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Agenda 08/20/2010 AGENDA Port of the Islands Community Improvement District Friday Egret Room August 20, 2010 2500 Tamiami Trail 10:00 a.m. Naples, Florida 1. Roll Call 2. Approval of Minutes of the July 16, 2010 Meeting 3. Audience Comments 4. Public Hearing to Adopt the Budget for Fiscal Year 2011 A. Consideration of Resolution 2010-9 Adopting the Budget for Fiscal Year 2011 B. Consideration of Resolution 2010-10 Levying the Assessments for Fiscal Year 2011 5. Old Business A. Update of Monument Repair and Landscaping B. Discussion of Landscape Contract Issues 6. New Business 7. District Manager's Report A. Meeting Schedule for Fiscal Year 2011 B. Update on Water Treatment Plant Financing Options C. Update on Delinquent Utility Bills D. Update on Preserve Clean Up E. Discussion of Littoral Plantings and Buffer Enhancement 8. Field Manager's Report A. Discussion of Monument Repair and Landscaping Port of the Islands C.I.D. Meeting Agenda Friday,August 20,2010 10:00 a.m. PAGE 2 9. Attorney's Report A. Report on Older Stella Maris Tax Certificates B. Discussion of Bankrupt Properties and the Impact on the CID C. Update on CID Logo Registration 10. Engineer's Report A. Update on New Water Treatment Plant B. Discussion of Landscape Contract Issues 11. Supervisors' Requests 12. Audience Comments 13. Approval of July 31, 2010 Financial Statements and Check Register 14. Adjournment - Naples Daily News Naples, FL 34102 Affidavit of Publication Naples Daily News + PORT OF THE ISLANDS 210 N UNIVERSITY DR #702 CORAL SPRINGS FL 33071 REFERENCE : 010948 JANICE SWADE FOR STE 59590054 NOTICE OF MEETINGSPO State of Florida s i, . bi, , s # -. e i i Ya r t} ay f County of Collier C N0zi � 3 � � ��r �a �J >� YA"�hbf, Before the undersigned authority, personally .01 e s t. r t4 ; b nf�b�s 7 appeared Phil Lewis, who on oath says that he ' 'tri ` r ` t Ok"°tea PP Y • � � .�t-; serves as the Editor and Vice President of the VR ' `� +.01 ,cFti .- ' Naples Daily News, a daily newspaper published at { Naples, in Collier County, Florida : that the 44,.c� °° ` 1`"�5t '�°� attached copy of advertising was published in said =rF a° 1° '�" j A,', , 4L14 '1 newspaper on dates listed. r 1 1 Affiant further says that the said Naples Daily . }, `,,° , �}� �1 News is a newspaper published at Naples, in said ° °< < , � _ Collier County, Florida, and that the said g "a �` ' i ' �}' newspaper has heretofore been continuously 4 r l ;4 IM published in said Collier County, Florida, each ,� i,.s �,y` � y rF dayand has been entered as second class mail �+ ro � �� r a �� matter at the post office in Naples, in said fir-' 6A x �` for aperiod of 1year P cia e 7,Collier County, Florida, i .� l _ 1i next preceding the first publication of the �`ti , x . attached copy of advertisement; and affiant '� F —:,4. T{` l further says that he has neither paid nor , , �It4.-Z..11-1� , it t xpromised any person firm or corporation any �a -- o-s fi' it t u ,91PT,-�t,'w r x ,, t .. z , discount, rebate, commission or refund for the t �e � purpose of securing this advertisement for °s , s° x � �, . , publication in the said newspaper. ` ° PUBLISHED ON: 09/24 09/24 AD SPACE: 51 LINE FILED ON: 09/24/09 + a(�Signature of Affiant C.2e ' 1..Lt_..6.....41_ Sworn to and Subscribed before me this ac.-1._ day of Sc ev►.b 20641 Personally known by me (7 ot,,nv 4,,, KAROL E KANGAS �,\ ('�' Notary Public-State of Florida ?,� it My Comm.Expires Jul 29,2013 0 1 ,,F�;;dam Commission#OD 912237 _ — ,j Naples Daily News Naples, FL 34110 Affidavit of Publication Naples Daily News + PORT OF THE ISLANDS 210 N UNIVERSITY DR #702 CORAL SPRINGS FL 33071 REFERENCE: 010948 JANICE SWADE 59622778 PORT OF THE ISLANDS }� p i d+b' ids Y at5 :rri'I m�n'1�'-3,eWf d1n'a' Y n F �r'' State of Florida NOTi EiiOF,RE�,U` cl E❑, J s1•,® ;gs .-'E�y q T c y �e H B�lC�6v it �F cli' "�' ©,��i P oPA �"�n} DCi�� Counties of Collier and Lee '�6 i,NSSj;,E r t' c : , ,: E r i b r lq-' gtEq E M 141:5 ADO 'c c F kCtll ,�O l 3,,, z:: - Before the undersigned authority, personti .IONAp°t � °i .� 's�; xX� appeared Tracy Reeve, who on oath says tha P, f pe ° tt,e ° t },e fs� �P ef)1 r 114,7 +. 1 , .r� d rdrt' SA,t,Ii i / t i Pl q P haM, serves as the Senior Accountant, of the Nal'iE�re_ bo 4P eii .i a i aplg I�i p .,;a i Rr I Tq ,i41e 3it�4s or£1t R ied P a 7y Daily News, a daily newspaper published at i fscal ear zo1 ,.,p i9 : ° PS,.r F x rva { �ghi.roll the u� ;1P P� .� d i pfs`�o'� T' _��' _ - �j�`I in Collier County, Florida: distributed in( foFerAl'ih,:#4 icaW $1y f�td Pei , and Lee counties of Florida• that the atta, .d�`tThP�oSinto` 7 a d 3 K�' F} fig a copyof advertisingwaspublished in said ! rates fees and *, 7Vir if dr k 14. lig, ipi 1 - t Proposed Final + . s r Z-l tlat_r r newspaper on dates listed. . in9,Pnay,be,f°b�a'. `Jf'�Cg-S 'ai' i ''`� a eel � Trent erg ces s f�, ate r ��tY U fv :ill��e �' e � n 3307�i t Affiant further says that the said Naple l dun ' ,� A.t. „ y. 0 u iai,�a V,--q!G me ie ` News is a newspaper published at Naples, lh forg iry, Ly h mle� F Collier County, Florida, nd that the said, met P 1 L e r I p cI on f ecb'r ,' i at kf te�x}ra ,s1pi I! , z� ; S' f A k 3� newspaper has heretofore been continuously' a ho r} LI" i e~ `1", 7p e I' 11 � �f day and has been entered as second class m� 1 , -(0 �' ; . s i. ,S, , matter at the post office in Naples, in sa « 7 rantr x ° ,e`a} jj fl tlpq e u °w r AP�i a + P t P Pti t Collier County, Florida, for a period of 1 i �,r:11 ,� it e t rt ss t ,m Ni �v Tr€fit' . ) -b Pia e.nn ,, ,, ,a Tz7[y¢�e .� next preceding the first publication of thi. a , r > �;z;.1*P p . ,4 i ,4,i,gf{ 3 i - ci]eYfi;r a ' e,e i t`. .(iA attached copy of advertisement; and affiani� , $ fay 5° 3 t" n rd e $ti4 v,s n a, s further says that he has neither paid nor ` he rr ie IP,,,,:,:,-.,:f,,?,.,,,,,,,,,,,,,:-Tre) 1 ° a verba i i r . stla .-�promised any person, firm or corporation a11r>fe sm �� , ,discount, rebate, commission or refund for{kr,1.P � {, � ,j 1 purpose of securing this advertisement for' ; t. k *it-11 } publication in the said newspaper. 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Y O Q - 0 cn IX U. CC W cc a IZl)w 0 0 0 O O 0 0 co m W m W _y w w..m U O N W p0 H¢ `a a`o m rn e- N 0 w H W W � Q a O O o C5 W O — N N) sr co co r D a U > U L- > U Z m CO W c o 0 0 0 0 o Q W O O W BOO C. Ln cr) co co Z p z rebmail:thaw'_-1102@embargmail.com http://m122.embarq.synacor.com/zimbra/mail Webmail Collaboration Suite thawk1102@embarqmail.com Lakes WIS Wednesday, August 18, 2010 7:37:26 PM From: kehlmeier@basicisp.net To: DAVMOLBE@aol.com;thawk1102@embargmail.com Attachments: POI LAKES W S.pdf (48.9KB) Lakes W S TurnOffLetter.pdf (38.8KB) Attached is a copy of the turn off letter for the Lakes Water/Sewer and a copy of my spread sheet showing usage/payments. Letter states last payment received on 5-17. That is a correct statement. $18.43 paid on 5-7 posted on 5-17. Took 10 days to get from Resort to being posted at water company. Letter states account is at least 25 days past due. That statement is incorrect. There was no balance due on statement of May 19. Statement of 6-18 had a $25. late charge added on 7-13. $49.16 paid on 7-6, late charge posted 7-13, payment posted 7-15. Turn off date was 7-28 if not paid in full. Spoke to Christine about turn off letter and late charge. Late charge was credited and the letter will have to be reworded. We should not have received the letter at all. We were current but the co Suter did not see a payment in June and came up with the 25 days past due. Frank, I do not know if this should be brought to the attention of the CID board on Friday or not. Just wanted to share. Kathryn A. Kehlmeier 740-452-8490 of 1 8/19/2010 10:46 AM O r O N CO CO F- � rCOV �• O me O Qa. gNO � OCD CO az' N 40�t+H�6969 a Y V N N ch Q a0 6) Wit0rcI -4- n0 I co co co co Z co co 0 o000 00 W o r r r r r .- waDN l: dm am Q a o 0 0 CD CD o NO71- c() rao 0000 00 '"c It 0 st CO CD ODt` 0 0 0 0 0 el Q- rNr Yr0 OD000000 o c6N 0oS6co0000006 I- to r t/h.- to st' c7 to tR+to to w-N to to tote to w $ o c) o I- Cr to (O Q Q -II U o w vN <- cgma~D 0 O F- O N m 0 O 6 c0 O Q tf - tR r—tH�co _N � Q to H3 N w O w o0)ww Lu 0 W N• NYa � Q •-- NrOO CO OD - ItJW CC cp H cV < N to >- Q LL NchNchc'') N N p i 4t 1 0 w W I� OONel co Uw , rrr co 0 acQ WNOOceq � di Wca nr' r r rm H U wrNch .it � Q J W Z Z ? N • O X 0V .,- f- t ww F-wQ � ZWw00000I- WC Z w nm mm �) � a- . Q .raoaoNa- tAN2WZ < 0WW )" - o wt m 0`- c� cO � ml: DIV> va o2 ¢ O0000od� pQ w o0E- co Z co v) wO -Ipm -) d 4t 0 OmQ - w w• W NC • 0 N 0 >o i- 0 w Port of the Islands P.O. Box 725 Osprey, FL 34225 (/ (/ JULY 13, 2010 — LIII 1I,1l...11JuhliI,,.I.ld,lui.ei.. LI ,I.InI ll SUNSET CAY • RESORT MGMNT 834 BALD EAGLE DR MARCO ISLAND FL 34145-2543 Date: 07/13/10 Account Number: 22-01-0290-0-2 Service Address: 320 NEWPORT DR LAKES POOL Turn off Date: —07/28/10 Jam- Past Due Amount: $74.16 .-- • Ou eeords show t our Port of the Islands water account is at le t 25 days past due. According to our records, your last payment was eceive o or $18.43. To prevent your water service from being disconnected, you must pay your account in full immediately. Otherwise, your service will � y be disconnected on or after 07/28/10. If you have any questions please contact our customer service dept �//�//v at 1-800-403-4644. Your attention to this matter is appreciated. / Sincerely, Calvin Teague, District Manager Severn Trent Management Services REMINDER Port of the Islands CID Operating and Debt Service Budget Fiscal Year 2011 (Modified Tentative Budget) 8/9/2010 Port of the Islands CID TABLE OF CONTENTS General Fund Budget Summary of Revenue & Expenditures Page 1 - 2 Allocation of Reserves - Exhibit"A" Page 3 Narrative - Administrative and Maintenance Page 4 - 8 Enterprise Fund Budget Summary of Revenue &Expenditures Page 9 - 11 Allocation of Reserves - Exhibit "B" Page 12 Narrative - Administrative and Maintenance Page 13 - 18 Assessment Summary Page 19 p In O 01 I,N O to O ' O IN .4 Vl CD CD ' CD O CD CO CD In .-I O O CO CD VD CO N CD .NI CD V CD CD O V1 N CO N W ei O V' V' O In o ul CO VI o o N V [I- NI V' n N CO V) W � .ti M N 01 N N N N N co" V' N co" N N CO N` ra ap N v v p a V, J `W O N M C cn Lil n o N N o 00, O M Cr O N C VD o Cr, CO o N D N N o Q V O V; V' M co O V1 V' V' t0 O O N CO Vl .-I O N N N N N N M .-I O %D %. 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W c ZQ aZa ?� .Q .