Middle Village

Community Development District

Approved Budget
FY2025

Presented by:

Table of Contents

1		General Fund	

2-3	
	General Fund Narratives	

4	
	Recreation Fund	

5-8	
	Recreation Fund Narratives	

9	
	Debt Service Fund Series 2022/2018	

10	
	Amortization Schedule 2022	

11	
	Amortization Schedule 2018	

12	
	Capital Reserve Fund	

13	
	Reserve Study Funding Plan	

14	
	Exhibit A	

15	
	Assessments	

Approved Budget General Fund

Adopted	Actuals Thru	Projected Next Projected Thru	Approved Budget				Budget	
Description	FY2024	4/30/24		5 Months		9/30/24	FY 2025	

REVENUES:						
Special Assessments - On Roll	$	217,187	$	213,082	$	4,105	$	217,187	$	222,749	
Interest income	2,000	667	300	967	1,000	
Carry Forward Surplus	-	-	-	-	-	
TOTAL REVENUES	$	219,187	$	213,749	$	4,405	$	218,154	$	223,749	

EXPENDITURES:						
Administrative						
Supervisors Fees	$	12,000	$	5,400	$	5,000	$	10,400	$	12,000	
FICA Expense	918	424	383	806	918	
Travel per Diem	200	-	100	100	200	
Engineering	7,000	483	6,518	7,000	7,000	
Trustee Fee	19,000	15,000	-	15,000	15,000	
Dissemination Agent	3,710	2,164	1,546	3,710	3,933	
Assessment Roll Administration	8,003	8,003	-	8,003	8,483	
Attorney	50,000	17,082	32,918	50,000	50,000	
Arbitrage Rebate	600	-	700	700	700	
Annual Audit	6,600	6,500	-	6,500	6,600	
Management Fees	68,741	40,099	28,642	68,741	72,865	
Information Technology	2,703	1,577	1,126	2,703	2,865	
Telephone	300	160	140	300	300	
Postage	600	364	236	600	1,500	
Printing	2,000	272	1,729	2,000	2,500	
Insurance General Liability	13,621	12,826	-	12,826	14,109	
Legal Advertising	2,500	69	2,431	2,500	2,500	
Other Current Charges	150	63	87	150	150	
Office Supplies	200	5	195	200	200	
Website Maintenance	2,385	1,391	994	2,385	2,528	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Capital Reserve Funding	17,781	17,781	-	17,781	19,222	
TOTAL ADMINISTRATIVE	$	219,187	$	129,835	$	82,745	$	212,580	$	223,749	
						
TOTAL EXPENDITURES	$	219,187	$	129,835	$	82,745	$	212,580	$	223,749	

Other Sources/(Uses)						
Interlocal Transfer In/(Out)	$	-	$	-	$	-	$	-	$	-	
TOTAL OTHER SOURCES/(USES)	$	-	$	-	$	-	$	-	$	-	
						
EXCESS REVENUES (EXPENDITURES)	$	0	$	83,913	$	(78,340)	$	5,574	$	-	

REVENUES

Special Assessments-Tax Roll
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating expenditures during the Fiscal Year.
Interest
The District earns interest on the monthly average collected balance for each of their investment accounts.

Expenditures - Administrative

Supervisors Fees
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated
$200 per meeting in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending 12 meetings.
FICA Taxes
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.
Travel per Diem
These expenses represent supervisor’s travel expenses to attend meetings.
Engineering
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 2018/2022 Bond Series trustee fees is based on the agreement between Hancock Bank and the District.
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.
Assessment Roll Administration
GMS SF, LLC provides assessment services for closing lot sales, assessment roll services with the local Tax Collector and financial advisory services.
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. Kutak Rock LLP serves as the District’s legal counsel.
Arbitrage Rebate
The District is required to annually have an arbitrage rebate calculation on the District’s Series 2018/2002 Bonds. Grau & Associates 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 & 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. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.
Information Technology
Represents costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, security, accounting software, etc.
Telephone
New internet and Wi-Fi service for Office.
Postage
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.

