Adopted Budget FY 2018
Table of Contents Pages General Fund General Fund Narrative Restaurant 13 417 1819 Capital Reserve 20 Debt Service 21 Debt Service Fund Series 2006A Amortization 22
General Fund Adopted Operating Budget Adopted Projected Total Adopted Budget Actual thru Next Projected Budget FY 2017 6/30/17 3 Months @ 9/30/17 FY 2018 Revenues Interest Earnings $ 2,000 $ 1,058 $ $ 1,058 $ 2,000 Special Assessments Tax Roll $ 899,826 $ 917,162 $ $ 917,162 $ 967,390 Off Roll O&M Payment Agreement $ 210,369 $ 157,777 $ 52,592 $ 210,369 $ 142,805 Off Roll Golf Course $ 23,033 $ 23,033 $ $ 23,033 $ 23,033 Off RollCB Arlington Landco, LLC (Phase 3 Unplatted) $ 93,900 $ 93,900 $ $ 93,900 $ 63,000 Off RollCB Arlington Landco, LLC (Phase 3 Platted) $ $ $ $ $ 158,161 Off RollCB Arlington Landco, LLC ( 4 Lots) $ $ $ $ $ 6,142 Other Miscellaneous Revenues Events $ 10,000 $ 16,385 $ 4,000 $ 20,385 $ 10,000 Sales Banquets $ 8,000 $ 1,841 $ 500 $ 2,341 $ 8,000 Lexington Spa $ 6,000 $ 1,903 $ 750 $ 2,653 $ 6,000 Proceeds from Lot Sales CB Arlington Landco, LLC $ 150,000 $ 190,000 $ 12,500 $ 202,500 $ 210,000 Mortgage Interest Received CB Arlington Landco, LLC $ 25,000 $ 9,067 $ 3,500 $ 12,567 $ 25,000 CB Arlington Landco Restaurant Contribution $ 50,000 $ 21,764 $ 21,817 $ 43,581 $ Miscellaneous Income $ $ 6,205 $ $ 6,205 $ Balance Forward from PY $ 90,166 $ 1,085,110 $ $ 1,085,110 $ Total Revenues $ 1,568,295 $ 2,525,205 $ 95,659 $ 2,614,659 $ 1,621,531 Expenditures Administrative Supervisor Fees $ 24,000 $ 8,600 $ 3,000 $ 11,600 $ 24,000 Tax Collector Fee $ 15,274 $ 13,604 $ $ 13,604 $ 19,348 Administration Services $ 4,500 $ $ $ $ District Management $ 21,100 $ 37,835 $ 12,500 $ 50,335 $ 50,000 District Engineer $ 5,000 $ 3,063 $ $ 3,063 $ 5,000 Disclosure Report $ 5,000 $ 5,500 $ $ 5,500 $ 5,000 Trustee Fees $ 16,166 $ 3,717 $ $ 3,717 $ 5,000 Property Taxes $ 11,326 $ 10,709 $ $ 10,709 $ 11,326 Assessment Roll $ 5,000 $ 7,917 $ $ 7,917 $ 5,000 Financial Consulting Services $ 5,000 $ $ $ $ ing Services $ 18,000 $ $ $ $ Auditing Services $ 4,200 $ 4,200 $ $ 4,200 $ 4,200 Arbitrage Rebate Calculation $ 1,000 $ $ 1,000 $ 1,000 $ 1,000 Rentals & Leases $ 23,033 $ 23,033 $ $ 23,033 $ 23,033 Public Officials Liability Insurance $ 4,815 $ 5,135 $ $ 5,135 $ 4,815 Miscellaneous Expense $ 1,000 $ 2,147 $ 500 $ 2,647 $ 3,000 Legal Advertising $ 3,000 $ 2,504 $ 357 $ 2,861 $ 5,000 Dues, License, & Fees $ 2,400 $ 266 $ $ 266 $ 175 Information Technology $ 2,640 $ 2,040 $ 554 $ 2,594 $ 2,220 Agenda Fees $ 3,600 $ $ $ $ Mileage $ $ $ $ $ 1,500 Printing and Binding $ $ $ $ $ 1,000 District Counsel $ 75,000 $ 57,770 $ 12,000 $ 69,770 $ 75,000 Administration Subtotal $ 251,054 $ 188,040 $ 29,911 $ 217,951 $ 245,617 1
General Fund Adopted Operating Budget Adopted Projected Total Adopted Budget Actual thru Next Projected Budget FY 2017 6/30/17 3 Months @ 9/30/17 FY 2018 Field Towncenter Administration Gross Wages $ 90,250 $ 50,543 $ 18,750 $ 69,293 $ 123,306 Workers Comp Insurance $ $ $ $ $ 4,209 Employee Benefits $ $ $ $ $ 5,287 Payroll Taxes: Employee FICA $ $ $ $ $ 10,732 Employee FUTA $ $ $ $ $ 680 Employee SUTA $ $ $ $ $ 37 Electric Utility Services $ 2,700 $ 1,699 $ 540 $ 2,239 $ 2,700 Rental & Leases $ 2,400 $ 998 $ 375 $ 1,373 $ 1,488 General Liability/Property Insurance $ 38,979 $ 33,534 $ $ 33,534 $ 33,677 Pest Control $ 325 $ 243 $ 81 $ 324 $ 325 Water & Sewer $ 1,746 $ 1,115 $ 415 $ 1,530 $ 1,746 Repairs & Maintenance $ 8,000 $ 172 $ $ 172 $ 8,000 Telephone, Fax, Internet $ $ 2,543 $ 854 $ 3,397 $ Computer Services $ 1,200 $ 675 $ $ 675 $ 1,200 Office Supplies $ 3,000 $ 4,952 $ 200 $ 5,152 $ 3,000 Janitorial Service $ 1,098 $ 1,155 $ 478 $ 1,633 $ 1,600 Special Events $ 27,500 $ 21,313 $ 3,000 $ 24,313 $ 27,500 Towncenter Administration Subtotal $ 177,198 $ 118,942 $ 24,693 $ 143,635 $ 225,487 Gate House Security Contract $ 102,132 $ 76,602 $ 25,534 $ 102,137 $ 102,137 Telephone/Fax $ $ 1,828 $ 773 $ 2,601 $ Electric Utility Services $ 2,631 $ 1,969 $ 750 $ 2,719 $ 3,000 Street Lights $ 91,210 $ 64,914 $ 21,750 $ 86,664 $ 91,510 Water & Sewer $ 476 $ 358 $ 114 $ 472 $ 476 Repair & Maintenance $ 2,000 $ 21 $ $ 21 $ 2,000 Gate House Subtotal $ 198,449 $ 145,692 $ 48,921 $ 194,613 $ 199,123 Common Area/Recreation Electric Utility Services $ 10,686 $ 8,094 $ 2,850 $ 10,944 $ 10,686 Aquatic Maintenance (Golf Split) $ 1,800 $ 704 $ 264 $ 968 $ 1,800 Landscape Maintenance $ 254,878 $ 188,476 $ 62,415 $ 250,891 $ 258,982 Irrigation Repairs & Maintenance $ 37,539 $ 21,430 $ 6,750 $ 28,180 $ 30,000 Roadway Repair & Maintenance $ 91,000 $ 1,660 $ $ 1,660 $ 10,000 Water & Sewer $ 8,925 $ 10,251 $ 2,475 $ 12,726 $ 12,000 Repair & Maintenance $ 30,000 $ 1,499 $ $ 1,499 $ 30,000 Landscape Replacement Plants, Shrubs, Trees $ 95,000 $ 78,607 $ 8,330 $ 86,937 $ 45,000 Landscape Mulch $ 20,000 $ 20,800 $ $ 20,800 $ 20,000 Field Operations $ 6,000 $ $ $ $ Operating Supplies $ $ 177 $ $ 177 $ 750 Janitorial Service $ 1,750 $ 1,348 $ 156 $ 1,504 $ 1,750 Holiday Decorations $ 15,000 $ 15,685 $ $ 15,685 $ 15,000 Tennis Court Maintenance & Supplies $ 1,500 $ $ $ $ 1,500 Common Area/Recreation Subtotal $ 574,078 $ 348,730 $ 83,240 $ 431,970 $ 437,468 2
