Middle Village

Community Development District

Adopted Budget

Fiscal Year 2018

August 21, 2017

Middle Village

Community Development District

BUDGET

Fiscal Year 2018

TABLE OF CONTENTS

General Fund.………………………………………….………......Page 1-4 Recreation Fund…………………….………..…….……..….….Page 5-15 Debt Service Fund – Series 2004A/ 2008A…….…..….Page 16-18 Assessment Allocation Report………………………..…………Page 19 Capital Reserve Fund………………………………….….……….Page 20 SPE Holdings, LLC…………………………………….…….………Page 21 Exhibit “A”……………………………………………….…….………Page 22

Middle Village

Community Development District	General Fund

		Adopted		Actual		Next		Projected		Adopted	
		Budget		Thru	3		Thru		Budget	
Description		FY 2017		6/30/17		Months		9/30/17		FY 2018	
Revenues										
Maintenance Assessments	$215,687	$216,724	$0	$216,724	$215,687	
Interest Income	$350	$155	$32	$187	$350	
							
Total Revenues	$216,037		$216,879		$32		$216,911		$216,037	
Expenditures										
Administrative										
Supervisor Fees	$12,000	$8,600	$3,000	$11,600	$12,000	
Travel Expense	$209	$69	$23	$93	$209	
FICA Expense	$918	$658	$260	$918	$918	
Engineering	$10,500	$2,438	$4,000	$6,438	$10,500	
Trustee	$15,144	$0	$15,144	$15,144	$15,144	
Dissemination Agent	$2,100	$2,250	$500	$2,750	$2,100	
Assessment Roll	$7,260	$7,260	$0	$7,260	$7,260	
Attorney	$45,000	$23,112	$11,556	$34,668	$45,000	
Attorney - Foreclosure	$28,000	$6,163	$10,000	$16,163	$28,000	
Arbitrage	$750	$750	$0	$750	$750	
Annual Audit	$5,900	$5,923	$0	$5,923	$5,900	
Management Fees	$57,657	$43,243	$14,414	$57,657	$57,657	
Information Technology	$1,650	$1,238	$413	$1,650	$2,150	
Telephone	$425	$207	$218	$425	$425	
Postage	$600	$504	$96	$600	$600	
Printing & Binding	$2,700	$1,621	$1,079	$2,700	$2,700	
Records Storage	$200	$0	$200	$200	$200	
Insurance	$10,652	$9,877	$0	$9,877	$10,652	
Legal Advertising	$1,500	$804	$696	$1,500	$1,500	
Other Current Charges	$150	$0	$150	$150	$150	
Office Supplies	$300	$200	$100	$300	$300	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Reserves	$12,247	$12,247	$0	$12,247	$11,747	
							
Administrative Expenses	$216,037		$127,338		$61,849		$189,187		$216,037	
							
EXCESS REVENUES / (EXPENDITURES)	$0		$89,541		($61,817)		$27,724		$0	

Page 1

Middle Village

Community Development District

BUDGET

Fiscal Year 2018

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. Collection for SPE is suspended until property is sold.

Interest Income

The excess operating funds will be invested in a money market account held by US Bank. The amount represents the estimated earnings on those funds.

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 five supervisors attending the estimated 12 annual meetings.

Travel Expense

These expenses represent supervisor’s travel expenses to attend meetings.

FICA Expense

These expenses represent the Employer's share of Social Security and Medicare taxes withheld from the Board of Supervisors checks.

Engineering Fees

The District's engineering firm will be providing general engineering services to the District including attendance and preparation for monthly board meetings, review invoices, etc. England, Thims & Miller serves as the District’s engineering firm.

Trustee Fees

The District issued $ 48,355,000 of Series 2004A Special Assessment Revenue Bonds and $2,840,000 of Series 2008A Special Assessment Revenue Bond which are held by a Trustee at U.S. Bank. The amount of the trustee fees is based on the agreement between U.S. Bank and the District for the Series 2004A and 2008A Bonds.

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. The District has contracted with GMS, LLC, to provide this service.

Page 2

Middle Village

Community Development District

BUDGET

Fiscal Year 2018

Assessment Roll

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

Attorney

The District's legal counsel will be providing general legal services to the District including attendance and preparation for monthly meetings, review operating and maintenance contracts, etc. Hopping Green & Sams serves as the District’s legal counsel.

Attorney - Foreclosure

The District's legal counsel will be providing bankruptcy and foreclosure services to the District.

Arbitrage

The District is required to annually have an arbitrage rebate calculation on the District’s Series 2004A and 2008A, Special Assessment Revenue Bonds. GNP Services, CPA, PA, serves as the District’s independent certified public accounting firm to calculate the rebate liability and submit reports to the District.

Annual Audit

The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Grau and Associates currently serves as the District’s Independent Auditor.

Management Fees

The District receives management, accounting and administrative services as part of a Management Agreement with Governmental Management Services, LLC.

Information Technology

The cost related to District’s accounting and information systems, District website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements.

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.

Page 3

Middle Village

Community Development District

BUDGET

Fiscal Year 2018

Records Storage

Cost associated with storing of District records offsite and electronically.

Insurance

The District's General Liability & Public Officials Liability Insurance policy is with Florida Property Alliance Preferred (FPA). FPA 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

Any miscellaneous expenses incurred during the year.

