CORDOBA RANCH
Community Development District

Annual Operating and Debt Service Budget
Fiscal Year 2019

Version 1 - Adopted Budget
Adopted at the July 24th 2018 Meeting

Prepared by:

CORDOBA RANCH

Community Development District
Table of Contents

   Page # 
OPERATING BUDGET
General Fund
Summary of Revenues, Expenditures and Changes in Fund Balances	1-3
Exhibit A - Allocation of Fund Balances ………………………………………………………………….	4
Budget Narrative	5-8
DEBT SERVICE BUDGETS
Series 2006
Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..	9
Amortization Schedule	10
Budget Narrat…ive 	11
SUPPORTING BUDGET SCHEDULES
2018-2019 Non-Ad Valorem Assessment Summary	12

Cordoba Ranch
Community Development District

Operating Budget
Fiscal Year 2019

CORDOBA RANCH

Community Development District	General Fund
Summary of Revenues, Expenditures and Changes in Fund Balances
FY 2019 Adopted Budget

ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
BUDGET	THRU	APRIL-	PROJECTED	BUDGET	
FY 2018	MAR-2018	SEP-2018	FY 2018	FY 2019	

ACCOUNT DESCRIPTION

REVENUES

Interest - Investments	$	-	$	913	$	-	$	913	$	-	
Interest - Tax Collector	-	102	-	102	-	
Special Assmnts- Tax Collector	357,623	351,499	6,125	357,624	357,623	
Special Assmnts- CDD Collected	135,125	101,344	33,782	135,126	135,125	
Special Assmnts- Discounts	(14,305)	(13,863)	(442)	(14,305)	(14,305)	
Gate Bar Code/Remotes	-	774	-	774	-	
TOTAL REVENUES	478,443	440,769	39,464	480,233	478,443	

EXPENDITURES
Administrative

P/R-Board of Supervisors	2,400	600	1,800	2,400	2,400	
ProfServ-Arbitrage Rebate	500	-	500	500	500	
ProfServ-Dissemination Agent	5,000	5,000	-	5,000	5,000	
ProfServ-Engineering	7,500	2,218	5,282	7,500	7,500	
ProfServ-Legal Services	8,000	2,670	5,330	8,000	7,000	
ProfServ-Mgmt Consulting Serv	45,320	22,660	22,660	45,320	46,500	
ProfServ-Trustee Fees	3,500	3,233	-	3,233	3,500	
Auditing Services	3,423	500	2,923	3,423	3,500	
Postage and Freight	250	517	517	1,034	1,000	
Public Officials Insurance	2,035	2,035	-	2,035	2,239	
Printing and Binding	100	291	-	291	600	
Legal Advertising	3,500	-	3,500	3,500	3,500	
Misc-Assessmnt Collection Cost	7,152	6,753	399	7,152	7,152	
Misc-Web Hosting	900	450	450	900	900	
Annual District Filing Fee	175	200	-	200	175	
Total Administrative	89,755	47,127	43,361	90,488	91,466	

Other Public Safety

Contracts-Security Camera	2,500	1,250	1,250	2,500	2,500	
Contracts-Security Services	10,000	7,828	7,828	15,656	13,608	
Communication-Telephone	1,650	929	929	1,858	1,644	
R&M-Gate	4,800	290	290	580	600	
Total Other Public Safety	18,950	10,297	10,297	20,594	18,352	

CORDOBA RANCH

Community Development District	General Fund
Summary of Revenues, Expenditures and Changes in Fund Balances
FY 2019 Adopted Budget

ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
BUDGET	THRU	APRIL-	PROJECTED	BUDGET	
FY 2018	MAR-2018	SEP-2018	FY 2018	FY 2019	

ACCOUNT DESCRIPTION

Electric Utility Services

Utility - General	8,700	3,882	3,882	7,764	7,800	
Electricity - Streetlighting	61,200	31,419	31,419	62,838	63,528	
Total Electric Utility Services	69,900	35,301	35,301	70,602	71,328	

Flood Control/Stormwater Mgmt						
Contracts-Aquatic Control	12,408	6,204	6,204	12,408	12,408	
R&M-Fountain	2,500	480	480	960	1,000	
R&M-Mitigation	16,300	5,730	5,730	11,460	11,460	
R&M Lake & Pond	15,000	3,694	3,694	7,388	6,675	
Impr - Aquatic Plants	5,000	-	5,000	5,000	5,000	
Total Flood Control/Stormwater Mgmt	51,208	16,108	21,108	37,216	36,543	

