Adopted Budget. Fiscal Year Aberdeen Community Development District

Transcription

1 Adopted Budget Fiscal Year 2019 Aberdeen August 28, 2018

2 TABLE OF CONTENTS General Fund Budget Page 1-2 Budget Narrative Page 3-8 Debt Service Fund Series 2005 Budget Page 9-10 Series Budget Page Capital Reserve Fund Budget Page 13

3 General Fund Description Adopted Actual Next Projected Adopted Budget Thru Thru Budget FY /31/18 2 Months 9/30/18 FY 2019 Revenues Assessments $ 922,169 $ 923,993 $ - $ 923,993 $ 922,169 Interest Earned $ 1,000 $ 962 $ 192 $ 1,154 $ 1,000 Amenities Revenue/Misc $ 10,000 $ 16,117 $ 3,223 $ 19,340 $ 10,000 Carry Forward Surplus $ - $ - $ - $ - $ 75,703 Total Revenues $ 933,169 $ 941,072 $ 3,416 $ 944,488 $1,008,872 Expenditures Administrative Supervisor Fees $ 12,000 $ 8,600 $ 1,720 $ 10,320 $ 12,000 FICA Expense $ 918 $ 658 $ 132 $ 789 $ 918 Assessment Administration $ 5,000 $ 5,000 $ - $ 5,000 $ 5,000 Engineering Fees $ 7,000 $ 3,486 $ 697 $ 4,183 $ 7,000 Arbitrage $ 1,200 $ 2,400 $ - $ 2,400 $ 1,200 Dissemination Agent $ 6,500 $ 5,450 $ 1,090 $ 6,540 $ 6,500 Impact Fee Administration $ 10,000 $ 10,000 $ - $ 10,000 $ 10,000 Attorney Fees $ 35,000 $ 42,141 $ 8,428 $ 50,570 $ 40,000 Annual Audit $ 3,525 $ 3,525 $ - $ 3,525 $ 3,525 Trustee Fees $ 10,300 $ 9,878 $ - $ 9,878 $ 10,300 Management Fees $ 47,788 $ 39,823 $ 7,965 $ 47,788 $ 47,788 Information Technology $ 1,600 $ 1,333 $ 267 $ 1,600 $ 1,600 Telephone $ 250 $ 169 $ 34 $ 203 $ 250 Postage $ 1,400 $ 918 $ 184 $ 1,102 $ 1,400 Printing and Binding $ 1,500 $ 2,241 $ 448 $ 2,689 $ 1,500 Insurance $ 10,012 $ 9,283 $ - $ 9,283 $ 10,012 Legal Advertising $ 1,500 $ 947 $ 189 $ 1,136 $ 1,500 Other Current Charges $ 1,680 $ 752 $ 150 $ 903 $ 1,680 Office Supplies $ 150 $ 350 $ 70 $ 420 $ 150 Dues, Licenses & Subscriptions $ 175 $ 175 $ - $ 175 $ 175 Administrative Expenses $ 157,498 $ 147,131 $ 21,374 $ 168,504 $162,498 Amenity Center Insurance $ 20,546 $ 19,568 $ - $ 19,568 $ 20,546 Repairs & Replacements $ 30,000 $ 33,061 $ 6,612 $ 39,673 $ 30,000 Special Events $ 5,000 $ 9,248 $ 1,850 $ 11,098 $ 7,500 Recreational Passes $ 1,600 $ 730 $ 146 $ 876 $ 1,600 Capital Outlay $ 2,000 $ 1,104 $ 221 $ 1,325 $ 2,000 Other Current Charges $ 1,000 $ - $ 1,000 $ 1,000 $ 1,000 Permit Fees $ 1,741 $ 1,925 $ - $ 1,925 $ 1,000 Office Supplies $ 2,000 $ 2,155 $ 431 $ 2,586 $ 2,000 Utilities Water & Sewer $ 16,000 $ 17,804 $ 3,561 $ 21,365 $ 25,000 Electric $ 37,000 $ 24,904 $ 4,981 $ 29,885 $ 37,000 Cable/Internet/Phone $ 5,335 $ 4,039 $ 808 $ 4,847 $ 5,335 Management Contracts Field Operations Management - GMS $ 31,500 $ 26,349 $ 5,270 $ 31,618 $ 31,500 Pool Attendants/Lifeguards - ASG $ 32,150 $ 30,040 $ 6,008 $ 36,048 $ 38,500 Facility Management - ASG $ 89,000 $ 74,167 $ 14,833 $ 89,000 $ 110,000 Pool Maintenance/Supplies - ASG $ 18,900 $ 16,833 $ 3,367 $ 20,199 $ 19,845 Pool Chemicals - ASG $ 20,345 $ 18,162 $ 3,632 $ 21,794 $ 20,345 Janitorial Services - ASG $ 16,400 $ 13,667 $ 2,733 $ 16,400 $ 17,220 Refuse Service $ 6,936 $ 9,020 $ 1,804 $ 10,824 $ 10,000 General Facility Maintenance - ASG $ 17,200 $ 14,333 $ 2,867 $ 17,200 $ 18,060 Lifesytle Coordinator - ASG $ 10,260 $ 8,609 $ 1,722 $ 10,330 $ 15,050 Security $ 13,800 $ 450 $ 90 $ 540 $ 13,800 Website $ 575 $ 8,550 $ 1,710 $ 10,260 $ 575 Holiday Decorations $ 6,000 $ 12,154 $ - $ 12,154 $ 6,000 Amenity Center Expenses $ 385,288 $ 346,871 $ 63,645 $ 410,516 $433,876 1