Office Supplies

Miscellaneous office supplies.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Department of Community Affairs for $175. This is the only expense under this category for the District.

Reserves

Established to maintain community service levels at present standards for fiscal year.

Page 4

Middle Village

Community Development District								Recreation Fund	
											
		Adopted		Actual		Projected		Projected		Adopted	
		Budget		Thru		Next 3		Thru		Budget	
Description		FY 2017	6/30/17		Months	9/30/17		FY 2018	
Revenues											
Maintenance Assessments	$1,568,932	$1,576,476	$0	$1,576,476	$1,568,932	
Interest Income	$1,000	$3,313	$1,104	$4,417	$1,000	
Amenities Revenue	$45,000	$64,634	$20,000	$84,634	$79,800	
Cost Share Revenue-South Village	$36,662	$35,893	$0	$35,893	$36,662	
							
Total Revenues		$1,651,594		$1,680,316		$21,104		$1,701,420		$1,686,395	
Expenditures											
Administrative											
Management Fees - On Site	$119,990	$89,993	$29,997	$119,990	$124,790	
Insurance	$45,879	$43,695	$0	$43,695	$45,879	
Other Current Charges	$5,868	$3,983	$1,885	$5,868	$5,868	
Permit Fees	$1,500	$869	$631	$1,500	$1,500	
Office Supplies	$500	$0	$500	$500	$500	
Capital Reserve	$58,276	$47,376	$10,900	$58,276	$61,776	
							
Administrative Expenses		$232,013		$185,915		$43,914		$229,829		$240,313	
Maintenance											
Security	$92,047	$38,278	$53,769	$92,047	$92,047	
Security Clay County	$43,609	$28,948	$14,661	$43,609	$43,609	
Electric	$22,000	$14,757	$7,243	$22,000	$22,000	
Streetlighting	$32,000	$21,154	$10,846	$32,000	$32,000	
Irrigation Maintenance	$2,500	$3,928	$1,309	$5,237	$4,000	
Landscape Maintenance	$413,172	$308,586	$104,586	$413,172	$413,172	
Common Area Maintenance	$54,847	$33,898	$11,299	$45,197	$54,847	
Lake Maintenance	$23,668	$11,912	$11,756	$23,668	$23,668	
Miscellaneous Maintenance	$5,000	$0	$5,000	$5,000	$5,000	
							
Common Area Expenses		$688,843		$461,461		$220,470		$681,930		$690,343	
Recreation Facility											
Aquatic & Athletic Manager / Staff	$147,794	$82,183	$65,611	$147,794	$147,794	
Pool Attendants	$138,761	$42,623	$96,138	$138,761	$138,761	
Janitorial	$42,418	$31,254	$11,164	$42,418	$42,418	
Telephone	$5,364	$4,059	$1,305	$5,364	$5,364	
Electric	$62,000	$38,166	$23,834	$62,000	$62,000	
Water / Sewer	$33,000	$17,073	$15,927	$33,000	$33,000	
Refuse Service	$11,844	$9,199	$2,645	$11,844	$11,844	
Pool Maintenance & Chemicals	$52,318	$40,713	$11,605	$52,318	$52,318	
Cable	$5,102	$3,944	$1,158	$5,102	$5,102	

Page 5

Middle Village

Community Development District							Recreation Fund	
											
		Adopted		Actual		Projected		Projected		Adopted	
		Budget		Thru		Next 3		Thru		Budget	
Description		FY 2017		6/30/17		Months		9/30/17		FY 2018	
Contingency	$3,000	$0	$1,500	$1,500	$3,000	
Special Events	$5,000	$4,359	$641	$5,000	$5,000	
Office Supplies and Equipment	$3,000	$3,034	$1,011	$4,046	$3,000	
Facility Maintenance - General	$37,707	$27,942	$9,765	$37,707	$37,707	
Facility Maintenance - Preventive Contracts	$15,350	$4,367	$10,983	$15,350	$15,350	
Facility Maintenance - Contingency	$27,600	$20,602	$6,998	$27,600	$27,600	
Elevator Maintenance	$2,576	$2,947	$982	$3,929	$2,576	
Recreation Passes	$7,125	$2,977	$4,148	$7,125	$7,125	
Lighting Repairs	$10,000	$7,494	$2,506	$10,000	$10,000	
Tennis Court Maintenance	$35,680	$33,364	$2,316	$35,680	$35,680	
Unscheduled Pool Maintenance	$10,000	$11,200	$0	$11,200	$0	
Staff- Exercise Room	$0	$0	$0	$0	$30,000	
						
Total Recreation Facility	$655,639		$387,500		$270,237		$657,737		$675,639	
Aquatics Pool										
Pool Maintenance	$22,160	$10,969	$11,191	$22,160	$22,160	
Pool Chemicals	$7,840	$0	$7,840	$7,840	$7,840	
Electric	$16,000	$9,035	$6,965	$16,000	$16,000	
Water/Sewer	$6,800	$2,384	$4,416	$6,800	$6,800	
Gas Heat	$12,000	$9,265	$2,735	$12,000	$12,000	
Supervisors	$10,300	$1,700	$8,601	$10,300	$10,300	
Unscheduled Pool Maintenance	$0	$0	$0	$0	$5,000	
						
Total Aquatics Pool	$75,100		$33,353		$41,747		$75,100		$80,100	
						
Total Expenses	$1,651,595		$1,068,229		$576,368		$1,644,597		$1,686,395	
						
EXCESS REVENUES / (EXPENDITURES)	$0		$612,087		($555,263)		$56,824		$0	

Page 6

Middle Village

Community Development District

BUDGET

Fiscal Year 2018

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 Recreational Operating Expenditures for the fiscal year. SPE Collection is supended until property is sold.

