Heritage Park

Community Development District

Approved Budget
FY2026

May 29, 2025

Presented by:

Table of Contents

1		General Fund	

2-4	
	Narratives	

5	
	Capital Reserve Fund	

6	
	Debt Service Fund Series 2025	

7	
	Amortization Schedule Series 2025	

8	
	Assessment Schedule	

Adopted Budget

Actuals Thru  Projected Next Projected Thru	Approved
Budget

Approved Budget General Fund

Description	FY2025	4/30/25	  5 Months		9/30/25	FY 2026	
REVENUES:						
Special Assessments - On Roll	$	310,644	$	306,292	$	4,289	$	310,581	$	373,592	
Interest income	6,000	3,231	4,000	7,231	6,000	
Carry Forward Surplus	49,210	-	51,631	51,631	-	
TOTAL REVENUES	$  365,854	$  309,523	$	59,919	$  369,442	$  379,592	

EXPENDITURES:						
Administrative						
Supervisor Fees	$	6,000	$	4,000	$	3,000	$	7,000	$	6,000	
FICA Taxes	459	306	230	536	459	
Annual Audit	3,500	-	3,500	3,500	3,500	
Trustee Fees	4,500	-	-	-	4,500	
Dissemination Agent	1,060	353	-	353	-	
Arbitrage Rebate	450	450	-	450	450	
Engineering	10,000	2,492	7,508	10,000	10,000	
Attorney	16,000	3,099	12,901	16,000	16,000	
Assessment Administration	7,950	7,950	-	7,950	8,348	
Management Fees	62,098	36,224	25,874	62,098	65,203	
Information Technology	1,890	1,103	788	1,890	1,985	
Website Maintenance	1,260	735	525	1,260	1,323	
Telephone	250	169	81	250	250	
Postage & Delivery	750	1,277	525	1,802	1,800	
Insurance General Liability	8,737	8,494	-	8,494	10,056	
Printing & Binding	1,000	3,286	479	3,764	1,200	
Legal Advertising	1,350	5,629	715	6,343	1,350	
Other Current Charges	1,200	1,009	500	1,509	1,500	
Office Supplies	250	334	50	384	375	
Dues, Licenses & Subscriptions	175	175	-	175	175	
TOTAL ADMINISTRATIVE	$  128,879	$	77,085	$	56,674	$  133,759	$  134,473	

Operations & Maintenance						
Field Management	$	12,516	$	7,301	$	5,215	$	12,516	$	13,142	
Property Insurance	1,080	955	-	955	1,031	
Electric	22,500	11,081	11,419	22,500	23,175	
Streetlights	49,140	27,353	21,787	49,140	49,764	
Landscape Maintenance	39,732	22,073	17,659	39,732	46,000	
Landscape Contingency	8,000	1,715	6,285	8,000	8,000	
Tree Trimming	5,000	-	5,000	5,000	5,000	
Lake Maintenance	24,507	13,615	9,725	23,340	24,507	
Lake Contingency	10,000	1,480	8,520	10,000	10,000	
Irrigation Repairs	2,500	-	2,500	2,500	2,500	
Common Area Maintenance	12,000	2,247	9,753	12,000	12,000	
Pond Bank Erosion Control	-	-	-	-	10,000	
Contingency	5,000	-	5,000	5,000	-	
Operating Reserve	5,000	-	5,000	5,000	-	
TOTAL OPERATIONS & MAINTENANCE	$  196,975	$	87,820	$  107,863	$  195,683	$  205,119	
						
TOTAL EXPENDITURES	$  325,854	$  164,905	$  164,537	$  329,442	$  339,592	

Other Sources/(Uses)						
Capital Reserve Transfer	$	(40,000)	$	-	$	(40,000)	$	(40,000)	$	(40,000)	
TOTAL OTHER SOURCES/(USES)	$	(40,000)	$	-	$	(40,000)	$	(40,000)	$	(40,000)	
						
EXCESS REVENUES (EXPENDITURES)	$	-	$  144,618	$  (144,618)	$	-	$	-	

REVENUES

Special Assessments-Tax Roll
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels 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

Supervisors Fees
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meetings in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending meetings.
FICA Taxes
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.
Engineering
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.
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. The 2025 Special Assessments Refunding Bond will not need Arbitrage Calulations because it is under $5M.
Dissemination Agent
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 Bond. Then new 2025 Special Assessment Refunding and Revenue Bond will not require dissemination because it through a private bank Regions.
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.
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.
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
Trustee Fees
The District will pay annual trustee fees for the Series 2025 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
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.