� % O Ul c N = aJ J J q ryry , > > a a V V W n ez K tJ V Q -U a O D: N o 0 m < LLlV ° ° LL 0 < w I- ^�' a < v 7 z 0 0 F 0 F- Z W W N 0 m ' A 0 `o a a, Port of the Islands CID Exhibit "A" Allocation of Reserves - General Fund Estimated Funds Available Beginning Fund Balance - Fiscal Year 2011 848,885 Net Change in Fund Balance - Fiscal Year 2011 (0) Reserves - Fiscal Year 2011 Additions - Total Estimated Funds Available - 9/30/2011 848,885 Allocation of Funds Available (1) Operating Reserve - First Quarter Operating Capital 104,757 Total Allocation of Funds 104,757 Total Undesignated Cash 744,127 Notes (1) Represents approximately 3 months of operating expenditures. This calculation is provided for informational purposes only as the board does not intend to assign this amount at this time. Prepared by: Report Date: 8/10/2010 Severn Trent Management Services Page 3 Port of the Islands Community Improvement District General Fund Budget Narrative Fiscal Year 2011 Page 4 Port of the Islands Community Improvement District BUDGET NARRATIVE GENERAL FUND REVENUES Interest Income—Investments The District earns interest on available operating funds. Due to economic conditions, this has been conservatively estimated as 0.25% of assessments. Special Assessments—On Roll 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 Assessments— Discounts Per Section 197.162, Florida Statues, 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. EXPENDITURES— ADMINISTRATIVE P/R Board of Supervisor Salaries 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 plus payroll taxes. The amount for the Fiscal Year is based on 5 Board members paid for attending 14 meetings. The fees will be split evenly with the Water & Sewer Fund. FICA Taxes Payroll taxes for supervisor salaries are calculated as 7.65% of payroll. Professional Services-Engineering The District's engineer provides general engineering services to the District, i.e. attendance and preparation for monthly board meetings when requested, review of invoices, and other specifically requested assignments. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the Water & Sewer Fund based on the percent budgeted for each fund. Professional Services-Legal Services The District's Attorney provides general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research as directed by the Board of Supervisors and the District Manager. The fees will be split with the Water& Sewer Fund based on the percent budgeted for each fund. Professional Services-Management Consulting Services The District receives Management, Accounting and Administrative services as part of a Management Agreement with Severn Trent Management Services, Inc. Page 5 Port of the Islands Community Improvement District BUDGET NARRATIVE GENERAL FUND 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. 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 FY2011 budget for collection costs was based on 1.5% of the anticipated assessment collections. Professional Services-Special Assessment The District has contracted with Severn Trent Management Services, Inc. to levy annual assessments, update the District's tax roll, prepare estoppel letters and handle any customer service questions regarding assessments. Auditing Services The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The fees will be split with the Water & Sewer Fund based on the percent budgeted for each fund. Communication-Telephone Telephone and fax machine expenses. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the Water & Sewer Fund based on the percent budgeted for each fund. Postage and Freight This represents costs associated with actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the Water & Sewer Fund based on the percent budgeted for each fund. Rentals—Meeting Room The District is charged $100 per occurrence for the use of the meeting room at which the District's meetings are held. This fee will be split evenly with the Water& Sewer Fund. Insurance—General Liability The District currently has its Insurance Policy with the Florida Municipal Insurance Trust. The FY 2011 budget includes an estimated 10% increase of the actual FY 2010 premium. FY 2011: General Liability $5,687 Property $11,194 Total $16,881 This expense is split evenly with the Water& Sewer Fund ($16,881/2 = $8,440). Page 6 Port of the Islands Community Improvement District BUDGET NARRATIVE GENERAL FUND Printing and Binding This represents costs associated with copies used in the preparation of agenda packages, required mailings, and other special projects. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the Water & Sewer Fund based on the percent budgeted for each fund. Legal Advertising The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation. The board will advertise for their meetings annually. The fees will be split with the Water & Sewer Fund based on the percent budgeted for each fund. Miscellaneous Services This includes bank charges and any miscellaneous expenses that may be incurred during the year. Miscellaneous-Assessment Collection Cost 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 FY2011 budget for collection costs was 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. The fees will be split with the Water & Sewer Fund based on the percent budgeted for each fund. Annual District Filing Fee The District is required to pay an annual fee of$175 to the Department of Community Affairs. EXPENDITURES - FIELD Contracts-Mgmt Services The District has contracted with Severn Trent Environmental Services to provide operating, maintenance and field management services. This contract includes a predetermined amount of R&M costs. Costs above the specified amount are recorded as 'R&M-Renewal and Replacement'. Any unused R&M costs are returned to the district. Contracts-Landscape Soto's Lawn currently provides monthly landscape services to the district for a monthly fee of $7,042 ($7,042 x 12 months = $84,504/year). The remainder of the budgeted expenditures is to cover any incidental landscape expenditures that the district may incur. Page 7 Port of the Islands Community Improvement District BUDGET NARRATIVE GENERAL FUND Electricity-Streetlighting The District currently has 3 electric accounts with Lee County Cooperative for streetlights located on District Roads. Expenses are based on prior year's electric bills. Account No. Service Address 0051120000 0 Eveningstar Cay 4941120000 Newport Drive 5741120000 262 Stella Maris Utility- Irrigation The District is currently being billed by the Water/Sewer Fund of Port of the Islands CID for irrigation water for the common areas that the District is required to maintain. R&M-Renewal and Replacement This line item includes costs associated with sludge removal, hauling, environmental monitoring and various repair and maintenance costs in excess of the amount included in the contracted with Severn Trent. Additionally, various repair and maintenance costs incurred as needed. These costs will be split with the water and sewer fund based on the percent budgeted for each fund. R&M-Roads & Alleyways Expenses incurred while maintaining District roadways. Capital Outlay Monies spent on capital improvement projects as identified by the board. 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CO Ce a cu ac I- a Gt. y0 N co ) N G o aLe ' ' ' ' N a lO N CO J O '^ a ON O GN cr 0a N Q LL U,i. cC vi- VI ILI Z VI O v � 1-1 W 0 <Y CO 0 N V1 O .C+ C W U0 WZ W VI , g Ce 0 O OJ m O 0 V1 1VI..I FZi 0 t� W W U co C LA VI o C VI Q VI VI Q ♦- V LL W Ce N Q Q co z ID O v F=- Z W W r, c ` ni U- = a - O> C Z Z o Oj aJ 2 O J a) J J _ ..co a < m F IQ- m r Y 0 0 n v Port of the Islands Community Improvement District Exhibit "B" Allocation of Reserves - Water and Sewer Fund Estimated Funds Available Beginning Fund Balance - Fiscal Year 2011 10,869,780 (1) Less: Restricted Assets (Net) (6,723,438) Net Change in Fund Balance - Fiscal Year 2011 (3,172,925) Reserves - Fiscal Year 2011 Additions 25,000 Total Estimated Funds Available- 9/30/2011 998,417 Allocation of Funds Available (2) Operating Reserve - First Quarter Operating Capital 333,077 Total Allocation of Funds 333,077 Total Undesignated Cash 665,340 Notes (1) Capital assets (2) Represents approximately 3 months of operating expenditures (not including capital). This calculation has been provided for informational purposes only. Prepared by: Report Date: 8/10/2010 Severn Trent Management Services Page 12 Port of the Islands Community Improvement District Water and Sewer Fund Budget Narrative Fiscal Year 2011 Page 13 Port of the Islands Community Improvement District BUDGET NARRATIVE WATER AND SEWER FUND REVENUES Interest Income—Investments The District earns interest on available operating funds. Due to economic conditions, this has been conservatively estimated as 0.25% of assessments. Water Revenue Based on prior year's budget and water consumption. Sewer Revenue Based on prior year's budget and waste water consumption. Irrigation Fees Based on prior year's budget and irrigation water consumption. Special Assessment - On Roll Developed and undeveloped property is assessed annually for the number of equivalent residential connections of reserved capacity based on the District's adopted rates. Special Assessments—Discounts Per Section 197.162, Florida Statues, 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. EXPENDITURES — ADMINISTRATIVE P/R Board of Supervisor Salaries 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 plus payroll taxes. The amount for the Fiscal Year is based on 5 Board members paid for attending 14 meetings. The fees will be split evenly with the General Fund. FICA Taxes Payroll taxes for supervisor salaries are calculated as 7.65% of payroll. Professional Services-Engineering The District's engineer provides general engineering services to the District, i.e. attendance and preparation for monthly board meetings when requested, review of invoices, and other specifically requested assignments. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the General Fund based on the percent budgeted for each fund. Professional Services-Legal Services The District's Attorney provides general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Page 14 Port of the Islands Community Improvement District BUDGET NARRATIVE WATER AND SEWER FUND Manager. The fees will be split with the General Fund based on the percent budgeted for each fund. Professional Services-Management Consulting Services The District receives Management, Accounting and Administrative services as part of a Management Agreement with Severn Trent Management Services, Inc. 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. 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 FY2011 budget for collection costs was based on 1.5% of the anticipated assessment collections. Professional Services-Special Assessment The District has contracted with Severn Trent Management Services, Inc. to levy annual assessments, update the District's tax roll, prepare estoppel letters and handle any customer service questions regarding assessments. Professional Services-Utility Billing The District sends invoices to customers for use of the utility system. This billing service, provided by Severn Trent Services, Inc., includes calculating, printing and mailing of utility bills, posting and depositing cash receipts, customer service and other related services. Auditing Services The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The fees will be split with the General Fund based on the percent budgeted for each fund. Communication-Telephone Telephone and fax machine expenses. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the General Fund based on the percent budgeted for each fund. Postage and Freight This represents actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the General Fund based on the percent budgeted for each fund. Rentals—Meeting Room The District is charged $100 per occurrence for the use of the meeting room at which the district's meetings are held. This fee will be split evenly with the General Fund. Page 15 Port of the Islands Community Improvement District BUDGET NARRATIVE WATER AND SEWER FUND Insurance—General Liability The District currently has its Insurance Policy with the Florida Municipal Insurance Trust. The FY 2011 budget includes an estimated 10% increase of the actual FY 2010 premium. FY 2011: General Liability $5,687 Property $11,194 Total $16,881 This expense is split evenly with the General Fund ($16,881/2 =$8,440). Printing and Binding Copies used in the preparation of agenda packages, required mailings, and other special projects. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the General Fund based on the percent budgeted for each fund. Legal Advertising The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation. The board has chosen to advertise for their meetings annually. The fees will be split with the General Fund based on the percent budgeted for each fund. Miscellaneous Services This includes bank charges and any miscellaneous expenses that may be incurred during the year. Miscellaneous-Assessment Collection Cost 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 FY2011 budget for collection costs was 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. The fees will be split with the General Fund based on the percent budgeted for each fund. EXPENDITURES — FIELD Contracts-Mgmt Services The District has contracted with Severn Trent Environmental Services to provide operating, maintenance and field management services. This contract includes a predetermined amount of Page 16 Port of the Islands Community Improvement District BUDGET NARRATIVE WATER AND SEWER FUND R&M costs. Costs above the specified amount are recorded as 'R&M-Renewal and Replacement'. Any unused R&M costs are returned to the district. Communication—Teleph — Field Century Link and Sprint provide communication services to the District. The following accounts are included in this line item: Vendor Description Annual Amount Century Link Plant Land Line (239-642-9219) $3,180 Century Link Plant Fax Line (239-642-9392) 504 Sprint Automated svc to notify Bob of power failures 84 Total $3,768 Utility-General The District currently has 10 electric accounts with Lee County Cooperative for irrigation, lift stations, water and waste water plant. The estimated cost is based on prior year's average monthly electric bills. Account No. Service Address Svc.Type 9741120000 25000 E. Tamiami Irrigation 1941120000 0 Port of the Islands Irrigation 3841120000 119 Newport Drive Irrigation 7841120000 Union Road Irrigation 0941 120000 245 Stella Maris Drive Lift Station 1841120000 0 Newport Drive Lift Station 7624900000 160 Cays Drive Lift Station 6941120000 0 Cays Drive Lift Station 3083520000 0 Newport Drive Lift Station 3941120000 86112700 P Islands Waste Water R&M—Irrigation Repair and maintenance costs associated with the main pumps and other irrigation equipment at the plant. R&M—Water Repair and maintenance costs associated with the water plant. R&M—Waste Water Repair and maintenance costs associated with the waste water plant. Miscellaneous- Licenses & Permits Costs incurred for various licenses and permits pertaining to the water and waste water plants. Capital Reserves Funds set aside for future capital improvement projects including MBR membrane module replacement. Page 17 Port of the Islands Community Improvement District BUDGET NARRATIVE WATER AND SEWER FUND Capital Outlay—Water Funds spent on capital improvement projects for the water plant. • W-14A$2,766,000 CONSTRUCTION OF NEW WATER TREATMENT PLANT • W-14B $275,000 INSPECTION OF NEW WATER TREATMENT PLANT • W-15 $7,000 NEW WATER METER REPLACEMENT PROGRAM TO INCLUDE BACKFLOW PREVENTION: o This includes $7,000/yr. for water meter replacement (100 per year for 6 years). • W-19 $20,000 SURVEILLANCE MONITORING • W-20 $15,000 SPARE PARTS o Spare parts and backup equipment likely to be needed for replacement • W-21 $11,670 MISC. EQUIPMENT REPLACEMENT • W-22 $8,000 FIRE HYDRANT REPAIR AND REPLACEMENT o Budget for one fire hydrant per year for the next five years. Capital Outlay—Waste Water Funds spent on capital improvement projects for the waste water plant. • WW-23 $30,796 SCADA AND CONTROL PANEL FOR LIFT STATIONS Page 18 Port of the Islands Community Improvement District Non-Ad Valorem Assessment Roll FY 2010-2011 Product Maint.ERC Maint/ERC W/S ERC W/S Standby W/S Capital Total per Type Allocation $400 Allocation $1,124 Product $413 $711 Hotel Room 1.00 $400 0.60 $248 $427 $1,074 Condo Unit 1.00 $400 0.80 $330 $569 $1,299 Single Family 1.00 $400 1.00 $413 $711 $1,524 Comparison FY 2010 to FY 2011 Product Total Total Increase Type FY 2011 FY 2010 (Decrease) Change Hotel Room $1,074 $1,074 ($0) 0% Condo Unit $1,299 $1,299 ($0) 0% Single Family $1,524 $1,524 $0 0% Page 19 Report Date:8/10/2010 RESOLUTION 2010-9 A RESOLUTION OF THE PORT OF THE ISLANDS COMMUNITY IMPROVEMENT DISTRICT RELATING TO THE ANNUAL APPROPRIATIONS OF THE DISTRICT AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2010; AND ENDING SEPTEMBER 30, 2011, AND REFERENCING THE MAINTENANCE AND BENEFIT 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, 2010, 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 190.008(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 (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 190.008(2)(b), Florida Statutes; and WHEREAS, on May 21, 2010, the Board set August 20, 2010, as the date for a Public Hearing thereon and caused notice of such Public Hearing to be given by publication pursuant to Section 190.008(2)(a) Florida Statutes; and WHEREAS, Section 190.008(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 190.021, Florida Statutes provides that the Annual Appropriation Resolution shall also fix the Maintenance Special Assessments and Benefit Special Assessments upon each piece of property within the boundaries of the District benefited, specifically and peculiarly, by the 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 of Supervisors of the Port of the Islands Community Improvement District finds and determines that the non-ad valorem special assessments it imposes and levies by this Resolution for maintenance on the parcels of property involved will constitute a mechanism by which the property owners lawfully and validly will reimburse the District 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, the Chair of the Board of Supervisors may designate the District Manager or other person to certify the non-ad valorem assessment roll to the Tax Collector in and for Collier County political subdivision on compatible electronic medium tied to the property identification number no later than 15 September 2010 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 Port of the Islands Community Improvement 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 197.3632, Florida Statutes, and Rule 12D-18, Florida Administrative Code. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PORT OF THE ISLANDS COMMUNITY IMPROVEMENT DISTRICT; Section 1. The provisions of the whereas clauses are true and correct and are incorporated herein as dispositive. Section 2. Budget a. That the Board of Supervisors 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 in Section 3 below. 2 b. That the District Manager's Proposed Budget, as amended by the Board, is adopted hereby in accordance with the provisions of Section 190.008(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 2010 and/or revised projections for Fiscal Year 2011. 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 Port of the Islands Community Improvement District for the Fiscal Year Ending September 30, 2011, as Adopted by the Board of Supervisors on August 20, 2010." Section 3. Appropriations That there be, and hereby is appropriated out of the revenues of the Port of the Islands Community Improvement District, for the Fiscal Year beginning October 1, 2010, and ending September 30, 2011 the sum of Four Million, Eight Hundred Eighty-four Thousand, Eight Hundred Two Dollars ($4,884,802) 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 of Supervisors 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 $ 419,029 ENTERPRISE FUNDS/WATER& SEWER $4,465,773 Total All Funds $4,884,802 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 Dollars ($10,000) 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 3 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 Department Director 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. Section 5. Maintenance Special Assessment Levy: Fixed and Referenced and to be Levied by the Board a. That the Fiscal Year 2011 Maintenance Special Assessment Levy (the "assessment levy") for the assessment upon all the property within the boundaries of the District based upon the special and peculiar benefit received and further based upon reasonable and fair apportionment of the special benefit, shall be in accordance with the attached Exhibit A, which levy represents the amount of District assessments necessary to provide for payment during the aforementioned 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. Said assessment levy shall be distributed as follows: General Fund 0 & M $ [See Assessment Levy Resolution 2089,510] Debt Service Fund $ [See Assessment Levy Resolution 2010] b. The designee of the Chair of the Board of Supervisors of the Port of the Islands Community Improvement District shall be the Manager or the Treasurer of the District designated to certify the non-ad valorem assessment roll to the Tax Collector in and for the Collier County political subdivision, in accordance with applicable provisions of State law (Chapters 170, 190 and 197, Florida Statutes) and applicable rules (Rule 12D-18, Florida Administrative Code) which shall include not only the maintenance special assessment levy but also the total for the debt service levy, as required by and pursuant to law. Introduced, considered favorably, and adopted this 20th day of. ugust, 2010. Port of the Islands unity Improv t District Dale L bert Chairman Atte Calvin Teague Secretary 4 Port of the Islands CID Operating and Debt Service Budget Fiscal Year 2011 Adopted Budget 8/20/2010 Port of the Islands CID TABLE OF CONTENTS General Fund Budget Summary of Revenue &Expenditures Page 1 - 2 Allocation of Reserves - Exhibit"A" Page 3 Narrative -Administrative and Maintenance Page 4 - 8 Enterprise Fund Budget Summary of Revenue &Expenditures Page 9 - 11 Allocation of Reserves - Exhibit "B" Page 12 Narrative -Administrative and Maintenance Page 13 - 18 Assessment Summary Page 19 In O ' VD- a 0 0 C. N .. In 0 0 O ' 0 O 0 o O Co o In .-. 0 p .. N o m O 0 tO M Ill O N O 0 Cr O O 0 0 ul N CO C) W F ...I O 7 0 O V1 O In CO. In N O .-. o AO N N tO .. W 1. W rl .-. M .N'1 0 N N .N'1 N 10 W N W N NI. Oo .N'1 d W 0 N '1 a .. a m 0 0 7 N lO N In M N pp 0 0 .. ' .O 1- ' O N .-.1 .. ' O on CO ,r M .-. N In .. 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N I� M O Z O N N n W co M %0 m v N In O Q a M CC IL n. in N ro t t t en M 10 ...I 1-1 O I, .. 000 CO in CI N N co ON1 -IN O - OE n .-1 .4 in In H .T-1 0 o O o O 0 ' .