Finances
Forest Creek CDD Budget & Assessments Information
The Forest Creek Community Development District (“District”) is authorized to determine, order, levy, impose, collect, and enforce special assessments pursuant to this Chapter 190 and Chapter 170 of the Florida Statues. Such special assessments may, in the discretion of the District, be collected and enforced pursuant to the provisions of ss. 197.3631, 197.3632, and 197.3635, Chapter 170, or Chapter 173.
District Budget Information
The budget is a financial plan that serves as the basis for expenditure decision-making and subsequent control of expenditures. The plan strives to provide program services at the levels of service established by the Board during the budget process. However, the budget must also be flexible enough to account for unexpected events and expenditures. Otherwise, levels of service in other program areas may suffer to operate within the constraints of the overall budget.
District Operations & Maintenance Assessment
The District’s Operations and Maintenance Debt/Bond assesements appear as a combined amount on that portion of the annual real estate tax bill entitled “non-ad valorem assessments,” and are collected by the Manatee County Tax Collector in the same manner as county ad valorem taxes. Each property owner must pay both ad valorem and non-ad valorem assessments at the same time. Property owners will, however, be entitled to the same discounts as provided for ad valorem taxes. As with any tax bill, if all taxes and assessments due are not paid within the prescribed time limit, the tax collector is required to sell tax certificates which, if not timely redeemed, may result in the loss of title to the property.
O&M Assessments are based on the District’s Operations and Maintenance Budget, which is adopted annually. This is the budget that deals with the day in, day out needs of the District for the administration and operation of the District’s facilities and infrastructure. The District follows the budgeting process proscribed by section 190.008, Florida Statutes.
As part of this process, the District must annually approve a proposed Operations and Maintenance Budget prior to June 15th and transmit the same to the Clerk of the Board of County Commissioners of Manatee County, Florida. After a minimum of 60 days after the submittal to the County, the District must conduct at least one public hearing to allow for public comment and testimony relating to the proposed Operations and Maintenance Budget. After the public hearing, the Board of Supervisors may adopt the Operations and Maintenance Budget and levy the assessments necessary to fund that adopted Operations and Maintenance Budget. The Board of Supervisors must adopt a budget prior to October 1 and typically does in August to get information to Manatee County early.
The annual budgets are posted on the Documents page under "Finances - Budget Documents".
Fiscal Years run from October 1st through September 30th of each year. It is important to know that O&M Assessment may change from year to year, depending upon the annual Operations and Maintenance Budget adopted for a given fiscal year. Annual contributions to the Reserve Account are established based on a biennial Reserve Study for planned replacement and upgrade costs of CDD property.
District Bond Assessments
Series 2013
On August 14, 2013 the District issued $2,835,000 of Capital Improvement Revenue Bonds, Series 2013A. These bonds financed Phase III in Forest Creek. The Series 2013A Bonds are due on May 1, 2043 with a variable interest rate of 6.625% to 7.00%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is paid semiannually on each May 1 and November 1, commencing November 1, 2013. Principal on the Series 2013A Bonds is payable annually commencing May 1, 2014 through May 1, 2043.
The Series 2013 Bonds are subject to redemption at the option of the District prior to their maturity. The Series 2013 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Indenture.
The Bond Indenture has certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agreed to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. Payment of principal and interest on the Series 2013 Bonds is secured by a pledge of and first lien upon the pledged special assessment revenue. The District is in compliance with the requirements of the Bond Indenture.
Series 2016
On February 11, 2016 the District issued $2,445,000 of Capital Improvement Revenue Refunding Bonds, Series 2016. The Series 2016 Bonds are due on May 1, 2036 with a fixed interest rate of 3.9%. The Bonds were issued to refund the outstanding Series 2005 Bonds which financed Phases I, IIA, and IIB in Forest Creek. Interest is paid semiannually on each May 1 and November 1, commencing May 1, 2016. Principal on the Series 2016 Bonds is payable annually commencing May 1, 2017 through May 1, 2036.
The Series 2016 Bonds are subject to redemption at the option of the District prior to their maturity. The Series 2016 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Indenture.
The Bond Indenture requires that the District maintain adequate funds in a reserve account to meet the debt service reserve requirement as defined in the Indenture. The requirement was met on September 30, 2018.
The Bond Indenture has certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agreed to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. Payment of principal and interest on the Series 2016 Bonds is secured by a pledge of and first lien upon the pledged special assessment revenue. The District is in compliance with the requirements of the Bond Indenture.
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Forest Creek will have their Community Garage Sale on Saturday October 21, from 8am-2pm...
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