Isles of Bartram Park Community Development District
Adopted Budget

FY 2020

August 21, 2019

Isles of Bartram Park
Community Development District
GENERAL FUND BUDGET

GENERAL FUND BUDGET

Summary Revenues and Expenditures	Page 1

Narrative – Administrative and Maintenance	Page 2-4

Series 2015 Special Assessments Bonds	Page 5-7

Series 2017 Special Assessments Bonds	Page 8-10

Isles of Bartram Park
Community Development District	General Fund

	Adopted
Budget	Acutal
YTD	Projected
Next	Total
Projected	Adopted
Budget	
Description	FY 2019	7/31/19	2 Months	9/30/19	FY 2020	

Revenues						
Developer Contributions	$58,859	$11,635	$30,430	$42,065	$8,786	
Assessments - Tax Roll	$106,827	$107,250	$0	$107,250	$166,139	
Assessments - Direct Assessments	$36,355	$27,266	$9,089	$36,355	$30,296	
Total Revenues	$202,040	$146,151	$39,519	$185,670	$205,221	

Expenditures						
Administrative						
Supervisors Fees	$0	$2,000	$1,000	$3,000	$4,000	
FICA	$0	$153	$77	$230	$306	
Engineering	$6,000	$1,350	$1,830	$3,180	$6,000	
Dissemination	$3,500	$6,533	$1,366	$7,899	$7,000	
Arbitrage	$600	$600	$0	$600	$600	
Assessment Roll	$5,000	$5,000	$0	$5,000	$5,000	
Attorney	$20,000	$7,453	$3,728	$11,181	$10,000	
Annual Audit	$2,300	$3,900	$0	$3,900	$4,000	
Trustee Fees	$6,500	$4,000	$4,000	$8,000	$8,000	
Management Fees	$45,000	$37,500	$7,500	$45,000	$45,000	
Information Technology	$1,600	$1,333	$267	$1,600	$1,600	
Telephone	$150	$31	$20	$51	$150	
Postage	$500	$193	$107	$300	$300	
Insurance	$5,665	$7,642	$0	$7,642	$8,500	
Printing & Binding	$1,300	$864	$436	$1,300	$1,300	
Legal Advertising	$2,000	$323	$1,677	$2,000	$2,000	
Other Current Charges	$250	$0	$100	$100	$750	
Office Supplies	$200	$54	$46	$100	$200	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Website Compliance	$0	$1,750	$0	$1,750	$1,200	
Total Administrative	$100,740	$80,854	$22,153	$103,007	$106,081	
Field						
Landscape Maintenace	$52,000	$29,695	$12,338	$42,033	$45,000	
Lake Maintenance	$14,000	$14,248	$2,340	$16,588	$18,840	
Waterfall/Entry Pond Maintenance	$5,400	$5,421	$900	$6,321	$5,400	
Lake Fountains Maintenance	$1,400	$1,020	$340	$1,360	$1,400	
Management	$6,000	$5,000	$1,000	$6,000	$6,000	
Utilities	$20,000	$7,861	$2,000	$9,861	$20,000	
General Maintenance	$2,500	$0	$500	$500	$2,500	
Total Field	$101,300	$63,245	$19,418	$82,663	$99,140	
						
Total Expenditures	$202,040	$144,098	$41,572	$185,670	$205,221	
						
Excess Revenues/(Expenditures)	($0)	$2,053	($2,053)	($0)	$0	

	
Units		Gross
Per Unit	Gross
Assesment	
Tax Roll		616	$339	$208,973	
Less: Discounts & Collections (6%)				($12,538)	
Net Annual Assesment				$196,435	

GENERAL FUND BUDGET FISCAL YEAR 2020

REVENUES:

Developer Contributions/ Assessments

The District will enter into a Funding Agreement with the Developer and levy maintenance assessments to Fund the General Fund expenditures the Fiscal Year.

EXPENDITURES:

Administrative:

Supervisors Fees

The Florida Statutes allows each Board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon five supervisors attending 12 monthly meetings.

FICA Expense

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

Engineering

The District will contract with England, Thims and Miller as District engineer who provides general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices, etc.

Dissemination Fees

The Annual Disclosure Report prepared by GMS, LLC required by the Security and Exchange Commission in order to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.

Arbitrage

The District is required to annually have an arbitrage rebate calculation on the District's Series 2015 & 2017 Special Assessment Revenue Bonds.

Assessment Roll

The District’s assessment roll administration, GMS, LLC, will provide services to prepare assessment rolls to district property owners.

Attorney
The District has contracted with Hopping, Green and Sams as legal counsel who provides general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions, etc.