Expenditures - Administrative (continued)

Telephone
Actual charges for conference calls.
Postage and Delivery
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.
Printing and Binding
Copies used in the preparation of agenda packages, required mailings, and other special projects.
Insurance General Liability
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.
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
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.
Due, Licenses & Subscriptions

Expenditures – Operation & Maintenance

The District is required to pay an annual fee to the Florida Department of Commerce for $175.
Field Management
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
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 #Pum	$65	$780	
1514 E. Red House Branch Rd.	$60	$720	
360 Wooded Crossing Circle #Pum	$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 #Fountai	$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 #Pum	$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		$3,015	
Total		$23,175	

Expenditures – Operation & Maintenance (continued)

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

Description		Monthly	Annual	
1000 Woodland Rd - Streetlighting	$3,952	$47,424	
Contingency		$2,340	
Total		$49,764	

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		$8,160	
Total		$46,000	

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	Annual	
Grass Carp Stocking	$3,000
Contingency	$7,000	
Total	$10,000	

Irrigation Repairs
Represents estimated costs for any repairs and maintenance to irrigation system.
Common Area Maintenance
Services render in the field from non-specified vendors as selected by the District.
Contingency
Represents any expense not allocated to other budgeted line items.
Operating Reserve
General reserves for ongoing operations.
Transfer out – capital reserve
Represents amount to transfer to Capital Reserve Fund..

Proposed Budget Capital Reserve Fund

	Adopted Budget	Actuals Thru	Projected Next Projected Thru	Approved Budget	
Description	FY2025		4/30/25		5 Months			9/30/25	FY 2026	

REVENUES:									
Interest Income	$	2,200	$	1,720	$	1,000	$	2,720	$	2,200	
Carry Forward Balance	137,429		137,460		-		137,460	161,382	
TOTAL REVENUES	$	139,629	$	139,179	$	1,000	$	140,179	$	163,582	

EXPENDITURES:									
Capital Outlay									
Bank Fees	$	500	$	513	$	268	$	781	$	500	
Capital Outlay	-		18,016		-		18,016	20,000	
TOTAL EXPENDITURES	$	500	$	18,529	$	268	$	18,797	$	20,500	

Other Sources/(Uses)									
Capital Reserve Transfer In	$	40,000	$	-	$	40,000	$	40,000	$	40,000	
TOTAL OTHER SOURCES/(USES)	$	40,000	$	-	$	40,000	$	40,000	$	40,000	
									
EXCESS REVENUES (EXPENDITURES)	$	179,129	$	120,651	$	40,732	$	161,382	$	183,082	

Approved Budget
Debt Service Series 2025 Special Assessment Refunding and Revenue Bonds

	Proposed Budget	Actuals Thru	Projected Next  Projected Thru	Approved Budget	
Description	FY2025		4/30/25		5 Months			9/30/25	FY 2026	

REVENUES:									
Special Assessments-On Roll	$	18,780	$	13,505	$	18,780	$	32,285	$	374,028	
Interest Earnings	-		1,861		1,400		3,261	-	
Carry Forward Surplus (1)	-		-		-		-	118,449	
TOTAL REVENUES	$	18,780	$	15,366	$	20,180	$	35,546	$	492,477	

EXPENDITURES:									
Interest - 11/01	$	-	$	-	$	-	$	-	$	69,871	
Principal - 05/01	185,000		-		185,000		185,000	235,000	
Interest - 05/01	45,939		-		45,939		45,939	69,871	
TOTAL EXPENDITURES	$	230,939	$	-	$	230,939	$	230,939	$	374,742	