Interest Income

The District will have funds invested in a money market fund with U.S. Bank. The amount is based upon the estimated balance invested throughout the year

Amenities Revenue

•	Income received from resident/non-resident rental of Grand Banquet Room, Furniture and Grand Lawn.

•	Income from proceeds from access cards.

•	Income earned from the sales of vending items.

•	Income received from the non-resident user fee for the Recreation Facility.

•	Income received from tennis lessons, ball machine rental, and equipment repair.

Cost Share Revenue – South Village

The District has entered into a Cost Share Agreement with the South Village Community Development District to fund a portion of the Landscape Maintenance Cost of the District.

EXPENDITURES:

Administrative:

Management Fees – On Site

The District has contracted with Governmental Management Services, LLC for the supervision and on site management of the District’s Amenity Center. The responsibilities include management of District maintenance contracts, scheduling Special Events, weekend management services, rentals of the facilities, resident inquiries and other maintenance related items. The District will share the cost of an onsite manager, administrator, weekend manager and rental coordinator with the Double Branch Community Development District.

Insurance

The District's Property Insurance policy is with Florida Property Alliance (FPA). FPA specializes in providing insurance coverage to governmental agencies.

Page 7

Middle Village

Community Development District

BUDGET

Fiscal Year 2018

Other Current Charges

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

Permit Fees			
Costs of various occupational licenses and pool permits.			
Play Pool Permit	$	250	
Lap Pool Permit	$	250	
Spray Pool Permit	$	125	
State Public Broadcast fees for music	$	875	
Total	$	1,500	

Office Supplies

Miscellaneous office supplies for onsite manager and rental coordinator.

Capital Reserve

Established to maintain community service levels at present standards for budgeted fiscal year. The transfer in 2016 was for several years of accumulated funds.

Maintenance: Common Area

Security

The District will have a contract with ABM Security Services , a security company to provide Athletic Center and Common area security services and a roving guard.

Description		Monthly			Annual	
Contract	$	4,236	$	50,829	
Basketball Court/Extra Coverage	$	3,435		$	41,218	
Total	$	7,671	$	92,047	

Security – Clay County

The District will contract with off-duty Clay County Officers 24 hours/week random patrols (cost split 50/50 with Double Branch).

Electric

The cost of electricity provided by Clay Electric Cooperative, Inc. for signage lighting, entry feature lighting, landscape lighting, etc.

Page 8

Middle Village

Community Development District

BUDGET

Fiscal Year 2018

Account Number	Description	Monthly		Annual	
5829387	1071 Deerview Drive	$	19	$	226	
7131691	1225-1 Deerview Lane	$	18	$	217	
7138258	3786-1 Timberline Drive	$	18	$	218	
6144521	384 Oakleaf Plantation Boulevard	$	92	$	1,109	
6177042	726-1 Chestnut Chase Drive	$	77	$	920	
7131600	508-1 Chestwood Chase Drive	$	18	$	219	
7131634	3215-1 Live Oak Hollow Drive	$	20	$	235	
6214282	707 Oak Leaf Plantation Pkwy	$	328	$	3,936	
7131568	893-1 Cardinal Hills Street	$	18	$	217	
6082986	885 Misty Oak Drive	$	18	$	217	
8455321	713-1 Oakleaf Plantation Pkwy	$	24	$	289	
7709488	711-1 Oak Leaf Plantation	$	61	$	726	
7778707	4219-1 Plantation Oaks Blvd	$	200	$	2,395	
6411763	4222-1 Plantation Oaks Blvd	$	126	$	1,507	
7131642	1016-1 Oakleaf Plantation Parkway	$	18	$	217	
8339848	1097-1 Oakleaf Planta U/G	$	104	$	1,248	
8455347	573-2 Oakleaf Plantation Pkwy	$	36	$	430	
	Contingency	$	640	$	7,674	
	Subtotal	$	1,833	$	22,000	

Street Lighting

The cost of roadway lighting provided by Clay Electric Cooperative, Inc.:

Account Number	Description		Monthly		Annual	
6301196	Westside of Brannanfield	$	2,484	$	29,813	
	Contingency	$	182	$	2,187	
	Total	$	2,667	$	32,000	

Irrigation Maintenance

Miscellaneous irrigation repairs and maintenance incurred by the district.

Landscape Maintenance

The District has contracted with R&D Landscaping to provide landscaping and irrigation maintenance services to all of the common areas within the District as well as the Amenity Center.

Description		Monthly			Annual	
Contract	$	32,264	$	387,168	
Contingency	$	2,167		$	26,004	
Total	$	34,431	$	413,172	

Page 9

Middle Village

Community Development District

BUDGET

Fiscal Year 2018

Common Area Maintenance

Represents the estimated day-to-day maintenance of the Districts common areas.  Services include:

-Pressure washing of District fences, entrance signage and pillars, pool areas, tennis facilities, gazebos, amenity center, field house, parks, park equipment and sidewalks. The estimated annual amounts for these services are based upon contractor proposals.

