Candler Hills East
Community Development District
Adopted Budget
FY 2016

Table of Contents

1-5

6

7-8

 	General Fund

 	Capital Reserves

 	Debt Service Fund

Candler Hills East
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND

	ADOPTED
BUDGET	ACTUAL
THRU	PROJECTED
NEXT	TOTAL
AS OF	ADOPTED
BUDGET	
DESCRIPTION	FY2015	7/31/15	2 MONTHS	9/30/15	FY2016	
REVENUES:						
MAINTENANCE ASSESSMENTS	$141,677	$142,197	$0	$142,197	$105,046	
INTEREST	$100	$65	$10	$75	$100	
MISCELLANEOUS REVENUE	$0	$24	$0	$24	$0	
CARRY FORWARD SURPLUS	$34,659	$34,659	$0	$34,659	$0	
TOTAL REVENUES	$176,436	$176,945	$10	$176,955	$105,146	
EXPENDITURES:						
ADMINISTRATIVE:						
SUPERVISOR FEES	$4,000	$1,600	$1,000	$2,600	$4,000	
FICA EXPENSE	$306	$92	$61	$153	$306	
ENGINEERING	$2,200	$900	$0	$900	$2,200	
TRUSTEE FEES	$2,000	$2,020	$0	$2,020	$2,050	
DISSEMINATION	$3,000	$2,750	$500	$3,250	$3,500	
ARBITRAGE	$600	$600	$0	$600	$600	
ASSESSMENT ROLL	$5,000	$5,000	$0	$5,000	$5,000	
ATTORNEY	$6,000	$3,000	$1,500	$4,500	$6,000	
ANNUAL AUDIT	$3,600	$3,600	$0	$3,600	$3,800	
MANAGEMENT FEES	$6,828	$5,690	$1,138	$6,828	$7,033	
COMPUTER TIME	$1,000	$833	$167	$1,000	$1,000	
TELEPHONE	$100	$0	$0	$0	$100	
POSTAGE	$800	$581	$169	$750	$800	
PRINTING & BINDING	$600	$232	$168	$400	$600	
INSURANCE	$6,515	$5,923	$0	$5,923	$6,663	
LEGAL ADVERTISING	$700	$228	$422	$650	$700	
OTHER CURRENT CHARGES	$524	$229	$51	$280	$474	
OFFICE SUPPLIES	$150	$58	$42	$100	$150	
DUES, LICENSES & SUBSCRIPTIONS	$175	$175	$0	$175	$175	
TOTAL ADMINISTRATIVE	$44,098	$33,513	$5,218	$38,731	$45,151	

MAINTENANCE:
RETENTION PONDS/OWL PRESERVE DRA	

$70,883	

$57,329	

$8,333	

$65,661	

$49,995	
CONTINGENCIES	$26,796	$0	$0	$0	$10,000	
TRANSFER OUT	$34,659	$34,659	$36,904	$71,563	$0	
TOTAL MAINTENANCE	$132,337	$91,988	$45,237	$137,224	$59,995	
						
TOTAL EXPENDITURES	$176,435	$125,500	$50,454	$175,955	$105,146	
						
EXCESS REVENUES (EXPENDITURES)	$0	$51,444	($50,444)	$1,000	$0	
		
FY2013	
FY2014	
FY2015	
FY2016	
	Net Assessments	$142,961	$142,961	$141,677	$105,046	
Discounts & Collections (6%) 	$9,125		$9,125		$9,043		$6,705	 Gross Assessments   $152,086	$152,086	$150,720	$111,751	

Total Units 		633		633		628		628	 Assessments per Unit 	$240	$240	$240	$178	

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 2006 Special Assessment Bonds that are administered by a Trustee at USBank.

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.

Arbitrage
The District has contracted with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2006 Special Assessment 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. The District has an agreement with Grau & Associates for this service.

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.

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.

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:
Retention Ponds/Owl Preserve DRA
The District has contracted with Sharp Fence Construction, LLC to provide the following services:

Turf Maintenance
A. Turf areas unless otherwise speciﬁed will be mowed on a weekly basis in the growing season (April through October). During months not speciﬁed in the growing season (November through March) the turf

will be mowed at least twice a month unless abnormal conditions arise. Typical yearly mowing schedules will allow for 38 mowings per year.

