THE CROSSINGS at FLEMING ISLAND

Transcription

1 THE CROSSINGS at FLEMING ISLAND Community Development District January 25, 2018

2 The Crossings at Fleming Island Community Development District 475 West Town Place, Suite 114, St. Augustine, Florida P: (904) F: (904) January 18, 2018 Board of Supervisors The Crossings at Fleming Island Community Development District Dear Board Members: The regular meeting of the Board of Supervisors of The Crossings at Fleming Island Community Development District will be held January 25, 2018 at 6:00 p.m. at 2217 Eagle Harbor Parkway, Fleming Island, Florida. The following is the advance agenda for the meeting: I. Call to Order II. Pledge of Allegiance III. Roll Call IV. Public Comment V. Discussion of Excess Utility Funds VI. Selection of Audit Committee VII. Consideration of Proposals A. Restaurant Partners B. National Golf Foundation VIII. Management Team Reports A. District Counsel B. District Manager C. Tree Amigos - Report D. Hampton Golf Report E. District Operations Manager - Report IX. Financial Reports for December 31, 2017 A. Approval of Check Registers X. Approval of Minutes of the November 16, 2017 Meeting XI. Supervisors Requests and Audience Comments XII. Adjournment The fifth order of business is discussion of excess utility funds. Staff is still working on this issue and it will be discussed in more detail at the meeting.

3 The seventh order of business is consideration of proposals. Enclosed for your review and approval are proposals from Restaurant Partners and National Golf Foundation. District Counsel, Operations Manager and the Management Team will give their updates and reports at the meeting. Enclosed you will find a copy of the financial reports and check registers for the period ending December 31, 2017 for approval. A copy of the draft minutes of the November 16, 2017 meeting is enclosed for your review and approval. Staff is continuing work on updating the Amenity Policies - Access to Golf Course and Golf Cart Regulations. The balance of the agenda is routine in nature. Any additional support material will be presented and discussed at the meeting. If you have any questions, please contact me. Sincerely, David denagy 2

4 AGENDA

5 Agenda Thursday January 25, Eagle Harbor Parkway 6:00 p.m. Fleming Island, Florida I. Call to Order II. III. IV. Pledge of Allegiance Roll Call Public Comment V. Discussion of Excess Utility Funds VI. VII. Selection of Audit Committee Consideration of Proposals A. Restaurant Partners B. National Golf Foundation VIII. Management Team Reports A. District Counsel B. District Manager C. Tree Amigos - Report D. Hampton Golf Report E. District Operations Manager - Report IX. Financial Reports for December 31, 2017 A. Approval of Check Registers X. Approval of Minutes of the November 16, 2017 Meeting XI. Supervisors Requests and Audience Comments

6 XII. Adjournment 2

7 SEVENTH ORDER OF BUSINESS

8 A.

9 VIA Restaurant Partners, Inc. December 19, 2017 Mr. Steven Andersen GMS Operations Manager 2105 Harbor Lake Drive Fleming Island, FL GOVERNMENTAL MANAGEMENT SERVICES EAGLE HARBOR FOOD & BEVERAGE PROPOSAL FOR SERVICES Based on preliminary conversations with Steven Andersen of GMS (Client) regarding the current food and beverage operations at the Eagle Harbor Golf Club, Restaurant Partners, Inc. (RPI) is pleased to offer the following Proposal for Services: SCOPE OF WORK A third-party management company currently operates food and Beverage at Eagle Harbor Golf Club. The Client would like RPI to perform an evaluation of the current food and beverage business model, specifically a comparative analysis of financial performance relative to industry standards and like enterprises. In addition, the Client would like RPI to assess the current infrastructure supporting food and beverage with recommendations for operational efficiency. RPl's work will include, but not be limited to, the following areas of review: 1) Independent review of financial statements to identify areas of opportunity 2) Comparison of cost of sales and financial performance to industry norms 3) Onsite visits with management to understand current systems and needs 4) Operational review of daily efficiencies 5) Review of the kitchen facility with assessment of additional infrastructure needs 6) Summary of findings and recommendations for improvement, with presentation to Client In order to perform our responsibilities efficiently and effectively, RPI will need access to the following information from, as well as cooperation by, Client's management personnel: 1) Last two years year-end financial statements 2) Profit and Loss statements, year to date and prior year 3) Access to store management 4 ) Other information as needed 1030 N. Orange Avenue, Suite 200 Orlando, Florida 32B /B FAX 407 /B39-33B8 recycled paper

10 VIA GOVERNMENTAL MANAGEMENT SERVICES EAGLE HARBOR FOOD & BEVERAGE PAGE2 TIMING Work can begin as early as January 2, 2018 and be completed within 45 days upon the receipt of the requested financial information. SCHEDULE OF FEES RPI will charge a project fee of Three Thousand Eight Hundred Dollars ($3,800}, payable 50% upon signing of this Proposal and the balance upon completion of work and presentation to Client. Checks can be made payable to: Restaurant Partners, Inc N. Orange Ave; Suite 200 Orlando, Florida Attn: Accounting All information provided by Client will be kept in confidence, except to the extent necessary to perform RPl's duties. At the conclusion of this agreement Client may request that all proprietary materials be returned, and RPI will do so, without maintaining copies, within 30 days of the request. GMS Restaurant Partners, Inc. Agreed: Mr. Steven Andersen Operations Manager Consultant Date: December 19, 2017

11 B.

12 (904) , ext. 404 December 20, 2017 Dave denagy District Manager Governmental Management Services, LLC 475 West Town Place, Suite 114 St. Augustine, FL NGF Consulting Proposal #217037a Re: Eagle Harbor Golf Club Operations Review and Rate Study Update Dear Dave: NGF Consulting understands that Governmental Management Services, LLC, on behalf of Crossings at Fleming Island Community Development District ( District or CDD ), requires an update to our 2016 Review of Eagle Harbor Golf Club. This letter provides a summary of the proposed scope for the engagement. BASE SCOPE The proposed NGF Consulting engagement will comprise the following scope of services: Meet with the Government Management Services (GMS) District Manager, members of the CDD Board (on request), and Hampton Golf management to review the scope of work and to obtain information on the current golf operation. Collect from the client and golf course management all relevant data, documents and contracts that pertain to the golf operation, including updated fee schedules, financial records, budgets, activity reports, concession contracts (if applicable), marketing plans and materials, and policies and procedures. Visit and inspect the Eagle Harbor Golf Club. Review the present maintenance condition of the Eagle Harbor Golf Club, including golf course and support amenities. Update the facility data and performance analysis, including activity levels, revenues, and expenses. Update external factors, such as demographic and economic variables, that have the potential to affect performance at Eagle Harbor GC. Detail changes to the competitive market since our initial report, including any golf course closings, openings, conversions, or major renovations. Update rounds played (to extent made available to NGF) and fee levels for key competitive facilities. Review and update key findings and recommendations relating to operating parameters such as staffing, marketing, fees, programming, and the membership program. NATIONAL GOLF FOUNDATION CONSULTING, INC. A Subsidiary of the National Golf Foundation 1150 SOUTH U.S. HIGHWAY ONE, SUITE 401, JUPITER, FL (561) FAX: (561)

