Heritage Park
Community Development District

Adopted Budget
FY 2020

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
Adopted Budget FY 2020 General Fund

Description	Adopted Budget
FY 2019	Actual thru
6/30/19	Projected Next
3 Months	Total Projected
09/30/19	Adopted Budget
FY 2020	

Revenues		
Assessments Tax Roll	$255,225	$256,615	$0	$256,615	$255,225	
Interest Income	$25	$262	$88	$350	$25	
Carry Forward Surplus (1)	$6,441	$29,890	$0	$29,890	$44,487	
Total Revenues	$261,691	$286,767	$88	$286,855	$299,737	

Expenditures						
Administrative
Supervisors Fees	
$6,000	
$4,000	
$2,000	
$6,000	
$6,000	
FICA Expense	$459	$245	$153	$398	$459	
Engineer	$7,500	$2,680	$820	$3,500	$7,500	
Arbitrage Rebate	$600	$450	$0	$450	$450	
Dissemination Agreement	$1,000	$950	$250	$1,200	$1,000	
District Counsel	$16,000	$2,863	$2,138	$5,000	$16,000	
Financial Advisory Services	$7,500	$7,500	$0	$7,500	$7,500	
Auditing Services	$3,300	$3,300	$0	$3,300	$3,400	
Trustee Fees	$4,100	$4,445	$0	$4,445	$4,500	
Management Fees	$52,635	$39,476	$13,159	$52,635	$52,635	
Information Technology	$1,800	$3,085	$420	$3,505	$1,800	
Telephone	$125	$80	$45	$125	$125	
Postage	$1,000	$160	$140	$300	$750	
Printing and Binding	$750	$537	$213	$750	$1,000	
Insurance	$7,000	$6,406	$0	$6,406	$7,100	
Legal Advertising	$1,200	$487	$513	$1,000	$1,200	
Other Current Charges	$650	$640	$195	$835	$1,000	
Office Supplies	$250	$181	$34	$215	$500	
Dues, Licenses, Subscriptions	$175	$175	$0	$175	$175	
Administrative Expenses	$112,044	$77,661	$20,079	$97,740	$113,094	

Operations & Maintenance						
Field Operations	$10,300	$7,725	$2,575	$10,300	$10,300	
Property Insurance	$600	$508	$0	$508	$600	
Landscape Maintenance	$35,325	$26,494	$8,831	$35,325	$35,325	
Landscape Contingency	$7,000	$0	$5,000	$5,000	$6,000	
Irrigation Repairs	$0	$167	$0	$167	$1,000	
Lake Maintenance	$23,340	$17,505	$5,835	$23,340	$23,340	
Lake Contingency	$7,000	$3,479	$1,521	$5,000	$7,000	
Utility Service	$17,000	$11,984	$3,876	$15,860	$17,000	
Street Lights	$36,000	$28,433	$9,062	$37,495	$40,000	
Common Area Maintenance	$10,000	$7,184	$3,700	$10,884	$10,000	
Contingency	$3,083	$0	$750	$750	$5,000	
Operating Reserve	$0	$0	$0	$0	$15,000	
Transfer Out - Capital Reserve	$0	$0	$0	$0	$16,078	
O&M Expenses	$149,648	$103,478	$41,150	$144,629	$186,643	
						
Total Expenditures	$261,692	$181,139	$61,229	$242,368	$299,737	

Excess Revenues/(Expenditures)	
($0)	
$105,628	
($61,141)	
$44,487	
($0)	

(1) Less 1st Quarter Operating Funds	Total Net Assessments	$255,225	
	Collection Cost (6%)	$16,291	
	Total Gross Assessments	$271,516	

Heritage Park
Community Development District
O&M Assessments

LAND USE TYPE	
PARCEL	
UNITS/LOTS	
EAU FACTOR	
TOTAL EAU	
% OF EAU	
BUDGET	FY2019 PER UNIT
ASSESSMENTS	FY2020 PER UNIT
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%				

2

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.

PROPERTY INSURANCE
The District’s property insurance coverage is provided by Florida Insurance Alliance (FIA) who specializes in providing insurance coverage to governmental agencies.

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	
1000 Woodland Rd - Streetlighting	$	3,100 Contingency
TOTAL	$	37,200
$	2,800	
	$	40,000	

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

OPERATING RESERVE
General reserves for ongoing operations.

TRANSFER OUT – CAPITAL RESERVE
Funds transferred out to Capital Reserve for capital outlay expenses.

Heritage Park
Community Development District
Adopted Budget FY 2020 Capital Reserves Fund

	Adopted	Actual	Projected	Total	Adopted	
	Description	Budget FY 2019	thru 06/30/19	Next
3 Months	Projected 09/30/19	Budget FY 2020	
							
	Revenues:						
	Interest	$50	$36	$32	$68	$16,078	
	Carry Forward Surplus	$120,860	$120,861	$0	$120,861	$120,929	
	Total Revenues	$120,910	$120,897	$32	$120,929	$137,007	
	
Expenditures:						
	Capital Outlay	$0	$0	$0	$0	$0	
	Total Expenditures	$0	$0	$0	$0	$0	

	Excess Revenues/(Expenditures)	$120,910	$120,897	$32	$120,929	$137,007	

Heritage Park
Community Development District
Adopted Budget FY 2020 Debt Service Fund

