Rhodine Road North
Community Development District

Adopted Budget
FY 2021

Table of Contents

1-2

3-8

9

10-11

 	General Fund

 	General Fund Narrative

 	Series 2019 Debt Service Fund

 	Series 2019 Amortization Schedule

12	 	Capital Reserve Fund

	Adopted
Budget	Actuals
Thru	Projected
Next	Total
Thru	Adopted
Budget	
Description	FY2020	6/30/20	3 Months	9/30/20	FY2021	

Revenues						
Assessments	$0	$0	$0	$0	$282,705	
Developer Contributions	$225,562	$60,000	$85,508	$145,508	$57,673	
Boundary Amendment Contributions	$0	$1,585	$0	$1,585	$0	
Total Revenues	$225,562	$61,585	$85,508	$147,093	$340,378	

Expenditures						
Administrative
Supervisor Fees	
$12,000	
$3,400	
$3,000	
$6,400	
$12,000	
Engineering	$20,000	$891	$5,000	$5,891	$20,000	
Attorney	$25,000	$11,479	$13,521	$25,000	$25,000	
Annual Audit	$3,000	$3,000	$0	$3,000	$4,400	
Assessment Administration	$5,000	$0	$0	$0	$5,000	
Arbitrage	$650	$0	$650	$650	$900	
Dissemination	$5,000	$4,250	$750	$5,000	$6,000	
Trustee Fees	$3,500	$0	$3,500	$3,500	$7,000	
Management Fees	$35,000	$26,250	$8,750	$35,000	$35,000	
Information Technology	$2,350	$675	$1,675	$2,350	$2,500	
Telephone	$250	$10	$63	$73	$250	
Postage & Delivery	$850	$108	$213	$320	$850	
Insurance	$5,500	$5,125	$0	$5,125	$5,700	
Printing & Binding	$850	$295	$213	$508	$850	
Legal Advertising	$10,000	$7,232	$2,768	$10,000	$10,000	
Other Current Charges	$2,500	$1,363	$1,137	$2,500	$2,500	
Boundary Amendment Expenses	$0	$1,585	$0	$1,585	$0	
Office Supplies	$500	$14	$125	$139	$500	
Travel Per Diem	$550	$0	$138	$138	$550	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Total Administrative	$132,675	$65,851	$41,501	$107,353	$139,175	

	Adopted
Budget	Actuals
Thru	Projected
Next	Total
Thru	Adopted
Budget	
Description	FY2020	6/30/20	3 Months	9/30/20	FY2021	

Operations & Maintenance						
Field Expenses						
Property Insurance	$5,000	$0	$1,250	$1,250	$5,000	
Field Management	$0	$0	$1,875	$1,875	$12,500	
Landscape Maintenance	$39,200	$5,000	$17,988	$22,988	$71,950	
Landscape Replacement	$7,500	$0	$1,250	$1,250	$5,000	
Fertilization	$8,000	$0	$0	$0	$0	
Lake Maintenance	$0	$0	$2,295	$2,295	$9,180	
Fountain Maintenance	$0	$0	$625	$625	$2,500	
Streetlights	$10,000	$0	$3,750	$3,750	$15,000	
Electric	$0	$333	$625	$958	$2,500	
Water & Sewer	$0	$0	$250	$250	$1,000	
Sidewalk & Asphalt Maintenance	$0	$0	$125	$125	$500	
Irrigation Repairs	$0	$0	$1,250	$1,250	$5,000	
General Repairs & Maintenance	$2,000	$0	$1,250	$1,250	$5,000	
Contingency	$15,000	$0	$1,875	$1,875	$7,500	
Subtotal Field Expenses	$86,700	$5,333	$34,408	$39,740	$142,630	

Amenity Expenses						
Amenity - Electric	$2,000	$0	$0	$0	$9,600	
Amenity - Water	$600	$0	$0	$0	$2,560	
Playground Lease	$0	$0	$0	$0	$7,000	
Internet	$0	$0	$0	$0	$600	
Pest Control	$120	$0	$0	$0	$480	
Janitorial Services	$800	$0	$0	$0	$8,000	
Security Services	$0	$0	$0	$0	$6,667	
Pool Maintenance	$2,667	$0	$0	$0	$13,000	
Amenity Repairs & Maintenance	$0	$0	$0	$0	$667	
Contingency	$0	$0	$0	$0	$5,000	
Subtotal Amenity Expenses	$6,187	$0	$0	$0	$53,573	
						
Total Operations & Maintenance	$92,887	$5,333	$34,408	$39,740	$196,203	

Other Expenses						
Capital Reserves	$0	$0	$0	$0	$5,000	
Total Other Expenses	$0	$0	$0	$0	$5,000	
						
Total Expenditures	$225,562	$71,184	$75,909	$147,093	$340,378	
						
Excess Revenues/(Expenditures)	($0)	($9,599)	$9,599	$0	$0	

Net Assessments	$282,705	
Add: Discounts & Collections 6%	 	$18,045 	
Gross Assessments	 	$300,750 	
Assessable Units	401	
Per Unit Gross Assessment	 	$750.00 	

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:

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

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, hosting, 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:

Field Expenses

Property Insurance

The District’s property insurance coverages.

