Author: tviscarra

Heritage Park
Community Development District

Approved Budget
FY 2019

Table of Contents

1-2

3-7

8

9

 	General Fund

 	General Fund Narrative

 	Capital Reserves Fund

 	Debt Service Fund Series 2013

10	 	Amortization Schedule Series 2013

Heritage Park
Community Development District
Approved Budget FY 2019 General Fund

| Description | Adopted Budget FY 2018 | Actual thru 4/30/18 | Projected Next 5 Months | Total Projected 09/30/18 | Approved Budget FY 2019

Revenues |
Assessments Tax Roll | $255,225 | $246,216 | $9,009 | $255,225 | $255,225
Interest Income | $25 | $64 | $36 | $100 | $25
Carry Forward Surplus (1) | $16,327 | $0 | $0 | $0 | $5,078
Total Revenues | $271,577 | $246,280 | $9,045 | $255,325 | $260,328
Expenditures | | | | |

Administrative
Supervisors Fees

$6,000

$3,000

$3,000

$6,000

$6,000

FICA Expense | $459 | $184 | $230 | $413 | $459
Engineer | $7,500 | $544 | $3,206 | $3,750 | $7,500
Arbitrage Rebate | $600 | $450 | $0 | $450 | $600
Dissemination Agreement | $1,000 | $583 | $417 | $1,000 | $1,000
District Counsel | $30,000 | $3,068 | $4,932 | $8,000 | $16,000
Financial Advisory Services | $7,500 | $7,500 | $0 | $7,500 | $7,500
Auditing Services | $3,800 | $3,200 | $0 | $3,200 | $3,300
Trustee Fees | $4,100 | $4,041 | $0 | $4,041 | $4,100
Management Fees | $52,635 | $30,704 | $21,931 | $52,635 | $52,635
Information Technology | $1,500 | $1,009 | $700 | $1,709 | $1,800
Telephone | $125 | $59 | $66 | $125 | $125
Postage | $1,000 | $193 | $207 | $400 | $1,000
Printing and Binding | $750 | $261 | $239 | $500 | $750
Insurance | $7,600 | $6,877 | $0 | $6,877 | $7,600
Legal Advertising | $1,200 | $231 | $969 | $1,200 | $1,200
Other Current Charges | $500 | $387 | $253 | $640 | $650
Office Supplies | $250 | $67 | $33 | $100 | $250
Dues, Licenses, Subscriptions | $175 | $175 | $0 | $175 | $175
Administrative Expenses | $126,694 | $62,532 | $36,182 | $98,714 | $112,644
Operations & Maintenance | | | | |
Field Operations | $10,000 | $5,833 | $4,167 | $10,000 | $10,300
Landscape Maintenance | $35,325 | $20,606 | $14,719 | $35,325 | $35,325
Landscape Contingency | $5,892 | $6,364 | $2,500 | $8,864 | $7,000
Lake Maintenance | $23,340 | $13,615 | $9,725 | $23,340 | $23,340
Lake Contingency | $7,000 | $9,885 | $1,115 | $11,000 | $7,000
Utility Service | $17,000 | $7,779 | $6,976 | $14,755 | $17,000
Street Lights | $36,000 | $17,699 | $17,699 | $35,398 | $36,000
Common Area Maintenance | $8,000 | $5,760 | $4,240 | $10,000 | $10,000
Contingency | $2,327 | $2,850 | $0 | $2,850 | $3,083
Transfer Out - Capital Reserves | $0 | $0 | $0 | $0 | $0
O&M Expenses | $144,884 | $90,392 | $61,141 | $151,533 | $149,048
Total Expenditures | $271,577 | $152,925 | $97,323 | $250,247 | $261,692

| Excess Revenues/(Expenditures) | $0 | $93,355 | ($88,278) | $5,078 | ($1,364)

(1) Amount reflected is less 1st Quarter Operating Expenses. | Total Net Assessments | $255,225
| Collection Cost (6%) | $16,291
| Total Gross Assessments | $271,516

Heritage Park
Community Development District
O&M Assessments
FY2018 PER UNIT	FY2019 PER UNIT
LAND USE TYPE	PARCEL	UNITS/LOTS	EAU FACTOR	TOTAL EAU	% OF EAU	BUDGET	ASSESSMENTS	ASSESSMENTS