The estimated cost for the following is based upon past history and current hourly rates: -All common area easements and park litter clean up
-Storm sewer grate inspections and cleaning

-Removal of unauthorized signage and maintenance of community signage -Traffic/car accident clean up

-Inspections and repairs to all park equipment such as playground, picnic tables and benches. -Lake inspections and cleanup

Lake Maintenance

The District has contracted with The Lake Doctors to provide monthly water management services and annual carp as needed per the contract to the 13 lakes within the District. Contingency includes monthly lake inspections and clean up of outfall structures and barriers.

Description		Monthly			Annual	
Contract	$	1,489	$	17,868	
Contingency	$	483		$	5,800	
Total	$	1,972	$	23,668	

Miscellaneous Maintenance

Includes contingency for any unanticipated and unscheduled cost to the District.

Maintenance: Recreational Facility

Aquatic & Athletic Manager / Staff

The District currently receives Aquatic and Athletic Management services as part of a contract Vesta Property Services and GMS, LLC. The Vesta Property Services provides Program Director Administrative Assistant who issues access cards and manages the daily operations of the Amenity Center. GMS, LLC provides tennis lessons and other recreational related programs as part of their management contract with Middle Village CDD.

Description		Monthly			Annual	
Aquatics Director/Assistant	$	6,482.84	$	77,794	
Tennis Athletic Manager	$	5,583	$	67,000	
Contingency	$	250		$	3,000	
Total	$	12,316		$	147,794	

Page 10

Middle Village

Community Development District

BUDGET

Fiscal Year 2018

Pool Attendants (March – October)

Cost to provide lifeguard services from the Vesta Property Services during pool operating season, Mid-March through October.

Janitorial

The District has contracted with Riverside Management Services, LLC to provide janitorial services and scheduled carpets cleanings to the District. Janitorial services are being provided seven days a week and carpets will be cleaned 9xs a year unless otherwise needed. Supplies will be purchased directly from ERC Wiping Products and Supplyworks.

Description		Monthly			Annual	
Contract	$	2,905	$	34,862	
Contingency	$	96	$	1,156	
Supplies	$	533		$	6,400	
Total	$	3,535		$	42,418	

Telephone

The Amenity Center currently pays AT&T for 3 phone lines (291-1283, 291-1776 and 291-1849). The amounts are based upon the following:

Description		Monthly			Annual	
Contract	$	422	$	5,064	
Contingency	$	25		$	300	
Total	$	447		$	5,364	

Electric

Cost of electric billed to the District by Clay Electric for the Amenity Center.

Account Number	Description		Monthly		Annual	
6301188	845 Oakleaf Plantation Pkwy	$	4,957	$	59,483	
	Contingency	$	210	$	2,517	
	Total	$	5,167	$	62,000	

Water / Sewer

Cost of water and sewer service from JEA and Clay County Utility Authority for the Amenity Center.

Page 11

Middle Village

Community Development District

BUDGET

Fiscal Year 2018

Account Number	Description		Monthly		Annual		
64274704	845 Oakleaf Plantation - Water	$	357	$	4,282		
64274704	845 Oakleaf Plantation - Sewer		$	673	$	8,070		
210999		Total JEA			$	1,029	$	12,352		
										
	3214-1 Tower Oaks Drive Rec	$	359	$	4,307		
235920	701-1 Turkey Point Drive Rec	$	23	$	277		
235921	878-1	Songbird Drive Rec	$	24	$	287		
235922	738-1	Chestwood Chase Drive	$	27	$	319		
241833	3214-2 Tower Oaks Drive Rec	$	59	$	706		
274569	1089 Oakleaf Plantation Pkwy	$	330	$	3,957		
274570	1092 Oakleaf Plantation Pkwy	$	145	$	1,734		
276170	3713-1 Chasing Falls Rd Recl Irrig	$	23	$	274		
276168	533-1	Southwood Way Irrig	$	24	$	290		
276169	533-2	Southwood Way Rec. Irrig	$	47	$	566		
	Contingency		$	661	$	7,931		
	Total Clay County Utility Authority		$	1,721	$	20,648		
	Total Water/Sewer/Reclaim		$	2,750	$	33,000		

Refuse Service

The District receives Refuse removal service from Southland Waste Service for the Amenity Center. Two dumpsters during busy summer months (June-Aug).

Pool Maintenance & Chemicals

The District is contracted with Crystal Clean Pools for the cleaning, water testing and treatment of the Amenity Center pools. GMS staff handles additional, annual maintenance projects on the pool and deck features. The amount includes the following:

Description		Monthly			Annual	
Contract - Cleaning	$	1,852	$	22,226	
Slide Waxing/Maintenance	$	375	$	4,500	
Spray Ground/Furniture Cleaning	$	550	$	6,600	
Preseason Filter Clean and Prep	$	125		$	1,500	
Total	$	2,902	$	34,826	

The District currently has a contract with Poolsure to supply chemicals and chemical feeders for the Amenity Center pools. The amount is as follows:

Description		Monthly			Annual		
Contract	$	1,207	$	14,480		
Contingency	$	146	$	1,752		
Fuel Surcharge	$	105		$	1,260		
Total	$	1,458	$	17,492		
Total Pool Maintenance and Chemicals							
	$	4,238	$	52,318		

Page 12

Middle Village

Community Development District

BUDGET

Fiscal Year 2018

Cable

The District currently uses Comcast for cable services.