Expenditures - Administrative (continued)

Printing
Copies used in the preparation of agenda packages, required mailings, and other special projects.
Insurance General Liability
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 and other public hearings in a newspaper of general circulation.
Other Current Charges
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.
Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.
Website Maintenance
Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document
Due, Licenses & Subscriptions
The District is required to pay an annual fee to the Florida Department of Commerce for $175.
Reserve
Established to maintain community service levels at present standards for fiscal year.

Approved Budget Recreation Fund

Adopted	Actuals Thru  Projected Next Projected Thru	Approved Budget			Budget	
Description	FY2024	4/30/24	  5 Months		9/30/24	FY 2025	

REVENUES:						
Special Assessments - Tax Roll	$  1,975,385	$  1,938,048	$	37,337	$  1,975,385	$  2,180,719	
Interest Income	5,000	10,066	3,500	13,566	5,000	
Miscellaneous Revenue	3,000	-	1,500	1,500	1,000	
Amenities Revenue	100,000	72,828	27,172	100,000	100,000	
Cost Share Revenue-South Village	33,063	36,022	-	36,022	36,022	
TOTAL REVENUES	$ 2,116,448	$ 2,056,965	$	69,509	$ 2,126,474	$ 2,322,741	

EXPENDITURES:						
Administrative						
Management Fees - On Site Staff	$	336,461	$	196,269	$	140,192	$	336,461	$	356,649	
Insurance	84,897	87,100	-	87,100	96,279	
Other Current Charges	6,000	3,158	2,842	6,000	6,000	
Permit Fees	1,650	-	1,650	1,650	1,650	
TOTAL ADMINISTRATIVE	$  429,008	$  286,527	$  144,684	$  431,211	$  460,578	

Operations & Maintenance						
Common Area Maintenance						
Security	$	136,335	$	101,701	$	34,634	$	136,335	$	136,335	
Security Clay County	44,627	20,994	23,633	44,627	47,304	
Electric	20,000	8,116	11,884	20,000	20,000	
Streetlighting	35,000	17,158	17,842	35,000	35,000	
Irrigation Maintenance	5,000	9,781	5,000	14,781	5,000	
Landscape Maintenance	524,770	298,960	225,810	524,770	557,230	
Common Area Maintenance	70,000	37,111	32,889	70,000	80,000	
Lake Maintenance	22,000	11,158	10,842	22,000	25,000	
TOTAL COMMON AREA MAINTENANCE	$  857,731	$  504,978	$  362,534	$  867,512	$  905,868	

Recreation Facility						
Amenity Staff	$	176,000	$	59,394	$	116,606	$	176,000	$	190,000	
Janitorial	58,300	28,408	29,892	58,300	59,500	
Telephone	12,000	8,614	3,386	12,000	18,000	
Electric	75,000	26,970	48,030	75,000	75,000	
Water / Sewer	40,000	22,442	17,558	40,000	45,000	
Gas/Heat (Pool)	20,000	10,276	9,724	20,000	20,000	
Refuse Service	35,000	24,532	10,468	35,000	35,000	
Pool Maintenance & Chemicals	38,000	27,608	10,392	38,000	43,000	
Cable	8,000	4,367	3,633	8,000	8,000	
Special Events	5,000	3,282	1,718	5,000	10,000	
Office Supplies and Equipment	1,500	454	1,046	1,500	1,500	
Facility Maintenance - General	58,000	27,061	30,939	58,000	65,000	
Facility Maintenance - Preventive Contracts	15,950	2,347	10,000	12,347	15,950	
Facility Maintenance - Contingency	5,000	2,497	2,503	5,000	7,500	
Elevator Maintenance	10,000	479	9,521	10,000	10,000	
Recreation Passes	4,000	1,624	2,376	4,000	4,000	
Lighting Repairs	10,000	4,308	5,692	10,000	12,000	
Tennis Court Maintenance	62,000	45,961	16,039	62,000	65,725	
Capital Reserve	195,959	195,959	-	195,959	269,720	
TOTAL RECREATION FACILITY	$  829,709	$  496,584	$  329,522	$  826,106	$  954,895	
						
