CORDOBA RANCH
Community Development District

Annual Operating and Debt Service Budget
Fiscal Year 2021

Adopted Budget FY2021

Prepared by:

CORDOBA RANCH

Community Development District
Table of Contents

Page #

OPERATING BUDGET

General Fund
Summary of Revenues, Expenditures and Changes in Fund Balances	1-2
Exhibit A - Allocation of Fund Balances ………………………………………………………………….	3
Budget Narrative	4-7
DEBT SERVICE BUDGETS
Series 2006
Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..	8
Amortization Schedule ……………………………………………………………………………………..	9
Budget Narra…tiv…e 	10
SUPPORTING BUDGET SCHEDULES
2020-2021 Non-Ad Valorem Assessment Summary	11

Cordoba Ranch
Community Development District

Operating Budget
Fiscal Year 2021

Summary of Revenues, Expenditures and Changes in Fund Balances
FY 2021 Adopted Budget

	ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
	ACTUAL	ACTUAL	BUDGET	THRU	JUL -	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2018	FY 2019	FY 2020	JUN-2020	SEP-2020	FY 2020	FY 2021	

REVENUES								
Interest - Investments	$	2,829	$	7,002	$	2,500	$	2,713	$	500	$	3,213	$	3,000	
Interest - Tax Collector	341	181	-	161	30	191	-	
Special Assmnts- Tax Collector	357,624	357,622	357,623	357,623	-	357,623	357,623	
Special Assmnts- CDD Collected	135,126	135,125	135,125	135,125	-	135,125	135,126	
Special Assmnts- Discounts	(13,863)	(13,382)	(14,305)	(13,007)	-	(13,007)	(14,305)	
Gate Bar Code/Remotes	1,265	963	-	1,086	150	1,236	-	
TOTAL REVENUES	483,322	487,511	480,943	483,701	680	484,381	481,444	

EXPENDITURES
Administrative

P/R-Board of Supervisors	1,400	1,200	2,400	600	600	1,200	3,600	
ProfServ-Arbitrage Rebate	-	-	500	-	500	500	500	
ProfServ-Dissemination Agent	5,000	5,000	5,000	5,000	-	5,000	5,000	
ProfServ-Engineering	4,143	7,088	7,500	6,128	1,875	8,003	7,500	
ProfServ-Legal Services	5,744	3,354	7,000	4,106	1,750	5,856	7,000	
ProfServ-Mgmt Consulting Serv	45,320	46,500	46,500	34,875	11,625	46,500	46,500	
ProfServ-Trustee Fees	4,041	3,313	3,500	2,667	-	2,667	3,500	
Auditing Services	3,500	3,500	3,500	3,500	-	3,500	3,500	
Postage and Freight	942	684	1,000	294	250	544	1,000	
Public Officials Insurance	2,035	1,850	2,463	1,850	613	2,463	2,709	
Printing and Binding	736	725	600	416	150	566	700	
Legal Advertising	1,006	2,356	3,500	1,066	875	1,941	3,500	
Misc-Assessmnt Collection Cost	1,774	4,101	7,152	6,892	-	6,892	7,152	
Misc-Web Hosting	750	900	900	735	245	980	900	
Annual District Filing Fee	200	175	175	175	-	175	175	
Total Administrative	76,591	80,746	91,690	68,304	18,483	86,787	93,237	

Other Public Safety

Contracts-Security Camera	2,530	2,500	2,500	1,875	625	2,500	2,500	
Contracts-Security Services	14,991	14,541	13,608	12,697	3,402	16,099	13,608	
Communication-Telephone	1,618	1,680	2,000	705	500	1,205	2,000	
R&M-Gate	290	-	4,800	-	1,200	1,200	4,800	
Total Other Public Safety	19,429	18,721	22,908	15,277	5,727	21,004	22,908	

Electric Utility Services								
Utility - General	7,591	6,480	7,800	5,237	1,800	7,037	7,800	
Electricity - Streetlighting	63,145	63,024	63,528	47,191	15,882	63,073	63,528	
Total Electric Utility Services	70,736	69,504	71,328	52,428	17,682	70,110	71,328	

