Approved Budget
Fiscal Year 2020

Heron Isles Community Development District

May 2, 2019

Heron Isles
Community Development District

TABLE OF CONTENTS

General Fund
Budget	Page 1
Narrative	Page 2 - 6

Debt Service Fund
Budget - Series 2017A1/A2	Page 7
Amortization Schedule - 2017A1	Page 8
Amortization Schedule - 2017A2	Page 9 Capital Reserves	Page 10

Heron Isles
Community Development District										

General Fund	
		Adopted		Actual		Projected		Total		Approved	
		Budget		Thru		Next		Projected		Budget	
 Description			 	FY 2019			 	3/31/19			 	6 Months			 	9/30/19			 	FY 2020		
Revenues											
Assessments - On Roll		$320,236		$316,442		$3,822		$320,264		$412,343	
Interest Income		$400		$267		$267		$533		$400	
Fund Balance		$0		$0		$0		$0		$0	
 TOTAL REVENUES			 	$320,637 		 	$316,708 		 	$4,089 		 	$320,798 		 	$412,744 	
Expenditures											
Administrative											
Supervisor Fees		$4,000		$1,800		$3,000		$4,800		$6,000	
FICA Expense		$306		$138		$230		$367		$459	
Engineering		$5,000		$0		$5,000		$5,000		$5,000	
Assessment Roll		$7,500		$7,500		$0		$7,500		$7,500	
Dissemination		$1,500		$750		$750		$1,500		$1,500	
Attorney		$15,000		$4,119		$10,882		$15,000		$15,000	
Annual Audit		$4,000		$0		$3,800		$3,800		$4,000	
Trustee Fees		$2,200		$0		$3,717		$3,717		$3,800	
Management Fees		$45,423		$22,712		$22,712		$45,423		$45,423	
Computer Time		$1,000		$500		$500		$1,000		$1,000	
Website Compliance		$500		$2,000		$250		$2,250		$500	
Telephone		$100		$26		$74		$100		$200	
Postage		$500		$195		$721		$916		$500	
Printing & Binding		$1,250		$398		$1,028		$1,427		$1,500	
Rental & Leases		$0		$640		$100		$740		$120	
Meeting Room Rental		$1,300		$200		$565		$765		$1,000	
Insurance		$6,700		$10,663		$0		$10,663		$11,196	
Legal Advertising		$2,500		$1,859		$3,452		$5,310		$5,350	
Other Current Charges		$1,000		$5,978		$722		$6,700		$7,000	
Office Supplies		$100		$43		$57		$100		$100	
Dues, Licenses & Subscriptions		$175		$175		$0		$175		$175	
Capital Outlay		$250		$0		$250		$250		$0	
TOTAL ADMINISTRATIVE EXPENDITURES		$100,304		$59,695		$57,808		$117,503		$117,323	