TOTAL EXPENDITURES	$ 2,116,448	$ 1,288,089	$  836,740	$ 2,124,829	$ 2,321,341	
						
EXCESS REVENUES (EXPENDITURES)	$	-	$  768,876	$  (767,231)	$	1,645	$	1,400	

REVENUES

Special Assessments-Tax Roll
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.
Interest Income
The District will have funds invested in a money market fund with Hancock Bank. The amount is based upon the estimated balance invested throughout the year.
Miscellaneous Revenue
Any Revenues not mentioned above.
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 Staff
The District has contracted with Governmental Management Services, LLC (“GMS”) for the supervision and on-site management of the District’s amenities. The responsibilities include management of District maintenance contracts, scheduling special events, management of District employees, rental of facilities, scheduling of special events, resident inquiries and other maintenance related items. The District shares the cost of a community manager, aquatics director, fitness center/access director, rental coordinator and administrative assistant 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.
Other Current Charges
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.
Permit Fees
Costs of various occupational licenses and pool permits.
Description	Annual	
Competition Pool Permit	$	300	
Lap Pool Permit	300	
Spray Pool Permit	175	
State Public Broadcast		850 	
Total	$	1,625	

Expenditures – Common Area Maintenance

Security
The District will have a contract with Allied Universal Security, a security company to provide Athletic Center and Common area security services and a roving guard.
Description	Monthly	Annual

Security Contract

$	10,833  $

130,000

Contingency/Extra Coverage		528	6,335 

Security Clay County

Total

$	11,361  $

136,335

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

Expenditures – Common Area Maintenance (continued)

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

Account #	Description	Monthly	Annual	
6082986	885 Misty Oak Drive	$	43	$	521	
6144521	384 Oakleaf Plantation Blvd	108	1,299	
6177042	726-1 Chestnut Chase Drive	55	658	
6214282	707 Oak Leaf Plantation Pkwy	100	1,197	
6411763	4222-1 Plantation Oaks Blvd	351	4,215	
7131568	893-1 Cardinal Hills Street	43	519	
7131600	508-1 Chestwood Chase Drive	44	533	
7131634	3215-1 Live Oak Hollow Drive	46	555	
7131642	1016-1 Oakleaf Plantation Parkway	45	535	
7131691	1225-1 Deerview Lane	44	533	
7138258	3786-1 Timberline Drive	44	531	
7709488	711-1 Oak Leaf Plantation	74	890	
7778707	4219-1 Planation Oaks Blvd	111	1,335	
8339848	1097-1 Oakleaf Plantation U/G	52	621	
8455321	713-1 Oakleaf Plantation Pkwy	59	708	
8455347	573-2 Oakleaf Plantation Pkwy	141	1,694	
Contingency		305	3,654 	
Total	$	1,667	$	20,000	
Streetlighting
The cost of roadway lighting provided by Clay Electric Cooperative, Inc.:

Account #

Description

Monthly	Annual

6301196

Westside of Brannanfield

$	2,809  $

33,792

Contingency		101	1,208 

Irrigation Maintenance

Total

$	2,910  $

35,000

Miscellaneous irrigation repairs and maintenance incurred by the district.
Landscape Maintenance
The District has contracted with Verdego 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

Common Area Maintenance

Landscape Contract

$	46,436  $

557,230

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

Lake Maintenance Contract

$	1,917  $

23,000

Contingency		167	2,000 

Total

$	2,083  $

25,000

Expenditures – Recreation Facility

Amenity Staff
The District pays direct salaries for one front desk staff at the fitness center and to provide lifeguard services from District employees 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

Janitorial Contract

$	4,125  $

49,500

Contingency Supplies

167	2,000
	667	8,000 

Telephone

Total

$	4,958  $

59,500

The Amenity Center currently pays AT&T for 2 phone lines. The amounts are based upon the following:
Description	Monthly	Annual

ATT Telephone Contract

$	1,200  $

14,400

Contingency		300	3,600 

Electric

Total

$	1,500  $

18,000

Cost of electric billed to the District by Clay Electric for the Amenity Center.
Account #	Description	Monthly	Annual

6301188

845 Oakleaf Plantation Pkwy

$	2,682  $

40,800

8353831

853 Oakleaf Plantation Pkwy (Pool) Contingency

1,803	28,200
	500	6,000 

Water/Sewer

Total

$	4,985  $

75,000

Cost of water and sewer service from JEA and Clay County Utility Authority for the Amenity Center.
Account #	Description	Monthly	Annual

