HERITAGE LAKE PARK. Community Development District. Annual Operating and Debt Service Budget. Fiscal Year 2013

Transcription

1 Version 5 - Adopted Budget: (Adopted at 8/10/2012 meeting) Prepared by:

2 Table of Contents Page # OPERATING BUDGET General Fund Summary of Revenues, Expenditures and Changes in Fund Balances Budget Narrative 5-14 Exhibit A - Allocation of Fund Balances. 15 DEBT SERVICE BUDGET Series 2005 Summary of Revenues, Expenditures and Changes in Fund Balances.. 16 Amortization Schedule.. 17 Budget Narrative 18 SUPPORTING BUDGET SCHEDULES Comparison of Assessment Rates. 19

3 Heritage Lake Park Operating Budget

4 General Fund Summary of Revenues, Expenditures and Changes in Fund Balances Adopted Budget AMENDED AMENDED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET BUDGET THRU JULY- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2011 FY 2011 FY 2012 JUN 2012 SEP 2012 FY 2012 FY 2013 REVENUES Room Rentals Special Assmnts- Tax Collector 355, , , ,842 5, , ,157 Special Assmnts- CDD Collected 51,300 51, , , ,752 - Special Assmnts- Delinquent 1,196 1, Special Assmnts- Discounts (10,076) (10,076) (18,203) (12,906) - (12,906) (23,006) Other Miscellaneous Revenues 1,941 1,941-8,082-8, Gate Bar Code/Remotes TOTAL REVENUES 399, , , , , , ,851 Administrative P/R-Board of Supervisors ,200 2,200 12,000 FICA Taxes ,242 ProfServ-Arbitrage Rebate 8,125 8,125 1,000 1,200-1, ProfServ-Dissemination Agent 1,000 1,000 1,000 1,000-1,000 1,000 ProfServ-Engineering - - 1, ,000 5,000 ProfServ-Financial Advisor ProfServ-Legal Services 13,129 13,500 12,000 11,777 3,926 15,703 12,000 ProfServ-Mgmt Consulting Serv 32,000 32,000 34,000 29,250 9,750 39,000 40,170 ProfServ-Special Assessment 5,000 5,000 10, ProfServ-Trustee 3,500 3,500 3,500 3,500-3,500 3,500 ProfServ- Website Development Accounting Services 9,000 9, Auditing Services 4,500 4,500 4,500 4,500-4,500 4,500 Communication - Telephone Postage and Freight , ,405 1,500 Page 1

5 General Fund Summary of Revenues, Expenditures and Changes in Fund Balances Adopted Budget AMENDED AMENDED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET BUDGET THRU JULY- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2011 FY 2011 FY 2012 JUN 2012 SEP 2012 FY 2012 FY 2013 Insurance - Property 8,315 8, ,500 Insurance - General Liability 8,259 8,259 11,781 5,750 6,031 11,781 6,000 Printing and Binding ,000 Legal Advertising 3,841 3,850 3,000 1, ,280 2,500 Miscellaneous Services Misc-Bank Charges Misc-Assessmnt Collection Cost 894 6,925 13,652 8, ,821 11,503 Misc-Contingency , ,070 Office Expense - - 3, Office Supplies Annual District Filing Fee Total Administrative 99, , ,708 70,891 23,875 94, ,310 Field ProfServ-Field Management , ,000 3,000 ProfServ-Wetlands - - 5,160 8,091 2,697 10,788 10,788 Contracts-Landscape 61,740 61,740 71,900 54,255 19,395 73,650 73,650 R&M-General 1,383 1,500 1,000 5,776 1,925 7,701 10,000 R&M-Fountain 1,074 1,100 1, ,000 R&M-Other Landscape 2,762 3,000 3,000 4, ,936 5,000 R&M-Irrigation 6,220 6,800 5,000 14,709 1,000 15,709 15,000 R&M-Lake 6,200 6,200 6,300-1,000 1,000 1,000 R&M-Mitigation 6,785 6, R&M-Lights 4,190 4,200 5,000 8,290 1,500 9,790 5,500 Misc-Contingency 1, ,000 Total Field 92,229 91,375 98,585 97,892 30, , ,938 Page 2