Field						
ProfServ-Wildlife Management Service	16,800	8,550	8,550	16,800	16,800	
Contracts-Landscape	114,994	76,663	76,663	153,326	114,994	
Insurance - Property	1,577	1,488	-	1,488	1,735	
Insurance - General Liability	2,264	2,264	-	2,264	2,490	
R&M-Entry Feature	4,000	-	2,000	2,000	200	
R&M-Irrigation	12,000	921	921	1,842	9,000	
R&M-Pest Control	3,200	2,254	2,254	4,508	3,200	
R&M-Plant Replacement	15,000	8,406	8,406	16,812	15,000	
R&M-Well Maintenance	7,500	-	3,750	3,750	5,000	
R&M-Annuals	19,000	4,673	14,327	19,000	19,000	
R&M-Mulch	23,100	-	11,550	11,550	23,100	
Misc-Contingency	14,995	894	894	1,788	14,995	
Holiday Lighting & Decorations	2,200	2,500	-	2,500	2,500	
Op Supplies - Fertilizer	7,800	2,506	2,506	5,012	7,800	
Capital Reserves	50,000	-	-	-	24,940	
Total Field	294,430	111,119	131,821	242,640	260,754	

TOTAL EXPENDITURES & RESERVES	524,243	219,952	241,888	461,540	478,443

CORDOBA RANCH

Community Development District	General Fund
Summary of Revenues, Expenditures and Changes in Fund Balances
FY 2019 Adopted Budget

ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
BUDGET	THRU	APRIL-	PROJECTED	BUDGET	
FY 2018	MAR-2018	SEP-2018	FY 2018	FY 2019	

ACCOUNT DESCRIPTION

Excess (deficiency) of revenues
Over (under) expenditures	(45,800)	220,817	(202,424)	282,707	-

OTHER FINANCING SOURCES (USES)		
Contribution to (Use of) Fund Balance	(45,800)	-	-	-	-	
TOTAL OTHER SOURCES (USES)	(45,800)	-	-	-	-	

Net change in fund balance	
(45,800)	
220,817	
(202,424)	
282,707	
-	
FUND BALANCE, BEGINNING	
157,287	
157,287	
-	
157,287	
439,994	
FUND BALANCE, ENDING	$ 111,487	$ 378,104	$	(202,424)	$ 439,994	$ 439,994	

CORDOBA RANCH

Community Development District
Exhibit "A"
Allocation of Fund Balances

AVAILABLE FUNDS

Beginning Fund Balance - Fiscal Year 2019

Amount
$	439,994

Net Change in Fund Balance - Fiscal Year 2019	-

Reserves - Fiscal Year 2019	24,940

Total Funds Available (Estimated) - 9/30/2019	464,934

ALLOCATION OF AVAILABLE FUNDS

Assigned Fund Balance

Operating Reserve - First Quarter Operating Capital
Reserve Previous years	
70,129	39,870	
Capital Reserve FY 2018	50,000		
Capital Reserve FY 2019	24,940	145,069	
			
	Subtotal	184,939	
			
Total Allocation of Available Funds		184,939	
			
Total Unassigned (undesignated) Cash		$	279,995	

(1)

Notes
(1) Represents approximately 1 month of operating expenditures

CORDOBA RANCH
Community Development District	General Fund

Budget Narrative
Fiscal Year 2019

REVENUES

Interest-Investments
The District earns interest on the monthly average collected balance for their operating account.

Special Assessments-Tax Collector
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.

Special Assessments-Discounts
Per Section 197.162, Florida Statutes, discounts are allowed for early payment of assessments. The budgeted amount  for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments.

Other Miscellaneous Revenue
The District receives other miscellaneous revenue.

Gate Bar Code/Remotes
The District receives amounts for gate bar codes and gate remotes that operate the gates of the District.

EXPENDITURES

Administrative

P/R-Board of Supervisors
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting at which they are in attendance. The amount for the Fiscal Year is based upon all supervisors attending all of the meetings.

