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FY14 Tentative Annual Operating BudgetD L(� �� HERITAGE BAY Community Development District Annual Operating and Debt Service Budget Fiscal Year 2014 Version 2 - Approved Tentative Budget: (Approved at the 5/02J20,13 rtteeting) Prepared try: HERITAGE BAY Community Development District Table of Contents Page # BUDGET OVERVIEW Background Information ......... ......... . ....... 1 OPERATING BUDGET General Fund Summary of Revenues, Expenditures and Changes in Fund Balances -..r 2' Exhibit A - Allocation of Fund Balances ........, .. ......... ......... ............................ 3 BudgetNarrative ....... ....... ... ......... .... - - ........ ....:......... .................:.• .. ,.,. DEBT SERVICE BUDGET Series 2005 Summary of Revenues, Expenditures and' Changes in Fund Balances .,.. ....... .. 7` Amortization Schedule .................... ......... .......... ....:... ....... ,,.,...... 8. BudgetNarrative ...... ......— _. ...... ......... ..:...... ........... .... .............. . .. ... ,........... 9 SUPPORTING BUDGET SCHEDULE 2013 -2014 Comparison of Assessment Rates ........ .......:. .....,.,.:,..... 10 Annual Operating and DeW Service Budget Fiscal Year 2014 Heritage Bay Community Development District Budget Overview Fiscal Year 2014 HERITAGE BAY Community Development District Budget Overview Background Information The following changes were made to the budget since the April 4, 2013 Board of Supervisor's meeting: General Fund Page 2- Updated actual column thru March 2013 and Projected for April thru September. Page 2- Added for FY 2013 Projected under Field for the two lake erosion projects for $250,000. Debt Service Fund 0 Page 7- Updated actual column thru March 2013 and Projected for April thru September. Budget Highlights Budget Comparisons Additional Budget Notes Annual Operating and Debt Service Budget Fiscal Year 2014 Page 1 Heritage Bay Community Development District Operating Budget Fiscal Year 2014 HERITAGE BAY Community Development District General Fund Summary of Revenues, Expenditures and Changes in Fund Balances Fiscal Year 2014 Proposed Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU APR- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2012 FY 2013 MAR -2013 SEP -2013 FY 2013 FY 2014 REVENUES Interest - Investments $ 2,592 $ 500 $ 1,009 $ 250 $ 1,259 $ 500 Interest - Tax Collector 35 4,600 26 3,200 26 4,800 Special Assmnts -Tax Collector 141,375 151,750 141,045 10,705 151,750 151,750 Special Assmnts- COD Collected 13,759 4,018 2,081 1,937 4,018 4,163 Special Assmnts- Discounts (4,973) (5,953) (5,416) (11) (5,427) (6,070) TOTAL REVENUES 152,788 1161315 138,745 12 881 151,626 150,343 EXPENDITURES Administrative P/R -Board of Supervisors 2,800 4,600 1,600 3,200 4,800 4,800 FICA Taxes 214 367 122 245 367 367 ProfServ- Arbitrage Rebate 600 ProfServ- Dissemination Agent - 5,000 ProfServ- Engineering 11,954 8,000 6,252 1,748 8,000 8,000 ProfServ-Legal Services 6,477 12,000 2,674 3,565 6,239 7,000 ProfServ-Mgmt Consulting Sery 35,000 36,050 18,025 18,025 36,050 37,132 ProfServ- Property Appraiser 2,232 2,232 2,232 2,276 ProfServ- Special Assessment 5,000 5,000 5,000 5,000 5,000 ProfServ- Trustee - 6,000 Auditing Services 4,000 4,000 3,500 500 4,000 4,000 Communication - Telephone 26 50 7 9 16 40 Postage and Freight 562 1,020 480 640 1,120 1,300 Insurance - General Liability 5,500 6,050 12,740 - 12,740 14,651 Printing and Binding 989 1,698 472 629 1,101 1,400 Legal Advertising 841 3,096 547 353 900 900 Misc -Bank Charges 599 750 346 346 692 750 Misc- Assessmnt Collection Cost 1,697 2,977 2,713 264 2,977 3,035 Office Supplies 230 750 133 177 310 550 Annual District Filing Fee 175 175 175 175 175 Total Administrative 76,264 89,015 57,018 29,702 86,720 102,976 Field R &M -Lake Erosion 250,000 250,000 R &M- Contingency - 61,300- 18,259 