Windsor Cay
Community Development District

Adopted Budget
FY2027

Table of Contents

1-2	General Fund	

3-6	

General Fund Narrative	

7	

Series 2024 Debt Service Fund	

8-9	

Series 2024 Amortization Schedule	

10	

Series 2025 Debt Service Fund	

11-12	

Series 2025 Amortization Schedule	

	Adopted Budget	Actuals Thru		Projected Next	Projected Thru	Adopted Budget	
Description	FY2026	7/31/26		2 Months	9/30/26	FY2027	

Revenues							
Assessments	$	297,894	$	284,120	$	13,775	$	297,894	$	463,244	
Developer Contributions	$	43,098	$	-	$	-	$	-	$	-	
Interest	$	-	$	5,498	$	687	$	6,186	$	1,180	
Total Revenues	$	340,993	$	289,618	$	14,462	$	304,080	$	464,424	

Expenditures							
General & Administrative							
Engineering	$	10,000	$	673	$	1,000	$	1,673	$	10,000	
Attorney	$	25,000	$	10,581	$	1,952	$	12,533	$	25,000	
Annual Audit	$	6,300	$	4,900	$	-	$	4,900	$	6,300	
Assessment Administration	$	5,408	$	5,408	$	-	$	5,408	$	5,570	
Arbitrage	$	900	$	450	$	450	$	900	$	900	
Dissemination	$	6,150	$	4,875	$	1,026	$	5,901	$	6,335	
Disclosure Software	$	-	$	2,500	$	-	$	2,500	$	2,500	
Trustee Fees	$	9,000	$	4,246	$	4,754	$	9,000	$	9,000	
Management Fees	$	43,775	$	36,479	$	7,296	$	43,775	$	45,088	
Information Technology	$	1,854	$	1,545	$	309	$	1,854	$	1,910	
Website Maintenance	$	1,236	$	1,030	$	206	$	1,236	$	1,273	
Telephone	$	300	$	-	$	50	$	50	$	300	
Postage & Delivery	$	1,000	$	345	$	100	$	445	$	1,000	
Insurance	$	6,351	$	5,512	$	-	$	5,512	$	6,063	
Printing & Binding	$	1,000	$	27	$	50	$	77	$	1,000	
Legal Advertising	$	5,000	$	377	$	833	$	1,210	$	5,000	
Property Appraiser Fee	$	-	$	50	$	-	$	50	$	-	
Other Current Charges	$	1,750	$	1,053	$	166	$	1,219	$	1,750	
Office Supplies	$	625	$	2	$	20	$	22	$	625	
Travel Per Diem	$	660	$	-	$	-	$	-	$	660	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative	$	126,484	$	80,227	$	18,212	$	98,439	$	130,449	

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2026	7/31/26	2 Months	9/30/26	FY2027	

Operations & Maintenance						
Field Expenditures						
Field Management	$	15,450	$	12,875	$	2,575	$	15,450	$	16,223	
Property Insurance	$	7,253	$	6,333	$	-	$	6,333	$	7,253	
Landscape Maintenance	$	80,000	$	63,617	$	12,610	$	76,227	$	180,000	
Pond Disking	$	8,190	$	6,578	$	2,678	$	9,256	$	16,000	
Landscape Replacement	$	15,000	$	4,642	$	2,500	$	7,142	$	40,000	
Tree Trimming	$	27,300	$	-	$	4,550	$	4,550	$	-	
Mulch	$	26,000	$	-	$	4,333	$	4,333	$	-	
Electric	$	3,500	$	-	$	583	$	583	$	1,500	
Water & Sewer	$	7,200	$	1,280	$	204	$	1,484	$	3,000	
Irrigation Repairs	$	7,500	$	550	$	1,250	$	1,800	$	7,500	
Fountain Maintenance	$	6,300	$	6,625	$	1,000	$	7,625	$	6,700	
General Repairs & Maintenance	$	7,500	$	12,822	$	1,250	$	14,072	$	10,000	
Contingency	$	3,316	$	-	$	553	$	553	$	45,800	
Total Operations & Maintenance	$	214,509	$	115,323	$	34,086	$	149,409	$	333,976	
						
