Heritage Bay - FY2025 Preliminary Budget April 30 2024 (2)HERITAGE BAY
Community Development District
Annual Operating and Debt service Budget
Fiscal Year 2025
Prepared by:
Preliminary Budget
HERITAGE BAY
Community Development District
Page #
OPERATING BUDGET
General Fund
Summary of Revenues, Expenditures and Changes in Fund Balance …………………………….. 1 - 2
Exhibit A - Allocation of Fund Balances ………………………………………………………………….3
Budget Narrative ……………………………………………………………………………………………4 - 7
DEBT SERVICE BUDGET
Series 2018
Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..8
Amortization Schedule ……………………………………………………………………………………..9
Budget Narrative …………………………………………………………………………………………………10
SUPPORTING BUDGET SCHEDULES
Non-Ad Valorem Assessment Summary ………………………………………………………..11
Table of Contents
Fiscal Year 2025
HERITAGE BAY
Community Development District
Operating Budget
HERITAGE BAY
Community Development District General Fund
ADOPTED ACTUAL PROJECTED TOTAL ANNUAL
ACTUAL ACTUAL BUDGET THRU May-PROJECTED BUDGET
ACCOUNT DESCRIPTION FY 2022 FY 2023 FY 2024 4/30/2024 9/30/2024 FY 2024 FY 2025
REVENUES
Interest - Investments 3,228$ 46,371$ 51,001$ 49,072$ 1,929$ 51,001$ 46,863$
Interest - Tax Collector 148 1,360 -2,317 -2,317 -
Special Assmnts- Tax Collector 355,190 355,189 505,604 500,624 4,980 505,604 553,754
Special Assmnts- Lakes 30A & 30B 60,923 60,923 -----
Special Assmnts- Reserves 31,250 31,250 31,250 30,942 308 31,250 31,250
Special Assmnts- Discounts (16,667)(16,073)(21,474)(19,729)(1,745)(21,474)(23,400)
Other Miscellaneous Revenue 111,125 29,750 ----
TOTAL REVENUES 545,197 508,770 566,382 563,226 5,472 568,698 608,466
EXPENDITURES
Administrative
P/R-Board of Supervisors 7,000 5,000 9,000 2,000 7,000 9,000 9,181
FICA Taxes 536 383 689 153 536 689 689
ProfServ-Arbitrage Rebate -600 -600 600 600
ProfServ-Dissemination Agent 1,500 1,500 1,500 250 1,250 1,500 1,500
ProfServ-Engineering 21,635 4,692 12,000 1,698 10,302 12,000 12,000
ProfServ-Legal Services 18,078 5,008 11,500 1,285 10,215 11,500 11,500
ProfServ-Mgmt Consulting Serv 49,613 50,561 52,078 30,379 21,699 52,078 53,640
ProfServ-Property Appraiser 29 4,591 8,053 8,271 -8,271 8,053
ProfServ-Special Assessment 7,002 7,212 7,428 7,212 216 7,428 7,651
ProfServ-Trustee Fees 6,468 4,880 8,468 2,846 5,622 8,468 8,468
ProfServ-Web Site Maintenance 1,167 1,202 1,238 723 515 1,238 1,275
Auditing Services 4,900 5,000 5,000 4,200 800 5,000 5,000
Website Compliance 1,553 1,553 1,553 776 777 1,553 1,553
Postage and Freight 815 450 1,000 1,830 -1,830 1,000
Insurance - General Liability 7,749 7,849 9,419 8,936 483 9,419 9,419
Printing and Binding 1,754 2,335 1,800 1,397 403 1,800 1,800
Legal Advertising 1,351 4,610 2,000 498 1,502 2,000 2,000
Misc-Bank Charges 88 31 100 -100 100 100
Misc-Assessmnt Collection Cost 5,395 3,963 10,737 10,236 501 10,737 11,700
Misc-Web Hosting 103 2,499 1,500 -1,500 1,500 1,500