43,041 61,300 47,367 Total Field 61,300 18,259 43,041 61,300 47,367 TOTAL EXPENDITURES 76,264 150,315 76,277 322,743 398,020 150,3431 Excess (deficiency) of revenues Over (under) expenditures 76,524 -- 63,468 (309,862) (246,394), 0 FUND BALANCE, BEGINNING 359,884 436,408 436,408 - 436,408 190,014 FUND BALANCE, ENDING $$ 436,4„08 , $ 436,408 $$ 49 __$ 309,862 $ 190,014 $ 190,014 Annual Operating and Debt Service Budget Fiscal Year 2014 Page 2 HERITAGE BAY Community Development District General Fund Exhibit "A" Allocation of Fund Balances AVAILABLE FUNDS Amount Beginning Fund Balance - Fiscal Year 2014 $ 190,014 Net Change in Fund Balance - Fiscal Year 2014 0 Reserves - Fiscal Year 2014 Additions ITotal Funds Available (Estimated) - 9130/2014 190,014 ALLOCATION OF AVAILABLE,, FUNDS Assigned Fund Balance Operating Reserve - First Quarter Operating Capital 25,744 Reserves - Erosion Control 58,000 (2) Subtotal 83,744 Total_ Allocation of Available Funds 83,744 Total Unassigned (undesignated) Cash $ 106,270 Notes (1) Represents approximately 3 months of operating expenditures (2) Represents reserves for erosion control from FY 2009 Annual Operating and Debt Service Budget Fiscal Year 2014 Page 3 HERITAGE BAY Community Development District General Fund Budget Narrative Fiscal Year 2014 REVENUES Interest - Investments The District earns interest on the monthly average collected balance for their operating and money market accounts. Special Assessments -Tax Collector The District will levy a Non -Ad Valorem assessment on all sold and platted parcels (using the uniform method) within the District in order to pay for the operating expenditures during the Fiscal Year. Special Assessments -CDD Collected The District will levy a Non -Ad Valorem assessment on all unplatted acres or platted but unsold parcels within the District that are not collected by the Collier County Tax Collector 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 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 of the meetings. 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 The District is required by the Securities and Exchange Commission to comply with Rule 150- 12(b) -(5), which relates to additional reporting requirements for unrelated bond issues. The District has contracted with Prager & Co. LLC to provide these reports. 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, review of agreements and resolutions, and other research as directed or requested by the Board of Supervisors and the District Manager. Professional Services- Management Consulting Services The District receives Management, Accounting and Administrative services as part of a Management Agreement with Severn Trent Environmental Services, Inc. Also included are costs for Information Technology charges to process all of Annual Operating and Debt ScrAcc Budget Fiscal Year 2014 Page 4 HERITAGE BAY Community Development District Genera! Fund Budget Narrative Fiscal Year 2014 EXPENDITURES Administrative (continued) the District's financial activities, i.e. accounts payable, financial statements, budgets, etc., on a main frame computer owned by Severn Trent in accordance with the management contract and the charge for rentals. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement, with a moderate proposed increase. 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 FY 2014 budget for property appraiser costs 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 The District pays US Bank an annual fee for trustee services on the Series 2005 Special Assessment Bond. The budgeted amount for the fiscal year is based on standard fees charged plus any out -of- pocket expenses. 