Total Expenditures	$	340,993	$	195,550	$	52,298	$	247,848	$	464,424	
						
Excess Revenues/(Expenditures)	$	-	$	94,068	$	(37,836)	$	56,232	$	-	
			
Net Assessments		
$	463,244	

Add: Discount & Collections 6% Gross Assessments

 $	29,569 
 $	492,813 

Product Type	ERU	Assessable Units	Total ERU	Net Assessment	Net Per Unit	Gross Per Unit	
Townhouse - 25'	0.5	230	115.00	$	79,750	$	346.74	$	368.87	
Single Family - 40'	0.8	257	205.60	$	142,579	$	554.78	$	590.20	
Single Family - 50'	1	255	255.00	$	176,837	$	693.48	$	737.74	
Single Family - 70'	1.4	66	92.40	$	64,078	$	970.87	$	1,032.84	
		808	668	$	463,244.47			

Revenues:

Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the District to pay for operating expenditures during the fiscal year.

Expenditures:

General & Administrative:

Engineering

The District's engineer, Donald W. McIntosh Associates, Inc., provides general engineering services to the District, e.g., attendance and preparation for monthly board meetings, review invoices and various projects as directed by the District Manager.

Attorney

The District's legal counsel, Kutak Rock, LLP, provides general legal services to the District, e.g., attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Assessment Administration

The District is contracted with Governmental Management Services – Central Florida, LLC to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on its Series 2024 and Series 2025 bonds.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues. This cost is based upon an anticipated bond issuance.

Disclosure Software

The District has contracted with DTS to provide software platform for filing various reports required in accordance with the Continuing Disclosure Agreements for the bond Series 2024 and 2025.

Trustee Fees

The District will incur trustee related costs with the Series 2024 and 2025 bonds.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-Central Florida, LLC. The services include but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reports, annual audits, etc.

Information Technology

Represents various cost of information technology for the District such as video conferencing, cloud storage and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc. Governmental Management Services – Central Florida, LLC provides these systems.

Website Maintenance

Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc. Governmental Management Services – Central Florida, LLC provides these services.

Telephone

Telephone and fax machine.

Postage & Delivery

The District incurs charges for mailing, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public official’s liability insurance coverage is provided by the Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Printing & Binding

Printing agenda items 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.

Other Current Charges

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

Office Supplies

Any supplies that may need to be purchased during the fiscal year, e.g., paper, minute books, file folders, labels, paper clips, etc.

Travel Per Diem

The Board of Supervisors can be reimbursed for travel expenditures related to the conducting of District business.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Field Expenditures:

Field Management

Represents the estimated costs of contracting services that provide onsite field management of contracts for the District such as landscape and lake maintenance. Services can include onsite inspections, meetings
with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Landscape Maintenance

Represents the estimated maintenance of the landscaping within the common areas of the District after the installation of landscape material has been completed.

Pond Disking

Represents the estimated cost to disk pond floors within the District.

Landscape Replacement

Represents the estimated cost of replacing landscaping within the common areas of the District.

Electric

Represents electric charges of common areas throughout the District.

Water & Sewer

Represents costs for water and refuse services provided for common areas throughout the District.

Irrigation Repairs

Represents the cost of maintaining and repairing the irrigation system. This includes the sprinklers, and irrigation wells.

Fountain Maintenance

Represents cost to maintain fountains for three days each week.

General Repairs & Maintenance

Represents estimated costs for general repairs and maintenance of the District’s common areas.

Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any field category.

Adopted Budget
Series 2024 Debt Service Fund

Description	Adopted Budget FY2026	Actuals Thru 7/31/26	Projected Next
2 Months	Projected Thru 9/30/26	Adopted Budget FY2027	

Revenues						
Special Assessments	$	665,243	$	634,480	$	30,762	$	665,243	$	665,243	
Interest	$	13,146	$	20,104	$	2,513	$	22,617	$	11,308	
Carry Forward	$	289,555	$	587,312	$	-	$	587,312	$	594,743	
Total Revenues	$	967,943	$	1,241,896	$	33,275	$	1,275,171	$	1,271,294	

Expenditures						
Interest Expense - 11/1	$	261,789	$	261,789	$	-	$	261,789	$	258,454	
Principal Expense - 5/1	$	145,000	$	145,000	$	-	$	145,000	$	150,000	
Interest Expense - 5/1	$	261,789	$	261,789	$	-	$	261,789	$	258,454	
Total Expenditures	$	668,578	$	668,578	$	-	$	668,578	$	666,908	

