Adopted Budget FY 2016
Table of Contents 1-11 General Fund 12 Capital Reserve Fund - Nona Crest 13 Capital Reserve Fund - La Vina 14 Capital Reserve Fund - Nona Preserve 15 Capital Reserve Fund - Parcels G&H 16-18 Debt Service Fund
Adopted Budget General Fund Adopted Actual Projected Total Adopted Budget thru Next Projected Budget Description FY2015 7/31/15 2 Months 9/30/15 FY2016 Revenues Maintenance Assessments $297,263 $305,021 $0 $305,021 $297,263 Interest $0 $1 $1 $2 $0 Miscellaneous Income $0 $302 $0 $302 $0 Beginning Fund Balance $39,403 $39,403 $0 $39,403 $56,276 Total Revenues $336,666 $344,727 $1 $344,728 $353,539 Expenditures Administrative Supervisor Fees $6,000 $3,600 $1,000 $4,600 $6,000 FICA Expense $459 $275 $77 $352 $459 Engineering Fees $9,000 $0 $4,500 $4,500 $9,000 Assessment Roll $5,000 $5,000 $0 $5,000 $5,000 Attorney $18,000 $12,283 $4,717 $17,000 $18,000 Annual Audit $3,100 $3,000 $0 $3,000 $3,000 Dissemination Agent $1,250 $1,000 $100 $1,100 $1,250 Arbitrage $1,250 $0 $1,250 $1,250 $1,250 Trustee Fees $4,700 $2,694 $0 $2,694 $2,700 Management Fees $41,733 $34,778 $6,956 $41,733 $42,985 Computer Time $1,000 $833 $166 $1,000 $1,000 Website Administration $700 $583 $117 $700 $700 Telephone $100 $39 $21 $60 $100 Postage $1,000 $123 $27 $150 $500 Insurance $17,887 $16,504 $0 $16,504 $18,567 Printing & Binding $1,200 $521 $229 $750 $1,200 Legal Advertising $1,000 $200 $500 $700 $1,000 Other Current Charges $250 $139 $31 $170 $250 Property Appraiser $780 $771 $0 $771 $780 Office Supplies $250 $92 $28 $120 $250 Dues, Licenses & Subscriptions $175 $175 $0 $175 $175 Contingency $4,233 $0 $0 $0 $4,901 Administrative Expenses $119,067 $82,610 $19,718 $102,328 $119,067 1
Adopted Budget General Fund Adopted Actual Projected Total Adopted Budget thru Next Projected Budget Description FY2015 7/31/15 2 Months 9/30/15 FY2016 Maintenance NonaCrest Field Management $4,126 $3,439 $688 $4,127 $4,043 Landscape Maintenance $23,597 $15,500 $3,100 $18,600 $25,448 Irrigation Repairs $4,000 $1,519 $506 $2,025 $3,000 Lake Maintenance $4,430 $3,480 $696 $4,176 $4,300 Feature Lighting $750 $0 $0 $0 $750 Miscellaneous Common Area $6,013 $702 $1,000 $1,702 $5,375 Total NonaCrest $42,916 $24,640 $5,990 $30,630 $42,916 La Vina Field Management $9,984 $8,320 $1,664 $9,984 $9,860 Landscape Maintenance $46,726 $37,115 $7,371 $44,486 $51,100 Irrigation Repairs $6,000 $3,858 $1,242 $5,100 $4,000 Lake Maintenance $6,162 $5,000 $1,000 $6,000 $6,180 Utilities $7,860 $3,916 $1,134 $5,050 $7,860 Wall Repairs/Cleaning $6,000 $0 $0 $0 $6,000 Solvino Streetlighting $2,710 $2,182 $437 $2,620 $2,710 Capri Streetlighting $3,850 $3,100 $622 $3,722 $3,850 Miscellaneous Common Area $4,115 $250 $1,000 $1,250 $1,846 Total La Vina $93,406 $63,741 $14,470 $78,212 $93,406 Nona Preserve Field Management $4,126 $3,438 $688 $4,125 $4,333 Landscape Maintenance $26,758 $22,295 $4,459 $26,754 $29,400 Irrigation Repairs $2,200 $990 $310 $1,300 $2,200 Lake Maintenance $3,819 $3,500 $700 $4,200 $4,300 Miscellaneous Common Area $4,971 $0 $1,500 $1,500 $1,641 Total Nona Preserve $41,873 $30,223 $7,657 $37,879 $41,873 Parcels G & H Field Management $0 $0 $0 $0 $0 Landscape Maintenance $0 $0 $0 $0 $0 Lake Maintenance $0 $0 $0 $0 $0 Total Parcels G & H $0 $0 $0 $0 $0 Maintenance Expenses $178,196 $118,604 $28,117 $146,721 $178,196 Transfer Out to Capital Reserves $39,403 $39,403 $0 $39,403 $56,276 Total Expenses $336,666 $240,617 $47,835 $288,452 $353,539 Excess Revenues ($0) $104,110 ($47,834) $56,276 $0 Net Assessments $297,263 Add: Discounts & Collections $18,974 Gross Assessments $316,237 2
