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Tohoqua

Community Development District

Adopted Budget

FY 2019

	Table of Contents	
1-2	General Fund	
3-9	General Fund Narrative	
10	Capital Reserve Fund	
11	Debt Service Fund Series 2018	
12-13	Amortization Schedule Series 2018	

Tohoqua

Community Development District

Adopted Budget

General Fund

Fiscal Year 2019

						Adopted	Actual	Projected	Total	Adopted		
						Budget	thru	Next 2	thru	Budget		
	Description	FY2018	7/31/18	Months	9/30/18	FY2019		
	Revenues							
						$98,199	$66,743	$18,176	$84,919	$587,250		
	Developer Contributions							
	Assessments - Platted	$0	$0	$0	$0	$258,831		
	Assessments - Direct (Unplatted)	$0	$0	$0	$0	$106,132		
	Total Revenues							
		$98,199	$66,743	$18,176	$84,919	$952,213		
	Expenditures								
									
	Administrative		$9,600	$3,000	$1,600	$4,600	$9,600		
	Supervisor Fees							
	FICA Expense	$734	$230	$120	$350	$734		
	Engineering	$12,000	$2,767	$1,500	$4,267	$12,000		
	Attorney	$25,000	$16,166	$3,000	$19,166	$25,000		
	Annual Audit	$0	$0	$0	$0	$2,500		
	Assessment Administration	$0	$0	$0	$0	$5,000		
	Arbitrage	$0	$0	$0	$0	$600		
	Dissemination	$0	$2,083	$834	$2,917	$5,000		
	Trustee Fees	$0	$0	$0	$0	$3,717		
	Management Fees	$35,000	$29,167	$5,834	$35,001	$36,050		
	Information Technology	$1,100	$1,369	$200	$1,569	$1,200		
	Telephone	$300	$7	$10	$17	$300		
	Postage	$1,000	$106	$200	$306	$1,000		
	Insurance	$5,665	$5,000	$0	$5,000	$5,500		
	Printing & Binding	$1,000	$737	$200	$937	$1,000		
	Legal Advertising	$5,000	$9,942	$200	$10,142	$5,000		
	Other Current Charges	$1,000	$123	$100	$223	$1,000		
	Office Supplies	$625	$151	$100	$251	$625		
	Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175		
	Total Administrative:	$98,199	$71,021	$13,898	$84,919	$116,001		
	Operations & Maintenance							
								
	Contract Services		$0	$0	$0	$0	$20,000		
	Field Management							
	Amenities Management	$0	$0	$0	$0	$75,000		
	Landscape Maintenance	$0	$0	$0	$0	$350,000		
	Lake Maintenance	$0	$0	$0	$0	$10,000		
	Wetland Maintenance	$0	$0	$0	$0	$5,000		
	Wetland Mitigation Reporting	$0	$0	$0	$0	$6,000		
	Pool Maintenance	$0	$0	$0	$0	$12,500		
	Pest Control	$0	$0	$0	$0	$600		
	Janitorial Services	$0	$0	$0	$0	$12,500		
	Subtotal:	$0	$0	$0	$0	$491,600		

1

Tohoqua

Community Development District

Adopted Budget

General Fund

Fiscal Year 2019

	Adopted	Actual	Projected	Total	Adopted		
	Budget	thru	Next 2	thru	Budget		
Description	FY2018	7/31/18	Months	9/30/18	FY2019		
Repairs & Maintenance	$0	$0	$0	$0	$25,000		
Landscape Replacement							
Irrigation Repairs	$0	$0	$0	$0	$2,000		
General Repairs & Maintenance	$0	$0	$0	$0	$1,000		
Operating Supplies	$0	$0	$0	$0	$1,000		
Road & Sidewalk Maintenance	$0	$0	$0	$0	$1,500		
Signage	$0	$0	$0	$0	$250		
Walls - Repair/Cleaning	$0	$0	$0	$0	$1,500		
Fencing	$0	$0	$0	$0	$250		
Subtotal:	$0	$0	$0	$0	$32,500		
Utilities							
	$0	$0	$0	$0	$15,000		
Pool - Electric							
Pool - Water	$0	$0	$0	$0	$600		
Electric	$0	$0	$0	$0	$10,000		
Water & Sewer	$0	$0	$0	$0	$57,500		
Streetlights	$0	$0	$0	$0	$75,000		
Gas	$0	$0	$0	$0	$6,000		
Subtotal:	$0	$0	$0	$0	$164,100		
Amenities							
	$0	$0	$0	$0	$20,000		
Property Insurance							
Pool Attendants	$0	$0	$0	$0	$12,500		
Pool Repairs & Maintenance	$0	$0	$0	$0	$9,000		
Pool Permits	$0	$0	$0	$0	$750		
Trash Collection	$0	$0	$0	$0	$6,000		
Telephone	$0	$0	$0	$0	$1,250		
Cable/Internet	$0	$0	$0	$0	$3,750		
Access Cards	$0	$0	$0	$0	$1,250		
Security/Alarms/Repairs	$0	$0	$0	$0	$17,500		
Repairs & Maintenance	$0	$0	$0	$0	$17,500		
Office Supplies	$0	$0	$0	$0	$2,500		
Activities	$0	$0	$0	$0	$12,500		
Termite Bond	$0	$0	$0	$0	$750		
Holiday Décor	$0	$0	$0	$0	$2,500		
Subtotal:	$0	$0	$0	$0	$107,750		
Other							
	$0	$0	$0	$0	$25,000		
Contingency							
Capital Reserve	$0	$0	$0	$0	$15,262		
Subtotal:	$0	$0	$0	$0	$40,262		
Total Operations & Maintenance:							
							