13 Analyze the Eagle Harbor fee structure in the context of the competitive golf market and make necessary changes to most recent recommendations regarding the club s pricing and market positioning. Draw conclusions as to the average green fee (including cart) that would have to be attained across all rounds of golf at Eagle Harbor GC to meet the requirements of the bond indenture. Update the Capital Plan prepared for Eagle Harbor Golf Club. Update the Eagle Harbor Golf Club financial projections to reflect the current status and recent operating performance of Eagle Harbor, as well as any substantive changes to the competitive golf market. NGF Consulting will stay in frequent communication with Government Management Services and Eagle Harbor GC staff during the course of this engagement. At the conclusion of the study process, we will develop a written report comprising updated findings, recommendations, and documentation in an executive summary format. A draft version of the document will be delivered to GMS for review and comments. Once the report is finalized, the lead NGF consultant will be available to make a formal presentation of findings to the District Board and/or GMS (direct travel expenses may be incurred), or be available to answer any questions via conference call, as we did for the several previous engagements. STUDY COST AND TIMING SUMMARY The total professional fee for the base scope of services will be $9,250, inclusive of direct project expenses related to cost of demographic data and one trip to the Fleming Island/ Jacksonville area. Depending on the commencement date and scope, NGF Consulting anticipates a five-to-six week timeframe to complete the engagement and deliver an executive summary draft report of findings to GMS, focusing on key changes since the previous report. ACCEPTANCE Acceptance is indicated by providing NGF Consulting with a signed copy of this proposal (incorporated in a CDD or GMS contract as necessary). NGF Consulting will bill for 25% of professional fees upon completion of the initial field visit to Eagle Harbor. The balance will be billed upon delivery of draft report. Dave, if you need any additional information, or would like to discuss any of the specifics of this proposal, please call me at (561) Sincerely, Ed Getherall Director of Consulting (561) egetherall@ngf.org Acceptance: Date: National Golf Foundation Consulting, Inc. Proposal #217037a Eagle Harbor GC Review / Rate Study Update 2

14 NATIONAL GOLF FOUNDATION CONSULTING, INC. Addendum to Consulting Agreement Standard Terms and Conditions 1. It is understood by the client that National Golf Foundation Consulting, Inc. (NGF Consulting) can make no guarantees concerning the recommendations which will result from the proposed assignment, since these recommendations must be based upon facts discovered by NGF Consulting during the course of the study and those conditions existing as of the date of the report. To protect you and other clients, and to assure that the research results of NGF Consulting's work will continue to be accepted as objective and impartial by the business community, it is understood that our fee for the undertaking of this project is in no way dependent upon the specific conclusions reached or the nature of the advice given by us in our report to you. NGF Consulting reserves the right to terminate this engagement, without further liability to client, effective upon notice to client, if NGF Consulting determines, at its sole discretion, that further NGF Consulting involvement in the project is not in the best interests of the client, the project, or NGF Consulting. 2. Every reasonable effort will be exerted in order that the data contained in the written report reflects the most accurate and timely information possible, and is believed to be reliable. However, no responsibility will be assumed for inaccuracies in reporting by the client, client's agents, or any other data source used in preparing the report. 3. Contractual obligations do not include access to or ownership transfer of any electronic data processing files, programs, or models completed directly for or as a byproduct of this research effort. 4. It is agreed by the client that the report may not be used for any purpose other than that for which it is prepared. Neither all nor any part of the contents of the study shall be disseminated to the public through advertising media, news media, sales media, or any other public means of communication without the prior written consent and approval of NGF Consulting. It is further agreed by the client that the report will be presented to third parties in its entirety and that no abstracting of the report will be made without first obtaining the permission of NGF Consulting. The client agrees that the report is not to be used in conjunction with any public or private offering of debt or equity securities or to otherwise induce investment without the prior written consent of NGF Consulting which may be conditioned upon client agreeing to pay an additional fee in an amount to be reasonably determined by NGF Consulting. 5. Each of the parties agrees to indemnify and hold the other party (and its respective affiliates) harmless from and against any and all costs, damages, claims and expenses (including, without limitation, all attorneys' fees and expenses [including, without limitation, appeals]) incurred by the indemnitee as a result of or relating to a breach of any provision of this agreement by the indemnitor unless the act or omission had been specifically approved by the indemnitee. 6. It is agreed by the client that payment for the services of NGF Consulting is due upon receipt of the invoice; that full payment is due upon receipt of the completed draft report; and that NGF Consulting has the right to withhold delivery of the final report pending receipt of any overdue payments. In the event any invoice is not paid within 30 days after rendering of the invoice, it shall commence bearing interest on the date the invoice was rendered at the rate of 18 percent per annum (or such lesser rate as may be the maximum interest permissible under applicable law) and the client agrees to pay all accrued interest, together with the charges for services rendered as provided for in this agreement. In addition, should an unpaid invoice be referred to our attorneys for collection, the client agrees to pay their reasonable fee for such work, as well as any costs of suit which may be incurred. 7. It is understood by NGF Consulting that the findings to this report are the proprietary property of the client and they will not be made available to any other organization or individual without the consent of the client. This proposal will remain in force for a period of 90 days from the date shown hereon. National Golf Foundation Consulting, Inc. Proposal #217037a Eagle Harbor GC Review / Rate Study Update 3

15 EIGHTH ORDER OF BUSINESS

16 C.

17 December 7, 2017 Governmental Management Services, LLC. 475 West Town Place, STE #114 St. Augustine, FL Attn: Dave DeNagy, Steve Andersen, Courtney Hogge Dave, Steve and Courtney, Please find below maintenance services provided to The Crossings by Tree Amigos for November 1st through November 30th, 2017: Routine landscape maintenance services executed according to schedule. Spot treat brown patch in St. Augustine Turf throughout. Apply overseed in areas where we have minimal germination. Liquid fertilizer and fungicide applied to all Annual Flowers. Lack of rainfall in November dictated additional run times on irrigation for rye grass and annual flowers throughout. Pest identification and appropriate control executed as needed throughout property. Application of additional pre-emergent herbicide in ornamental bed areas along the parkway prior to overseed in the areas that were thin. Continue scouting and spot treatment for Mole Crickets throughout the Bermuda areas. As always, we are highly dedicated in our efforts to sustain and enhance the unique landscape throughout Eagle Harbor for all its Members, Residents, and Guests to enjoy and be proud of. Thank you, Tree Amigos Highway 17 #235 Fleming Island, FL Office: (904) Fax: (904)

18 January 5th, 2018 Governmental Management Services, LLC. 475 West Town Place, STE #114 St. Augustine, FL Attn: Dave DeNagy, Steve Andersen, Courtney Hogge Dave, Steve and Courtney, Please find below maintenance services provided to The Crossings by Tree Amigos for December 1 st through December 31st 2017: Routine landscape maintenance services executed according to schedule. New Annual flowers installed 2nd week in December Spot treat brown patch in St. Augustine Turf throughout. Apply overseed in areas where we have minimal germination. Liquid fertilizer and fungicide applied to all Annual Flowers. Adjusted and added additional run times on irrigation for rye grass and annual flowers throughout. Pest identification and appropriate control executed as needed throughout property. Application of additional pre-emergent herbicide in ornamental bed areas along the parkway prior to overseed in the areas that were thin. Continue scouting and spot treatment for Mole Crickets throughout the Bermuda areas. As always, we are highly dedicated in our efforts to sustain and enhance the unique landscape throughout Eagle Harbor for all its Members, Residents, and Guests to enjoy and be proud of. Thank you, Tree Amigos Highway 17 #235 Fleming Island, FL Office: (904) Fax: (904)

