Resolution 2015-05 RESOLUTION 2015-5
A RESOLUTION OF THE BOARD OF SUPERVISORS OF
THE HERITAGE BAY COMMUNITY DEVELOPMENT
DISTRICT APPROVING THE BUDGET FOR FISCAL
YEAR 2016 AND SETTING A PUBLIC HEARING
THEREON PURSUANT TO FLORIDA LAW
WHEREAS,the District Manager has heretofore prepared and submitted to the Board a
proposed operating and/or debt service budget for Fiscal Year 2016;a copy of which is attached
hereto,and
WHEREAS,the Board of Supervisors has considered said proposed budget and desires to
set the required public hearing thereon;
NOW, THEREFORE BE IT RESOLVED BY THE BOARD
OF SUPERVISORS OF THE HERITAGE BAY
COMMUNITY DEVELOPMENT DISTRICT;
1. The budget proposed by the District Manager for Fiscal Year 2016 is hereby
approved as the basis for conducting a public hearing to adopt said budget.
2. A public hearing on said approved budget is hereby declared and set for the following
date,hour and place:
Date: faty20Is
Au&• 2_06-
Hour: 9:00 a.m.
Place: Heritage Bay Clubhouse
10154 Heritage Bay Boulevard
Naples,Florida
Notice of this public hearing shall be published in the manner prescribed in Florida Law.
tet�
Adopted this,7tfiday of May,2015.
Edwin B.Hubbard
Chairman
/ IM
Calvin Tea:j
Secretary
HERITAGE BAY
Community Development District
Annual Operating and Debt Service Budget
Fiscal Year 2016
Version 6-Proposed Budget
(Updated 05/23/15 11:40 am)
Prepared by:
SEVERN
TRENT
SERVICES
HERITAGE BAY
Community Development District
Table of Contents
Page#
OPERATING BUDGET
General Fund
Summary of Revenues,Expenditures and Changes in Fund Balances ........................... 1-2
Amortization Schedule
3-4
Budget Narrative
5-7
Exhibit A-Alloctation of Fund Balances 8
DEBT SERVICE BUDGET
Series 2014
Summary of Revenues,Expenditures and Changes in Fund Balances 9
Amortization Schedule 10
Budget Narrative
11
SUPPORTING BUDGET SCHEDULES
2015-2016 Non-Ad Valorem Assessment Summary 12
Heritage Bay
Community Development District
Operating Budget
Fiscal Year 2016
HERITAGE BAY
Community Development District General Fund
Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2016 Proposed Budget
ADOPTED ACTUAL PROJECTED TOTAL ANNUAL
ACTUAL BUDGET THRU MAY PROJECTED BUDGET
ACCOUNT DESCRIPTION FY 2014 FY 2015 APR-2015 SEP-2015 FY 2015 FY 2016
REVENUES
Interest-Investments $ 960 $ 500 $ 305 $ 218 $ 523 $ 500
SpecialAssmnts-Tax Collector 156,250 249,995 248,845 1,155 250,000 250,000
Special Assrnnts-Wall Repair Project - - - - 62,500
Special Assmnts-Reserve Appropriation - - - - - 31,250
Special Assmnts-Discounts (5,640) (10,000) (9,130) - (9,130) (13,750)
TOTAL REVENUES 151,570 240,495 240,020 1,373 241,393 330,500
EXPENDITURES
Administrative
P/R-Board of Supervisors 4,400 4,800 4,200 3,000 7,200 8,000
FICA Taxes 367 367 321 230 551 612
ProfServ-Arbitrage Rebate 600 600 600 - 600 -
ProfServ-Dissemination Agent 1,000 1,000 1,000 - 1,000 -
ProfServ-Engineering 16,485 15,000 9,615 6,830 16,445 14,000
ProfSery-Legal Services 6,134 7,000 9,945 2,000 11,945 5,000
ProfServ-Mgmt Consulting Sery 37,132 38,246 22,310 15,936 38,246 39,393
ProfServ-Property Appraiser 2,393 3,750 3,750 - 3,750 5,158
Profserv-Special Assessment 5,000 5,000 5,000 - 5,000 5,150
ProfServ-Trustee Fees 5,926 6,815 - 6,815 6,815 -