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. Communication - Telephone Telephone and fax transmission expenditures. Postage and Freight Actual postage and /or freight 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 insurance coverage to governmental agencies. The budgeted amount allows for a projected increase in the premium. Printing and Binding Copies used in the preparation of agenda packages, required mailings, and other special projects_ Legal Advertising The District is required to advertise various notices for Board meetings and other public hearings in a newspaper of general circulation. Miscellaneous -Bank Charges This includes monthly bank charges for the maintenance of the operating accounts. Miscellaneous- Assessment Collection Costs The District reimburses the Collier County Tax Collector for her or his necessary administrative costs. Per the Florida Annual Operating and Debt Service Budget Fiscal Year 2014 Page 5 HERITAGE BAY Community Development District Genera! Fund Budget Narrative Fiscal Year 2014 EXPENDITURES Administrative (continued) 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 FY2014 budget for collection costs is based on a maximum of 2% of the anticipated assessment collections. Office Supplies Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects Annual District Filing Fee The District is required to pay an annual fee of $175 to the Department of Economic Opportunity., EXPENDITURES Field R &M - Contingency This is for any repair and maintenance items, such as erosion control and lake maintenance for the lakes of the District, if needed. Annual Operating and Debt Service Budget Fiscal Year 2014 Page 6 Heritage Bay Community Development District Debt Service Budget Fiscal Year 2014 HERITAGE BAY Community Development District Series 2005 Debt Service Fund Summary of Revenues, Expenditures and Changes in Fund Balances Fiscal Year 2014 Proposed Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU APR- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2012 FY 2013 MAR -2013 SEP -2013 FY 2013 FY 2014 REVENUES Administrative Interest - Investments $ 1,009 $ 500 $ 403 $ 97 $ 500 $ 500 Special Assmnts- Tax Collector 1,392,800 1,452,850 1,350,363 102,487 1,452,850 1,452,850 Special Assmnts- CDD Collected 107,300 31,500 33,300 ProtServ- Trustee 33,300 33,300 Special Assmnts- Discounts (48,988) (57,154) (51,852) (5,302) (57,154) (58,114) TOTAL REVENUES 1452121 1,427,696 1 332 -214 97,282 1,429,496 1,423 536 EXPENDITURES Administrative Principal Debt Retirement 355,000 375,000 ProfServ- Arbitrage Rebate 600 600 600 600 ProfServ- Dissemination Agent 5,000 5,000 5,000 5,000 ProfServ- Property Appraiser Total Debt Service 21,433 21,433 21,433 21,793 ProtServ- Trustee 5,926- 6,000 5,432 494 5,926 - Misc - Assessmnt Collection Cost 16,651 28,577 25,970 25,970 29,057 Total Administrative 28,177 61,610 31,402 27,527 58,929 50,850 Debt Service Principal Debt Retirement 355,000 375,000 - 375,000 375,000 395,000 Interest Expense 1,023,825 1,004,300 502,150 502,150 1,004,300 983,675 Total Debt Service 1,378,825 1,379,300 502,150 877,150 1,379,300 1,378,675 TOTAL EXPENDITURES 1,407 002 1,440,910 63%552 904,677 1,438 229 1,429,5251 Excess (deficiency) of revenues Over (under) expenditures 45,119 (13,214) 798,662 (807,395) (8,733) (989) OTHER FINANCING SOURCES (USES) Other NonOperating Uses (657,585) (657,585) Contribution to (Use of) Fund Balance (13,214) (989) TOTAL OTHER SOURCES USES - .:13,214 557585 - 857,585 989 Net change in fund balance FUND BALANCE, BEGINNING FUND BALANCE, ENDING Annual Operating and Debt Service Budget Fiscal Year 2014 45,119 (13,214 ) 141,077 (807,395) (666,318) (989) 1,799,010 1,844,129 1,644,129 1,844,129 1,177,811 $ 1,844,129 $ 1,830,915 $$ 1,98 $ (807,395) ,1=$=I 77,811 $ 1,176,822 Page 7 HERITAGE BAY Community Development District Series 2005 Debt Service Fund Debt Amortization Schedule Series 2005 Special Assessment Bonds 11/1/2013 17,885,000 5.500% 491,838 5/1/2014 17 885,000 5.500% 395,000 491,838 1,378`675 11/1/2014 17,490,000 5,500% 480,975 