Office Supplies 450 -100 -100 100 100
Annual District Filing Fee 175 175 175 175 -175 175
Total Administrative 137,361 113,494 145,938 82,865 64,121 146,986 148,904
Field
ProfServ-Field Management 13,968 14,019 14,440 3,610 10,830 14,440 4,958
R&M-Contingency --100 -100 100 100
Total Field 13,968 14,019 14,540 3,610 10,930 14,540 5,058
Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2025 Budget
Annual Operating and Debt Service Budget
Fiscal Year 2025 1
HERITAGE BAY
Community Development District General Fund
ADOPTED ACTUAL PROJECTED TOTAL ANNUAL
ACTUAL ACTUAL BUDGET THRU May-PROJECTED BUDGET
ACCOUNT DESCRIPTION FY 2022 FY 2023 FY 2024 4/30/2024 9/30/2024 FY 2024 FY 2025
Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2025 Budget
Lakes and Ponds
Contracts-Lakes and Wetland -97,200 71,200 39,200 32,000 71,200 71,200
Contracts-Water Analysis --9,861 -9,861 9,861 9,861
Contracts-Water Quality Monitoring 25,380 24,509 20,905 12,843 8,062 20,905 20,905
Contracts-Lakes 30A & 30B 24,000 24,000 24,000 14,000 10,000 24,000 24,000
Contracts-Sediment Testing --5,483 -5,483 5,483 5,483
Contracts-Lakes 1-29 67,200 ------
R&M-Aquascaping 2,470 3,766 4,175 -4,175 4,175 4,175
R&M - Stormwater System --4,000 -4,000 4,000 4,000
R&M-Lake Erosion 199,495 135,158 100,000 84,600 15,400 100,000 131,250
R&M-Contingency 57,180 5,000 7,825 -7,825 7,825 8,175
Reserve - Lakes 109,400 -140,000 -140,000 140,000 157,000
Reserve - Stormwater System --18,455 -18,455 18,455 18,455
Total Lakes and Ponds 485,125 289,633 405,904 150,643 255,261 405,904 454,504
TOTAL EXPENDITURES 636,454 417,146 566,382 237,118 330,312 567,430 608,466
Excess (deficiency) of revenues
Over (under) expenditures (91,257)91,624 -326,108 (324,840)1,268 -
Net change in fund balance (91,257)91,624 -855,190 (324,840)1,268 -
FUND BALANCE, BEGINNING 681,769 590,512$ 855,190 855,190 -855,190 856,458
FUND BALANCE, ENDING 590,512$ 682,139$ 855,190$ 1,181,298$ (324,840)$ 856,458$ 856,458$
Annual Operating and Debt Service Budget
Fiscal Year 2025 2
HERITAGE BAY
Community Development District General Fund
AVAILABLE FUNDS
Amount
Beginning Fund Balance - Fiscal Year 2025 856,458$
Net Change in Fund Balance - Fiscal Year 2025 -
Reserves - Fiscal Year 2025 Additions 175,455
Total Funds Available (Estimated) - 9/30/2025 1,031,913
Assigned Fund Balance
Operating Reserve - First Quarter Operating Capital 108,253 (1)
Reserves - Erosion Control (Prior years)14,687 (2)
Reserves - Lakes (Prior Years)190,475 (2)
Reserves - Lakes FY 2024 140,000
Reserves - Lakes FY 2025 157,000 487,475
Reserves - Stormwater System (Prior Years)58,675 (2)
Reserves - Stormwater System FY 2024 18,455
Reserves - Stormwater System FY 2025 18,455 95,585
Total Allocation of Available Funds 706,000
Total Unassigned (undesignated) Cash 325,913$
Notes
(1) Represents approximately 3 months of operating expenditures.
(2) Ties to motion to assign fund balance as of 9/30/2023.
