Urban Orlando. Community Development District. Operating and Debt Service Budget. Fiscal Year Adopted Budget on August 18th, 2010.

Transcription

1 Operating and Debt Service Budget Fiscal Year 2011 Adopted Budget on August 18th, 2010 Prepared by

2 Table of Contents GENERAL FUND BUDGET Summary of Revenue & Expenditures Page 1-2 Budget Narrative Page 3-8 Allocation of Fund Balance - Exhibit "A" Page 9 Non-Ad Valorem Assessment Summary Page 10 DEBT SERVICE BUDGET - SERIES 2004 Summary of Revenue & Expenditures Page 11 Budget Narrative Page 12 Principal and Interest Amortization Schedule Page 13 DEBT SERVICE BUDGET - SERIES 2007 Summary of Revenue & Expenditures Page 14 Budget Narrative Page 15 Principal and Interest Amortization Schedule Page 16

3 General Fund Budget Fiscal Year 2011

4 General Fund Adopted Budget - Fiscal Year 2011 ADOPTED ACTUAL BUDGET ACCOUNT DESCRIPTION FY 2009 FY 2010 ACTUAL THRU JUL-2010 PROJECTED TOTAL ADOPTED AUG- PROJECTED BUDGET SEP-2010 FY 2010 FY 2011 REVENUES Interest - Investments $ 10,246 $ 2,000 $ 8,566 $ 1,400 $ 9,966 $ 2,000 Net Incr (Decr) In FMV-Invest (7,669) Interest - Tax Collector 2,500 1,000 1,027-1, Special Assmnts- Tax Collector 1,631,696 1,632,648 1,619,237 13,335 1,632,572 1,632,648 Special Assmnts-Delinquent Special Assmnts- Discounts (44,208) (65,306) (49,190) - (49,190) (65,306) Other Miscellaneous Revenues 30,833 18,500 18,500-18,500 18,500 TOTAL REVENUES 1,623,398 1,588,842 1,598,801 14,735 1,613,536 1,587,942 EXPENDITURES Administrative P/R-Board of Supervisors 8,400 12,000 6,200 2,000 8,200 12,000 FICA Taxes ProfServ-Arbitrage Rebate 600 2,400-1,200 1,200 1,200 ProfServ-Dissemination Agent 2,000 2,000 2,000-2,000 2,000 ProfServ-Engineering 107,426 12,000 5,069 3,000 8,069 12,000 ProfServ-Financial Advisor 6,966 7, ProfServ-Legal Services 53,242 42,000 15,111 8,000 23,111 42,000 ProfServ-Mgmt Consulting Serv 46,600 47,998 39,998 8,000 47,998 49,438 ProfServ-Property Appraiser 1,500 1,500 1,500-1,500 1,500 ProfServ-Special Assessment - - 6,136 1,364 7,500 7,500 ProfServ-Trustee 13,328 14,000 8,788 4,700 13,488 14,000 Auditing Services 9,500 9,800 9,800-9,800 10,100 Communication - Telephone 2,028 2,000 1, ,559 2,000 Postage and Freight 2,766 4, ,372 3,000 Insurance - General Liability 11,023 13,492 10,350-10,350 11,449 Printing and Binding 5,807 7,300 2,666 1,400 4,066 6,000 Legal Advertising 4,115 4,000 1, ,079 4,000 Misc-Assessmnt Collection Cost 1,216 1,500 1,261-1,261 1,300 Misc-Contingency 1, Office Supplies 1,180 1, Annual District Filing Fee Total Administrative 279, , ,246 31, , ,880 Field ProfServ-Engineering - 26,000 42,125 15,000 57,125 60,000 ProfServ-Field Management 21,800 19,870 18,167 3,633 21,800 19,539 Contracts-On-Site Maintenance 14,414 19,002 12,012 2,402 14,414 19,002 Contracts-Security Services 98, ,288 83,711 16, , ,214 Electricity - General 27,172 19,262 26,551 5,449 32,000 32,441 Electricity - Streetlighting 192, , ,221 30, , ,586 Utility - Water 121, ,971 80,362 29, , ,000 R&M-Irrigation 37,368 73,594 19,286 6,000 25,286 56,596 R&M-Parks 598, , ,276 79, , ,266 R&M-Signage 43,859 60,000 17,060-17,060 60,000 R&M-Trees and Trimming 47,778 64,933 46,260 18,673 64,933 24,400 Misc-Contingency 9,472 23,475 25,973-25,973 23,475 Total Field 1,213,322 1,171, , ,578 1,104,582 1,197,519 Report Date: 8/19/2010 Prepared by: Severn Trent Management Services Page 1