6 General Fund Summary of Revenues, Expenditures and Changes in Fund Balances Adopted Budget AMENDED AMENDED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET BUDGET THRU JULY- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2011 FY 2011 FY 2012 JUN 2012 SEP 2012 FY 2012 FY 2013 Utilities Communication - Telephone 3,623 3,800 3,500 2, ,517 3,700 Electricity - General 29,600 30,000 32,000 21,886 7,295 29,181 32,000 Utility - Refuse Removal 2,465 2,500 3,000 1, ,545 2,700 Utility - Water & Sewer 4,726 4,800 4,700 4,096 1,365 5,461 6,000 Misc-Internet Services 1,048 1,050 1, ,084 1,050 Misc-Cable TV Expenses , ,183 1,200 Total Utilities 42,153 42,950 45,430 32,265 10,707 42,972 46,650 Gatehouse Payroll-Salaries 96,679 95, ,143 59,910 22,072 81,982 85,000 Payroll-Other , ,569 2,805 Taxes ,249 3,576 11,825 13,770 Workers' Compensation ,138 1,910 7,048 7,356 R&M-Buildings R&M-Gate 4,538 4,600 5,000 3,354 1,500 4,854 5,000 Misc-Contingency Total Gatehouse 101, , ,343 79,021 30, , ,931 Clubhouse and Recreation Payroll-Salaries 23,904 23,750 15,000 11,503 4,238 15,741 22,575 Payroll-Other Taxes , ,503 3,657 Workers' Compensation Contracts-Pools - - 8,400 6,300 2,100 8,400 8,400 Pest Control - Bldg/Gnds R&M-General 4,598 4,700 8,000 4,705 2,000 6,705 15,000 R&M-Mulch ,744-3,744 5,000 Page 3

7 General Fund Summary of Revenues, Expenditures and Changes in Fund Balances Adopted Budget AMENDED AMENDED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET BUDGET THRU JULY- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2011 FY 2011 FY 2012 JUN 2012 SEP 2012 FY 2012 FY 2013 R&M-Pools 12,286 12,500 3,000 2,466 1,500 3,966 4,000 Misc-Contingency 249 5, ,704 1,000 11,704 4,000 Office Supplies , ,057 1,930 Cleaning Supplies 944 1, , ,813 2,500 Cleaning Services 9,870 10,000 18,200 14,770 4,410 19,180 19,200 Cap Outlay-ADA Requirements - - 5,000-5,000 5,000 5,000 Total Clubhouse and Recreation 52,401 57,800 58,800 60,726 22,508 83,234 92,957 Non-Operating Bad Debt Expenses Total Non-Operating Reserves Reserve - Capital Projects Restricted , ,000 Reserve - Capital Projects , ,065 Total Reserves , ,065 TOTAL 387, , , , , , ,851 Excess (deficiency) of revenues Over (under) expenditures 11, ,593 6, ,157 - OTHER FINANCING SOURCES (USES) Contribution to (Use of) Fund Balance TOTAL OTHER SOURCES (USES) Net change in fund balance 11, ,593 6, ,157 - FUND BALANCE, BEGINNING 3 28,305 40,032 40,032-40, ,189 FUND BALANCE, ENDING $ 40,032 $ 28,714 $ 40,032 $ 143,625 $ 6,564 $ 150,189 $ 150,189 Page 4

8 General Fund Budget Narrative REVENUES 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 based upon the assessment methodology approved by the Board of Supervisors. Special Assessment Discounts Per Section , Florida Statutes, 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 Revenues The District receives income from miscellaneous club activities. Gate Bar Code/Remotes This revenue is from the sales of gate decals. Administrative P/R-Board of Supervisors Chapter 190, 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 the meetings. FICA Taxes Payroll taxes on Board of Supervisor s compensation. The budgeted amount for the fiscal year is calculated at 7.65% and 2.7% for State Unemployment Tax of the total Board of Supervisor s payroll expenditures. Page 5

9 General Fund Budget Narrative Administrative (continued) Professional Services Arbitrage Rebate The District contracted with an independent professional firm to annually calculate the District's Arbitrage Rebate Liability on its bonds. 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 District has contracted with Prager Sealy & Co. to provide these reports. Professional Services-Engineering The District's engineer, currently Stantec Engineering, provides general engineering services to the District, i.e. attendance and preparation for board meetings, annual review of District facilities, and other specifically requested assignments. Professional Services-Legal Services The District's legal counsel provides 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 Consulting Services The District receives Management, Accounting and Administrative services as part of a Management Agreement with Severn Trent Environmental Services, Inc. This includes IT charges to process all of the district s financial activities, i.e. accounts payable, financial statements, budgets, etc., on a mainframe computer owned by Severn Trent. Professional Services- Trustee The District pays US Bank an annual fee for trustee services on the Series 2005 Special Assessment Bond. The budgeted amount for the fiscal year is based on standard fees charged plus any out-of-pocket expenses. Professional Services- Website Development This represents costs for the community website construction and maintenance. Page 6