ALLOCATION OF AVAILABLE FUNDS
Allocation of Fund Balances
Exhibit "A"
Annual Operating and Debt Service Budget
Fiscal Year 2025 3
HERITAGE BAY
Community Development District
General Fund
Budget Narrative
Fiscal Year 2025
Annual Operating and Debt Service Budget
Fiscal Year 2025
REVENUES
Interest-Investments
The District earns interest on the monthly average collected balance for their money market accounts.
Special Assessments-Tax Collector
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels (using the uniform method) within the
District in order to pay for the operating expenditures during the Fiscal Year.
Special Assessments-Reserves
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels (using the uniform method) within the
District in order re-establish reserves which were depleted due to the District having to address numerous lake bank
erosion issues.
Special Assessments-Discounts
Per Section 197.162 and Section 197.3632 of the Florida Statutes, discounts are allowed for early payments of
assessments collected by the Tax Collector and only when the Tax Collector is using the uniform methodology. The
budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments.
EXPENDITURES
Administrative.
P/R-Board of Supervisors
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting
at which they are in attendance. The amount for the Fiscal Year is based upon all supervisors attending all meetings.
FICA Taxes are calculated at 7.65% of gross payroll.
Professional Services-Arbitrage Rebate
The District contracted with an independent professional firm to annually calculate the District's Arbitrage Rebate Liability
on its bonds
Professional Services-Dissemination Agent
This line item is to cover dissemination services as required. Services are provided by Inframark.
Professional Services-Engineering
The District's engineer provides general engineering services to the District, i.e. attendance and preparation for board
meetings when requested, review of invoices, and other specifically requested assignments.
Professional Services-Legal Services
The District’s attorney provides general legal services to the District, i.e., attendance and preparation for Board meetings,
review of contracts, agreements, resolutions and other research as directed or requested by the BOS District Manager.
4
HERITAGE BAY
Community Development District
General Fund
Budget Narrative
Fiscal Year 2025
Annual Operating and Debt Service Budget
Fiscal Year 2025
EXPENDITURES
Administrative (continued)
Professional Services-Management Consulting Services
The District receives Management, Accounting and Administrative services as part of a Management Agreement with
Inframark Infrastructure Management Services. Inframark manages all of the District’s financial activities such as
accounts payable, financial statements, auditing and budgeting in accordance with the management contract in effect.
Professional Services-Property Appraiser
The Property Appraiser provides the District with a listing of the legal description of each property parcel within the District
boundaries, and the names and addresses of the owners of such property. The District reimburses the Property Appraiser
for necessary administrative costs incurred to provide this service which is based upon 1.5% of the anticipated Non-Ad
Valorem assessment collections.
Professional Services-Special Assessment
This is the Administrative fees to prepare the District’s special assessment roll.
Professional Services-Trustee Fees
The District pays US Bank an annual fee for trustee services on the Series 2018 Special Assessment Bond. The
budgeted amount for the fiscal year is based on standard fees charged plus any out-of-pocket expenses.
Professional Services-Web Site Maintenance
The cost of web hosting and regular maintenance of the District’s website by Inframark Infrastructure Management
Services.
Auditing Services
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting
Firm. The budgeted amount for the fiscal year is based on contracted fees from an existing engagement letter.
Website Compliance
Inframark Infrastructure Management Services oversees the District’s email accounts and provides assistance
to Campus Suite regarding the website as necessary.
Postage and Freight
Actual postage used for District mailings including agenda packages, vendor checks and other correspondence.
Insurance-General Liability
The District's General Liability & Public Officials Liability Insurance policy is with Public Risk Insurance Agency, Inc. They
specialize in providing governmental insurance coverage. The budgeted amount projects a 10% increase in the premium.
Printing and Binding
Copies used in the preparation of agenda packages, required mailings, and other special projects.
5
HERITAGE BAY
Community Development District
General Fund
Budget Narrative
Fiscal Year 2025
Annual Operating and Debt Service Budget
Fiscal Year 2025
EXPENDITURES (continued)
Administrative (continued)
Legal Advertising
The District is required to advertise various notices for Board meetings and other public hearings in a newspaper of
general circulation.