ProfServ-Web Site Maintenance - - 306 219 525 750
Auditing Services 3,400 3,600 1,500 2,100 3,600 3,600
Postage and Freight 2,327 1,300 750 536 1,286 1,300
Insurance-General Liability 12,430 13,673 12,754 - 12,754 13,000
Printing and Binding 868 1,400 734 524 1,258 1,000
Legal Advertising 2,679 1,400 404 289 693 1,200
Misc-Bank Charges 648 750 414 296 710 750
Misc-Assessmnt Collection Cost 1,896 5,000 4,794 23 4,817 6,875
Office Supplies 371 550 248 177 425 550
Annual District Filing Fee 175 175 200 - 200 175
Total Administrative 104,231 110,426 78,845 38,973 117,818 106,511
Field
ProfSery-Field Management - - 7,000 5,000 12,000 12,360
R&M-Contingency - - - - - 2,000
Wall Improvements - - 14,400 27,850 42,250 218,500
Total Field 21,400 32,850 54,250 232,860
Lakes&Ponds
Contracts-Lake and Wetland 52,318 55,944 32,634 25,310 57,944 60,744
R&M-Aquascaping 17,561 24,125 12,415 9,500 21,915 5,000
R&M-Lake 15,543 - - - - -
R&M-Lake Erosion 89,475 35,000 708 39,375 40,083 35,000
R&M-Contingency 3,263 15,000 3,500 4,500 8,000 5,000
Misc Improvements - - - - - 2,000
Reserve-Lakes&Ponds - - - - - 32,509
Total Lakes&Ponds 178,180 130,069 49,257 78,685 127,942 140,253
Annual Operating and Debt Service Budget
Fiscal Year 2016 Page 1
HERITAGE BAY
Community Development District General Fund
Summary of Revenues,Expenditures and Changes in Fund Balances
Fiscal Year 2016 Proposed Budget
ADOPTED ACTUAL PROJECTED TOTAL ANNUAL
ACTUAL BUDGET THRU MAY PROJECTED BUDGET
ACCOUNT DESCRIPTION FY 2014 FY 2015 APR-2015 SEP-2015 FY 2015 FY 2016
Debt Service
Principal Payment - - 50,000
Interest Expense - - - - -
xp 9,651
Total Debt Service - - - - 59,651
TOTAL EXPENDITURES 282,411 240,495 149,502 150,508 300,010 539,276 1
Excess(deficiency)of revenues
Over(under)expenditures (130,841) - 90,518 (149,136) (58,618) (208,776)
OTHER FINANCING SOURCES(USES)
Loan/Note Proceeds - - 250,000 250,000 -
Contribution to(Use of)Fund Balance - - - - - (208,776)
TOTAL OTHER SOURCES(USES) - - - 250,000 250,000 (208,776)
Net change in fund balance (130,841) - 90,518 100,864 191,382 (208,776)
FUND BALANCE,BEGINNING 281,645 150,804 150,804 - 150,804 342,186
FUND BALANCE,ENDING $ 150,804 $ 150,804 $ 241,322 $ 100,864 $ 342,186 $ 133,411
Annual Operating and Debt Service Budget
Fiscal Year 2016 Page 2
HERITAGE BAY
Community Development District
$250,000 Loan, 5 years, 4.25%
Amortization Schedule
Principal
Date Payment Principal Interest Balance
i
i $250,000.00
_ 2/1/2016' $5,052.09 $4,166.67 $885:42 $245,833.33
3/1/2016 5,037.33 4,166.67 870.66 $241,666.66
4/1/2016: 5,022.57 4,166.67 855.90 $237,499.99
5/1/2016; 5,007.82 4,166.67 841.15 $233,333.32
6/1/2016; 4,993.06 4,166.67 826.39 $229,166.65
7/1/20161 4,978.30 4,166.67 811.63 $224,999.98
8/1/2016 4,963.54 4,166.67 796.87 $220,833.31
9/1/2016: 4,948.79 4,166.67 782.12 $216,666.64
10/1/2016: 4,934.03 4,166.67 767.36 $212,499.97
11/1/2016 4,919.27 4,166.67 752.60 $208,333.30
12/1/2016 L 4,904.52 4,166.67 737.85 $204,166.63
1/1/2017' 4,889.76 4,166.67 723.09 $199,999.96
2/1/20171 4,875.00 4,166.67 708.33 $195,833.29
3/1/2017; 4,860.25 4,166.67 693.58 $191,666.62
4/1/20171 4,845.49 4,166.67 678.82 $187,499.95
5/1/2017' 4,830.73 4,166.67 664.06 $183,333.28
