 SEVERN TRENT SERVICES FEB MGMNT SERVICES Postage and Freight $ /02/17 SEVERN TRENT SERVICES FEB MGMNT SERVICES Printing and Binding $ /07/17 DMK ASSOCIATES FEB GEN ENGINEERING ProfServ-Engineering $ /09/17 FEDEX FEB POSTAGE Postage and Freight $ /13/17 McDIRMIT & DAVIS C.P.A FY16 AUDIT complete 2/28 Auditing Services $4, /14/17 STRALEY ROBIN VERICKER /16-2/15/17 GEN COUNSEL ProfServ-Legal Services $17, /28/17 CITY OF NORTH PORT 1045 LANDSCAPE MAINT R&M-General $9, /29/17 FRONTIER /19-4/18/ Communication - Teleph - Field $ /29/17 SARASOTA HERALD-TRIBUNE SC56G0Q9TN NOTICE OF MEETING # Legal Advertising $ /29/17 STRALEY ROBIN VERICKER /17-3/13/17 GEN COUNSEL ProfServ-Legal Services $10, DD104 02/07/17 FPL /22-1/25/17 ELEC AUTO PAY Utility - Pump Station $2, DD104 02/07/17 FPL /22-1/25/17 ELEC AUTO PAY Electricity - Entrance $ DD105 03/06/17 FPL AP 1/25-2/22/17 ELECTRIC-AP Utility - Pump Station $2, DD105 03/06/17 FPL AP 1/25-2/22/17 ELECTRIC-AP Electricity - Entrance $65.00 Report Date 4/20/2017 Prepared by: Severn Trent Management Services Page 6

26 THE WOODLANDS COMMUNITY DEVELOPMENT DISTRICT Payment Register by Fund For the Period from 2/1/17 to 3/31/17 (Sorted by Check / ACH No.) Agenda Page #26 Fund No. Check / ACH No. Date Payee Invoice No. Payment Description Invoice / GL Description G/L Account # Amount Paid /08/17 CARL A. IMPASTATO PAYROLL March 08, 2017 Payroll Posting $ /08/17 WALTER T. COTE PAYROLL March 08, 2017 Payroll Posting $ /08/17 LAWRENCE H. TINKHAM PAYROLL March 08, 2017 Payroll Posting $ /08/17 ELIO M. BUCCIERO PAYROLL March 08, 2017 Payroll Posting $ /28/17 CARL A. IMPASTATO PAYROLL March 28, 2017 Payroll Posting $ /28/17 WALTER T. COTE PAYROLL March 28, 2017 Payroll Posting $ /28/17 LAWRENCE H. TINKHAM PAYROLL March 28, 2017 Payroll Posting $ /28/17 WILLIAM RICHARDSON PAYROLL March 28, 2017 Payroll Posting $ /28/17 ELIO M. BUCCIERO PAYROLL March 28, 2017 Payroll Posting $ SERIES 2004A DEBT SERVICE FUND Fund Total $68, /07/17 WELLS FARGO BANK NA LANDS TRFR 2017 ASSESSMENTS Due to Other Funds $21, /02/17 LLS TAX SOLUTIONS INC Arbitrage 2004A Thru 12/16/16 ProfServ-Arbitrage Rebate $ Fund Total $22, Total Checks Paid $90, Report Date 4/20/2017 Prepared by: Severn Trent Management Services Page 7

27 Fourth Order of Business Agenda Page #27

28 4A. Agenda Page #28

29 Agenda Page #29 RESOLUTION A RESOLUTION OF THE WOODLANDS COMMUNITY DEVELOPMENT DISTRICT (THE DISTRICT ) RELATING TO THE ANNUAL APPROPRIATIONS OF THE DISTRICT AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2017; AND ENDING SEPTEMBER 30, 2018, AND REFERENCING THE OPERATIONS AND MAINTENANCE SPECIAL ASSESSMENTS TO BE LEVIED BY THE DISTRICT FOR SAID FISCAL YEAR WHEREAS, the District Manager has, prior to the fifteenth (15th) day in June, 2017, submitted to the Board of Supervisors (the "Board") a proposed budget for the next ensuing budget year along with an explanatory and complete financial plan for each fund of the District, pursuant to the provisions of Section (2)(a), Florida Statutes; and WHEREAS, at least sixty (60) days prior to the adoption of the proposed annual budget and any proposed long-term financial plan or program of the District for future operations and maintenance (the "Proposed Budget ) the District did file a copy of the Proposed Budget with the general purpose local governing authorities having jurisdiction over the area included in the District pursuant to the provisions of Section (2)(b), Florida Statutes; and WHEREAS, on March 2, 2017, the Board set May 4, 2017, as the date for a public hearing thereon and caused notice of such public hearing to be given by publication pursuant to Section (2)(a) Florida Statutes; and WHEREAS, Section (2)(a), Florida Statutes requires that, prior to October 1 of each year, the District Board by passage of the Annual Appropriation Resolution shall adopt a budget for the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray all expenditures of the District during the ensuing fiscal year; and WHEREAS, the District Manager has prepared a Proposed Budget on a Cash Flow Budget basis, whereby the budget shall project the cash receipts and disbursements anticipated during a given time period, including reserves for contingencies for emergency or other unanticipated expenditures during the fiscal year; and WHEREAS, Section , Florida Statutes provides that the Annual Appropriation Resolution shall also fix the Operations and Maintenance Special Assessments upon each piece of property within the boundaries of the District benefited, specifically and peculiarly, by the operations and maintenance and/or capital improvement programs of the District, such levy representing the amount of District assessments necessary to provide for payment during the ensuing budget year of all properly authorized expenditures to be incurred by the District, including principal and interest of special revenue, capital improvement and/or benefit assessment bonds, in order for the District to exercise its various general and special powers to implement its single and specialized infrastructure provision purpose; and WHEREAS, the Board finds and determines that the non-ad valorem special assessments it imposes and levies by this Resolution for operations and maintenance on the parcels of property involved will constitute a mechanism by which the property owners lawfully and validly will reimburse the District { DOCX/}