5 General Fund Adopted Budget - Fiscal Year 2011 ADOPTED ACTUAL BUDGET ACCOUNT DESCRIPTION FY 2009 FY 2010 ACTUAL THRU JUL-2010 PROJECTED TOTAL ADOPTED AUG- PROJECTED BUDGET SEP-2010 FY 2010 FY 2011 Reserves Impr - Landscape & Hardscape 252, ,967 98,610 28, , ,967 Cap Outlay - Sidewalk Impr - 23, Reserve-Equip - Recircu System - 19, Total Reserves 252, ,407 98,610 28, , ,967 TOTAL EXPENDITURES & RESERVES 1,745,832 1,588,842 1,109, ,233 1,377,093 1,566,366 Excess (deficiency) of revenues Over (under) expenditures (122,434) - 488,941 (252,498) 236,443 21,576 OTHER FINANCING SOURCES (USES) Interfund Transfer - In 15, Contribution to (Use of) Fund Balance ,576 TOTAL OTHER SOURCES (USES) 15, ,576 Net change in fund balance (107,257) - 488,941 (252,498) 236,443 21,576 FUND BALANCE, BEGINNING 2,003,265 1,896,006 1,896,006-1,896,006 2,132,449 FUND BALANCE, ENDING $ 1,896,008 $ 1,896,006 $ 2,384,947 $ (252,498) $ 2,132,449 $ 2,154,025 Report Date: 8/19/2010 Prepared by: Severn Trent Management Services Page 2

6 Budget Narratives FY 2011 GENERAL FUND REVENUES Interest - Investments The District earns interest income on the checking account with SunTrust, the reserves held at the State Board of Administration and Money Markets accounts. Special Assessment - Tax Collector The District will levy a Non-Ad Valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the Fiscal Year. Special Assessment - Discounts Per Section , Florida Statues, discounts are allowed for early payments. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments. Other Miscellaneous Revenue The District receives $18,500 based on the interlocal agreement with the City of Orlando to perform landscape maintenance on Harbor Park. EXPENDITURES Administrative P/R-Board of Supervisors Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending all 12 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. Professional Services Arbitrage Rebate Calculation The District will contract with an independent certified public accountant to annually calculate the District's Arbitrage Rebate Liability on the Series of Benefit Special Assessment Bonds. The budgeted amount for the fiscal year is based on standard fees charged for this service. Page 3

7 Expenditures - Administrative (continued) Urban Orlando Budget Narratives - FY 2011 GENERAL FUND Professional Services Dissemination Agent The District is required by the Securities and Exchange Commission to comply with rule 15c2-12(b)-(5), which relates to additional reporting requirements for unrelated bond issues. The budgeted amount for the fiscal year is based on standard fees charged for this service. Professional Services-Engineering The District's engineer will provide engineering services to the District as follow: Work Authorization #1 Engineering Administration The Districts Engineer, PBS&J will attend the UOCDD Board meetings, provide assistance in preparation of the UOCDD agenda items for meetings, and required UOCDD agenda conference calls. The fees through September 30, 2011 are estimated at $12,000. The amount will be billed on an hourly basis. Professional Services-Legal Services The District's legal counsel will provide general legal services to the District, i.e. attendance and preparation for monthly meetings, review of operating and maintenance contracts, and other specifically requested assignments. Professional Services- Management Services The District receives Management, Accounting and Administrative services as part of a Management Agreement with Severn Trent Environmental Services, Inc. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement plus anticipated increases. Professional Services-Property Appraiser The Property Appraiser provides the District with a listing of the legal description of each property parcel within the District boundaries, and the names and addresses of the owners of such property. The District reimburses the Property Appraiser for necessary administrative costs incurred to provide this service. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The FY2011 budget for property appraiser costs was based on a unit price per parcel. Professional Services-Special Assessment Severn Trent Services serve charges administration fees to prepare the District s Special Assessment Roll. Professional Services-Trustee The District issued Series 2004 and 2007 of Special Assessment Bonds that are deposited with a Trustee to handle all trustee matters. The annual trustee fee is based on standard fees charged plus any out of pockets expenses. Page 4