6/1/20171 4,815.98 4,166.67 649.31 $179,166.61
7/1/20171 4,801.22 4,166.67 634.55 $174,999.94
8/1/2017i 4,786.46 4,166.67 619.79 $170,833.27
9/1/2017; 4,771.70 4,166.67 605.03 $166,666.60
10/1/20171 4,756.95 4,166.67 590.28 $162,499.93
11/1/20171 4,742.19 4,166.67 575.52 $158,333.26
12/1/2017 4,727.43 4,166.67 560.76 $154,166.59
1/1/2018; 4,712.68 4,166.67 546.01 $149,999.92
2/1/2018', 4,697.92 4,166.67 531.25 $145,833.25
3%72018 4,683.16 4,166.67 516.49 $141,666.58
4/1/2018f 4,668.41 4,166.67 501.74 $137,499.91
5/1/20181 4,653.65 4,166.67 486.98 $133,333.24
6/1/2018; 4,638.89 4,166.67 472.22 $129,166.57
7/1/2018 4,624.13 4,166.67 457.46 $124,999.90
8/1/2018 _ 4,609.38 4,166.67 442.71 $120,833.23
9/1/2018 4,594.62 4,166.67 427.95 $116,666.56
10/1/2018, 4,579.86 4,166.67 413.19 $112,499.89
11/1/2018: 4,565.11 4,166.67 398.44 $108,333.22
12/1/2018' 4,550.35 4,166.67 383.68 $104,166.55
1/1/2019' 4,535.59 4,166.67 368.92 $99,999.88
2/1/2019; 4,520.84 4,166.67 354.17 $95,833.21
3/1/2019i 4,506.08 4,166.67 339.41 $91,666.54
4/1/2019 4,491.32 4,166.67 324.65 $87,499.87
5/1/20191 4,476.57 4,166.67 309.90 $83,333.20
6/1/2019' 4,461.81 4,166.67 295.14 $79,166.53
7/1/2019 4,447.05 4,166.67 280.38 $74,999.86
8/1/2 19 4,432.29 4,166.67 265.62 $70,833.19
9/1/2019; 4,417.54 _ 4,166.67 250.87 $66,666.52
Annual Operating and Debt Service Budget
Fiscal Year 2016 Page 3
HERITAGE BAY
Community Development District
$250,000 Loan, 5 years, 4.25%
Amortization Schedule
Principal
Date Payment Principal Interest Balance
10/1/2019, 4,402.78 4,166.67 236.11 $62,499.85
11/1/2019; 4,388.02 4,166.67 221.35 $58,333.18
12/1/2019! 4,373.27 4,166.67 206.60 $54,166.51
1/1/2020, 4,358.51 4,166.67 191.84 $49,999.84
2/1/2020; 4,343.75 4,166.67 177.08 $45,833.17
3/1/2020' 4,329.00 4,166.67 162.33 $41,666.50
4/1/2020L 4,314.24 4,166.67 147.57 $37,499.83
5/1/2020: 4,299.48 4,166.67 132.81 $33,333.16
6/1/2020! 4,284.72 4,166.67 118.05 $29,166.49
7/1/2020: 4,269.97 4,166.67 103.30 $24,999.82
8/1/2020; 4,255.21 4,166.67 88.54 $20,833.15
9/1/20201 4,240.45 4,166.67 73.78 $16,666.48
10/1/2020; 4,225.70 4,166.67 59.03 $12,499.81
11/1/2020 4,210.94 4,166.67 44.27 $8,333.14
12/1/20201 4,196.18 4,166.67 29.51 $4,166.47
1/1/20211 4,181.23 4,166.47 14.76 ($0.00)
$277,005.19 $250,000.00 $27,005.19
Annual Operating and Debt Service Budget
Fiscal Year 2016 Page 4
HERITAGE BAY
Community Development District
General Fund
Budget Narrative
Fiscal Year 2016
REVENUES
Interest-Investments
The District earns interest on the monthly average collected balance for their operating and money market
accounts.
Special Assessments-Tax Collector
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels(using the uniform method)within the
District in order to pay for the operating expenditures during the Fiscal Year.
Special Assessments-Wall Repair Project
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels(using the uniform method)within the
District in order to pay for the repair of the wall embankment and any impending debt associated with making repairs.
Assessment will be$60 per parcel and it will be levied until the loan being used to make the repairs is repaid which is
expected to be in 2021.