30 Agenda Page #30 for those certain special and peculiar benefits the District has determined are received by, and flow to, the parcels of property from the systems, facilities and services being provided, and that the special and peculiar benefits are apportioned in a manner that is fair and reasonable in accordance with applicable assessment methodology and related case law; and WHEREAS, Board reserves the right to direct collect its non-ad valorem special assessments for maintenance and debt service from the owner of any land that is not improved with and occupied as a residence in lieu of collecting such assessments through the Tax Collector in and for Sarasota County (the Tax Collector ) utilizing the uniform method of collection; and WHEREAS, the Chair of the Board may designate the District Manager or other person to certify the non-ad valorem assessment roll to the Tax Collector on compatible electronic medium tied to the property identification number no later than 31 August 2017 so that the Tax Collector may merge that roll with others into the collection roll from which the November tax notice is to be printed and mailed; and WHEREAS, the proceeds from the collections of these imposed and levied non-ad valorem assessments shall be paid to the District; and WHEREAS, the Tax Collector, under the direct supervision of the Florida Department of Revenue performs the state work in preparing, mailing out, collecting and enforcing against delinquency the non-ad valorem assessments of the District using the Uniform Collection Methodology for non-ad valorem assessments; and WHEREAS, if the Property Appraiser and the Tax Collector have adopted a different technological procedure for certifying and merging the rolls, then that procedure must be worked out and negotiated with Board approval through the auspices of the District Manager before there are any deviations from the provisions of Section , Fla. Stat., and Rule 12D-18, Florida Administrative Code. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE WOODLANDS COMMUNITY DEVELOPMENT DISTRICT; Section 1. dispositive. Section 2. The provisions of the Whereas clauses are true and correct and are incorporated herein as Budget a. That the Board has reviewed the District Manager's Proposed Budget, a copy of which is on file with the office of the District Treasurer and the office of the Recording Secretary, and is hereby attached to this resolution, and hereby approves certain amendments thereto, as shown below. b. That the District Manager's Proposed Budget, as amended by the Board, is adopted hereby in accordance with the provisions of Section (2)(a), Florida Statutes and incorporated herein by reference; provided, however, that the comparative figures contained in the adopted budget may be revised subsequently as deemed necessary by the District Manager to reflect actual revenues and expenditures for the Fiscal Year 2016/2017 and/or revised projections for Fiscal Year 2017/2018. { DOCX/}

31 Agenda Page #31 c. That the adopted budget, as amended, shall be maintained in the office of the District Treasurer and the District Recording Secretary and identified as "The Budget for The Woodlands Community Development District for the Fiscal Year Ending September 30, 2018, as Adopted by the Board of Supervisors on May 4, Section 3. Appropriations That there be, and hereby is appropriated out of the revenues of the District, for the Fiscal Year beginning October 1, 2017, and ending September 30, 2018, the sum of ($ ) to be raised by the applicable imposition and levy by the Board of applicable non-ad valorem special assessments and otherwise, which sum is deemed by the Board to be necessary to defray all expenditures of the District during said budget year, to be divided and appropriated in the following fashion: TOTAL GENERAL FUND $ DEBT SERVICE FUND $ CAPITAL PROJECTS FUND $ ENTERPRISE FUNDS $ Total All Funds $ Section 4. Supplemental Appropriations The Board may authorize by resolution supplemental appropriations or revenue changes for any lawful purpose from funds on hand or estimated to be received within the fiscal year as follows: a. Board may authorize a transfer of the unexpended balance or portion thereof of any appropriation item. b. Board may authorize an appropriation from the unappropriated balance of any fund. c. Board may increase any revenue or income budget account to reflect receipt of any additional unbudgeted monies and make the corresponding change to appropriations or the unappropriated balance. The District Manager and Treasurer shall have the power within a given fund to authorize the transfer of any unexpended balance of any appropriation item or any portion thereof, provided such transfers do not exceed Ten Thousand ($10,000) Dollars or have the effect of causing more than 10% of the total appropriation of a given program or project to be transferred, previously approved transfers included. Such transfer shall not have the effect of causing a more than $10,000 or 10% increase, previously approved transfers included, to the original budget appropriation for the receiving program. Transfers within a program or project may be approved by the applicable designee and the District Manager or Treasurer. The District Manager or Treasurer must establish administrative procedures, which require information on the request forms proving that such transfer requests comply with this section. { DOCX/}