Flood Control/Stormwater Mgmt
Contracts-Aquatic Control	

12,648	

16,539	

12,408	

12,726	

3,102	

15,828	

16,968	
R&M-Fountain	720	250	2,000	3,376	500	3,876	2,000	
R&M-Mitigation	11,680	9,350	11,460	7,650	2,550	10,200	11,460	
R&M Lake & Pond	5,494	2,528	10,000	175	58	2,500	10,000	
Impr - Aquatic Plants	-	5,022	5,000	-	-	1,250	5,000	
Total Flood Control/Stormwater Mgmt	30,542	33,689	40,868	23,927	6,210	33,654	45,428	

Annual Operating and Debt Service Budget
Fiscal Year 2021	1

Summary of Revenues, Expenditures and Changes in Fund Balances
FY 2021 Adopted Budget

			ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
	ACTUAL	ACTUAL	BUDGET	THRU	JUL -	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2018	FY 2019	FY 2020	JUN-2020	SEP-2020	FY 2020	FY 2021	

Field

Contracts-Landscape	120,626	114,994	114,994	86,246	28,749	114,995	114,994	
Insurance - Property	1,488	1,242	1,909	1,242	477	1,719	1,891	
Insurance - General Liability	2,264	2,250	2,739	2,250	489	2,739	3,013	
R&M-Entry Feature	-	-	2,000	-	500	500	2,000	
R&M-Irrigation	1,543	7,410	9,000	988	2,250	3,238	9,000	
R&M-Pest Control	4,469	2,649	4,200	520	1,050	1,570	4,200	
R&M-Plant Replacement	8,681	-	15,000	13,281	3,750	17,031	20,000	
R&M-Well Maintenance	-	-	5,000	-	1,250	1,250	5,000	
R&M-Annuals	9,345	14,018	19,000	14,018	4,750	18,768	19,000	
R&M-Mulch	-	14,700	23,100	-	5,775	5,775	15,550	
Misc-Contingency	-	-	14,995	3,711	1,237	4,948	3,341	
Holiday Lighting & Decorations	2,500	2,500	2,500	2,500	-	2,500	2,500	
Op Supplies - Fertilizer	5,168	2,888	7,800	3,842	1,950	5,792	7,800	
Capital Reserves	-	-	24,940	-	-	-	23,454	
Total Field	156,084	162,651	247,177	128,598	52,227	180,825	231,743	

Parks and Recreation - General								
ProfServ-Wildlife Management Service	17,135	19,510	16,800	12,970	4,200	17,170	16,800	
Miscellaneous Services	-	-	7,500	2,144	1,875	4,019	-	
Total Parks and Recreation - General	21,340	35,559	24,300	15,114	6,075	21,189	16,800	
								
TOTAL EXPENDITURES & RESERVES	374,722	400,870	498,271	303,648	106,404	413,569	481,444	

Excess (deficiency) of revenues								
Over (under) expenditures	108,600	86,641	(17,328)	180,053	(105,724)	(70,812)	-	

OTHER FINANCING SOURCES (USES)

Interfund Transfer - In
Contribution to (Use of) Fund Balance	-	120,128
-	-	-
(17,328)	-	-	-	-
-	-	-	-	
TOTAL OTHER SOURCES (USES)	-	120,128	(17,328)	-	-	-	-	

Net change in fund balance	
108,600	
206,769	
(17,328)	
180,053	
(105,724)	
(70,812)	
-	

FUND BALANCE, BEGINNING	
157,286	
265,886	
472,655	
472,655	
-	
472,655	
401,843	

FUND BALANCE, ENDING	 $  265,886    $    472,655    $   455,327    $  652,708    $   (105,724)   $	401,843    $	401,843 

Annual Operating and Debt Service Budget
Fiscal Year 2021	2

Budget Narrative
Fiscal Year 2021

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.

Annual Operating and Debt Service Budgets Fiscal Year 2021
4

Budget Narrative
Fiscal Year 2021

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.

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.

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

Annual Operating and Debt Service Budgets Fiscal Year 2021
5

Budget Narrative
Fiscal Year 2021

EXPENDITURES

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 Frontier.