�. p) O ' O O O enM CI O O O O O O CO co co co ry L. O H O a 0 0 N 0 0 0 .+ in N. tO 0 OA U H W 0 C) rn - r` v)-, `° o M.ri M ._. .,-a .�. v b .i (A , a 0 ry . M io .� of M GI Q 7 V to o N v Z z pl a m z LL. 4"1 .a. O O O O O , .m N co ET v i i , O m M c W 4 y0j 0 O o 0 0 0 1n 'Cl. CO Cl Cl >.E _ LLI kil H 0 0 o rn .. CO' .. ° CO m CO COM Cl F W �, 0 = y et o+ O) o m V- d �0 (' m a m v+ d Id. Q1 .-1 N CO CO N ' ' .. 1- {A N ' ' ' N M In ~ O O V• CO I, N 7 .-1 CO 01 01 O co E a J CO 10 O 01 M M 01 (11 a 1D i0 O1 LC) d et 01 C . 16 10 M N N N > 0 = O CO CO N N N A. 10 CO O to L b N M Cl O 411- .--t CO N COM ' co 1- enl!1 10 ' 10 CO 0 ,.I J O 1O N N M Vl N f-, .a VI v- 7 O 0 O Q O V' .. V. M N 10 .. b in N N m M O` D O 001 co O— N N N v 10 N M R M v 1D M • �„ ti en .. CO O) Co a) Q LL H N c > O 11.1 E a aI w v y W Z In C) ,,, W ,=+ W N rl V C >' D: 17 0 7 ce a rn o: el 0.1 O v M V m Z O1 U N O 2 O .C-. C W C Z I'"O. N 0 v O lu 6 d aC v, Vl tu co Z U 12 oI (c(pp in 'o *If a�i c v 2 .. m 0 .o 0 w V) E J , N ►r d -p c ILIO .`. c r�0 Om ce 0 0 v Z H S VI�, )i 0 0 Ca Cecr L Y UJ a ce o z a _ Z Z LL a> `•, c v F a) x > 0 U V W 7 K O' N IR F J xU 01 O ce IL, a) •0 = Q co Q W 0 F x .-, D_ F v Z Z o ° 0 0 Z U. U. N M N CO d (0 C) t 0 0 s0) Port of the Islands CID Exhibit "A" Allocation of Reserves - General Fund Estimated Funds Available Beginning Fund Balance - Fiscal Year 2011 848,885 Net Change in Fund Balance - Fiscal Year 2011 (0) Reserves - Fiscal Year 2011 Additions - Total Estimated Funds Available - 9/30/2011 848,885 Allocation of Funds Available (1) Operating Reserve - First Quarter Operating Capital 104,757 Total Allocation of Funds 104,757 Total Undesignated Cash 744,127 Notes (1) Represents approximately 3 months of operating expenditures. This calculation is provided for informational purposes only as the board does not intend to assign this amount at this time. Prepared by: Report Date:8/23/2010 Severn Trent Management Services Page 3 Port of the Islands Community Improvement District General Fund Budget Narrative Fiscal Year 2011 Page 4 Port of the Islands Community Improvement District BUDGET NARRATIVE GENERAL FUND REVENUES Interest Income—Investments The District earns interest on available operating funds. Due to economic conditions, this has been conservatively estimated as 0.25%of assessments. Special Assessments—On Roll 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 Assessments—Discounts Per Section 197.162, Florida Statues, 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. EXPENDITURES— ADMINISTRATIVE P/R Board of Supervisor Salaries 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 plus payroll taxes. The amount for the Fiscal Year is based on 5 Board members paid for attending 14 meetings. The fees will be split evenly with the Water&Sewer Fund. FICA Taxes Payroll taxes for supervisor salaries are calculated as 7.65% of payroll. Professional Services-Engineering The District's engineer provides general engineering services to the District, i.e. attendance and preparation for monthly board meetings when requested, review of invoices, and other specifically requested assignments. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the Water & Sewer Fund based on the percent budgeted for each fund. Professional Services-Legal Services The District's Attorney provides general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research as directed by the Board of Supervisors and the District Manager. The fees will be split with the Water&Sewer Fund based on the percent budgeted for each fund. Professional Services-Management Consulting Services The District receives Management, Accounting and Administrative services as part of a Management Agreement with Severn Trent Management Services, Inc. Page 5 Port of the Islands Community Improvement District BUDGET NARRATIVE GENERAL FUND 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. 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 FY2011 budget for collection costs was based on 1.5% of the anticipated assessment collections. Professional Services-Special Assessment The District has contracted with Severn Trent Management Services, Inc. to levy annual assessments, update the District's tax roll, prepare estoppel letters and handle any customer service questions regarding assessments. Auditing Services The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The fees will be split with the Water & Sewer Fund based on the percent budgeted for each fund. Communication-Telephone Telephone and fax machine expenses. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the Water & Sewer Fund based on the percent budgeted for each fund. Postage and Freight This represents costs associated with actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the Water & Sewer Fund based on the percent budgeted for each fund. Rentals—Meeting Room The District is charged $100 per occurrence for the use of the meeting room at which the District's meetings are held. This fee will be split evenly with the Water&Sewer Fund. Insurance—General Liability The District currently has its Insurance Policy with the Florida Municipal Insurance Trust. The FY 2011 budget includes an estimated 10% increase of the actual FY 2010 premium. FY 2011: General Liability $5,687 Property $11,194 Total $16,881 This expense is split evenly with the Water& Sewer Fund ($16,881/2 =$8,440). Page 6 Port of the Islands Community Improvement District BUDGET NARRATIVE GENERAL FUND Printing and Binding This represents costs associated with copies used in the preparation of agenda packages, required mailings, and other special projects. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the Water & Sewer Fund based on the percent budgeted for each fund. Legal Advertising The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation. The board will advertise for their meetings annually. The fees will be split with the Water & Sewer Fund based on the percent budgeted for each fund. Miscellaneous Services This includes bank charges and any miscellaneous expenses that may be incurred during the year. Miscellaneous-Assessment Collection Cost 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 FY2011 budget for collection costs was 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. The fees will be split with the Water & Sewer Fund based on the percent budgeted for each fund. Annual District Filing Fee The District is required to pay an annual fee of$175 to the Department of Community Affairs. EXPENDITURES — FIELD Contracts-Mgmt Services The District has contracted with Severn Trent Environmental Services to provide operating, maintenance and field management services. This contract includes a predetermined amount of R&M costs. Costs above the specified amount are recorded as 'R&M-Renewal and Replacement'. Any unused R&M costs are returned to the district. Contracts-Landscape Soto's Lawn currently provides monthly landscape services to the district for a monthly fee of $7,042 ($7,042 x 12 months = $84,504/year). The remainder of the budgeted expenditures is to cover any incidental landscape expenditures that the district may incur. Page 7 Port of the Islands Community Improvement District BUDGET NARRATIVE GENERAL FUND Electricity-Streetlighting The District currently has 3 electric accounts with Lee County Cooperative for streetlights located on District Roads. Expenses are based on prior year's electric bills. Account No. Service Address 0051 120000 0 Eveningstar Cay 4941120000 Newport Drive 5741120000 262 Stella Maris Utility- Irrigation The District is currently being billed by the Water/Sewer Fund of Port of the Islands CID for irrigation water for the common areas that the District is required to maintain. R&M-Renewal and Replacement This line item includes costs associated with sludge removal, hauling, environmental monitoring and various repair and maintenance costs in excess of the amount included in the contracted with Severn Trent. Additionally, various repair and maintenance costs incurred as needed. These costs will be split with the water and sewer fund based on the percent budgeted for each fund. R&M-Roads & Alleyways Expenses incurred while maintaining District roadways. Capital Outlay Monies spent on capital improvement projects as identified by the board. Page 8 Cr 0 0 0 ' ' ' Lil ' :-I , co o aD o ' o CO In co In o 0 0 • 0 0 0 s. o ' O N O O O N O v O M LC, en O N O O O N N a O 'ch O m O W pi N O o 0 0 CO o ul O VI 0, O 1 70 .--� o LED 7 In VD Tr W Pi. O O o In lfl N. N ,c;' N NsIn 7 .-� a) ti aUr o 7 O O .M-I v N .-I N .--I .-� 1. .y O 0 N ,y N Cr) O ..i a) CZ '^ a. • O o ' N. .-- o N-a N O {p O O N , O N ' O - O - — ' O O, 0., N In ' 0 O N 1- .--1 W 1, N. 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N er m co Cl E O Q ri 6o 41 O 10 N ClN O o U ). 1- ...1 0 CO N iA- Z Vf 0 V y .-1 V1ce W W 0 CC CC 4., 0 ►Zi U = at W U Z V W 0 co 0 0 W ~ O (7 a`i m Gto- O yE W U 1O v s 0 IA N Fvl - a., Z w F- o9 Z C 2 F- Q I. IV W 0 IL a p c Z Z Al W c O O Q 01 Q Q m I .. C5 F- C F- I- O 0 F 0 FO- 0 0 t a a, Port of the Islands Community Improvement District Exhibit "B" Allocation of Reserves - Water and Sewer Fund Estimated Funds Available Beginning Fund Balance - Fiscal Year 2011 10,869,780 (1) Less: Restricted Assets (Net) (6,723,438) Net Change in Fund Balance - Fiscal Year 2011 (3,172,925) Reserves - Fiscal Year 2011 Additions 25,000 Total Estimated Funds Available- 9/30/2011 998,417 Allocation of Funds Available (2) Operating Reserve - First Quarter Operating Capital 333,077 Total Allocation of Funds 333,077 Total Undesignated Cash 665,340 Notes (1) Capital assets (2) Represents approximately 3 months of operating expenditures (not including capital). This calculation has been provided for informational purposes only. Prepared by: Report Date:8/23/2010 Severn Trent Management Services Page 12 Port of the Islands Community Improvement District Water and Sewer Fund Budget Narrative Fiscal Year 2011 Page 13 Port of the Islands Community Improvement District BUDGET NARRATIVE WATER AND SEWER FUND REVENUES Interest Income—Investments The District earns interest on available operating funds. Due to economic conditions, this has been conservatively estimated as 0.25%of assessments. Water Revenue Based on prior year's budget and water consumption. Sewer Revenue Based on prior year's budget and waste water consumption. Irrigation Fees Based on prior year's budget and irrigation water consumption. Special Assessment- On Roll Developed and undeveloped property is assessed annually for the number of equivalent residential connections of reserved capacity based on the District's adopted rates. Special Assessments— Discounts Per Section 197.162, Florida Statues, 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. EXPENDITURES— ADMINISTRATIVE P/R Board of Supervisor Salaries 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 plus payroll taxes. The amount for the Fiscal Year is based on 5 Board members paid for attending 14 meetings. The fees will be split evenly with the General Fund. FICA Taxes Payroll taxes for supervisor salaries are calculated as 7.65%of payroll. Professional Services-Engineering The District's engineer provides general engineering services to the District, i.e. attendance and preparation for monthly board meetings when requested, review of invoices, and other specifically requested assignments. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the General Fund based on the percent budgeted for each fund. Professional Services-Legal Services The District's Attorney provides general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Page 14 Port of the Islands Community Improvement District BUDGET NARRATIVE WATER AND SEWER FUND Manager. The fees will be split with the General Fund based on the percent budgeted for each fund. Professional Services-Management Consulting Services The District receives Management, Accounting and Administrative services as part of a Management Agreement with Severn Trent Management Services, Inc. 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. 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 FY2011 budget for collection costs was based on 1.5% of the anticipated assessment collections. Professional Services-Special Assessment The District has contracted with Severn Trent Management Services, Inc. to levy annual assessments, update the District's tax roll, prepare estoppel letters and handle any customer service questions regarding assessments. Professional Services-Utility Billing The District sends invoices to customers for use of the utility system. This billing service, provided by Severn Trent Services, Inc., includes calculating, printing and mailing of utility bills, posting and depositing cash receipts, customer service and other related services. Auditing Services The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The fees will be split with the General Fund based on the percent budgeted for each fund. Communication-Telephone Telephone and fax machine expenses. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the General Fund based on the percent budgeted for each fund. Postage and Freight This represents actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the General Fund based on the percent budgeted for each fund. Rentals—Meeting Room The District is charged $100 per occurrence for the use of the meeting room at which the district's meetings are held. This fee will be split evenly with the General Fund. Page 15 Port of the Islands Community Improvement District BUDGET NARRATIVE WATER AND SEWER FUND Insurance—General Liability The District currently has its Insurance Policy with the Florida Municipal Insurance Trust. The FY 2011 budget includes an estimated 10% increase of the actual FY 2010 premium. FY 2011: General Liability $5,687 Property $11,194 Total $16,881 This expense is split evenly with the General Fund ($16,881/2 =$8,440). Printing and Binding Copies used in the preparation of agenda packages, required mailings, and other special projects. The budgeted amount for the fiscal year is based on prior year spending. The fees will be split with the General Fund based on the percent budgeted for each fund. Legal Advertising The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation. The board has chosen to advertise for their meetings annually. The fees will be split with the General Fund based on the percent budgeted for each fund. Miscellaneous Services This includes bank charges and any miscellaneous expenses that may be incurred during the year. Miscellaneous-Assessment Collection Cost 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 FY2011 budget for collection costs was 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. The fees will be split with the General Fund based on the percent budgeted for each fund. EXPENDITURES — FIELD Contracts-Mgmt Services The District has contracted with Severn Trent Environmental Services to provide operating, maintenance and field management services. This contract includes a predetermined amount of Page 16 Port of the Islands Community Improvement District BUDGET NARRATIVE WATER AND SEWER FUND R&M costs. Costs above the specified amount are recorded as 'R&M-Renewal and Replacement'. Any unused R&M costs are returned to the district. Communication—Teleph—Field Century Link and Sprint provide communication services to the District. The following accounts are included in this line item: Vendor Description Annual Amount Century Link Plant Land Line (239-642-9219) $3,180 Century Link Plant Fax Line (239-642-9392) 504 Sprint Automated svc to notify Bob of power failures 84 Total $3,768 Utility-General The District currently has 10 electric accounts with Lee County Cooperative for irrigation, lift stations, water and waste water plant. The estimated cost is based on prior year's average monthly electric bills. Account No. Service Address Svc.Type 9741120000 25000 E. Tamiami Irrigation 1941120000 0 Port of the Islands Irrigation 3841120000 119 Newport Drive Irrigation 7841120000 Union Road Irrigation 0941120000 245 Stella Maris Drive Lift Station 1841120000 0 Newport Drive Lift Station 7624900000 160 Cays Drive Lift Station 6941120000 0 Cays Drive Lift Station 3083520000 0 Newport Drive Lift Station 3941120000 86112700 P Islands Waste Water R&M—Irrigation Repair and maintenance costs associated with the main pumps and other irrigation equipment at the plant. R&M—Water Repair and maintenance costs associated with the water plant. R&M—Waste Water Repair and maintenance costs associated with the waste water plant. Miscellaneous- Licenses & Permits Costs incurred for various licenses and permits pertaining to the water and waste water plants. Capital Reserves Funds set aside for future capital improvement projects including MBR membrane module replacement. Page 17 Port of the Islands Community Improvement District BUDGET NARRATIVE WATER AND SEWER FUND Capital Outlay—Water Funds spent on capital improvement projects for the water plant. • W-14A$2,766,000 CONSTRUCTION OF NEW WATER TREATMENT PLANT • W-14B $275,000 INSPECTION OF NEW WATER TREATMENT PLANT • W-15 $7,000 NEW WATER METER REPLACEMENT PROGRAM TO INCLUDE BACKFLOW PREVENTION: o This includes $7,000/yr. for water meter replacement (100 per year for 6 years). • W-19 $20,000 SURVEILLANCE MONITORING • W-20 $15,000 SPARE PARTS o Spare parts and backup equipment likely to be needed for replacement • W-21 $11,670 MISC. EQUIPMENT REPLACEMENT • W-22 $8,000 FIRE HYDRANT REPAIR AND REPLACEMENT o Budget for one fire hydrant per year for the next five years. Capital Outlay—Waste Water Funds spent on capital improvement projects for the waste water plant. • WW-23 $30,796 SCADA AND CONTROL PANEL FOR LIFT STATIONS Page 18 Port of the Islands Community Improvement District Non-Ad Valorem Assessment Roll FY 2010-2011 Product Maint.ERC Maint/ERC W/S ERC W/S Standby W/S Capital Total per Type Allocation $400 Allocation $1,124 Product $413 $711 Hotel Room 1.00 $400 0.60 $248 $427 $1,074 Condo Unit 1.00 $400 0.80 $330 $569 $1,299 Single Family 1.00 $400 1.00 $413 $711 $1,524 Comparison FY 2010 to FY 2011 Product Total Total Increase % Type FY 2011 FY 2010 (Decrease) Change Hotel Room $1,074 $1,074 ($0) 0% Condo Unit $1,299 $1,299 ($0) 0% Single Family $1,524 $1,524 $0 0% Report Date:8/23/2010 Page 19 RESOLUTION 2010-10 A RESOLUTION LEVYING AND IMPOSING A NON AD VALOREM MAINTENANCE SPECIAL ASSESSMENT FOR THE PORT OF THE ISLANDS COMMUNITY IMPROVEMENT DISTRICT FOR FISCAL YEAR 2011 Preamble WHEREAS, certain improvements existing within the Port of the Islands Community Improvement District and certain costs of operation, repairs and maintenance are being incurred; and WHEREAS, the Board of Supervisors of the Port of the Islands Community Improvement District finds that the District's total General Fund Operation Assessments, taking into consideration other revenue sources during Fiscal Year 2011, will amount to $435,400; $1,135,025 in the Water & Sewer Fund; and WHEREAS, the Board of Supervisors of the Port of the Islands Community Improvement District finds that the non-ad valorem special assessments it levies and imposes by this Resolution for maintenance on the parcels of property involved will reimburse the District for certain special and peculiar benefits received by the property flowing from the maintenance of the systems, facilities and services apportioned in a manner that is fair and reasonable, in accordance with the applicable assessment methodology; and WHEREAS, the District Board understands that this resolution levies only the maintenance assessments for 2011, the Chair of the District, or the designee of the District Manager, shall certify a total non-ad valorem assessment roll in a timely manner to the Tax Collector in and for Collier County for collection to include all assessments levied and approved by the District on the property including those for debt service as well as for special maintenance assessments. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PORT OF THE ISLANDS COMMUNITY IMPROVEMENT DISTRICT OF COLLIER COUNTY, FLORIDA; Section 1. All of the whereas clauses are incorporated herein and are dispositive. Section 2. A special assessment for maintenance as provided for in Chapter 190.021(3), Florida Statutes, (hereinafter referred to as assessment) is hereby levied on the platted lots within the District. Section 3. That the collection and enforcement of the aforesaid assessments on platted lots shall be by the Tax Collector serving as agent of the State of Florida in Collier County and shall be at the same time and in like manner as ad valorem taxes and subject to all ad valorem tax collection and enforcement procedures which attend the use of the official annual tax notice. Section 4. The levy and imposition of the maintenance special assessments on platted lots included in the District will be combined with the debt service non-ad valorem assessments which were levied and certified as a total amount on the non-ad valorem assessment roll to the Collier County Tax Collector by the designee of the Chair of the Board on compatible medium no later than 15 September 2010, which shall then be collected by the Tax Collector on the tax notice along with other non-ad valorem assessments from other local governments and with all applicable property taxes to each platted parcel of property. Section 5. The proceeds therefrom shall be paid to the Port of the Islands Community Improvement District. Section 6. The Chair of the Board of the Port of the Islands Community Improvement District designates the District Manager to perform the certification duties. Section 7. Be it further resolved, that a copy of this Resolution be transmitted to the proper public officials so that its purpose and effect may be carried out in accordance with law. PASSED AND ADOPTED this 20th day of August, 2010, by the Board of Supervisors of the Port of the Islands Community Improvement District, Collier County, Florida. kt, Calvin Teague Dale Lambert Secretary Chairman 2 FORM 8B MEMORANDUM OF VOTING CONFLICT FOR COUNTY, MUNICIPAL, AND OTHER LOCAL PUBLIC OFFICERS LAST NAME FIRST NAME MIDDLE NAME NAME OF BQQRD,C CIL,CCOWIISS1 IW TEE MAILING ADDRESS THE BOARD,COUNCIL,COMMISSION AUTHORITY OR COMMITTEE ON WHICH I SERVE IS A UNIT OF fioM'iSte_ C/gy /Q 3 ()CITY () COUNTY .OTHER LOCAL AGENCY CITY NAME OF POLITICAL SUBDIVISION: Al 1$ :5; Fi, 34 1 I `/ ! 