Heritage Park
Community  Development  District

Adopted Budget FY2025

Table of Contents

1-2

3-7

8

9

10

General Fund

General Fund Narrative

Capital Reserve Fund

Debt Service Fund Series 2013

Amortization Schedule Series 2013

Heritage Park
Community Development District Adopted Budget
FY2025
General Fund

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Adopted
Budget	
FY2024	6/30/24	3 Months	9/30/24	FY2025	

Revenues:		
Special Assessments	$	255,225	$	257,196	$	-	$	257,196	$	310,644	
Interest	$	2,150	$	6,000	$	1,500	$	7,500	$	6,000	
Carry Forward Surplus*	$	75,459	$	77,858	$	-	$	77,858	$	49,210	
Total Revenues	$	332,834	$	341,054	$	1,500	$	342,554	$	365,854	

Expenditures:						
Administrative:						
Supervisor Fees	$	6,000	$	4,800	$	2,000	$	6,800	$	6,000	
FICA Expense	$	459	$	367	$	153	$	520	$	459	
Engineering Fees	$	10,000	$	3,844	$	1,156	$	5,000	$	10,000	
Attorney	$	16,000	$	6,193	$	3,807	$	10,000	$	16,000	
Arbitrage	$	450	$	450	$	-	$	450	$	450	
Dissemination	$	1,000	$	750	$	250	$	1,000	$	1,060	
Annual Audit	$	3,400	$	3,400	$	-	$	3,400	$	3,500	
Trustee Fees	$	4,500	$	4,445	$	-	$	4,445	$	4,500	
Assessment Administration	$	7,500	$	7,500	$	-	$	7,500	$	7,950	
Management Fees	$	58,583	$	43,937	$	14,646	$	58,583	$	62,098	
Information Technology	$	1,800	$	1,350	$	450	$	1,800	$	1,890	
Website Maintenance	$	1,200	$	900	$	300	$	1,200	$	1,260	
Telephone	$	250	$	100	$	50	$	150	$	250	
Postage	$	750	$	760	$	90	$	850	$	750	
Printing & Binding	$	1,000	$	719	$	91	$	810	$	1,000	
Insurance	$	8,450	$	7,938	$	-	$	7,938	$	8,737	
Legal Advertising	$	1,350	$	809	$	541	$	1,350	$	1,350	
Other Current Charges	$	1,000	$	766	$	274	$	1,040	$	1,200	
Office Supplies	$	250	$	330	$	50	$	380	$	250	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative:	$	124,117	$	89,531	$	23,858	$	113,390	$	128,879	
Operations & Maintenance						
Field Services	$	11,808	$	8,856	$	2,952	$	11,808	$	12,516	
Property Insurance	$	1,110	$	955	$	-	$	955	$	1,080	
Electric	$	22,000	$	15,183	$	5,163	$	20,347	$	22,500	
Streetlights	$	49,140	$	31,117	$	15,580	$	46,697	$	49,140	
Landscape Maintenance	$	39,732	$	28,380	$	9,460	$	37,840	$	39,732	
Landscape Contingency	$	6,000	$	9,195	$	-	$	9,195	$	8,000	
Tree Trimming	$	-	$	-	$	-	$	-	$	5,000	
Lake Maintenance	$	24,507	$	17,505	$	5,835	$	23,340	$	24,507	
Lake Contingency	$	7,000	$	1,416	$	584	$	2,000	$	10,000	
Irrigation Repairs	$	2,500	$	-	$	625	$	625	$	2,500	
Common Area Maintenance	$	12,000	$	3,237	$	1,740	$	4,977	$	12,000	
Contingency	$	5,000	$	-	$	1,250	$	1,250	$	5,000	
Operating Reserve	$	7,000	$	-	$	-	$	-	$	5,000	
Total Operations & Maintenance:	$	187,797	$	115,844	$	43,189	$	159,034	$	196,975	
Reserves						
Capital Reserve Transfer	$	20,920	$	20,920	$	-	$	20,920	$	40,000	
Total Reserves	$	20,920	$	20,920	$	-	$	20,920	$	40,000	
						
Total Expenditures	$	332,834	$	226,296	$	67,048	$	293,343	$	365,854	
						
Excess Revenues (Expenditures)	$	-	$	114,758	$	(65,548)	$	49,210	$	-	

*Less 1st Quarter Operating Funds				

Net Assessment	

$	310,644	
				Collection Cost (6%)	$19,828	
				Gross Assessment	$330,472	

1

Heritage Park
Community Development District Gross Per Unit Assessment Comparison Chart

Property Type	
Parcel	
Units/Lots	
EAU Factor	
Total EAU	
% of EAU	
Budget	FY2025 Per Unit
Assessments	FY2024 Per Unit
Assessments	
Multi Family	F	148	0.50	74.00	10.10%	$33,363	$225	$185	
Single Family 53'	A	116	1.00	116.00	15.83%	$52,298	$451	$370	
Single Family 53'	E-1	89	1.00	89.00	12.14%	$40,126	$451	$370	
Single Family 63'	C	166	1.20	199.20	27.18%	$89,809	$541	$445	
Single Family 63'	E-2	56	1.20	67.20	9.17%	$30,297	$541	$445	
Single Family 75'	D-1	86	1.40	120.40	16.43%	$54,282	$631	$519	
Single Family 85'	D-2	42	1.60	67.20	9.17%	$30,297	$721	$593	
Total		703		733		$330,472			

2

Heritage Park Community Development FY2025 Adopted Budget
REVENUES:
SPECIAL ASSESSMENTS
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
The District will invest surplus funds with US Bank.

