Adopted Budget

Fiscal Year 2019

Heron Isles Community

Development District

August 2, 2018

Heron Isles

Community Development District

TABLE OF CONTENTS

General Fund

Budget	Page 1

Exhibit "A"	Page 2

Narrative	Page 3-6

Debt Service Fund

Budget - Series 2017A1/A2	Page 7

Amortization Schedule - 2017A1	Page 8

Amortization Schedule - 2017A2	Page 9

Heron Isles

Community Development District									General Fund	
											
		Adopted		Actual		Projected		Total		Adopted	
		Budget		Thru		Next		Projected		Budget	
Description		FY 2018	6/30/2018		3 Months	9/30/2018		FY 2019	
Revenues											
Assessments - On Roll	$281,122	$282,980	$1,056	$284,035	$320,236	
Interest Income	$0	$349	$116	$466	$400	
Fund Balance	$6,711	$19,087	$0	$19,087	$0	
											
TOTAL REVENUES	$287,832	$302,415	$1,172	$303,587	$320,637	
Expenditures											
Administrative											
Supervisor Fees	$4,000	$4,400	$1,000	$5,400	$4,000	
FICA Expense	$306	$337	$77	$413	$306	
Engineering	$5,000	$2,220	$500	$2,720	$5,000	
Assessment Roll	$7,500	$7,500	$0	$7,500	$7,500	
Dissemination	$1,500	$1,125	$375	$1,500	$1,500	
Attorney	$15,000	$7,637	$7,363	$15,000	$15,000	
Annual Audit	$3,700	$3,700	$0	$3,700	$4,000	
Trustee Fees	$2,200	$0	$2,200	$2,200	$2,200	
Management Fees	$43,260	$32,445	$10,815	$43,260	$45,423	
Computer Time	$1,000	$750	$250	$1,000	$1,000	
Website Compliance	$500	$375	$125	$500	$500	
Telephone	$100	$150	$20	$170	$100	
Postage	$500	$983	$265	$1,248	$500	
Printing & Binding	$1,250	$1,127	$150	$1,277	$1,250	
Insurance	$6,646	$6,042	$0	$6,042	$6,700	
Legal Advertising	$1,800	$2,611	$3,004	$5,615	$2,500	
Other Current Charges	$1,000	$965	$35	$1,000	$1,000	
Office Supplies	$100	$63	$37	$100	$100	
Meeting Room Rental	$1,300	$400	$100	$500	$1,300	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Capital Outlay	$250	$0	$0	$0	$250	
											
TOTAL ADMINISTRATIVE EXPENDITURES	$97,087	$73,005	$26,315	$99,320	$100,304	
UTILITIES:											
Electric	$21,000	$18,997	$8,332	$27,329	$32,005	
Water & Sewer		$56,500		$32,437		$11,796		$44,233		$46,813	
SUBTOTAL UTILITIES	$77,500	$51,433	$20,128	$71,562	$78,818	
CONTRACT SERVICES											
Landscape Maintenance	$57,072	$47,931	$14,295	$62,226	$64,250	
Irrigation Maintenance	$3,000	$1,669	$1,331	$3,000	$3,000	
Lake Maintenance	$12,900	$9,675	$3,225	$12,900	$12,900	
Janitorial Services	$7,200	$5,400	$1,800	$7,200	$7,200	
Trash Removal Services	$7,440	$4,500	$1,500	$6,000	$7,440	
Management Company	$9,000	$6,750	$2,250	$9,000	$9,000	
Pest Control Services	$225	$0	$225	$225	$225	
Holiday Decorations		$0		$1,161		$1,161		$2,322		$1,500	
SUBTOTAL CONTRACT SERVICES	$96,837	$77,086	$25,787	$102,874	$105,515	
REPAIRS & MAINTENANCE											
Repairs & Maintenance		$16,408		$22,374		$7,458		$29,832		$30,000	
SUBTOTAL REPAIRS & MAINTENANCE	$16,408	$22,374	$7,458	$29,832	$30,000	
RESERVES											
Capital Outlay		$0		$0		$0		$0		$6,000	
SUBTOTAL RESERVES		$0		$0		$0		$0		$6,000	
											