Field Management

The District has contracted with Governmental Management Services – Central Florida, LLC to provide onsite field management of contracts for the District such as landscape and lake maintenance. Services can include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails. Services are provided at a cost of $15,000 annually but are being billed at half the rate monthly until amenities are turned over to the District. Amenities are estimated to be turned over as of February 2021.

Landscape Maintenance

The District has a contract with Cardinal Landscaping Services of Tampa, Inc. to maintain the landscaping located within the District. These services include monthly landscape maintenance such as mowing of turf areas, edging, debris removal, pruning and trimming, plant bed weed control, fertilization and irrigation inspections. The annual amount is based upon the following:

$5,996 	$71,950 
$71,950

Landscape Maintenance
Total

Annually

Monthly

Description

Landscape Replacement

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

Lake Maintenance

The District has a contract with Remson Aquatics Limited Liability Company to maintain the lakes located within the District. These services involve monthly aquatic weed control. The annual amount is based upon the following:

$765 	$9,180 
$9.180

Lake Maintenance
Total

Annually

Monthly

Description

Fountain Maintenance

Represents the estimated costs related to the maintenance of the fountains located at the District’s lakes.

Streetlights

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

Electric

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

Water & Sewer

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

Sidewalk & Asphalt Maintenance

Represents the estimated costs of maintaining the sidewalks and asphalt throughout the District’s Boundary.

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.

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 faclilities.

Playground Lease

Represents the estimated cost of the District leasing playground equipment for the fiscal year.

Internet

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

Pest Control

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.

Security Services

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

Pool Maintenance

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

Amenity Repairs & Maintenance

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

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:
Capital Reserves

Funds collected and reserved for the replacement of and/or purchase of new capital improvements throughout the District.

Rhodine Road North
COMMUNITY DEVELOPMENT DISTRICT

Adopted Budget Debt Service Fund
		Series 2019		
	Adopted
Budget FY2020	Actual
Thru 6/30/20		Projected Next
3 Months	Projected
Thru 9/30/20	Adopted
Budget FY2021	

Revenues							
Special Assessments	$224,250	$0		$224,250	$224,250	$618,188	
Prepayments	$0	$20,486		$0	$20,486	$0	
Interest Income	$0	$6,468		$15	$6,483	$0	
Carry Forward Surplus	$377,949	$395,776	*	$0	$395,776	$258,188	
Total Revenues	$602,199	$422,729		$224,265	$646,994	$876,375	

Expenses							
Interest - 11/1	$153,238	$153,238		$0	$153,238	$219,019	
Principal - 5/1	$0	$0		$0	$0	$165,000	
Interest - 5/1	$224,250	$224,250		$0	$224,250	$219,019	
Special Call - 8/1	$0	$0		$235,000	$235,000	$0	
Total Expenditures	$377,488	$377,488		$235,000	$612,488	$603,038	

Other Financing Sources							
Transfer In (Out)	$0	$223,681		$0	$223,681	$0	
Total Other Financing Sources (Uses)	$0	$223,681		$0	$223,681	$0	
							
Excess Revenues/(Expenditures)	$224,712	$268,923		($10,735)	$258,188	$273,338	

*Represents carry forward less reserve requirement of $603,162.50	
Interest - 11/1/2021	
 	$216,131 	
	Total	 	$216,131 	