	Adopted	Actual	Projected	Total	Adopted	
	Description		Budget FY 2019	thru 06/30/19	Next
3 Months	Projected 09/30/19	Budget FY 2020	

Revenues:					
	Assessments - Tax Roll	$384,574	$386,605	$0	$386,605	$384,574	
	Assessments - Prepayment	$0	$8,987	$0	$8,987	$0	
	Interest Income	$100	$924	$176	$1,100	$100	
	Carry Forward Surplus	$157,562	$158,168	$0	$158,168	$145,875	
	Total Revenues	$542,236	$554,684	$176	$554,860	$530,549	
	
Expenditures:					
	Series 2013
Special Call 11/01	$20,000	
$20,000	
$0	
$20,000	
$10,000	
	Interest 11/01	$104,711	$104,711	$0	$104,711	$101,302	
	Principal 05/01	$180,000	$175,000	$0	$175,000	$185,000	
	Interest 05/01	$104,711	$104,274	$0	$104,274	$101,302	
	Special Call 05/01	$0	$5,000	$0	$5,000	$0	
	Total Expenditures	$409,423	$408,985	$0	$408,985	$397,604	

	Excess Revenues/(Expenditures)	$132,813	$145,699	$176	$145,875	$132,946	
						
				11/1/20	$98,064	

LAND USE TYPE	
UNITS/LOTS	PER UNIT
ASSESSMENTS	GROSS
ASSESSMENTS	
Multi Family	147	$286	$42,098	
Single	Family 53'	115	$573	$65,867	
Single	Family 53'	88	$573	$50,403	
Single	Family 63'	166	$687	$114,093	
Single	Family 63'	56	$687	$38,489	
Single	Family 75'	79	$802	$63,347	
Single	Family 85'	38	$916	$34,824	
	689	$409,121	
	Less: (6% Discounts & Collections)	($24,547)	
	Total Net Assessments	$384,574	

Heritage Park
Community Development District

SERIES 2013 AMORTIZATION SCHEDULE

DATE	BALANCE	RATE	PRINCIPAL	INTEREST	TOTAL	
					
11/1/19	$	4,205,000.00		$	-	$	101,301.88	$	101,301.88	
5/1/20	$	4,205,000.00	3.500%	$	185,000.00    $	101,301.88	$	-	
11/1/20	$	4,020,000.00		$	-	$	98,064.38	$	384,366.25	
5/1/21	$	4,020,000.00	3.875%	$	190,000.00    $	98,064.38	$	-	
11/1/21	$	3,830,000.00		$	-	$	94,383.13	$	382,447.50	
5/1/22	$	3,830,000.00	4.000%	$	200,000.00    $	94,383.13	$	-	
11/1/22	$	3,630,000.00		$	-	$	90,383.13	$	384,766.25	
5/1/23	$	3,630,000.00	4.250%	$	205,000.00    $	90,383.13	$	-	
11/1/23	$	3,425,000.00		$	-	$	86,026.88	$	381,410.00	
5/1/24	$	3,425,000.00	4.400%	$	215,000.00    $	86,026.88	$	-	
11/1/24	$	3,210,000.00		$	-	$	81,296.88	$	382,323.75	
5/1/25	$	3,210,000.00	5.000%	$	225,000.00    $	81,296.88	$	-	
11/1/25	$	2,985,000.00		$	-	$	75,671.88	$	381,968.75	
5/1/26	$	2,985,000.00	5.000%	$	235,000.00    $	75,671.88	$	-	
11/1/26	$	2,750,000.00		$	-	$	69,796.88	$	380,468.75	
5/1/27	$	2,750,000.00	5.000%	$	250,000.00    $	69,796.88	$	-	
11/1/27	$	2,500,000.00		$	-	$	63,546.88	$	383,343.75	
5/1/28	$	2,500,000.00	5.000%	$	260,000.00    $	63,546.88	$	-	
11/1/28	$	2,240,000.00		$	-	$	57,046.88	$	380,593.75	
5/1/29	$	2,240,000.00	5.000%	$	275,000.00    $	57,046.88	$	-	
11/1/29	$	1,965,000.00		$	-	$	50,171.88	$	382,218.75	
5/1/30	$	1,965,000.00	5.000%	$	290,000.00    $	50,171.88	$	-	
11/1/30	$	1,675,000.00		$	-	$	42,921.88	$	383,093.75	
5/1/31	$	1,675,000.00	5.125%	$	300,000.00    $	42,921.88	$	-	
11/1/31	$	1,375,000.00		$	-	$	35,234.38	$	378,156.25	
5/1/32	$	1,375,000.00	5.125%	$	320,000.00    $	35,234.38	$	-	
11/1/32	$	1,055,000.00		$	-	$	27,034.38	$	382,268.75	
5/1/33	$	1,055,000.00	5.125%	$	335,000.00    $	27,034.38	$	-	
11/1/33	$	720,000.00		$	-	$	18,450.00	$	380,484.38	
5/1/34	$	720,000.00	5.125%	$	350,000.00    $	18,450.00	$	-	
11/1/34	$	370,000.00		$	-	$	9,481.25	$	377,931.25	
5/1/35	$	370,000.00	5.125%	$	370,000.00    $	9,481.25	$	379,481.25	
			$	4,205,000.00    $	2,001,625.00	$	6,206,625.00