94337379

845 Oakleaf Plantation - Water

$	414  $

4,968

94337379
514013067

845 Oakleaf Plantation - Sewer 845 Oakleaf Plantation - Pool

790	9,480
	225	2,700 

	Total JEA	$	1,429	$	17,148	
A00011541	3214-1 Tower Oaks Drive Rec	$	1,175	$	14,100	
A00013767	701-1 Turkey Point Drive Rec	29	348	
A00013768	878-1 Songbird Drive Rec	31	372	
A00013769	738-1 Chestwood Chase Drive	31	372	
A00014209	3214-2 Tower Oaks Drive Rec	26	312	
A00016729	1089 Oakleaf Plantation Pkwy	328	3,936	
A00016730	1092 Oakleaf Plantation Pkwy	136	1,632	
A00016858	3713-1 Chasing Falls Rd Rec/Irrig	26	306	
A00016856	533-1 Southwood Way Irrig	37	442	

A00016857

533-2 Southwood Way Rec/Irrig

	86	1,032 

Total CCUA

$	1,904  $

22,852

Contingency		417	5,000 

Gas/Heat (Pool)

Total Water/Sewer/Reclaim

$	3,750  $

45,000

Cost of gas to heat the pool water during wintertime. The District uses Wilford Propane Gas as a gas supplier.
Refuse Service
The District receives Refuse removal service from Southland Waste Service for the Amenity Center. Two dumpsters during busy summer months (June-Aug).

Expenditures – Recreation Facility (continued)

Pool Maintenance & Chemicals
The District currently has a contract with Poolsure to supply chemicals and chemical feeders for the Amenity Center pools. The District is contracted with RMS for the cleaning, water testing, and treatment of the Amenity Center pools. During summer months, district employees will help with basic poolside cleaning such as brushing, skimming, and tile cleaning. Additionally, GMS staff handles the annual maintenance projects on the pool and deck features. The amount is based upon the following:
Description	Monthly	Annual

Pool Maintenance/Chemicals

$	2,917  $

35,000

Contingency		667	8,000 

Cable
The District currently uses Comcast for cable services.

Total

$	3,583  $

43,000

Description	Monthly	Annual

Tennis

$	95  $

1,136

Fitness		572	6,864 

Special Events

Total

$	667  $

8,000

Monthly events and organized functions the Amenity Center Director provide for all residents of Oakleaf Plantation.
Office Supplies & Equipment
Office supplies for the Amenity Center.
Facility Maintenance-General
Represents estimated cost for general maintenance throughout the District based upon historical cost.
Facility Maintenance-Preventative Contracts
Cost of routine repairs and maintenance.
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.
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

$	725  $

8,700

Inspection Contingency

-	250
	88	1,050 

Recreation Passes

Total

$	813  $

10,000

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.
Capital Reserve
Money set aside for future replacements of capital related items and operating capital.

Approved Budget
Debt Service Series 2018A-2 and 2022 Special Assessment Refunding Bonds

Description

Adopted Budget FY2024

Actuals Thru	Projected Next  Projected Thru

4/30/24

	5 Months	

9/30/24

Approved Budget FY 2025

REVENUES:

Special Assessments-On Roll	$	1,772,220	$	1,712,935	$	28,420	$	1,741,355	$	1,772,172	
Interest Earnings	10,000	29,217	10,000	39,217	10,000	
Carry Forward Surplus (1)	317,123	273,540	-	273,540	296,093	
TOTAL REVENUES	$ 2,099,343	$ 2,015,692	$	38,420	$  2,054,112	$ 2,078,265	

EXPENDITURES:						
Series 2022						
Interest 11/1	$	200,884	$	200,884	$	-	$	200,884	$	189,938	
Interest 5/1	200,884	-	200,884	200,884	189,938	
Principal 5/1	1,130,000	-	1,130,000	1,130,000	1,153,000	
Series 2018A-2						
Interest 11/1	50,625	50,625	-	50,625	47,500	
Interest 5/1	50,625	-	50,625	50,625	47,500	
Principal 5/1	125,000	-	125,000	125,000	135,000	
TOTAL EXPENDITURES	$ 1,758,019	$	251,509	$ 1,506,509	$  1,758,019	$ 1,762,876	

