Rhodine Road North
Community Development District

Adopted Budget
FY 2020

Table of Contents

1

2-5

6

 	General Fund

 	General Fund Narrative

 	Series 2019 Debt Service Fund

7	 	Series 2019 Amortization Schedule

Community Development District
Adopted Budget General Fund

	Adopted
Budget	Actuals
Thru	Projected
Next	Total
Thru	Adopted
Budget	
Description	FY2019	7/31/19	2 Months	9/30/19	FY2020	

Revenues						
Developer Contributions	$97,707	$60,000	$21,132	$81,132	$225,562	
Total Revenues	$97,707	$60,000	$21,132	$81,132	$225,562	

Expenditures						
Administrative
Supervisor Fees	

$10,000	

$5,800	

$1,800	

$7,600	

$12,000	
FICA Expense	$765	$0	$0	$0	$0	
Engineering	$10,000	$0	$1,700	$1,700	$20,000	
Attorney	$25,000	$18,924	$4,500	$23,424	$25,000	
Annual Audit	$0	$0	$0	$0	$3,000	
Assessment Administration	$0	$0	$0	$0	$5,000	
Arbitrage	$0	$0	$0	$0	$650	
Dissemination	$0	$0	$833	$833	$5,000	
Trustee Fees	$0	$0	$0	$0	$3,500	
Management Fees	$29,167	$21,640	$5,833	$27,473	$35,000	
Information Technology	$3,750	$2,533	$150	$2,683	$2,350	
Telephone	$250	$48	$40	$88	$250	
Postage & Delivery	$850	$104	$100	$204	$850	
Insurance	$5,000	$3,918	$0	$3,918	$5,500	
Printing & Binding	$850	$1,016	$350	$1,366	$850	
Legal Advertising	$10,000	$7,199	$1,500	$8,699	$10,000	
Other Current Charges	$850	$2,363	$500	$2,863	$2,500	
Office Supplies	$500	$90	$40	$130	$500	
Travel Per Diem	$550	$0	$0	$0	$550	
Dues, Licenses & Subscriptions	$175	$150	$0	$150	$175	
Subtotal Administrative	$97,707	$63,785	$17,347	$81,132	$132,675	

Operations & Maintenance
Property Insurance	

$0	

$0	

$0	

$0	

$5,000	
Landscape Maintenance	$0	$0	$0	$0	$39,200	
Landscape Replacement	$0	$0	$0	$0	$7,500	
Fertilization	$0	$0	$0	$0	$8,000	
Pest Control	$0	$0	$0	$0	$120	
Janitorial Service	$0	$0	$0	$0	$800	
Pool Maintenance	$0	$0	$0	$0	$2,667	
Amenity - Electric	$0	$0	$0	$0	$2,000	
Amenity - Water	$0	$0	$0	$0	$600	
Streetlights	$0	$0	$0	$0	$10,000	
General Repairs & Maintenance	$0	$0	$0	$0	$2,000	
Contingency	$0	$0	$0	$0	$15,000	
Subtotal Operations & Maintenance	$0	$0	$0	$0	$92,887	
						
Total Expenditures	$97,707	$63,785	$17,347	$81,132	$225,562	
						
Excess Revenues/(Expenditures)	$0	($3,785)	$3,785	$0	$0	

REVENUES:

Developer Contributions

The District will enter into a Funding Agreement with the Developer to fund the General Fund expenditures for the Fiscal Year. Additionally, the District can 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 Supervisors 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 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.

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 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 will incur trustee related costs with the issuance of 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 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 & 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 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.

Travel Per Diem

The Board of Supervisors can be reimbursed for travel expenditures related to the conducting of District business.

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:

Property Insurance

The District’s property insurance coverages.

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.

Landscape Replacement

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

Fertilization

Represents the estimated cost of fertilizing the common areas of the District. This is based on an estimated cost for quarterly services.

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.

Pool Maintenance

Represents estimated costs of regular cleaning and treatments of the District’s pool.

Amenity - Electric

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

Amenity – Water

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

Streetlights

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

Repairs & Maintenance

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

Contingency

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

Rhodine Road North
COMMUNITY DEVELOPMENT DISTRICT

	Adopted Budget
Debt Service Fund		
	Series 2019		
	Adopted	Actual	Projected	Projected	Adopted	
	Budget	Thru	Next	Thru	Budget	
	FY2019	7/31/19	2 Months	9/30/19	FY2020	

Revenues						
Special Assessments	$0	$0	$0	$0	$224,250	
Bond Proceeds	$0	$995,675	$0	$995,675	$0	
Interest Income	$0	$162	$300	$462	$0	
Carry Forward Surplus	$0	$0	$0	$0	$377,949 *	
Total Revenues	$0	$995,837	$300	$996,137	$602,199	

Expenses						
Interest - 11/1	$0	$0	$0	$0	$153,238	
Interest - 5/1	$0	$0	$0	$0	$224,250	
Total Expenditures	$0	$0	$0	$0	$377,488	
						
Excess Revenues/(Expenditures)	$0	$995,837	$300	$996,137	$224,712	

*Represents carry forward less reserve requirement of $618,187.50.	
Interest - 11/1/2020	
 	$224,250 	
	Total	 	$224,250 	

Product Type	

No. of Units	Maximum Annual
Debt Service	Per Unit Net Debt
Assessment	Per Unit Gross Debt
Assessment	
Single Family 40	278	$398,045	$1,432	$1,523	
Single Family 50	123	$220,142	$1,790	$1,904	

401	

$618,188			
Fiscal Year 2020 Debt Service Assessment is a partial year assessment and represents the 11/1/2020 semi-annual debt service payment not funded by capitalized interest from the Series 2019 Bonds.