6 g i_ c T 1 -- L 4/1 Alps- DATE TE "' v O WHICH V TE OCCURRED MY POSITION IS lJ G 04 ELECTIVE O APPOINTIVE WHO MUST FILE FORM 8B This form is for use by any person serving at the county, city,or other level of government on an appointed or elected board, council,commission,''. authority, or committee. It applies equally to members of advisory and non-advisory bodies who are presented with a voting conflict of interest under Section 112.3143,Florida Statutes. Your responsibilities under the law when faced with a measure in which you have a conflict of interest will vary greatly depending on whether you'', hold an elective or appointive position. For this reason, please pay close attention to the instructions on this form before completing the reverse side and filing the form. INSTRUCTIONS FOR COMPLIANCE WITH SECTION 112.3143, FLORIDA STATUTES ELECTED OFFICERS: A person holding elective county, municipal, or other local public office MUST ABSTAIN from voting on a measure which inures to his special private gain. Each local officer also is prohibited from knowingly voting on a measure which inures to the special gain of a principal(other than a government agency)by whom he is retained. In either case,you should disclose the conflict: PRIOR TO THE VOTE BEING TAKEN by publicly stating to the assembly the nature of your interest in the measure on which you are abstaining from voting;and WITHIN 15 DAYS AFTER THE VOTE OCCURS by completing and filing this form with the person responsible for recording the minutes of the meeting,who should incorporate the form in the minutes. APPOINTED OFFICERS: A person holding appointive county, municipal, or other local public office MUST ABSTAIN from the voting on a measure which inures to his special private gain. Each local officer also in prohibited from knowingly voting on a measure which inures to the special gain of a principal(other than a government agency)by whom he is retained. A person holding an appointive local office otherwise may participate in a matter in which he has a conflict of interest,but must disclose the nature of the conflict before making any attempt to influence the decision by oral or written communication,whether made by the officer or at his direction. IF YOU INTEND TO MAKE ANY ATTEMPT TO INFLUENCE THE DECISION PRIOR TO THE MEETING AT WHICH THE VOTE WILL BE TAKEN: • You should complete and file this form(before making any attempt to influence the decision)with the person responsible for recording the minutes of the meeting,who will incorporate the form in the minutes. • A copy of the form should be provided immediately to the other members of the agency. • The form should be read publicly at the meeting prior to consideration of the matter in which you have a conflict of interest. CE FORM 8B-1-91 PAGE 1 IF YOU MAKE NO ATTEMPT TO INFLUENCE THE DECISION EXCEPT BY DISCUSSION AT THE METING: You should disclose orally the nature of your conflict in the measure before participating. You should complete the form and file it within 15 days after the vote occurs with the person responsible for recording the minutes of the meeting,who should incorporate the form in the minutes. DISCLOSURE OF LOCAL OFFICER'S INTEREST ! I, C 6//4 E� 4 , C L 5 ,i R ,hereby disclose that on g C/7© /a 20 • (a) A measure came or will come before my agency which(check one) inured to my special private gain; or lr inured to the special gain of ,j//17N 1i C , Cus ! E1 (So/v2 by whom I am retained. CtJs7-0(7 QD1Vs?-i-2_ Tz-i9A) 'C . (b) A measure before my agency and the nature of my interest in the measure is as follows: 027 D Dtu jvi)r Me M©/J1;44 . kliS` ,� — Ew 7o R . -©R pyc ks . /iv 70/ 1 �Dated Signature NOTICE: UNDER PROVISIONS OF FLORIDA STATUTES 112.317 (1985), A FAILURE TO MAKE ANY REQUIRED DISCLOSURE CONSTITUTES GROUNDS FOR AND MAY BE PUNISHED BY ONE OR MORE OF THE FOLLOWING: IMPEACHMENT, REMOVAL OR SUSPENSION FROM OFFICE OR EMPLOYMENT, DEMOTION, REDUCTION IN SALARY,REPRIMAND,OR A CIVIL PENALTY NOT TO EXCEED$5,000. CE FORM 8B-1-91 PAGE 2 NOTICE OF MEETINGS PORT OF THE ISLANDS COMMUNITY IMPROVEMENT DISTRICT The Board of Supervisors of the Port of the Islands Community Improvement District will hold their meetings for Fiscal Year 2011 in the Offices of the District at the Egret Room; 25000 Tamiami Trail; Naples, Florida at 10:00 a.m. on the third Friday of each month as follows: October 15, 2010 November 19, 2010 December 17, 2010 January 21, 2011 February 18, 2011 March 18, 2011 April 15, 2011 May 20, 2011 June 17, 2011 July 15, 2011 August 19, 2011 September 16. 2011 There may be occasions when one or more Supervisors will be participating by telephone. At the above location there will be present a speaker telephone so that any interested party can attend the meeting and be fully informed of the discussions taking place. Any person requiring special accommodations at any of these meetings because of disability or physical impairment should contact the District Office at (954) 753-5841 at least two (2) calendar days prior to the meeting. Each person who decides to appeal any action taken at these meetings is advised that they 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. Calvin Teague District Manager Hi Cal, Page 1 of 1 Teague, Calvin From: Bloom, Stephen Sent: Thursday, August 19, 2010 11:05 PM To: Teague, Calvin Cc: Ellis, Karen; Koncar, Bob Subject: Port of the Islands - Loan Information Attachments: POI -financing information.pdf Hi Cal, Attached is the loan information for POI we talked about. We now tilkiiilttaitarattlEVATO410,iNITI Oat-rr.t $'� -, , 4 .V;$..., t �� .9� N i eek. Wachovia sent me some information, butheir terms did notmeet the Board's criteria. The rest of the banks passed for various reasons. In case the Board asks, we requested proposals frorrittiil ) Once the Board authorizes us to proceed, we can start negotiating the rest of the terms of the loan. Call me with any questions. Notes 1. BB&T-received updated proposal 2. SunTrust-received initial information 3. Wachovia-could not offer loan for 10 years without balloon payment 4. Citibank- No 5. Florida Shores (Pompano) - Loan amount too high 6. First Southern Bank- Could only provide 5 year term max around 6% 7. CenterState Bank(Orlando)- No; property must be in immediate lending area 8. BankUnited - pending 9. Bank of America- No '.-Florida Shores (West) - No Thanks, Stephen Bloom Accotinting Manager 1111=11 Sevem Trent Management Serv,ces 21014.tJiri'rersrty Drive, Ste 702 • Cora:Springs, FL 33071 Tel 954 753 5841 Ext 3022• Fax 954 345 1292 381Dofn Severni rentMS.com 8/19/2010 Page 1 of 1 Teague, Calvin From: Bloom, Stephen Sent: Thursday, August 19, 2010 11:15 PM To: Teague, Calvin Cc: Ellis, Karen Subject: FW: Loan Bid fyi Stephen Bloom Accounting Manager Severn Trent Management Services 210 N.University Drive, Ste 702 • Curat Springs.FL 33071 Tel 954 753 5841 Ext 3022• Fax 954 345 1292 56loorrrtSeverruTre€€tk1S.cor n From: Janice Zaitz [mailto:JZaitz@BankUnited.Com] Sent: Thursday, August 19, 2010 5:03 PM To: Bloom, Stephen Subject: Loan Bid Hi Stephen, Thanks for your patience. I am meeting with my business partner at 9:30 tomorrow morning in regard to the bid. I will follow up with you immediately following my meeting. Thanks so much!!! I look forward to our future business. Have a good night!! Janice Zaitz Relationship Banking Manager BankUnited 4101 Turtle Creek Drive Coral Springs, FL 33067 NB-058 Direct Line:954-341-1091 Facsimile::954-341-1998 jzaitz@bankunited.corn Please consider the environment before printing this e-mail. The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. BankUnited. 8/19/2010 Port of the Islands Community Improvement District Financing Options - Summary Chart C a) o Q aa) 3 N Z x LL >, ANON vCO O O '6 v o ■— N lf) O Cl � o D acre U FC C N x cn a 4 1_l_ a) a) >,O C LaL . 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O o a) O O ti a C C O a) a) a) NI >, o a) C 3 Zr) a E `0 = 6 a Branch Banking & Trust Company (BB&T) Loan Information BBLL' BB&T Governmental Finance 255 S.Orange Ave., 10th Floor Orlando,FL 32801 (407)241-3570 Fax(877)320-4453 August 16,2010 Mr.Stephen Bloom Accounting Manager Severn Trent Management Services 210 N.University Drive,Ste 702 Coral Springs,FL 33071 Dear Mr.Bloom: Branch Banking and Trust Company(`BB&T") is pleased to offer this proposal for the financing requested by the Port of the Islands Community Improvement District,FL("District"). (1) Project: Special Assessment Revenue Note (Various Capital Improvement Projects) (2) Amount To Be Financed: Not to Exceed$5,500,000 (3) Interest Rates,Financing Terms and Corresponding Payments: Term BO Rate 10 years 3.51 % 15 years 3.97% 20 years 4.60% All funds must be fully drawn at closing. Principal and interest payments shall be due on an annual basis, or otherwise as requested by the District. Interest payments on the outstanding principal balance of the Note shall be calculated on a 30/360 day count basis. Upon being awarded this transaction an amortization schedule must be mutually agreed upon between the District and BB&T. The financing proceeds shall be deposited on behalf of the District in a project fund account with BB&T. Earnings on the project fund shall accrue to the benefit of the District for use on Project costs or interest payments. The interest rates stated above are valid for a closing not later than 45 days after today. Closing of the financing is contingent upon completing documentation acceptable to BB&T and its counsel. Remuneration for our legal review expenses and underwriting for this financing transaction shall be$5,200. All applicable costs of counsel for the District and any other costs shall be the District's responsibility and separately payable by the District. The financing documents shall allow for the prepayment of the principal balance in whole on a scheduled payment date with a 1%prepayment penalty. The financing documents shall also include provisions that will outline appropriate changes to be implemented in the event that this transaction is determined be taxable in accordance with Florida State Statutes or the Internal Revenue Service code.These provisions must be acceptable to BB&T. The stated interest rates above assume that the City expects to borrow less than$30,000,000 in the calendar year 2010 and that the financing shall comply with the applicable IRS Code Sections 141, 148, 149(e), 265(b)(3) and the American Recovery and Reinvestment Act of 2009, if applicable. BB&T reserves the right to terminate its interest in this bid or to negotiate a mutually acceptable rate if the financing is not a qualified tax-exempt financing. (4) Financing Documents: It shall be the responsibility of the District to retain and compensate counsel to appropriately structure the financing documents according to Florida State statutes. BB&T shall also require the District to provide an unqualified bond counsel opinion. BB&T and its counsel reserve the right to review and approve all documentation before closing. (5) Security: The Note shall be secured by a pledge of the District's Gross Water and Sewer Fund Special Assessment Revenues. * * * * * * BB&T appreciates the opportunity to make this financing