TOTAL FIELD EXPENDITURES		$190,745		$150,894		$53,374		$204,267		$220,333	
											
TOTAL EXPENDITURES		$287,832		$223,898		$79,689		$303,587		$320,637	
								
Excess Revenues		($0)		$78,517		($78,517)		$0		$0	
											
						FY 2017		FY 2018		FY 2019	
							
		NET ASSESSMENTS	$259,162	$281,122	$320,236	
		PLUS COLLECTION FEES (7%)	$19,507	$21,160	$24,104	
		GROSS ASSESSMENTS	$278,669	$302,281	$344,340	
				NO. OF UNITS	740	749	749	
		PER UNIT ASSESSMENT	$377	$404	$460	

Page 1

Heron Isles

Community Development District

General Fund

Exhibit "A"

Allocation of Operating Reserves

Estimated Funds Available

	Beginning Fund Balance - Fiscal Year 2018	$19,087		
	Estimated Excess Revenues - Fiscal Year 2018	($19,086)		
	Total Estimated Funds Available - 9/30/18			
		$0		
	Allocation of Funds Available			
(1)	Operating Reserve - First Quarter Operating Capital	$55,844		
	Capital Reserve/Renewal & Replacement	$47,258		
	Total Allocation of Funds			
		$103,102		
	Total Undesignated Cash			
		($103,101)		
(1)	Represents approximately (2) two months of operating expenditures			

Page 2

HERON ISLES

COMMUNITY DEVELOPMENT DISTRICT

GENERAL FUND BUDGET

FISCAL YEAR 2019

REVENUES:

Maintenance Assessments

The District will levy a non ad-valorem special assessment on all assessable property within the District to fund all of the General Operating Expenditures for 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 for the fiscal year is based upon all five supervisors attending the estimated 12 annual meetings.

FICA Expanse

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisors checks.

Engineering Fees

The District's engineer will be providing general engineering services to the District including attendance and preparation for board meetings, etc.

Assessment Roll

Governmental Management Services serves as the District's collection agent and certifies the District's non-ad valorem assessments with the county tax collector.

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.

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.

Annual Audit

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

Trustee Fees

The District issued Series 2005 Capital Improvement Revenue 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. These services are further outlined in Exhibit "A" of the Management Agreement.

Page 3

HERON ISLES

COMMUNITY DEVELOPMENT DISTRICT

GENERAL FUND BUDGET

FISCAL YEAR 2019

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.

Website Compliance

Per Chapter 2014-22, Laws of Florida, all Districts must have a website by October 1, 2015 to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS, LLC and updated monthly.

Telephone

Telephone and fax machine.

Postage

Mailing of agenda packages, overnight deliveries, correspondence, etc.

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. 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.

Other Current Charges

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

Office Supplies

Miscellaneous office supplies.

Meeting Room Rental

This item includes the cost to rent a boardroom for the Heron Isles Community Development District monthly supervisor meetings. The rental fees are based on the quarterly meetings.

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.

Capital Outlay

Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for District files.

Page 4

HERON ISLES

COMMUNITY DEVELOPMENT DISTRICT

GENERAL FUND BUDGET

FISCAL YEAR 2019

Utilities:

Electric

This item includes the cost of electricity for Heron Isles CDD that will be provided by FPL.

Location	Account #	Monthly	Yearly	
100 Heron Isles Pkwy	55251-34119	$2,000	$24,000	
96103 Heron Isles Pkwy	79367-06030	$15	$180	
96116 Heron Isles Pkwy	15371-18034	$16	$192	
961164 Heron Isles Pkwy #IRR	17007-82129	$15	$180	
96139 Heron Isles Pkwy	89411-73059	$60	$720	
96148 Heron Isles Pkwy	59739-27030	$15	$186	
96443 Heron Isles Pkwy #IRR	62356-51129	$15	$180	
96638 Heron Isles Pkwy #IRR	62602-83129	$15	$183	
96331 Starfish Dr entwall	39110-92496	$15	$180	
Projecting New Accounts		$500	$6,004	
	Total	$2667	$32,005	

Water & Sewer

This item includes the cost of water and/or sewer from JEA.