General Fund Budget REVENUES: Maintenance Assessments The District will levy a non-ad valorem special assessment on all taxable property within the District, to Fund all General Operating and Maintenance Expenditures for the Fiscal Year. Beginning Fund Balance Represents the total General Funds estimated to be available at the beginning of the Fiscal Year. EXPENDITURES: Administrative: Supervisor Fees The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount is based upon 5 Supervisors attending 6 Board Meetings during the fiscal year. FICA Expense Represents the Employer's share of Social Security and Medicare taxes withheld from Board of Supervisors checks. Engineering Fees The District s engineer, Dewberry, will be providing general engineering services to the District, i.e., attendance and preparation for monthly board meetings, review invoices, etc. Assessment Roll Expenses related to administering the annual assessments on the tax roll with the Orange County Tax Collector. Attorney The District s legal counsel, Hopping, Green, & Sams, will be providing general legal services to the District, i.e., attendance and preparation for monthly meetings, review operating and maintenance contracts, agreements, resolutions, etc. 3
General Fund Budget Annual Audit The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The District has contracted with Berger, Toombs, Elam, Gaines, & Frank to provide this service. Dissemination Agent The District is required by the Security and Exchange Commission to comply with Rule 15(c) (2)-12(b) (5), which relates to additional reporting requirements for un-rated bond issues. The District has contracted with Prager & Company, the District s bond underwriter, to provide this service. Arbitrage The District is required to annually have an arbitrage rebate calculation on the District s Series 2013A-1 and 2013 A-2 Special Assessment Revenue Bonds. The District hired Grau & Associates to calculate the rebate liability and submit a report to the District. Trustee Fees The District issued Series 2013A-1 & 2013A-2 Special Assessment Refunding Bonds, which are held with a Trustee at US Bank. The amount of the trustee fees is based on the agreement between US Bank and the District. Management Fees The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services Central Florida, LLC. These services include, but are not limited to, advertising, recording and transcribing of Board Meetings, administrative services, budget preparation, financial reporting, and assisting with annual audits. Computer Time The District processes all of its financial activities, i.e., accounts payable, financial statements, etc. on a mainframe computer leased by Governmental Management Services Central Florida, LLC. Website Administration The District costs as they relate to the development and ongoing maintenance of its own website. 4
General Fund Budget Telephone Telephone and fax machine. Postage Mailing of agenda packages, overnight deliveries, checks for vendors and any other required correspondence, etc. Insurance The District s general liability, public officials liability and property insurance coverages is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies. Printing & Binding Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc. Legal Advertising The District is required to advertise various notices for monthly Board meetings, public hearings, and any services that are required to be advertised for public bidding, i.e. audit services, engineering service, maintenance contracts and any other advertising that may be required. Other Current Charges Bank charges and any other miscellaneous expenses that are incurred during the year. Property Appraiser Represent the fees to be paid to the Orange County Property Appraiser for annual assessment roll administration. Office Supplies The District incurs charges for supplies that need to be purchased during the fiscal year, including copier and printer toner cartridges, paper, file folders, binders, pens, paper clips, and other such office supplies. Dues, Licenses & Subscriptions The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only expense under this category for the District. 5