Multi Family | F | 148 | 0.50 | 74.00 | 10.10% | $27,411 | $185 | $185
Single Family 53' | A | 116 | 1.00 | 116.00 | 15.83% | $42,968 | $370 | $370
Single Family 53' | E-1 | 89 | 1.00 | 89.00 | 12.14% | $32,967 | $370 | $370
Single Family 63' | C | 166 | 1.20 | 199.20 | 27.18% | $73,787 | $445 | $445
Single Family 63' | E-2 | 56 | 1.20 | 67.20 | 9.17% | $24,892 | $445 | $445
Single Family 75' | D-1 | 86 | 1.40 | 120.40 | 16.43% | $44,598 | $519 | $519
Single Family 85' | D-2 | 42 | 1.60 | 67.20 | 9.17% | $24,892 | $593 | $593
| | 703 | | 733.00 | 100.00% | | |

HERITAGE PARK
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND BUDGET

REVENUES:

ASSESSMENTS TAX ROLL
The District will levy a non-ad valorem assessment on all of the assessable property within the District in order to pay for the operating expenditures during the fiscal year.

INTEREST INCOME
The District will invest surplus funds with US Bank.

EXPENDITURES:

ADMINISTRATIVE:

SUPERVISORS FEES
The Florida Statutes allows each Board member to receive $200 per meeting not to exceed
$4,800 in one year. The amount for the fiscal year is based upon 5 supervisors attending 6 meetings.

FICA EXPENSE
Represents the Employer's share of Social Security and Medicare taxes withheld from Board of Supervisors checks.

ENGINEER
The District's engineer will be providing general engineering services to the District, e.g., attendance and preparation for monthly meetings, reviewing invoices, and various projects assigned as directed by the Board of Supervisors. The District has contracted Prosser Inc. for these services.

ARBITRAGE REBATE
The District had contracted with AMTEC, an independent certified public accountant, to annually calculate the District's Arbitrage Rebate Liability on the Series 2013 Special Assessment Refunding Bonds.

DISSEMINATION AGREEMENT
The District is required by the Security and Exchange Commission to comply with Rule 15c2- 12(b) (5) which relates to additional reporting requirements for unrated bond issues. The District has contracted with Governmental Management Services, LLC for this service.

DISTRICT COUNSEL
The District's attorney will be providing general legal services to the District, e.g., attendance and preparation for monthly meetings, reviewing contracts, agreements, resolutions, etc. The District has contracted with Hopping, Green & Sams for these services.

HERITAGE PARK
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND BUDGET

FINANCIAL ADVISORY SERVICES
The District's financial advisor will provide services including, but not limited to responding to bondholder questions, prepayment analysis, long-term pay-offs, and true-up analysis. This also includes service to bill and collect assessments for annual debt service and operating expenses via direct invoicing or by maintaining the assessment roll and annually levy a Non-Ad Valorem assessment

AUDITING SERVICES
The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis. The District’s auditing firm is Grau & Associates.

TRUSTEE FEES
The District issued Series 2013 Special Assessment Refunding Bonds that are deposited with a Trustee at US Bank.

MANAGEMENT FEES
The District has contracted with Governmental Management Services, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reporting, annual audits, etc.

INFORMATION TECHNOLOGY
Represents costs related to the District’s accounting and information systems, District’s website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements.

TELEPHONE
Telephone and fax machine.

POSTAGE
Mailing of Board meeting agenda's, checks for vendors, and any other required correspondence.

PRINTING AND BINDING
Printing and binding agenda packages for board meetings, printing of computerized checks, correspondence, stationary, etc.

INSURANCE
The District’s general liability, public officials’ liability and property insurance coverages are provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

LEGAL ADVERTISING
Advertising of monthly board meetings, public hearings, and any services that are required to be advertised for public bidding, i.e. audit services, engineering service, maintenance contracts and any other advertising that may be required.

HERITAGE PARK
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND BUDGET

OTHER CURRENT CHARGES
Bank charges and any other miscellaneous charges that the District may incur.

OFFICE SUPPLIES
The District incurs charges for supplies that need to be purchased during the fiscal year, including copier and printer toner cartridges, paper, file folders, binders, pens, paper clips, and other such office supplies.

DUES, LICENSE, SUBSCRIPTIONS
The District is required to pay an annual fee to the Department of Economic Opportunity for $175.

OPERATIONS & MAINTENANCE:

FIELD OPERATIONS
Provide onsite field management of contracts for District Services such as landscape and lake maintenance. Services to include weekly site inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

LANDSCAPE MAINTENANCE
The District will incur expenditures to maintain the rights-of-way, median strips, and recreational facilities including pond banks, entryways, and similar planting areas within the District. These services include but are not limited to monthly landscape maintenance, fertilizer, pesticides, annuals, mulch and irrigation repairs. The District has contracted with Austin Outdoor, LLC.