19 D.

20 TALONS and GOLF PERFORMANCE REPORT Dec 2018 Executive Summary: 1. Beat Budget by $1, Events FB generated $36, Property tax on equipment paid in full 4. Cancellation of biggest golf outing of year - loss of $12, Loss of nearly 700 rounds of golf throughout month due to weather - additional loss of FB revenue associated with golf Consolidated Month to Date Year to Date Consolidated MTD Actual MTD Budget MTD Variance YTD Actual YTD Budget YTD Variance Revenue $242,701 $256,704 ($14,003) Revenue $700,735 $690,359 $10,376 COGS $54,852 $58,653 COGS $146,548 $150,983 Expenses $189,668 $201,153 ($11,485) Expenses $575,655 $583,504 ($7,849) NOI ($1,819) ($3,102) $1,283 NOI ($21,468) ($44,128) $22,660 Capital Expenses $0 $0 $0 Capital Expenses $0 n/a n/a Golf Month to Date Year to Date Golf MTD Actual MTD Budget MTD Variance YTD Actual YTD Budget YTD Variance Revenue $110,055 $133,702 ($23,647) Revenue $342,027 $364,039 ($22,012) COGS $7,572 $15,635 COGS $20,861 $36,635 Expenses $116,097 $120,235 ($4,138) Expenses $349,277 $343,908 $5,369 NOI ($13,614) ($2,168) ($11,446) NOI ($28,111) ($16,504) ($11,607) Capital Expenses $0 $0 $0 Capital Expenses $0 n/a n/a Talons Month to Date Year to Date Talons MTD Actual MTD Budget MTD Variance YTD Actual YTD Budget YTD Variance Revenue $132,646 $123,002 $9,644 Revenue $358,708 $326,320 $32,388 COGS $ 47,281 $ 43,018 COGS $125,686 $114,347 Expenses $73,571 $80,918 ($7,347) Expenses $226,378 $239,596 ($13,218) NOI $11,794 ($934) $12,728 NOI $6,644 ($27,623) $34,267 Capital Expenses $0 $0 $0 Capital Expenses $0 n/a n/a Membership Counts Talons COGS (goal 36%) Oct 148 Apr 0 Oct 31% Apr 0% Nov 155 May 0 Nov 39% May 0% Dec 158 June 0 Dec 36% June 0% Jan 0 July 0 Jan 0% July 0% Feb 0 Aug 0 Feb 0% Aug 0% Mar 0 Sept 0 Mar 0% Sept 0%

21 E.

22 Crossings at Fleming Island Community Development District OPERATIONS OFFICE 2105 Harbor Lake Dr, Fleming Island, Florida Date: Jan 2018 To: From: Re: CROSSINGS AT FLEMING ISLAND CDD, BOARD OF SUPERVISORS Steve Andersen, District Operations Manager Crossings Monthly Operations Report Amenity Centers: 1. Swim Park a. Proposals for roof replacement in progress 2. Tennis Center a. New storage sheds installed 3. Waterfront Park a. Closed for extensive repairs to electrical components and decking. Plan opening end of January b. Getting quotes to replace roof on main building and storage building. c. Received quote to install heaters on family pool 4. Talons a. Receiving quotes to replace the roof. 5. Golf Course a. Beautification in progress b. New palms and lights on number 14 installed Common Areas & Retention Ponds: 1. All lakes have been treated and inspected by the Lake Doctors. 2. Numerous fish kills due to cold weather Landscaping: 1. GMS meets or talks with Tree Amigos daily. The landscape report is filed separately. Misc: 1. GMS answered numerous phone calls, s and visits from residents, contractors, vendors and other persons with inquiries. The subjects included, CCUA billing and repairs, golf course maintenance, easement encroachments, nutria, alligators, lake maintenance, FEMA, directions, repairs, drainage (both County and CDD owned), dead trees, vandalism, security, etc 2. Facilities are inspected on a weekly basis.

23 NINTH ORDER OF BUSINESS

24 The Crossings at Fleming Island COMMUNITY DEVELOPMENT DISTRICT COMBINED BALANCE SHEET December 31, 2017 ASSETS: Governmental Funds Proprietary Funds Debt Capital Water/ Golf Swim & Totals General Reserve Service Projects Sewer Fund Tennis FY2018 Cash - Wells Fargo $2,241,370 $826, $576,768 $50,699 $181,981 $3,877,266 Cash - BB&T $475, $475,530 Petty Cash $1,200 $800 $2,000 Accounts Receivable $113,467 $43,337 $17,066 $173,870 Investments: Operations: State Board $935, $741,183 $ $1,676,570 State Board - Unforeseen Exp $2,135, $2,135,053 Series 1999 Reserve $114, $114,208 Interest $2 --- $2 Operating Reserves $92, $92,908 Sinking $6 --- $6 Series 2007/2016 Refunding/2017 Reserve $ $1 Interest $ $0 Surplus $9, $9,887 Rate Stabilization $262, $262,088 Renewal & Replacement $288, $288,425 Revenue $1, $1,060 Interest $224, $224,753 Redemption - Tax Exempt $162, $162,744 Redemption - Taxable $50, $50,103 Series A-1/A-2 Reserve A $1,046, $1,046,862 Revenue $1,906, $1,906,136 Prepayment A $78, $78,654 Reserve A $396, $396,193 Prepayment A $ $1 Series A-3 Reserve A $384, $384,119 Revenue $325, $325,327 Prepayment A $ $0 Construction - A $186, $186,864 Series 2017 Reserve $33, $33,466 Interest $50, $50,025 Revenue $ $442 Construction $5, $5,652 COI $ $0 Inventory $75,765 $14,248 $90,013 Due from General --- $86,236 $313, $0 $400,127 Due from Other $3, $3,090 Due from S&T - Boat Storage Rev $7, $7,510 Due from Golf Course - Loan $85, $85,800 Due from Golf Course $5, $5,444 Prepaid Expenses $63, $0 $43,102 $2,206 $108,938 Deposits $35, $9,195 $0 $44,195 Fixed Assets $11,695,448 $5,303, $16,998,593 TOTAL ASSETS $5,512,062 $912,683 $4,535,115 $192,515 $14,601,456 $5,733,789 $216,301 $31,703,922 #REF! LIABILITIES: $5,448,433 $208,791 Accounts Payable $20,737 $104, $308,328 $164,662 $43,559 $641,959 Member Liability $35, $35,685 Due to General Fund $0 $7,510 $7,510 Due to General Fund - Loan $85, $85,800 Due to Debt Service $313, $313,891 Due to Reserve $86, $86,236 Deferred Income $54,532 $28,583 $83,115 Deposits Payable $4, $249,333 $0 $9,975 $263,681 Accrued Interest Payable - Bonds $223,092 $2,034, $2,257,098 Accrued Principal Payable $212,500 $1,821, $2,033,750 Maintenance Warranties $5, $5,739 Bonds Payable $3,360, $3,360,000 Bonds Payable Ref $23,410, $23,410,000 FUND BALANCES: Assigned for General Fund $2,135, $2,135,053 Restricted for Debt Service $4,535, $4,535,115 Restricted for Capital Projects $192, $192,515 Restricted for Water Sewer $249, $249,333 Nonspendable $246, $246,826 Unassigned $2,704,946 $808, ($10,056,868) ($1,822,146) $126,674 ($8,239,384) TOTAL LIABILITIES & FUND EQUITY & OTHER CREDITS $5,512,062 $912,683 $4,535,115 $192,515 $14,601,456 $5,733,789 $216,301 $31,703,922-1-