Professional Services - Arbitrage Rebate Calculation
The District has a proposal with a company who specializes to calculate the District's Arbitrage Rebate Liability on the Series of Benefit Special Assessment Bonds. The budgeted amount for the fiscal year is based on standard fees charged for this service.

Professional Services - Dissemination Agent
The District is required by the Securities and Exchange Commission to comply with Rule 15c2-12(b)-(5), which relates to additional reporting requirements for unrelated bond issues. The budgeted amount for the fiscal year is based on  standard fees charged for this service.

Professional Services-Engineering
The District's engineer provides general engineering services to the District, i.e. attendance and preparation for monthly board meetings when requested, review of invoices, and other specifically requested assignments.

Professional Services-Legal Services
The District’s Attorney provides general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research as directed or requested by the Board of Supervisors and the District Manager.

CORDOBA RANCH
Community Development District	General Fund

Budget Narrative
Fiscal Year 2019

EXPENDITURES

Administrative (continued)

Professional Services-Management Consulting Services
The District receives Management, Field Services, Accounting, Assessment and Administrative services as part of a Management Agreement with Inframark - Infrastructure Management Services. Also included are costs for Information Technology charges to process all of the District’s financial activities, i.e. accounts payable, financial statements, budgets, etc., on a main frame computer owned by Inframark in accordance with the management contract and the charge for rentals. The budgeted amount for the fiscal year is based on the contracted fees for management services versus  Rizzetta who included Administrative, Financial Advisor and Accounting services fees

Professional Services – Trustee Fees
The District issued this Series of 2013 Capital Improvement Revenue Bonds that are deposited with a Trustee to handle all trustee matters. The annual trustee fee is based on standard fees charged plus any out-of-pocket expenses.

Auditing Services
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on the engagement letter from Grau not to exceed $3,500.

Postage and Freight
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.

Public Official Insurance
The District's Public Officials Liability Insurance policy is with Florida Insurance Alliance Inc. They specialize in providing insurance coverage to governmental agencies. The budgeted amount allows for a projected increase in the premium.

Printing and Binding
Copies used in the preparation of agenda packages, required mailings, and other special projects.

Legal Advertising
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.

Miscellaneous-Assessment Collection Costs
The District reimburses the Pasco County Tax Collector for her or his necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater.  The fiscal year budget for collection costs is based on a maximum of 2% of the anticipated Non-Ad Valorem assessment collections.

Miscellaneous-Web Hosting
The District is mandated to post on the internet the approved and adopted budgets, minutes and audits per State requirements.

CORDOBA RANCH
Community Development District	General Fund

Budget Narrative
Fiscal Year 2019

EXPENDITURES

Administrative (continued)

Annual District Filing Fee
The District is required to pay an annual fee of $175 to the Department of Community Affairs.

Other Public Safety

Contracts- Security Camera
The District has a contract with Envera Systems Inc. for monitoring the security cameras and maintenance.

Contracts- Security Service
The District has a contract with Envera Systems Inc. for monitoring the security access and additional patrol by the Sheriff’s Office on an as needed basis.

Communication-Telephone
This is for the gate telephone usage by the District with Fronteir.

R&M-Gate
This includes the repairs and maintenance of the Districts Gate.

 Electric Utility Services

Electricity-General
This is for the electric utility services for the irrigation timers, lift station pumps, fountains, etc.

Electricity-Streetlighting
This is for the electric for the streetlights.

Flood Control/ Stormwater Management

Contracts-Aquatic Control
The District has a contract for the monthly care and maintenance of the lakes and ponds with Aquagenix for $1,034 per month.

R&M-Fountain
This is for the repairs and maintenance of the fountains throughout the Parks and Recreational areas.

R&M-Mitigation
This is for monitoring the water level and vegetation of the lakes and wetland of the District.

R&M-Lake & Pond
This is for any maintenance required for the lakes and Ponds of the District.

Impr - Aquatic Plants
This is for any improvement required for the aquatic plants of the District.

CORDOBA RANCH
Community Development District	General Fund

Budget Narrative
Fiscal Year 2019

EXPENDITURES

Field

Contracts-Landscape
The District currently has a contract with Vivicon for landscaping that includes general mowing, edging and maintenance with a monthly fee $9,582.84.

Insurance – Property
This is for the property insurance for the items owned by the District.