General Fund Adopted Operating Budget Adopted Projected Total Adopted Budget Actual thru Next Projected Budget FY 2017 6/30/17 3 Months @ 9/30/17 FY 2018 Fairfax Hall Electric Utility Services $ 13,147 $ 7,071 $ 2,600 $ 9,671 $ 13,147 Pest Control $ 1,044 $ 783 $ 267 $ 1,050 $ 1,044 Water & Sewer $ 1,200 $ 756 $ 261 $ 1,017 $ 1,200 Repairs & Maintenance $ 22,000 $ 4,872 $ $ 4,872 $ 22,000 Janitorial Service $ 3,750 $ 2,968 $ 789 $ 3,757 $ 4,500 Fairfax Hall Subtotal $ 41,141 $ 16,450 $ 3,917 $ 20,367 $ 41,891 Social Center Electric Utility Services $ 4,799 $ 3,570 $ 1,225 $ 4,795 $ 4,799 Pest Control $ 924 $ 693 $ 231 $ 924 $ 924 Repairs & Maintenance $ 4,000 $ 3,166 $ 500 $ 3,666 $ 4,000 Operating Supplies $ $ 444 $ $ 444 $ 500 Janitorial Service $ 3,477 $ 2,687 $ 984 $ 3,671 $ 4,200 Dues, Licenses & Fees $ 1,714 $ 1,310 $ 38 $ 1,348 $ 2,200 Social Center Subtotal $ 14,914 $ 11,870 $ 2,978 $ 14,848 $ 16,623 Lexington Spa Electric Utility Services $ 27,437 $ 20,137 $ 6,762 $ 26,899 $ 29,000 Pest Control $ 804 $ 603 $ 201 $ 804 $ 804 Pool Maintenance $ 16,500 $ 12,375 $ 4,125 $ 16,500 $ 16,500 Water & Sewer $ 20,831 $ 15,039 $ 5,400 $ 20,439 $ 24,000 Instructor (s) $ 15,000 $ 4,700 $ 1,500 $ 6,200 $ 15,000 Repairs & Maintenance $ 15,000 $ 16,012 $ 1,500 $ 17,512 $ 15,000 HVAC Repairs & Maintenance $ 1,000 $ 1,808 $ $ 1,808 $ 1,000 Operating Supplies $ 600 $ 288 $ $ 288 $ 600 Janitorial Service $ 10,614 $ 8,743 $ 3,006 $ 11,749 $ 13,000 Due, License, & Fees $ 675 $ 471 $ $ 471 $ 675 Lexington Spa Subtotal $ 108,461 $ 80,176 $ 22,494 $ 102,670 $ 115,579 Restaurant Repairs & Maintenance $ 18,000 $ 7,015 $ 171 $ 7,186 $ Operations $ 175,000 $ 33,868 $ $ 33,868 $ Capital Outlay (General) $ 10,000 $ $ $ $ Transfer Out Restaurant Fund $ $ 600 $ 45,633 $ 46,233 $ 50,000 Restaurant Subtotal $ 203,000 $ 41,484 $ 45,804 $ 87,288 $ 50,000 Contingency $ $ $ $ $ 39,743 Field Expenditures Subtotal $ 1,317,241 $ 763,344 $ 232,048 $ 995,392 $ 1,125,914 Maintenance Reserve Transfer to Capital Reserve $ $ 500,000 $ 250,000 $ 750,000 $ 250,000 Total Expenditures $ 1,568,295 $ 1,451,384 $ 511,959 $ 1,963,343 $ 1,621,531 Excess Revenues/ (Expenditures) $ $ 1,073,821 $ (416,300) $ 651,316 $ 3
Revenues: Arlington Ridge Interest Income The District will earn interest on balances invested during the year Assessments On Roll The District will levy a NonAd Valorem Assessment on all the assessable property within the District in order to pay for its operating and maintenance expenditures incurred during the Fiscal Year. Assessments Off Roll O&M Payment Agreement The District will levy a NonAd Valorem Assessment on all the assessable property within the District in order to pay for its operating and maintenance expenditures incurred during the Fiscal Year. Per the O&M Payment Agreement, the District levies these assessments directly to the certified platted lots owned by CB Arlington Landco, LLC. Assessments Off Roll Golf Course The District will levy a NonAd Valorem Assessment on all the assessable property within the District in order to pay for its operating and maintenance expenditures incurred during the Fiscal Year. The District levies these assessments directly to the property owners. The District receives one annual payment representing the Golf Course assessments from CB Arlington Landco, LLC. Assessments Off Roll CB Arlington Landco, LLC (Phase 3 Unplatted) Per the O&M Payment Agreement, the SPE property owner, CB Arlington Landco, LLC, and the District agreed to pay special assessments necessary to fund the District s administrative allocation of operation and maintenance costs for each Fiscal Year not to exceed $303 per planned unit in Parcel 3. The assessments are paid in four quarterly payments throughout the Fiscal Year based upon 207 planned units. Assessments Off Roll CB Arlington Landco, LLC (Phase 3 Platted) The District will levy a NonAd Valorem Assessment on all the assessable property within the District in order to pay for its operating and maintenance expenditures incurred during the Fiscal Year. The District levies these assessments directly to the property owners. The assessments are paid in four quarterly