Location	Meter #	Monthly	Yearly	
96059 Heron Isles PY	82505651	$876	$10,508	
96059 Heron Isles PY	82505651	$288	$3,461	
96259 Heron Isles PY	83582184	$794	$9,525	
96320 Starfish Dr	67059090	$24	$294	
96416 Heron Isles PY	67133229	$544	$6,528	
96572 Heron Isles PY	67133293	$478	$5,736	
	Totals	$3,004	$36,051	

Contract Services:

Landscape Maintenance

Landscape services are to maintain the common areas within the District. The District has contracted with Martex Services for these services pertaining to entryway maintenance. The contract provides for a 30 day termination.

Vendor	Monthly	Yearly	
Landscape Maintenance	$4,765	$57,180	
Landscape Contingency		$ 7,070	
Total		$64,250	

Page 5

HERON ISLES

COMMUNITY DEVELOPMENT DISTRICT

GENERAL FUND BUDGET

FISCAL YEAR 2019

Irrigation Repairs

Irrigation services are to maintain the common areas within the District. The District has contracted with Martex Services for these services pertaining to entryway maintenance. The contract provides for a 30 day termination.

Lake Maintenance

The District has a contract with The Lake Doctors who provide monthly water management services to all the lakes throughout the District.

Janitorial Services

The District has a contract with All Repairs & Maintenance for Janitorial services for the District.

Trash Removal Service

The District has a contract with All Repairs & Maintenance for Trash Removal Services.

Pest Control

The District has a contract with Kelly Termite for pest control services.

Management Company

Management Fees include managing, supervising and coordinating the management, operation and maintenance. The District has a contract with Leland Management Inc. to provide these services, the monthly charge is $750.00 and the contract can be terminated by either party within 30 days notice.

Repairs & Maintenance:

Repairs & Maintenance

Unscheduled repairs and maintenance to the District’s facilities through the community

Reserves:

Road Maintenance

The District will contract with a company for maintenance to the District’s roadways

Capital Improvements

Represents any Capital expenditures the District may need outside of the regular maintenance. Page 6

Heron Isles

	Community Development District							Debt Service Fund		
												Series 2017A1-A2		
														
			Adopted		Actual		Projected		Total			Adopted		
			Budget		Thru		Next		Projected			Budget		
	Description		FY 2018	6/30/2018		3 Months	9/30/2018			FY 2019		
	Revenues													
(1)	Special Assessments - On Roll	$233,370	$234,525	$875	$235,399	$233,370		
								
	Interest Income	$0	$351	$0	$351	$0		
	Prepayments	$0	$74,676	$0	$74,676	$0		
(2)	Carry Forward Surplus	$56,419	$74,160	$0	$74,160	$58,302		

	TOTAL REVENUES	$289,788	$383,711	$875	$384,586	$291,672		
	Expenditures													
	Series 2017A1													
	Interest - 11/1	$21,749	$21,749	$0	$21,749	$29,863		
	Special Call - 11/1	$0	$10,000	$0	$10,000	$0		
	Interest - 5/1	$31,828	$31,659	$0	$31,659	$29,863		
	Principal - 5/1	$95,000	$95,000	$0	$95,000	$100,000		
	Special Call - 5/1	$0	$75,000	$0	$75,000	$0		
	Series 2017A2													
	Interest - 11/1	$14,521	$14,521	$0	$14,521	$20,000		
	Special Call - 11/1	$0	$5,000	$0	$5,000	$0		
	Interest - 5/1	$21,250	$21,125	$0	$21,125	$20,000		
	Principal - 5/1	$25,000	$25,000	$0	$25,000	$30,000		
														
	TOTAL EXPENDITURES	$209,348	$299,054	$0	$299,054	$229,725		
	Other Sources/(Uses)													
(3)	Interfund Transfer In/(Out)	$0	$8,646	$0	$8,646	$0		