8 Expenditures - Administrative (continued) Urban Orlando Budget Narratives - FY 2011 GENERAL FUND Auditing Services The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from an existing engagement letter plus anticipated increases. Communication Telephone Telephone and fax machine expenses. Postage & Freight Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence. Insurance General Liability The District's General Liability & Public Officials Liability Insurance policy is with Florida Municipal Insurance Agency which specializes in providing insurance coverage to governmental agencies. The budgeted amount for the fiscal year is based on prior year premiums plus any anticipated market adjustments. Printing & Binding Copies used in the preparation of agenda packages, required mailings, and other special projects. The budgeted amount for the fiscal year is based on prior year spending plus contingency. Legal Advertising The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation. The budget amount for the fiscal year is based on prior year spending, plus contingency. Misc Assessment Collection Cost The District reimburses the Orange County Tax Collector for her or his necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The FY2011 budget for collection costs was based on prior year actual cost of the collection. Miscellaneous-Contingency This category provides funds for administrative expenses that may not have been budgeted anywhere else. budgeted amount for the fiscal year is based on prior year spending. The Office Supplies Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects. The budgeted amount for the fiscal year is based on prior year spending. Page 5

9 Expenditures Administrative (continued) Urban Orlando Budget Narratives - FY 2011 GENERAL FUND Annual District Filling Fee The District is required to pay an annual fee of $175 to the Department of Community Affairs. Field Professional Services-Engineering The District's engineer will provide engineering services to the District as follow: Work Authorization #2-9 O&M General Assistance The Districts Engineer, PBS&J will provide general engineering support to the UOCDD as related to operations and maintenance matters including support of the District Agent on grounds maintenance, signage, etc. These items will be identified in the future and directed by the UOCDD Board of Supervisors or District staff. The fees through September 30, 2011 are estimated at $60,000. The amount will be billed on an hourly basis. Professional Services-Field Management The District will contract management services for the operation of the property and its contractors. Sentry LCAM hours (7.5 hours per week, burden, anticipated increase) Contracts-On Site Maintenance Payroll for employees utilized in the field for operations and maintenance of District assets. Sentry Maintenance Supervisor hours (11.5 hrs per week, burden, anticipated increase) and Sentry Management fee ($ per month) Contracts-Security Service The District currently utilizes off-duty officers from the Orlando Police Department. Based on 56 hours per week and 2.4 hours per week for a coordinator at $35 per hour. Electricity-General Electrical usage for District facilities and assets, Costs based on historical expenditures, Orlando Utility Company schedule Electricity - Streetlighting Street lighting usage for District facilities and assets, Costs based on historical expenditures, Orlando Utility Company schedule Page 6

10 Expenditures - Field (continued) Urban Orlando Budget Narratives - FY 2011 GENERAL FUND Utility - Water Water Irrigation usage for District facilities and assets, Costs based on historical expenditures, Orlando Utility Company schedule R&M - Irrigation The District will incur costs related to irrigation repair throughout the District. The costs are based on average expenditures. R&M Parks The District will incur the following costs for maintenance of the parks: Category Misc. Materials: Electrical repair: Contracted Landscape Maintenance: Description Cleaning products, trash bags, paint, etc. needed for the year. Based on average cost of bulbs, lamps, and lenses for fountains and ground lighting in CDD areas from 10/01-03/31/10. Based on contract with Valley Crest as well as all change directives executed since the commencement date. Includes trash p/u around Lake Baldwin 2 times a mo. Misc. Equipment repair: Based on fountain repair cost from 10/1-03/31/10. covers Jake and NBS fountain Fountain Maintenance: Based on contracts with Florida Water Features for the Jake Street and NBS fountain. Pump Maintenance: Pressure Washing: Lakeway and Waterway Mgmt: Based on expenses for the pumps at Lake Susannah and Lake Baldwin from 10/01/09-03/31/10. Hoover pump systems prop for maint agree for pump at Lakemont and Jake for NBS $ per year. Based on contract with Blown Away. Based on contract with Valley Crest. Aquatic Weed Control is sub contracted by Valley Crest. Page 7

