Candler Hills East Community
Development District
Adopted Budget
FY 2019

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	ADOPTED
BUDGET	
DESCRIPTION	FY2018	7/31/18	2 MONTHS	9/30/18	FY2019	
REVENUES:						
MAINTENANCE ASSESSMENTS	$105,046	$105,507	$0	$105,507	$55,051	
INTEREST	$50	$29	$4	$33	$35	
CARRYFORWARD	$0	$0	$0	$0	$12,499	
TOTAL REVENUES	$105,096	$105,536	$4	$105,540	$67,585	
EXPENDITURES:						
ADMINISTRATIVE:						
SUPERVISOR FEES	$4,000	$2,800	$1,000	$3,800	$4,000	
FICA EXPENSE	$306	$138	$46	$184	$306	
ENGINEERING	$2,200	$1,550	$0	$1,550	$2,200	
TRUSTEE FEES	$2,050	$2,020	$0	$2,020	$2,050	
DISSEMINATION	$3,500	$2,183	$417	$2,600	$3,500	
ARBITRAGE	$600	$600	$0	$600	$600	
ASSESSMENT ROLL	$5,000	$5,000	$0	$5,000	$5,000	
ATTORNEY	$6,000	$4,500	$1,500	$6,000	$6,000	
ANNUAL AUDIT	$3,405	$3,405	$0	$3,405	$3,500	
MANAGEMENT FEES	$7,244	$6,037	$1,207	$7,244	$7,461	
INFORMATION TECHNOLOGY	$1,000	$833	$167	$1,000	$1,000	
TELEPHONE	$50	$13	$7	$19	$50	
POSTAGE	$800	$693	$38	$731	$800	
PRINTING & BINDING	$800	$185	$50	$235	$800	
INSURANCE	$6,646	$6,042	$0	$6,042	$6,646	
LEGAL ADVERTISING	$700	$214	$460	$674	$700	
OTHER CURRENT CHARGES	$475	$269	$56	$325	$475	
OFFICE SUPPLIES	$150	$86	$28	$114	$150	
DUES, LICENSES & SUBSCRIPTIONS	$175	$175	$0	$175	$175	
TOTAL ADMINISTRATIVE	$45,101	$36,743	$4,975	$41,718	$45,413	

MAINTENANCE:
RETENTION PONDS/OWL PRESERVE DRA	

$49,995	

$41,663	

$8,333	

$49,995	

$12,499	
CONTINGENCIES	$10,000	$5,239	$0	$5,239	$9,673	
TOTAL MAINTENANCE	$59,995	$46,902	$8,333	$55,234	$22,171	
						
TOTAL EXPENDITURES	$105,096	$83,644	$13,308	$96,952	$67,585	
						
EXCESS REVENUES (EXPENDITURES)	$0	$21,891	($13,304)	$8,587	$0	
		
FY2016	
FY2017	
FY2018	
FY2019	
	Net Assessments	$105,046	$105,046	$105,046	$55,051	
Discounts & Collections (6%) 	$6,705		$6,705		$6,705		$3,514	 Gross Assessments   $111,751	$111,751	$111,751	$58,565	

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

Retention Ponds/Owl Preserve DRA
The District has contracted with Sharp Site Services, LLC to provide landscape maintenance services. The District will maintain the Retention Ponds/DRA from October 1, 2018 until December 31, 2018. After this time, the Candler Hills HOA has agreed to take over maintenance. The District will continue to be responsible for any repairs including sinkholes.

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	FY2018	7/31/18	2 MONTHS	9/30/18	FY2019	

REVENUES						
INTEREST	$400	$2,375	$612	$2,987	$2,500	
CARRY FORWARD SURPLUS	$160,451	$160,459	$0	$160,459	$163,447	
TOTAL REVENUES	$160,851	$162,835	$612	$163,447	$165,947	