proposal and requests to be notified within ten days of this proposal should BB&T be the successful proposer. BB&T shall have the right to cancel this offer by notifying the District of its election to do so(whether or not this offer has previously been accepted by the District) if at any time prior to the closing there is a material adverse change in the District's financial condition, if we discover adverse circumstances of which we are currently unaware, if we are unable to agree on acceptable documentation with the District or if there is a change in law(or proposed change in law)that changes the economic effect of this financing to BB&T. We reserve the right to negotiate and/or terminate our interest in this transaction should we be the successful proposer. Please call me at(803)251-1328 with your questions and comments or contact Michael C.Smith in our Orlando, FL office at: 255 South Orange Avenue Orlando,FL 32801 Phone:407.241.3570 Fax: 877.320.4453 Email:mcsmith cr bbandt.com We look forward to hearing from you. Sincerely, BRANCH BANKING AND TRUST COMPANY Andrew G.Smith Senior Vice President SunTrust Bank Loan Information From: Ross.David [mailto:David.Ross@SunTrust.com] Sent: Thursday,August 19, 2010 7:34 PM To: Bloom, Stephen Subject: Port of the Islands CID Importance: High Stephen Here are some indicative terms for 10 year and 15 year fully amortizing loans with no prepayment penalty, assuming loan is Bank Qualified Tax Exempt. These are indicative and for discussion only and not to be construed as a commitment for which additional due diligence and credit approval would be required: Borrower: Port of the Island Community Improvement District Amount: $5,500,000 Collateral: Pledge of the District's Water and Sewer Fund assessments Fee: $2,500 10Yr Rate: 3.51% 15 Yr Rate 4.20% Thanks for this opportunity. We look forward to hearing back after the Board Meeting. Let me know if you have any questions. Best Regards -Dave David K.Ross Senior Vice President&Relationship Manager Not-for-Profit&Government SunTrust Banks, Inc. 515 East Las Olas Boulevard 7th Floor Fort Lauderdale,Fl 33301 david.ross@suntrust.com Tel: 954-765-7445 Mobile: 954-328-7377 Fax: 954-765-7240 Live Solid.Bank Solid Cor Office 2579 N.Toledoicdo Blade Of lioulcvard North Port,FL 34289 941.426.7878 941.426.8778 Fax a r t h Balance® www.earthbalance.coin Price Quote PROJECT NAME: Port of the Islands— Planting and Maintenance ATTENTION: Chris Pepin Severn Trent Services 210 North University Drive, Suite 702 Coral Springs, Florida 33071 PRICE QUOTED: Mark "X" Option Description No. of Units Price Per Unit Total Price for Chosen Option A Littoral Planting 1,700 $0.60 $1,020.00 B Buffer Enhancement See Below See Below $1,075.00 C Pre-planting Maintenance 1 $500.00 $500.00 SCOPE OF WORK: Option A— Littoral Planting Earthbalance®will supply, deliver, and install 1,700 bare-root plants (see species in the table below) within three lakes at Port of the Isles located in Collier County, Florida. Quantities are based on 1 plant per linear foot (If) (Northern Lake: 900 If; Middle Lake: 400 If; and Southern Lake: 400 If). All plants will be installed on 2-foot centers in 2 staggered rows. EarthBalance®will perform all of the services described in Option A for the following prices: Installed Extended Common Name Scientific Name Size Quantity Unit Price Price Spike Rush Eleocharis interstincta BR 800 $0.60 $480.00 Golden canna Canna flaccida BR 400 $0.60 $240.00 Arrowhead Sagittaria lancifolia BR 500 $0.60 $300.00 TOTAL COST $1,020.00 Port of the Islands—Planting and Maintenance 1 of 4 pages 10391.1 Corporate Office 2579 N.r Bladc Boulevard Northth Port,. , 34289 941.426.7878 941.426.8778 Fax www.earthbalance.com EarthBalance® Price Quote (continued) PROJECT NAME: Port of the Islands — Planting and Maintenance Option B— Buffer Enhancement Earthbalance® will supply, deliver, and install 25 buttonwood (Conocarpus spp.) and 100 1-gallon grasses (See below for plant species) at Port of the Isles located in Collier County, Florida. This task will include the installation of shrubs and grasses in areas where exotic species have been removed, primarily the northern portion of the southern preserve. Plants will also be installed in areas along the eastern property boundary that need an aesthetic enhancement. Plants will be installed in random clusters to mimic natural growth. EarthBalance®will perform all of the services described in Option B for the following prices: Common Name Scientific Name Size Quantity Installed Extended Unit Price Price Green buttonwood Conocarpus erectus 7g 15 $29.00 $435.00 Silver buttonwod Conocarpus erectus sericeus 7g 10 $29.00 $290.00 Sand cordgrass Spartina bakeri 1g 50 $3.50 $175.00 Muhly grass Muhlenbergia capillaris 1 g 25 $3.50 $87.50 Patens Spartina patens 1 g 25 $3.50 $87.50 TOTAL COST $1,075.00 Material Warranty. All plants provided and installed under the terms of this agreement are guaranteed to be of good quality and free of disease or defects at the time of installation. A warranty is provided for a 80% survivorship of all plants for 90 days following installation. EarthBalance® will perform replanting to meet the 80% survival rate, at no cost to the client, if survivorship falls below 80% of the initial plants installed. The plant survivorship warranty does not include the loss or damage of installed plants due to acts of God such as frost, flood, fire, drought, shoreline erosion, or other catastrophic events, nor does it include loss or damage due to theft, vandalism, fish, animal, chemical treatment, or negligence by others including inappropriate engineering or design. Option C— Pre-planting Maintenance Earthbalance® will supply the labor and materials to spray exotic nuisance species (1 maintenance event) around the three lakes to be planted within Option A at Port of the Isles located in Collier County, Florida. This task will include the spraying of the littoral zone only, and does not include treatment of submerged weeds or algae. All sprayed plants will be killed-in-place with an approved herbicide. All work will be directed by a qualified project manager licensed to apply herbicides in Florida. EarthBalance®will perform all of the services described in Option C for a lump sum of $500.00. Port of the Islands—Planting and Maintenance 2 of 4 pages 10391.1 (.orprrrnrt Office 2579 N. BladBoulevardnotrh T 34289 941.426.7818 941.426.8778 Fax www.earthbalaocc.com [ arth0alance° Price Quote (continued) Islands PROJECT NAME: Port of thous .-Planting and Maintenance The Following Assumptions and Exclusions Apply: • This proposal does not include post-planting maintenance by Earthbalance®. • This proposal does not include post-planting irrigation by Earthbalance°. • This proposal assumes that all planting areas will be weed and debris free (by others) prior to mobilization by EarthBalance®(if Option C isn't chosen). • This proposal assumes that all work will be performed within one mobilization. CONDITIONS: This quote shall remain valid for a period not to exceed thirty (30) days beyond the submittal date of August 11, 2010. If not accepted within this period, EarthBalancem reserves the right to modify any portion thereof, or withdraw the quotation In its entirety. This agreement and the attached terms and conditions shall be effective upon its full execution. QUOTED BY: Dustin Hormann Project Manager EarthBalance 2579 North Toledo Blade Blvd. North Port, FL 34289 Office: 941-426-787B Fax: 941-426-8778 dhormannc.earthbalance.com IN WITNESS WHEREOF,this Agreement is executed on the dates hereinafter stated. EARTHBALANCE® CLI T By: i By: • Printed: Printed: y40 i') r Te `€-- Title:Vice President Title � c • 6e Date: 8 -' , 2010 Date: a , 2010 Port of the Isles—Planting and Maintenance 3 of 4 pages 10391.1 Corpotatc Of RC 2579 N.Toledo l3lule?.'ule'.ard North Poet,Ff., 34289 400. 11IN 7878 941.1.42e.BG.ti77 B Fay evww.ca>thbalatIC e.com Earth Balance° PRICE QUOTE TERMS AND CONDITIONS 1. Services. EarthBalance° hereby agrees to provide certain professional services for the benefit of Client,which services are more particularly described in the attached Price Quote("Scope of Work"). EarthBalance®agrees to use its best efforts oomploting the,%Af.,r4 The\Arnru chair hP arrmmnlished in a workmanlike and dsprofessio ral ln an t r si tithe degree of skil and care ordinarily exercised by a reputable member of EarthBalance's"P p g No other warranty,express or implied, is made or intended. This agreement for professional services is limited to phases identified in the attached Price Quote and does not include additional or repeat services resulting from changes to the project or the information upon which this agreement is based. Modification to the f nal work products performed at the request of the Client that are not the result of the Consultant's errors or omissions shall be billed to the Client as additional services. 2. Time, This quote shall remain valid for a period not to exceed thirty (SO) d s beyondorthe withdraw of submquoittal, Ifnnot accepted within this period, EarthBalancee reserves the right to modify any p its entirety. This agreement shall be effective upon its full execution_ 3. Duty to Cooperate. Client agrees to cooperate with EarthEtalancee in all respects in connection with EarthSalance'5e efforts to discharge the Scope of Work. Client shall make Client's property available to EarthBalance shall timely comply with EarthBalanCe'$e requests for information, and shall execute ail documents reasonably required by EarthBalance® in discharging the Scope of Work. 4, Pavmeee. Client agrees to pay a fee for the services rendered based upon the information contained in attached Price Quote. As soon as may be practicable at the beginning of each month, EarthBalance° shall invoice Client for all work performed in the prior month and any other sums due EarthBalancA . Client shall pay the invoice amount within thirty(30) days after erthe hnot invoice within thirty Balaflo omay f the invoice performing forming work under the attached Price Quote if any payment due h pai Client agrees that EarthBalance5 shall have a lien upon the Property for professional services rendered under the attached Price Quote and that EarthBalancee may record and enforce the lien for professional servi es in accordanceonln ith t provisions of Florida's Construction Lien Law as though EarthBalance°was listed therein as a p anylitigation arising out of this Agreement,the prevailing party shall be entitled to recover reasonable attorneys fees and costs. In addition, if EarthBalancee places this executed Price Quote in the hands of an attorney for the collection of any sums due hereunder, Client agrees to reimburse EarthBalance°for its reasonable attomey's fees and costs relating thereto. 