11 Expenditures - Field (continued) Urban Orlando Budget Narratives - FY 2011 GENERAL FUND R&M Signage The District will incur costs relating to the maintenance of Signs throughout the District. Based on certificate from DCL. R&M Trees and Trimming The District will incur costs relating to the maintenance of trees throughout the District. - Quarterly tree stress program for park trees needing extra deep root fertilizer Misc - Contingency The District will incur costs with the consulting firm Glatting and cleaning the drainage if needed. Reserves The reserve categories are listed below: Budget Allocation by Year Category FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 Total as of FY2011 Landscape & Hardscape (1) $ - $ 113,805 $ 158,716 $ 158,716 $ 186,967 $ 186,967 $ 805,171 Signage 87,455 42, , , ,499 Alleys & Sidewalks 74,445 36,026 23,884 23,884 23, ,123 Recirculation System 13,286 6,429 19,556 19,556 19,556-78,383 Undesignated Reserves - 317,277 (1,902) ,375 Total designated (assigned) reserves $ 175,186 $ 515,859 $ 307,115 $ 309,017 $ 230,407 $ 186,967 $ 1,724,551 Note (1) Actuals expenses of $233,675 allocated to FY and FY Landscape & Hardscape reserves. Baldwin Park Tree Replacement has a remaining balance of $18, to be paid to Vila&Son Landscaping Corp. Page 8

12 General Fund Exhibit "A" Allocation of Fund Balance ESTIMATED AVAILABLE FUNDS Beginning Fund Balance - Fiscal Year 2011 $ 2,132,449 Budgeted Net Change in Fund Balance - Fiscal Year ,576 Budgeted Reserves - Fiscal Year 2011 Additions 186,967 Total Available Funds (Estimated) - 9/30/2011 $ 2,340,992 ALLOCATION OF AVAILABLE FUNDS Assigned Fund Balance (1) Operating Reserve - First Quarter Operating Capital $ - (2) Reserves - Improvements Landscape & Hardscape 798,941 (2) Reserves - Signage 343,499 (2) Reserves - Capital Outlay - Sidewalk Improvements 182,123 (2) Reserves - Reserve Equipment - Recirculation System 78,383 (2) Reserves - General 315,375 Total Allocation of Funds $ 1,718,321 Total Undesignated (Unassigned) Cash $ 622,671 Notes (1) The District has not budgeted for a first quarter operating reserve; however, sufficient cash is available in the fund balance to cover the first three months. (2) The Assigned Fund Balance includes: Reserves - Ending balance of Fiscal Year 2009 $ 1,307,177 Reserves - Projected for Fiscal Year ,177 Reserves - Fiscal Year 2011 additions 186,967 Total Assigned Fund Balance $ 1,718,321 Report Date: 8/6/2010 Prepared by: Severn Trent Management Services Page 9

13 All Funds Non-Ad Valorem Assessment Summary General Fund 2004A Debt Service 2007A Debt Service Units A Debt Service Units 4+ Planned ERCs Total Land FY 2011 FY 2010 Percent FY 2011 FY 2010 Percent FY 2011 FY 2010 Percent FY 2011 FY 2010 Percent Units Units Per Per ERCs Use Fund Fund Change Fund Fund Change Fund Fund Change Fund Fund Change Unit Bungalow/Garden (39') $ $ % $ $ % $0.00 $0.00 n/a $ $ % Charleston Singles (45') $ $ % $0.00 $0.00 n/a $ $ % $ $ Cottage Singles (45') $ $ % $ $ % $ $ % $ $ % Park (55') $ $ % $ $ % $ $ % $ $ % Village (60') $ $ % $1, $1, % $1, $1, % $1, $1, % Manor (70') $ $ % $1, $1, % $1, $1, % $1, $1, % Custom (90') $1, $1, % $3, $3, % $2, $2, % $2, $2, % Townhomes (22') $ $ % $ $ % $ $ % $ $ % Townhomes (28') $ $ % $0.00 $0.00 n/a $ $ % $ $ Stk Flats (Condos) $ $ % $ $ % $ $ % $ $ % City Homes $ $ % $ $ % $ $ % $0.00 $0.00 n/a Doubles $ $ % $ $ % $ $ % $0.00 $0.00 n/a Apts $ $ % $ $ % $0.00 $0.00 n/a $ $ % Apts VC $ $ % $0.00 $0.00 n/a $ $ % $0.00 $0.00 n/a Converted Condos $ $ % $0.00 $0.00 n/a $ $ % $0.00 $0.00 n/a Office $0.18 $0.18 0% $0.00 $0.00 n/a $0.58 $0.58 0% $0.58 $0.58 0% 722, Retail $0.19 $0.19 0% $0.00 $0.00 n/a $0.52 $0.52 0% $0.52 $0.52 0% 189, , , Report Date: 8/6/2010 Prepared by: Severn Trent Management Services Page 10