	$0	$0	$0	$0	$836,212		

Total Expenditures	$98,199	$71,021	$13,898	$84,919	$952,213		
Excess Revenues/(Expenditures)							
							
	$0	($4,278)	$4,278	$0	$0		
							
				Net Assessments	$258,831		
				Add: Discounts & Collection	$16,521		
				Gross Assessments	$275,352		
				Assessable Units	329		
				Per Unit Gross Assessment	$836.94		

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Tohoqua

Community Development District

GENERAL FUND BUDGET

REVENUES:

Developer Contributions

The District will enter into a Funding Agreement with the Developer to Fund the General Fund expenditures for the Fiscal Year.

Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the fiscal year.

EXPENDITURES:

Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to receive $200 per meeting, not to exceed $4,800 per year paid to each Supervisor for the time devoted to District business and meetings.

FICA Expense

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

Engineering

The District's engineer will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices and various projects as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel will be providing general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation for Board meetings, preparation and review of agreements, resolutions, and other research as directed by the Board of Supervisors and the District Manager.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

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Tohoqua

Community Development District

GENERAL FUND BUDGET

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2018 Special Assessment Revenue Bonds.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues.

Trustee Fees

The District issued Series 2018 Special Assessment Revenue Bonds that are deposited with a Trustee at USBank.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-Central Florida, LLC. The services include but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reports, annual audits, etc.

Information Technology

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

Telephone

Telephone and fax machine.

Postage

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

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Tohoqua

Community Development District

GENERAL FUND BUDGET

Insurance

The District’s general liability, public officials liability and property insurance coverages.

Printing & Binding

Printing and binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

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 incurred during the year.

Office Supplies

Miscellaneous office supplies.

Dues, Licenses & Subscriptions

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

Operations & Maintenance:

Contract Services:

Field Management

Represents the estimated costs of onsite field management of contracts for the District such as landscape and lake maintenance. Services to include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Amenities Management

The District will contract with a vendor to provide amenity center management services, amenity operations services and programming services.

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Tohoqua

Community Development District

GENERAL FUND BUDGET

Landscape Maintenance

Represents the estimated maintenance of the landscaping within the common areas of the District after the installation of landscape material has been completed.

Lake Maintenance

Represents estimated costs for maintenance to all lakes the District must maintain within District boundaries.

Wetland Maintenance

The District will incur costs related to maintaining wetlands located throughout the District.

Wetland Mitigation Monitoring

The District will incur costs for scheduled monitoring of mitigation areas located throughout the District. The amounts are estimated.

Pool Maintenance

Represents estimated costs of regular cleaning and treatments of the pools within the District.

Pest Services

The District will incur costs for pest control treatments to its amenity facilities.

Janitorial Services

Represents estimated costs to provide janitorial services and supplies for the District’s amenity facilities.

Repairs & Maintenance

Landscape Replacement

Represents estimated costs related to the replacement of any landscaping needed throughout the fiscal year.

Irrigation Repairs

The District will incur costs related to repairing and maintaining its irrigation systems. The amount is based on estimated costs.

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Tohoqua

Community Development District

GENERAL FUND BUDGET

General Repairs & Maintenance

Represents estimated costs for the general repairs and maintenance of various facilities throughout the District.

Operating Supplies

Represents estimated costs of supplies purchased for operating and maintaining common areas.

Road & Sidewalk Maintenance

The District will incur costs related to maintaining the roads and sidewalks within its boundaries. The amount is estimated.

Signage

Represents estimated costs to replace miscellaneous signs throughout the fiscal year.

Walls – Repair/Cleaning

Represents estimated costs of repairing and cleaning walls maintained by the District.

Fencing

Represents estimated costs for maintaining fences during the fiscal year.

Utilities:

Pool - Electric

Represents estimated electric charges for the District’s pool.

Pool – Water

Represents estimated water charges for the District’s pool.

Electric

Represents estimated electric charges of common areas throughout the District.