payments throughout the Fiscal Year based upon 103 platted units in Phase 3. Assessments Off Roll CB Arlington Landco, LLC (4 Lots) The District will levy a NonAd Valorem Assessment on all the assessable property within the District in order to pay for its operating and maintenance expenditures incurred during the Fiscal Year. The District levies these assessments directly to the property owners. The District receives one annual payment representing the 4 new Golf Course lots from CB Arlington Landco, LLC. Events Represents admission tickets sold for events throughout the year at Fairfax hall for all residents in the District. Banquets The District allows members of the public to rent Fairfax Hall for various functions such as parties, weddings, anniversaries, etc. 4
Lexington Spa The District provides various services at Lexington Spa. The services include, but are not limited to, group fitness classes, manicures and pedicures, massages, etc. Proceeds from Lot Sales CB Arlington Landco, LLC The District sold SPE property to CB Arlington Landco, LLC with the agreement that the Note shall provide for principal payments at each closing of the sale of any of the existing CB lots to a homebuyer. The amount of the principal payments shall equal $3,500 of each of the remaining existing CB lots sold during the term of the Note, but the District shall not be paid less than $210,000 at the end of the third year of this agreement. Mortgage Interest Received CB Arlington Landco, LLC Represents interest on the unpaid balance of the Note and shall accrue at a rate of four percent (4%) per annum, and shall be paid quarterly in arrears throughout the tem of the Note. Administrative Expenditures: Supervisors Fees The amount paid to each supervisor for the time devoted to District business and meetings is determined by Chapter 190, Florida Statutes, at $200 per meeting. Amount is based on five supervisors receiving fees for two meetings per month. Tax Collector Fees Represents 2% collection costs of the total assessments levied by the District payable to Lake County Tax Collector. District Management The District has contracted with GMSCentral Florida, LLC to provide ing and Administrative Services for the District in accordance with the Management Agreement. The services include, but are not limited to, attendance of monthly board meetings, recording and transcription of board meetings, administrative services, budget preparation, financial reporting, annual audits, etc. District Engineer The District's engineer, Riddle Newman Engineering, Inc. will be providing general engineering services to the District, which includes preparation and attendance of monthly board meetings. Disclosure Report The District is required by the Securities and Exchange Commission to comply the Rule 15(c)(2) 12(b)(5), which relates to additional reporting requirements for unrated bond issues. The District has contracted with Governmental Management Services Central Florida, LLC to provide these services. Trustee Fees The District will pay annual trustee fees to US Bank, N.A. for the Special Assessment Bonds, Series 2006A. Property Taxes Represents estimated fees charged by the Lake County Tax Collector s Office for all assessable property within the District. 5
Assessment Roll The District contracts with GMSCentral Florida, LLC for calculating, levying and certification of the District s Annual NonAd valorem Maintenance Assessments with the Lake County Tax Collector and maintenance of the lien book. Auditing Services The District is required to annually conduct an audit of its financial records by an Independent Certified Public ing Firm. The District hired McDirmit Davis & Company, LLC to prepare the audit of the financials records. Arbitrage Rebate Calculation The District is required to have an arbitrage rebate calculation on the District s Series 2006A Special Assessment Bonds. Rentals & Leases Per the O&M Agreement, the District agreed to enter into a lease agreement with CB Arlington Landco, LLC in an annual lease amount equal to the O&M Assessment levied on the Golf Course to provide, among other things, needed storage space for the District s operations and maintenance activities and to provide maintenance of certain District owned lakes on the Golf Course. Public Officials Liability Insurance EGIS Insurance and Risk Advisors provide the District s annual insurance coverage for the following policies: Description +Admin+ +Field+ General'Liability $'''''''''' - $''''''''' 4,363 $''''''''' 4,363 POL/EPLI $''''''' 4,815 $''''''''''''' - $''''''''' 4,815 Property $'''''''''' - $''''''' 29,314 $''''''' 29,314 Total $++++++ 4,815 $++++++ 33,677 $++++++ 38,492 Miscellaneous Expense Represents any miscellaneous expenses incurred by the District that were not previously budgeted. Legal Advertising The District is required to advertise various notices for monthly Board meetings, public hearings, etc. in a newspaper of general circulation. The District purchases all legal advertising ads through The Daily Commercial and Orlando Sentinel. Dues, License, & Fees The District is required to pay an annual fee to the Department of Economic Opportunity of $175. This is the only expense under this category for the District. Information Technology Costs related to District's accounting and information systems, District's website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements. 6
Mileage Represents the reimbursable costs on vehicle mileage for District employees during travel. Printing and Binding Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes, etc. District Counsel The District's legal counsel, Hopping Green & Sams, will be providing general services, which include attendance and preparation for monthly board meetings. Also, services include reviewing contracts, agreements, resolutions, rule amendments, etc. Towncenter Administration Expenditures: Gross Wages The District currently has a General Manager, administration assistant, and special events coordinator to handle the daytoday operations of the District. The General Fund allocates 60% of the General Manager s wages. The remaining amounts are allocated to the Restaurant Fund. The District also has one general maintenance employee to handle the buildings maintenance. Workers Comp Insurance The District provides Workers Compensation Insurance for each of its employees based upon statutory requirements and rates determined by RetailFirst Insurance Company. Employee Benefits Full time employees are reimbursed to purchase individual benefits. The following are the benefit providers: Provider Insurance Florida(Blue Health VSP Vision Florida(Blue Dental Guardian Dental Employee FICA Represents the estimated amount due for Social Security (6.2%) and Medicare (1.45%) based upon the proposed salaries and wages. Employee FUTA The District pays Federal Unemployment Tax for each employee based upon current rate structures. Employee SUTA The District pays State Unemployment Tax for each employee based upon current rate structures. 7
Electric Utility Services The District has the following utility account with Duke Energy to provide electricity. Duke%Energy 12646/71240 $%%%%%%%%%%% 175 $%%%%%%%% 2,100 Contingency $%%%%%%%%%%% 600 Total $+++++++ 2,700 Rentals & Leases The expense related to leasing a copier from Ralex Business Solutions and estimated costs of copies. Description -Monthly- Amount- -Annual- Amount- Ralex&Business&Services Copier&Lease $&&&&&&&&&&&&& 99 $&&&&&&&&& 1,188 Ralex&Business&Services Copies $&&&&&&&&&&&&& 25 $&&&&&&&&&&&& 300 Total $-------- 1,488 General Liability/Property Insurance EGIS Insurance and Risk Advisors provide the District s annual insurance coverage for the following policies: Description +Admin+ +Field+ General'Liability $'''''''''' - $''''''''' 4,363 $''''''''' 4,363 POL/EPLI $''''''' 4,815 $''''''''''''' - $''''''''' 4,815 Property $'''''''''' - $''''''' 29,314 $''''''' 29,314 Total $++++++ 4,815 $++++++ 33,677 $++++++ 38,492 Pest Control The estimated costs for Deans Services to provide monthly pest control services. Location,Monthly, Amount,,Annual, Amount, Dean's'Services 124295 $''''''''''''' 27 $''''''''''' 325 Total $,,,,,,,,,, 325 8
Water & Sewer The District has the following account with City of Leesburg to provide water and wastewater services. City%of%Leesburg 8437454714950 $%%%%%%%%%%% 140 $%%%%%%%% 1,680 Contingency $%%%%%%%%%%%%% 66 Total $+++++++ 1,746 Repairs & Maintenance Any costs related to miscellaneous repairs and maintenance that occur during the fiscal year. Computer Services Represents any costs related to repairs to the District s computers. MMD Computers completes all computer repairs for the District. Office Supplies Any supplies that may need to be purchased during the Fiscal Year, e.g., paper, minute books, file folders, labels, paper clips, etc. Janitorial Service The District is under contract with Globiser, Inc. to provide monthly janitorial services and supplies. Globiser,*Inc.* N/A $****************** 104 $************* 1,242 Janatorial*Supplies/Deoderizing $**************** 358 Total $++++++++++++ 1,600 Special Events Represents monthly events and organized functions provided for all residents of Arlington Ridge CDD. The amount includes estimated costs for supplies, entertainment, catering, etc. Gate House Expenditures: Security Contract The District is under contract with Allied Universal to furnish all labor, supervision, and uniforms necessary to provide the Gate Access Control Services. + Allied&Universal SE46201 $&&&&&&&&&&& 8,511 $&&& 102,137 Total $+ 102,137 9