5. Termination and Default. This agreement may be terminated by either party giving the other party thirty days written notice of intent to terminate, In addition, upon default by Client,monetary or otherwise,this agreement may be terminated by EarthBalance°with seven(7)days written notice of intent to terminate if the default remains uncured after such notice period. EarthBalance'$e liability to Client or any related party for any claim related to or arising out of (i) this agreement or (ii) EarthBatance's°services shall be limited to two times the amount of fees paid by Client hereunder, The invalidity of any provision of the agreement shall not impair the validity of any other provision. If any provision of tnls agreement Is determined to be unenforceable by a court of competent jurisdiction, such provision shall be deemed severable and the remaining provisions of the agreement shall be enforced. This agreement shall be construed and interpreted in accordance with, and the validity of this Agreement shall be judged by, the laws of the State of Florida or terminated e by the written h the mutual entire cons agreement o all of t e parties hereto and of e duly exe executed by the autho only ized representatives prresenta vo modified he parties hereto. Port of the isles-Planting and Maintenance 4 of 4 pages 10391.1 SEVERN TRENT sdeetos.oQs SERVICES August 2010 Operations Report Water Treatment Plant Operations and Maintenance The Water Treatment Plant produced and distributed 2.043 MG for the month of July, which is an average of 0.065 MGD. Wastewater Plant Operations and Maintenance The WWTP treated approximately 1.523 MG for the month of July,which is an average of 0.049 MGD Reuse System Operations and Maintenance The reuse system delivered 7.460 MG, which is an average of 0.241 MGD. Permit Compliance: Water Treatment Plant: Boil water notice issued July 27, lifted July 30. Wastewater Treatment Plant All permit requirements met Events Occurring Throughout the Month: • Water system pressure dropped below 20 psi during a meter change at water treatment plant • Solenoid valves replaced on MBR • New motor installed on aeration blower • Anoxic mixer replaced • Parkson onsite, cleaned MBR to evaluate performance Severn Trent Services•12600 Union Road Naples,Florida 34114•Tel 239-642-9219 Fax 239-642-9469•www.sevemtrentservices.com Port of the Islands Community Improvement District Financial Report July 31,2010 Prepared by Port of the Islands Community Improvement District Table of Contents FINANCIAL STATEMENTS Balance Sheet-All Funds Page 1 General Fund Statement of Revenues,Expenditures and Changes in Fund Balance Page 2-3 Trend Report Page 4 Enterprise Fund Statement of Revenues, Expenditures and Changes in Fund Balance Page 5-6 Trend Report Page 7 SUPPORTING SCHEDULES Check Register Page 8-9 Special Assessments-Collection Schedule Page 10-11 CIP Status Report Page 12-13 Cash Flow Projections Page 14-15 Cash Flow Projections-5 year Page 16 Monthly Activity Report Page 17-22 Accounts Receivable Ageing Report (90+days outstanding) Page 23-24 Repair and Maintenance Detail Reports Page 25-27 Port of the Islands Community Improvement District Financial Statements (Unaudited) July 31, 2010 PORT OF THE ISLANDS CID STATEMENT OF NET ASSETS JULY 31,2010 GENERAL WATER AND TOTAL SEWER ASSETS $ $ $ CURRENT ASSETS: CASH 130,889 66,395 197,284 ACCOUNTS RECEIVABLE - 28,945 28,945 ASSESSMENTS RECEIVABLE,NET 6,134 16,021 22,155 DUE FROM OTHER FUNDS 155,220 - 155,220 INTEREST/DIVIDENDS RECEIVABLE 1,328 - 1,328 INVESTMENTS: CERTIFICATE OF DEPOSIT-360 DAYS 404,353 - 404,353 MONEY MARKET ACCOUNT 460,999 411,912 872,911 SBA ACCOUNT 1,971 4,110 6,081 SBA ACCOUNT(RESTRICTED) 19,901 41,509 61,410 SBA RESERVES 875 - 875 SBA RESERVES(RESTRICTED) 2,390 - 2,390 TOTAL CURRENT ASSETS 1,184,060 568,892 1,752,952 NONCURRENT ASSETS: CAPITAL ASSETS: LAND - 90,480 90,480 • CONSTRUCTION IN PROGRESS - 1,689,835 1,689,835 IMPROVEMENTS,NET - 4,936,427 4,936,427 • EQUIPMENT,NET 6,696 6,696 TOTAL NONCURRENT ASSETS - 6,723,438 6,723,438 TOTAL ASSETS 1,184,060 7,292,330 8,476,390 1 LIABILITIES CURRENT LIABILITIES: ACCRUED EXPENSES 2,000 3,206 5,206 DUE TO OTHER FUNDS - 155,220 155,220 DEPOSITS - 32,600 32,600 DEFERRED REVENUE 6,134 16,021 22,155 OTHER CURRENT LIABILITIES - 76 76 TOTAL CURRENT LIABILITIES 8,134 207,123 215,257 TOTAL LIABILITIES 8,134 207,123 215,257 NET ASSETS INVESTED IN CAPITAL ASSETS,NET OF RELATED DEBT - 6,723,438 6,723,438 UNRESTRICTED - 361,769 361,769 UNRESERVED/UNDESIGNATED 1,175,924 - 1,175,924 TOTAL NET ASSETS $ 1,175,924 $ 7,085,207 $ 8,261,131 NOTE:MINOR DIFFERENCES IN STATEMENT TOTALS REPORT DATE:8/9/2010 ARE A DIRECT RESULT OF ROUNDING TO WHOLE DOLLARS. 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Some parcels have been sold to the county and remain uncollected. • 2.) Slight variance between amounts budgeted and amounts levied are attributed to rounding. 3.) POI Hotel parcel in bankruptcy in current year. • Report Date:8/9/2010 Prepared by: Page 10 Severn Trent Management Services Port of the Islands Community Improvement District Non-Ad Valorem Special Assessments (Collier County Tax Collector-Monthly Collection Distributions) For the Fiscal Year Ending September 30,2010 .:ALLOCATION Discount/ Gross General Water/Sewer Date Net Amount (Penalties) Collection Amount Fund Fund Received Received Amount Costs Received Assessments Assessments Assessments Levied $1,605,655 $ 444,597 $ 1,161,059 Allocation% 100% 28% 72% 11/12/09 $ 7,300 $ 416 $ 149 $ 7,864 $ 2,178 $ 5,687 11/18/09 79,323 3,372 1,619 84,314 23,346 60,968 12/01/09 214,520 9,120 4,378 228,018 63,137 164,881 12/15/09 414,115 17,415 8,451 439,981 121,828 318,153 01/07/10 40,110 1,297 819 42,225 11,692 30,533 02/03/10 313,401 12,571 6,396 332,368 92,031 240,337 03/03/10 59,480 1,188 1,214 61,882 17,135 44,747 04/06/10 128,783 130 2,628 131,541 36,423 95,118 04/27/10 62,480 (78) 1,275 63,677 17,632 46,045 i 06/09/10 8,095 (241) 165 8,019 2,220 5,799 06/22/10 58,126 (1,728) 1,186 57,585 15,945 41,640 07/07/10 2,623 (78) 54 2,598 719 1,879 TOTAL $ 1,388,355 $ 43,385 $ 28,334 $ 1,460,074 $ 404,286 $ 1,055,788 i %COLLECTED 90.93% 90.93% 90.93% TOTAL OUTSTANDING $ 145,582 $ 40,311 $ 105,271 Year Parcel ID Description Amount Comments FY 2009 74890000301 POI Development 22,155 FY 2010 1058920500 POI Hotel 135,022 bankruptcy FY 2010 68300001204 POI Development 88 Total Delinquent Parcels 157,177 Report Date:8/9/2010 Prepared by: Page 11 Severn Trent Management Services N 0 0) R a. c K r D i " .' ,•,:-.'Aarit::#.•:',gi•4•i•l-r.;i7;•,!9,,•:::..T.:,, ' " pas, z 3 :S oC nice' 6 _-_ .. -1-,:S,t''Sw y 3€.. -Q 1 -'vMt kt .�� a`' 'ur H a a -.ten. 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LI1ja+g a g III 1111 zEC y §` z= zz8 ." 2 Port of the Islands Improvement District Cash Flow Projections General Fund 31-Aug 30-Sep 2010 2010 Cash Beginning Balance $594,734 $721,490 Cash Inflow $501 $501 Cash Outflow ($26,965) ($334,695) CD Investment 11/12/09 $0 $0 CO Investment 2/18/10 $0 $0 Add: Due from W5 Fund $155,220 $0 Less:Current Liabilities(as of 7/31/10) ($2,000) $0 Total Estimated Cash Balance $721,490 $387,296 Cash Receipts Special Assessments-Levy $0 $0 Special Assessments-Discount $0 $0 Interest $501 $501 Total Cosh Inflow $501 $501 Operating Expenditures Administrative Supervisors Fees $538 $538 Engineering Fees $2,167 $2,167 Attorney's Fees $2,310 $2,3I0 Annual Audit $0 $0 Management Fees $2,174 $2,174 Collection Fees&Early Pmt Disc, $0 $7,730 Telephone $10 $10 Postage $167 $167 Room Rentals $50 $50 Printing&Binding $200 $200 • Insurance $0 $0 Legal Advertising $183 $183 Miscellaneous Services $35 $35 Office Supplies $54 $54 Total Administrative $7,887 $15,617 Maintenance Contracts-O&M Services $8,313 $8,313 • Landscape Maintenance $7,042 $7,042 • Street Lighting $1,023 $1,023 RAM-Roads $600 $600 R&M-Renewal&Replacement $1,500 $1,500 Irrigation $600 $600 CIP* $0 = $300 000 Total Maintenance $19,078 $319,078 Total Cash Outflow $26,965 $334,695 *NOTE: Estimated CIP costs for the anticipated FY 2010 projects are shown quarterly. *NOTE: CD purchased 11/09 matures in 11/10 $155,771 Page 14 'NOTE: CD purchased 2/10 matures in 2/11 $101,323 Port of the Islands • Improvement District Cash Flow Projections Water and Sewer Enterprise Fund • 31-Aug 30-Sep 2010 2010 Cash Beginning Balance $482,417 $298,456 Cash Inflow $18,853 $18,853 Cash Outflow-Expenses ($44,312) ($1,678,998) Less:Due to General Fund ($155,220) $0 Less:Current Liabilities(as of 7/31/10) ($3,282) $0 Total Estimated Cash Balance $298,456 ($1,361,689) Cash Receipts Special Assessments-Levy $0 $0 Special Assessments-Discount $0 $0 Water/Sewer/Irrigation Revenue $18,489 $18,489 Interest/Miscellaneous $364 $364 Total Cash Inflow $18,853 $18,853 Operating Expenditures Administrative Supervisors Fees $538 $538 Engineering Fees $2,167 $2,167 Attorney's Fees $2,325 $2,325 Annual Audit $0 $0 Management Fees $2,183 $2,183 Collection Fees&Early Pmt Disc, $0 $20,187 Telephone $8 $8 Postage $83 $83 Room Rentals $50 $50 Utility Billing $1,250 $1,250 Printing&Binding $125 $125 Insurance $0 $0 Legal Advertising $136 $136 Miscellaneous Services $76 $76 Office Supplies $63 $63 Total Administrative $9,004 $29,191 Maintenance Contracts-O&M Services $25,041 $25,041 Telephone $314 $314 Utilities $6,203 $6,203 R&M-Water $833 $833 R&M-Wastewater $2,083 $2,083 R&M-Irrigation $833 $833 Capital Reserve $0 $0 CIP* NRUOMPORIAMONM Total Maintenance $35,308 $1,649,806 Total Cash Outflow $44,312 $1,678,998 Page 15 *NOTE: Estimated CIP costs for the anticipated FY 2010 projects are shown quarterly. PORT OF THE ISLANDS COMMUNITY IMPROVEMENT DISTRICT PROJECTIONS GENERAL FUND Adopted Proposed Proposed Proposed Proposed • FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Operating Revenues Assessments $426,808 $417,984 $417,984 $417,984 $417,984 Interest/Miscellaneous $12,000 $1,045 $9,352 $3,873 $2,738 Total Operating Revenues $438,808 $419,029 $427,336 $421,857 $420,722 Operating Expenditures Administrative $120,475 $117,881 $121,417 $125,060 $128,812 Maintenance $233,114 $237,329 $244,449 $251,782 $259,336 Total Operating Expenditures $353,589 $355,210 $365,866 $376,842 $388,148 Capital Expenditures CIP Projects' $100,000 $63,818 $175,000 $75,000 $0 Total Capital Expenditures $100,000 $63,818 $175,000 $75,000 $0 Estimated Beginning Cash Balance $950,009 $387,296 $387,297 $273,767 $243,782 Estimated Ending Cash Balance $935,228 $397,297 $273,767 $243,782 $276,356 I WATER AND SEWER ENTERPRISE FUND I Adopted Proposed Proposed Proposed Proposed FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Operating Revenues Assessments $1,114,618 $1,089,624 $1,089,624 $1,089,624 $1,089,624 Water/Sewer/Irrigation Revenue $200,000 $200,000 $200,000 $200,000 $200,000 Interest/Miscellaneous $5,000 $3,224 $0 $0 $0 Total Operating Revenues $1,319,618 $1,292,848 $1,289,624 $1,289,624 $1,289,624 Operating Expenditures Administrative $156,426 $154,089 $158,712 $163,473 $168,377 • Maintenance $467,639 $471,773 $485,926 $500,504 $515,519 Total Operating Expenditures $624,065 $625,862 $644,638 $663,977 $683,896 Capital Expenditures CIP Projects* $931,169 $3,133,466 $60,796 $60,796 $60,796 Total Capital Expenditures $931,169 $3,133,466 $60,796 $60,796 $60,796 Estimated Beginning Cash Balance ($39,557) ($1,361,689) ($2,741,653) ($2,157,462) ($1,592,611) Estimated Ending Cash Balance ($275,173) ($2,741,653) ($2,157,462) ($1,592,611) ($1,047,680) Page 16 I I I I COON 0000M M MC u)0000 G• 0 m0 m Q'(V W C H Cn u)Hi- 00 U)C M N 0O.-i 000 N .--I C0 Q' 1.0 N A1.0 (0 . . . . • . 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