Water & Sewer

Represents estimated costs for water and refuse services provided for common areas throughout the District.

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Tohoqua

Community Development District

GENERAL FUND BUDGET

Streetlights

Represents the cost to maintain street lights within the District Boundaries that are expected to be in place throughout the fiscal year.

Gas

Represents estimated gas services provided at the amenity facilities.

Amenities:

Property Insurance

The District will incur fees to insure items owned by the District for its property needs. Coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage for government agencies.

Pool Attendants

Represents the estimated cost of having pool attendants during certain times throughout the operating season for the pool.

Pool Repairs & Maintenance

Estimated miscellaneous pool maintenance costs not included under the District’s regular pool agreement.

Pool Permits

Represents annual costs of required pool permits paid to the Florida Department of Health.

Trash Collection

Represents estimated trash removal services.

Telephone

Represents the estimated operating telephone costs incurred by the District.

Cable/Internet

Represents the estimated cost of providing cable and internet services to the District’s amenities.

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Tohoqua

Community Development District

GENERAL FUND BUDGET

Access Cards

Represents the estimated cost for providing and maintaining an access card system.

Security/Alarms/Repair

Represents estimated costs of maintaining security systems for the amenity facilities within the District and any maintenance needed to those systems.

Repairs & Maintenance

Represents estimated costs for general repairs and maintenance of the District’s amenities.

Office Supplies

Represents the cost of daily office supplies required by the District to facilitate operations.

Activities

The onsite management company for the District will coordinate and provide various activities throughout the year. The amount represents estimated costs related to supplies, notices and other items to run these activities.

Termite Bond

The District will incur annual fees for the termite bonds of its amenity facilities.

Holiday Décor

The District will incur costs related to the decoration of common areas during the Holidays.

Other:

Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any standard category.

Capital Reserve

The District will fund an annual amount for future cost related to replacement and repair of capital assets of the District. Upon completion, the District may have a Capital Reserve study prepared to ensure annually funding levels are sufficient.

9

Tohoqua

Community Development District

Adopted Budget

Capital Reserve Fund

Fiscal Year 2019

				Adopted	Actual	Projected	Total	Adopted		
				Budget	thru	Next 2	thru	Budget		
	Description	FY2018	7/31/18	Months	9/30/18	FY2019		
	Revenues								
	Transfer In		$0	$0	$0	$0	$15,262			
	Total Revenues								
		$0	$0	$0	$0	$15,262			
	Expenditures									
										
	Capital Outlay	$0	$0	$0	$0	$0			
									
	Total Expenditures	$0	$0	$0	$0	$0			
	Excess Revenues/(Expenditures)								
									
		$0	$0	$0	$0	$15,262			

10

Tohoqua

Community Development District

Adopted Budget

Debt Service Fund

Fiscal Year 2019

					Adopted	Actual	Projected		Total	Adopted		
					Budget	thru	Next 2		thru	Budget		
		Description	FY2018	7/31/18	Months	9/30/18		FY2019		
		Revenues										
		Bond Proceeds	$0	$144,162	$0	$144,162		$0		
		Special Assessments	$0	$0	$0	$0		$138,078		
		Interest	$0	$121	$0	$121		$0		
		Carry Forward Surplus	$0	$0	$0	$0		$51,536		
		Total Revenues									
			$0	$144,283	$0	$144,283		$189,614		
		Expenditures									
											
				$0	$0	$0	$0		$51,415		
		Interest Payment - 11/01								
		Principal Payment - 05/01	$0	$0	$0	$0		$35,000		
		Interest Payment - 05/01	$0	$23,708	$0	$23,708		$51,415		
											
		Total Expenditures	$0	$23,708	$0	$23,708		$137,830		
		Excess Revenues/(Expenditures)									
											
			$0	$120,575	$0	$120,575		$51,784		
											
		1. Carry forward surplus is net of Reserves.					Interest 11/1/19	$50,593		
									Net Assessments	$138,078		
								Add: Discounts & Collection	$8,813		
									Gross Assessments	$146,891		

						Maximum	Per Unit		Per Unit				
						Annual	Net Debt		Gross Debt			
			Product Type	No. of Units	Debt Service	Assessment		Assessment			
			Townhouse	101	$28,482	$282	$300				
			Single-Family 40'	71	$29,336	$413	$440				
			Single-Family 45'	88	$40,905	$465	$495				
			Single-Family 55'	68	$38,632	$568	$604				
			Single-Family 70'	1	$723	$723	$769				
					329	$138,078							

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Tohoqua Community Development District

Series 2018, Special Assessment Revenue Bonds

(Term Bonds Combined)