Other Financing Sources/(Uses)						
Transfer In/(Out)	$	-	$	(10,050)	$	(1,800)	$	(11,850)	$	-	
Total Other Financing Sources/(Uses)	$	-	$	(10,050)	$	(1,800)	$	(11,850)	$	-	
						
Excess Revenues/(Expenditures)	$	299,366	$	563,268	$	31,475	$	594,743	$	604,387	

Interest Expense 11/1/27	 $	255,004 
Total	$	255,004

Product	
Assessable Units	Total Net Assessments	Net Assessment Per Unit	Gross Assessment Per Unit	
Townhouse - 25'	230	$	176,787	$	768.64	$	817.70	
Single Family - 40'	153	$	213,895	$	1,398.00	$	1,487.24	
Single Family - 50'	157	$	274,561	$	1,748.79	$	1,860.42	
	540	$	665,243			

Date		Balance		Prinicpal		Interest		Total	
									
11/01/26	$	9,335,000.00	$	-	$	258,453.75	$	665,242.50	
05/01/27	$	9,335,000.00	$	150,000.00	$	258,453.75			
11/01/27	$	9,185,000.00	$	-	$	255,003.75	$	663,457.50	
05/01/28	$	9,185,000.00	$	155,000.00	$	255,003.75			
11/01/28	$	9,030,000.00	$	-	$	251,438.75	$	661,442.50	
05/01/29	$	9,030,000.00	$	165,000.00	$	251,438.75			
11/01/29	$	8,865,000.00	$	-	$	247,643.75	$	664,082.50	
05/01/30	$	8,865,000.00	$	170,000.00	$	247,643.75			
11/01/30	$	8,695,000.00	$	-	$	243,733.75	$	661,377.50	
05/01/31	$	8,695,000.00	$	180,000.00	$	243,733.75			
11/01/31	$	8,515,000.00	$	-	$	239,593.75	$	663,327.50	
05/01/32	$	8,515,000.00	$	190,000.00	$	239,593.75			
11/01/32	$	8,325,000.00	$	-	$	234,416.25	$	664,010.00	
05/01/33	$	8,325,000.00	$	200,000.00	$	234,416.25			
11/01/33	$	8,125,000.00	$	-	$	228,966.25	$	663,382.50	
05/01/34	$	8,125,000.00	$	210,000.00	$	228,966.25			
11/01/34	$	7,915,000.00	$	-	$	223,243.75	$	662,210.00	
05/01/35	$	7,915,000.00	$	220,000.00	$	223,243.75			
11/01/35	$	7,695,000.00	$	-	$	217,248.75	$	660,492.50	
05/01/36	$	7,695,000.00	$	235,000.00	$	217,248.75			
11/01/36	$	7,460,000.00	$	-	$	210,845.00	$	663,093.75	
05/01/37	$	7,460,000.00	$	250,000.00	$	210,845.00			
11/01/37	$	7,210,000.00	$	-	$	204,032.50	$	664,877.50	
05/01/38	$	7,210,000.00	$	260,000.00	$	204,032.50			
11/01/38	$	6,950,000.00	$	-	$	196,947.50	$	660,980.00	
05/01/39	$	6,950,000.00	$	275,000.00	$	196,947.50			
11/01/39	$	6,675,000.00	$	-	$	189,453.75	$	661,401.25	
05/01/40	$	6,675,000.00	$	290,000.00	$	189,453.75			
11/01/40	$	6,385,000.00	$	-	$	181,551.25	$	661,005.00	
05/01/41	$	6,385,000.00	$	310,000.00	$	181,551.25			
11/01/41	$	6,075,000.00	$	-	$	173,103.75	$	664,655.00	
05/01/42	$	6,075,000.00	$	325,000.00	$	173,103.75			
11/01/42	$	5,750,000.00	$	-	$	164,247.50	$	662,351.25	
05/01/43	$	5,750,000.00	$	345,000.00	$	164,247.50			
11/01/43	$	5,405,000.00	$	-	$	154,846.25	$	664,093.75	
05/01/44	$	5,405,000.00	$	365,000.00	$	154,846.25			
11/01/44	$	5,040,000.00	$	-	$	144,900.00	$	664,746.25	