Description	Monthly			Annual	
Tennis	$	86	$	1,031	
Fitness	$	339		$	4,071	
	$	425		$	5,102	

Contingency

Represents any unanticipated and/or unscheduled cost to the District.

Special Events

Monthly events and organized functions the Amenity Center Director provides for all residents of Oakleaf Plantation.

Office Supplies and Equipment

Office supplies for the Amenity Center.

Facility Maintenance – General

Represents estimated cost for general maintenance throughout the District based upon historical cost. Purchase of new golf cart $5K and paver/hardscape projects through Amenity Grounds $9K.

Facility Maintenance - Preventative

Cost of routine repairs and maintenance which include:

Contractor	Purpose		Annual Cost	
S.E. Fitness	Bi-Monthly Service	$	2,400	
Paula's Pest Control	Quarterly Service	$	700	
Certified Air Contractors	Bi-Monthly Service	$	1,482	
Jacksonville Sound & Communication	Alarm System Inspection	$	921	
Jacksonville Sound & Communication	Sprinklers & Extinguishers	$	1,150	
Termite Bond	Preventative	$	840	
Compass Tech Systems	Security Camera	$	6,849	
CES	Saline Chlorination System	$	450	
	Contingency	$	558	
Total		$	15,350	

Facility Maintenance – Contingency

Represents estimated amount based upon historical cost for fence repairs, graffiti clean up, signage repairs, wall cap replacements and damaged park equipment. Replacement of Fitness equipment $25K

Page 13

Middle Village

Community Development District

BUDGET

Fiscal Year 2018

Elevator Maintenance

The District has a contract with Coastal Elevator Service for the maintenance of the Amenity Center Elevator as well as the annual state inspection.

Description	Monthly			Annual	
Contract	$	179	$	2,152	
Inspection	$	-		$	424	
	$	179		$	2,576	

Recreation Passes

Entry cards are issued to all CDD residents for facility access. Recreation Passes include the cards, ribbon, cleaner, guest cards etc…

Lighting Repairs

Represents costs for fixtures, bulb and ballast, replacement, and electrician labor based upon past history.

Tennis Court Maintenance

Represents cost of clay replacement and installation (twice per year), irrigation and equipment repairs, drainage cleaning/repairs.

Unscheduled Pool Maintenance

Any unexpected repairs for the amenity center pools.

Aquatics Pool

Pool Maintenance

The District is contracted with Crystal Clean Pools cleaning, water testing, and treatment of the Amenity Center Pools. Additionally, GMS staff handles annual maintenance projects on the pool and deck features. The amount includes the following:

Description		Monthly			Annual	
Contract - Cleaning	$	1,195	$	14,340	
Preseason Filter clean and prep	$	472	$	5,660	
Contingency	$	180		$	2,160	
Total	$	1,847		$	22,160	

Page 14

Middle Village

Community Development District

BUDGET

Fiscal Year 2018

Pool Chemicals

The District will contract for supply of chemicals for the competition pool. The amount is as follows:

Description		Monthly			Annual		
Contract	$	653	$	7,840		
Total							
	$	653	$	7,840		
Total Pool Maintenance and Chemicals							
	$	2,500	$	30,000		

Electric

The District’s cost of electric service for running the pool provided by Clay Electric.

Account Number	Description		Monthly		Annual	
8353831	853 Oakleaf Plantation Pkwy (Pool)	$	1,255	$	15,059	
	Contingency	$	78	$	941	
	Total	$	1,333	$	16,000	

Water/Sewer

The cost of water and sewer service from JEA and Clay County Utility Authority for the Aquatics Pool.

Account Number	Description	Monthly			Annual	
68260125	845 Oakleaf Plantation -Pool	$	494	$	5,928	
	Contingency	$	73	$	872	
	Total	$	567	$	6,800	

Gas Heat

Cost of gas for heating the pool currently contracted with AmeriGas.

Supervisors

The District currently receives Aquatic and Athletic Management services as part of a contract with Vesta Property Services and GMS, LLC. Vesta Property Services will provide service for running the Aquatics Pool as part of their management contract with Middle Village CDD.

Page 15

Middle Village

Community Development District									Debt Service Fund		
									Series 2004A/2008A		
														
		Adopted	Actual		Next	Projected			Adopted		
		Budget	Thru	3			Thru			Budget		
Description		FY 2017	6/30/17		Months	9/30/17			FY 2018		
Revenues														
Carry Forward Surplus	$486,731		$1,906,405	$0			$1,906,405			$920,305		
Special Assessments	$2,456,457		$2,378,330	$78,127			$2,456,457			$2,365,971		
Interest Income	$950		$6,000	$2,000			$8,000			$3,000		
Transfer In - Reserve	$490,293		$0	$135,211			$135,211			$135,443		
												
Total Revenues		$3,434,431		$4,290,735		$215,338			$4,506,073			$3,424,719		
Expenditures														
Series 2004A														
Interest 11/1	$804,925		$804,925	$0			$804,925			$754,730		
Special Call 11/1	$0		$940,000	$0			$940,000			$0		
Interest 5/1	$776,915		$776,915	$0			$776,915			$754,730		
Principal 5/1	$765,000		$765,000	$0			$765,000			$810,000		
Series 2008A														
Interest 11/1	$77,578		$77,578	$0			$77,578			$72,819		
Special Call 11/1	$0		$80,000	$0			$80,000			$0		
Interest 5/1	$74,844		$74,844	$0			$74,844			$72,819		
Principal 5/1	$60,000		$60,000	$0			$60,000			$65,000		
Other Financing Sources														
Operating Transfer Out(1)	$0		$2,290	$0			$2,290			$0		
Other Debt Costs	$0		$4,216	$0			$4,216			$0		
														