UTILITIES:
Electric		

$32,005		

$12,212		

$12,600		

$24,812		

$31,740	
Water & Sewer		 	$46,813 		 	$18,201 		 	$25,299 		 	$43,500 		 	$44,064 	
SUBTOTAL UTILITIES		 	$78,818 		 	$30,413 		 	$37,899 		 	$68,312 		 	$75,804 	
CONTRACT SERVICES
Landscape Maintenance		
$64,250		
$30,156		
$30,426		
$60,582		
$60,852	
Landscape Contingency		$0		$0		$0		$0		$15,000	
Irrigation Maintenance		$3,000		$785		$2,215		$3,000		$3,000	
Lake Maintenance		$12,900		$6,450		$6,450		$12,900		$12,900	
Janitorial Services		$7,200		$3,600		$3,600		$7,200		$7,200	
Trash Removal Services		$7,440		$3,000		$3,000		$6,000		$7,440	
Management Company		$9,000		$4,500		$4,500		$9,000		$9,000	
Pest Control Services		$225		$0		$225		$225		$225	
Holiday Decorations		 	$1,500 		 	$1,710 		 	$0 		 	$1,710 		 	$1,500 	
SUBTOTAL CONTRACT SERVICES		 	$105,515 		 	$50,201 		 	$50,416 		 	$100,617 		 	$117,117 	
REPAIRS & MAINTENANCE
Repairs & Maintenance		
$30,000		
$2,699		
$25,667		
$28,366		
$0	
Facility Repairs		 	$0 		 	$0 		 	$0 		 	$0 		 	$15,000 	
SUBTOTAL REPAIRS & MAINTENANCE		 	$30,000 		 	$2,699 		 	$25,667 		 	$28,366 		 	$15,000 	
RESERVES
Capital Reserve		
$6,000		
$500		
$5,500		
$6,000		
$30,000	
Capital Project Improvements		 	$0 		 	$0 		 	$0 		 	$0 		 	$57,500 	
SUBTOTAL RESERVES		 	$6,000 		 	$500 		 	$5,500 		 	$6,000 		 	$87,500 	
 TOTAL FIELD EXPENDITURES			 	$220,333 		 	$83,813 		 	$119,481 		 	$203,295 		 	$295,421 	
 TOTAL  EXPENDITURES			 	$320,637 		 	$143,508 		 	$177,290 		 	$320,798 		 	$412,744 	
 Excess Revenues			 	$0 		 	$173,201 		 	($173,201)		 	$0 		 	$0 	
						
FY 2018		
FY 2019		
FY 2020	

NET ASSESSMENTS	$281,122	$320,236	$412,343	
PLUS COLLECTION FEES (7%)	$21,160	$24,104	$31,037	
GROSS ASSESSMENTS	$302,281	$344,340	$443,380	
NO. OF UNITS	749	749	748	
PER UNIT ASSESSMENT	$404	$460	$593	

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.

Interest Income
The District will have all excess funds invested with U.S. Bank. The amount is based upon the estimated average balance of funds available during the fiscal year.

EXPENDITURES:
Administrative:

Supervisor Fees
The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,000 in one year. The amount for the fiscal year is based upon all five supervisors attending the estimated 4 annual meetings.

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 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.

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.

Rental & Leases
Record storage fees to maintain district files by McCranie &Associates Inc at $10/month.

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.

Utilities:

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

Location	Account #	Monthly	Annual	

100 Heron Isles Pkwy	
55251-34119	
$2,000	
$24,000	
96103 Heron Isles Pkwy	79367-06030	$15	$180	
96116 Heron Isles Pkwy	15371-18034	$15	$180	
961164 Heron Isles Pkwy #IRR	17007-82129	$15	$180	
96139 Heron Isles Pkwy	89411-73059	$25	$300	
96148 Heron Isles Pkwy	59739-27030	$15	$180	
96443 Heron Isles Pkwy #IRR	62356-51129	$15	$180	
96638 Heron Isles Pkwy #IRR	62602-83129	$15	$180	
96331 Starfish Dr entwall	39110-92496	$15	$180	
928 Chester Rd# Entrance	62761-04061	$15	$180	
Contingency		$500	$6,000	
	Total	$2667	$31,740	

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

Location	Meter #	Monthly	Annual	

96059 Heron Isles PY	
82505651	$1210	$14,520	
96059 Heron Isles PY	82505651	$384	$4,608	
96259 Heron Isles PY	83582184	$847	$10,164	
96320 Starfish Dr	67059090	$20	$240	
96416 Heron Isles PY	67133229	$579	$6,948	
96572 Heron Isles PY	67133293	$600	$7,200	
928 Chester Road Apt IR01	83714954	$32	$384	
	Totals	$3,036	$44,064	

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	Annual	
Martex	$5,071	$60,852	

Landscape Contingency
Other Landscape service cost such as tree trimmings, tree and plant disposal and replacements.

Vendor	Monthly	Annual	
Martex	$1,250	$15,000	

Irrigation Maintenance
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.

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.

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

Holiday Decorations:
Represents estimated costs for the District to decorate the amenity center throughout the Fiscal Year.

