Candler Hills East
Community Development District

Proposed Budget
FY 2020

Table of Contents

1

2-4

5

6

 	General Fund

 	General Fund Narrative

 	Capital Reserves Fund

 	Debt Service Fund - Series 2006A/2016

7	 	Amortization Schedule - Series 2016

Candler Hills East
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND

	ADOPTED
BUDGET	ACTUAL
THRU	PROJECTED
NEXT	TOTAL
AS OF	PROPOSED
BUDGET	
DESCRIPTION	FY2019	4/30/19	5 MONTHS	9/30/19	FY2020	

REVENUES:						
MAINTENANCE ASSESSMENTS	$55,051	$54,874	$177	$55,051	$55,051	
INTEREST	$35	$18	$10	$28	$25	
CARRY FORWARD	$12,499	$7,199	$0	$7,199	$0	
TOTAL REVENUES	$67,585	$62,090	$187	$62,278	$55,076	

EXPENDITURES:						
ADMINISTRATIVE:						
SUPERVISOR FEES	$4,000	$1,800	$2,000	$3,800	$4,000	
FICA EXPENSE	$306	$92	$92	$184	$306	
ENGINEERING	$2,200	$0	$1,200	$1,200	$2,200	
TRUSTEE FEES	$2,050	$2,020	$0	$2,020	$2,050	
DISSEMINATION	$3,500	$2,392	$1,458	$3,850	$3,500	
ARBITRAGE	$600	$0	$600	$600	$600	
ASSESSMENT ROLL	$5,000	$5,000	$0	$5,000	$5,000	
ATTORNEY	$6,000	$3,000	$3,000	$6,000	$6,000	
ANNUAL AUDIT	$3,500	$3,510	$0	$3,510	$3,510	
MANAGEMENT FEES	$7,461	$4,352	$3,109	$7,461	$7,461	
INFORMATION TECHNOLOGY	$1,000	$583	$2,392	$2,975	$1,000	
TELEPHONE	$50	$0	$25	$25	$50	
POSTAGE	$800	$463	$437	$900	$1,000	
PRINTING & BINDING	$800	$120	$180	$300	$600	
INSURANCE	$6,646	$6,042	$0	$6,042	$6,646	
LEGAL ADVERTISING	$700	$0	$700	$700	$700	
OTHER CURRENT CHARGES	$475	$188	$162	$350	$475	
OFFICE SUPPLIES	$150	$56	$64	$120	$150	
DUES, LICENSES & SUBSCRIPTIONS	$175	$175	$0	$175	$175	
TOTAL ADMINISTRATIVE	$45,413	$29,794	$15,419	$45,212	$45,423	

MAINTENANCE:
RETENTION PONDS/OWL PRESERVE DRA	

$12,499	

$12,499	

$0	

$12,499	

$0	
CONTINGENCIES	$9,673	$2,283	$2,283	$4,566	$9,653	
TOTAL MAINTENANCE	$22,172	$14,782	$2,283	$17,065	$9,653	
						
TOTAL EXPENDITURES	$67,585	$44,576	$17,702	$62,278	$55,076	
						
EXCESS REVENUES (EXPENDITURES)	($0)	$17,514	($17,514)	($0)	$0	

Net Assessments	
FY2017
$105,046	
FY2018
$105,046	
FY2019
$55,051	
FY2020
$55,051	
Discounts & Collections (6%) 		$6,705		$6,705		$3,514		$3,514	 Gross Assessments 	$111,751	$111,751	$58,565	$58,565	

Total Units 		628		628		628		628	 Assessments per Unit 	$178	$178	$93	$93	

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.

Interest
The District receives interest earnings from its cash balance in the SunTrust operating account.

EXPENDITURES:

Administrative:

Supervisor Fees
The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. This amount is based on 5 Supervisors attending 4 monthly meetings.