General Fund Budget Contingency Represents any other miscellaneous charges that the District may incur. Maintenance: NonaCrest Field Management The District currently has a contract with Governmental Management Services Central Florida, LLC. to provide field management services. Landscape Maintenance The District currently has a contract with Down to Earth to provide Landscape Maintenance. These services include mowing, edging, blowing, applying pest and disease control chemicals to sod, mulching once per year, applying fertilizer, and planting annuals. Vendor: Down To Earth, Inc. Annual Costs o Landscape Maintenance: Contract Cost of $1,704 monthly $20,448 o Replacement Plants $5,000 o Total Costs Irrigation Repairs Irrigation maintenance expenditures that may occur during the fiscal year. Lake Maintenance The District currently has a contract with Applied Aquatic Management Inc., which provide Lake Maintenance to all the lakes inside Narcoossee CDD. These services include monthly inspections and treatment of aquatic weeds and algae, herbiciding, and algae control and removal. Vendor: Applied Aquatic Management, Inc Annual Costs o Landscape Maintenance: Contract Cost of $348 monthly $4,176 o Contingency $124 o Total Costs $4,300 Feature Lighting Replacement and repair of up light fixtures. 6
General Fund Budget Miscellaneous Common Area Miscellaneous common area maintenance expenditures that may occur during the fiscal year. LaVina Field Management The District currently has a contract with Governmental Management Services Central Florida, LLC. to provide field management services. Landscape Maintenance The District currently has a contract with Down to Earth to provide Landscape Maintenance. These services include mowing, edging, blowing, applying pest and disease control chemicals to sod, mulching once per year, applying fertilizer, and planting annuals. Vendor: Down To Earth, Inc. Annual Costs o Landscape Maintenance: Contract Cost of $4,050 monthly $48,600 o Replacement Plants $2,500 o Total Costs $51,100 Irrigation Repairs Irrigation maintenance expenditures that may occur during the fiscal year. Lake Maintenance The District currently has a contract with Applied Aquatic Management Inc., which provide Lake Maintenance to all the lakes inside Narcoossee CDD. These services include monthly inspections and treatment of aquatic weeds and algae, herbiciding, and algae control and removal. The amount also includes unscheduled maintenance. Vendor: Applied Aquatic Management, Inc Annual Costs o Landscape Maintenance: Contract Cost of $500 month $6,000 o Contingency $180 o Total Costs $6,180 7
General Fund Budget Utilities The District has electrical and water accounts with OUC for the areas maintained by the District. Vendor: Orlando Utilities Commission Annual Costs o Reclaimed Water - $640/month $7,680 o Electric - $15/month $180 o TotalCosts $7,860 Wall Repairs/Cleaning Funding for cleaning or needed repairs of La Vina District wall. Solvino Streetlighting The District funds the streetlights within the Solvino community. Vendor: Orlando Utilities Commission Annual Costs o Electric - $225/month $2,710 Capri Streetlighting The District funds the streetlights within the Capri community. Vendor: Orlando Utilities Commission Annual Costs o Electric - $320/month $3,850 Miscellaneous Common Area Maintenance Miscellaneous common area maintenance expenditures that may occur during the fiscal year. Nona Preserve Field Management The District currently has a contract with Governmental Management Services Central Florida, LLC. to provide field management services. 8
