Rhodine Road North
Community Development District

Proposed Budget
FY2022

Table of Contents

1-2

3-7

8

9-10
 	General Fund

 	General Fund Narrative

 	Series 2019 Debt Service Fund

 	Series 2019 Amortization Schedule

Adopted Budget	Actuals Thru	Projected Next	Total Thru	Proposed Budget		
Description	FY2021	3/31/21	6 Months	9/30/21	FY2022		

Revenues						
Assessments - Tax Roll	$	282,705	$	198,405	$	84,300	$	282,705	$	279,698	
Assessments - Direct Bill	$	-	$	-	$	-	$	-	$	47,116	
Assessments - Lot Closings	$	-	$	4,230	$	-	$	4,230	$	-	
Developer Contributions	$	57,673	$	-	$	15,370	$	15,370	$	63,360	
Boundary Amendment Contributions	$	-	$	11,161	$	116	$	11,276	$	-			
Total Revenues	$	340,378	$	213,795	$	99,785	$	313,581	$	390,174			

Expenditures						
Administrative
Supervisor Fees	
$	12,000	
$	2,200	
$	6,000	
$	8,200	
$	12,000	
Engineering	$	20,000	$	235	$	10,000	$	10,235	$	20,000	
Attorney	$	25,000	$	5,214	$	19,786	$	25,000	$	30,000	
Annual Audit	$	4,400	$	-	$	4,400	$	4,400	$	4,500	
Assessment Administration	$	5,000	$	5,000	$	-	$	5,000	$	5,000	
Arbitrage	$	900	$	-	$	450	$	450	$	900	
Dissemination	$	6,000	$	3,500	$	2,500	$	6,000	$	6,000	
Trustee Fees	$	7,000	$	2,788	$	4,212	$	7,000	$	7,100	
Management Fees	$	35,000	$	17,500	$	17,500	$	35,000	$	36,050	
Information Technology	$	1,500	$	450	$	750	$	1,200	$	1,800	
Website Maintenance	$	1,000	$	-	$	500	$	500	$	1,200	
Telephone	$	250	$	-	$	125	$	125	$	300	
Postage & Delivery	$	850	$	158	$	425	$	583	$	1,000	
Insurance	$	5,700	$	5,381	$	-	$	5,381	$	6,000	
Printing & Binding	$	850	$	413	$	425	$	838	$	1,000	
Legal Advertising	$	10,000	$	1,298	$	8,702	$	10,000	$	10,000	
Other Current Charges	$	2,500	$	915	$	1,250	$	2,165	$	5,000	
Boundary Amendment Expenses	$	-	$	11,276	$	-	$	11,276	$	-	
Office Supplies	$	500	$	6	$	250	$	256	$	625	
Travel Per Diem	$	550	$	-	$	275	$	275	$	660	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative	$	139,175	$	56,509	$	77,550	$	134,059	$	149,310	

Adopted Budget	Actuals Thru	Projected Next	Total Thru	Proposed Budget		
Description	FY2021	3/31/21	6 Months	9/30/21	FY2022		

Operations & Maintenance Field   Expenses Property Insurance	

$	5,000	

$	-	

$	5,000	

$	5,000	

$	5,000	
Field Management	$	12,500	$	3,750	$	6,875	$	10,625	$	15,000	
Landscape Maintenance	$	71,950	$	38,825	$	40,325	$	79,150	$	80,650	
Landscape Replacement	$	5,000	$	-	$	2,500	$	2,500	$	5,000	
Lake Maintenance	$	9,180	$	4,590	$	4,590	$	9,180	$	9,180	
Fountain Maintenance	$	2,500	$	-	$	-	$	-	$	-	
Streetlights	$	15,000	$	6,966	$	15,000	$	21,966	$	30,000	
Electric	$	2,500	$	2,638	$	1,250	$	3,888	$	2,500	
Water & Sewer	$	1,000	$	-	$	-	$	-	$	-	
Sidewalk & Asphalt Maintenance	$	500	$	-	$	-	$	-	$	-	
Irrigation Repairs	$	5,000	$	-	$	2,500	$	2,500	$	5,000	
General Repairs & Maintenance	$	5,000	$	-	$	2,500	$	2,500	$	5,000	
Contingency	$	7,500	$	1,665	$	2,500	$	4,165	$	5,000	
Subtotal Field Expenses	$	142,630	$	58,433	$	83,040	$	141,473	$	162,330	