25 3 The Crossings at Fleming Island COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND Statement of Revenues & Expenditures For The Period Ending December 31, 2017 REVENUES: ADOPTED PRORATED BUDGET ACTUAL BUDGET THRU 12/31/17 THRU 12/31/17 VARIANCE Special Assessment $2,931,456 $2,582,279 $2,582,279 $0 Boat/RV Storage Fees $95,000 $23,750 $22,470 ($1,280) Interest Income $18,000 $4,500 $9,386 $4,886 Rental/Internet Income $2,680 $670 $447 ($223) TOTAL REVENUES $3,047,136 $2,611,199 $2,614,581 $3,383 EXPENDITURES: ADMINISTRATIVE: Supervisors Fees $21,000 $5,250 $1,000 $4,250 FICA $1,607 $402 $77 $325 Engineering $5,000 $1,250 $500 $750 Arbitrage $3,600 $900 $0 $900 Dissemination Agent $1,300 $325 $500 ($175) Attorney Fees $30,362 $7,591 $7,184 $406 Audit $3,612 $903 $0 $903 Trustee/Banking Fees $11,000 $11,000 $11,234 ($234) Management Fees $117,729 $29,432 $29,432 $0 Computer Time $1,000 $250 $250 $0 Telephone $300 $75 $0 $75 Postage $2,600 $650 $251 $399 Printing & Binding $2,100 $525 $245 $280 Insurance $62,000 $62,000 $61,179 $821 Legal Advertising $3,600 $900 $0 $900 Other Current Charges $8,250 $2,063 $1,084 $978 Office Supplies $1,300 $325 $15 $310 Dues, Licenses, Subscriptions $175 $175 $175 $0 MAINTENANCE: Landscape Maintenance - Contract $806,775 $201,694 $190,889 $10,805 Landscape Maintenance - Contingency $80,000 $20,000 $22,493 ($2,493) Lake Maintenance $83,038 $20,760 $18,550 $2,210 Cost Sharing Agreement $13,000 $3,250 $0 $3,250 Facility/Preventative Maintenance $150,000 $37,500 $31,814 $5,686 Utilities $131,000 $32,750 $28,168 $4,582 Operating Reserves $0 $0 $0 $0 Security $16,158 $4,040 $4,659 ($620) Contingencies $0 $0 $0 $0 TOTAL EXPENDITURES $1,556,506 $444,008 $409,698 $34,310 OTHER SOURCES/(USES): Interfund Transfer In ($54,000) $0 $0 $0 Interfund Transfer Out - Swim & Tennis ($1,286,630) ($321,658) ($321,658) ($0) Interfund Transfer Out - Golf Course ($150,000) $0 $0 $0 TOTAL OTHER ($1,490,630) ($321,658) ($321,658) ($0) EXCESS REVENUES (EXPENDITURES) $0 $1,883,226 FUND BALANCE - Beginning $0 $3,203,599 FUND BALANCE - Ending $0 $5,086,825 Page 2

26 3 The Crossings at Fleming Island COMMUNITY DEVELOPMENT DISTRICT CAPITAL RESERVE FUND Statement of Revenues & Expenditures For The Period Ending December 31, 2017 REVENUES: ADOPTED PRORATED BUDGET ACTUAL BUDGET THRU 12/31/17 THRU 12/31/17 VARIANCE Special Assessments - Tax Collector $764,224 $673,147 $673,147 $0 Misc Income $0 $0 $9,500 $9,500 TOTAL REVENUES $764,224 $673,147 $682,647 $9,500 EXPENDITURES: Capital Outlay $763,974 $190,994 $187,048 $3,946 Other Current Charges $250 $63 $0 $63 TOTAL EXPENDITURES $764,224 $191,056 $187,048 $4,008 OTHER SOURCES/(USES): Interfund Transfer In $0 $0 $0 $0 Interfund Transfer Out $0 $0 $0 $0 TOTAL OTHER $0 $0 $0 $0 EXCESS REVENUES (EXPENDITURES) $0 $495,599 FUND BALANCE - Beginning $0 $312,411 FUND BALANCE - Ending $0 $808,010 Page 3

27 The Crossings at Fleming Island COMMUNITY DEVELOPMENT DISTRICT DEBT SERVICE FUND Series 2014 A-1/A-2 Special Assessment Refunding Bonds Statement of Revenues & Expenditures For The Period Ending December 31, 2017 ADOPTED PRORATED ACTUAL BUDGET THRU 12/31/17 THRU 12/31/17 VARIANCE REVENUES: Special Assessments - Tax Collector (A/1-2) $2,943,349 $2,177,993 $2,177,993 $0 Interest Income $0 $0 $4,256 $4,256 TOTAL REVENUES $2,943,349 $2,177,993 $2,182,249 $4,256 EXPENDITURES: Series 2014 A-1 Interest Expense - 11/1 $423,884 $419,272 $419,272 $0 Principal Expense - 5/1 $1,260,000 $0 $0 $0 Interest Expense - 5/1 $423,884 $0 $0 $0 Special Call - 11/1 $0 $0 $10,000 ($10,000) Series 2014 A-2 Interest Expense - 11/1 $117,250 $117,250 $117,250 $0 Principal Expense - 5/1 $165,000 $0 $0 $0 Interest Expense - 5/1 $117,250 $0 $0 $0 Special Call - 11/1 $0 $0 $5,000 ($5,000) TOTAL EXPENDITURES $2,507,268 $536,522 $551,522 ($10,000) EXCESS REVENUES (EXPENDITURES) $436,081 $1,630,727 FUND BALANCE - Beginning $694,907 $2,070,234 FUND BALANCE - Ending $1,130,988 $3,700,961 Page 4

28 The Crossings at Fleming Island COMMUNITY DEVELOPMENT DISTRICT DEBT SERVICE FUND Series 2014 A-3 Special Assessment Refunding Bonds Statement of Revenues & Expenditures For The Period Ending December 31, 2017 ADOPTED PRORATED ACTUAL BUDGET THRU 12/31/17 THRU 12/31/17 VARIANCE REVENUES: Special Assessments - Tax Roll $414,288 $326,638 $326,638 $0 Interest Income $0 $0 $838 $838 TOTAL REVENUES $414,288 $326,638 $327,475 $838 EXPENDITURES: Series 2014 A-3 Interest Expense - 11/1 $157,625 $157,625 $157,625 $0 Principal Expense - 5/1 $70,000 $0 $0 $0 Interest Expense - 5/1 $157,625 $0 $0 $0 Special Call - 11/1 $0 $0 $5,000 ($5,000) TOTAL EXPENDITURES $385,250 $157,625 $162,625 ($5,000) EXCESS REVENUES (EXPENDITURES) $29,038 $164,850 FUND BALANCE - Beginning $203,802 $585,372 FUND BALANCE - Ending $232,840 $750,222 Page 5