Insurance – General Liability
This is for the general liability insurance for the items owned by the District.

R&M-Entry Feature
This is for the repairs and maintenance of the entry monuments and fencing.

R&M-Irrigation
This is for the repairs and maintenance of the irrigation system of the District.

R&M-Pest Control
This is for pest control and ant treatments in the District.

R&M-Plant Replacement
This is for the landscape replacement including turf, trees, shrubs, etc. around the District.

R&M-Annuals
This is for the installation of the annual flowers around the District.

Holiday Lighting & Decorations
This is for the decorations that will be displayed around the District during the Holidays.

Op Supplies - Fertilizer
This includes fertilizer and miscellaneous supplies needed for the District.

ProfServ-Wildlife Management Service
Hog removal services by Jerry Richardson for $1,400 per month.

Miscellaneous-Contingency
This is for any miscellaneous fees or services that may arise around the District.

Reserves

Capital Reserves
This is capital reserves for any expenses that may arise around the District.

Cordoba Ranch
Community Development District

Debt Service Budgets
Fiscal Year 2019

CORDOBA RANCH

Community Development District	Series 2006 Debt Service Fund
Summary of Revenues, Expenditures and Changes in Fund Balances
FY 2019 Adopted Budget

ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
BUDGET	THRU	APRIL-	PROJECTED	BUDGET	
FY 2018	MAR-2018	SEP-2018	FY 2018	FY 2019	

ACCOUNT DESCRIPTION

REVENUES

Interest - Investments	$	350	$	586	$	236	$	822	$	350	
Special Assmnts- Tax Collector	455,697	447,893	$	7,804	455,697	455,697	
Special Assmnts- CDD Collected	172,182	86,091	$	86,091	172,182	172,182	
Special Assmnts- Discounts	(18,228)	(17,665)	$	(563)	(18,228)	(18,228)	

TOTAL REVENUES	610,001	516,905	93,568	610,473	610,001

EXPENDITURES
Administrative
Misc-Assessmnt Collection Cost	9,114	8,605	$

156

8,761	9,114

Total Administrative	9,114	8,605	156	8,761	9,114

Debt Service

Principal Debt Retirement	205,000		205,000	205,000	215,000	
Interest Expense	395,299	200,494	200,494	400,988	389,610	
Total Debt Service	600,299	200,494	405,494	605,988	604,610	
						
TOTAL EXPENDITURES	609,413	209,099	405,650	614,749	613,724	
Excess (deficiency) of revenues Over (under) expenditures	

588	

307,806	

(312,082)	

(4,276)	

(3,723)	

OTHER FINANCING SOURCES (USES)			
Contribution to (Use of) Fund Balance	588	-	-	-	(3,723)	
TOTAL OTHER SOURCES (USES)	588	-	-	-	(3,723)	

Net change in fund balance	
588	
307,806	
(312,082)	
(4,276)	
(3,723)	