EXPENDITURES:

ADMINISTRATIVE:

SUPERVISOR FEES
Chapter 190, Florida Statutes allows each Board member to receive $200 per meeting not to exceed
$4,800 per year paid to each Supervisor for the time devoted to District business and meetings. 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.

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

ATTORNEY
The District's attorney, Kutak Rock LLP, will be providing general legal services to the District, e.g., attendance and preparation for monthly meetings, preparation and review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.

ARBITRAGE
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
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 on the Series 2013 Special Assessment Refunding Bonds.

Heritage Park Community Development FY2025 Adopted Budget
ANNUAL AUDIT
The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis. The District has contracted with Grau & Associates for this service.

TRUSTEE FEES
The District will pay annual trustee fees for the Series 2013 Special Assessment Refunding Bonds that are deposited with a Trustee at US Bank.

ASSESSMENT ADMINISTRATION
The District's financial advisor, Governmental Management Services, LLC, 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

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
The District has contracted with Governmental Management Services, LLC for costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, positive pay implementation and programming for fraud protection, accounting software, Adobe, Microsoft Office, etc.

WEBSITE MAINTENANCE
The District has contracted with Governmental Management Services, LLC for the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.

TELEPHONE
Telephone and fax machine.

POSTAGE
The District incurs charges for mailing of Board meeting agenda's, checks for vendors, and any other required correspondence.

PRINTING & 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.

Heritage Park Community Development FY2025 Adopted Budget
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.

OTHER CURRENT CHARGES
Represents 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, LICENSES, SUBSCRIPTIONS
The District is required to pay an annual fee to the Department of Commerce for $175. This is the only expense under this category for the District.

OPERATIONS & MAINTENANCE:

FIELD SERVICES
District has contracted with Governmental Management Services, LLC to 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.

ELECTRIC

Heritage Park Community Development FY2025 Adopted Budget

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	Annual	
215 Hefferon Dr.	$55	$660	
318 Wooded Crossing Circle #Pump	$65	$780	
1514 E. Red House Branch Rd.	$60	$720	
360 Wooded Crossing Circle #Pump	$65	$780	
615 Arbor Park Ct #Pump	$70	$840	
1007 Arbor Trails CT #Fountain	$100	$1,200	
1533 E. Red House Branch Rd.	$130	$1,560	
297 Hefferon Dr # Fountain	$275	$3,300	
223 Wooded Crossing Cir #Fountain	$50	$600	
602 E. Red House Branch Rd	$70	$840	
217 Pine Arbor Cir #Fountain	$60	$720	
807 Oak Arbor Cir #Pond	$70	$840	
452 Wooded Crossing Circle #Pump	$70	$840	
522 Cedar Arbor Ct. Pond 1700	$80	$960	
700 E Red House Branch Rd #Pump	$110	$1,320	
150 Pine Arbor Cir #Pump	$55	$660	
252 Hefferon Dr #Pump	$60	$720	
339 Hefferon Dr. #Pump	$65	$780	
1310 Wild Pine Dr # Fountain	$120	$1,440	
224 Hefferon Dr #Pond	$50	$600	
Contingency		$2,340	
Total		$22,500	

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

Description	Monthly	Annual	
1000 Woodland Rd - Streetlighting	$3,900	$46,800	
Contingency		$2,340	
Total		$49,140	

Heritage Park Community Development FY2025 Adopted Budget
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 Yellowstone Landscape for this service.

Description	Monthly	Annual	
Landscape Contract	$3,153	$37,840	
Contingency		$1,892	
Total		$39,732	

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

TREE TRIMMING
Funding for the trimming of trees within the District’s common areas.

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

Description	Monthly	Annual	
Aquatic Plant Treatment	$1,945	$23,340	
Contingency		$1,167	
Total		$24,507	

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

Description	Annually	
Grass Carp Stocking	$3,000
Contingency		$4,000 
TOTAL	$7,000	

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
Represents amount to transfer to Capital Reserve Fund..