Amenity Expenses
Amenity - Electric	

$	9,600	

$	-	

$	6,000	

$	6,000	

$	14,400	
Amenity - Water	$	2,560	$	-	$	1,458	$	1,458	$	3,500	
Internet	$	600	$	-	$	1,250	$	1,250	$	3,000	
Playground/Furniture Lease	$	7,000	$	1,205	$	7,227	$	8,432	$	14,454	
Pest Control	$	480	$	-	$	300	$	300	$	720	
Janitorial Services	$	8,000	$	-	$	3,575	$	3,575	$	8,580	
Security Services	$	6,667	$	-	$	3,125	$	3,125	$	7,500	
Pool Maintenance	$	13,000	$	-	$	4,325	$	4,325	$	10,380	
Amenity Access Management	$	-	$	-	$	2,083	$	2,083	$	5,000	
Amenity Repairs & Maintenance	$	667	$	-	$	417	$	417	$	1,000	
Contingency	$	5,000	$	-	$	2,083	$	2,083	$	5,000	
Subtotal Amenity Expenses	$	53,573	$	1,205	$	31,844	$	33,048	$	73,534	
						
Total Operations & Maintenance	$	196,203	$	59,638	$	114,884	$	174,522	$	235,864	

Other Expenses
Capital Reserves	

$	5,000	

$	-	

$	5,000	

$	5,000	

$	5,000	
Total Other Expenses	$	5,000	$	-	$	5,000	$	5,000	$	5,000	
						
Total Expenditures	$	340,378	$	116,147	$	197,434	$	313,581	$	390,174	
						
Excess Revenues/(Expenditures)	$	-	$	97,648	$	(97,648)	$	-	$	-	
						
Product	ERU's	Assessable Units	ERU/Unit	Net Assessment	Net Per Unit	Gross Per Unit	
Platted	401.00	401	1.00	$279,697.50	$697.50	$750.00	
Unplatted	67.55	193	0.35	$47,116.13	$244.13	$262.50	
468.55	594		$326,813.63			
		2				

Revenues:

Assessments

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

Developer Contributions

The District will enter into a Funding Agreement with the Developer to fund the General Fund expenditures for the Fiscal Year that are not covered by assessments collected.

Expenditures:

General & 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.

Engineering

The District's engineer, Absolute Engineering, Inc., provides 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, Hopping, Green & Sams, provides general legal services to the District, e.g. attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. 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. The District is currently contracted with Grau & Associates for these services.

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 its Series 2019 and an additional bond series expected to close during the fiscal year.

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. This cost is based upon the Series 2019 bond series and an additional bond series expected to close during the fiscal year.

Trustee Fees

The District will incur trustee related costs with the issuance of its’ issued bonds.

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 the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, security, accounting software, etc.

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 uploads, hosting and domain renewals, website backups, etc.

Telephone

Telephone and fax machine.

Postage & Delivery

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public official’s liability 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

Any supplies that may need to be purchased during the fiscal year, e.g., paper, minute books, file folders, labels, paper clips, etc.

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:

Field Expenses

Property Insurance

The District’s property insurance coverages.

Field Management

The District is contracted with Governmental Management Services-Central Florida, LLC for onsite field management of contracts for the District such as landscape and lake maintenance. Services include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Landscape Maintenance

The District has contracted with Cardinal Landscaping Services of Tampa to provide maintenance of the landscaping within the District. These services include mowing, edging, trimming, weed and disease control, fertilization, pest control, , pruning, and irrigation inspections.

Description	Monthly	Annually		
Landscape Maintenance	$6,471
Landscape Maintenance - Amenity	$250
Total	$77,650
$3,000	
	$80,650	

 Landscape Replacement

Represents the estimated cost of replacing landscaping within the common areas of the District.

Lake Maintenance

The District has contracted with Remson Aquatics for the care and maintenance of its lakes which includes shoreline grass, brush and vegetation control.

Description	Monthly	Annually		
Lake Maintenance	$765
Total	$9,180	
	$9,180	

Electric

Represents current and estimated electric charges of common areas throughout the District.

Irrigation Repairs

Represents the cost of maintaining and repairing the irrigation system. This includes the sprinklers, and irrigation wells.

General Repairs & Maintenance

Represents estimated costs for general repairs and maintenance of the District’s common areas. These can include pressure washing, and repairs to fences, monuments, lighting and other assets.