FUND BALANCE, BEGINNING	
622,295	
622,295	
-	
622,295	
618,019	

FUND BALANCE, ENDING	 $	622,883	$	930,101	$   (312,082)   $	618,019	$	614,297 

CORDOBA RANCH

Community Development District	Series 2006 Debt Service Fund

AMORTIZATION SCHEDULE
Capital Improvement Revenue Bonds

Annual
Debt Service

Debt
Service

Interest

Coupon

Principal

Outstanding
Balance

Date

11/1/2018	$7,020,000		5.55%	$194,805	$194,805		
5/1/2019	$7,020,000	$215,000	5.55%	$194,805	$409,805	$604,610	
11/1/2019	$6,805,000		5.55%	$188,839	$188,839		
5/1/2020	$6,805,000	$225,000	5.55%	$188,839	$413,839	$602,678	
11/1/2020	$6,580,000		5.55%	$182,595	$182,595		
5/1/2021	$6,580,000	$240,000	5.55%	$182,595	$422,595	$605,190	
11/1/2021	$6,340,000		5.55%	$175,935	$175,935		
5/1/2022	$6,340,000	$255,000	5.55%	$175,935	$430,935	$606,870	
11/1/2022	$6,085,000		5.55%	$168,859	$168,859		
5/1/2023	$6,085,000	$265,000	5.55%	$168,859	$433,859	$602,718	
11/1/2023	$5,820,000		5.55%	$161,505	$161,505		
5/1/2024	$5,820,000	$285,000	5.55%	$161,505	$446,505	$608,010	
11/1/2024	$5,535,000		5.55%	$153,596	$153,596		
5/1/2025	$5,535,000	$300,000	5.55%	$153,596	$453,596	$607,193	
11/1/2025	$5,235,000		5.55%	$145,271	$145,271		
5/1/2026	$5,235,000	$315,000	5.55%	$145,271	$460,271	$605,543	
11/1/2026	$4,920,000		5.55%	$136,530	$136,530		
5/1/2027	$4,920,000	$335,000	5.55%	$136,530	$471,530	$608,060	
11/1/2027	$4,585,000		5.55%	$127,234	$127,234		
5/1/2028	$4,585,000	$355,000	5.55%	$127,234	$482,234	$609,468	
11/1/2028	$4,230,000		5.55%	$117,383	$117,383		
5/1/2029	$4,230,000	$375,000	5.55%	$117,383	$492,383	$609,765	
11/1/2029	$3,855,000		5.55%	$106,976	$106,976		
5/1/2030	$3,855,000	$395,000	5.55%	$106,976	$501,976	$608,953	
11/1/2030	$3,460,000		5.55%	$96,015	$96,015		
5/1/2031	$3,460,000	$415,000	5.55%	$96,015	$511,015	$607,030	
11/1/2031	$3,045,000		5.55%	$84,499	$84,499		
5/1/2032	$3,045,000	$440,000	5.55%	$84,499	$524,499	$608,998	
11/1/2032	$2,605,000		5.55%	$72,289	$72,289		
5/1/2033	$2,605,000	$465,000	5.55%	$72,289	$537,289	$609,578	
11/1/2033	$2,140,000		5.55%	$59,385	$59,385		
5/1/2034	$2,140,000	$490,000	5.55%	$59,385	$549,385	$608,770	
11/1/2034	$1,650,000		5.55%	$45,788	$45,788		
5/1/2035	$1,650,000	$520,000	5.55%	$45,788	$565,788	$611,575	
11/1/2035	$1,130,000		5.55%	$31,358	$31,358		
5/1/2036	$1,130,000	$550,000	5.55%	$31,358	$581,358	$612,715	
11/1/2036	$580,000		5.55%	$16,095	$16,095		
5/1/2037	$580,000	$580,000	5.55%	$16,095	$596,095	$612,190	
		$7,020,000		$4,529,910	$11,549,910	$11,549,910	

CORDOBA RANCH
Community Development District	2006 Debt Service Fund

Budget Narrative
Fiscal Year 2019

REVENUES

Interest-Investments
The District earns interest income on its trust accounts with US Bank.

Special Assessments-Tax Collector
The District will levy a Non-Ad Valorem assessment on all the assessable property within the District in order to pay for the debt service expenditures during the fiscal year.

Special Assessments-Discounts
Per Section 197.162, Florida Statutes, discounts are allowed for early payment of assessments. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments.

EXPENDITURES

Expenditures - Administrative

Miscellaneous-Assessment Collection Cost
The District reimburses the St. Johns County Tax Collector for necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The fiscal year budget is based on a maximum of 2% of the anticipated assessment collections.

Expenditures – Debt Service

Debt Retirement
The District pays regular principal payments annually in order to pay down/retire the debt.

Interest Expense
The District pays interest expense on the debt twice during the year.

Annual Operating and Debt Service Budgets Fiscal Year 2019

Cordoba Ranch
Community Development District

Supporting Budget Schedules
Fiscal Year 2019

CORDOBA RANCH
Community Development District

All Funds

Comparison of Non-Ad Valorem Assessment Rates Fiscal Year 2019 vs. Fiscal Year 2018

0
prepaid lots
General Fund	

FY 2019	Debt Service

FY 2018	
Percent Change	Total Assessments per Unit	

Units	

FY 2019	
FY 2018	Percent
Change				
FY 2019	
FY 2018	Percent
Change		

$1,753.05	
$1,753.05	
0.00%	
$2,233.81	
$2,233.81	
0.0%	
$3,986.86	
$3,986.86	
0.0%	
286	

Annual Operating and Debt Service Budget
Fiscal Year 2019	Page 12