32 Agenda Page #32 Section 5. Effective Date. This Resolution shall take effect on July 1, Introduced, considered favorably, and adopted this 4 th day of May, ATTEST: THE WOODLANDS COMMUNITY DEVELOPMENT DISTRICT By: Mark Vega Secretary By: Carl Impastato Chair of the Board of Supervisors Exhibit A Fiscal Year 2017/2018 Budget Exhibit B Assessment Roll { DOCX/}

33 Agenda Page #33 THE WOODLANDS Community Development District Annual Operating and Debt Service Budget Fiscal Year 2018 Version 2 Modified Approved Budget Updated 4/24/17 Prepared by:

34 THE WOODLANDS Community Development District Agenda Page #34 Table of Contents Page # OPERATING BUDGET General Fund Summary of Revenues, Expenditures and Changes in Fund Balances Budget Narrative 3-5 DEBT SERVICE BUDGETS Series 2004A Summary of Revenues, Expenditures and Changes in Fund Balances.. 6 Amortization Schedule.. 7 Budget Narrative 8 SUPPORTING BUDGET SCHEDULES Non-Ad Valorem Assessment Summary & 2016 Delinquent Assessment Summary.. 10

35 Agenda Page #35 The Woodlands Community Development District Operating Budget

36 THE WOODLANDS Community Development District Agenda Page #36 General Fund Summary of Revenues, Expenditures and Changes in Fund Balances Fiscal Year 2018 Proposed Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU APR- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2016 FY 2017 MAR-2017 SEP-2017 FY 2017 FY 2018 REVENUES Interest - Investments $ 922 $ - $ 1,488 $ 500 $ 1,988 $ - Special Assmnts- Tax Collector 153, , ,464 7, , ,496 Special Assmnts- Delinquent 526, , , , ,231 Special Assmnts- Discounts (444) (46,550) (29,996) - (29,996) (40,669) Other Miscellaneous Revenues 7, TOTAL REVENUES 688,434 1,117, ,205 7, , ,058 EXPENDITURES Administrative P/R-Board of Supervisors 9,800 12,000 4,800 2,000 6,800 12,000 FICA Taxes ProfServ-Engineering 40,931 10,000 4,907 4,907 9,814 10,000 ProfServ-Legal Services 32,988 20,000 36,506 36,506 73,012 9,000 ProfServ-Mgmt Consulting Serv 32,760 33,743 16,872 16,871 33,743 36,444 ProfServ-Property Appraiser ProfServ - Web Site Development 1,000 1,000 1,000-1,000 1,000 Auditing Services 4,400 6,300 4,500-4,500 6,300 Travel Reimbursements ,006 1,000 Postage and Freight 417 1, ,077 1,500 Insurance - General Liability 12,803 14,723 15,929-15,929 17,522 Printing and Binding 244 1, ,200 1,258 1,300 Legal Advertising 1,823 3, ,200 2,352 2,500 Misc-Bank Charges Misc-Property Taxes - 4, Misc-Assessmnt Collection Cost 3,093 17,456 11, ,652 15,251 Office Supplies Annual District Filing Fee Total Administrative 141, ,946 98,324 65, , ,841 Stormwater Mgmt R&M-Lake 8,000 7, Reserves-Lake ,500 Total Stormwater Mgmt 8,000 7, ,500 Field ProfServ-Field Management 13,750 15,450 7,725 7,725 15,450 16,686 Communication - Teleph - Field 6,206 6,200 3,139 3,139 6,278 6,500 Electricity - Entrance 1,040 1, ,085 1,300 Misc-Contingency 16, ,466 3,075 3,075 6, ,000 Total Field 37, ,441 14,424 14,539 28, ,486 Annual Operating and Debt Service Budget Fiscal Year 2018 Page 1