Miscellaneous-Bank Charges
In the rare event of bank service charges from operating or money market accounts, the cost will be assigned here.
Miscellaneous-Assessment Collection Costs
The District reimburses the Collier County Tax Collector for necessary administrative costs. Per the Florida Statutes,
administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies,
data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for
the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater.
The assessment collection cost is based on a maximum of 2% of the anticipated assessment collections.
Miscellaneous-Web Hosting
The District incurs the cost of owning the Heritage Bay CDD web domain.
Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.
Annual District Filing Fee
The District is required to pay an annual fee of $175 to the Department of Economic Opportunity Division of Community
Development.
Field
Professional Services-Field Management
Field Management Services for the District is performed by Inframark Infrastructure Management Services. This includes
the regular inspection of all District assets and contractor performance monitoring. A monthly report is provided for the
Board’s review to allow for their consideration of issues and action to consider.
R&M-Contingency
All other field expenses that do not fall into the category described above will be expensed to contingency.
Lakes & Ponds
Contracts-Water Analysis
A contract was negotiated with CPH for bathymetric to be performed on Lakes.
Contracts-Water Quality
A contract was negotiated with CPH for testing of the lakes and water quality monitoring.
6
HERITAGE BAY
Community Development District
General Fund
Budget Narrative
Fiscal Year 2025
Annual Operating and Debt Service Budget
Fiscal Year 2025
EXPENDITURES (continued)
Lakes & Ponds (continued)
Contracts-Lakes and Wetland
A contract was negotiated with Solitude Lake Management LLC for monthly lake maintenance of the district’s lakes and
littoral shelf maintenance which includes approximately 14.52 acres. Fluoridone Treatment was added May 2015.
Contracts-Lakes 30A & 30B
A contract was negotiated with Solitude Lake Management LLC for monthly maintenance of lakes 30A & 30B.
Contracts-Sediment Testing
Contract with CPH to do sediment testing in the district lakes.
R&M-Aquascaping
This is for any repair and maintenance expenses pertaining to the District’s lakes that are not covered in the contract.
R&M-Stormwater System
This is for any repair and maintenance expenses pertaining to the stormwater system.
R&M-Lake Erosion
This is for any repair and maintenance expenses pertaining to erosion control that are not covered in the contract.
R&M-Contingency
All other lake expenses that do not fall into the previous repair and maintenance categories will be expensed to
contingency.
Reserve-Lakes
Lake improvement expenses that are projected to occur in the future are appropriated with this account.
Reserve-Stormwater System
Stormwater system/drainage expenses that are projected to occur in the future are appropriated with this account.
.
7
HERITAGE BAY
Community Development District
Debt Service Budget
Fiscal Year 2025
HERITAGE BAY
Community Development District Debt Service
ADOPTED ACTUAL PROJECTED TOTAL ANNUAL
ACTUAL ACTUAL BUDGET THRU May-PROJECTED BUDGET
ACCOUNT DESCRIPTION FY 2022 FY 2023 FY 2024 Apr-24 9/30/2024 FY 2024 FY 2025
Interest - Investments 3,016$ 47,860$ 1,000$ 36,693$ 7,339$ 44,032$ -$