4 Description Adopted Actual Next Projected Adopted Budget Thru Thru Budget FY /31/18 2 Months 9/30/18 FY 2019 Grounds Maintenance Electric $ 3,000 $ 2,699 $ 540 $ 3,239 $3,500 Streetlighting $ 22,000 $ 16,995 $ 3,399 $ 20,394 $22,000 Lake Maintenance $ 20,000 $ 19,750 $ 3,950 $ 23,700 $24,000 Landscape Maintenance $ 111,120 $ 117,488 $ 23,498 $ 140,985 $141,000 Landscape Contingency $ 48,000 $ 14,017 $ 2,803 $ 16,820 $40,000 Common Area Maintenance $ 25,000 $ 20,807 $ 4,161 $ 24,969 $25,000 Reuse Water $ 42,265 $ 30,915 $ 6,183 $ 37,099 $35,000 Miscellaneous $ 3,000 $ 2,115 $ 423 $ 2,538 $3,000 Irrigation Repairs $ 1,500 $ 4,158 $ 832 $ 4,990 $4,500 Contingency $ 2,625 $ - $ 2,625 $ 2,625 $2,625 Wetland Monitoring/Mitigation $ 11,500 $ - $ 11,500 $ 11,500 $11,500 Grounds Maintenance Expenses $ 290,010 $ 228,945 $ 59,914 $ 288,859 $312,125 Capital Reserve Fund $100,373 $ 100,373 $ - $ 100,373 $100,373 TOTAL EXPENDITURES $ 933,169 $ 823,320 $ 144,933 $ 968,252 $1,008,872 EXCESS REVENUES / (EXPENDITURES) $ - $ 117,752 $ (141,517) $ (23,764) Net Assessment $922,169 Plus Collection Fees & Discounts (6%) $58,862 Gross Assessment $981,031 Unit Gross Assessment Gross Assessment Gross Assessment Dollar Parcel Count Per Parcel Per Unit - FY 2018 Per Unit - FY 2019 Increase Single Family $165,821 $ $ Single Family $214,343 $ $ Single Family $188,904 $ $ Single Family $307,617 $ $ Multi-Family 394 $92,803 $ $ Commercial $9,893 $ $ Office 7000 $1,649 $ $ Total $981,031 Parcel Unit Count ERU Factor Per ERU Total ERU's Gross Assessment Single Family $471 17% 352 $165,821 Single Family $471 22% 455 $214,343 Single Family $471 19% 401 $188,904 Single Family $471 31% 653 $307,617 Multi-Family $471 9% 197 $92,803 Commercial $471 1% 21 $9,893 Office $471 0% 3.5 $1,649 Total 100% $981,031 2

5 REVENUES: Maintenance Assessments Aberdeen GENERAL FUND BUDGET Fiscal Year 2019 The District will levy a non ad-valorem special assessment on all taxable property within the District to fund all of the General Operating Expenditures for the fiscal year. Interest Income The District will have all excess funds invested with the US Bank Corporate Trust Services. The amount is based upon the estimated average balance of funds available during the fiscal year. Amenities Revenue Income received from residents for rental of clubroom or patio. EXPENDITURES: Administrative: Supervisor 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 for 12 monthly meetings. FICA Expense These expenses represent the Employer's share of Social Security and Medicare taxes withheld from the Board of Supervisors checks. Assessment Administration Governmental Management Services serves as the District s Assessment Administrator responsible for certifying annual assessments to County Tax Collector, billing and collection of direct assessments, collection of prepaid assessments, maintaining lien book, etc. Engineering Fees The District's engineering firm, England, Thims & Miller, Inc., will be providing general engineering services to the District, including attendance and preparation for monthly board meetings, review invoices, etc. Arbitrage The District is required to annually have an arbitrage calculation on the District s Series 2005, & Special Assessment Bonds. The District has contracted with Grau and Associates, an independent audit firm to calculate the rebate liability and submit a report to the District. 3