29 The Crossings at Fleming Island COMMUNITY DEVELOPMENT DISTRICT DEBT SERVICE FUND Series 2017 Special Assessment Revenue Bonds Statement of Revenues & Expenditures For The Period Ending December 31, 2017 PROPOSED PRORATED ACTUAL BUDGET THRU 12/31/17 THRU 12/31/17 VARIANCE REVENUES: Special Assessments - Tax Roll $0 $0 $0 $0 Interest Income $0 $0 $220 $220 TOTAL REVENUES $0 $0 $220 $220 EXPENDITURES: Series 2017 Principal Expense - 11/1 $0 $0 $20,983 ($20,983) Interest Expense - 11/1 $0 $0 $0 $0 Principal Expense - 5/1 $0 $0 $0 $0 TOTAL EXPENDITURES $0 $0 $20,983 ($20,983) EXCESS REVENUES (EXPENDITURES) $0 ($20,763) FUND BALANCE - Beginning $0 $104,695 FUND BALANCE - Ending $0 $83,932 Page 6

30 The Crossings at Fleming Island COMMUNITY DEVELOPMENT DISTRICT CAPITAL PROJECTS FUND Series 2014 A-3 Special Assessment Refunding Bonds Statement of Revenues & Expenditures For The Period Ending December 31, 2017 ADOPTED PRORATED ACTUAL BUDGET THRU 12/31/17 THRU 12/31/17 VARIANCE REVENUES: Interest Income $0 $0 $295 $295 TOTAL REVENUES $0 $0 $295 $295 EXPENDITURES: Improvements $0 $0 $0 $0 Cost of Issuance $0 $0 $0 $0 TOTAL EXPENDITURES $0 $0 $0 $0 OTHER SOURCES/(USES): Interfund Transfer Out $0 $0 $0 $0 TOTAL OTHER $0 $0 $0 $0 EXCESS REVENUES (EXPENDITURES) $0 $295 FUND BALANCE - Beginning $0 $186,569 FUND BALANCE - Ending $0 $186,864 Page 7

31 The Crossings at Fleming Island COMMUNITY DEVELOPMENT DISTRICT CAPITAL PROJECTS FUND Series 2017 Special Assessment Revenue Bonds Statement of Revenues & Expenditures For The Period Ending December 31, 2017 ADOPTED PRORATED ACTUAL BUDGET THRU 12/31/17 THRU 12/31/17 VARIANCE REVENUES: Interest Income $0 $0 $13 $13 TOTAL REVENUES $0 $0 $13 $13 EXPENDITURES: Improvements $0 $0 $0 $0 Cost of Issuance $0 $0 $0 $0 TOTAL EXPENDITURES $0 $0 $0 $0 EXCESS REVENUES (EXPENDITURES) $0 $13 FUND BALANCE - Beginning $0 $5,639 FUND BALANCE - Ending $0 $5,652 Page 8

32 The Crossings at Fleming Island COMMUNITY DEVELOPMENT DISTRICT WATER/SEWER FUND Statement of Revenues & Expenditures For The Period Ending December 31, 2017 REVENUES: ADOPTED PRORATED ACTUAL BUDGET THRU 12/31/17 THRU 12/31/17 VARIANCE Water Revenue $1,000,000 $250,000 $272,227 $22,227 Wastewater Revenue $1,830,000 $457,500 $478,632 $21,132 Reuse Water Revenue $650,000 $162,500 $178,228 $15,728 Admin Fees for W/S Operation $0 $0 $21,538 $21,538 Debt Service Recovery Fee $1,781,705 $445,426 $458,354 $12,928 Interest/Misc. Income $3,000 $750 $4,204 $3,454 TOTAL REVENUES $5,264,705 $1,316,176 $1,413,184 $97,008 EXPENDITURES: ADMINISTRATIVE: Engineering $1,000 $0 $0 $0 Dissemination Agent $1,000 $250 $250 $0 Attorney Fees $24,500 $6,125 $5,797 $328 Annual Audit $2,224 $0 $0 $0 Trustee Fees $8,500 $0 $0 $0 Management Fees $58,880 $14,720 $14,720 ($0) Computer Time $500 $125 $0 $125 Travel & Per Diem $500 $125 $0 $125 Postage $350 $88 $253 ($166) Printing & Binding $500 $125 $0 $125 Insurance $36,500 $36,500 $36,401 $99 Legal Advertising $1,000 $250 $0 $250 Office Supplies $0 $0 $0 $0 Other Current Charges $10,000 $2,500 $3,534 ($1,034) WATER/WASTEWATER: Service Charges $65,000 $16,250 $21,538 ($5,288) Meter Expenses $1,000 $250 $0 $250 Purchased Water $1,000,000 $250,000 $283,889 ($33,889) Purchased Wastewater $1,830,000 $457,500 $478,632 ($21,132) Alternative Water Supply $41,960 $10,490 $11,046 ($556) Purchased Reclaimed Water $143,000 $35,750 $36,615 ($865) Repairs & Maintenance $15,000 $3,750 $15,755 ($12,005) Electric $35,000 $8,750 $8,162 $588 Capital Outlay $5,000 $1,250 $0 $1,250 Contingency $10,000 $2,500 $0 $2,500 TOTAL EXPENDITURES $3,291,414 $847,298 $916,592 ($69,295) Net Income before Debt Service $1,973,291 $496,591 DEBT SERVICE/OTHER SOURCES (USES): Principal Expense ($850,000) ($212,500) ($212,500) $0 Interest Expense ($892,368) ($223,092) ($223,092) $0 Interfund Transfer Out $0 $0 $0 $0 TOTAL OTHER ($1,742,368) ($435,592) ($435,592) $0 TOTAL EXPENDITURES $5,033,782 ($1,282,890) ($1,352,184) ($69,295) EXCESS REVENUES (EXPENDITURES) $230,923 $60,999 FUND BALANCE - Beginning $0 ($9,868,535) FUND BALANCE - Ending $230,923 ($9,807,535) Page 9