37 THE WOODLANDS Community Development District Agenda Page #37 General Fund Summary of Revenues, Expenditures and Changes in Fund Balances Fiscal Year 2018 Proposed Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU APR- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2016 FY 2017 MAR-2017 SEP-2017 FY 2017 FY 2018 Landscape Contracts-Landscape 8, Utility - Pump Station 21,074 61,500 13,538 13,538 27,076 24,000 R&M-General 7,400 1,000 9,066-9,066 2,500 R&M-Renewal and Replacement 4,438 2, ,500 R&M-Irrigation 19,883 12,500-2,500 2,500 10,000 R&M-Pump Station 5,415 12,500 6,510 2,822 9,332 5,000 Capital Outlay - Pump Station 336,026 95, , ,364 - Reserves - Pump Station ,000 Total Landscape 402, ,095 29, , ,463 69,000 TOTAL EXPENDITURES 590, , , , , ,827 Excess (deficiency) of revenues Over (under) expenditures 98, , ,218 (274,182) 355, ,231 OTHER FINANCING SOURCES (USES) Contribution to (Use of) Fund Balance - 625, ,231 TOTAL OTHER SOURCES (USES) - 625, ,231 Net change in fund balance 98, , ,218 (274,182) 355, ,231 FUND BALANCE, BEGINNING 299, , , , ,430 FUND BALANCE, ENDING $ 397,394 $ 1,022,607 $ 1,026,612 $ (274,182) $ 752,430 $ 1,411,662 Annual Operating and Debt Service Budget Fiscal Year 2018 Page 2

38 The Woodlands Community Development District Agenda Page #38 General Fund Budget Narrative Fiscal Year 2018 Revenue Special Assessment Tax Collector The District will levy a Non-Ad Valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the Fiscal Year. Special Assessment - Delinquent The District will levy a Non-Ad Valorem assessment on FY2015 and FY2016 Delinquent Landowner Assessments. Special Assessment - Discounts Per Section , Florida Statutes, discounts are allowed for early payment of CDD assessments. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments. Expenditures Expenditures Administrative P/R Board of Supervisors Chapter 190 of the Florida Statutes allows for a member of the Board of Supervisors to be compensated for a meeting attendance and to receive $200 per meeting. The amount for the Fiscal Year is based upon all supervisors attending the meetings. FICA Taxes Payroll taxes for supervisor salaries are calculated as 7.65% payroll. Professional Services-Engineering The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc. Fees are based on prior year activity. Professional Services-Legal Services 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. Fees are based on prior year legal expenses. Professional Services-Management Consulting Service The District receives Management, Accounting and Administrative services as part of a Management Agreement with Severn Trent Environmental Services, Inc. These services are further outlined in Exhibit "A" of the Management Agreement. The fees are related to the current contracted fees in the Management Agreement plus an 8% increase. Misc-Property Appraiser The Property Appraiser 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 Property Appraiser 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 property appraiser cost was based on a unit price per parcel. Professional Services-Web Site Development The District has contracted with Severn Trent Services to maintain the website and 10 addresses. Annual Operating and Debt Service Budget Fiscal Year 2018 Page 3

39 The Woodlands Community Development District Agenda Page #39 General Fund Budget Narrative Fiscal Year 2018 Expenditures Administrative (continued) Auditing Services The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Fee is based on the existing year s Engagement Letter. Travel Reimbursements Board of Supervisors reimbursed for travel to attend meetings. Postage & Freight Mailing of agenda packages, overnight deliveries, correspondence, etc Insurance-General Liability The District's General Liability & Public Officials Liability Insurance policy is with The Florida League of Cities, Inc. The Florida League of Cities, Inc. specializes in providing insurance coverage to governmental agencies through the Florida Municipal Insurance Trust. The amount is based upon actual amount plus 10% increase. Printing and Binding Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc. Legal Advertising The District is required to advertise various notices for monthly Board meetings, public hearings etc in a newspaper of general circulation. Miscellaneous-Bank Charges Bank charges that are incurred during the year. Miscellaneous-Assessment Collection Fees The District reimburses the Tax Collector for necessary administrative costs. 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 District also compensates the Tax Collector for the actual cost of collection or 1.5% on the amount of special assessments collected and remitted, whichever is greater. The budget for collection costs was based on a maximum of 1.5% of the anticipated assessment collections. Office Supplies Miscellaneous office supplies required to prepare agenda packages or administer district meetings. Annual District Filing Fee The District is required to pay an annual fee of $175 to the Department of Economic Opportunity Division of Community Development. Expenditures Stormwater Management Reserve - Lakes The District is required to monitor the wetlands and respond to any compliance issues presented by the South Florida Water Management District. To fulfill that obligation, funds are assigned for future dates of service. Annual Operating and Debt Service Budget Fiscal Year 2018 Page 4