5/1/2015 17,490,000 5.500% 420,000 480,975 1,381,950 11/1/2015 17,070,000 5.500% 469,425 5/1/2016 17,070,000 5.500% 445,000 469,425 1,383,850 11/1/2016 16,625,000 5.500% 457,188 5/1/2017 16,625,000 5.500% 470,000 457,188 1,384,375 11/1/2017 16,155,000 5.500% 444,263 5/1/2018 16,155,000 5.500% 495,000 444,263 1,383,525 11/1/2018 15,660,000 5.500% 430,650 5/1/2019 15,660,000 5.500% 525,000 430,650 1,386,300 11/1/2019 15,135,000 5.500% 416,213 5/1/2020 15,135,000 5.500% 555,000 416,213 1,387,425 11/1/2020 14,580,000 5.500% 400,950 5/1/2021 14,580,000 5.500% 585,000 400,950 1,386,900 11/1/2021 13,995,000 5.500% 384,863 5/1/2022 13,995,000 5.500% 615,000 384,863 1,384,725 11/1/2022 13,380,000 5.500% 367,950 5/1/2023 13,380,000 5.500% 650,000 367,950 1,385,900 11/1/2023 12,730,000 5.500% 350,075 5/1/2024 12,730,000 5.500% 690,000 350,075 1,390,150 11/1/2024 12,040,000 5.500% 331,100 5/1/2025 12,040,000 5.500% 730,000 331,100 1,392,200 11/1/2025 11,310,000 5.500% 311,025 5/1/2026 11,310,000 5.500% 770,000 311,025 1,392,050 11/1/2026 10,540,000 5.500% 289,850 5/1/2027 10,540,000 5.500% 815,000 289,850 1,394,700 11/1/2027 9,725,000 5.500% 267,438 5/1/2028 9,725,000 5.500% 860,000 267,438 1,394,875 11/1/2028 8,865,000 5.500% 243,788 5/1/2029 8,865,000 5.500% 905,000 243,788 1,392,575 11/1/2029 7,960,000 5.500% 218,900 5/1/2030 7,960,000 5.500% 960,000 218,900 1,397,800 11/1/2030 7,000,000 5.500% 192,500 5/1/2031 7,000,000 5.500% 1,010,000 192,500 1,395,000 11/1/2031 5,990,000 5.500% 164,725 5/1/2032 5,990,000 5.500% 1,070,000 164,725 1,399,450 111/11/2032 4,920,000 5.500% 135,300 5/1/2033 4,920,000 5.500% 1,130,000 135,300 1,400,600 11/1/2033 3,790,000 5.500% 104,225 5/1/2034 3,790,000 5.500% 1,195,000 104,225 1,403,450 11/1/2034 2,595,000 5.500% 71,363 5/1/2035 2,595,000 5.500% 1,260,000 71,363 1,402,725 1111/2035 1,335,000 5.500% 36,713 5/1/2036 1,335,000 5.500% 1,335,000 36,713 1,408,425 17,885,000 14,122,625 32,007,625 Annual Operating and Debt Service Budget Fiscal Year 2014 Page 8 HERITAGE BAY Community Development District Debt Service Fund Budget Narrative Fiscal Year 2014 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 -CDD Collected The District will levy a Non -Ad Valorem assessment on all unplatted acres or platted but unsold parcels within the District that are not collected by the Collier County Tax Collector 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 FY 2014 budget for property appraiser costs 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 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 FY2014 budget for collection costs is based on a maximum of 2% of the anticipated assessment collections. Debt Service Principal Debt Retirement The District pays regular principal payments annually in order to pay down /retire the debt. Interest Expense The District pays interest expense on the debt twice during the year Annual Operating and Debt Service Budget Fiscal Year 2014 Page 9 Heritage Bay Community Development District Supporting Budget Schedules Fiscal Year 2014 HERITAGE BAY Community Development District All Funds Comparison of Assessment Rates Fiscal Year 2014 vs. Fiscal Year 2013 Product j0daniaral Fund 01 FY 2014 FY 2013 Percent s Change FY 2014 Debt Service FY 2013 Percent 4 Change Total Assessments per Unit f FY 2014 FY 2013 PWCQrt—f Change Units Executive $125.00 $125.02 0% g, $1,700.00 $1,700.00 0% $1,825,00 $1,825.02 0% 139 Classics $125.00 $125,02 0% $2,690,00 $2.690.00 0% $2.615.00 $2,815.02 0% 95 Classics 11 $125.00 $125.02 0% $2,900.00 $2,900.00 0% $3.025,00 $3,025.02 0% h" 18 Coach 1 $125.00 $125.02 0% $1,200.00 $1,200.00 0% $1,325.00 $1.325.02 01/6 s 184 2 Story $125.00 $125,02 0% $1,000.00 $1,000.00 OA $1,125.00 $1,125.0 2 0% h 364 Story $125.00 $125,02 0% a $800.00 $800.00 0% $925,00 $925.02 0% 450 J 1250 Annual Operating and Debt Service Budget Fiscal Year 2014 Page 10