Electric Utility Services The District has the following utility accounts with Duke Energy to provide electricity. Duke%Energy 44218/97443 $%%%%%%%%%%% 165 $%%%%%%%% 1,980 Duke%Energy 58073/08028 $%%%%%%%%%%%%% 58 $%%%%%%%%%%% 696 Contingency $%%%%%%%%%%% 324 Total $+++++++ 3,000 Street Lights The District has the following utility accounts with Duke Energy to provide electricity to all streetlights within the community. Duke%Energy 51375/94583 $%%%%%%%% 6,000 $%%%%%% 72,000 Duke%Energy 93531/65008 $%%%%%%%% 1,500 $%%%%%% 18,000 Phase%3%Streetlights $%%%%%%%%%%% 300 Contingency $%%%%%%%% 1,210 Total $+++++ 91,510 Water & Sewer The District has the following account with City of Leesburg to provide water and wastewater services. City%of%Leesburg 8437454710230 $%%%%%%%%%%%%% 35 $%%%%%%%%%%% 420 Contingency $%%%%%%%%%%%%% 56 Total $++++++++++ 476 Repairs & Maintenance Any costs related to miscellaneous repairs and maintenance that occur during the fiscal year. 10
Common Area/Recreation Expenditures: Arlington Ridge Electric Utility Services The District has the following utility accounts with Duke Energy and SECO Energy to provide electricity. The District also pays Arlington Ridge Golf Management, LLC for a portion of the golf course utilities. Duke%Energy 48877.32027 $%%%%%%%%%%%%% 23 $%%%%%%%%%%% 276 SECO%Energy 4000412202 $%%%%%%%%%%%%% 26 $%%%%%%%%%%% 316 Arlington%Ridge%Golf%Management,%LLC 27544.49344 $%%%%%%%%%%% 270 $%%%%%%%% 3,240 Arlington%Ridge%Golf%Management,%LLC 75580.81447 $%%%%%%%%%%% 500 $%%%%%%%% 6,000 Contingency $%%%%%%%%%%% 854 Total $+++++ 10,686 Aquatic Maintenance (Golf Split) Represents 50% of aquatic maintenance performed by Down to Earth at the Distric s main entrance. The bill is split between 50/50 between the District and Arlington Ridge Golf Management, LLC. Landscape Maintenance The District is under contract with Floralawn Inc. to provide monthly landscaping services. The services include mowing once a week during March November and once every other week during NovemberMarch, lawn and shrub spray application, and RV area maintenance. The details of monthly costs are as follows: Description -Monthly- Amount- -Annual- Amount- Floralawn Lawn)Maintenance $)))))))) 14,533 $))))))) 174,392 Floralawn Lawn)&)Shrub)Spray $)))))))))) 5,822 $))))))))) 69,870 Floralawn RV)Area)Maintenance)&)Pond)Mowing $))))))))))))) 810 $))))))))))) 9,720 Additional)Work)Proposals $))))))))))) 5,000 Total $------ 258,982 Irrigation Repairs & Maintenance The District is under contract with Floralawn Inc. to inspect and test the irrigation systems one time per month. Description -Monthly- Amount- -Annual- Amount- Floralawn Irrigation,Check $,,,,,,,, 1,800 $,,,,,, 21,600 Irrigation,Repairs $,,,,,,,, 8,400 Total $----- 30,000 11
Roadway Report & Maintenance Represents estimated expenditures for any maintenance of roadways and sidewalks. Water & Sewer The District has the following account with City of Leesburg to provide water and wastewater services. The District also pays Arlington Ridge Golf Management, LLC for a portion of the golf course water and wastewater. City%of%Leesburg 8437454725210 $%%%%%%%%%%%%% 15 $%%%%%%%%%%% 180 City%of%Leesburg 8437454898540 $%%%%%%%%%%%%%%% 5 $%%%%%%%%%%%%% 60 City%of%Leesburg 8437454771690 $%%%%%%%%%%% 300 $%%%%%%%% 3,600 Arlington%Ridge%Golf%Management,%LLC 9942454685670 $%%%%%%%%%%% 650 $%%%%%%%% 7,800 Contingency $%%%%%%%%%%% 360 Total $+++++ 12,000 Repairs & Maintenance Any costs related to miscellaneous repairs and maintenance that occur during the fiscal year. Landscape Replacement Plants, Shrubs, Trees Any costs related to replacing plants, shrubs, and trees throughout the District. The District is under contract with Floralawn Inc. to perform annual installations up to four times a year in designated areas and maintain annuals to ensure a healthy appearance. Landscape Mulch Represents the cost for new mulch throughout the District. The District is under contract with Floralawn Inc. to install new mulch twice a year. Operating Supplies Estimated costs of supplies purchased for operating and maintaining the common area. Janitorial Service The District is under contract with Globiser, Inc. to provide monthly janitorial services and supplies. Globiser,*Inc.* N/A $******************** 52 $**************** 621 Janatorial*Supplies $************* 1,129 Total $++++++++++++ 1,750 Holiday Decorations Any costs related to props used to decorate the District for the holiday seasons. This includes yearly installation of lights by Holiday Lighting. Tennis Court Maintenance & Supplies Represents costs of supplies and maintenance performed at the tennis court. 12