	TOTAL OTHER SOURCES/USES		$0		$8,646		$0		$8,646			$0		
										
	EXCESS REVENUES		$80,440		$93,303		$875		$94,177			$61,947		
														
								11/1/2019	$48,113		
(1)	Maximum Annual Debt Service													
														
(2)	Carry forward surplus is net of the reserve requirement									FY 2018		
												
					PLUS COLLECTION FEES (7%)			$17,565		
					GROSS ASSESSMENTS			$250,935		
					NO. OF UNITS					561		
					PER UNIT ASSESSMENT:			$447		

Page 7

Heron Isles

Community Development District

Series 2017A-1 Capital Improvement Revenue Refunding Bonds (Senior Bonds)

AMORTIZATION SCHEDULE

DATE		BALANCE		PRINCIPAL		INTEREST		TOTAL	
									
11/01/18	$	2,155,000.00	$	-	$	29,862.50	$	29,862.50	
05/01/19	$	2,155,000.00	$	100,000.00	$	29,862.50			
11/01/19	$	2,055,000.00	$	-	$	28,862.50	$	158,725.00	
05/01/20	$	2,055,000.00	$	100,000.00	$	28,862.50			
11/01/20	$	1,955,000.00	$	-	$	27,862.50	$	156,725.00	
05/01/21	$	1,955,000.00	$	105,000.00	$	27,862.50			
11/01/21	$	1,850,000.00	$	-	$	26,812.50	$	159,675.00	
05/01/22	$	1,850,000.00	$	105,000.00	$	26,812.50			
11/01/22	$	1,745,000.00	$	-	$	25,762.50	$	157,575.00	
05/01/23	$	1,745,000.00	$	110,000.00	$	25,762.50			
11/01/23	$	1,635,000.00	$	-	$	24,662.50	$	160,425.00	
05/01/24	$	1,635,000.00	$	105,000.00	$	24,662.50			
11/01/24	$	1,530,000.00	$	-	$	23,481.25	$	153,143.75	
05/01/25	$	1,530,000.00	$	115,000.00	$	23,481.25			
11/01/25	$	1,415,000.00	$	-	$	22,115.63	$	160,596.88	
05/01/26	$	1,415,000.00	$	110,000.00	$	22,115.63			
11/01/26	$	1,305,000.00	$	-	$	20,740.63	$	152,856.25	
05/01/27	$	1,305,000.00	$	120,000.00	$	20,740.63			
11/01/27	$	1,185,000.00	$	-	$	19,165.63	$	159,906.25	
05/01/28	$	1,185,000.00	$	120,000.00	$	19,165.63			
11/01/28	$	1,065,000.00	$	-	$	17,515.63	$	156,681.25	
05/01/29	$	1,065,000.00	$	120,000.00	$	17,515.63			
11/01/29	$	945,000.00	$	-	$	15,640.63	$	153,156.25	
05/01/30	$	945,000.00	$	120,000.00	$	15,640.63			
11/01/30	$	825,000.00	$	-	$	13,765.63	$	149,406.25	
05/01/31	$	825,000.00	$	125,000.00	$	13,765.63			
11/01/31	$	700,000.00	$	-	$	11,812.50	$	150,578.13	
05/01/32	$	700,000.00	$	130,000.00	$	11,812.50			
11/01/32	$	570,000.00	$	-	$	9,618.75	$	151,431.25	
05/01/33	$	570,000.00	$	135,000.00	$	9,618.75			
11/01/33	$	435,000.00	$	-	$	7,340.63	$	151,959.38	
05/01/34	$	435,000.00	$	140,000.00	$	7,340.63			
11/01/34	$	295,000.00	$	-	$	4,978.13	$	152,318.75	
05/01/35	$	295,000.00	$	145,000.00	$	4,978.13			
11/01/35	$	150,000.00	$	-	$	2,531.25	$	152,509.38	
05/01/36	$	150,000.00	$	150,000.00	$	2,531.25	$	152,531.25	
									