Amortization Schedule

Date		Balance		Principal		Interest		Annual	
									
11/1/18	$	2,165,000	$	-	$	51,415	$	75,123	
5/1/19	$	2,165,000	$	35,000	$	51,415	$	-	
11/1/19	$	2,130,000	$	-	$	50,593	$	137,008	
5/1/20	$	2,130,000	$	35,000	$	50,593	$	-	
11/1/20	$	2,095,000	$	-	$	49,770	$	135,363	
5/1/21	$	2,095,000	$	35,000	$	49,770	$	-	
11/1/21	$	2,060,000	$	-	$	48,948	$	133,718	
5/1/22	$	2,060,000	$	40,000	$	48,948	$	-	
11/1/22	$	2,020,000	$	-	$	48,008	$	136,955	
5/1/23	$	2,020,000	$	40,000	$	48,008	$	-	
11/1/23	$	1,980,000	$	-	$	47,068	$	135,075	
5/1/24	$	1,980,000	$	45,000	$	47,068	$	-	
11/1/24	$	1,935,000	$	-	$	46,010	$	138,078	
5/1/25	$	1,935,000	$	45,000	$	46,010	$	-	
11/1/25	$	1,890,000	$	-	$	44,953	$	135,963	
5/1/26	$	1,890,000	$	45,000	$	44,953	$	-	
11/1/26	$	1,845,000	$	-	$	43,895	$	133,848	
5/1/27	$	1,845,000	$	50,000	$	43,895	$	-	
11/1/27	$	1,795,000	$	-	$	42,720	$	136,615	
5/1/28	$	1,795,000	$	50,000	$	42,720	$	-	
11/1/28	$	1,745,000	$	-	$	41,545	$	134,265	
5/1/29	$	1,745,000	$	55,000	$	41,545	$	-	
11/1/29	$	1,690,000	$	-	$	40,253	$	136,798	
5/1/30	$	1,690,000	$	55,000	$	40,253	$	-	
11/1/30	$	1,635,000	$	-	$	38,960	$	134,213	
5/1/31	$	1,635,000	$	60,000	$	38,960	$	-	
11/1/31	$	1,575,000	$	-	$	37,550	$	136,510	
5/1/32	$	1,575,000	$	60,000	$	37,550	$	-	
11/1/32	$	1,515,000	$	-	$	36,140	$	133,690	
5/1/33	$	1,515,000	$	65,000	$	36,140	$	-	
11/1/33	$	1,450,000	$	-	$	34,613	$	135,753	
5/1/34	$	1,450,000	$	70,000	$	34,613	$	-	
11/1/34	$	1,380,000	$	-	$	32,968	$	137,580	
5/1/35	$	1,380,000	$	70,000	$	32,968	$	-	
11/1/35	$	1,310,000	$	-	$	31,323	$	134,290	
5/1/36	$	1,310,000	$	75,000	$	31,323	$	-	
11/1/36	$	1,235,000	$	-	$	29,560	$	135,883	
5/1/37	$	1,235,000	$	80,000	$	29,560	$	-	
11/1/37	$	1,155,000	$	-	$	27,680	$	137,240	

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Tohoqua Community Development District

Series 2018, Special Assessment Revenue Bonds

(Term Bonds Combined)

Amortization Schedule

Date		Balance		Principal		Interest		Annual	
5/1/38	$	1,155,000	$	80,000	$	27,680	$	-	
11/1/38	$	1,075,000	$	-	$	25,800	$	133,480	
5/1/39	$	1,075,000	$	85,000	$	25,800	$	-	
11/1/39	$	990,000	$	-	$	23,760	$	134,560	
5/1/40	$	990,000	$	90,000	$	23,760	$	-	
11/1/40	$	900,000	$	-	$	21,600	$	135,360	
5/1/41	$	900,000	$	95,000	$	21,600	$	-	
11/1/41	$	805,000	$	-	$	19,320	$	135,920	
5/1/42	$	805,000	$	100,000	$	19,320	$	-	
11/1/42	$	705,000	$	-	$	16,920	$	136,240	
5/1/43	$	705,000	$	105,000	$	16,920	$	-	
11/1/43	$	600,000	$	-	$	14,400	$	136,320	
5/1/44	$	600,000	$	110,000	$	14,400	$	-	
11/1/44	$	490,000	$	-	$	11,760	$	136,160	
5/1/45	$	490,000	$	115,000	$	11,760	$	-	
11/1/45	$	375,000	$	-	$	9,000	$	135,760	
5/1/46	$	375,000	$	120,000	$	9,000	$	-	
11/1/46	$	255,000	$	-	$	6,120	$	135,120	
5/1/47	$	255,000	$	125,000	$	6,120	$	-	
11/1/47	$	130,000	$	-	$	3,120	$	134,240	
5/1/48	$	130,000	$	130,000	$	3,120	$	-	
11/1/48	$	-	$	-	$	-	$	133,120	
									
Totals			$	2,165,000	$	1,951,535	$	4,140,243	

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