40 The Woodlands Community Development District Agenda Page #40 General Fund Budget Narrative Fiscal Year 2018 Expenditures Field Management Professional Services-Field Management The District receives Field Management services as part of a Management Agreement with Severn Trent Environmental Services, Inc. The fees are related to the current contracted fees in the Management Agreement plus an 8% increase. Communication - Telephone The District pays Frontier for online pump monitoring access. Electricity Entrance The District pays FPL for the electricity to 6227 Toledo Blade Blvd Monument. Miscellaneous-Contingency This expense represents miscellaneous expenses that may arise during the year relating to the normal operations and maintenance of the District. Expenditures Landscape Utility - Pump Station The District pays FPL for monthly electric usage at the numerous pumps & wells. R&M General Miscellaneous maintenance expenses are coded to the category. R&M Renewal & Replacement This expense category represents cost to renew and/or replace common area landscaping, including trees & shrubs. R&M Irrigation Repairs to and maintenance of the irrigation system is a necessary expense to sustain the common area landscape. R&M Pump Station Repairs to & maintenance of the pump stations are necessary expenses to sustain the common area landscape. Capital Outlay Pump Stations The District has contracted with Hoover Pumping Services to install pumps at the various wells. Reserves Pump Stations The District anticipates capital improvements to the pump stations in several years. In preparation, funds will be assigned annually. Annual Operating and Debt Service Budget Fiscal Year 2018 Page 5

41 Agenda Page #41 The Woodlands Community Development District Debt Service Budget

42 THE WOODLANDS Community Development District Agenda Page # A Debt Service Fund Summary of Revenues, Expenditures and Changes in Fund Balances Fiscal Year 2018 Proposed Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU APR- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2016 FY 2017 MAR-2017 SEP-2017 FY 2017 FY 2018 REVENUES Interest - Investments $ 587 $ - $ 656 $ 400 $ 1,056 $ - Special Assmnts- Tax Collector 681, , , , , ,200 Special Assmnts- Prepayment 493,553-70,617 20,139 90,756 - Special Assmnts- CDD Collected - 1,572, ,314,413 Special Assmnts- Discounts (18,156) (25,912) (14,397) - (14,397) (35,928) TOTAL REVENUES 1,157,578 2,194, , , ,402 2,176,685 EXPENDITURES Administrative ProfServ-Arbitrage Rebate ProfServ-Dissemination Agent 5,000 5,000-5,000 5,000 5,000 ProfServ-Trustee 5,396 9,000 5, ,148 9,000 Misc-Assessmnt Collection Cost 9,971 12,956 6,121 3,158 9,279 17,964 Total Administrative 20,967 27,556 11,969 9,058 21,027 32,564 Debt Service Principal Debt Retirement 370, , , , ,000 Prepayments Series A 355,000-1,960,000-1,960,000 - Interest Expense 1,684,088 1,407,045 10, , ,449 1,251,720 Total Debt Service 2,409,088 2,172,045 1,970,949 1,491,500 3,462,449 2,061,720 TOTAL EXPENDITURES 2,430,055 2,199,601 1,982,918 1,500,558 3,483,476 2,094,284 Excess (deficiency) of revenues Over (under) expenditures (1,272,477) (5,568) (1,503,610) (1,269,464) (2,773,074) 82,401 OTHER FINANCING SOURCES (USES) Interfund Transfer - In - - 1,685,707-1,685,707 - Contribution to (Use of) Fund Balance - (5,568) ,401 TOTAL OTHER SOURCES (USES) - (5,568) 1,685,707-1,685,707 82,401 Net change in fund balance (1,272,477) (5,568) 182,097 (1,269,464) (1,087,367) 82,401 FUND BALANCE, BEGINNING (9,510,868) (10,783,345) (10,783,345) - (10,783,345) (11,870,712) FUND BALANCE, ENDING $ (10,783,345) $ (10,788,913) $ (10,601,248) $ (1,269,464) $ (11,870,712) $ (11,788,311) Annual Operating and Debt Service Budget Fiscal Year 2018 Page 6