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			

Date	Balance	Principal	Interest	Annual

11/1/20	$ 9,765,000	$	-	$	219,019	$	219,019	
5/1/21	$ 9,765,000	$	165,000	$	219,019	$	-	
11/1/21	$ 9,600,000	$	-	$	216,131	$	600,150	
5/1/22	$ 9,600,000	$	170,000	$	216,131	$	-	
11/1/22	$ 9,430,000	$	-	$	213,156	$	599,288	
5/1/23	$ 9,430,000	$	180,000	$	213,156	$	-	
11/1/23	$ 9,250,000	$	-	$	210,006	$	603,163	
5/1/24	$ 9,065,000	$	185,000	$	210,006	$	-	
11/1/24	$ 9,065,000	$	-	$	206,769	$	601,775	
5/1/25	$ 9,065,000	$	190,000	$	206,769	$	-	
11/1/25	$ 8,875,000	$	-	$	202,969	$	599,738	
5/1/26	$ 8,875,000	$	200,000	$	202,969	$	-	
11/1/26	$ 8,675,000	$	-	$	198,969	$	601,938	
5/1/27	$ 8,675,000	$	205,000	$	198,969	$	-	
11/1/27	$ 8,470,000	$	-	$	194,869	$	598,838	
5/1/28	$ 8,470,000	$	215,000	$	194,869	$	-	
11/1/28	$ 8,255,000	$	-	$	190,569	$	600,438	
5/1/29	$ 7,795,000	$	225,000	$	190,569	$	-	
11/1/29	$ 7,795,000	$	-	$	186,069	$	601,638	
5/1/30	$ 7,795,000	$	235,000	$	186,069	$	-	
11/1/30	$ 7,795,000	$	-	$	181,369	$	602,438	
5/1/31	$ 7,795,000	$	245,000	$	181,369	$	-	
11/1/31	$ 7,550,000	$	-	$	175,856	$	602,225	
5/1/32	$ 7,550,000	$	255,000	$	175,856	$	-	
11/1/32	$ 7,295,000	$	-	$	170,119	$	600,975	
5/1/33	$ 7,295,000	$	265,000	$	170,119	$	-	
11/1/33	$ 7,030,000	$	-	$	164,156	$	599,275	
5/1/34	$ 7,030,000	$	280,000	$	164,156	$	-	
11/1/34	$ 6,750,000	$	-	$	157,856	$	602,013	
5/1/35	$ 6,750,000	$	290,000	$	157,856	$	-	
11/1/35	$ 6,460,000	$	-	$	151,331	$	599,188	
5/1/36	$ 6,460,000	$	305,000	$	151,331	$	-	
11/1/36	$ 6,155,000	$	-	$	144,469	$	600,800	
5/1/37	$ 6,155,000	$	320,000	$	144,469	$	-	
11/1/37	$ 5,835,000	$	-	$	137,269	$	601,738	
5/1/38	$ 5,835,000	$	335,000	$	137,269	$	-	

Date	Balance	Principal	Interest	Annual

11/1/38	$ 5,500,000	$	-	$	129,731	$	602,000	
5/1/39	$ 5,500,000	$	350,000	$	129,731	$	-	
11/1/39	$ 4,785,000	$	-	$	121,856	$	601,588	
5/1/40	$ 4,785,000	$	365,000	$	121,856	$	-	
11/1/40	$ 4,785,000	$	-	$	113,644	$	600,500	
5/1/41	$ 4,785,000	$	385,000	$	113,644	$	-	
11/1/41	$ 4,400,000	$	-	$	104,500	$	603,144	
5/1/42	$ 4,400,000	$	400,000	$	104,500	$	-	
11/1/42	$ 4,000,000	$	-	$	95,000	$	599,500	
5/1/43	$ 4,000,000	$	420,000	$	95,000	$	-	
11/1/43	$ 3,580,000	$	-	$	85,025	$	600,025	
5/1/44	$ 3,580,000	$	440,000	$	85,025	$	-	
11/1/44	$ 3,140,000	$	-	$	74,575	$	599,600	
5/1/45	$ 3,140,000	$	465,000	$	74,575	$	-	
11/1/45	$ 2,675,000	$	-	$	63,531	$	603,106	
5/1/46	$ 2,675,000	$	485,000	$	63,531	$	-	
11/1/46	$ 2,190,000	$	-	$	52,013	$	600,544	
5/1/47	$ 2,190,000	$	510,000	$	52,013	$	-	
11/1/47	$ 1,680,000	$	-	$	39,900	$	601,913	
5/1/48	$ 1,680,000	$	535,000	$	39,900	$	-	
11/1/48	$ 1,145,000	$	-	$	27,194	$	602,094	
5/1/49	$ 1,145,000	$	560,000	$	27,194	$	-	
11/1/49	$	585,000	$	-	$	13,894	$	601,088	
5/1/50	$	585,000	$	585,000	$	13,894	$	598,894	
Totals	$	9,765,000	$	8,483,625	$ 18,248,625	

Rhodine Road North
COMMUNITY DEVELOPMENT DISTRICT

Adopted Budget Capital Reserve Fund

	Adopted
Budget	Actual
Thru		Projected
Next	Projected
Thru	Adopted
Budget	
	FY2020	6/30/20		3 Months	9/30/20	FY2021	

Revenues

Interest Income	

$0		

$0	

$0	

$0	

$0	
Total Revenues	$0		$0	$0	$0	$0	

Expenses

Capital Outlay	

$0		

$0	

$0	

$0	

$0	
Total Expenditures	$0		$0	$0	$0	$0	

Other Financing Sources

Transfer In (Out)	

$0		

$0	

$0	

$0	

$5,000	
Total Other Financing Sources (Uses)	$0		$0	$0	$0	$5,000	
							
Excess Revenues/(Expenditures)	$0		$0	$0	$0	$5,000