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

 Electric Utility Services

Utility-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.

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.

Annual Operating and Debt Service Budgets Fiscal Year 2021
6

Budget Narrative
Fiscal Year 2021

EXPENDITURES

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-Well Maintenance
This is for well maintenance throughout the District.

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

R&M-Mulch
This is for mulch installation throughout the District.

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

Parks and Recreation

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

Miscellaneous-Services
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.
Annual Operating and Debt Service Budgets Fiscal Year 2021
7

CORDOBA RANCH

Community Development District
Exhibit "A"
Allocation of Fund Balances

AVAILABLE FUNDS

Beginning Fund Balance - Fiscal Year 2021

Amount
$	401,843

Net Change in Fund Balance - Fiscal Year 2021	-

Reserves - Fiscal Year 2021	23,454

Total Funds Available (Estimated) - 9/30/2021	425,297

ALLOCATION OF AVAILABLE FUNDS

Assigned Fund Balance

Operating Reserve - First Quarter Operating Capital
Reserve Previous years	
195,045	114,497	
Capital Reserve FY 2020	24,940		
Capital Reserve FY 2021	23,454	243,439	
			
	Subtotal	357,936	
			
Total Allocation of Available Funds		357,936	
			
Total Unassigned (undesignated) Cash		$	67,360	

(1)

Notes
(1) Represents approximately 3 months of operating expenditures

Annual Operating and Debt Service Budget
Fiscal Year 2021	3

Cordoba Ranch
Community Development District

Debt Service Budget
Fiscal Year 2021

Summary of Revenues, Expenditures and Changes in Fund Balances
FY 2021 Adopted Budget

	ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
	ACTUAL	ACTUAL	BUDGET	THRU	JUL -	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2018	FY 2019	FY 2020	JUN-2020	SEP-2020	FY 2020	FY 2021	

REVENUES

Interest - Investments	$	1,508	$	1,802	$	350	$	2,564	$	350	$	2,914	$	500	
Special Assmnts- Tax Collector	455,698	455,697	455,698	455,697	-	455,697	455,698	
Special Assmnts- CDD Collected	172,182	172,182	172,181	172,182	-	172,182	172,182	
Special Assmnts- Discounts	(17,665)	(17,051)	(18,228)	(16,575)	-	(16,575)	(18,228)	

TOTAL REVENUES	611,723	612,630	610,001	613,868	350	614,218	610,152

EXPENDITURES
Administrative

Misc-Assessmnt Collection Cost	8,763	5,226	9,114	8,783	-	8,783	9,114	
Total Administrative	8,763	5,226	9,114	8,783	-	8,783	9,114	

Debt Service								
Principal Debt Retirement	205,000	215,000	220,000	220,000	-	220,000	235,000	
Principal Prepayments	-	200,000	-	10,000	-	10,000	-	
Interest Expense	400,988	384,060	366,855	366,300	-	366,300	353,813	
Total Debt Service	605,988	799,060	586,855	596,300	-	596,300	588,813	
								
TOTAL EXPENDITURES	614,751	804,286	595,969	605,083	-	605,083	597,926	

Excess (deficiency) of revenues Over (under) expenditures	

(3,028)	

(191,656)	

14,032	

8,785	

350	

9,135	

12,226	

OTHER FINANCING SOURCES (USES)
Interfund Transfer - In	2,224	(2,224)	-	-	-	-	-

Contribution to (Use of) Fund Balance	-	2,225	14,032	-	-	-	12,226	
TOTAL OTHER SOURCES (USES)	2,224	1	14,032	-	-	-	12,226	

Net change in fund balance	
(804)	
(191,655)	
14,032	
8,785	
350	
9,135	
12,226	

FUND BALANCE, BEGINNING	
622,295	
621,491	
429,836	
429,836	
-	
429,836	
438,971	
FUND BALANCE, ENDING	$ 621,491	$ 429,836	$ 443,868	$ 438,621	$	350	$ 438,971	$ 451,197	