Contingency

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

Amenity Expenses

Amenity - Electric

Represents estimated electric charges for the District’s amenity facilities.

Amenity – Water

Represents estimated water charges for the District’s amenity facilities.

Internet

Internet service will be added for use at the Amenity Center.

Playground/Furniture Lease

The District has entered into a leasing agreement with Navitas, Inc. for a playground and pool furniture installed in the community.

Description	Monthly	Annually		
Playground & Furniture Lease	$1,205
Total	$14,454	
	$14,454	

Pest Control

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

Janitorial Services

Represents the costs to provide janitorial services for the District’s amenity facilities. These services are provided by Fuqua Janitorial Services.

Description	Monthly	Annually		
Janitorial Services – 3 days per week at $55 per clean	$715
Total	$8,580	
	$8,580	

Security Services

Represents the estimated cost of contracting a monthly security service for the District’s amenity facilities.

Pool Maintenance

Suncoast Pool Service has been contracted to provide regular cleaning and treatments of the District’s pool. These services include chemical treatments, debris removal, vacuuming, tile cleaning, skimming and equipment operational checks.

Description	Monthly	Annually		
Pool Maintenance – 3 days per week	$865
Total	10,380	
	$10,380	

Amenity Access Management

Represents the cost of managing and monitoring access to the District’s amenity facilities.

Amenity Repairs & Maintenance

Represents estimated costs for repairs and maintenance of the District’s amenity facilities and equipment.

Contingency

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

Other Expenses:

Transfer Out – Capital Reserves

Funds collected and reserved for the replacement of and/or purchase of new capital improvements throughout the District.
Proposed Budget
Series 2019 Debt Service Fund

Adopted Budget	Actuals Thru	Projected Next	Total Thru	Proposed Budget		
Description	FY2021	3/31/21	6 Months	9/30/21	FY2022		

Revenues						
Assessments - Tax Roll	$	618,188	$	349,113	$	148,335	$	497,448	$	510,963				
Assessments - Prepayments	$	-	$	51,214	$	-	$	51,214	$	-				
Assessments - Lot Closings	$	-	$	4,429	$	-	$	4,429	$	-				
Interest	$	-	$	36	$	-	$	36	$	-				
Carry Forward Surplus	$	258,188	$   1,700,656	$	-	$ 1,700,656	$	203,649				
Total Revenues	$	876,375	$   2,105,448	$	148,335	$ 2,253,783	$	714,611				

Expenditures						
Interest Expense - 11/1	$	219,019	$	219,019	$	-	$	219,019	$	182,806				
Special Call - 11/1	$	-	$    1,455,000	$	-	$ 1,455,000	$	-				
Special Call - 2/1	$	-	$	25,000	$	-	$	25,000	$	-				
Interest Expense - 2/1	$	-	$	291	$	-	$	291	$	-				
Principal Expense - 5/1	$	165,000	$	-	$	140,000	$	140,000	$	145,000				
Interest Expense - 5/1	$	219,019	$	-	$	185,825	$	185,825	$	182,806				
Special Call - 5/1	$	-	$	-	$	25,000	$	25,000	$	-				
Total Expenditures	$	603,038	$ 1,699,309	$	350,825	$ 2,050,134	$	510,613	
						
Excess Revenues/(Expenditures)	$	273,338	$	406,139	$	(202,490)	$	203,649	$	203,999	