Total Expenses		$2,559,262		$3,585,768		$0			$3,585,768			$2,530,098		
												
EXCESS REVENUES / (EXPENDITURES)		$875,169		$704,968		$215,338			$920,305			$894,621		
						Interest November 1, 2018			$731,240		
												$70,625		
												$801,865		
														
									Per Unit			Gross		
		Unit Type	Units				Assessments			Assessment		
		Single Family	1059	$	1,061	$	1,123,641		
		Multi-Family	1522	$	752	$	1,144,574		
		Commercial (Acres)	330	$	828	$	273,187		
		Total Gross Assessment										
										$	2,541,403		
		Less: Discounts and Collections (6%)						$	175,432		
		Total Net Assessment								$	2,365,971		

(1) Operating Transfers Out (interfund transfers) are transfers made from the Debt Service to the Capital Projects fund

Page 16

	Middle Village							Amortization Schedule	
	Community Development District							Series 2004A, Special Assessment Bonds	
															
	DATE			BALANCE		PRINCIPAL		RATE			INTEREST			TOTAL	
												
	05/01/17	$	26,075,000.00		$	765,000.00	5.800%	$	776,915.00				
	11/01/17	$	25,310,000.00						$	754,730.00	$	2,296,645.00	
	05/01/18	$	25,310,000.00		$	810,000.00	5.800%	$	754,730.00				
11/01/18	$	24,500,000.00						$	731,240.00	$	2,295,970.00	
05/01/19	$	24,500,000.00		$	860,000.00	5.800%	$	731,240.00				
11/01/19	$	23,640,000.00						$	706,300.00	$	2,297,540.06	
05/01/20	$	23,640,000.00		$	910,000.00	5.800%	$	706,300.00				
11/01/20	$	22,730,000.00						$	679,910.00	$	2,296,210.06	
05/01/21	$	22,730,000.00		$	965,000.00	5.800%	$	679,910.00				
11/01/21	$	21,765,000.00						$	651,925.00	$	2,296,835.06	
05/01/22	$	21,765,000.00		$	1,025,000.00	5.800%	$	651,925.00				
11/01/22	$	20,740,000.00						$	622,200.00	$	2,299,125.06	
05/01/23	$	20,740,000.00		$	1,085,000.00	6.000%	$	622,200.00				
11/01/23	$	19,655,000.00						$	589,650.00	$	2,296,850.06	
05/01/24	$	19,655,000.00		$	1,150,000.00	6.000%	$	589,650.00				
11/01/24	$	18,505,000.00						$	555,150.00	$	2,294,800.06	
05/01/25	$	18,505,000.00		$	1,225,000.00	6.000%	$	555,150.00				
11/01/25	$	17,280,000.00						$	518,400.00	$	2,298,550.06	
05/01/26	$	17,280,000.00		$	1,300,000.00	6.000%	$	518,400.00				
11/01/26	$	15,980,000.00						$	479,400.00	$	2,297,800.06	
05/01/27	$	15,980,000.00		$	1,380,000.00	6.000%	$	479,400.00				
11/01/27	$	14,600,000.00						$	438,000.00	$	2,297,400.06	
05/01/28	$	14,600,000.00		$	1,465,000.00	6.000%	$	438,000.00				
11/01/28	$	13,135,000.00						$	394,050.00	$	2,297,050.06	
05/01/29	$	13,135,000.00		$	1,555,000.00	6.000%	$	394,050.00				
11/01/29	$	11,580,000.00						$	347,400.00	$	2,296,450.06	
05/01/30	$	11,580,000.00		$	1,650,000.00	6.000%	$	347,400.00				
11/01/30	$	9,930,000.00						$	297,900.00	$	2,295,300.06	
05/01/31	$	9,930,000.00		$	1,755,000.00	6.000%	$	297,900.00				
11/01/31	$	8,175,000.00						$	245,250.00	$	2,298,150.06	
05/01/32	$	8,175,000.00		$	1,865,000.00	6.000%	$	245,250.00				
11/01/32	$	6,310,000.00						$	189,300.00	$	2,299,550.06	
05/01/33	$	6,310,000.00		$	1,980,000.00	6.000%	$	189,300.00				
11/01/33	$	4,330,000.00						$	129,900.00	$	2,299,200.06	
05/01/34	$	4,330,000.00		$	2,100,000.00	6.000%	$	129,900.00				
11/01/34	$	2,230,000.00						$	66,900.00	$	2,296,800.06	
05/01/35	$	2,230,000.00		$	2,230,000.00	6.000%	$	66,900.00				
11/01/35												$	2,296,900.06	
															
	Total					$	26,075,000.00				$	17,572,125.00		$	43,647,126.01	

Page 17

	Middle Village					Amortization Schedule	
	Community Development District				Series 2008A, Special Assessment Bonds	
														