Annual Audit

The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The District has contracted with Grau and Associates to prepare  the annual audit.

Trustee Fees

The District issued Series 2015 & Series 2017 Special Assessment Bonds, which are held with a Trustee at The Bank of New York Mellon. The amount of the trustee fees is based on the agreement between BNY and the District.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC.

Information Technology

The cost related to District’s accounting and information systems, District 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.

Insurance

Represents the estimated cost for public officials and general liability insurance for the District.

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, amortization schedule 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.

Website Compliance
Per Chapter 2014-22, Laws of Florida, all Districts must have a website by October 1, 2015 to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS, LLC and updated monthly.

Field:

Landscape Maintenance

The District has contracted with a Yellowstone Landscape to provide landscaping and irrigation maintenance services to all the common areas within the District.

Lake Maintenance

The District has contracted with vendor The Lake Doctors to provide monthly water management services to all the lakes throughout the District and carp restocking.

Waterfall/Pond Entry Maintenance

The District has contracted with Crystal Clean to provide maintenance services to waterfalls and  pond at community entrance.

Lake Fountains Maintenance

The District has contracted with The Lake Doctors to provide maintenance of fountains in lakes.

Management Company

The District has contracted with Vesta Property Services, Inc. to provide supervision and on-site management services for the District.

Utilities

Estimated cost for electric, irrigation and water provided by utility company. Also includes cost share for reimbursement of JEA irrigation to Celestina Master HOA.

General Maintenance

Estimated cost for general maintenance services of the district.

Isles  of Bartram Park	Debt Service Fund Community  Development District		Series 2015

	Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Adopted
Budget	
Description	FY 2019	7/31/19	2 Months	9/30/19	FY 2020	

Revenues						
Assessments	
$441,269	
$364,407	
$76,862	
$441,269	
$441,260	
Interest Income	$100	$7,222	$1,616	$8,838	$100	
Carry Forward Surplus*	$280,240	$278,769	$0	$278,769	$293,607	
Total Revenues	$721,609	$650,397	$78,478	$728,876	$734,967	

Expenditures						
Series 2015						
Interest - 11/01	$160,916	$158,728	$0	$158,728	$156,038	
Principal - 11/01	$115,000	$100,000	$0	$100,000	$110,000	
Interest - 05/01	$158,400	$156,541	$0	$156,541	$153,631	
Prepayment - 05/01	$0	$20,000	$0	$20,000	$0	
Total Expenditures	$434,316	$435,269	$0	$435,269	$419,669	
						
Excess Revenues	$287,293	$215,128	$78,478	$293,607	$315,298	

*Reflects excess revenue at fiscal year end less reserve fund amount	
11/1/20 Interest	
$153,631	
	11/1/20 Principal	$110,000	
		 	$263,631 	
			
	Gross	Gross	
Residential Type	Units	Per Unit	Assesment	
68'	141	$1,205	$169,905	
73'	90	$1,388	$124,920	
83'	82	$1,458	$119,556	
90'	35	$1,572	$55,020	
Total	348	$469,401	
Less: Discounts & Collections (6%)	$28,141
Net Annual Assesment	$441,260

Page 5

Date	Balance	Principal	Interest	Annual

11/1/19	$ 6,265,000	$	110,000	$	156,038	$	424,438	
5/1/20	$ 6,155,000	$	-	$	153,631	$	-	
11/1/20	$ 6,155,000	$	110,000	$	153,631	$	417,263	
5/1/21	$ 6,045,000	$	-	$	151,225	$	-	
11/1/21	$ 6,045,000	$	115,000	$	151,225	$	417,450	
5/1/22	$ 5,930,000	$	-	$	148,709	$	-	
11/1/22	$ 5,930,000	$	120,000	$	148,709	$	417,419	
5/1/23	$ 5,810,000	$	-	$	146,084	$	-	
11/1/23	$ 5,810,000	$	130,000	$	146,084	$	422,169	
5/1/24	$ 5,680,000	$	-	$	143,241	$	-	
11/1/24	$ 5,680,000	$	135,000	$	143,241	$	421,481	
5/1/25	$ 5,545,000	$	-	$	140,288	$	-	
11/1/25	$ 5,545,000	$	140,000	$	140,288	$	420,575	
5/1/26	$ 5,405,000	$	-	$	137,225	$	-	
11/1/26	$ 5,405,000	$	165,000	$	137,225	$	439,450	
5/1/27	$ 5,240,000	$	-	$	133,100	$	-	
11/1/27	$ 5,240,000	$	170,000	$	133,100	$	436,200	
5/1/28	$ 5,070,000	$	-	$	128,850	$	-	
11/1/28	$ 5,070,000	$	180,000	$	128,850	$	437,700	
5/1/29	$ 4,890,000	$	-	$	124,350	$	-	
11/1/29	$ 4,890,000	$	190,000	$	124,350	$	438,700	
5/1/30	$ 4,700,000	$	-	$	119,600	$	-	
11/1/30	$ 4,700,000	$	195,000	$	119,600	$	434,200	
5/1/31	$ 4,505,000	$	-	$	114,725	$	-	
11/1/31	$ 4,505,000	$	205,000	$	114,725	$	434,450	
5/1/32	$ 4,300,000	$	-	$	109,600	$	-	
11/1/32	$ 4,300,000	$	220,000	$	109,600	$	439,200	
5/1/33	$ 4,080,000	$	-	$	104,100	$	-	
11/1/33	$ 4,080,000	$	230,000	$	104,100	$	438,200	
5/1/34	$ 3,850,000	$	-	$	98,350	$	-	
11/1/34	$ 3,850,000	$	240,000	$	98,350	$	436,700	
5/1/35	$ 3,610,000	$	-	$	92,350	$	-	
11/1/35	$ 3,610,000	$	250,000	$	92,350	$	434,700	