Special Assessments-Reserve Appropriation
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels(using the uniform method)within the
District in order reestablish reserves which were depleted due to the District having to address numerous lake bank
erosion issues. The assessment will be $15 per parcel and dedicated specifically to reserves until the reserves are
reestablished at an appropriate level.
Special Assessments-Discounts
Per Section 197.162 and Section 197.3632 of the Florida Statutes, discounts are allowed for early payments 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
Administrative
PR-Board of Supervisors
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated$200 per meeting
at which they are in attendance. The amount for the Fiscal Year is based upon all supervisors attending all of the
meetings.
Professional Services-Engineering
The District's engineer provides general engineering services to the District, i.e. attendance and preparation for board
meetings when requested,review of invoices,and other specifically requested assignments.
Professional Services-Legal Services
The Districts attorney provides general legal services to the District, i.e.,attendance and preparation for Board meetings,
review of contracts, review of agreements and resolutions, and other research as directed or requested by the Board of
Supervisors and the District Manager.
Professional Services-Management Consulting Services
The District receives Management, Accounting and Administrative services as part of a Management Agreement with
Severn Trent Environmental Services,Inc. Severn Trent manages all of the District's financial activities such as accounts
payable, financial statements, auditing and budgeting in accordance with the management contract in effect An increase
f 3%is projected for the next fiscal year to cover operating expenses.
Annual Operating and Debt Service Budget
Fiscal Year 2016 Page 5
HERITAGE BAY
Community Development District
General Fund
Budget Narrative
Fiscal Year 2016
EXPENDITURES
Administrative(continued)
Professional Services-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 which is based upon 1.5%of the anticipated Non-Ad
Valorem assessment collections.
Professional Services-Special Assessment
This is the Administrative fees to prepare the District's special assessment roll.
Professional Services-Web Site Maintenance
The cost of web hosting and regular maintenance of the District's website by Severn Trent Services.
Auditing Services
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 an existing engagement letter.
Postage and Freight
Actual postage used for District mailings including agenda packages,vendor checks and other correspondence.
Insurance-General Liability
The District's General Liability&Public Officials Liability Insurance policy is with Public Risk Insurance Agency, Inc. They
specialize in providing governmental insurance coverage.The budgeted amount projects a 15%increase in the premium.
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 Board meetings and other public hearings in a newspaper of
general circulation.
Miscellaneous-Bank Charges
This includes monthly bank charges for the maintenance of the operating accounts.
Miscellaneous-Assessment Collection Costs
The District reimburses the Collier County Tax Collector for her or his 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 2%on the amount of special assessments collected and remitted, whichever is greater.
The assessment collection cost is based on a maximum of 2%of the anticipated assessment collections
Office Supplies
Supplies used in the preparation and binding of agenda packages,required mailings,and other special projects.
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.
Annual Operating and Debt Service Budget
Fiscal Year 2016 Page 6
HERITAGE BAY
Community Development District
General Fund
Budget Narrative
Fiscal Year 2016
[EXPENDITURES
Field
Professional Services-Field Management Services
Field Management Services for the District is performed by Severn Trent Services. This includes the regular inspection of
all District assets and contractor performance monitoring. Items include but are not limited to: irrigation systems, ponds,
wetlands, preserves, roads, street signs, sidewalks and drainage systems. A monthly report is provided for the Board's
review to allow for their consideration of issues and action to consider.
R&M-Contingency
All other expenses that do not fall into the categories described above will be expensed to contingency.
Wall Improvements
Improvements that are necessary to stabilize the lake bank near the bridge structure as determined by engineering reports.
These improvement measures are necessary to avoid a catastrophic failure of lakes 30A&306 lake banks along Heritage
Bay Boulevard.
Lakes&Ponds
Contracts-Lake&Wetland
A contract was negotiated with Lake&Wetland Management for monthly lake maintenance of the District's 31 lakes and
littoral shelf maintenance which includes approximately 14.52 acres. Services began February 2014.
R&M-Aquascaping
This is for any repair and maintenance expenses pertaining to the District's lakes that are not covered in the contract.
R&M-Lake Erosion
This is for any repair and maintenance expenses pertaining to erosion control that are not covered in the contract.
R&M-Contingency
All other expenses that do not fall into the categories described above will be expensed to contingency.
Misc-Improvements
This is for lake improvements specifically_
Reserve—Lakes&Ponds
This is for lake improvement expenses that are projected to occur in the future.