6 Dissemination Agent Aberdeen GENERAL FUND BUDGET Fiscal Year 2019 The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)- 12(b)(5), which relates to additional reporting requirements for un-rated bond issues. The District utilizes Prager & Co., LLC to provide this service Impact Fee Administration Charges to the District for the services of Governmental Management Services, LLC to collect St. Johns County Impact Fees on behalf of the District, manage the 2006 Impact Fee Bonds, and maintain the Series 2006 Lien Book. Attorney Fees The District's legal counsel, Hopping Green & Sams, will be providing general legal services to the District, including attendance and preparation for monthly meetings, preparation and review of agreements, resolutions, etc. Annual Audit The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The District has contracted with Berger Toombs to conduct their annual audit. Trustee Fees The District issued Series 2005 Special Assessment Bond, which are held with a Trustee at US Bank. The amount of the trustee fees is based on the agreement between US Bank and the District. Management Fees The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. Information Technology The cost related to District s accounting and information systems, District website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements. Telephone Telephone and fax machine. Postage Mailing of agenda packages, overnight deliveries, correspondence, etc. Printing & Binding Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc. 4

7 Insurance Aberdeen GENERAL FUND BUDGET Fiscal Year 2019 The District's General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance. FIA specializes in providing insurance coverage to governmental agencies. Legal Advertising The District is required to advertise various notices for monthly Board meetings, public hearings etc in the St. Augustine Record. Other Current Charges Bank charges and any other miscellaneous expenses incurred during the year. Office Supplies Miscellaneous office supplies. Dues, Licenses & Subscriptions The District is required to pay an annual fee to the Department of Economic Opportunity for $175. Amenity Center: Insurance The District's Property, General Liability & Public Officials Liability Insurance policy is with EGIS Insurance Advisors LLC. EGIS Insurance Advisors specialize in providing insurance coverage to governmental agencies. The amount budgeted represents the estimated premium for property insurance related to the Amenity Center. Repair & Replacements Regular maintenance and replacement cost incurred by the Amenity Center of the District. Special Events Represents estimated costs for the District to host special events for the community throughout the Fiscal Year. Recreation Passes Represents the estimated cost for access cards purchased by the District s Amenity Center. Capital Outlay Represents any minor capital expenditures the District may need to make during the Fiscal Year for the Amenity Center. Other Current Charges Any unanticipated cost incurred by the Amenity Center. 5

8 Permit Fees Aberdeen GENERAL FUND BUDGET Fiscal Year 2019 Represents Permit Fees paid to the Florida Department of Health for the swimming pool. Office Supplies Represents any supplies needed for the operation of the Amenity Center. Water & Sewer JEA provides the cost of water / sewer associated with the Recreation Facility. Electric JEA provides the cost of electric associated with the Recreation Facility. Cable/Internet/Telephone The District s estimated cost for cable television, internet & telephone services for the Amenity Center provided by Comcast. Field Operations Management The District is under contract with Amenity Services Group Inc, for onsite field management of contracts for District Services such as landscaping, amenity & pool facilities, lake maintenance, etc. Pool Attendants/Lifeguards Cost to provide lifeguards during the operating season for the pool. Amount based on proposed contract with Amenity Services Group (ASG). Facility Management Cost to provide management for the Amenity Center. Amount based on proposed contract with Amenity Services Group (ASG). Pool Maintenance & Supplies Amount based on proposed contract with Amenity Services Group (ASG) to provide maintenance of the Amenity Center swimming pool. Janitorial Services Amount based on proposed contract with Amenity Services Group (ASG) to provide janitorial services for the Amenity Center. Refuse Service Waste Management of Jacksonville provides garbage disposal service for the District. 6

9 General Facility Maintenance Aberdeen GENERAL FUND BUDGET Fiscal Year 2019 Amount based on proposed contract with Amenity Services Group (ASG) to provide routine repairs and maintenance for the Amenity Center. Lifestyle Coordinator The District is contracted with Amenity Services Group (ASG) to provide services associated with coordination of community events. Security The District is contracted with Envera Systems to provide security monitoring for the Amenity Center and contracts with off-duty police officers. Website The district contracts with Neighborhood Publications to provide website licensing and services. Holiday Decorations The district estimated cost for Holiday preparation of Amenity Center. Grounds Maintenance: Electric JEA provides the cost of electricity for signage lighting and entry feature lighting for the District. Street Lighting JEA provides the District street lighting cost for the community. agreement plus estimated cost for fuel charges. The amount is based upon the Lake Maintenance Cost for the maintenance of District lakes based on a contract. Landscape Maintenance Cost to maintain the common areas of the District based on a proposed contract. Landscape Contingency Other landscape costs that are not under contract, which includes landscape light repairs and replacements. Common Area Maintenance Contracted staff for repairs and trash pick-up on District owned property. 7