Date	Balance	Principal	Interest	Annual	

5/1/36	
$ 3,360,000	
$	-	$	86,100	
$	-	
11/1/36	$ 3,360,000	$	265,000	$	86,100	$	437,200	
5/1/37	$ 3,095,000	$	-	$	79,309	$	-	
11/1/37	$ 3,095,000	$	280,000	$	79,309	$	438,619	
5/1/38	$ 2,815,000	$	-	$	72,134	$	-	
11/1/38	$ 2,815,000	$	295,000	$	72,134	$	439,269	
5/1/39	$ 2,520,000	$	-	$	64,575	$	-	
11/1/39	$ 2,520,000	$	310,000	$	64,575	$	439,150	
5/1/40	$ 2,210,000	$	-	$	56,631	$	-	
11/1/40	$ 2,210,000	$	325,000	$	56,631	$	438,263	
5/1/41	$ 1,885,000	$	-	$	48,303	$	-	
11/1/41	$ 1,885,000	$	340,000	$	48,303	$	436,606	
5/1/42	$ 1,545,000	$	-	$	39,591	$	-	
11/1/42	$ 1,545,000	$	360,000	$	39,591	$	439,181	
5/1/43	$ 1,185,000	$	-	$	30,366	$	-	
11/1/43	$ 1,185,000	$	375,000	$	30,366	$	435,731	
5/1/44	$	810,000	$	-	$	20,756	$	-	
11/1/44	$	810,000	$	395,000	$	20,756	$	436,513	
5/1/45	$	415,000	$	-	$	10,634	$	-	
11/1/45	$	415,000	$	415,000	$	10,634	$	436,269	
Totals		$   6,265,000	$ 5,263,694	$	11,687,094	

Isles  of Bartram Park	Debt Service Fund Community  Development District		Series 2017

	Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Adopted
Budget	
Description	FY 2019	7/31/19	2 Months	9/30/19	FY 2020	

Revenues						
Assessments	
$340,544	
$211,067	
$133,723	
$344,789	
$344,788	
Prepayment	$0	$38,051	$0	$38,051	$0	
Interest Income	$1,000	$4,504	$1,024	$5,528	$2,000	
Carry Forward Surplus*	$174,147	$186,542	$0	$186,542	$237,492	
Total Revenues	$515,691	$440,164	$134,747	$574,911	$584,280	

Expenditures						
Series 2017						
Interest - 11/01	$124,147	$124,147	$0	$124,147	$122,325	
Principal - 11/01	$50,000	$50,000	$0	$50,000	$95,000	
Interest - 05/01	$123,272	$123,272	$0	$123,272	$120,663	
Prepayment - 05/01	$0	$25,000	$0	$25,000	$0	
Prepayment - 08/01	$0	$0	$15,000	$15,000	$0	
Total Expenditures	$297,419	$322,419	$15,000	$337,419	$337,988	
						
Excess Revenues	$218,272	$117,746	$119,747	$237,492	$246,292	

*Reflects excess revenue at fiscal year end less reserve fund amount	
11/1/20 Interest	
$120,663	
	11/1/20 Principal	$100,000	
		 	$220,663 	
			
	Gross	Gross	
Residential Type	Units	Per Unit	Assesment	
68'	88	$1,205.16	$106,054.08	
73'	92	$1,388.90	$127,778.80	
83'	47	$1,458.02	$68,526.94	
90'	41	$1,571.60	$64,435.60	
Total	268	$366,795	
Less: Discounts & Collections (6%)	$22,008
Net Annual Assesment	$344,788