Other Sources/(Uses)									
Interfund transfer In/(Out)	$	259,326	$	299,956	$	-	$	299,956	$	-	
Bond Proceeds	13,886		13,886		-		13,886	-	
TOTAL OTHER SOURCES/(USES)	$	273,212	$	313,842	$	-	$	313,842	$	-	
									
EXCESS REVENUES (EXPENDITURES)	$	61,054	$	329,208	$	(210,758)	$	118,449	$	117,735	

(1) Carry Forward is Net of Reserve Requirement				
Interest Due 11/1/26	
$64,842.00	
								$64,842.00	

AMORTIZATION SCHEDULE
Debt Service Series 2025 Special Assessment Refunding and Revenue Bonds

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	
						
11/01/25	3,265,000	4.280%	-	69,871	300,809.66	
05/01/26	3,265,000	4.280%	235,000	69,871		
11/01/26	3,030,000	4.280%		64,842	369,713.00	
05/01/27	3,030,000	4.280%	250,000	64,842		
11/01/27	2,780,000	4.280%		59,492	374,334.00	
05/01/28	2,780,000	4.280%	260,000	59,492		
11/01/28	2,520,000	4.280%		53,928	373,420.00	
05/01/29	2,520,000	4.280%	270,000	53,928		
11/01/29	2,250,000	4.280%		48,150	372,078.00	
05/01/30	2,250,000	4.280%	280,000	48,150		
11/01/30	1,970,000	4.280%		42,158	370,308.00	
05/01/31	1,970,000	4.280%	295,000	42,158		
11/01/31	1,675,000	4.280%		35,845	373,003.00	
05/01/32	1,675,000	4.280%	305,000	35,845		
11/01/32	1,370,000	4.280%		29,318	370,163.00	
05/01/33	1,370,000	4.280%	320,000	29,318		
11/01/33	1,050,000	4.280%		22,470	371,788.00	
05/01/34	1,050,000	4.280%	335,000	22,470		
11/01/34	715,000	4.280%		15,301	372,771.00	
05/01/35	715,000	4.280%	350,000	15,301		
11/01/35	365,000	4.280%		7,811	373,112.00	
05/01/36	365,000	4.280%	365,000	7,811	372,811.00	
Total		$	3,450,000	$	944,311	$	4,394,311	

Heritage Park
Community Development District
Non-Ad Valorem Assessments Comparison
2025-2026

Property Type	
Parcel	Units/ Lots	EAU
Factor	
Total EAU	
% of EAU	Bonds 2025 Units	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2026	
FY2025	Increase/ (decrease)	
FY 2026	
FY2025	Increase/ (decrease)	
FY 2026	
FY2025	Increase/ (decrease)	
										Area 1	Area 2	Total						
Multi Family	F	148	0.50	74.00	10.10%	146	271.29	225.42	45.87	268.21	12.44	280.65	286.38	(5.73)	551.94	511.80	40.14	
Single Family 53'	A	116	1.00	116.00	15.83%	115	542.58	450.85	91.73	536.43	24.88	561.31	572.76	(11.45)	1,103.89	1,023.61	80.28	
Single Family 53'	E-1	89	1.00	89.00	12.14%	88	542.58	450.85	91.73	536.43	24.88	561.31	572.76	(11.45)	1,103.89	1,023.61	80.28	
Single Family 63'	C	166	1.20	199.20	27.18%	166	645.67	541.02	104.65	637.64	29.58	667.22	687.31	(20.09)	1,312.89	1,228.33	84.56	
Single Family 63'	E-2	56	1.20	67.20	9.17%	56	645.67	541.02	104.65	637.64	29.58	667.22	687.31	(20.09)	1,312.89	1,228.33	84.56	
Single Family 75'	D-1	86	1.40	120.40	16.43%	79	770.46	631.19	139.27	759.10	35.21	794.31	801.86	(7.55)	1,564.77	1,433.05	131.72	
Single Family 85'	D-2	42	1.60	67.20	9.17%	35	868.12	721.36	146.76	860.31	39.91	900.22	916.41	(16.19)	1,768.34	1,637.77	130.57	
																
Total		703		733.00	100%	685