43 THE WOODLANDS Community Development District Agenda Page #43 SERIES 2004A CAPITAL IMPROVEMENT REVENUE BONDS DEBT SERVICE SCHEDULE AMORTIZATION SCHEDULE DATE BALANCE RATE PRINCIPAL INTEREST TOTAL 11/01/17 $21,960, % $0.00 $625, /01/18 $21,960, % $810, $625, $2,061, /01/18 $21,150, % $0.00 $602, /01/19 $21,150, % $855, $602, $2,060, /01/19 $20,295, % $0.00 $578, /01/20 $20,295, % $895, $578, $2,051, /01/20 $19,400, % $0.00 $552, /01/21 $19,400, % $940, $552, $2,045, /01/21 $18,460, % $0.00 $526, /01/22 $18,460, % $995, $526, $2,047, /01/22 $17,465, % $0.00 $497, /01/23 $17,465, % $1,055, $497, $2,050, /01/23 $16,410, % $0.00 $467, /01/24 $16,410, % $1,110, $467, $2,045, /01/24 $15,300, % $0.00 $436, /01/25 $15,300, % $1,175, $436, $2,047, /01/25 $14,125, % $0.00 $402, /01/26 $14,125, % $1,245, $402, $2,050, /01/26 $12,880, % $0.00 $367, /01/27 $12,880, % $1,315, $367, $2,049, /01/27 $11,565, % $0.00 $329, /01/28 $11,565, % $1,390, $329, $2,049, /01/28 $10,175, % $0.00 $289, /01/29 $10,175, % $1,470, $289, $2,049, /01/29 $8,705, % $0.00 $248, /01/30 $8,705, % $1,555, $248, $2,051, /01/30 $7,150, % $0.00 $203, /01/31 $7,150, % $1,640, $203, $2,047, /01/31 $5,510, % $0.00 $157, /01/32 $5,510, % $1,735, $157, $2,049, /01/32 $3,775, % $0.00 $107, /01/33 $3,775, % $1,835, $107, $2,050, /01/33 $1,940, % $0.00 $55, /01/34 $1,940, % $1,940, $55, $2,050, /01/34 $ % $0.00 $0.00 $21,960, $12,897, $34,857, Annual Operating and Debt Service Budget Fiscal Year 2018 Page 7

44 The Woodlands Community Development District Agenda Page #44 Debt Service Fund Budget Narrative Fiscal Year 2018 Revenue Special Assessment - Tax Collector The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the debt service expenditures during the Fiscal Year. Special Assessment CDD Collected The District entered into a Funding Agreement with the Developers to fund all debt service expenditures for the Fiscal Year. Special Assessment - Discounts Per Section and Section of the Florida Statutes, discounts are allowed for early payment of assessments collected by the Tax Collector and only when the Tax Collector is using the uniform methodology. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments. Expenditures Expenditures Administrative Professional Services-Arbitrage Rebate The District has a proposal with a company who specializes in calculating the District s Arbitrage Rebate Liability on the Series of Benefit Special Assessment Bonds. The budgeted amount for the fiscal year is based on standard fees charged for this service. Professional Services-Dissemination Agent 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. Professional Services-Trustee The District will pay annual trustee fees for the Series 2004 Capital Improvement Revenue Bonds that are deposited with a Trustee. The annual trustee fee is based on standard fees charged plus any out-of-pocket expenses. Misc-Assessment Collection Costs The District reimburses the Tax Collector for necessary administrative costs. 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 District also compensates the Tax Collector for the actual cost of collection or 1.5% on the amount of special assessments collected and remitted, whichever is greater. The budget for collection costs was based on a maximum of 1.5% of the anticipated assessment collections. Expenditures Debt Service Principal Debt Retirement See amortization schedule. Interest Expense See amortization schedule. Annual Operating and Debt Service Budget Fiscal Year 2018 Page 8

45 Agenda Page #45 The Woodlands Community Development District Supporting Budget Schedules

46 THE WOODLANDS Community Development District Agenda Page #46 Comparison of Assessment Rates Fiscal Year 2018 vs. Fiscal Year 2017 Phase Village General Fund Debt Service Total O&M DS DS 100% Bond FY 2018 FY 2017 Percent FY 2018 FY 2017 Percent FY 2018 FY 2017 Percent On-Roll On-Roll Off-Roll Prepaid Buydown Change Change Change Units Units Units Units $700 A Townhomes $49.13 $ % $ $ % $ $ % Townhomes $49.13 $ % $ $ % $ $ % B/C-1 MF 4 plex-centex $ $ % $ $ % $1, $1, % SF-Centex $ $ % $1, $1, % $1, $1, % MF Dup-Centex $ $ % $ $ % $1, $1, % B-C-2 MF 4 plex $ $ % $ $ % $1, $1, % SF $ $ % $1, $1, % $1, $1, % MF Duplex $0.00 $ n/a $0.00 $ n/a $0.00 $1, n/a D SF $ $ % $1, $1, % $1, $1, % E SF $ $ % $1, $1, % $1, $1, % F Townhomes $69.76 $ % $ $ % $ $ % G SF-Centex $ $ % $1, $1, % $1, $1, % SF $ $ % $1, $1, % $1, $1, % , , Annual Operating and Debt Service Budget Fiscal Year 2018 Page 9

47 THE WOODLANDS Community Development District Agenda Page #47 FY 2015 & 2016 Delinquent Landowner Assessments Assessable FY 2015 FY 2016 Parcel Parcel ID Owner Acres Total Delinquent Total Delinquent General Fund 001 General Fund 001 A Panacea Gulf Coast Investments LLC $ 11, $ 11, BUFFALO-NORTHPORT ASSOCIATES II $ 13, $ 13, B BUFFALO-NORTHPORT ASSOCIATES II $ 19, $ 19, C BUFFALO-NORTHPORT ASSOCIATES II $ 52, $ 52, D WOODLANDS BANYAN POINTE LLC $ 37, $ 37, WOODLANDS BANYAN POINTE LLC $ 38, $ 38, E WOODLANDS PINE RUN LLC $ 58, $ 58, F WOODLANDS OAK MEADOWS LLC $ 23, $ 23, G BUFFALO-NORTHPORT ASSOCIATES II $ 73, $ 73, $ 329, $ 329, Annual Operating and Debt Service Budget Fiscal Year 2018 Page 10