Heritage Park
Community Development District Adopted Budget
FY2025
Capital Reserve Fund

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Adopted
Budget	
FY2024	6/30/24	3 Months	9/30/24	FY2025	

Revenues:		
Transfer In	$	20,920	$	20,920	$	-	$	20,920	$	40,000	
Interest	$	2,650	$	1,885	$	825	$	2,710	$	2,200	
Total Revenues	$	23,570	$	22,805	$	825	$	23,630	$	42,200	

Expenditures:							
Contingency	$	500	$	236	$	120	$	356	$	500	
Capital Outlay	$	-	$	2,400	$	-	$	2,400	$	-	
Total Expenditures	$	500	$	2,636	$	120	$	2,756	$	500	
							
Excess Revenues (Expenditures)	$	23,070	$	20,169	$	705	$	20,874	$	41,700	
							
Fund Balance - Beginning	$	130,102	$	116,555	$	-	$	116,555	$	137,429	
							
Fund Balance - Ending	$	153,172	$	136,724	$	705	$	137,429	$	179,129	

Heritage Park
Community Development District Adopted Budget
FY2025
Debt Service Fund Series 2013

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Adopted
Budget	
FY2024	6/30/24	3 Months	9/30/24	FY2025	

Revenues:		
Special Assessments	$	381,721	$	384,932	$	-	$	384,932	$	381,721	
Interest	$	6,550	$	18,291	$	4,800	$	23,091	$	12,000	
Carry Forward Surplus	$	163,099	$	165,774	$	-	$	165,774	$	187,499	
Total Revenues	$	551,370	$	568,997	$	4,800	$	573,797	$	581,220	

Expenditures:						
Series 2013
Interest - 11/01	

$	85,649	

$	85,649	

$	-	

$	85,649	

$	80,919	
Principal - 05/01	$	215,000	$	215,000	$	-	$	215,000	$	225,000	
Interest - 05/01	$	85,649	$	85,649	$	-	$	85,649	$	80,919	
Total Expenditures	$	386,298	$	386,298	$	-	$	386,298	$	386,838	

Other Sources/(Uses)						
Transfer In/(Out)	$	-	$	-	$	-	$	-	$	-	
Total Other Financing Sources (Uses)	$	-	$	-	$	-	$	-	$	-	
						
Excess Revenues (Expenditures)	$	165,073	$	182,699	$	4,800	$	187,499	$	194,383	

Interest - 11/1/2025	

$75,294	
				Total	$75,294	
				
Net Assessment	
$381,721	
				Collection Cost (6%)	$24,365	
				Gross Assessment	$406,086	
						
		Property Type	Units	Gross Per Unit	Gross Total	
		Multi Family	146	$286	$41,811	
		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'	35	$916	$32,074	
		Total	685		$406,086	

Heritage Park
Community Development District
SERIES 2013 AMORTIZATION SCHEDULE

DATE	BALANCE	RATE	PRINCIPAL	INTEREST	TOTAL	
						
11/1/24	$	3,195,000.00		$	-	$	80,918.75  $	80,918.75	
5/1/25	$	3,195,000.00	5.000%	$	225,000.00	$	80,918.75  $	-	
11/1/25	$	2,970,000.00		$	-	$	75,293.75  $	381,212.50	
5/1/26	$	2,970,000.00	5.000%	$	235,000.00	$	75,293.75  $	-	
11/1/26	$	2,735,000.00		$	-	$	69,418.75  $	379,712.50	
5/1/27	$	2,735,000.00	5.000%	$	250,000.00	$	69,418.75  $	-	
11/1/27	$	2,485,000.00		$	-	$	63,168.75  $	382,587.50	
5/1/28	$	2,485,000.00	5.000%	$	260,000.00	$	63,168.75  $	-	
11/1/28	$	2,225,000.00		$	-	$	56,668.75  $	379,837.50	
5/1/29	$	2,225,000.00	5.000%	$	275,000.00	$	56,668.75  $	-	
11/1/29	$	1,950,000.00		$	-	$	49,793.75  $	381,462.50	
5/1/30	$	1,950,000.00	5.000%	$	280,000.00	$	49,793.75  $	-	
11/1/30	$	1,670,000.00		$	-	$	42,793.75  $	372,587.50	
5/1/31	$	1,670,000.00	5.125%	$	300,000.00	$	42,793.75  $	-	
11/1/31	$	1,370,000.00		$	-	$	35,106.25  $	377,900.00	
5/1/32	$	1,370,000.00	5.125%	$	320,000.00	$	35,106.25  $	-	
11/1/32	$	1,050,000.00		$	-	$	26,906.25  $	382,012.50	
5/1/33	$	1,050,000.00	5.125%	$	335,000.00	$	26,906.25  $	-	
11/1/33	$	715,000.00		$	-	$	18,321.88  $	380,228.13	
5/1/34	$	715,000.00	5.125%	$	350,000.00	$	18,321.88  $	-	
11/1/34	$	365,000.00		$	-	$	9,353.13  $	377,675.00	
5/1/35	$	365,000.00	5.125%	$	365,000.00	$	9,353.13  $	374,353.13	
			$	3,195,000.00	$	1,055,487.50  $	4,250,487.50