Debt Service
Principal Debt Retirement
During FY2015,the District is in the process of procuring a 5 year loan for$250,000 with a projected APR of 4.25%.
Beginning in FY16,monthly principal payments will be made towards the loan balance.
Interest Expense
The District will make monthly interest payments on the loan balance.
Annual Operating and Debt Service Budget
Fiscal Year 2018 Page 7
HERITAGE BAY
Community Development District General Fund
Exhibit"A"
Allocation of Fund Balances
AVAILABLE FUNDS
Amount
Beginning Fund Balance-Fiscal Year 2016 $ 133,411
Net Change in Fund Balance-Fiscal Year 2016 -
Reserves-Fiscal Year 2016 Additions 32,509
(Total Funds Available(Estimated)-9/30/2016 165,920 I
ALLOCATION OF AVAILABLE FUNDS
Assigned Fund Balance
Operating Reserve-First Quarter Operating Capital 95,412 (1)
Reserves-Erosion Control 58,000
Reserves-Erosion Control(FY15) (20,000) 38,000
Reserves-Lakes&Ponds(FY16) 32,509
Subtotal 165,921
I Total Allocation of Available Funds 165,921 I
Total Unassigned(undesignated)Cash $ 0
Notes
(1)Represents approximately 2 months of operating expenditures
Annual Operating and Debt Service Budget
Fiscal Year 2016 Page 8
Heritage Bay
Community Development District
Debt Service Budget
Fiscal Year 2016
HERITAGE BAY
Community Development District Series 2014 Debt Service Fund
Summary of Revenues,Expenditures and Changes in Fund Balances
Fiscal Year 2016 Proposed Budget
ADOPTED ACTUAL PROJECTED TOTAL ANNUAL
ACTUAL BUDGET THRU MAY PROJECTED BUDGET
ACCOUNT DESCRIPTION FY 2014 FY 2015 APR-2015 SEP-2015 FY 2015 FY 2016
REVENUES
Interest-Investments $ 2 $ - $ 28 $ 28 5 56 $ -
Special Assmnts-Tax Collector - 1,308,564 1,282,641 25,923 1,308,564 1,308,56664
Special Assmnts-Discounts - (52,343) (47,929) - (47,929) (52,343)
I TOTAL REVENUES 2 1,256,221 1,234,740 25,951 1,260,691 1,256,221 I
EXPENDITURES
Administrative
ProfServ-Arbitrage - - - - 600
ProfServ-Property Appraiser 1,181 19,628 19,628 - 19,628 19,628
ProfServ-Trustee - - - - - 6,815
Misc-AssessmntCollection Cost (10,632) 26,171 24,694 518 25,212 26,171
Total Administrative (9,451) 45,799 44,322 518 44,840 53,215
Debt Service
Principal Debt Retirement - 270,000 - 270,000 270,000 545,000
Interest Expense - 476,311 - 476,311 478,311 654,360
Bond Issue Expense 251,406 - - - - -
Total Debt Service 251,406 746,311 - 746,311 746,311 1,199,360
I TOTAL EXPENDITURES 241,955 792,110 44,322 746,829 791,151 1,252,575 I
Excess(deficiency)of revenues
Over(under)expenditures (241,953) 464,111 1,190,418 (720,879) 469,539 3,647
OTHER FINANCING SOURCES(USES)
InterfundTransfer-In 1,215,975 - - - - -
Proceeds of Refunding Bonds 17,490,000 - - - -
Payment to Refunded Bond (17,840,043) - - - -
Contribution to(Use of)Fund Balance - 464,111 - - - 3,647
TOTAL OTHER SOURCES(USES' 865,932 464,111 - - - 3,647
Net change in fund balance 623,979 464,111 1,190,418 (720,879) 469,539 3,647
FUND BALANCE,BEGINNING - 623,979 623,979 - 623,979 1,093,518
FUND BALANCE,ENDING $ 623,979 $ 1,088,090 $ 1,814,397 $ (720,879 $ 1,093,518 $ 1,097,165
Annual Operating and Debt Service Budget
Fiscal Year 2016 Page 9
HERITAGE BAY
Community Development District
Amortization Schedule
2014 Refunding of Series 2005 Special Assessment Refunding Bonds
Principal
Year Principal special calls Interest Balance FY Total OS
11/1/2015 $ - $ 327,180.00 $ 17,220,000.00
5/1/2016 $ 545,000.00 $ - $ 327,180.00 $ 16,675,000.00 $ 1,199,360.00
11/1/2016 $ - $ 316,825.00 $ 16,675,000.00