Special Assmnts- Tax Collector 1,689,156 1,689,155 1,689,155 1,672,517 16,638 1,689,155 1,689,155
Special Assmnts- Discounts (62,932)(60,692)(67,566)(62,076)(5,490)(67,566)(67,566)
TOTAL REVENUES 1,629,240 1,676,323 1,622,589 1,647,134 18,487 1,665,621 1,621,589
EXPENDITURES
Administrative
ProfServ-Property Appraiser --25,337 -25,337 25,337 25,337
Misc-Assessmnt Collection Cost 20,372 14,965 33,783 32,209 -32,209 33,783
Total Administrative 20,372 14,965 59,120 32,209 25,337 57,546 59,120
Debt Service
Principal Debt Retirement 1,055,000 1,085,000 1,115,000 ---1,140,000
Principal Prepayments 10,000 15,000 -10,000 -10,000 -
Interest Expense 511,356 484,706 456,150 227,934 -227,934 426,444
Total Debt Service 1,576,356 1,584,706 1,571,150 237,934 -237,934 1,566,444
TOTAL EXPENDITURES 1,596,728 1,599,671 1,630,270 270,143 25,337 295,480 1,625,564
Excess (deficiency) of revenues
Over (under) expenditures 32,512 76,652 (7,681)1,376,991 (6,850)1,370,141 (3,975)
OTHER FINANCING SOURCES (USES)
Contribution to (Use of) Fund Balance --(7,681)---(3,975)
TOTAL OTHER SOURCES (USES)--(7,681)---(3,975)
Net change in fund balance 32,512 76,652 (7,681)1,376,991 (6,850)1,370,141 (3,975)
FUND BALANCE, BEGINNING 925,093 957,604 1,034,256 1,034,256 -1,034,256 2,404,397
FUND BALANCE, ENDING 957,605$ 1,034,256$ 1,026,575$ 2,411,247$ (6,850)$ 2,404,397$ 2,400,421$
REVENUES
Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2025 Budget
Annual Operating and Debt Service Budget
Fiscal Year 2025 8
HERITAGE BAY
Community Development District General Fund
Date Outstanding Par Principal Rate Interest Total
11/1/2024 13,535,000$ 2.63% $ 213,222 $ 213,221.88
5/1/2025 13,535,000$ 1,140,000$ $ 213,222 $ 1,353,221.88
11/1/2025 12,395,000$ 2.75% $ 197,547 $ 197,546.88
5/1/2026 12,395,000$ 1,175,000$ $ 197,547 $ 1,372,546.88
11/1/2026 11,220,000$ 3.00% $ 179,922 $ 179,921.88
5/1/2027 11,220,000$ 1,210,000$ $ 179,922 $ 1,389,921.88
11/1/2027 10,010,000$ 3.00% $ 161,772 $ 161,771.88
5/1/2028 10,010,000$ 1,245,000$ $ 161,772 $ 1,406,771.88
11/1/2028 8,765,000$ 3.00% $ 143,097 $ 143,096.88
5/1/2029 8,765,000$ 1,285,000$ $ 143,097 $ 1,428,096.88
11/1/2029 7,480,000$ 3.00% $ 123,822 $ 123,821.88
5/1/2030 7,480,000$ 965,000$ $ 123,822 $ 1,088,821.88
11/1/2030 6,515,000$ 3.13% $ 108,744 $ 108,743.75
5/1/2031 6,515,000$ 1,000,000$ $ 108,744 $ 1,108,743.75
11/1/2031 5,515,000$ 3.25% $ 92,494 $ 92,493.75
5/1/2032 5,515,000$ 1,030,000$ $ 92,494 $ 1,122,493.75
11/1/2032 4,485,000$ 3.25% $ 75,756 $ 75,756.25
5/1/2033 4,485,000$ 1,065,000$ $ 75,756 $ 1,140,756.25
11/1/2033 3,420,000$ 3.25% $ 58,450 $ 58,450.00
5/1/2034 3,420,000$ 1,100,000$ $ 58,450 $ 1,158,450.00
11/1/2034 2,320,000$ 3.38% $ 39,888 $ 39,887.50
5/1/2035 2,320,000$ 1,140,000$ $ 39,888 $ 1,179,887.50
11/1/2035 1,180,000$ 3.38% $ 20,650 $ 20,650.00
5/1/2036 1,180,000$ 1,180,000$ $ 20,650 $ 1,200,650.00
$ 13,535,000 $ 2,830,725 $ 16,365,725
Heritage Bay Community Development District
Capital Improvement Revenue Refunding Bonds, Series 2018A
Debt Service Schedule (After 05/01/2023 Payment Date)
Annual Operating and Debt Service Budget
Fiscal Year 2025 9
HERITAGE BAY
Community Development District
Debt Service Fund
Budget Narrative
Fiscal Year 2025
Annual Operating and Debt Service Budget
Fiscal Year 2025
REVENUES
Interest-Investments
The District earns interest on the monthly average collected balance for their trust accounts.