Annual Operating and Debt Service Budget
Fiscal Year 2021	8

AMORTIZATION SCHEDULE
Capital Improvement Revenue Bonds

Date	
Outstanding Balance	

Principal	
Extraordinary Redemption	

Coupon	

Interest	
Debt Service	Annual
Debt Service	
								
11/1/2020	$6,375,000			5.55%	$176,906	$176,906		
5/1/2021	$6,375,000	$235,000		5.55%	$176,906	$411,906	$588,813	
11/1/2021	$6,140,000			5.55%	$170,385	$170,385		
5/1/2022	$6,140,000	$245,000		5.55%	$170,385	$415,385	$585,770	
11/1/2022	$5,895,000			5.55%	$163,586	$163,586		
5/1/2023	$5,895,000	$260,000		5.55%	$163,586	$423,586	$587,173	
11/1/2023	$5,635,000			5.55%	$156,371	$156,371		
5/1/2024	$5,635,000	$275,000		5.55%	$156,371	$431,371	$587,743	
11/1/2024	$5,360,000			5.55%	$148,740	$148,740		
5/1/2025	$5,360,000	$290,000		5.55%	$148,740	$438,740	$587,480	
11/1/2025	$5,070,000			5.55%	$140,693	$140,693		
5/1/2026	$5,070,000	$305,000		5.55%	$140,693	$445,693	$586,385	
11/1/2026	$4,765,000			5.55%	$132,229	$132,229		
5/1/2027	$4,765,000	$325,000		5.55%	$132,229	$457,229	$589,458	
11/1/2027	$4,440,000			5.55%	$123,210	$123,210		
5/1/2028	$4,440,000	$340,000		5.55%	$123,210	$463,210	$586,420	
11/1/2028	$4,100,000			5.55%	$113,775	$113,775		
5/1/2029	$4,100,000	$360,000		5.55%	$113,775	$473,775	$587,550	
11/1/2029	$3,740,000			5.55%	$103,785	$103,785		
5/1/2030	$3,740,000	$380,000		5.55%	$103,785	$483,785	$587,570	
11/1/2030	$3,360,000			5.55%	$93,240	$93,240		
5/1/2031	$3,360,000	$405,000		5.55%	$93,240	$498,240	$591,480	
11/1/2031	$2,955,000			5.55%	$82,001	$82,001		
5/1/2032	$2,955,000	$430,000		5.55%	$82,001	$512,001	$594,003	
11/1/2032	$2,525,000			5.55%	$70,069	$70,069		
5/1/2033	$2,525,000	$455,000		5.55%	$70,069	$525,069	$595,138	
11/1/2033	$2,070,000			5.55%	$57,443	$57,443		
5/1/2034	$2,070,000	$475,000		5.55%	$57,443	$532,443	$589,885	
11/1/2034	$1,595,000			5.55%	$44,261	$44,261		
5/1/2035	$1,595,000	$505,000		5.55%	$44,261	$549,261	$593,523	
11/1/2035	$1,090,000			5.55%	$30,248	$30,248		
5/1/2036	$1,090,000	$530,000		5.55%	$30,248	$560,248	$590,495	
11/1/2036	$560,000			5.55%	$15,540	$15,540		
5/1/2037	$560,000	$560,000		5.55%	$15,540	$575,540	$591,080	
		$6,375,000			$3,644,963	$10,019,963	$10,019,963	

Annual Operating and Debt Service Budget
Fiscal Year 2021	9

CORDOBA RANCH
Community Development District	2006 Debt Service Fund

Budget Narrative
Fiscal Year 2021

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 2021
10

Cordoba Ranch
Community Development District

Supporting Budget Schedules
Fiscal Year 2021

CORDOBA RANCH
Community Development District

All Funds

Comparison of Non-Ad Valorem Assessment Rates Fiscal Year 2021 vs. Fiscal Year 2020

0
prepaid lots
General Fund	Debt Service	Total Assessments per Unit	

Units	
Percent
FY 2021	FY 2020	Change	Percent
FY 2021	FY 2020	Change	Percent
FY 2021	FY 2020	Change		

$1,753.06   $1,753.05	0.00%	
$2,233.81	$2,233.81	0.0%	
$3,986.87   $3,986.86	0.0%	
286	

Annual Operating and Debt Service Budget
Fiscal Year 2021	11