General Fund Budget Landscape Maintenance The District currently has a contract with Down to Earth to provide Landscape Maintenance. These services include mowing, edging, blowing, applying pest and disease control chemicals to sod, mulching once per year, applying fertilizer, and planting annuals. Vendor: Down To Earth, Inc. Annual Costs o Landscape Maintenance: Contract Cost of $2,450 monthly $29,400 Irrigation Repairs Irrigation maintenance expenditures that may occur during the fiscal year. Lake Maintenance These services include monthly inspections and treatment of aquatic weeds and algae, herbiciding, and algae control and removal. Vendor: Applied Aquatic Management, Inc Annual Costs o Landscape Maintenance: Contract Cost of $350 monthly $4,200 o Contingency $100 o TotalCosts $4,300 Miscellaneous Common Area Maintenance Miscellaneous common area maintenance expenditures that may occur during the fiscal year. Parcel G & H (No activity in FY16) Field Management The District currently has a contract with Governmental Management Services Central Florida, LLC. to provide field management services. Landscape Maintenance These services include mowing, edging, blowing, applying pest and disease control chemicals to sod, mulching once per year, applying fertilizer, and planting annuals. (Estimated no activity for FY 2016) 9
General Fund Budget Lake Maintenance These services include monthly inspections and treatment of aquatic weeds and algae, herbiciding, and algae control and removal. (Estimated no activity for FY 2016) Transfer Out Capital Reserve Fund Represents projected excess funds above operating capital requirements in the General Fund. 10
Maintenance Assessment Calculation Adopted FY 2016 Subdivision Track Units Annual Gross Maintenance Per Unit FY15 Adopted Gross Maintenance Per Unit FY15 Street Lighting Supplement Assessment Total Adopted Gross Maintenance Per Unit FY 16 Increase (Decrease) O&M NonaCrest C SF50 159 $276.94 $276.94 N/A $276.94 $0.00 $44,034 D SF70 110 $276.94 $276.94 N/A $276.94 $0.00 $30,464 269 LaVina Mirabella A SF50 107 $473.15 $473.15 N/A $473.15 $0.00 $50,627 Ziani B SF75 66 $473.15 $473.15 N/A $473.15 $0.00 $31,228 Capri E SF50 48 $558.17 $473.15 $85.02 $558.17 $0.00 $26,805 Solvino F SF50 50 $530.60 $473.15 $57.45 $530.60 $0.00 $26,543 271 Lake Nona Preserve K Multi 228 $254.88 $254.88 N/A $254.88 $0.00 $58,113 G Comm/Office 130704 $0.11 $0.11 N/A $0.11 $0.00 $15,011 G Multi Family 370 $68.05 $68.05 N/A $68.05 $0.00 $25,180 H Comm/Office 69000 $0.12 $0.12 N/A $0.12 $0.00 $8,232 Total Gross Assessments $316,237 11
Adopted Budget Capital Reserve Fund - Nona Crest Adopted Actual Projected Total Adopted Budget thru Next Projected Budget Description FY2015 7/31/15 2 Months 9/30/15 FY2016 Revenues Transfer In $11,807 $11,807 $0 $11,807 $17,966 Interest $0 $18 $4 $22 $0 Carry Forward Surplus $64,621 $64,247 $0 $64,247 $76,061 Total Revenues $76,428 $76,072 $4 $76,076 $94,028 Expenditures Capital Projects $0 $0 $0 $0 $0 Bank Fees $0 $15 $0 $15 $0 Total Expenditures $0 $0 $0 $15 $0 Excess Revenues $76,428 $76,072 $4 $76,061 $94,028 12
Adopted Budget Capital Reserve Fund - La Vina Adopted Actual Projected Total Adopted Budget thru Next Projected Budget Description FY2015 7/31/15 2 Months 9/30/15 FY2016 Revenues Transfer In $16,130 $16,130 $0 $16,130 $23,147 Interest $0 $17 $4 $21 $0 Carry Forward Surplus $55,955 $55,941 $0 $55,941 $72,077 Total Revenues $72,085 $72,088 $4 $72,092 $95,224 Expenditures Capital Projects $0 $0 $0 $0 $0 Bank Fees $0 $15 $0 $15 $0 Total Expenditures $0 $15 $0 $15 $0 Excess Revenues $72,085 $72,073 $4 $72,077 $95,224 13
Adopted Budget Capital Reserve Fund - Nona Preserve Adopted Actual Projected Total Adopted Budget thru Next Projected Budget Description FY2015 7/31/15 2 Months 9/30/15 FY2016 Revenues Transfer In $5,195 $5,195 $0 $5,195 $7,246 Interest $0 $12 $3 $15 $0 Carry Forward Surplus $43,904 $43,890 $0 $43,890 $49,085 Total Revenues $49,099 $49,097 $3 $49,100 $56,331 Expenditures Capital Projects $0 $0 $0 $0 $0 Bank Fees $0 $15 $0 $15 $0 Total Expenditures $0 $15 $0 $15 $0 Excess Revenues $49,099 $49,082 $3 $49,085 $56,331 14