Description	Monthly	Annually

Landscape Contract	$2,944
TOTAL

$35,325

$35,325

LANDSCAPE CONTINGENCY
Funding for additional landscaping improvements outside of the contract with the landscape vendor.

LAKE MAINTENANCE
The District has contracted with Future Horizons Inc. to maintain 18 lakes within the district.

Description	Monthly	Annually

Aquatic Plant Treatment	$1,945
TOTAL

$23,340

$23,340

HERITAGE PARK
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND BUDGET

LAKE CONTINGENCY
Funding for additional lake improvements outside of the contract with the lake vendor.

Description	Annually

Grass Carp Stocking Contingency
TOTAL

$3,000
$4,000

$7,000

UTILITY SERVICE
Projected cost of electric accounts the District maintains with Florida Power & Light for service to the 18 lake fountains at the following locations: Lakes # 100-1800

Description | Monthly | Annually
223 Wooded Crossing Cir #Fountain | $60 | $720
1007 Arbor Trails CT #Fountain | $100 | $1,200
217 Pine Arbor Cir #Fountain | $60 | $720
807 Oak Arbor Cir #Pond | $60 | $720
224 Hefferon Dr #Pond | $60 | $720
297 Hefferon Dr # Fountain | $225 | $2,700
1310 Wild Pine Dr # Fountain | $60 | $720
522 Cedar Arbor Ct. Pond 1700 | $50 | $600
615 Arbor Park Ct #Pump | $50 | $600
700 E Red House Branch Rd #Pump | $100 | $1,200
1514 E. Red House Branch Rd. | $50 | $600
1533 E. Red House Branch Rd. | $50 | $600
215 Hefferon Dr. | $50 | $600
318 Wooded Crossing Circle | $50 | $600
339 Hefferon Dr. | $50 | $600
360 Wooded Crossing Circle #Pump | $50 | $600
452 Wooded Crossing Circle #Pump | $50 | $600
602 E Red HouseBranch Rd | $50 | $600
150 Pine Arbor Circle #Pump | $50 | $600
252 Hefferon Drive #Pump | $50 | $600
Contingency | | $1,100
TOTAL | | $17,000

HERITAGE PARK
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND BUDGET

STREET LIGHTS
The District has the following account with Florida Power & Light for the streetlights throughout the community.

Description	Monthly	Annually

Heritage Park Streetlighting	$2,960
Contingency
TOTAL

$35,520
$480

$36,000

COMMON AREA MAINTENANCE
Services render in the field from non-specified vendors as selected by the District.

.

Heritage Park
Community Development District
Approved Budget FY 2019 Capital Reserves Fund

| Adopted | Actual | Projected | Total | Approved
| Description | Budget FY 2018 | thru 04/30/18 | Next 5 Months | Projected 09/30/18 | Budget FY 2019
| Revenues: | | | | |
| Transfer In | $0 | $0 | $0 | $0 | $0
| Interest | $50 | $30 | $20 | $50 | $50
| Carry Forward Surplus | $132,867 | $132,866 | $0 | $132,866 | $120,860
| Total Revenues | $132,917 | $132,895 | $20 | $132,915 | $120,910
| Expenditures: | | | | |
| Capital Outlay | $0 | $12,055 | $0 | $12,055 | $0
| Total Expenditures | $0 | $12,055 | $0 | $12,055 | $0

| Excess Revenues/(Expenditures) | $132,917 | $120,840 | $20 | $120,860 | $120,910

Heritage Park
Community Development District
Approved Budget FY 2019 Debt Service Fund

| Adopted | Actual | Projected | Total | Approved
| Description | Budget FY 2018 | thru 04/30/18 | Next 5 Months | Projected 09/30/18 | Budget FY 2019
| Revenues: | | | | |
| Fund Balance | $133,574 | $137,262 | $0 | $137,262 | $135,843
| Assessments Tax Roll | $387,535 | $372,809 | $14,726 | $387,535 | $387,535
| Interest Income | $100 | $364 | $136 | $500 | $100
| Total Revenues | $521,209 | $510,435 | $14,862 | $525,297 | $523,479
| Expenditures: | | | | |
| Series 2013 Interest 11/01 | $107,305 | $107,227 | $0 | $107,227 | $104,711
| Principal 05/01 | $170,000 | $0 | $175,000 | $175,000 | $180,000
| Interest 05/01 | $107,305 | $0 | $107,227 | $107,227 | $104,711
| Total Expenditures | $384,610 | $107,227 | $282,227 | $389,454 | $389,423
| Excess Revenues/(Expenditures) | $136,599 | $403,208 | ($267,365) | $135,843 | $134,056
| | | | | 11/1/19 | $101,786