Edging / String Trimming
A. Edging of all hard edges: Sidewalks, Driveways, Curb lines etc. adjacent to maintained property will be edged on a weekly basis during	the	growing	season	in	conjunction	with	the	maintenance schedule. All storm water culverts will be string trimmed on a weekly basis during the growing season in conjunction with the maintenance schedule to ensure vegetation will not obstruct discharge culvert area. Edging of all landscape beds will be done on a weekly basis to provide a crisp edge. Retention ponds with beds areas will be edged using mechanical equipment such as an edger, string trimmer. Herbicidal edging is will not be acceptable. Bed lines will be edged with the intent to keep the same original design and will be enlarged if plant material growth warrants.

Bed Maintenance
A. Beds are to be free of weeds, trash and other debris at all times. Pre- emergent and post—herbicidal applications may be used to help control weed growth but hand weeding will be done “as needed."

Mulch
A. Pine Straw mulch will be added twice per year in landscape bed areas.

Tree Maintenance, Pruning and Fertilization
A. Tree staking materials will be adjusted, tightened or removed to ensure proper growth.
FY15	FY16
Description	Monthly	Annually	Monthly	Annually	
Retention Ponds/Owl Preserve	$5,906
TOTAL	$70,883	$4,166	$49,995	
	$70,883		$49,995	

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	ADOPTED
BUDGET	
DESCRIPTION	FY2015	7/31/15	2 MONTHS	9/30/15	FY2016	

REVENUES						
TRANSFER IN	$34,659	$34,659	$36,904	$71,563	$0	
CARRY FORWARD SURPLUS	$0	$78,458	$0	$78,458	$150,021	
TOTAL REVENUES	$34,659	$113,117	$36,904	$150,021	$150,021	

EXPENDITURES						
CAPITAL OUTLAY	$0	$0	$0	$0	$0	
TOTAL EXPENDITURES	$0	$0	$0	$0	$0	
						
EXCESS REVENUES	$34,659	$113,117	$36,904	$150,021	$150,021	

DEBT SERVICE FUND

	ADOPTED
BUDGET	ACTUAL
THRU	PROJECTED
NEXT	TOTAL
THRU	ADOPTED
BUDGET	
DESCRIPTION	FY2015	7/31/15	2 MONTHS	9/30/15	FY2016	

REVENUES						
CARRY FORWARD SURPLUS	$232,769	$287,297	$0	$287,297	$350,732	
ASSESSMENTS - TAX ROLL	$316,498	$317,779	$0	$317,779	$298,779	
PREPAYMENTS	$0	$240,358	$0	$240,358	$0	
INTEREST INCOME	$100	$84	$26	$110	$100	
TOTAL REVENUES	$549,367	$845,518	$26	$845,544	$649,611	
EXPENDITURES						
SPECIAL CALL - 11/1	$55,000	$70,000	$0	$70,000	$140,000	
INTEREST - 11/1	$113,360	$113,360	$0	$113,360	$106,003	
PRINCIPAL - 5/1	$95,000	$95,000	$0	$95,000	$95,000	
INTEREST - 5/1	$113,360	$111,453	$0	$111,453	$106,003	
SPECIAL CALL - 5/1	$0	$105,000	$0	$105,000	$0	
TOTAL EXPENDITURES	$376,720	$494,813	$0	$494,813	$447,005	

EXCESS REVENUES	$172,647	$350,706	$26	$350,732	$202,606

(1)

Nov 1, 2016	$103,414

Net Assessments	$298,779 Discounts & Collections (6%) 		$19,071 
Gross Assessments	$317,850

Total Units 		489 Assessments per Unit 	$650 

(1) Excess Revenues will be utilized to pay November 1 semi-annual interest payment.