14 Debt Service Budget - Series 2004 Fiscal Year 2011

15 2004 Debt Service Fund Adopted Budget - Fiscal Year 2011 ADOPTED ACTUAL BUDGET ACCOUNT DESCRIPTION FY 2009 FY 2010 ACTUAL THRU JUL-2010 PROJECTED TOTAL ADOPTED AUG- PROJECTED BUDGET SEP-2010 FY 2010 FY 2011 REVENUES Interest - Investments $ 6,778 $ 1,116 $ 290 $ 200 $ 490 $ 200 Special Assmnts- Tax Collector 1,240,119 1,240,545 1,237,416 3,128 1,240,544 1,239,714 Special Assmnts- Prepayment 23,757-28,324-28,324 - Special Assmnts- Discounts (17,551) (49,622) (26,712) - (26,712) (49,589) TOTAL REVENUES 1,253,103 1,192,039 1,239,318 3,328 1,242,646 1,190,325 EXPENDITURES Administrative Misc-Assessmnt Collection Cost 924 1, ,000 Total Administrative 924 1, ,000 Debt Service Principal Debt Retirement 245, , , , ,000 Principal Prepayments 25,000-30,000-30,000 - Interest Expense 938, , , , ,238 Total Debt Service 1,208,863 1,182,663 1,212,638-1,212,638 1,180,238 TOTAL EXPENDITURES 1,209,787 1,183,663 1,213,596-1,213,596 1,181,238 Excess (deficiency) of revenues Over (under) expenditures 43,316 8,376 25,722 3,328 29,050 9,087 OTHER FINANCING SOURCES (USES) Operating Transfers-Out (12,795) - (20,581) - (20,581) - Contribution to (Use of) Fund Balance ,087 TOTAL OTHER SOURCES (USES) (12,795) - (20,581) - (20,581) 9,087 Net change in fund balance 30,521 8,376 5,141 3,328 8,469 9,087 FUND BALANCE, BEGINNING 1,697,133 1,727,654 1,727,654-1,727,654 1,736,123 FUND BALANCE, ENDING $ 1,727,654 $ 1,736,030 $ 1,732,795 $ 3,328 $ 1,736,123 $ 1,745,210 Report Date: 8/19/2010 Prepared by: Severn Trent Management Services Page 11

16 Budget Narratives - FY 2011 DEBT SERVICE FUND SERIES 2004 REVENUES Interest - Investments The District earns interest income on their trust accounts with US Bank. Special Assessment Tax Collector The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the debt service expenditures during the Fiscal Year. Special Assessment Discounts Per Section and Section of the Florida Statues, discounts are allowed for early payment of assessments collected by the Tax Collector and only when the Tax Collector is using the uniform methodology. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments. EXPENDITURES Administrative Misc Assessment Collection Cost The District reimburses the Orange County Tax Collector for her or his necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The FY2011 budget for collection costs was based on prior year actual cost of the collection. Page 12