REPAIRS & MAINTENANCE:

Repairs & Maintenance

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

Facility Repairs
Repairs and maintenance for the District’s amenity center.

RESERVES:

Capital Reserve:
Represents any Capital expenditures the District may need outside of the regular maintenance.

Capital Project Improvements:
Used to fund minor construction or improvements to District property. This includes renovations, repairs, parking lot expansion, or road repairs.

Heron Isles
Community Development District	Debt Service Fund
Series 2017A1-A2

	Adopted
Budget		Actual
Thru		Projected
Next		Total
Projected		Approved
Budget	
	 Description			 	FY 2019			 	3/31/19			 	6 Months			 	9/30/19			 	FY 2020		
	
Revenues											

(1)	Special Assessments - On Roll		$233,370		$223,505		$9,864		$233,370		$233,370	
	Interest Income		$0		$248		$200		$448		$0	
	Prepayments		$0		$0		$0		$0		$0	
(2)	Carry Forward Surplus		$58,302		$95,331		$0		$95,331		$60,186	

TOTAL REVENUES	$291,672		$319,084		$10,064		$329,149		$293,555	

Expenditures						
Series 2017A1						
Interest - 11/1	$29,863	$29,863	$0	$29,863	$	28,475	
Special Call - 11/1	$0	$30,000	$0	$30,000	$0	
Interest - 5/1	$29,863	$0	$29,475	$29,475	$	28,475	
Principal - 5/1	$100,000	$0	$100,000	$100,000	$	100,000	
Special Call - 5/1	$0	$0	$0	$0	$0	
Series 2017A2						
Interest - 11/1	$20,000	$20,000	$0	$20,000	$	19,000	
Special Call - 11/1	$0	$15,000	$0	$15,000	$	-	
Interest - 5/1		$20,000		$0		$19,625		$19,625		$	19,000	
Principal - 5/1		$30,000		$0		$25,000		$25,000		$	30,000	
TOTAL EXPENDITURES		$229,725		$94,863		$174,100		$268,963		$224,950	

Other Sources/(Uses)											
(3)	Interfund Transfer In/(Out)	$0	
$0	
$0	
$0	
$0	
 	    
TOTAL OTHER SOURCES/USES	$0	$0	$0	$0	$0

EXCESS REVENUES	$61,947	$224,221	($164,036)	$60,186	$68,605

11/1/2020 Debt Service	$	45,725.00

(1)	Maximum Annual Debt Service
(2)	Carry forward  surplus is net of  the reserve requirement	FY 2020

$17,565
$250,935
561
$447

PLUS COLLECTION FEES (7%)
GROSS ASSESSMENTS NO. OF UNITS
PER UNIT ASSESSMENT:

DATE

BALANCE

PRINCIPAL

INTEREST

TOTAL

11/01/19	$
05/01/20	$
11/01/20	$
05/01/21	$
11/01/21	$
05/01/22	$
11/01/22	$
05/01/23	$
11/01/23	$
05/01/24	$
11/01/24	$
05/01/25	$
11/01/25	$
05/01/26	$
11/01/26	$
05/01/27	$
11/01/27	$
05/01/28	$
11/01/28	$
05/01/29	$
11/01/29	$
05/01/30	$
11/01/30	$
05/01/31	$
11/01/31	$
05/01/32	$
11/01/32	$
05/01/33	$

2,055,000.00	$
2,055,000.00    $
1,955,000.00	$
1,955,000.00    $
1,850,000.00	$
1,850,000.00    $
1,745,000.00	$
1,745,000.00    $
1,635,000.00	$
1,635,000.00    $
1,530,000.00	$
1,530,000.00    $
1,415,000.00	$
1,415,000.00    $
1,305,000.00	$
1,305,000.00    $
1,185,000.00	$
1,185,000.00    $
1,065,000.00	$
1,065,000.00    $
945,000.00	$
945,000.00    $
825,000.00	$
825,000.00    $
700,000.00	$
700,000.00    $
570,000.00	$
570,000.00    $