10 General Fund Budget Narrative Administrative (continued) 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 this fiscal year is based on contracted fees from an existing engagement letter with Berger, Toombs, Elam, Gaines & Frank. Communication Telephone Telephone and fax transmission. Postage & Freight Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence. Insurance Property The District has property Insurance policy with an agency who specializes in providing insurance coverage to governmental agencies. Insurance General Liability The District has General Liability & Public Officials Liability Insurance policy with an agency who specializes in providing insurance coverage to governmental agencies. Printing & Binding Copies used in the preparation of agenda packages, required mailings, and other special projects. Legal Advertising The District is required to advertise various notices for Board meetings and other public hearings in a newspaper of general circulation. Misc-Bank Charges Fees associated with maintaining the District s bank accounts. Page 7

11 General Fund Budget Narrative Administrative (continued) Misc. Assessment Collection Cost The District reimburses the Charlotte County Tax Collector for applicable necessary administrative costs. Per 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 FY2013 budget for collection costs was based on a maximum of 2% of the anticipated assessment collections. Misc. Contingency This category provides funds for administrative expenditures that may not have been budgeted anywhere else. Office Supplies Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects. Annual District Filing Fee The District is required to pay an annual fee of $175 to the Department of Economic Opportunity. Page 8

12 General Fund Budget Narrative FIELD Professional Services- Field Management The District has a contract with Severn Trent Services, Inc., to oversee the field operation of the Property. Professional Services- Wetlands The District has contracted Aquatic Systems, Inc., for lake and waterway management. Included are algae & aquatic weed control and littoral shelf maintenance. The monthly amount of the contract is $899. Contracts Landscape: The District contracted with ValleyCrest Landscape Maintenance, Inc. to provide service for all of the common areas which include mowing, trimming, fertilization and insect control for sod, shrubs and annuals, pruning of shrubs and trimming of all palm trees. Irrigation inspection is done 9 times per year. R&M- General: The cost of any maintenance expenditures that are incurred during the year, such as repairs to the roads at the community. It is of a general nature and covers everything except the clubhouse, gatehouse, pool, irrigation, and landscaping. If needed, funds in this account can also be used in these categories. R&M- Fountain: Maintenance and repairs of the District s fountain. R&M- Other Landscape: This line item includes landscape replacement costs not included in the monthly service contract. R&M- Irrigation: Repairs and maintenance of the irrigation systems throughout the Community. Page 9

13 General Fund Budget Narrative Field (continued) R&M- Lake: Unscheduled lake maintenance not included in contract. R&M- Lights: Maintenance and repairs of streetlights throughout the Community. Misc. Contingency This category provides funds for field expenditures that may not have been budgeted anywhere else. UTILITIES Communication Telephone: Includes monthly service fee for phone services for the gatehouse and clubhouse. Electricity General: This represents the estimated cost for electricity of the various accounts with FPL within the District. Utility Refuse Removal: Fees paid for the removal of trash from the property. Utility Water & Sewer: This represents the estimated cost for water, sewer utility charges related to the clubhouse and fitness center. Page 10

14 General Fund Budget Narrative Utilities (continued) Misc-Internet Services: Internet services for the clubhouse and fitness center. Misc-Cable TV Expenses: Cable Television services for the clubhouse and gatehouse. GATEHOUSE Payroll- Salaries: Salaries for gatehouse personnel. Payroll- Other: Miscellaneous charges from DecisionHR XXI, Inc, to administer the payroll. Taxes: Payroll taxes for gatehouse personnel. The budgeted amount for the fiscal year includes FICA, State and Federal unemployment taxes and is calculated at 16.20% of the total personnel payroll expenditures. Worker s Compensation: Worker s compensation charges for gatehouse personnel. The budgeted amount for the fiscal year is calculated at 8.65% of the total personnel payroll expenditures. Page 11