Page 8

Date

Balance

Principal

Interest

Annual

11/1/19	$ 5,255,000	$	95,000	$	122,325	$	217,325	
5/1/20	$ 5,160,000		$	120,663	$	-	
11/1/20	$ 5,160,000	$	100,000	$	120,663	$	341,325	
5/1/21	$ 5,060,000		$	118,913	$	-	
11/1/21	$ 5,060,000	$	100,000	$	118,913	$	337,825	
5/1/22	$ 4,960,000		$	117,163	$	-	
11/1/22	$ 4,855,000	$	105,000	$	117,163	$	339,325	
5/1/23	$ 4,855,000		$	115,325	$	-	
11/1/23	$ 4,855,000	$	110,000	$	115,325	$	340,650	
5/1/24	$ 4,745,000		$	113,125	$	-	
11/1/24	$ 4,745,000	$	115,000	$	113,125	$	341,250	
5/1/25	$ 4,630,000		$	110,825	$	-	
11/1/25	$ 4,630,000	$	120,000	$	110,825	$	341,650	
5/1/26	$ 4,510,000		$	108,425	$	-	
11/1/26	$ 4,510,000	$	125,000	$	108,425	$	341,850	
5/1/27	$ 4,385,000		$	105,925	$	-	
11/1/27	$ 4,385,000	$	125,000	$	105,925	$	336,850	
5/1/28	$ 4,260,000		$	103,425	$	-	
11/1/28	$ 4,260,000	$	135,000	$	103,425	$	341,850	
5/1/29	$ 4,125,000		$	100,303	$	-	
11/1/29	$ 4,125,000	$	140,000	$	100,303	$	340,606	
5/1/30	$ 3,985,000		$	97,066	$	-	
11/1/30	$ 3,985,000	$	145,000	$	97,066	$	339,131	
5/1/31	$ 3,840,000		$	93,713	$	-	
11/1/31	$ 3,840,000	$	150,000	$	93,713	$	337,425	
5/1/32	$ 3,690,000		$	90,244	$	-	
11/1/32	$ 3,690,000	$	160,000	$	90,244	$	340,488	
5/1/33	$ 3,530,000		$	86,544	$	-	
11/1/33	$ 3,530,000	$	165,000	$	86,544	$	338,088	
5/1/34	$ 3,365,000		$	82,728	$	-	
11/1/34	$ 3,365,000	$	175,000	$	82,728	$	340,456	
5/1/35	$ 3,190,000		$	78,681	$	-	
11/1/35	$ 3,190,000	$	180,000	$	78,681	$	337,363	

Date	Balance	Principal	Interest	Annual

5/1/36	$ 3,010,000		$	74,519	$	-	
11/1/36	$ 3,010,000	$	190,000	$	74,519	$	339,038	
5/1/37	$ 2,820,000		$	70,125	$	-	
11/1/37	$ 2,820,000	$	200,000	$	70,125	$	340,250	
5/1/38	$ 2,620,000		$	65,500	$	-	
11/1/38	$ 2,620,000	$	210,000	$	65,500	$	341,000	
5/1/39	$ 2,410,000		$	60,250	$	-	
11/1/39	$ 2,410,000	$	220,000	$	60,250	$	340,500	
5/1/40	$ 2,190,000		$	54,750	$	-	
11/1/40	$ 2,190,000	$	230,000	$	54,750	$	339,500	
5/1/41	$ 1,960,000		$	49,000	$	-	
11/1/41	$ 1,960,000	$	240,000	$	49,000	$	338,000	
5/1/42	$ 1,720,000		$	43,000	$	-	
11/1/42	$ 1,720,000	$	255,000	$	43,000	$	341,000	
5/1/43	$ 1,465,000		$	36,625	$	-	
11/1/43	$ 1,465,000	$	265,000	$	36,625	$	338,250	
5/1/44	$ 1,200,000		$	30,000	$	-	
11/1/44	$ 1,200,000	$	280,000	$	30,000	$	340,000	
5/1/45	$	920,000		$	23,000	$	-	
11/1/45	$	920,000	$	295,000	$	23,000	$	341,000	
5/1/46	$	625,000		$	15,625	$	-	
11/1/46	$	625,000	$	305,000	$	15,625	$	336,250	
5/1/47	$	320,000		$	8,000	$	-	
11/1/47	$	320,000	$	320,000	$	8,000	$	336,000	

Totals	$ 5,255,000	$ 4,469,244	$ 9,724,244