17 Debt Service Fund Series 2004 SERIES 2004 CAPITAL IMPROVEMENT REVENUE BONDS AMORTIZATION SCHEDULE DATE BALANCE RATE PRINCIPAL PREPAYMENT INTEREST TOTAL 11/1/2010 $14,630,000 6%/6.25% 452, /1/2011 $14,630,000 6%/6.25% $275, , $1,180,238 11/1/2011 $14,355,000 6%/6.25% 444, /1/2012 $14,355,000 6%/6.25% $295, , $1,183,738 11/1/2012 $14,060,000 6%/6.25% 435, /1/2013 $14,060,000 6%/6.25% $315, , $1,186,038 11/1/2013 $13,745,000 6%/6.25% 426, /1/2014 $13,745,000 6%/6.25% $330, , $1,182,138 11/1/2014 $13,415,000 6%/6.25% 416, /1/2015 $13,415,000 6%/6.25% $355, , $1,187,338 11/1/2015 $13,060,000 6%/6.25% 405, /1/2016 $13,060,000 6%/6.25% $375, , $1,186,038 11/1/2016 $12,685,000 6%/6.25% 394, /1/2017 $12,685,000 6%/6.25% $395, , $1,183,538 11/1/2017 $12,290,000 6%/6.25% 382, /1/2018 $12,290,000 6%/6.25% $420, , $1,184,838 11/1/2018 $11,870,000 6%/6.25% 369, /1/2019 $11,870,000 6%/6.25% $450, , $1,189,638 11/1/2019 $11,420,000 6%/6.25% 356, /1/2020 $11,420,000 6%/6.25% $475, , $1,187,638 11/1/2020 $10,945,000 6%/6.25% 342, /1/2021 $10,945, % $505, , $1,190,938 11/1/2021 $10,440, % 327, /1/2022 $10,440, % $540, , $1,194,375 11/1/2022 $9,900, % 310, /1/2023 $9,900, % $575, , $1,195,625 11/1/2023 $9,325, % 292, /1/2024 $9,325, % $610, , $1,194,688 11/1/2024 $8,715, % 273, /1/2025 $8,715, % $650, , $1,196,563 11/1/2025 $8,065, % 252, /1/2026 $8,065, % $690, , $1,195,938 11/1/2026 $7,375, % 231, /1/2027 $7,375, % $735, , $1,197,813 11/1/2027 $6,640, % 208, /1/2028 $6,640, % $785, , $1,201,875 11/1/2028 $5,855, % 183, /1/2029 $5,855, % $835, , $1,202,813 11/1/2029 $5,020, % 157, /1/2030 $5,020, % $890, , $1,205,625 11/1/2030 $4,130, % 130, /1/2031 $4,130, % $945, , $1,205,000 11/1/2031 $3,185, % 100, /1/2032 $3,185, % $1,005, , $1,205,938 11/1/2032 $2,180, % 69, /1/2033 $2,180, % $1,070,000 69, $1,208,125 11/1/2033 $1,110, % 35, /1/2034 $1,110, % $1,125,000 35, $1,196,250 $14,645,000 $0 $13,997,738 $28,642,738 Report Date: 8/3/2010 Prepared by: Severn Trent Management Services Page 13

18 Debt Service Budget - Series 2007 Fiscal Year 2011

19 2007 Debt Service Fund Adopted Budget - Fiscal Year 2011 ADOPTED ACTUAL BUDGET ACCOUNT DESCRIPTION FY 2009 FY 2010 ACTUAL THRU JUL-2010 PROJECTED TOTAL ADOPTED AUG- PROJECTED BUDGET SEP-2010 FY 2010 FY 2011 REVENUES Interest - Investments $ 4,414 $ 1,000 $ 283 $ 200 $ 483 $ 100 Special Assmnts- Tax Collector 2,014,569 2,015,372 1,993,220 23,289 2,016,509 2,016,447 Special Assmnts- Delinquent Special Assmnts- Discounts (64,346) (80,615) (66,995) - (66,995) (80,658) TOTAL REVENUES 1,954,637 1,935,757 1,927,311 23,489 1,949,997 1,935,889 EXPENDITURES Administrative Misc-Assessmnt Collection Cost 1,501 1,600 1,558-1,558 1,600 Total Administrative 1,501 1,600 1,558-1,558 1,600 Debt Service Principal Debt Retirement 675, , , , ,000 Interest Expense 1,269,094 1,245,469 1,245,469-1,245,469 1,219,219 Total Debt Service 1,944,094 1,945,469 1,945,469-1,945,469 1,944,219 TOTAL EXPENDITURES 1,945,595 1,947,069 1,947,027-1,947,027 1,945,819 Excess (deficiency) of revenues Over (under) expenditures 9,042 (11,312) (19,716) 23,489 2,970 (9,930) OTHER FINANCING SOURCES (USES) Operating Transfers-Out (15,177) Contribution to (Use of) Fund Balance (9,930) TOTAL OTHER SOURCES (USES) (15,177) (9,930) Net change in fund balance (6,135) (11,312) (19,716) 23,489 2,970 (9,930) FUND BALANCE, BEGINNING 1,114,407 1,108,273 1,108,273-1,108,273 1,111,243 FUND BALANCE, ENDING $ 1,108,272 $ 1,096,961 $ 1,088,557 $ 23,489 $ 1,111,243 $ 1,101,313 Report Date: 8/19/2010 Prepared by: Severn Trent Management Services Page 14