	DATE			BALANCE			PRINCIPAL			INTEREST			TOTAL	
												
	05/01/17	$	2,190,000.00			$	60,000.00	$	74,843.75				
	11/01/17	$	2,130,000.00					$	72,818.75	$	207,662.50	
	05/01/18	$	2,130,000.00			$	65,000.00	$	72,818.75				
11/01/18	$	2,065,000.00					$	70,625.00	$	208,443.75	
05/01/19	$	2,065,000.00			$	65,000.00	$	70,625.00				
11/01/19	$	2,000,000.00					$	68,431.25	$	204,056.25	
05/01/20	$	2,000,000.00			$	70,000.00	$	68,431.25				
11/01/20	$	1,930,000.00					$	66,068.75	$	204,500.25	
05/01/21	$	1,930,000.00			$	75,000.00	$	66,068.75				
11/01/21	$	1,855,000.00					$	63,537.50	$	204,606.25	
05/01/22	$	1,855,000.00			$	80,000.00	$	63,537.50				
11/01/22	$	1,775,000.00					$	60,837.50	$	204,375.00	
05/01/23	$	1,775,000.00			$	90,000.00	$	60,837.50				
11/01/23	$	1,685,000.00					$	57,800.00	$	208,637.50	
05/01/24	$	1,685,000.00			$	95,000.00	$	57,800.00				
11/01/24	$	1,590,000.00					$	54,593.75	$	207,393.75	
05/01/25	$	1,590,000.00			$	100,000.00	$	54,593.75				
11/01/25	$	1,490,000.00					$	51,218.75	$	205,812.50	
05/01/26	$	1,490,000.00			$	110,000.00	$	51,218.75				
11/01/26	$	1,380,000.00					$	47,437.50	$	208,656.25	
05/01/27	$	1,380,000.00			$	115,000.00	$	47,437.50				
11/01/27	$	1,265,000.00					$	43,484.38	$	205,921.88	
05/01/28	$	1,265,000.00			$	125,000.00	$	43,484.38				
11/01/28	$	1,140,000.00					$	39,187.50	$	207,671.88	
05/01/29	$	1,140,000.00			$	130,000.00	$	39,187.50				
11/01/29	$	1,010,000.00					$	34,718.75	$	203,906.25	
05/01/30	$	1,010,000.00			$	140,000.00	$	34,718.75				
11/01/30	$	870,000.00					$	29,906.25	$	204,625.00	
05/01/31	$	870,000.00			$	150,000.00	$	29,906.25				
11/01/31	$	720,000.00					$	24,750.00	$	204,656.25	
05/01/32	$	720,000.00			$	160,000.00	$	24,750.00				
11/01/32	$	560,000.00					$	19,250.00	$	204,000.00	
05/01/33	$	560,000.00			$	175,000.00	$	19,250.00				
11/01/33	$	385,000.00					$	13,234.38	$	207,484.38	
05/01/34	$	385,000.00			$	185,000.00	$	13,234.38				
11/01/34	$	200,000.00					$	6,875.00	$	205,109.38	
05/01/35	$	200,000.00			$	200,000.00	$	6,875.00				
11/1/35											$	206,875.00	
	Total						$	2,190,000.00		$	1,724,393.75		$	3,914,394.00	

Page 18

Middle Village CDD

Percentage Allocation of O&M Assessments (1)

							High Density		High Density		Commercial/				
		Source	Single Family		Multi-Family		Mulit-Family		MF & Aquatics		Office		Total		
General Fund	Table 2	30.97%	25.12%		12.95%		23.40%		7.56%	100.00%		
Facility Administration	Table 6	41.72%	20.80%		8.76%		15.82%		12.90%	100.00%		
Common Area	Table 6	41.72%	20.80%		8.76%		15.82%		12.90%	100.00%		
Recreation Facilities	Table 7	36.25%	29.41%		15.17%		19.17%		0.00%	100.00%		
Aquatics Pool	Table 7	36.25%	29.41%		15.17%		19.17%		0.00%	100.00%		
Capital Reserve Funding	Estimated	37.00%	27.00%		13.00%		19.00%		4.00%	100.00%		
					Descripiton		Expenses								
					General Fund		$216,037								
					Facility Administration	$240,313								
					Common Area		$690,343								
					Recreation Facilities	$645,639								
					Aquatics Pool		$80,100								
					Capital Reserve	$104,471								
					Total		$1,976,902								

							High Density		High Density		Commercial/				
Description		Single Family		Multi-Family		Mulit-Family		MF & Aquatics		Office		Total		
General Fund		$66,915.24	$54,268.49		$27,976.79		$50,543.55		$16,332.40	$216,036.47		
Facility Administration		$100,259.54	$49,985.10		$21,051.42		$38,017.52		$31,000.38	$240,313.96		
Common Area		$288,011.10	$143,591.34		$60,474.05		$109,212.26		$89,054.25	$690,343.00		
Recreation Facilities		$234,044.01	$189,882.32		$97,943.38		$123,768.93		$0.00	$645,638.64		
Aquatics Pool		$29,036.25	$23,557.41		$12,151.17		$15,355.17		$0.00	$80,100.00		
Capital Reserve Funding		$38,654.13	$28,207.07		$13,581.18		$19,849.42		$4,178.83	$104,470.63		
Total														
		$  756,920.27		$ 489,491.75		$ 233,177.99		$ 356,746.84		$ 140,565.85		$   1,976,902.70		
Allocation of Other Revenues													
		-$36,322		-$16,713		-$10,848		$10,154		-$34,744		($88,472.63)		
# of Units		1059	855	(2)	430	(3)	800	(4)	330,000				
											Square Feet				
Net Assessments After Allocation	$720,598.40	$472,778.87		$222,330.39		$366,900.40		$105,822.01	$1,888,430.07		
Discounts and Collections (6%)	$45,974.18	$30,136.64		$14,175.24		$23,408.25		$6,751.44	$120,481.84		
Gross Assessment		$766,572.58		$502,915.51		$236,505.63		$390,308.65		$112,573.45		$2,008,968.16		