10 Water/Reuse Water Aberdeen GENERAL FUND BUDGET Fiscal Year 2019 Water, sewer and irrigation systems cost for the district. Based on JEA projected rates. Miscellaneous Any unanticipated and unscheduled maintenance cost to the District. Irrigation Repairs Miscellaneous irrigation repairs and maintenance cost for the District. Contingency A contingency for any unanticipated cost to the District Wetland Monitoring/Mitigation Cost to preserve beneficial aquatic plants in the wetland mitigation area and control nuisance and exotic pest plant populations. Amount based on contract with Environmental Management Services, Inc. Capital Reserve Fund The District will establish a reserve to fund the renewal and replacement of District s capital related facilities. 8

11 Debt Service Fund Series 2005 Description Adopted Actual Projected Projected Adopted Budget FY 2018 Thru 7/31/18 Next 2 Months Thru 9/30/18 Budget FY 2019 Revenues Carryforward Surplus $ 809,502 $ 835,110 $ - $ 835,110 $ 964,492 Interest $ 1,200 $ 35,348 $ 7,070 $ 42,418 $ 5,000 Special Assessments $ 2,434,110 $ 2,410,161 $ - $ 2,410,161 $ 2,405,696 Prepayments $ - $ 136,379 $ - $ 136,379 $ - Total Revenues $ 3,244,812 $ 3,416,998 $ 7,070 $ 3,424,068 $ 3,375,188 Expenditures Series 2005 Interest 11/1 $ 777,563 $ 777,563 $ - $ 777,563 $ 752,675 Principal Prepayment 11/1 $ - $ 20,000 $ - $ 20,000 $ 140,000 Interest 5/1 $ 865,000 $ 865,000 $ - $ 865,000 $ 752,675 Principal 5/1 $ 777,563 $ 777,013 $ - $ 777,013 $ 915,000 Principal Prepayment 5/1 $ - $ 20,000 $ - $ 20,000 $ - Total Expenditures $ 2,420,125 $ 2,459,576 $ - $ 2,459,576 $ 2,560,350 EXCESS REVENUES / (EXPENDITURES) $ 824,687 $ 957,422 $ 7,070 $ 964,492 $ 814,838 *Reflects excess revenue at fiscal year end less reserve fund balance. 11/1/19 Interest $727,513 Net Assessment $2,405,696 Plus Collection Fees & Discounts (6%) $153,483 Gross Assessment $2,559,179 9

12 Amortization Schedule Series 2005, Special Assessment Bonds DATE PRINCIPAL RATE INTEREST Debt Service Annual Debt Service 11/01/18 $ % $ 752, $ 752, $ 752, /01/19 $ 915, % $ 752, $ 1,667, /01/19 $ % $ 727, $ 727, $ 2,395, /01/20 $ 970, % $ 727, $ 1,697, /01/20 $ % $ 700, $ 700, $ 2,398, /01/21 $ 1,020, % $ 700, $ 1,720, /01/21 $ % $ 672, $ 672, $ 2,393, /01/22 $ 1,080, % $ 672, $ 1,752, /01/22 $ % $ 643, $ 643, $ 2,395, /01/23 $ 1,140, % $ 643, $ 1,783, /01/23 $ % $ 611, $ 611, $ 2,394, /01/24 $ 1,205, % $ 611, $ 1,816, /01/24 $ % $ 578, $ 578, $ 2,395, /01/25 $ 1,275, % $ 578, $ 1,853, /01/25 $ % $ 543, $ 543, $ 2,397, /01/26 $ 1,345, % $ 543, $ 1,888, /01/26 $ % $ 506, $ 506, $ 2,395, /01/27 $ 1,420, % $ 506, $ 1,926, /01/27 $ % $ 467, $ 467, $ 2,394, /01/28 $ 1,500, % $ 467, $ 1,967, /01/28 $ % $ 426, $ 426, $ 2,393, /01/29 $ 1,585, % $ 426, $ 2,011, /01/29 $ % $ 382, $ 382, $ 2,393, /01/30 $ 1,675, % $ 382, $ 2,057, /01/30 $ % $ 336, $ 336, $ 2,394, /01/31 $ 1,770, % $ 336, $ 2,106, /01/31 $ % $ 287, $ 287, $ 2,394, /01/32 $ 1,870, % $ 287, $ 2,157, /01/32 $ % $ 236, $ 236, $ 2,394, /01/33 $ 1,975, % $ 236, $ 2,211, /01/33 $ % $ 182, $ 182, $ 2,393, /01/34 $ 2,090, % $ 182, $ 2,272, /01/34 $ % $ 124, $ 124, $ 2,396, /01/35 $ 2,205, % $ 124, $ 2,329, /01/35 $ % $ 64, $ 64, $ 2,393, /01/36 $ 2,330, % $ 64, $ 2,394, $ - 11/01/36 $ 2,394, Total $ 27,370, $ 16,491, $ 43,861, $ 43,861,