Fairfax Hall Expenditures: Arlington Ridge Electric Utility Services The District has the following utility account with Duke Energy to provide electricity. Duke%Energy 05778/36116 $%%%%%%%%%%% 950 $%%%%%% 11,400 Contingency $%%%%%%%% 1,747 Total $+++++ 13,147 Pest Control The estimated costs for Deans Services to provide monthly pest control services. Location,Monthly, Amount,,Annual, Amount, Dean's'Services 124283 $''''''''''''' 87 $'''''''' 1,044 Total $,,,,,,, 1,044 Water & Sewer The District has the following account with City of Leesburg to provide water and wastewater services. City%of%Leesburg 8437454713850 $%%%%%%%%%%%%% 90 $%%%%%%%% 1,080 Contingency $%%%%%%%%%%% 120 Total $+++++++ 1,200 Repairs & Maintenance Any costs related to miscellaneous repairs and maintenance that occur during the fiscal year. Janitorial Service The District is under contract with Globiser, Inc. to provide monthly janitorial services and supplies. This includes an additional $125 for set ups and deep cleaning for each event in Fairfax Hall. Globiser,*Inc.* N/A $****************** 242 $************* 2,898 Globiser,*Inc.*(Events) $************* 1,500 Janatorial*Supplies $**************** 102 Total $++++++++++++ 4,500 13
Social Center Expenditures: Arlington Ridge Electric Utility Services The District has the following utility account with Duke Energy to provide electricity. Duke%Energy 72013003056 $%%%%%%%%%%% 375 $%%%%%%%% 4,500 Contingency $%%%%%%%%%%% 299 Total $+++++++ 4,799 Pest Control The estimated costs for Deans Services to provide monthly pest control services. Location,Monthly, Amount,,Annual, Amount, Dean's'Services 145610 $''''''''''''' 77 $''''''''''' 924 Total $,,,,,,,,,, 924 Repairs & Maintenance Any costs related to miscellaneous repairs and maintenance that occur during the fiscal year. Operating Supplies Estimated costs of supplies purchased for operating and maintaining the social center. Janitorial Service The District is under contract with Globiser, Inc. to provide monthly janitorial services and supplies. Globiser,*Inc.* N/A $****************** 328 $************* 3,933 Janatorial*Supplies $**************** 267 Total $++++++++++++ 4,200 14
Dues, License, & Fees The following represents the estimated cost for license and membership subscriptions for the fiscal year: Description -Annual- Amount- ASCAP Performing-Rights-License $----------- 339 Motion-Picture Motion-Picture-Unbrella-License $----------- 549 BMI Music-License $----------- 335 SECAC,-Inc Music-License $----------- 348 Netflix Monthly-Services $----------- 154 National-Telecom-Department SirusXM-Annual-Service $----------- 395 Contingency $------------- 80 Total $------- 2,200 Lexington Spa Expenditures: Electric Utility Services The District has the following utility account with Duke Energy to provide electricity. Duke%Energy 88726/99239 $%%%%%%%% 2,250 $%%%%%% 27,000 Contingency $%%%%%%%% 2,000 Total $+++++ 29,000 Pest Control The estimated costs for Deans Services to provide monthly pest control services. Location,Monthly, Amount,,Annual, Amount, Dean's'Services 145609 $''''''''''''' 67 $''''''''''' 804 Total $%%%%%%%%%%% 804 15
Pool Maintenance The District is under contract with Rottermond Pool & Spa Maintenance, LLC to provide pool maintenance three times per week. The services include, but are not limited to, cleaning of pool and spa, brushing tile, vacuuming pool and spa, service and cleaning filters and pool grates, equipment checks, cleaning of skimmer baskets, test and check chemical readings and apply chemicals to achieve proper chemical balance. 'Monthly' Amount' 'Annual' Amount' Rottermond)Pool)&)Spa $)))))))))))))) 1,375 $)))))))))))) 16,500 Total $''''''''''' 16,500 Water & Sewer The District has the following account with City of Leesburg to provide water and wastewater services. City%of%Leesburg 8437454714970 $%%%%%%%%%%% 750 $%%%%%%%% 9,000 City%of%Leesburg 8437454715010 $%%%%%%%% 1,200 $%%%%%% 14,400 Contingency $%%%%%%%%%%% 600 Total $+++++ 24,000 Instructor(s) Represents the amount paid monthly to Susan Kaplan for teaching group exercise classes three days a week. Repairs & Maintenance Any costs related to miscellaneous repairs and maintenance that occur during the fiscal year. HVAC Repairs & Maintenance Any costs related to miscellaneous repairs and maintenance to the HVAC unit during the fiscal year. Operating Supplies Estimated costs of supplies purchased for operating and maintaining the Lexington Spa. Janitorial Service The District is under contract with Globiser, Inc. to provide monthly janitorial services and supplies. Globiser,*Inc.* N/A $*************** 1,001 $*********** 12,006 Janatorial*Supplies $**************** 994 Total $++++++++++ 13,000 16