Per Unit FY2018		$724		$588		$550		$488		$0.34				
Per Unit FY2017 (1)													
		$724		$588		$550		$488		$0.34				
% Increase		0%	0%		0%		0%		0%				
Amount Change from FY 2017	$0	$0		$0		$0		$0				

(1)	This table is for illustrative purposes and will be changed in future years depending upon budgeted expenditures.

(2)	Includes Cambridge 172 units, Coventry 130 units, Chestnut Ridge 148 units, Briar Oaks 209 units, and Willow Brook 200 units.

(3)	Includes Preserve 228 units and Plantation Oaks at 215 units.

(4)	Includes Millstone Village 160 units, Fieldstone 352 units and Jennings Point at 288 units.

Page 19

Middle Village

Community Development District								Capital Reserve Fund	
											
		Adopted		Actual		Next		Projected		Adopted	
		Budget		Thru	3		Thru		Budget	
Description		FY 2017	6/30/17		Months	9/30/17		FY 2018	
REVENUES:											
Interest	$500	$2,655	$885	$3,540	$500	
Capital Reserve - Transfer In	$58,276	$47,376	$10,900	$58,276	$61,776	
General Reserve - Transfer In	$12,247	$12,247	$0	$12,247	$11,747	
Carryforward	$1,033,339	$1,017,038	$0	$1,017,038	$947,552	
						
TOTAL REVENUES		$1,104,362	$1,079,316	$11,785	$1,091,101	$1,021,575	
EXPENDITURES:											
Repair Replacements	$95,000	$107,662	$35,887	$143,549	$104,471	
Capital Projects	$0	$0	$0	$0	$0	
						
TOTAL EXPENDITURES		$95,000	$107,662	$35,887	$143,549	$104,471	
						
EXCESS REVENUES (EXPENDITURES)		$1,009,362	$971,654	($24,102)	$947,552	$917,104	

Page 20

Middle Village

Community Development District			Middle Village SPE Holdings, LLC	
									
		Adopted		Actual		Projected		Adopted	
		Budget		Thru		Thru		Budget	
Description		FY 2017	6/30/17	9/30/17		FY 2018	
REVENUES:									
Bondholder Contributions	$14,270	$0	$2,027	$14,270	
					
TOTAL REVENUES		$14,270	$0	$2,027	$14,270	
EXPENDITURES:									
Annual Corporate Fees	$150	$144	$144	$150	
Bank Charges/Other Current	$120	$90	$120	$120	
Contingency/Miscellaneous	$2,500	$0	$0	$2,500	
Insurance - Liability	$1,500	$562	$563	$1,500	
Engineering	$1,000	$0	$0	$1,000	
Management Fees	$6,000	$300	$1,200	$6,000	
Legal Fees	$3,000	$0	$0	$3,000	
Property Taxes	$0	$0	$0	$0	
					
TOTAL EXPENDITURES		$14,270	$1,096	$2,027	$14,270	
					
EXCESS REVENUES (EXPENDITURES)		$0	(1,096)	$0	$0	

Page 21

Middle Village

Community Development District

Exhibit “A”

Allocation of Operating Reserves

Estimated Funds Available - First Quarter Operating Capital			
General Fund - Beginning Fund Balance - 10/1/16	$	117,538	
Recreation Fund - Beginning Fund Balance - 10/1/16	$	521,744	
Estimated General Fund Balance - Fiscal Year 2017	$	27,724	
Estimated Recreation Fund Balance - Fiscal Year 2017	$	56,824	
				
Total Estimated Funds Available - 9/30/2017		$	723,830	
				
Allocation of Funds Available - First Quarter Operating Capital			
General Fund Operating Reserve - First Quarter Operating Capital	$	43,771	
Recreation Fund Operating Reserve - First Quarter Operating Capital	$	348,553	
Total Reserve		$	392,325	
			
Total Working Capital Surplus "undesignated Fund Balance"@ 9/30/17		$	331,505	
Projected Capital Reserve Funds Available for FY 2018			
Capital Reserve Funds - Beginning Fund Balance			
Beginning Fund Balance - 10/1/16	$	1,017,038	
Projected Capital Reserve Fund Excess Revenues - Fiscal Year 2017		$	947,552	
Total Estimated Capital Reserve Funds Available - 9/30/17	$	1,964,590	
Capital Reserve Funding - FY 2018			
Recreation Fund - General Reserve	$	61,776	
General Fund - Reserves	$	11,747	
Interest Income	$	3,000	
Proposed Expenses	$	(104,471)	
Total Funding Fiscal Year 2018		$	(27,948)	
			
Total Estimated Capital Reserve Fund Balances - 9/30/18		$	1,936,642	

Page 22