EXPENDITURES						
CAPITAL OUTLAY	$0	$0	$0	$0	$0	
TOTAL EXPENDITURES	$0	$0	$0	$0	$0	
						
EXCESS REVENUES	$160,851	$162,835	$612	$163,447	$165,947	

DEBT SERVICE FUND - SERIES 2016

	ADOPTED
BUDGET	ACTUAL
THRU	PROJECTED
NEXT	TOTAL
THRU	ADOPTED
BUDGET	
DESCRIPTION	FY2018	7/31/18	2 MONTHS	9/30/18	FY2019	

REVENUES						
ASSESSMENTS - TAX ROLL	$234,100	$233,061	$0	$233,061	$229,936	
PREPAYMENTS	$0	$27,586	$0	$27,586	$0	
INTEREST INCOME	$100	$653	$130	$783	$500	
CARRY FORWARD SURPLUS	$225,910	$243,521	$0	$243,521	$204,176	
TOTAL REVENUES	$460,110	$504,821	$130	$504,951	$434,612	
EXPENDITURES						

Series 2016						
INTEREST - 11/1	$55,606	$55,800	$0	$55,800	$53,525	
SPECIAL CALL - 11/1	$45,000	$55,000	$0	$55,000	$20,000	
PRINCIPAL - 5/1	$125,000	$125,000	$0	$125,000	$105,000	
INTEREST - 5/1	$55,606	$54,975	$0	$54,975	$53,525	
SPECIAL CALL - 5/1	$0	$10,000	$0	$10,000	$0	
TOTAL EXPENDITURES	$281,213	$300,775	$0	$300,775	$232,050	
						
EXCESS REVENUES	$178,898	$204,046	$130	$204,176	$202,562	
				
Nov 1, 2019	
$52,475	
				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

11/1/18	$	3,080,000	$	-	$	53,525.00	$	-	
5/1/19	$	3,080,000	$	105,000	$	53,525.00	$	212,050	
11/1/19	$	2,975,000	$	-	$	52,475.00	$	-	
5/1/20	$	2,975,000	$	130,000	$	52,475.00	$	234,950	
11/1/20	$	2,845,000	$	-	$	51,012.50	$	-	
5/1/21	$	2,845,000	$	130,000	$	51,012.50	$	232,025	
11/1/21	$	2,715,000	$	-	$	49,550.00	$	-	
5/1/22	$	2,715,000	$	135,000	$	49,550.00	$	234,100	
11/1/22	$	2,580,000	$	-	$	48,031.25	$	-	
5/1/23	$	2,580,000	$	135,000	$	48,031.25	$	231,063	
11/1/23	$	2,445,000	$	-	$	46,343.75	$	-	
5/1/24	$	2,445,000	$	140,000	$	46,343.75	$	232,688	
11/1/24	$	2,360,000	$	-	$	45,243.75	$	-	
5/1/25	$	2,360,000	$	90,000	$	45,243.75	$	180,488	
11/1/25	$	2,215,000	$	-	$	43,068.75	$	-	
5/1/26	$	2,215,000	$	150,000	$	43,068.75	$	236,138	
11/1/26	$	2,065,000	$	-	$	40,256.25	$	-	
5/1/27	$	2,065,000	$	155,000	$	40,256.25	$	235,513	
11/1/27	$	1,910,000	$	-	$	37,350.00	$	-	
5/1/28	$	1,910,000	$	160,000	$	37,350.00	$	234,700	
11/1/28	$	1,750,000	$	-	$	34,350.00	$	-	
5/1/29	$	1,750,000	$	165,000	$	34,350.00	$	233,700	
11/1/29	$	1,585,000	$	-	$	31,256.25	$	-	
5/1/30	$	1,585,000	$	175,000	$	31,256.25	$	237,513	
11/1/30	$	1,410,000	$	-	$	27,975.00	$	-	
5/1/31	$	1,410,000	$	180,000	$	27,975.00	$	235,950	
11/1/31	$	1,230,000	$	-	$	24,600.00	$	-	
5/1/32	$	1,230,000	$	185,000	$	24,600.00	$	234,200	
11/1/32	$	1,045,000	$	-	$	20,900.00	$	-	
5/1/33	$	1,045,000	$	195,000	$	20,900.00	$	236,800	
11/1/33	$	850,000	$	-	$	17,000.00	$	-	
5/1/34	$	850,000	$	200,000	$	17,000.00	$	234,000	
11/1/34	$	650,000	$	-	$	13,000.00	$	-	
5/1/35	$	650,000	$	210,000	$	13,000.00	$	236,000	
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		$	3,080,000	$	1,298,475	$	4,378,475