-	$
100,000.00    $
-	$
100,000.00    $
-	$
105,000.00    $
-	$
105,000.00    $
-	$
105,000.00    $
-	$
110,000.00    $
-	$
110,000.00    $
-	$
115,000.00    $
-	$
120,000.00    $
-	$
115,000.00    $
-	$
120,000.00    $
-	$
125,000.00    $
-	$
130,000.00    $
-	$
135,000.00	$

28,475.00 $
28,475.00
27,475.00 $
27,475.00
26,475.00 $
26,475.00
25,425.00 $
25,425.00
24,375.00 $
24,375.00
23,193.75 $
23,193.75
21,887.50 $
21,887.50
20,512.50 $
20,512.50
19,003.13 $
19,003.13
17,353.13 $
17,353.13
15,556.25 $
15,556.25
13,681.25 $
13,681.25
11,728.13 $
11,728.13
9,534.38 $
9,534.38

157,950.00

155,950.00

153,950.00

156,900.00

154,800.00

152,568.75

155,081.25

152,400.00

154,515.63

156,356.26

147,909.38

149,237.50

150,409.38

151,262.51

11/01/33	$	435,000.00	$	-	$	7,256.25	$	151,790.63	
05/01/34	$	435,000.00    $	140,000.00	$	7,256.25		
11/01/34	$	295,000.00	$	-	$	4,893.75	$	152,150.00	
05/01/35	$	295,000.00    $	140,000.00	$	4,893.75		
11/01/35	$	150,000.00	$	-	$	2,531.25	$	147,425.00	
05/01/36	$	150,000.00	$	150,000.00	$	2,531.25	$	152,531.25	
		$2,025,000	$	598,712.54	$	2,753,187.54	

DATE	BALANCE	RATE	PRINCIPAL	INTEREST	TOTAL	
					
11/01/19	$	760,000.00	5.000%	$	-	$	19,000.00	$	-	
05/01/20	$	760,000.00	5.000%	$	30,000.00    $	19,000.00	$	68,000.00	
11/01/20	$	730,000.00	5.000%	$	-	$	18,250.00	$	-	
05/01/21	$	730,000.00	5.000%	$	30,000.00    $	18,250.00	$	66,500.00	
11/01/21	$	700,000.00	5.000%	$	-	$	17,500.00	$	-	
05/01/22	$	700,000.00	5.000%	$	30,000.00    $	17,500.00	$	65,000.00	
11/01/22	$	670,000.00	5.000%	$	-	$	16,750.00	$	-	
05/01/23	$	670,000.00	5.000%	$	35,000.00    $	16,750.00	$	68,500.00	
11/01/23	$	635,000.00	5.000%	$	-	$	15,875.00	$	-	
05/01/24	$	635,000.00	5.000%	$	35,000.00    $	15,875.00	$	66,750.00	
11/01/24	$	600,000.00	5.000%	$	-	$	15,000.00	$	-	
05/01/25	$	600,000.00	5.000%	$	35,000.00    $	15,000.00	$	65,000.00	
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	
			$	760,000.00    $	388,000.00	$	1,148,000.00	

Heron Isles
Community Development District	Capital Reserve Fund

	Proposed
Budget		Actual
Thru		Projected
Next		Total
Projected		Approved
Budget	
 Description			 	FY 2019			 	3/31/19			 	6 Months			 	9/30/19			 	FY 2020		

Revenues											
Capital Reserve Transfer In		$0		$0		$5,500		$5,500		$30,000	
Carry Forward Surplus		$0		$0		$0		$0		$5,500	
Interest Income		$0		$0		$0		$0		$250	
TOTAL REVENUES		$0		$0		$5,500		$5,500		$35,750	

Expenditures											
Capital Outlay		$0		$0		$0		$0		$0	
TOTAL EXPENDITURES		$0		$0		$0		$0		$0	
											
EXCESS REVENUES		$0		$0		$5,500		$5,500		$35,750