Special Assessments-Tax Collector
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels (using the uniform method) within the
District in order to pay for the operating expenditures during the Fiscal Year.
Special Assessments-Discounts
Per Section 197.162 and Section 197.3632 of the Florida Statutes, discounts are allowed for early payments of
assessments collected by the Tax Collector and only when the Tax Collector is using the uniform methodology. The
budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments.
EXPENDITURES
Administrative
Professional Services-Property Appraiser
The Property Appraiser provides the District with a listing of the legal description of each property parcel within the District
boundaries, and the names and addresses of the owners of such property. The District reimburses the Property Appraiser
for necessary administrative costs incurred to provide this service. The property appraiser cost is based upon 1.5% of the
anticipated Non-Ad Valorem assessment collections.
Miscellaneous-Assessment Collection Costs
The District reimburses the Collier County Tax Collector for necessary administrative costs. Per the Florida Statutes,
administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data
processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the
actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The
assessment collection cost is based on a maximum of 2% of the anticipated assessment collections.
Debt Service
Principal Debt Retirement
The District pays regular principal payments annually in order to pay down/retire the debt.
Interest Expense
The District makes semi-annual interest payments on the outstanding debt.
10
Supporting Budget Schedules
Fiscal Year 2025
HERITAGE BAY
Community Development District
HERITAGE BAY
Community Development District All Funds
Comparison of Assessment Rates
Fiscal Year 2025 vs. Fiscal Year 2024
Units
FY 2025 FY 2024 Percent FY 2025 FY 2024 Percent FY 2025 FY 2024 Dollar Percent
Product Change Change Change Change
Executive $468.00 $429.48 8.97%$1,928.85 $1,928.85 0%$2,396.85 $2,358.33 $38.52 2%139
Classics $468.00 $429.48 8.97%$3,050.09 $3,050.09 0%$3,518.09 $3,479.57 $38.52 1%95
Classics II $468.00 $429.48 8.97%$3,294.57 $3,294.57 0%$3,762.57 $3,724.05 $38.52 1%18
Coach $468.00 $429.48 8.97%$1,361.54 $1,361.54 0%$1,829.54 $1,791.02 $38.52 2%184
2 Story $468.00 $429.48 8.97%$1,134.62 $1,134.62 0%$1,602.62 $1,564.10 $38.52 2%364
4 Story $468.00 $429.48 8.97%$907.69 $907.69 0%$1,375.70 $1,337.18 $38.52 3%450
1250
100,000$
Product
Per
Product
Per Unit
O&M %
Increase
Per Unit
O&M $
Increase FY2025 FY2024 FY2023 FY2022 FY2021
Executive $0.00 0%$0.00 $468.00 $429.48 $357.89 $357.89 $357.89
Classics $0.00 0%$0.00 $468.00 $429.48 $357.89 $357.89 $357.89
Classics II $0.00 0%$0.00 $468.00 $429.48 $357.89 $357.89 $357.89
Coach $0.00 0%$0.00 $468.00 $429.48 $357.89 $357.89 $357.89
2 Story $0.00 0%$0.00 $468.00 $429.48 $357.89 $357.89 $357.89
4 Story $0.00 0%$0.00 $468.00 $429.48 $357.89 $357.89 $357.89
Total 108,108$ Collection costs included
General Fund Series 2018 Debt Service Total Assessments per Unit
ASSESSMENT INCREASE ANALYSIS
Assessment Increase
ASSESSMENT TREND ANALYSIS - GENERAL FUND
Annual Operating and Debt Service Budget
Fiscal Year 2025
11