Date		Balance		Prinicpal		Interest		Total	

05/01/45	
$	
5,040,000.00	
$	
385,000.00	
$	
144,900.00			
11/01/45	$	4,655,000.00	$	-	$	133,831.25	$	663,731.25	
05/01/46	$	4,655,000.00	$	405,000.00	$	133,831.25			
11/01/46	$	4,250,000.00	$	-	$	122,187.50	$	661,018.75	
05/01/47	$	4,250,000.00	$	430,000.00	$	122,187.50			
11/01/47	$	3,820,000.00	$	-	$	109,825.00	$	662,012.50	
05/01/48	$	3,820,000.00	$	455,000.00	$	109,825.00			
11/01/48	$	3,365,000.00	$	-	$	96,743.75	$	661,568.75	
05/01/49	$	3,365,000.00	$	485,000.00	$	96,743.75			
11/01/49	$	2,880,000.00	$	-	$	82,800.00	$	664,543.75	
05/01/50	$	2,880,000.00	$	510,000.00	$	82,800.00			
11/01/50	$	2,370,000.00	$	-	$	68,137.50	$	660,937.50	
05/01/51	$	2,370,000.00	$	540,000.00	$	68,137.50			
11/01/51	$	1,830,000.00	$	-	$	52,612.50	$	660,750.00	
05/01/52	$	1,830,000.00	$	575,000.00	$	52,612.50			
11/01/52	$	1,255,000.00	$	-	$	36,081.25	$	663,693.75	
05/01/53	$	1,255,000.00	$	610,000.00	$	36,081.25	$	-	
11/01/53	$	645,000.00	$	-	$	18,543.75	$	664,625.00	
05/01/54	$	645,000.00	$	645,000.00	$	18,543.75	$	663,543.75	
			$	9,615,000.00	$	10,532,758.37	$	20,147,758.37	

Adopted Budget
Series 2025 Debt Service Fund

Description	Adopted Budget FY2026	Actuals Thru 7/31/26	Projected Next
2 Months	Projected Thru 9/30/26	Adopted Budget FY2027	

Revenues						
Assessments Interest
Carry Forward	$	-	$
$	-	$
$	-	$	289,593
6,122
-	$	180,375
$	1,531
$	-	$	469,968
$	7,653
$	-	$	473,751
$	3,827
$	182,074	
Total Revenues	$	-	$	295,715	$	181,906	$	477,621	$	659,651	

Expenditures						

Interest Expense - 11/1	
$	-	
$	-	
$	-	
$	-	
$	180,375	
Principal Expense - 5/1	$	-	$	140,000	$	-	$	140,000	$	115,000	
Interest Expense - 5/1	$	-	$	149,593	$	-	$	149,593	$	180,375	
Total Expenditures	$	-	$	289,593	$	-	$	289,593	$	475,750	

Other Financing Sources/(Uses)					
Bond Proceeds	$	-	$	236,875	$	-	$	236,875	$	-	
Transfer In/(Out)	$	-	$	(4,754)	$	(1,200)	$	(5,954)	$	-	
Total Other Financing Sources/(Uses)	$	-	$	232,121	$	(1,200)	$	230,921	$	-	