48 4B. Agenda Page #48

49 Agenda Page #49 RESOLUTION A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE WOODLANDS COMMUNITY DEVELOPMENT DISTRICT IMPOSING SPECIAL ASSESSMENTS; PROVIDING FOR COLLECTION AND ENFORCEMENT OF SPECIAL ASSESSMENTS; ADOPTING AND CERTIFYING AN ASSESSMENT ROLL; PROVIDING FOR AMENDMENT OF THE ASSESSMENT ROLL; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, The Woodlands Community Development District (the District ) is a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes for the purpose of providing, operating and maintaining infrastructure improvements, facilities and services to the lands within the District; and WHEREAS, the District is located in Sarasota County, Florida (the County ); and WHEREAS, the District owns and operates various infrastructure improvements and provides certain services in accordance with Chapter 190, Florida Statutes; and WHEREAS, the Board of Supervisors (the Board ) of the District hereby determines to undertake various operations and maintenance activities described in the District s budget for fiscal year 2017/2018 ( Operations and Maintenance Budget ), attached hereto as Exhibit A and incorporated as a material part of this Resolution by this reference; and WHEREAS, the District must obtain sufficient funds to provide for the operation and maintenance services and facilities provided by the District as described in the District s Operation and Maintenance Budget; and WHEREAS, the provision of such services, facilities, and operations is a benefit to lands within the District; and WHEREAS, the Board finds that the District's operations and maintenance assessments during Fiscal Year 2017/2018 will amount to $ General Fund; and WHEREAS, the Board finds the District s Debt Service Fund Assessment during the Fiscal Year 2017/2018 will amount to $ ; and WHEREAS, Chapter 190, Florida Statutes, provides that the District may impose special assessments on benefitted lands within the District; and WHEREAS, Chapter 197, Florida Statutes, provides a mechanism pursuant to which such special assessments may be placed on the County Tax Roll and collected by the County Tax Collector ( Uniform Method ); and { DOC/} 1

50 Agenda Page #50 WHEREAS, the District has, by resolution and public notice, previously evidenced its intention to utilize the Uniform Method; and WHEREAS, the District has approved an agreement with the County Property Appraiser and the County Tax Collector to provide for the collection of special assessments under the Uniform Method; and WHEREAS, it is in the best interests of the District to proceed with the imposition of the special assessments on all assessable lands for operations and maintenance in the amount contained in the Operation and Maintenance Budget; and WHEREAS, the District desires to levy and collect special assessments reflecting each parcel s portion of the District s Operations and Maintenance Budget; and WHEREAS, it is in the best interests of the District to adopt the Assessment Roll of The Woodlands Community Development District (the Assessment Roll ) attached to this Resolution as Exhibit B and incorporated as a material part of this Resolution by this reference, and to certify a portion of the Assessment Roll on the parcels designated in Exhibit B to the County Tax Collector pursuant to the Uniform Method and to directly collect a portion of the assessments on the parcels designated in Exhibit B through the direct collection method pursuant to Chapter 190, Florida Statutes; and WHEREAS, it is in the best interests of the District to permit the District Manager to amend the Assessment Roll adopted herein, including that portion certified to the County Tax Collector by this Resolution, as the County Property Appraiser updates the property roll for the County, for such time as authorized by Florida law. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE WOODLANDS COMMUNITY DEVELOPMENT DISTRICT: SECTION 1. BENEFIT. The provision of the services, facilities and operations as described in Exhibit A confer a special and peculiar benefit to the lands within the District, which benefits exceed or equal the costs of the assessments. The allocation of the costs to the specially benefited lands is shown in Exhibits A and B. SECTION 2. ASSESSMENT IMPOSITION. Pursuant to Chapter 190 of the Florida Statutes, and using procedures authorized by Florida law for the levy and collection of special assessments, a special assessment for operation and maintenance is hereby imposed and levied on benefited lands within the District in accordance with Exhibits A and B. The lien of the special assessments for operations and maintenance imposed and levied by this Resolution shall be effective upon passage of this Resolution. { DOC/} 2