33 3 The Crossings at Fleming Island COMMUNITY DEVELOPMENT DISTRICT GOLF FUND Statement of Revenues & Expenditures For The Period Ending December 31, 2017 REVENUES: ADOPTED PRORATED BUDGET ACTUAL CURRENT BUDGET THRU 12/31/17 THRU 12/31/17 VARIANCE MONTH User Fees - Dues $375,115 $91,410 $72,082 ($19,328) $23,225 # Greens/Cart Fees $857,113 $222,045 $195,312 ($26,733) $62,423 # Merchandise/Food/Beverage Sale $1,336,891 $352,744 $393,197 $40,453 $144,806 # Rental Revenue $37,431 $11,452 $1,389 ($10,063) $992 # Membership Income - Other Fees $55,411 $0 $20,239 $20,239 $6,562 # Miscellaneous Income $48,700 $12,708 $18,516 $5,808 $4,694 # Interest Income $0 $0 $308 $308 $103 # TOTAL REVENUES $2,710,661 $690,359 $701,043 $10,684 $242,804 COST OF GOODS SOLD: Cost of Goods Sold $545,735 $150,983 $146,548 ($4,435) $54,852 GROSS PROFIT $2,164,926 $539,376 $554,495 $15,119 $187,951 EXPENDITURES: Operating Expenses: Salaries $1,066,882 $266,154 $268,659 ($2,505) $85,738 # Commisions & Bonus $27,996 $6,999 $9,406 ($2,407) $3,543 Employee Expenses $206,921 $56,977 $53,137 $3,840 $19,634 # Employee Uniforms $5,200 $2,300 $1,066 $1,234 $0 Travel & Per Diem $1,000 $0 $0 $0 $0 # Training $2,154 $685 $580 $105 $0 Employee Advertising $50 $50 $298 ($248) $128 Janitorial Expense/Supplies $5,400 $1,600 $464 $1,136 $0 Tournaments & Events $30,609 $11,511 $10,113 $1,398 $3,127 Centralized Services $68,475 $17,735 $12,842 $4,893 $3,753 Course & Grounds Maintenance $20,043 $8,188 $2,433 $5,755 $670 Repairs - Equipment $23,762 $5,733 $8,049 ($2,316) $2,725 Repairs - Buildings $12,545 $3,593 $1,338 $2,255 $0 Operating Supplies $87,057 $26,502 $21,441 $5,061 $4,515 Office Supplies $2,874 $647 $310 $337 $152 # Postage $866 $172 $133 $39 $72 Printing & Reproduction $1,200 $300 $0 $300 $0 Utility Services $86,323 $20,490 $15,379 $5,111 $4,021 # Gas/Oil/Propane $40,232 $11,073 $10,920 $153 $2,909 # Refuse & Potables $13,707 $2,751 $3,725 ($974) $1,869 Telephone $16,763 $2,035 $4,608 ($2,573) $1,193 Security/Pest Control $4,843 $930 $5,215 ($4,285) $1,696 Music & Cable Service $6,319 $3,000 $3,522 ($522) $1,411 Dues and Subscriptions $11,838 $2,107 $1,856 $251 $305 Chemicals $51,000 $8,000 $6,790 $1,210 $1,459 Fertilizer - Course $47,000 $8,000 $2,389 $5,611 $700 Sand, Seed & Dressing $15,000 $3,750 $9,900 ($6,150) $4,849 Small Tools $1,466 $300 $834 ($534) $550 # Licenses/Permits $3,160 $70 $0 $70 $0 # Bad Debt Expense $0 $0 $0 $0 $0 Cash Short/Over $0 $0 ($24) $24 $16 Miscellaneous $0 $1,320 $125 $1,195 $125 Trustee Fees $50,189 $12,707 $9,047 $3,661 $3,331 Shrinkage $0 $0 $1,031 ($1,031) $344 Aerification $5,280 $0 $0 $0 $0 Management Fees - Hampton Golf $86,400 $21,600 $21,600 $0 $7,200 # Rentals & Leases $207,702 $51,944 $56,542 ($4,598) $19,033 # Lake Maintenance $27,600 $6,900 $6,900 $0 $2,300 Insurance $25,960 $5,830 $6,404 ($574) $2,135 # Other Current Charges $20,958 $4,821 $11,342 ($6,521) $7,741 # Management Fees - GMS $23,100 $5,775 $6,025 ($250) $2,008 Attorney Fees $2,460 $477 $583 ($106) $194 Audit $3,264 $477 $673 ($196) $224 TOTAL EXPENDITURES $2,313,598 $583,504 $575,655 $7,849 $189,669 Net Income before Non-Operating Expenses ($148,672) ($21,160) ($1,717) Non-Operating Income/(Expenses): Interfund Transfer In $150,000 $0 $0 $0 $0 Principal Expense ($325,000) ($325,000) ($71,250) $253,750 ($23,750) Interest Expense ($182,820) ($182,820) ($50,738) $132,083 ($16,913) # Other Expenses $0 $0 ($11,535) ($11,535) ($11,535) TOTAL NON-OPERATING ($357,820) ($507,820) ($133,523) $374,297 ($52,198) EXCESS REVENUES (EXPENDITURES) ($506,492) ($154,682) ($53,915) FUND BALANCE - Beginning $0 ($1,667,464) FUND BALANCE - Ending ($506,492) ($1,822,146) Page 10

34 1 1 REVENUES: ADOPTED PRORATED BUDGET ACTUAL CURRENT BUDGET THRU 12/31/17 THRU 12/31/17 VARIANCE MONTH User Fees $86,000 $15,270 $24,983 $9,713 $2,684 Lesson Income Tennis $160,000 $39,800 $32,836 ($6,964) $9,665 CDD Lesson Income $21,000 $4,440 $4,005 ($435) $1,416 Merchandise/Food/Beverage Sale $100,000 $6,960 $12,184 $5,224 $3,693 TOTAL REVENUES $367,000 $66,470 $74,008 $7,538 $17,458 COST OF GOODS SOLD: Cost of Goods Sold $50,000 $4,076 $7,608 ($3,532) $2,813 GROSS PROFIT $317,000 $62,394 $66,400 $4,006 $14,646 EXPENDITURES: Operating Expenses: Salaries $745,720 $170,891 $129,392 $41,499 $39,355 Employee Expenses $175,100 $40,824 $25,449 $15,374 $8,011 Employee Education & Training $2,500 $1,390 $2,904 ($1,514) $420 Lessons Paid Out $160,000 $39,800 $32,836 $6,964 $9,665 Promotional Activities $65,000 $21,520 $28,743 ($7,223) $5,254 Repairs & Maintenance $85,000 $20,794 $12,774 $8,020 $8,438 Other Contractual $10,000 $1,526 $1,990 ($464) $911 Communications and Freight $17,000 $4,169 $3,821 $348 $1,100 Customer Service & Advertising $31,000 $7,750 $7,730 $20 $2,575 Operating Supplies $20,750 $3,835 $3,034 $800 $907 Office Supplies $16,000 $4,250 $5,262 ($1,012) $2,758 Printing & Binding $1,000 $250 $496 ($246) $0 Utility Services $120,510 $26,770 $21,205 $5,565 $7,785 Gas/Oil/Propane $43,200 $13,356 $363 $12,993 $0 Books/Publications/Subs/Memberships $2,000 $400 $295 $105 $295 Chemicals $51,450 $10,585 $9,223 $1,363 $6,003 Licenses/Permits $2,400 $150 $0 $150 $0 Shrinkage $0 $0 $46 ($46) $0 Cash Short/Over $0 $0 $170 ($170) $140 Trustee Fees $11,000 $2,847 $2,732 $114 $817 Rentals & Leases $5,700 $1,425 $565 $860 $159 Misc Expenses $0 $0 $0 $0 $0 Management Fees - Hampton Golf $37,080 $9,270 $9,000 $270 $3,000 Insurance $1,200 $500 $0 $500 $0 Taxes $20 $0 $8 ($8) $0 TOTAL EXPENDITURES $1,603,630 $382,301 $298,040 $84,260 $97,595 Non-Operating Income/Expenses: The Crossings at Fleming Island COMMUNITY DEVELOPMENT DISTRICT SWIM & TENNIS FUND Statement of Revenues & Expenditures For The Period Ending December 31, 2017 Interfund Transfer In $1,286,630 $320,907 $321,658 $751 $107,219 Other Income $0 $0 $83 $83 $30 Nonrecurring & Capital Expenses $0 $0 ($1,523) ($1,523) $0 TOTAL NON-OPERATING $1,286,630 $320,907 $320,218 ($689) $107,249 EXCESS REVENUES (EXPENDITURES) $0 $88,578 $24,300 FUND BALANCE - Beginning $0 $38,096 FUND BALANCE - Ending $0 $126,674 Page 11