Adopted Budget Capital Reserve Fund - Parcels G&H Adopted Actual Projected Total Adopted Budget thru Next Projected Budget Description FY2015 7/31/15 2 Months 9/30/15 FY2016 Revenues Transfer In $6,271 $6,271 $0 $6,271 $7,613 Interest $0 $16 $4 $20 $0 Carry Forward Balance $58,363 $58,349 $0 $58,349 $64,625 Total Revenues $64,634 $64,636 $4 $64,640 $72,238 Expenditures Capital Projects $0 $0 $0 $0 $0 Bank Fees $0 $15 $0 $15 $0 Total Expenditures $0 $0 $0 $15 $0 Excess Revenues $64,634 $64,636 $4 $64,625 $72,238 15
Adopted Budget Debt Service Fund Adopted Actual Projected Total Adopted Budget thru Next Projected Budget Description FY2015 7/31/15 2 Months 9/30/15 FY2016 Revenues Carry Forward Surplus $101,200 $104,630 $0 $104,630 $111,398 Assessments- Tax Roll $317,131 $325,433 $0 $325,433 $317,131 Interest Income $100 $17 $3 $20 $100 Total Revenues $418,431 $430,080 $3 $430,083 $428,628 Expenditures Series 2013A-1 Special Call $0 $0 $0 $0 $0 Interest - 11/1 $49,274 $49,274 $0 $49,274 $48,394 Principal - 5/1 $110,000 $110,000 $0 $110,000 $110,000 Interest - 5/1 $49,274 $49,274 $0 $49,274 $48,394 Series 2013A-2 Special Call 11/1 $0 $0 $0 $0 $0 Interest - 11/1 $34,488 $32,569 $0 $32,569 $31,391 Principal - 5/1 $40,000 $35,000 $0 $35,000 $40,000 Interest - 5/1 $34,488 $32,569 $0 $32,569 $31,391 Special Call 5/1 $0 $10,000 $0 $10,000 $0 Total Expenditures $317,524 $318,685 $0 $318,685 $309,569 (1) Excess Revenues $100,907 $111,395 $3 $111,398 $119,060 Series 2013A-1 Nov 1, 2016 $47,376 Series 2013A-2 Nov 1, 2016 $30,366 Net Assessments $317,131 Add: Discounts & Collections $20,242 Gross Assessments $337,373 (1) Excess Revenues will be utilized to pay November 1 semi-annual interest payment. 16
Debt Service Fund - Series 2013A-1 Amortization Schedule Series 2013A-1 Fiscal Date Principal Interest Total 11/1/15 $48,394 $48,394 5/1/16 $110,000 $48,394 11/1/16 $47,376 $205,770 5/1/17 $115,000 $47,376 11/1/17 $46,140 $208,516 5/1/18 $115,000 $46,140 11/1/18 $44,703 $205,843 5/1/19 $120,000 $44,703 11/1/19 $43,053 $207,755 5/1/20 $125,000 $43,053 11/1/20 $41,178 $209,230 5/1/21 $125,000 $41,178 11/1/21 $39,146 $205,324 5/1/22 $130,000 $39,146 11/1/22 $36,871 $206,018 5/1/23 $135,000 $36,871 11/1/23 $34,374 $206,245 5/1/24 $140,000 $34,374 11/1/24 $31,749 $206,123 5/1/25 $145,000 $31,749 11/1/25 $28,921 $205,670 5/1/26 $150,000 $28,921 11/1/26 $25,921 $204,843 5/1/27 $160,000 $25,921 11/1/27 $22,721 $208,643 5/1/28 $165,000 $22,721 11/1/28 $19,298 $207,019 5/1/29 $170,000 $19,298 11/1/29 $15,770 $205,068 5/1/30 $180,000 $15,770 11/1/30 $12,035 $207,805 5/1/31 $185,000 $12,035 11/1/31 $8,196 $205,231 5/1/32 $195,000 $8,196 11/1/32 $4,150 $207,346 5/1/33 $200,000 $4,150 $204,150 $2,665,000 $1,099,990 $3,764,990 17
Debt Service Fund - Series 2013A-2 Amortization Schedule Series 2013A-2 Fiscal Date Principal Interest Total 11/1/15 $31,391 $31,391 5/1/16 $40,000 $31,391 11/1/16 $30,366 $101,756 5/1/17 $40,000 $30,366 11/1/17 $29,341 $99,706 5/1/18 $45,000 $29,341 11/1/18 $28,188 $102,528 5/1/19 $45,000 $28,188 11/1/19 $27,034 $100,222 5/1/20 $50,000 $27,034 11/1/20 $25,753 $102,788 5/1/21 $50,000 $25,753 11/1/21 $24,472 $100,225 5/1/22 $55,000 $24,472 11/1/22 $23,063 $102,534 5/1/23 $55,000 $23,063 11/1/23 $21,516 $99,578 5/1/24 $60,000 $21,516 11/1/24 $19,828 $101,344 5/1/25 $60,000 $19,828 11/1/25 $18,141 $97,969 5/1/26 $65,000 $18,141 11/1/26 $16,313 $99,453 5/1/27 $70,000 $16,313 11/1/27 $14,344 $100,656 5/1/28 $75,000 $14,344 11/1/28 $12,234 $101,578 5/1/29 $80,000 $12,234 11/1/29 $9,984 $102,219 5/1/30 $85,000 $9,984 11/1/30 $7,594 $102,578 5/1/31 $85,000 $7,594 11/1/31 $5,203 $97,797 5/1/32 $90,000 $5,203 11/1/32 $2,672 $97,875 5/1/33 $95,000 $2,672 $97,672 $1,145,000 $694,869 $1,839,869 18