LAND USE TYPE

UNITS/LOTS

PER UNIT
ASSESSMENTS

GROSS
ASSESSMENTS

Multi Family | 148 | $286 | $42,384
Single | Family 53' | 116 | $573 | $66,440
Single | Family 53' | 89 | $573 | $50,976
Single | Family 63' | 166 | $687 | $114,093
Single | Family 63' | 56 | $687 | $38,489
Single | Family 75' | 80 | $802 | $64,149
Single | Family 85' | 39 | $916 | $35,740
| 694 Less: (6% Discounts & Collections) | $412,272 ($24,736)
| Total Net Assessments | $387,535

Heritage Park
Community Development District

SERIES 2013 AMORTIZATION SCHEDULE

DATE | BALANCE | RATE | PRINCIPAL	INTEREST | TOTAL
11/1/18 | $	4,405,000.00 | | $	-	$	104,711.25 | $	104,711.25
5/1/19 | $	4,405,000.00 | 3.250% | $	180,000.00    $	104,711.25 | $	-
11/1/19 | $	4,225,000.00 | | $	-	$	101,786.25 | $	386,497.50
5/1/20 | $	4,225,000.00 | 3.500% | $	185,000.00    $	101,786.25 | $	-
11/1/20 | $	4,040,000.00 | | $	-	$	98,548.75 | $	385,335.00
5/1/21 | $	4,040,000.00 | 3.875% | $	190,000.00    $	98,548.75 | $	-
11/1/21 | $	3,850,000.00 | | $	-	$	94,867.50 | $	383,416.25
5/1/22 | $	3,850,000.00 | 4.000% | $	200,000.00    $	94,867.50 | $	-
11/1/22 | $	3,650,000.00 | | $	-	$	90,867.50 | $	385,735.00
5/1/23 | $	3,650,000.00 | 4.250% | $	210,000.00    $	90,867.50 | $	-
11/1/23 | $	3,440,000.00 | | $	-	$	86,405.00 | $	387,272.50
5/1/24 | $	3,440,000.00 | 4.400% | $	215,000.00    $	86,405.00 | $	-
11/1/24 | $	3,225,000.00 | | $	-	$	81,675.00 | $	383,080.00
5/1/25 | $	3,225,000.00 | 5.000% | $	225,000.00    $	81,675.00 | $	-
11/1/25 | $	3,000,000.00 | | $	-	$	76,050.00 | $	382,725.00
5/1/26 | $	3,000,000.00 | 5.000% | $	240,000.00    $	76,050.00 | $	-
11/1/26 | $	2,760,000.00 | | $	-	$	70,050.00 | $	386,100.00
5/1/27 | $	2,760,000.00 | 5.000% | $	250,000.00    $	70,050.00 | $	-
11/1/27 | $	2,510,000.00 | | $	-	$	63,800.00 | $	383,850.00
5/1/28 | $	2,510,000.00 | 5.000% | $	265,000.00    $	63,800.00 | $	-
11/1/28 | $	2,245,000.00 | | $	-	$	57,175.00 | $	385,975.00
5/1/29 | $	2,245,000.00 | 5.000% | $	275,000.00    $	57,175.00 | $	-
11/1/29 | $	1,970,000.00 | | $	-	$	50,300.00 | $	382,475.00
5/1/30 | $	1,970,000.00 | 5.000% | $	290,000.00    $	50,300.00 | $	-
11/1/30 | $	1,680,000.00 | | $	-	$	43,050.00 | $	383,350.00
5/1/31 | $	1,680,000.00 | 5.125% | $	300,000.00    $	43,050.00 | $	-
11/1/31 | $	1,380,000.00 | | $	-	$	35,362.50 | $	378,412.50
5/1/32 | $	1,380,000.00 | 5.125% | $	320,000.00    $	35,362.50 | $	-
11/1/32 | $	1,060,000.00 | | $	-	$	27,162.50 | $	382,525.00
5/1/33 | $	1,060,000.00 | 5.125% | $	335,000.00    $	27,162.50 | $	-
11/1/33 | $	725,000.00 | | $	-	$	18,578.13 | $	380,740.63
5/1/34 | $	725,000.00 | 5.125% | $	355,000.00    $	18,578.13 | $	-
11/1/34 | $	370,000.00 | | $	-	$	9,481.25 | $	383,059.38
5/1/35 | $	370,000.00 | 5.125% | $	370,000.00    $	9,481.25 | $	379,481.25
| | | $	4,405,000.00    $	2,219,741.25 | $	6,624,741.25