FICA Expense
Represents the Employer's share of Social Security and Medicare taxes withheld from Board of Supervisors checks.
Engineering
The District’s engineer will be providing general engineering services to the District, e.g., attendance and preparation for monthly meetings, reviewing invoices, and various projects assigned as directed by the Board of Supervisors. The District currently has an agreement with Dewberry Engineers, Inc.
Trustee Fees
The District issued Series 2016 Special Assessment Refunding Bonds that are administered by a Trustee at US Bank.

Dissemination
The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b) (5) which relates to additional reporting requirements for unrated bond issues. Governmental Management Services – CF, LLC is contracted for this service.

Arbitrage
The District has contracted with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2016 Special Assessment Refunding Bonds. The District has an agreement with Grau & Associates for this service.

Assessment Roll
Governmental Management Services – Central Florida, LLC serves as the District’s collection agent and certifies the District’s non-ad valorem assessments with the Marion County Tax Collector’s Office.

Attorney
The District’s legal counsel will be providing general legal services to the District, i.e., attendance and preparation for monthly meetings, review operating and maintenance contracts, etc. The District currently has an agreement with Gerald R. Colen, P.A.

Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services – Central Florida, LLC. The services include, but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reporting, annual audits, etc.

Information Technology
The District incurs costs related to the District’s accounting and information systems, District’s website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements.

Telephone
Telephone and fax machine.

Postage
Mailing of Board Meeting agenda packages, overnight deliveries, checks for vendors and any other required correspondence.

Printing & Binding
Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Insurance
The District’s general liability & public officials liability insurance policy is with Florida Insurance Alliance. The Florida Insurance Alliance specializes in providing insurance coverage to governmental agencies.

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 does most of its legal advertising with Ocala Star-Banner.

Other Current Charges
Bank charges and any other miscellaneous expenses that are incurred during the year.

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.

MAINTENANCE:

Contingencies
To record the cost of any maintenance expenses not properly classified in any of the other accounts.

CAPITAL RESERVES FUND

	ADOPTED
BUDGET	ACTUAL
THRU	PROJECTED
NEXT	TOTAL
THRU	PROPOSED
BUDGET	
DESCRIPTION	FY2019	4/30/19	5 MONTHS	9/30/19	FY2020	

REVENUES						

INTEREST	
$2,500	
$2,454	
$2,046	
$4,500	
$3,000	
CARRY FORWARD SURPLUS	$163,447	$163,536	$0	$163,536	$168,036	
TOTAL REVENUES	$165,947	$165,990	$2,046	$168,036	$171,036	

EXPENDITURES						

CAPITAL OUTLAY	
$0	
$0	
$0	
$0	
$0	
TOTAL EXPENDITURES	$0	$0	$0	$0	$0	
						
EXCESS REVENUES	$165,947	$165,990	$2,046	$168,036	$171,036	

DEBT SERVICE FUND - SERIES 2016

	ADOPTED
BUDGET	ACTUAL
THRU	PROJECTED
NEXT	TOTAL
THRU	PROPOSED
BUDGET	
DESCRIPTION	FY2019	4/30/19	5 MONTHS	9/30/19	FY2020	

REVENUES						
ASSESSMENTS - TAX ROLL	$229,936	$228,677	$1,259	$229,936	$229,936	
ASSESSMENTS - PREPAYMENTS	$0	$13,233	$0	$13,233	$0	
INTEREST INCOME	$500	$635	$165	$800	$500	
CARRY FORWARD SURPLUS	$204,176	$209,966	$0	$209,966	$227,323	
TOTAL REVENUES	$434,612	$452,512	$1,424	$453,936	$457,759	
EXPENDITURES						

SPECIAL CALL - 11/1	
$20,000	
$25,000	
$0	
$25,000	
$0	
INTEREST - 11/1	$53,525	$53,525	$0	$53,525	$51,750	
PRINCIPAL - 5/1	$105,000	$0	$105,000	$105,000	$125,000	
INTEREST - 5/1	$53,525	$0	$53,088	$53,088	$51,750	
SPECIAL CALL - 5/1	$0	$0	$15,000	$15,000	$0	
TOTAL EXPENDITURES	$212,050	$53,525	$173,088	$226,613	$228,500	
						