Date	Balance	Principal	Interest	Annual

11/1/19	$ 10,000,000	$	-	$	153,238	$	153,238	
5/1/20	$ 10,000,000	$	-	$	224,250	$	-	
11/1/20	$ 10,000,000	$	-	$	224,250	$	448,500	
5/1/21	$ 10,000,000	$	170,000	$	224,250	$	-	
11/1/21	$ 9,830,000	$	-	$	221,275	$	615,525	
5/1/22	$ 9,830,000	$	175,000	$	221,275	$	-	
11/1/22	$ 9,655,000	$	-	$	218,213	$	614,488	
5/1/23	$ 9,655,000	$	185,000	$	218,213	$	-	
11/1/23	$ 9,470,000	$	-	$	214,975	$	618,188	
5/1/24	$ 9,280,000	$	190,000	$	214,975	$	-	
11/1/24	$ 9,280,000	$	-	$	211,650	$	616,625	
5/1/25	$ 9,280,000	$	195,000	$	211,650	$	-	
11/1/25	$ 9,085,000	$	-	$	207,750	$	614,400	
5/1/26	$ 9,085,000	$	205,000	$	207,750	$	-	
11/1/26	$ 8,880,000	$	-	$	203,650	$	616,400	
5/1/27	$ 8,880,000	$	215,000	$	203,650	$	-	
11/1/27	$ 8,665,000	$	-	$	199,350	$	618,000	
5/1/28	$ 8,665,000	$	220,000	$	199,350	$	-	
11/1/28	$ 8,445,000	$	-	$	194,950	$	614,300	
5/1/29	$ 7,975,000	$	230,000	$	194,950	$	-	
11/1/29	$ 7,975,000	$	-	$	190,350	$	615,300	
5/1/30	$ 7,975,000	$	240,000	$	190,350	$	-	
11/1/30	$ 7,975,000	$	-	$	185,550	$	615,900	
5/1/31	$ 7,975,000	$	250,000	$	185,550	$	-	
11/1/31	$ 7,725,000	$	-	$	179,925	$	615,475	
5/1/32	$ 7,725,000	$	260,000	$	179,925	$	-	
11/1/32	$ 7,465,000	$	-	$	174,075	$	614,000	
5/1/33	$ 7,465,000	$	275,000	$	174,075	$	-	
11/1/33	$ 7,190,000	$	-	$	167,888	$	616,963	
5/1/34	$ 7,190,000	$	285,000	$	167,888	$	-	
11/1/34	$ 6,905,000	$	-	$	161,475	$	614,363	
5/1/35	$ 6,905,000	$	300,000	$	161,475	$	-	
11/1/35	$ 6,605,000	$	-	$	154,725	$	616,200	
5/1/36	$ 6,605,000	$	315,000	$	154,725	$	-	
11/1/36	$ 6,290,000	$	-	$	147,638	$	617,363	
5/1/37	$ 6,290,000	$	325,000	$	147,638	$	-	
11/1/37	$ 5,965,000	$	-	$	140,325	$	612,963	
5/1/38	$ 5,965,000	$	340,000	$	140,325	$	-	

Date	Balance	Principal	Interest	Annual

11/1/38	$ 5,625,000	$	-	$	132,675	$	613,000	
5/1/39	$ 5,625,000	$	360,000	$	132,675	$	-	
11/1/39	$ 4,890,000	$	-	$	124,575	$	617,250	
5/1/40	$ 4,890,000	$	375,000	$	124,575	$	-	
11/1/40	$ 4,890,000	$	-	$	116,138	$	615,713	
5/1/41	$ 4,890,000	$	390,000	$	116,138	$	-	
11/1/41	$ 4,500,000	$	-	$	106,875	$	613,013	
5/1/42	$ 4,500,000	$	410,000	$	106,875	$	-	
11/1/42	$ 4,090,000	$	-	$	97,138	$	614,013	
5/1/43	$ 4,090,000	$	430,000	$	97,138	$	-	
11/1/43	$ 3,660,000	$	-	$	86,925	$	614,063	
5/1/44	$ 3,660,000	$	450,000	$	86,925	$	-	
11/1/44	$ 3,210,000	$	-	$	76,238	$	613,163	
5/1/45	$ 3,210,000	$	475,000	$	76,238	$	-	
11/1/45	$ 2,735,000	$	-	$	64,956	$	616,194	
5/1/46	$ 2,735,000	$	495,000	$	64,956	$	-	
11/1/46	$ 2,240,000	$	-	$	53,200	$	613,156	
5/1/47	$ 2,240,000	$	520,000	$	53,200	$	-	
11/1/47	$ 1,720,000	$	-	$	40,850	$	614,050	
5/1/48	$ 1,720,000	$	545,000	$	40,850	$	-	
11/1/48	$ 1,175,000	$	-	$	27,906	$	613,756	
5/1/49	$ 1,175,000	$	575,000	$	27,906	$	-	
11/1/49	$	600,000	$	-	$	14,250	$	617,156	
5/1/50	$	600,000	$	600,000	$	14,250	$	614,250	
Totals	$ 10,000,000	$	9,056,963	$ 19,056,963