Excess Revenues/(Expenditures)	$	-	$	238,244	$	180,706	$	418,949	$	183,901

Interest Expense 11/1/27	 $	178,075 
Total	$	178,075

Product

Assessable Units

Total Net
Assessments

Net Assessment Per	Gross Assessment
Unit	Per Unit

Single Family - 40'	104	$
Single Family - 50'	98	$
Single Family - 70'	66	$

145,361
171,344
157,046

$	1,397.70  $	1,486.91
$	1,748.41  $	1,860.01
$	2,379.48  $	2,531.36

268	$	473,751

Date		Balance		Prinicpal		Interest		Total	
									
11/01/26	$	6,950,000.00	$	-	$	180,375.00	$	180,375.00	
05/01/27	$	6,950,000.00	$	115,000.00	$	180,375.00			
11/01/27	$	6,835,000.00	$	-	$	178,075.00	$	473,450.00	
05/01/28	$	6,835,000.00	$	120,000.00	$	178,075.00			
11/01/28	$	6,715,000.00	$	-	$	175,675.00	$	473,750.00	
05/01/29	$	6,715,000.00	$	120,000.00	$	175,675.00			
11/01/29	$	6,595,000.00	$	-	$	173,275.00	$	468,950.00	
05/01/30	$	6,595,000.00	$	125,000.00	$	173,275.00			
11/01/30	$	6,470,000.00	$	-	$	170,775.00	$	469,050.00	
05/01/31	$	6,470,000.00	$	130,000.00	$	170,775.00			
11/01/31	$	6,340,000.00	$	-	$	168,012.50	$	468,787.50	
05/01/32	$	6,340,000.00	$	140,000.00	$	168,012.50			
11/01/32	$	6,200,000.00	$	-	$	165,037.50	$	473,050.00	
05/01/33	$	6,200,000.00	$	145,000.00	$	165,037.50			
11/01/33	$	6,055,000.00	$	-	$	161,956.25	$	471,993.75	
05/01/34	$	6,055,000.00	$	150,000.00	$	161,956.25			
11/01/34	$	5,905,000.00	$	-	$	158,768.75	$	470,725.00	
05/01/35	$	5,750,000.00	$	155,000.00	$	158,768.75			
11/01/35	$	5,750,000.00	$	-	$	155,475.00	$	469,243.75	
05/01/36	$	5,750,000.00	$	165,000.00	$	155,475.00			
11/01/36	$	5,585,000.00	$	-	$	151,143.75	$	471,618.75	
05/01/37	$	5,585,000.00	$	175,000.00	$	151,143.75			
11/01/37	$	5,410,000.00	$	-	$	146,550.00	$	472,693.75	
05/01/38	$	5,410,000.00	$	185,000.00	$	146,550.00			
11/01/38	$	5,225,000.00	$	-	$	141,693.75	$	473,243.75	
05/01/39	$	5,225,000.00	$	195,000.00	$	141,693.75			
11/01/39	$	5,030,000.00	$	-	$	136,575.00	$	473,268.75	
05/01/40	$	5,030,000.00	$	205,000.00	$	136,575.00			
11/01/40	$	4,825,000.00	$	-	$	131,193.75	$	472,768.75	
05/01/41	$	4,825,000.00	$	215,000.00	$	131,193.75			
11/01/41	$	4,610,000.00	$	-	$	125,550.00	$	471,743.75	
05/01/42	$	4,610,000.00	$	225,000.00	$	125,550.00			
11/01/42	$	4,385,000.00	$	-	$	119,643.75	$	470,193.75	
05/01/43	$	4,385,000.00	$	240,000.00	$	119,643.75			
11/01/43	$	4,145,000.00	$	-	$	113,343.75	$	472,987.50	
05/01/44	$	4,145,000.00	$	250,000.00	$	113,343.75			
11/01/44	$	3,895,000.00	$	-	$	106,781.25	$	470,125.00	
05/01/45	$	3,895,000.00	$	265,000.00	$	106,781.25			
11/01/45	$	3,630,000.00	$	-	$	99,825.00	$	471,606.25	
05/01/46	$	3,630,000.00	$	280,000.00	$	99,825.00			
11/01/46	$	3,350,000.00	$	-	$	92,125.00	$	471,950.00	

Date		Balance		Prinicpal		Interest		Total	
05/01/47	$	3,350,000.00	$	295,000.00	$	92,125.00			
11/01/47	$	3,055,000.00	$	-	$	84,012.50	$	471,137.50	
05/01/48	$	3,055,000.00	$	310,000.00	$	84,012.50			
11/01/48	$	2,745,000.00	$	-	$	75,487.50	$	469,500.00	
05/01/49	$	2,745,000.00	$	330,000.00	$	75,487.50			
11/01/49	$	2,415,000.00	$	-	$	66,412.50	$	471,900.00	
05/01/50	$	2,415,000.00	$	350,000.00	$	66,412.50			
11/01/50	$	2,065,000.00	$	-	$	56,787.50	$	473,200.00	
05/01/51	$	2,065,000.00	$	370,000.00	$	56,787.50			
11/01/51	$	1,695,000.00	$	-	$	46,612.50	$	473,400.00	
05/01/52	$	1,695,000.00	$	390,000.00	$	46,612.50			
11/01/52	$	1,305,000.00	$	-	$	35,887.50	$	472,500.00	
05/01/53	$	1,305,000.00	$	410,000.00	$	35,887.50	$	-	
11/01/53	$	895,000.00	$	-	$	24,612.50	$	470,500.00	
05/01/54	$	895,000.00	$	435,000.00	$	24,612.50	$	-	
11/01/54	$	460,000.00	$	-	$	12,650.00	$	472,262.50	
05/01/55	$	460,000.00	$	460,000.00	$	12,650.00	$	472,650.00	
			$	6,950,000.00	$	6,908,625.00	$	13,858,625.00