Community Development District
Series 2006 Special Assessment  Bonds

AMORTIZATION SCHEDULE

DATE

BALANCE

RATE

PRINCIPAL

INTEREST

TOTAL

11/01/15	$	3,890,000.00	5.45%	$	-	$	106,002.50	$	106,002.50	
05/01/16	$	3,890,000.00	5.45%	$	95,000.00	$	106,002.50	
11/01/16	$	3,795,000.00	5.45%	$	-	$	103,413.75	$	304,416.25	
05/01/17	$	3,795,000.00	5.45%	$	100,000.00	$	103,413.75	
11/01/17	$	3,695,000.00	5.45%	$	-	$	100,688.75	$	304,102.50	
05/01/18	$	3,695,000.00	5.45%	$	105,000.00	$	100,688.75	
11/01/18	$	3,590,000.00	5.45%	$	-	$	97,827.50	$	303,516.25	
05/01/19	$	3,590,000.00	5.45%	$	110,000.00	$	97,827.50	
11/01/19	$	3,480,000.00	5.45%	$	-	$	94,830.00	$	302,657.50	
05/01/20	$	3,480,000.00	5.45%	$	115,000.00	$	94,830.00	
11/01/20	$	3,365,000.00	5.45%	$	-	$	91,696.25	$	301,526.25	
05/01/21	$	3,365,000.00	5.45%	$	125,000.00	$	91,696.25	
11/01/21	$	3,240,000.00	5.45%	$	-	$	88,290.00	$	304,986.25	
05/01/22	$	3,240,000.00	5.45%	$	130,000.00	$	88,290.00	
11/01/22	$	3,110,000.00	5.45%	$	-	$	84,747.50	$	303,037.50	
05/01/23	$	3,110,000.00	5.45%	$	140,000.00	$	84,747.50	
11/01/23	$	2,970,000.00	5.45%	$	-	$	80,932.50	$	305,680.00	
05/01/24	$	2,970,000.00	5.45%	$	145,000.00	$	80,932.50	
11/01/24	$	2,825,000.00	5.45%	$	-	$	76,981.25	$	302,913.75	
05/01/25	$	2,825,000.00	5.45%	$	155,000.00	$	76,981.25	
11/01/25	$	2,670,000.00	5.45%	$	-	$	72,757.50	$	304,738.75	
05/01/26	$	2,670,000.00	5.45%	$	160,000.00	$	72,757.50	
11/01/26	$	2,510,000.00	5.45%	$	-	$	68,397.50	$	301,155.00	
05/01/27	$	2,510,000.00	5.45%	$	170,000.00	$	68,397.50	
11/01/27	$	2,340,000.00	5.45%	$	-	$	63,765.00	$	302,162.50	
05/01/28	$	2,340,000.00	5.45%	$	180,000.00	$	63,765.00	
11/01/28	$	2,160,000.00	5.45%	$	-	$	58,860.00	$	302,625.00	
05/01/29	$	2,160,000.00	5.45%	$	190,000.00	$	58,860.00	
11/01/29	$	1,970,000.00	5.45%	$	-	$	53,682.50	$	302,542.50	
05/01/30	$	1,970,000.00	5.45%	$	200,000.00	$	53,682.50	
11/01/30	$	1,770,000.00	5.45%	$	-	$	48,232.50	$	301,915.00	
05/01/31	$	1,770,000.00	5.45%	$	215,000.00	$	48,232.50	
11/01/31	$	1,555,000.00	5.45%	$	-	$	42,373.75	$	305,606.25	
05/01/32	$	1,555,000.00	5.45%	$	225,000.00	$	42,373.75	
11/01/32	$	1,330,000.00	5.45%	$	-	$	36,242.50	$	303,616.25	
05/01/33	$	1,330,000.00	5.45%	$	240,000.00	$	36,242.50	
11/01/33	$	1,090,000.00	5.45%	$	-	$	29,702.50	$	305,945.00	
05/01/34	$	1,090,000.00	5.45%	$	250,000.00	$	29,702.50	
11/01/34	$	840,000.00	5.45%	$	-	$	22,890.00	$	302,592.50	
05/01/35	$	840,000.00	5.45%	$	265,000.00	$	22,890.00	
11/01/35	$	575,000.00	5.45%	$	-	$	15,668.75	$	303,558.75	
05/01/36	$	575,000.00	5.45%	$	280,000.00	$	15,668.75	
11/01/36	$	295,000.00	5.45%	$	-	$	8,038.75	$	303,707.50	
05/01/37	$	295,000.00	5.45%	$	295,000.00	$	8,038.75	$	303,038.75	
			$  3,890,000.00	$	2,892,042.50	$	6,782,042.50