EXCESS REVENUES	$222,562	$398,987	($171,664)	$227,323	$229,259	
				
Nov 1, 2020	
$50,344	
Net Assessments	$229,936	
Discounts & Collections (6%)	$14,677	
Gross Assessments	$244,613	
Total Units	444.75	
Assessments per Unit	$550	

Candler Hills East
Community Development District
Series 2016 Special Assessment Revenue Refunding Bonds
AMORTIZATION SCHEDULE
(Term Bonds Due Combined)

Date

Balance

Principal

Interest

Annual

11/1/19	$	2,935,000	$	-	$ 51,750.00	$	-	
5/1/20	$	2,935,000	$	125,000	$ 51,750.00	$	228,500	
11/1/20	$	2,810,000	$	-	$ 50,343.75	$	-	
5/1/21	$	2,810,000	$	130,000	$ 50,343.75	$	230,688	
11/1/21	$	2,680,000	$	-	$ 48,881.25	$	-	
5/1/22	$	2,680,000	$	135,000	$ 48,881.25	$	232,763	
11/1/22	$	2,545,000	$	-	$ 47,362.50	$	-	
5/1/23	$	2,545,000	$	135,000	$ 47,362.50	$	229,725	
11/1/23	$	2,410,000	$	-	$ 45,675.00	$	-	
5/1/24	$	2,410,000	$	140,000	$ 45,675.00	$	231,350	
11/1/24	$	2,270,000	$	-	$ 43,750.00	$	-	
5/1/25	$	2,270,000	$	90,000	$ 43,750.00	$	177,500	
11/1/25	$	2,180,000	$	-	$ 42,400.00	$	-	
5/1/26	$	2,180,000	$	145,000	$ 42,400.00	$	229,800	
11/1/26	$	2,035,000	$	-	$ 39,681.25	$	-	
5/1/27	$	2,035,000	$	150,000	$ 39,681.25	$	229,363	
11/1/27	$	1,885,000	$	-	$ 36,868.75	$	-	
5/1/28	$	1,885,000	$	155,000	$ 36,868.75	$	228,738	
11/1/28	$	1,730,000	$	-	$ 33,962.50	$	-	
5/1/29	$	1,730,000	$	165,000	$ 33,962.50	$	232,925	
11/1/29	$	1,565,000	$	-	$ 30,868.75	$	-	
5/1/30	$	1,565,000	$	170,000	$ 30,868.75	$	231,738	
11/1/30	$	1,395,000	$	-	$ 27,681.25	$	-	
5/1/31	$	1,395,000	$	175,000	$ 27,681.25	$	230,363	
11/1/31	$	1,220,000	$	-	$ 24,400.00	$	-	
5/1/32	$	1,220,000	$	185,000	$ 24,400.00	$	233,800	
11/1/32	$	1,035,000	$	-	$ 20,700.00	$	-	
5/1/33	$	1,035,000	$	190,000	$ 20,700.00	$	231,400	
11/1/33	$	845,000	$	-	$ 16,900.00	$	-	
5/1/34	$	845,000	$	200,000	$ 16,900.00	$	233,800	
11/1/34	$	645,000	$	-	$ 12,900.00	$	-	
5/1/35	$	645,000	$	205,000	$ 12,900.00	$	230,800	
11/1/35	$	440,000	$	-	$	8,800.00	$	-	
5/1/36	$	440,000	$	215,000	$	8,800.00	$	232,600	
11/1/36	$	225,000	$	-	$	4,500.00	$	-	
5/1/37	$	225,000	$	225,000	$	4,500.00	$	234,000	
Totals		$ 2,935,000	$ 1,174,850	$ 4,109,850