13 Debt Service Fund Series Description Adopted Actual Projected Projected Adopted Budget Thru Next 2 Thru Budget FY /31/18 Months 9/30/18 FY 2019 Revenues Carryforward Surplus $ 171,785 $ 176,262 $ - $ 176,262 $ 72,424 Interest $ - $ 2,121 $ 424 $ 2,545 $ - Impact Fees $ - $ 660,054 $ - $ 660,054 $ - Special Assessment - Direct $ 191,100 $ 91,481 $ 80,325 $ 171,806 $ 148,050 Total Revenues $ 362,885 $ 929,918 $ 80,749 $ 1,010,667 $ 220,474 Expenditures Series Interest 11/1 $ 95,550 $ 91,487 $ - $ 91,487 $ 74,025 Special Call 11/1 $ - $ 175,000 $ - $ 175,000 $ - Interest 2/1 $ - $ 3,281 $ - $ 3,281 $ - Special Call 2/1 $ - $ 250,000 $ - $ 250,000 $ - Interest 5/1 $ 95,550 $ 80,325 $ - $ 80,325 $ 74,025 Special Call 5/1 $ - $ 95,000 $ - $ 95,000 $ - Interest 8/1 $ - $ - $ 3,150 $ 3,150 $ - Special Call 8/1 $ - $ - $ 240,000 $ 240,000 $ - Total Expenditures $ 191,100 $ 695,093 $ 243,150 $ 938,243 $ 148,050 EXCESS REVENUES / (EXPENDITURES) $ 171,785 $ 234,825 $ (162,401) $ 72,424 $ 72,424 11/1/19 Interest payment $74,156 11

14 Amortization Schedule Series , Special Assessment Bonds DATE BALANCE RATE PRINCIPAL INTEREST 11/01/17 $ 3,485, % $ 175,000 $ 91, /01/18 $ 3,310, % $ 250,000 $ - 05/01/18 $ 3,060, % $ 95,000 $ 80, /01/18 $ 2,965, % $ 240,000 $ - 11/01/18 $ 2,725, % $ - $ 71, /01/19 $ 2,725, % $ - $ 71, /01/19 $ 2,725, % $ - $ 71, /01/20 $ 2,725, % $ - $ 71, /01/20 $ 2,725, % $ - $ 71, /01/21 $ 2,725, % $ - $ 71, /01/21 $ 2,725, % $ - $ 71, /01/22 $ 2,725, % $ - $ 71, /01/22 $ 2,725, % $ - $ 71, /01/23 $ 2,725, % $ - $ 71, /01/23 $ 2,725, % $ - $ 71, /01/24 $ 2,725, % $ - $ 71, /01/24 $ 2,725, % $ - $ 71, /01/25 $ 2,725, % $ - $ 71, /01/25 $ 2,725, % $ 2,725,000 $ 71, Total $ 3,485,000 $ 1,244,775 (1) Bond calls for impact fee payments 12

15 Capital Reserve Fund Description Adopted Actual Projected Adopted Budget Thru Thru Budget FY 18 7/31/18 9/30/18 FY 19 REVENUES: Interest $ 4,000 $ 5,572 $ 7,000 $ 4,000 Capital Reserve - Transfer In $ 100,373 $ 100,373 $ 100,373 $ 24,670 Carry Forward Surplus $ 472,732 $ 470,078 $ 470,078 $ 521,765 Total Revenues $ 577,105 $ 576,023 $ 577,451 $ 550,435 EXPENDITURES: Capital Outlay $ - $ 5,186 $ 5,186 $ - Repair and Replacements $ 71,430 $ 40,797 $ 50,500 $ 71,430 Total Expenditures $ 71,430 $ 45,983 $ 55,686 $ 71,430 EXCESS REVENUES / (EXPENDITURES) $ 505,675 $ 530,040 $ 521,765 $ 479,005 13