Loading...
Resolution 2016-03 RESOLUTION 2016-3 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE CEDAR HAMMOCK COMMUNITY DEVELOPMENT DISTRICT APPROVING THE BUDGET FOR FISCAL YEAR 2017 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 2017; 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 CEDAR HAMMOCK COMMUNITY DEVELOPMENT DISTRICT; 1. The budget proposed by the District Manager for Fiscal Year 2017 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: April 11,2016 Hour: 3:00 P.M. Place: Cedar Hammock Clubhouse 8660 Cedar Hammock Boulevard Naples, Florida Notice of this public hearing shall be published in the manner prescribed in Florida Law. Adopted this 8th day of February, 2016. ■ 4 1� Tom Cook Chairman : ,. - Calvin Teague---°-°-"" Secretary CEDAR HAMMOCK Community Development District Annual Operating Budget Fiscal Year 2017 Version 1 - Approved Tentative Budget: (Printed on 2!9!2416 10am) Prepared by: CEDAR HAMMOCK Community Development District Table of Contents OPERATING BUDGET General Fund Page # Summary of Revenues, Expenditures and Changes in Fund Balances .... ............................... 1 BudgetNarrative .......................................................................... ............................... 2 -4 Exhibit A - Allocation of Fund Balances ............................................. ............................... 5 SUPPORTING BUDGET SCHEDULES 2016 -2017 Non -Ad Valorem Assessment Summary .................................. ............................... 6 Cedar Hammock Community Development District Operating Budget Fiscal Year 2017 CEDAR HAMMOCK Community Development District General Fund Summary of Revenues, Expenditures and Changes in Fund Balances Fiscal Year 2017 Proposed Budget EXPENDITURES ProfServ- Engineering 23,957 ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ProfSery -Legal Services ACTUAL BUDGET THRU JAN- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2015 FY 2016 DEC -2015 SEP -2016 FY 2016 FY 2017 REVENUES 4,195 4,195 4,195 - 4,195 4,195 Interest - Investments $ 2,707 $ 2,017 $ 498 $ 1,500 $ 1,998 $ 2,017 Special Assmnts- Tax Collector 279,650 279,653 254,450 25,203 279,653 279,653 Special Assmnts- Delinquent 350 - - - 673 765 Special Assmnts- Discounts (10,132) (11,186) (10,011) (504) (10,515) (11,186) TOTAL REVENUES 272,575 270,484 244,937 26,199 271,136 270,484 EXPENDITURES ProfServ- Engineering 23,957 20,000 - 10,000 10,000 15,000 ProfSery -Legal Services 627 3,000 250 500 750 2,000 ProfServ-Mgmt Consulting Sery 34,123 35,146 8,786 26,360 35,146 36,200 ProfServ- Property Appraiser 4,195 4,195 4,195 - 4,195 4,195 ProfServ- Special Assessment 2,772 2,855 2,855 - 2,855 2,855 Auditing Services 5,000 5,000 - 5,000 5,000 5,000 Postage and Freight 425 1,065 123 550 673 765 Insurance - General Liability 7,061 8,120 7,135 - 7,135 7,500 Printing and Binding 633 700 334 664 998 1,000 Legal Advertising 668 2,000 419 500 919 1,500 Misc -Bank Charges 609 600 181 400 581 600 Misc- Assessmnt Collection Cost 3,297 5,593 4,889 504 5,393 5,593 Misc -Web Hosting 345 800 232 450 682 850 Office Supplies 44 400 121 240 361 400 Annual District Filing Fee 175 175 175 - 175 175 Total Administrative 83,931 89,649 29,695 45,168 74,863 83,633 Field ProfServ-Field Management 500 700 - 700 700 1,450 Contracts -Water Mgmt Services 7,200 7,200 1,800 5,400 7,200 7,200 Contracts -Water Quality 10,910 10,910 4,535 6,375 10,910 10,910 Utility - Cameras 1,136 1,200 320 1,080 1,400 1,200 R &M -Lake - 3,000 156 2,500 2,656 3,000 R &M -Plant Replacement 3,533 - 3,015 Misc - Contingency 1,938 16,000 5,000 5,000 18,251 Capital Outlay 5,631 24,825 15,000 15,000 24,825 Reserve - Bridges - 15,000 - - 15.000 Reserve - Bulkheads 40,041 15,000 30,000 30,000 15,000 Reserve - Lakes 15,000 72,000 72,000 15,000 Reserve - Roadways 120,767 72,000 - - - 72,000 TotaiField 191,656 180,835 6,811 138,066 144,866 186,851 TOTAL EXPENDITURES 275,587 270,484 36,606 183,223 219,729 270,484 Net change in fund balance (3,012) - 208,431 (157,024) 51,407 0 FUND BALANCE, BEGINNING 668,162 665,150 665,150 - 665,150 716,557 FUND BALANCE, ENDING $$ 6® $$ 6 $ 873,581 $ (157,024) $ 716,657 $ 716,557 Annual Operating Budget Fiscal Year 2017 Page 1 Cedar Hammock Community Development District General Fund Budget Narrative Fiscal Year 2017 REVENUES: Interest Income The District earns interest on the monthly average collected balance for their operating accounts, money market accounts and certificates of deposits. Special Assessments - 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 operating expenditures during the Fiscal Year. Special Assessments Discounts Per Section 197.162, Florida Statutes, discounts are allowed for early payment of assessments. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non -Ad Valorem assessments. Administrative; Prof Service - 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. Prof Service - Legal Services The District's legal counsel will be providing general legal services to the District, i.e., attendance & preparation for monthly meetings, review operating & maintenance contracts, etc. Prof Service - Management Consulting Sery 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. Prof Service - 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 costs was based on 1.5% of gross assessments. Annual Operating Budget Fiscal Year 2017 Page 2 Cedar Hammock Community Development District General Fund Budget Narrative Fiscal Year 2017 Prof Service - Special Assessment The District's Collection Agent will be providing financials services which include the collection of prepaid assessments, maintenance of District's assessment roll and levying the annual operating and maintenance assessments. Auditing Services The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Postage and 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 govemmental agencies. Printing & 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. Misc - Bank Charles Bank analysis fees that are incurred during the year. Misc-Assessment Collection Costs The District reimburses the 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 budget for collection costs was based on a maximum of 2% of the anticipated assessment collections. Misc — Web Hosting The District incurs expenses to maintain their website. Office Supplies Miscellaneous office supplies required for the preparation of agenda packages. Annual Operating Budget Fiscal Year 2017 Page 3 Cedar Hammock Community Development District General Fund Budget Narrative Fiscal Year 2017 Annual District Filing Fee The District is required to pay an annual fee to the Department of Economic Opportunity Division of Community Development for $175. Field Services: Prof Service — Field Management The District contracted with Sevem Trent Services to inspect the field and provide an annual report. Contracts — Water Mgmt Services Professional services for environmental permit compliance. Currently all fees associated with the renewal of the Water Use Permit. Contracts - Water Ouality Monitoring Services Testing and other professional services in monitoring water quality for reporting to regulatory agencies. Utility — Cameras Comeast provides monitoring services for the District's gate cameras. R &M - Lake Repair and maintenance expenses related to lakes including washout repairs and erosion. Mise- Contingency Any current year Field expenditure that may not have been provided for in the budget. Capital Outlay Capital expenditures for items such as irrigation equipment or other items meeting capital expenditure requirements with a cost of at least $1,000 and a life expectancy of at least 3 years. Reserve - Bridp-es Funds to be set aside for future bridge expenditures as determined by the BOS. Reserve - Bulkheads Funds to be set aside for future bulkhead expenditures as determined by the BOS. Reserve - Lakes Funds to be set aside for future lake expenditures as determined by the BOS. Reserve - Roadways Funds to be set aside for future roadway expenditures as determined by the BOS. Annual Operating Budget Fiscal Year 2017 Page 4 CEDAR HAMMOCK Community Development District General Fund Exhibit "A" Allocation of Fund Balances AVAILABLE FUNDS Amount Beginning Fund Balance - Fiscal Year 2017 $ 716,557 Net Change in Fund Balance - Fiscal Year 2017 - Reserves - Fiscal Year 2017 Additions 117,000 Total Funds Available Estimated • 9/3012017 833,557 ALLOCATION OF AVAILABLE FUNDS Assigned Fund Balance Operating Reserve - First Quarter Operating Capital 38,371 Reserves - Bridges FY 2011 Reserve Funding 9,477 FY 2012 Reserve Funding 23,703 FY 2013 Reserve Funding 25,000 FY 2014 Reserve Funding 15,000 FY 2015 Reserve Funding 15,000 FY 2016 Reserve Funding 15,000 FY 2017 Reserve Funding 15,000 118,180 Reserves - Bulkheads FY 2011 Reserve Funding 40,000 FY 2012 Reserve Funding 38,245 FY 2013 Reserve Funding 47,000 FY 2014 Reserve Funding 15,000 FY 2015 Reserve Funding 15,000 FY 2015 Use of Reserve Funding (40,041) FY 2016 Reserve Funding (projected) (15,000) FY 2017 Reserve Funding 15,000 115,204 Reserves - Lakes FY 2011 Reserve Funding 14,627 FY 2012 Reserve Funding 36,833 FY 2013 Reserve Funding 19,000 FY 2014 Reserve Funding 15,000 FY 2015 Reserve Funding 15,000 FY 2016 Reserve Funding (projected) (57,000) FY 2017 Reserve Funding 15,000 58,460 Reserves - Roadways FY 2011 Reserve Funding 145,000 FY 2012 Reserve Funding 23,375 FY 2013 Reserve Funding 25,223 FY 2014 Reserve Funding 72,000 FY 2015 Use of Reserve Funding (120,767) FY 2016 Reserve Funding 72,000 FY 2017 Reserve Funding 72,000 288,831 Subtotal 619,046 Total Allocation of Available Funds 619,046 Total Unassigned (undesignated) Cash $ 214,611 Notes (1) Represents approximately 3 months of operating expenditures Annual Operating Budget Fiscal Year 2017 Page 5 Cedar Hammock Community Development District Supporting Budget Schedules Fiscal Year 2017 CEDAR HAMMOCK Community Development District Cedar Hammock Community Development District 2016 -2017 Assessment IO &M Assessment Product FY 2016 FY 2017 Percent Change All Units $ 350.00 $ 350.00 0.0% Annual Operating Budget Fiscal Year 2017 Page 6