51 Agenda Page #51 SECTION 3. COLLECTION AND DUE DATE. A. Uniform Method Assessments. The collection of the previously levied debt service assessments and operation and maintenance special assessments on a portion of the platted lots and developed lands shall be at the same time and in the same manner as County taxes in accordance with the Uniform Method, as set forth in Exhibits A and B. B. Direct Bill Assessments. The annual installment for the previously levied debt service assessments, and the annual operations and maintenance assessments, on a portion of the undeveloped and unplatted lands will be collected directly by the District in accordance with Florida law, as set forth in Exhibits A and B. Assessments directly collected by the District are due in full on December 1, 2017; provided, however, that, to the extent permitted by law, the assessments due may be paid in several partial, deferred payments and according to the following schedule: 50% due no later than December 1, 2017, 25% due no later than February 1, 2018 and 25% due no later than May 1, In the event that an assessment payment is not made in accordance with the schedule stated above, the whole assessment including any remaining partial, deferred payments for Fiscal Year 2017/2018, as well as any future installments of special assessments securing debt service shall immediately become due and payable; shall accrue interest, penalties in the amount of one percent (1%) per month, and all costs of collection and enforcement; and shall either be enforced pursuant to a foreclosure action, or, at the District s sole discretion, collected pursuant to the Uniform Method on a future tax bill, which amount may include penalties, interest, and costs of collection and enforcement. Any prejudgment interest on delinquent assessments shall accrue at the applicable rate of any bonds or other debt instruments secured by the special assessments, or, in the case of operations and maintenance assessments, at the applicable statutory prejudgment interest rate. In the event an assessment subject to direct collection by the District shall be delinquent, the District Manager and District Counsel, without further authorization by the Board, may initiate foreclosure proceedings pursuant to Chapter 170 of the Florida Statutes or other applicable law to collect and enforce the whole assessment, as set forth herein. C. Future Collection Methods. The decision to collect special assessments by any particular method e.g., on the tax roll or by direct bill does not mean that such method will be used to collect special assessments in future years, and the District reserves the right in its sole discretion to select collection methods in any given year, regardless of past practices. The District certifies all assessments for debt service and operations and maintenance for collection pursuant to Chapters 190 and 197, Florida Statutes. All assessments collected by the County Tax Collector shall be due and payable as provided in Chapter 197, Florida Statutes. SECTION 4. ASSESSMENT ROLL. The District's Assessment Roll, attached to this Resolution as Exhibit B, is hereby certified and adopted. SECTION 5. ASSESSMENT ROLL AMENDMENT. The District Manager shall keep apprised of all updates made to the County property roll by the Property Appraiser after the date of this Resolution, and shall amend the District s Assessment Roll in accordance with any such updates, for such time as authorized by Florida law. After any amendment of the Assessment Roll, the District Manager shall file the updates to the tax roll in the District records. { DOC/} 3

52 Agenda Page #52 SECTION 6. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof. SECTION 7. EFFECTIVE DATE. This Resolution shall take effect on July 1, PASSED AND ADOPTED this 4 th day of May, ATTEST: THE WOODLANDS COMMUNITY DEVELOPMENT DISTRICT By: Mark Vega Secretary By: Carl Impastato Chair of the Board of Supervisors Exhibit A Fiscal Year 2017/2018 Budget Exhibit B Assessment Roll { DOC/} 4

53 Seventh Order of Business Agenda Page #53

54 7A. Agenda Page #54

55 The Woodlands Community Development District 210 N. University Drive Suite 702 Coral Springs, Florida Telephone: (954) Fax: (954) MEETING SCHEDULE WOODLANDS COMMUNITY DEVELOPMENT DISTRICT The Board of Supervisors of the Woodlands Community Development District will hold their meetings for Fiscal Year 2018 at 10:30 a.m., in the Cypress Falls Clubhouse, 2605 Arugula Dr., North Port, Florida, as follows: November 2, 2017 January 4, 2018 March 1, 2018 Approval of Budget May 3, 2018 Budget Adoption There may be occasions when one or more Supervisors will participate by telephone. At the above location there will be present a speaker telephone so that any interested person can attend the meeting at the above location and be fully informed of the discussions taking place either in person or by telephone communication. Any person requiring special accommodations at this meeting because of a disability or physical impairment should contact the District Office at (954) at least two calendar days prior to the meeting. Each person who decides to appeal any action taken at these meetings is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based. Mark Vega District Manager Agenda Page #55

56 7B. Agenda Page #56

57 Agenda Page #57 From: Walter Cote Sent: Wednesday, April 19, :06 AM To: Vega, Mark Cc: 'Larry' Bill Richardson Impastato, Carl Elio Bucciero Subject: Board Supervisor - Woodlands CD - Notice of resignation Importance: High As discussed, I will be resigning my position on the Woodlands CDD board effective this date. I have recently sold my residents in the Woodlands with an effective close date of Thanks for all, Walter Walter T. Cote VP Florida Silkwood Wines / Wtcote1@gmail.com

58 7F. Agenda Page #58

59 Agenda Page #59