Other Sources/(Uses)						

Interfund transfer In/(Out)	
$	-	
$	-	
$	-	
$	-	
$	-	
TOTAL OTHER SOURCES/(USES)	$	-	$	-	$	-	$	-	$	-	

TOTAL EXPENDITURES

$ 1,758,019  $	251,509  $ 1,506,509  $  1,758,019  $ 1,762,876

EXCESS REVENUES (EXPENDITURES)

$	341,324  $ 1,764,182  $ (1,468,089)  $	296,093  $	315,389

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/25

 $	222,002 

AMORTIZATION SCHEDULE
Debt Service Series 2022 Special Assessment Refunding Bonds

Period

Outstanding Balance

Coupons

Principal

Interest

Annual Debt Service

11/01/24	$	14,396,000			$	189,938	$	1,532,876	
05/01/25	14,396,000	2.0922%	1,153,000	189,938		
11/01/25	13,243,000			177,877	1,533,753	
05/01/26	13,243,000	2.2215%	1,178,000	177,877		
11/01/26	12,065,000			164,792	1,534,584	
05/01/27	12,065,000	2.3474%	1,205,000	164,792		
11/01/27	10,860,000			150,649	1,535,298	
05/01/28	10,860,000	2.4631%	1,234,000	150,649		
11/01/28	9,626,000			135,452	1,535,903	
05/01/29	9,626,000	2.5634%	1,265,000	135,452		
11/01/29	8,361,000			119,238	1,536,476	
05/01/30	8,361,000	2.6548%	1,298,000	119,238		
11/01/30	7,063,000			102,008	1,537,017	
05/01/31	7,063,000	2.7417%	1,333,000	102,008		
11/01/31	5,730,000			83,735	1,538,470	
05/01/32	5,730,000	2.8224%	1,371,000	83,735		
11/01/32	4,359,000			64,387	1,539,775	
05/01/33	4,359,000	2.8925%	1,411,000	64,387		
11/01/33	2,948,000			43,981	1,539,962	
05/01/34	2,948,000	2.9549%	1,452,000	43,981		
11/01/34	1,496,000			22,528	1,541,057	
05/01/35	1,496,000	3.0118%	1,496,000	22,528		
Total	$  14,396,000	$	2,509,170	$	16,905,170	

AMORTIZATION SCHEDULE
Debt Service Series 2018A-2 Special Assessment Refunding Bonds

Period

Outstanding Balance

Coupons

Principal

Interest

Annual Debt Service

11/01/24	$	1,900,000	5.000%		$	47,500	$	47,500	
05/01/25	1,900,000	5.000%	135,000	47,500		
11/01/25	1,765,000	5.000%		44,125	226,625	
05/01/26	1,765,000	5.000%	140,000	44,125		
11/01/26	1,625,000	5.000%		40,625	224,750	
05/01/27	1,625,000	5.000%	145,000	40,625		
11/01/27	1,480,000	5.000%		37,000	222,625	
05/01/28	1,480,000	5.000%	155,000	37,000		
11/01/28	1,325,000	5.000%		33,125	225,125	
05/01/29	1,325,000	5.000%	160,000	33,125		
11/01/29	1,165,000	5.000%		29,125	222,250	
05/01/30	1,165,000	5.000%	170,000	29,125		
11/01/30	995,000	5.000%		24,875	224,000	
05/01/31	995,000	5.000%	180,000	24,875		
11/01/31	815,000	5.000%		20,375	225,250	
05/01/32	815,000	5.000%	190,000	20,375		
11/01/32	625,000	5.000%		15,625	226,000	
05/01/33	625,000	5.000%	200,000	15,625		
11/01/33	425,000	5.000%		10,625	226,250	
05/01/34	425,000	5.000%	205,000	10,625		
11/01/34	220,000	5.000%		5,500	221,125	
05/01/35	220,000	5.000%	220,000	5,500	225,500	
Total	$	1,900,000	$	617,000	$	2,517,000	

Proposed Budget Capital Reserve Fund

Description

Adopted Budget FY2024

Actuals Thru	Projected Next  Projected Thru

4/30/24

	5 Months	

9/30/24

Approved Budget FY 2025

REVENUES:

Transfer In from General Fund

$	17,781  $

17,781  $

-  $	17,781  $

19,222

Transfer In from Recreation Fund	195,959	195,959	-	195,959	269,720
Interest	15,000	20,870	10,000	30,870	15,000
Carry Forward Balance	1,537,848	1,224,558	-	1,224,558	781,124

TOTAL REVENUES

$ 1,766,588  $ 1,459,168  $	10,000  $ 1,469,168  $ 1,085,066

EXPENDITURES:

Capital Outlay

Repairs & Replacements

$	688,044  $

144,803  $

543,241  $

688,044  $

250,000

TOTAL EXPENDITURES

$	688,044  $	144,803  $	543,241  $	688,044  $	250,000

Other Sources/(Uses)

Transfer in/(Out)

$	-  $

-  $	-  $	-  $	-

TOTAL OTHER SOURCES/(USES)

$

-  $

-  $

-  $

-  $

-

TOTAL EXPENDITURES

$	688,044  $	144,803  $	543,241  $	688,044  $	250,000

EXCESS REVENUES (EXPENDITURES)

$ 1,078,544  $ 1,314,365  $  (533,241)  $	781,124  $	835,066

Reserve Study Funding Plan
(Next 5 Years)

Fiscal Year	Beginning

Balance	
Add Funding	
Add Interest	
Less Expenditures	Ending
Balance (budget)	Planned
Balance (Study)	% of

Planned	Replacement

Cost (Study)	

2023	
$	1,225,320	
$ 264,167	
$  22,163	
$	(279,759)	
$	1,231,892	
$ 1,683,563	
73%	
$	3,193,245	
2024	1,231,892	213,740	15,000	(688,044)	772,587	1,865,281	41%	3,384,839	
2025	772,587	288,942	15,000	(250,000)	826,529	2,031,678	41%	3,554,081	
2026	826,529	271,914	3,497	(322,311)	779,629	2,195,262	36%	3,696,244	
2027	779,629	274,634	9,264	(48,047)	1,015,480	2,255,886	45%	3,807,132	

Exhibit "A" Allocation of Operating Reserve

Allocation of Operating Reserves

Estimated Funds Available

General Fund - Beginning Fund Balance - 10/1/23	$	188,617	
Recreation Fund - Beginning Fund Balance - 10/1/23	991,190	
Estimated General Excess Revenues - Fiscal Year 2024	5,574	
Estimated Recreation Excess Revenues- Fiscal Year 2024	1,645	

Total Estimated Operating Funds Available - 9/30/2024

 $	1,187,025 

Allocation of Funds Available

General Fund Operating Reserve - First Quarter Operating Capital	$	51,132	
Recreation Fund Operating Reserve - First Quarter Operating Capital	512,905	
Total Reserve	 $	564,037 	
Total Working Capital Surplus	 $	622,988 	

Capital Reserve- Beginning Fund Balance - 10/1/23	$	1,224,558	
Projected Capital Excess Revenues - Fiscal Year 2024	-443,434	
Total Estimated Reserve Funds Available - 9/30/24	 $	781,124 	
Capital Projects Reserve	$	269,720	
General Fund Reserve	19,222	
Total Funding FY 2024	 $	288,942 	
Total Estimate Reserve Fund Balances - 9/30/24	 $	1,070,066 	

Non-Ad Valorem Assessments Comparison 2024-2025

Neighborhood	
O&M	Bonds 2018/22
Units	
Annual Maintenance Assessments	
Annual Debt Assessments	
	
FY 2025	
FY2024	
Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	

Single Family	

1,059	

1,053	

$957.04	

$870.04	

$87.00	

10.00%	

$851.86	

$851.86	

$0.00	
Multi Family	1,047	1,274	$740.59	$673.26	$67.33	10.00%	$609.16	$609.16	$0.00	
High Density MF	228	0	$675.04	$613.67	$61.37	10.00%	$0.00	$0.00	$0.00	
High Density MF&Aqutics	704	0	$576.24	$523.85	$52.39	10.00%	$0.00	$0.00	$0.00	
Commercial/Office	330,000	320,900	$0.63	$0.57	$0.06	10.00%	$0.66	$0.66	$0.00	
Total	333,038	323,227