Dues, License, & Fees The following represents the estimated cost for license and membership subscriptions for the fiscal year: Description -Annual- Amount- Restaurant Expenditures: Florida(Department(of(Health Entry(Pool(Permit $((((((((((( 250 Florida(Department(of(Health Lap(Pool(Permit $((((((((((( 250 Florida(Department(of(Health Spa(Permit $((((((((((( 125 DBPR Cosmetology(Salon(License $((((((((((((( 40 Contingency $((((((((((((( 10 Total $---------- 675 Transfer Out Restaurant Fund Represents the District s obligated amount to transfer to the Restaurant should there be a shortfall in the operating account. Other Expenditures Contingency Represents unforeseen costs not budgeted in other line items. Maintenance Reserve Transfer to Capital Reserve Funds allocated annually to insure available cash for ongoing operations of the District and for major repair or replacement of capital items. 17
Restaurant Fund Adopted Operating Budget Adopted Projected Total Adopted Budget Actual thru Next Projected Budget FY 2017 6/30/17 3 Months @ 9/30/17 FY 2018 Revenues Food Sales $ 206,402 $ 160,708 $ 88,458 $ 249,166 $ 516,714 Beer Sales $ 19,470 $ 21,960 $ 11,250 $ 33,210 $ 47,117 Liquor Sales $ 36,216 $ 30,943 $ 15,521 $ 46,464 $ 87,643 Wine Sales $ 9,634 $ 9,147 $ 4,129 $ 13,276 $ 23,314 Miscellaneous Income $ $ 90 $ $ 90 $ CB Arlington Landco Restaurant Contribution $ $ $ $ $ 50,000 Transfer In General Fund $ $ $ 45,633 $ 45,633 $ 50,000 Total Revenues $ 271,722 $ 222,848 $ 164,991 $ 387,839 $ 774,788 Controllable Expenditures Advertising and Promotion $ 700 $ 560 $ 300 $ 860 $ 1,400 Management Fees $ $ $ $ $ 6,000 Bank Service charges $ 140 $ 208 $ 60 $ 268 $ 280 Cash (over) Short $ $ 1,042 $ $ 1,042 $ Cable/ Satellite TV $ 4,354 $ 1,331 $ 1,182 $ 2,513 $ 8,710 Cleaning Contracts $ 7,000 $ 3,195 $ 2,232 $ 5,427 $ 14,000 Cleaning Supplies $ 4,900 $ 3,329 $ 2,100 $ 5,429 $ 9,800 Computer and Internet $ 1,750 $ 454 $ 150 $ 604 $ 3,500 Copier and Printing $ 735 $ $ 315 $ 315 $ 1,470 Grease Trap Maintenance $ 1,800 $ $ 771 $ 771 $ 3,600 Kitchen Supplies $ 2,450 $ 1,310 $ 750 $ 2,060 $ 4,900 Linens $ 1,225 $ 1,467 $ 525 $ 1,992 $ 2,450 Musical Entertainment $ 3,500 $ 875 $ 500 $ 1,375 $ 7,000 Misc Expense $ 280 $ 374 $ 120 $ 494 $ 560 Office Supplies $ 140 $ 1,514 $ 60 $ 1,574 $ 280 Paper Supplies $ 1,750 $ 4,380 $ 750 $ 5,130 $ 3,500 Postage and Delivery $ 175 $ $ 75 $ 75 $ 350 Repairs and Maintenance $ 10,500 $ 5,807 $ 2,250 $ 8,057 $ 21,000 Restaurant Supplies/Smallwares $ 6,300 $ 1,831 $ 900 $ 2,731 $ 12,600 Telephone Expense $ 2,142 $ 2,154 $ 918 $ 3,072 $ 4,284 Uniforms $ 770 $ 4,536 $ 330 $ 4,866 $ 1,540 Utilities $ 25,200 $ 10,145 $ 6,750 $ 16,895 $ 50,400 Total Controllable $ 75,811 $ 44,511 $ 21,038 $ 65,549 $ 157,624 Payroll Expenditures Gross Wages $ 113,484 $ 108,304 $ 72,000 $ 180,304 $ 249,892 Payroll Processing Fee $ 1,750 $ 473 $ 255 $ 728 $ 3,500 Workers Comp Insurance $ 3,598 $ $ 1,542 $ 1,542 $ 7,962 Employee Recruiting and Retention $ 420 $ 185 $ 75 $ 260 $ 840 Employee Benefits $ 7,756 $ $ 3,324 $ 3,324 $ 15,524 Payroll Taxes $ 10,472 $ 10,654 $ 4,488 $ 15,142 $ Employee FICA $ $ $ $ $ 20,304 Employee FUTA $ $ $ $ $ 126 Employee SUTA $ $ $ $ $ 2,344 Total Payroll $ 137,480 $ 119,616 $ 81,684 $ 201,300 $ 300,493 18
Restaurant Fund Adopted Operating Budget Adopted Projected Total Adopted Budget Actual thru Next Projected Budget FY 2017 6/30/17 3 Months @ 9/30/17 FY 2018 NonControllable Expenditures Computer Software and Technology $ 550 $ 200 $ 90 $ 290 $ 1,100 Credit Card Fees $ 5,600 $ 5,527 $ 2,400 $ 7,927 $ 11,200 Liquor Liability $ 5,000 $ 940 $ 300 $ 1,240 $ 10,000 Repairs & Maintenance $ $ 754 $ 300 $ 1,054 $ 25,000 Capital Outlay $ $ $ $ $ 25,000 Equipment Rental $ 1,610 $ 1,662 $ 690 $ 2,352 $ 3,220 Dues and License $ 946 $ $ 946 $ Contingency $ $ $ $ $ 3,134 Total Non Controllable $ 12,760 $ 10,029 $ 3,780 $ 13,809 $ 78,654 COGS Food $92,881 $50,414 $ 33,000 $ 83,414 $ 185,762 Beer $7,788 $7,791 $ 3,338 $ 11,128 $ 15,576 Liquor $14,486 $3,673 $ 3,000 $ 6,673 $ 28,973 Wine $3,854 $4,314 $ 1,652 $ 5,965 $ 7,707 Total COGS $ 119,009 $ 66,192 $ 40,989 $ 107,181 $ 238,018 Total Expenditures $ 345,060 $ 240,347 $ 147,492 $ 387,839 $ 774,788 Excess Revenue/(Expenditures) $ (73,338) $ (17,500) $ 17,500 $ $ 19