20 Budget Narratives - FY 2011 DEBT SERVICE FUND SERIES 2007 REVENUES Interest - Investments The District earns interest income on their trust accounts with US Bank. Special Assessment Tax Collector The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the debt service expenditures during the Fiscal Year. Special Assessment Discounts Per Section and Section of the Florida Statues, discounts are allowed for early payment of assessments collected by the Tax Collector and only when the Tax Collector is using the uniform methodology. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments. EXPENDITURES Administrative Misc Assessment Collection Cost The District reimburses the Orange County Tax Collector for her or his necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The FY2011 budget for collection costs was based on the actual cost of the collection. Page 15

21 Debt Service Fund Series 2007 SERIES 2007 CAPITAL IMPROVEMENT REVENUE BONDS AMORTIZATION SCHEDULE DATE BALANCE RATE PRINCIPAL PREPAYMENT INTEREST TOTAL 11/1/2010 $27,510, % 609, /1/2011 $27,510, % $725, , $1,944,219 11/1/2011 $26,785, % 596, /1/2012 $26,785, % $755, , $1,947,031 11/1/2012 $26,030, % 582, /1/2013 $26,030, % $780, , $1,945,606 11/1/2013 $25,250, % 568, /1/2014 $25,250, % $810, , $1,947,331 11/1/2014 $24,440, % 553, /1/2015 $24,440, % $840, , $1,947,969 11/1/2015 $23,600, % 537, /1/2016 $23,600, % $875, , $1,949,369 11/1/2016 $22,725, % 519, /1/2017 $22,725, % $910, , $1,949,369 11/1/2017 $21,815, % 501, /1/2018 $21,815, % $950, , $1,952,969 11/1/2018 $20,865, % 482, /1/2019 $20,865, % $990, , $1,954,969 11/1/2019 $19,875, % 461, /1/2020 $19,875, % $1,035, , $1,957,894 11/1/2020 $18,840, % 438, /1/2021 $18,840, % $1,080, , $1,957,613 11/1/2021 $17,760, % 414, /1/2022 $17,760, % $1,130, , $1,959,013 11/1/2022 $16,630, % 389, /1/2023 $16,630, % $1,185, , $1,963,163 11/1/2023 $15,445, % 360, /1/2024 $15,445, % $1,240, , $1,961,875 11/1/2024 $14,205, % 331, /1/2025 $14,205, % $1,300, , $1,962,975 11/1/2025 $12,905, % 300, /1/2026 $12,905, % $1,365, , $1,966,225 11/1/2026 $11,540, % 268, /1/2027 $11,540, % $1,430, , $1,966,388 11/1/2027 $10,110, % 234, /1/2028 $10,110, % $1,500, , $1,968,463 11/1/2028 $8,610, % 200, /1/2029 $8,610, % $1,565, , $1,965,963 11/1/2029 $7,045, % 165, /1/2030 $7,045, % $1,640, , $1,970,538 11/1/2030 $5,405, % 128, /1/2031 $5,405, % $1,715, , $1,971,738 11/1/2031 $3,690, % 87, /1/2032 $3,690, % $1,800,000 87, $1,975,275 11/1/2032 $1,890, % 44, /1/2033 $1,890, % $1,890,000 44, $1,979,775 $27,510,000 $0 $17,555,725 $45,065,725 Report Date: 8/3/2010 Prepared by: Severn Trent Management Services Page 16