15 General Fund Budget Narrative Gatehouse (continued) R&M- Building: General maintenance cost related to the gatehouse. R&M- Gate: The cost of any maintenance expenditures that are incurred during the year related to the District s gates. Misc. Contingency This category provides funds for gatehouse expenditures that may not have been budgeted anywhere else. CLUBHOUSE AND RECREATION Payroll- Salaries: Salaries for the office manager and clubhouse weekend monitor. Payroll- Other: Miscellaneous charges from DecisionHR XXI, Inc, to administer the payroll. Taxes: Payroll taxes for office personnel. The budgeted amount for the fiscal year includes FICA, State and Federal unemployment taxes and is calculated at 16.20% of the total personnel payroll expenditures. Page 12

16 General Fund Budget Narrative Clubhouse and Recreation (continued) Worker s Compensation: Worker s compensation charges for office personnel. The budgeted amount for the fiscal year is calculated at 1.55% of the total personnel payroll expenditures. Contracts- Pools: The District has a contract with Howards Pool World, Inc. for monthly pool maintenance. The monthly amount of the contract is $700. Pest Control- Bldg/Gnds: Monthly pest control service. R&M- General: Expenditures incurred during the fiscal year for the repair and maintenance of the Clubhouse, Tennis Courts, and Fitness Center. R&M- Mulch: Expenditures incurred during the fiscal year for mulch installation. R&M Pools: Expenditures incurred during the fiscal year for miscellaneous repairs to the pool. Misc.- Contingency This category provides funds for clubhouse and recreation expenditures that may not have been budgeted anywhere else. Office Supplies: Paper, printer cartridges, pens and miscellaneous office supplies for the clubhouse office. Page 13

17 General Fund Budget Narrative Clubhouse and Recreation (continued) Cleaning Supplies: Supplies used to clean the clubhouse, exercise building, and gatehouse. Cleaning Services: This is a contract with Jim Rondine Ent., Inc. for the cleaning of the clubhouse, exercise building and gatehouse. Additional work includes pressure cleaning of clubhouse complex, walkways, pool deck. Cap Outlay- ADA Requirements: Expenditures for ADA requirements. RESERVES Reserve: Capital Projects Restricted These are funds set aside for replacement of items for the gatehouse and clubhouse/recreation. Reserve: Capital Projects These are funds set aside for replacement of items throughout the community excluding the gatehouse and clubhouse/recreation. Page 14

18 General Fund Exhibit "A" Allocation of Fund Balances AVAILABLE FUNDS Amount Beginning Fund Balance - $ 150,189 Net Change in Fund Balance - - Reserves - Additions 45,065 Total Funds Available (Estimated) - 9/30/ ,254 ALLOCATION OF AVAILABLE FUNDS Assigned Fund Balance Operating Reserve - First Quarter Operating Capital - (1) Reserves - FY ,440 Reserves - FY ,065 Subtotal 193,505 Total Allocation of Available Funds 193,505 Total Unassigned (undesignated) Cash $ 1,749 Notes (1) The District did not budget for a first quarter operating reserve. However, there is sufficient fund to cover these expenditures. Page 15

19 Heritage Lake Park Debt Service Budget

20 Series 2005 Debt Service Fund Summary of Revenues, Expenditures and Changes in Fund Balances Adopted Budget REVENUES ADOPTED ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET BUDGET THRU JUL- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2011 FY 2011 FY 2012 JUN 2012 SEP 2012 FY 2012 FY 2013 Interest - Investments $ - $ - $ - $ 14 $ - $ 14 $ - Special Assmnts- Tax Collector 207, , , ,807 2, , ,921 Special Assmnts- Delinquent Special Assmnts- Discounts (5,879) (8,287) (8,076) (5,733) - (5,733) (8,077) TOTAL REVENUES 201, , , ,088 2, , ,844 Administrative Misc-Assessmnt Collection Cost 521 8,287 6,058 3, ,923 4,038 Total Administrative 521 8,287 6,058 3, ,923 4,038 Debt Service Principal Debt Retirement 45,000 45,000 45,000 45,000-45,000 50,000 Principal Prepayments 5, ,000-5,000 - Interest Expense 144, , , , , ,080 Total Debt Service 194, , , , , ,080 TOTAL 195, , , , , ,118 Excess (deficiency) of revenues Over (under) expenditures 6, (1,581) 2, OTHER FINANCING SOURCES (USES) Contribution to (Use of) Fund Balance TOTAL OTHER SOURCES (USES) Net change in fund balance 6, (1,581) 2, FUND BALANCE, BEGINNING 1 270, , , , ,271 FUND BALANCE, ENDING $ 277,780 $ 271,195 $ 277,780 $ 276,199 $ 2,072 $ 278,271 $ 278,997 Page 16