35 3 The Crossings at Fleming Island COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND Statement of Revenues & Expenditures For The Year Ending September 30, 2018 REVENUES: ADOPTED BUDGET Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 TOTAL Special Assessment $2,931,456 $529 $1,253,773 $1,327,978 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,582,279 Special Assessment - Direct $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Boat/RV Storage Fees $95,000 $0 $14,960 $7,510 $0 $0 $0 $0 $0 $0 $0 $0 $0 $22,470 Interest/Misc. Income $18,000 $3,228 $2,919 $3,239 $0 $0 $0 $0 $0 $0 $0 $0 $0 $9,386 Rental Income $2,680 $223 $223 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $447 TOTAL REVENUES $3,047,136 $3,980 $1,271,875 $1,338,726 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,614,581 EXPENDITURES: ADMINISTRATIVE: Supervisors Fees $21,000 $0 $1,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,000 FICA $1,607 $0 $77 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $77 Engineering $5,000 $0 $0 $500 $0 $0 $0 $0 $0 $0 $0 $0 $0 $500 Arbitrage $3,600 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Dissemination Agent $1,300 $167 $167 $167 $0 $0 $0 $0 $0 $0 $0 $0 $0 $500 Attorney Fees $30,362 $2,397 $2,394 $2,394 $0 $0 $0 $0 $0 $0 $0 $0 $0 $7,184 Audit $3,612 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Trustee Fees $11,000 $11,234 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $11,234 Management Fees $117,729 $9,811 $9,811 $9,811 $0 $0 $0 $0 $0 $0 $0 $0 $0 $29,432 Computer Time $1,000 $83 $83 $83 $0 $0 $0 $0 $0 $0 $0 $0 $0 $250 Telephone $300 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Postage $2,600 $45 $135 $71 $0 $0 $0 $0 $0 $0 $0 $0 $0 $251 Printing & Binding $2,100 $55 $11 $179 $0 $0 $0 $0 $0 $0 $0 $0 $0 $245 Insurance $62,000 $61,179 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $61,179 Legal Advertising $3,600 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Current Charges $8,250 $365 $406 $313 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,084 Office Supplies $1,300 $0 $8 $8 $0 $0 $0 $0 $0 $0 $0 $0 $0 $15 Dues, Licenses, Subscriptions $175 $0 $175 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $175 MAINTENANCE: Landscape Maintenance - Contract $806,775 $63,630 $63,630 $63,630 $0 $0 $0 $0 $0 $0 $0 $0 $0 $190,889 Landscape Maintenance - Contingenc $80,000 $6,400 $8,450 $7,643 $0 $0 $0 $0 $0 $0 $0 $0 $0 $22,493 Lake Maintenance $83,038 $6,183 $6,183 $6,183 $0 $0 $0 $0 $0 $0 $0 $0 $0 $18,550 Cost Sharing Agreement $13,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Facility/Preventative Maintenance $150,000 $11,488 $13,774 $6,552 $0 $0 $0 $0 $0 $0 $0 $0 $0 $31,814 Utilities $131,000 $8,771 $9,601 $9,796 $0 $0 $0 $0 $0 $0 $0 $0 $0 $28,168 Operating Reserves $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Security $16,158 $1,040 $1,780 $1,839 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,659 Contingencies $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL EXPENDITURES $1,556,506 $182,847 $117,683 $109,168 $0 $0 $0 $0 $0 $0 $0 $0 $0 $409,698 OTHER SOURCES/(USES): Interfund Transfer In ($54,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Interfund Transfer Out - S&T ($1,286,630) ($107,219) ($107,219) ($107,219) $0 $0 $0 $0 $0 $0 $0 $0 $0 ($321,658) Interfund Transfer Out - Golf ($150,000) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL OTHER ($1,490,630) ($107,219) ($107,219) ($107,219) $0 $0 $0 $0 $0 $0 $0 $0 $0 ($321,658) EXCESS REV/(EXP) $0 ($286,086) $1,046,972 $1,122,339 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,883,226

36 # The Crossings at Fleming Island COMMUNITY DEVELOPMENT DISTRICT WATER/SEWER FUND Statement of Revenues & Expenditures For The Year Ending September 30, 2018 REVENUES: ADOPTED BUDGET Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 TOTAL Water Revenue $1,000,000 $85,497 $90,957 $95,773 $0 $0 $0 $0 $0 $0 $0 $0 $0 $272,227 Wastewater Revenue $1,830,000 $154,881 $155,123 $168,628 $0 $0 $0 $0 $0 $0 $0 $0 $0 $478,632 Reuse Water Revenue $650,000 $55,493 $59,294 $63,440 $0 $0 $0 $0 $0 $0 $0 $0 $0 $178,228 Admin Fees for W/S Operation $0 $6,837 $8,463 $6,238 $0 $0 $0 $0 $0 $0 $0 $0 $0 $21,538 Debt Service Recovery Fee $1,781,705 $152,503 $152,266 $153,586 $0 $0 $0 $0 $0 $0 $0 $0 $0 $458,354 Interest/Meter Fees $3,000 $1,219 $1,263 $1,722 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,204 TOTAL REVENUES $5,264,705 $456,431 $467,365 $489,388 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,413,184 EXPENDITURES: ADMINISTRATIVE: Engineering $1,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Dissemination Agent $1,000 $83 $83 $83 $0 $0 $0 $0 $0 $0 $0 $0 $0 $250 Attorney Fees $24,500 $1,934 $1,931 $1,932 $0 $0 $0 $0 $0 $0 $0 $0 $0 $5,797 Annual Audit $2,224 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Trustee/Bank Fees $8,500 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Management Fees $58,880 $4,907 $4,907 $4,907 $0 $0 $0 $0 $0 $0 $0 $0 $0 $14,720 Computer Time $500 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Travel & Per Diem $500 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Postage $350 $83 $59 $111 $0 $0 $0 $0 $0 $0 $0 $0 $0 $253 Printing & Binding $500 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Insurance $36,500 $36,401 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $36,401 Legal Advertising $1,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Office Supplies $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Current Charges $10,000 $1,087 $1,248 $1,198 $0 $0 $ $0 $0 $0 $0 $0 $0 $3,534 WATER/WASTEWATER: Service Charges $65,000 $6,837 $8,463 $6,238 $0 $0 $0 $0 $0 $0 $0 $0 $0 $21,538 Meter Expenses $1,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Purchased Water $1,000,000 $96,044 $92,379 $95,466 $0 $0 $0 $0 $0 $0 $0 $0 $0 $283,889 Purchased Wastewater $1,830,000 $154,881 $155,123 $168,628 $0 $0 $0 $0 $0 $0 $0 $0 $0 $478,632 Alternative Water Supply $41,960 $3,677 $3,679 $3,690 $0 $0 $0 $0 $0 $0 $0 $0 $0 $11,046 Purchased Reclaimed Water $143,000 $4,689 $15,533 $16,394 $0 $0 $0 $0 $0 $0 $0 $0 $0 $36,615 Repairs & Maintenance $15,000 $4,357 $1,161 $10,237 $0 $0 $0 $0 $0 $0 $0 $0 $0 $15,755 Electric $35,000 $2,459 $2,981 $2,722 $0 $0 $0 $0 $0 $0 $0 $0 $0 $8,162 Capital Outlay $5,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Contingency $10,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 DEBT SERVICE: $3,291,414 $317,439 $287,547 $311,606 $0 $0 $0 $1,223 $0 $0 $0 $0 $0 $916,592 Principal Expense ($850,000) ($70,833) ($70,833) ($70,833) $0 $0 $0 $0 $0 $0 $0 $0 $0 ($212,500) Interest Expense ($892,368) ($74,364) ($74,364) ($74,364) $0 $0 $0 $0 $0 $0 $0 $0 $0 ($223,092) Interfund Transfer out $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL EXPENDITURES $5,033,782 $462,637 $432,744 $456,803 $0 $0 $0 $1,223 $0 $0 $0 $0 $0 $1,352,184 EXCESS REVENUES (EXPENDITURES) $230,923 ($6,206) $34,621 $32,584 $0 $0 $0 ($1,223) $0 $0 $0 $0 $0 $60,999