5/1/2017 $ 565,000.00 $ - $ 316,825.00 $ 16,110,000.00 $ 1,198,650.00
11/1/2017 $ - $ 306,090.00 $ 16,110,000.00
5/1/2018 $ 585,000.00 $ - $ 306,090.00 $ 15,525,000.00 $ 1,197,180.00
11/1/2018 $ - $ 294,975.00 $ 15,525,000.00
5/1/2019 $ 610,000.00 $ - $ 294,975.00 $ 14,915,000.00 $ 1,199,950.00
11/1/2019 $ - $ 283,385.00 $ 14,915,000.00
5/1/2020 $ 635,000.00 $ - $ 283,385.00 $ 14,280,000.00 $ 1,201,770.00
11/1/2020 _ $ - $ 271,320.00 $ 14,280,000.00
5/1/2021 $ 660,000.00 $ - $ 271,320.00 $ 13,620,000.00 $ 1,202,640.00
11/1/2021 $ - $ 258,780.00 $ 13,620,000.00
5/1/2022 $ 680,000.00 $ - $ 258,780.00 $ 12,940,000.00 $ 1,197,560.00
11/1/2022 $ - $ 245,860.00 $ 12,940,000.00
5/1/2023 $ 710,000.00 $ - $ 245,860.00 $ 12,230,000.00 $ 1,201,720.00
11/1/2023 $ - $ 232,370.00 $ 12,230,000.00
5/1/2024 $ 740,000.00 $ - $ 232,370.00 $ 11,490,000.00 $ 1,204,740.00
11/1/2024 $ - $ 218,310.00 $ 11,490,000.00
5/1/2025 $ 770,000.00 $ - $ 218,310.00 $ 10,720,000.00 $ 1,206,620.00
11/1/2025 $ - $ 203,680.00 $ 10,720,000.00
5/1/2026 $ 800,000.00 $ - $ 203,680.00 $ 9,920,000.00 $ 1,207,360.00
11/1/2026 $ - _ $ 188,480.00 $ 9,920,000.00
5/1/2027 $ 830,000.00 $ - $ 188,480.00 $ 9,090,000.00 $ 1,206,960.00
11/1/2027 $ - _ $ 172,710.00 $ 9,090,000.00
5/1/2028 $ 865,000.00 $ - $ 172,710.00 $ 8,225,000.00 $ 1,210,420.00
11/1/2028 $ - $ 156,275.00 $ 8,225,000.00
5/1/2029 $ 8,225,000.00 $ - $ 156,275.00 $ - $ 8,537,550.00
11/1/2029 $ - $ - $ -
Totals $ 17,220,000.00 $ - $ 6,952,480.00 I $ 24,172,480.00
Annual Operating and Debt Service Budget
Fiscal Year 2016 Page 10
HERITAGE BAY
Community Development District
Debt Service Fund
Budget Narrative
Fiscal Year 2016
REVENUES
Interest-Investments
The District earns interest on the monthly average collected balance for their trust accounts.
Special Assessments-Tax Collector
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels(using the uniform method)within the
District in order to pay for the operating expenditures during the Fiscal Year.
Special Assessments-Discounts
Per Section 197.162 and Section 197.3632 of the Florida Statutes, discounts are allowed for early payments 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
Administrative
Professional Services—Arbitrage Rebate
The District contracted with an independent professional firm to annually calculate the District's Arbitrage Rebate
Liability on its bonds.
Professional Services-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.The property appraiser cost is based upon 1.5%of the
anticipated Non-Ad Valorem assessment collections.
Professional Services-Trustee
The District pays US Bank an annual fee for trustee services on the Series 2014 Special Assessment Bond. The
budgeted amount for the fiscal year is based on standard fees charged plus any out-of-pocket expenses_
Miscellaneous-Assessment Collection Costs
The District reimburses the Collier County Tax Collector for her or his 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 2% on the amount of special assessments collected and remitted,whichever is greater.
The assessment collection cost is based on a maximum of 2%of the anticipated assessment collections.
Debt Service
Principal Debt Retirement
The District pays regular principal payments annually in order to pay down/retire the debt.
Interest Expense
The District pays interest expense on the debt twice during the year.
Annual Operating and Debt Service Budget
Fiscal Year 2016 Page 11