			$	2,155,000.00	$	665,062.50	$	2,820,062.50	

Page 8

Heron Isles

Community Development District

Series 2017A-2 Capital Improvement Revenue Refunding Bonds (Subordinate Bonds)

AMORTIZATION SCHEDULE

	DATE		BALANCE	RATE		PRINCIPAL		INTEREST		TOTAL	
											
	11/01/18	$	800,000.00	5.000%	$	-	$	20,000.00	$	-	
	05/01/19	$	800,000.00	5.000%	$	30,000.00	$	20,000.00	$	70,000.00	
	11/01/19	$	770,000.00	5.000%	$	-	$	19,250.00	$	-	
05/01/20	$	770,000.00	5.000%	$	30,000.00	$	19,250.00	$	68,500.00	
11/01/20	$	740,000.00	5.000%	$	-	$	18,500.00	$	-	
05/01/21	$	740,000.00	5.000%	$	30,000.00	$	18,500.00	$	67,000.00	
11/01/21	$	710,000.00	5.000%	$	-	$	17,750.00	$	-	
05/01/22	$	710,000.00	5.000%	$	35,000.00	$	17,750.00	$	70,500.00	
11/01/22	$	675,000.00	5.000%	$	-	$	16,875.00	$	-	
05/01/23	$	675,000.00	5.000%	$	35,000.00	$	16,875.00	$	68,750.00	
11/01/23	$	640,000.00	5.000%	$	-	$	16,000.00	$	-	
05/01/24	$	640,000.00	5.000%	$	35,000.00	$	16,000.00	$	67,000.00	
11/01/24	$	605,000.00	5.000%	$	-	$	15,125.00	$	-	
05/01/25	$	605,000.00	5.000%	$	40,000.00	$	15,125.00	$	70,250.00	
11/01/25	$	565,000.00	5.000%	$	-	$	14,125.00	$	-	
05/01/26	$	565,000.00	5.000%	$	40,000.00	$	14,125.00	$	68,250.00	
11/01/26	$	525,000.00	5.000%	$	-	$	13,125.00	$	-	
05/01/27	$	525,000.00	5.000%	$	40,000.00	$	13,125.00	$	66,250.00	
11/01/27	$	485,000.00	5.000%	$	-	$	12,125.00	$	-	
05/01/28	$	485,000.00	5.000%	$	45,000.00	$	12,125.00	$	69,250.00	
11/01/28	$	440,000.00	5.000%	$	-	$	11,000.00	$	-	
05/01/29	$	440,000.00	5.000%	$	45,000.00	$	11,000.00	$	67,000.00	
11/01/29	$	395,000.00	5.000%	$	-	$	9,875.00	$	-	
05/01/30	$	395,000.00	5.000%	$	50,000.00	$	9,875.00	$	69,750.00	
11/01/30	$	345,000.00	5.000%	$	-	$	8,625.00	$	-	
05/01/31	$	345,000.00	5.000%	$	50,000.00	$	8,625.00	$	67,250.00	
11/01/31	$	295,000.00	5.000%	$	-	$	7,375.00	$	-	
05/01/32	$	295,000.00	5.000%	$	55,000.00	$	7,375.00	$	69,750.00	
11/01/32	$	240,000.00	5.000%	$	-	$	6,000.00	$	-	
05/01/33	$	240,000.00	5.000%	$	55,000.00	$	6,000.00	$	67,000.00	
11/01/33	$	185,000.00	5.000%	$	-	$	4,625.00	$	-	
05/01/34	$	185,000.00	5.000%	$	60,000.00	$	4,625.00	$	69,250.00	
11/01/34	$	125,000.00	5.000%	$	-	$	3,125.00	$	-	
05/01/35	$	125,000.00	5.000%	$	60,000.00	$	3,125.00	$	66,250.00	
11/01/35	$	65,000.00	5.000%	$	-	$	1,625.00	$	-	
05/01/36	$	65,000.00	5.000%	$	65,000.00	$	1,625.00	$	68,250.00	
											
					$	800,000.00	$	430,250.00	$	1,230,250.00	

Page 9