37 The Crossings at Fleming Island CDD GOLF COURSE Statement of Revenues & Expenditures For The Year Ending September 30, 2018 ADOPTED BUDGET Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 TOTAL REVENUES User Fees - Dues $375,115 $23,996 $24,861 $23,225 $0 $0 $0 $0 $0 $0 $0 $0 $0 $72,082 Greens/Cart Fees $857,113 $63,887 $69,003 $62,423 $0 $0 $0 $0 $0 $0 $0 $0 $0 $195,312 Merchandise/Food/Beverage Sale $1,336,891 $131,701 $116,689 $144,806 $0 $0 $0 $0 $0 $0 $0 $0 $0 $393,197 Rental Revenue $37,431 $555 ($158) $992 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,389 Membership Income - Other Fees $55,411 $6,458 $7,220 $6,562 $0 $0 $0 $0 $0 $0 $0 $0 $0 $20,239 Miscellaneous Income $48,700 $9,225 $4,597 $4,694 $0 $0 $0 $0 $0 $0 $0 $0 $0 $18,516 Interest Income $0 $104 $101 $103 $0 $0 $0 $0 $0 $0 $0 $0 $0 $308 TOTAL REVENUES $2,710,661 $235,927 $222,313 $242,804 $0 $0 $0 $0 $0 $0 $0 $0 $0 $701,043 COST OF GOODS SOLD: Cost of Goods Sold $545,735 $44,282 $47,413 $54,852 $0 $0 $0 $0 $0 $0 $0 $0 $0 $146,548 GROSS PROFIT $2,164,926 $191,645 $174,899 $187,951 $0 $0 $0 $0 $0 $0 $0 $0 $0 $554,495 EXPENDITURES: Operating Expenses: Salaries $1,066,882 $92,817 $90,104 $85,738 $0 $0 $0 $0 $0 $0 $0 $0 $0 $268,659 Commisions & Bonus $27,996 $2,881 $2,982 $3,543 $0 $0 $0 $0 $0 $0 $0 $0 $0 $9,406 Casual Labor $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Employee Expenses $206,921 $16,301 $17,203 $19,634 $0 $0 $0 $0 $0 $0 $0 $0 $0 $53,137 Employee Uniforms $5,200 $506 $560 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,066 Automobile Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Travel & Per Diem $1,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Training $2,154 $580 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $580 Employee Advertising $50 $0 $169 $128 $0 $0 $0 $0 $0 $0 $0 $0 $0 $298 Janitorial Expense $5,400 $0 $464 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $464 Tournaments & Events $30,609 $3,028 $3,958 $3,127 $0 $0 $0 $0 $0 $0 $0 $0 $0 $10,113 Centralized Services $68,475 $4,806 $4,283 $3,753 $0 $0 $0 $0 $0 $0 $0 $0 $0 $12,842 Course & Grounds Maintenance $20,043 $1,344 $419 $670 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,433 Repairs - Equipment $23,762 $2,510 $2,814 $2,725 $0 $0 $0 $0 $0 $0 $0 $0 $0 $8,049 Repairs - Buildings $12,545 $0 $1,338 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,338 Operating Supplies $87,057 $8,240 $8,686 $4,515 $0 $0 $0 $0 $0 $0 $0 $0 $0 $21,441 Office Supplies $2,875 $19 $138 $152 $0 $0 $0 $0 $0 $0 $0 $0 $0 $310 Postage $866 $0 $61 $72 $0 $0 $0 $0 $0 $0 $0 $0 $0 $133 Printing & Reproduction $1,200 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Utility Services $86,323 $4,894 $6,465 $4,021 $0 $0 $0 $0 $0 $0 $0 $0 $0 $15,379 Gas/Oil/Propane $40,232 $3,002 $5,009 $2,908 $0 $0 $0 $0 $0 $0 $0 $0 $0 $10,920 Refuse & Potables $13,707 $815 $1,042 $1,869 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,725 Telephone $16,763 $1,794 $1,621 $1,193 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,608 Other Contractual Services $4,843 $1,518 $2,002 $1,696 $0 $0 $0 $0 $0 $0 $0 $0 $0 $5,215 Music & Cable Service $6,319 $1,055 $1,056 $1,411 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,522 Dues and Subscriptions $11,838 $530 $1,021 $305 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,856 Chemicals $51,000 $4,203 $1,128 $1,459 $0 $0 $0 $0 $0 $0 $0 $0 $0 $6,790 Sand, Seed & Dressing $15,000 $1,067 $3,984 $4,849 $0 $0 $0 $0 $0 $0 $0 $0 $0 $9,900 Small Tools $1,466 $284 $0 $550 $0 $0 $0 $0 $0 $0 $0 $0 $0 $834 Licenses/Permits $3,160 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Bad Debt Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Cash Short/Over $0 ($29) ($11) $16 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($24) Miscellaneous $0 $0 $0 $125 $0 $0 $0 $0 $0 $0 $0 $0 $0 $125 Trustee Fees $50,189 $3,648 $2,068 $3,331 $0 $0 $0 $0 $0 $0 $0 $0 $0 $9,047 Shrinkage $0 $344 $344 $344 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,031 Aerification $5,280 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Fertilizer - Course $47,000 $781 $907 $700 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,389