21 Series 2005 Debt Service Fund Amortization Schedule Series 2005 Special Assessment Bonds Date Principal Rate Interest Debt Service 11/1/2012 $69,540 $69,540 5/1/2013 $50, % $69,540 $119,540 11/1/2013 $68,115 $68,115 5/1/2014 $50, % $68,115 $118,115 11/1/2014 $66,690 $66,690 5/1/2015 $55, % $66,690 $121,690 11/1/2015 $65,123 $65,123 5/1/2016 $60, % $65,123 $125,123 11/1/2016 $63,413 $63,413 5/1/2017 $60, % $63,413 $123,413 11/1/2017 $61,703 $61,703 5/1/2018 $65, % $61,703 $126,703 11/1/2018 $59,850 $59,850 5/1/2019 $70, % $59,850 $129,850 11/1/2019 $57,855 $57,855 5/1/2020 $75, % $57,855 $132,855 11/1/2020 $55,718 $55,718 5/1/2021 $75, % $55,718 $130,718 11/1/2021 $53,580 $53,580 5/1/2022 $80, % $53,580 $133,580 11/1/2022 $51,300 $51,300 5/1/2023 $85, % $51,300 $136,300 11/1/2023 $48,878 $48,878 5/1/2024 $90, % $48,878 $138,878 11/1/2024 $46,313 $46,313 5/1/2025 $95, % $46,313 $141,313 11/1/2025 $43,605 $43,605 5/1/2026 $105, % $43,605 $148,605 11/1/2026 $40,613 $40,613 5/1/2027 $110, % $40,613 $150,613 11/1/2027 $37,478 $37,478 5/1/2028 $115, % $37,478 $152,478 11/1/2028 $34,200 $34,200 5/1/2029 $120, % $34,200 $154,200 11/1/2029 $30,780 $30,780 5/1/2030 $130, % $30,780 $160,780 11/1/2030 $27,075 $27,075 5/1/2031 $135, % $27,075 $162,075 11/1/2031 $23,228 $23,228 5/1/2032 $145, % $23,228 $168,228 11/1/2032 $19,095 $19,095 5/1/2033 $155, % $19,095 $174,095 11/1/2033 $14,678 $14,678 5/1/2034 $165, % $14,678 $179,678 11/1/2034 $9,975 $9,975 5/1/2035 $170, % $9,975 $179,975 11/1/2035 $5,130 $5,130 5/1/2036 $180, % $5,130 $185,130 Total $2,440,000 $2,107,860 $4,547,860 Page 17

22 Debt Service Fund Budget Narrative REVENUES 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 debt service expenditures. The District will assess the maximum annual debt service amount. Special Assessment Discounts Per Section , Florida Statutes, discounts are allowed for early payments. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments. Administrative Misc. Assessment Collection Costs The District reimburses the Charlotte County Tax Collector for applicable necessary administrative costs. Per 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 FY2013 budget for collection costs is based on a maximum of 2% of the anticipated assessment collections. Debt Service Principal Debt Retirement The District pays regular principal payments annually in order to pay down/retire the debt. Interest Expense The District pays interest expense on the debt twice during the year. Page 18

23 Heritage Lake Park Supporting Budget Schedule

24 Comparison of Assessment Rates vs. Fiscal Year 2012 Amended Budget Amended O & M O & M Percent Debt Svc Debt Svc Percent Total Total Percent Neighborhoods Units Per Unit Per Unit Change Per Unit Per Unit Change Per Unit Per Unit Change FULL SERVICE Condo $ 1, $ 1, % $ $ % $ 1, $ 1, % Park Villa $ 1, $ 1, % $ $ % $ 1, $ 1, % Luxury Villa $ 1, $ 1, % $ $ % $ 1, $ 1, % LIMITED SERVICE Park Villa $ $ 1, % $ $ % $ 1, $ 1, % Luxury Villa $ $ 1, % $ $ % $ 1, $ 1, % Commercial $ $ % $ - $ - $ $ % Page 19