Interest Expense 11/1/22	 $	180,269 
Total	$	180,269

11/01/21	$	8,120,000.00	$	-	$	182,806.25	$	182,806.25	
05/01/22	$	8,120,000.00	$	145,000.00	$	182,806.25		
11/01/22	$	7,975,000.00	$	-	$	180,268.75	$	508,075.00	
05/01/23	$	7,975,000.00	$	150,000.00	$	180,268.75		
11/01/23	$	7,825,000.00	$	-	$	177,643.75	$	507,912.50	
05/01/24	$	7,825,000.00	$	155,000.00	$	177,643.75		
11/01/24	$	7,670,000.00	$	-	$	174,931.25	$	507,575.00	
05/01/25	$	7,670,000.00	$	160,000.00	$	174,931.25		
11/01/25	$	7,510,000.00	$	-	$	171,731.25	$	506,662.50	
05/01/26	$	7,510,000.00	$	170,000.00	$	171,731.25		
11/01/26	$	7,340,000.00	$	-	$	168,331.25	$	510,062.50	
05/01/27	$	7,340,000.00	$	175,000.00	$	168,331.25		
11/01/27	$	7,165,000.00	$	-	$	164,831.25	$	508,162.50	
05/01/28	$	7,165,000.00	$	185,000.00	$	164,831.25		
11/01/28	$	6,980,000.00	$	-	$	161,131.25	$	510,962.50	
05/01/29	$	6,980,000.00	$	190,000.00	$	161,131.25		
11/01/29	$	6,790,000.00	$	-	$	157,331.25	$	508,462.50	
05/01/30	$	6,790,000.00	$	200,000.00	$	157,331.25		
11/01/30	$	6,590,000.00	$	-	$	153,331.25	$	510,662.50	
05/01/31	$	6,590,000.00	$	205,000.00	$	153,331.25		
11/01/31	$	6,385,000.00	$	-	$	148,718.75	$	507,050.00	
05/01/32	$	6,385,000.00	$	215,000.00	$	148,718.75		
11/01/32	$	6,170,000.00	$	-	$	143,881.25	$	507,600.00	
05/01/33	$	6,170,000.00	$	225,000.00	$	143,881.25		
11/01/33	$	5,945,000.00	$	-	$	138,818.75	$	507,700.00	
05/01/34	$	5,945,000.00	$	235,000.00	$	138,818.75		
11/01/34	$	5,710,000.00	$	-	$	133,531.25	$	507,350.00	
05/01/35	$	5,710,000.00	$	245,000.00	$	133,531.25		
11/01/35	$	5,465,000.00	$	-	$	128,018.75	$	506,550.00		
05/01/36	$	5,465,000.00	$	260,000.00	$	128,018.75		
11/01/36	$	5,205,000.00	$	-	$	122,168.75	$	510,187.50		
05/01/37	$	5,205,000.00	$	270,000.00	$	122,168.75		
11/01/37	$	4,935,000.00	$	-	$	116,093.75	$	508,262.50		
05/01/38	$	4,935,000.00	$	285,000.00	$	116,093.75		
11/01/38	$	4,650,000.00	$	-	$	109,681.25	$	510,775.00		
05/01/39	$	4,650,000.00	$	295,000.00	$	109,681.25		
11/01/39	$	4,355,000.00	$	-	$	103,043.75	$	507,725.00		
05/01/40	$	4,355,000.00	$	310,000.00	$	103,043.75		
11/01/40	$	4,045,000.00	$	-	$	96,068.75	$	509,112.50		
05/01/41	$	4,045,000.00	$	325,000.00	$	96,068.75		
11/01/41	$	3,720,000.00	$	-	$	88,350.00	$	509,418.75		
05/01/42	$	3,720,000.00	$	340,000.00	$	88,350.00		
11/01/42	$	3,380,000.00	$	-	$	80,275.00	$	508,625.00		
05/01/43	$	3,380,000.00	$	355,000.00	$	80,275.00		
11/01/43	$	3,025,000.00	$	-	$	71,843.75	$	507,118.75		

Date	Balance	Prinicpal	Interest	Total	

05/01/44	
$	3,025,000.00	
$	375,000.00	$	71,843.75		
11/01/44	$	2,650,000.00	$	-	$	62,937.50	$	509,781.25	
05/01/45	$	2,650,000.00	$	390,000.00	$	62,937.50		
11/01/45	$	2,260,000.00	$	-	$	53,675.00	$	506,612.50	
05/01/46	$	2,260,000.00	$	410,000.00	$	53,675.00		
11/01/46	$	1,850,000.00	$	-	$	43,937.50	$	507,612.50	
05/01/47	$	1,850,000.00	$	430,000.00	$	43,937.50		
11/01/47	$	1,420,000.00	$	-	$	33,725.00	$	507,662.50	
05/01/48	$	1,420,000.00	$	450,000.00	$	33,725.00		
11/01/48	$	970,000.00	$	-	$	23,037.50	$	506,762.50	
05/01/49	$	970,000.00	$	475,000.00	$	23,037.50		
11/01/49	$	495,000.00	$	-	$	11,756.25	$	509,793.75	
05/01/50	$	495,000.00	$	495,000.00	$	11,756.25	$	506,756.25	
		$	8,120,000.00	$	6,803,800.00	$	14,923,800.00