Capital Reserve Fund Adopted Budget Adopted Projected Total Adopted Budget Actual thru Next Projected Budget FY 2017 6/30/17 3 Months @ 9/30/17 FY 2018 Revenues Interest Earnings Maintenance Reserve General Fund Carry Forward Surplus Total Revenues $ $ 144 $ 75 $ 219 $ 250 $ $ 500,000 $ 250,000 $ 750,000 $ 250,000 $ $ $ $ $ 655,206 $ $ 500,144 $ 250,075 $ 750,219 $ 905,456 Expenditures Capital Outlay Total Expenditures Excess Revenues/(Expenditures) $ $ 95,013 $ $ 95,013 $ $ $ 95,013 $ $ 95,013 $ $ $ 405,131 $ 250,075 $ 655,206 $ 905,456 Reserve Study Funding Plan ( Next 5 Years) Planned Budgeted Funding Interest Expenses Balance Balance Variance Beginning Balance $ 632,497 Fiscal Year 2018 $ 309,222 $ 27,963 $ 9,611 $ 960,071 $ 905,456 $ 54,615 Fiscal Year 2019 $ 318,499 $ 26,018 $ 411,318 $ 893,270 Fiscal Year 2020 $ 328,054 $ 35,507 $ 37,752 $ 1,219,079 Fiscal Year 2021 $ 337,896 $ 37,886 $ 294,763 $ 1,300,098 Fiscal Year 2022 $ 348,033 $ 37,533 $ 396,997 $ 1,288,667 20
Debt Service Series 2006A Adopted Budget Adopted Projected Total Adopted Budget Actual thru Next Projected Budget FY 2017 6/30/17 3 Months @ 9/30/17 FY 2018 Revenues Special Assessments Tax Roll (1) $ 589,980 $ 601,935 $ $ 601,935 $ 518,498 Special Assessments Prepayments $ $ 653,462 $ 74,057 $ 727,519 $ Interest Income $ $ 2,349 $ 700 $ 3,049 $ Carry Forward Surplus (2) $ 122,113 $ 864,346 $ $ 864,346 $ 641,487 Total Revenues $ 712,093 $ 2,122,092 $ 74,757 $ 2,196,849 $ 1,159,985 Expenditures Attorney Fees $ $ 3,180 $ $ 3,180 $ Tax Collector $ 12,292 $ 9,357 $ $ 9,357 $ 10,370 Special Call 11/1 $ $ 500,000 $ $ 500,000 $ 450,000 Interest Expense 11/1 $ 210,788 $ 210,788 $ $ 210,788 $ 179,575 Special Call 5/1 $ $ 420,000 $ $ 420,000 $ Principal Expense 5/1 $ 215,000 $ 215,000 $ $ 215,000 $ 185,000 Interest Expense 5/1 $ 151,901 $ 197,038 $ $ 197,038 $ 167,200 Total Expenditures $ 589,980 $ 1,555,362 $ $ 1,555,362 $ 992,145 Excess Revenues/(Expenditures) $ 122,113 $ 566,730 $ 74,757 $ 641,487 $ 167,840 * Excess Revenues needed to pay the 11/1/18 Interest Payment $ 161,975 (1) Maximum Annual Debt Service less Prepaid Assessments received. (2) Net of Debt Service Reserve funds. 21
Special Assessment Bonds, Series 2006 Period Annual Annual Ending Principal Principal Interst Rate Interest Debt 11/01/17 $179,575.00 $179,575.00 05/01/18 $6,080,000 $185,000 5.50% $167,200.00 11/01/18 $162,112.50 $514,312.50 05/01/19 $5,895,000 $195,000 5.50% $162,112.50 11/01/19 $156,750.00 $513,862.50 05/01/20 $5,700,000 $210,000 5.50% $156,750.00 11/01/20 $150,975.00 $517,725.00 05/01/21 $5,490,000 $220,000 5.50% $150,975.00 11/01/21 $144,925.00 $515,900.00 05/01/22 $5,270,000 $235,000 5.50% $144,925.00 11/01/22 $138,462.50 $518,387.50 05/01/23 $5,035,000 $245,000 5.50% $138,462.50 11/01/23 $131,725.00 $515,187.50 05/01/24 $4,790,000 $260,000 5.50% $131,725.00 11/01/24 $124,575.00 $516,300.00 05/01/25 $4,530,000 $275,000 5.50% $124,575.00 11/01/25 $117,012.50 $516,587.50 05/01/26 $4,255,000 $290,000 5.50% $117,012.50 11/01/26 $109,037.50 $516,050.00 05/01/27 $3,965,000 $305,000 5.50% $109,037.50 11/01/27 $100,650.00 $514,687.50 05/01/28 $3,660,000 $325,000 5.50% $100,650.00 11/01/28 $91,712.50 $517,362.50 05/01/29 $3,335,000 $340,000 5.50% $91,712.50 11/01/29 $82,362.50 $514,075.00 05/01/30 $2,995,000 $360,000 5.50% $82,362.50 11/01/30 $72,462.50 $514,825.00 05/01/31 $2,635,000 $380,000 5.50% $72,462.50 11/01/31 $62,012.50 $514,475.00 05/01/32 $2,255,000 $405,000 5.50% $62,012.50 11/01/32 $50,875.00 $517,887.50 05/01/33 $1,850,000 $425,000 5.50% $50,875.00 11/01/33 $39,187.50 $515,062.50 05/01/34 $1,425,000 $450,000 5.50% $39,187.50 11/01/34 $26,812.50 $516,000.00 05/01/35 $975,000 $475,000 5.50% $26,812.50 11/01/35 $13,750.00 $515,562.50 05/01/36 $500,000 $500,000 5.50% $13,750.00 $513,750.00 Total $6,080,000 $3,897,575.00 $9,977,575.00 22
Annual Assessment Levy Fiscal Year 2018 Operation and Maintenance Assesment Net Per Unit Property Units Gross Per Unit 4% Discount Net Assessments Platted Parcels Phase 1A/1B 162 $1,599.52 $1,535.54 $248,757.35 Phase 1A/1B/1C 192 $1,599.52 $1,535.54 $294,823.53 Phase 2 369 $1,599.52 $1,535.54 $566,613.96 Total Phase 1 & 2 723 $1,110,194.84 Tax Roll 630 $1,535.54 $967,389.70 Off Roll O&M Payment Agreement 93 $1,535.54 $142,805.15 Total Phase 1 & 2 723 $1,110,194.84 Off Roll Golf Course 1 $23,033.00 Off Roll Phase 3 Unplatted (1) 210 $300.00 $63,000.00 Off Roll Phase 3 Platted 103 $1,599.52 $1,535.54 $158,160.54 Off Roll New Lots (Golf) 4 $1,599.52 $1,535.54 $6,142.16 Total O&M Assessments $1,360,530.54 Debt Service Assessment Phase 1A/1B 126 $780 $749 $94,349 Phase 1A/1B/1C 157.5 $850 $816 $128,520 Phase 2 177 $1,050 $1,008 $178,416 Off Roll New Lots (Golf) 4 $850 $816 $3,264 Golf Course 1 $118,697 $113,949 $113,949 Total Debt Service Assessment $518,498