CORDOBA RANCH
Community Development District

Annual Operating and Debt Service Budget
Fiscal Year 2022

Adopted Budget
(Meeting Date - July 27, 2021)

Prepared by:

CORDOBA RANCH
Community Development District		
Table of Contents		

OPERATING BUDGET

General Fund

Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..

Exhibit A - Allocation of Fund Balances ………………………………………………………………….

Budget Narrative ……………………………………………………………………………………………	Page #	

1-2	
	3	
	4-7	

DEBT SERVICE BUDGETS		
Series 2021		
Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..	8	
Amortization Schedule ……………………………………………………………………………………..	9	
Budget Narra…tiv…e  ……………………………………………………………………………………………	10	

SUPPORTING BUDGET SCHEDULES

2022-2021 Non-Ad Valorem Assessment Summary ………………………………………………………..	

11	

Cordoba Ranch
Community Development District

Operating Budget
Fiscal Year 2022

Summary of Revenues, Expenditures and Changes in Fund Balances	
FY 2022 Adopted Budget	
				
ADOPTED	
ACTUAL	
PROJECTED	
TOTAL	
ANNUAL	
		ACTUAL	ACTUAL	BUDGET	THRU	JUL -	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION		FY 2019	FY 2020	FY 2021	JUN-2021	SEP-2021	FY 2021	FY 2022	

REVENUES									
Interest - Investments	$	7,002  $	2,979  $	3,000  $	482  $	450  $	932	$	950	
Interest - Tax Collector		181	161	-	28	-	28	-	
Special Assmnts- Tax Collector		357,622	357,623	357,623	501,374	(0)	501,374	501,005	
Special Assmnts- CDD Collected		135,125	135,125	135,125	-	-	-	-	
Special Assmnts- Discounts		(13,382)	(13,007)	(14,305)	(18,299)	-	(18,299)	(20,040)	
Other Miscellaneous Revenues		-	-	-	9,643	-	9,643	-	
Gate Bar Code/Remotes		963	1,425	-	1,678	-	1,678	-	
TOTAL REVENUES		487,511	484,306	481,443	494,906	450	495,356	481,914	

EXPENDITURES									
Administrative									
P/R-Board of Supervisors		1,200	600	3,600	800	900	1,700	3,600	
ProfServ-Arbitrage Rebate		-	-	500	-	500	500	500	
ProfServ-Dissemination Agent		5,000	5,000	5,000	3,000	2,000	5,000	5,000	
ProfServ-Engineering		7,088	7,321	7,500	7,421	1,875	9,296	7,500	
ProfServ-Legal Services		3,354	5,483	7,000	2,362	1,750	4,112	7,000	
ProfServ-Mgmt Consulting Serv		46,500	46,503	46,500	34,875	11,625	46,500	46,500	
ProfServ-Trustee Fees		3,313	3,606	3,500	2,817	683	3,500	3,500	
Auditing Services		3,500	3,500	3,500	3,600	-	3,600	3,600	
Postage and Freight		684	334	1,000	95	250	345	1,000	
Public Officials Insurance		1,850	1,850	2,709	1,850	859	2,709	2,137	
Printing and Binding		725	419	700	242	175	417	700	
Legal Advertising		2,356	2,959	3,500	1,565	875	2,440	3,000	
Misc-Assessmnt Collection Cost		4,101	4,159	7,152	9,661	(0)	9,661	10,020	
Misc-Web Hosting		900	960	900	675	225	900	900	
Annual District Filing Fee		175	175	175	175	-	175	175	
Total Administrative		80,746	82,869	93,236	69,138	21,717	90,855	95,132	

Other Public Safety									
Contracts-Security Camera		2,500	2,500	2,500	1,875	625	2,500	2,500	
Contracts-Security Services		14,541	17,216	13,608	13,962	3,402	17,364	13,608	
Communication-Telephone		1,680	1,692	2,000	1,269	500	1,769	2,000	
R&M-Gate		-	-	4,800	-	1,200	1,200	4,800	
Total Other Public Safety		18,721	21,408	22,908	17,106	5,727	22,833	22,908	

Electric Utility Services									
Utility - General		6,480	5,906	7,800	6,305	1,495	7,800	7,800	
Electricity - Streetlighting		63,024	62,745	63,528	49,322	15,882	65,204	63,528	
Total Electric Utility Services		69,504	68,651	71,328	55,627	17,377	73,004	71,328	

Flood Control/Stormwater Mgmt									
Contracts-Aquatic Control		16,539	17,818	16,968	12,726	3,102	15,828	16,968	
R&M-Fountain		250	3,751	2,000	-	500	500	2,000	
R&M-Mitigation		9,350	10,200	11,460	7,650	2,550	10,200	11,460	
R&M Lake & Pond		2,528	175	10,000	14,701	3,500	18,201	10,000	
Impr - Aquatic Plants		5,022	-	5,000	-	5,000	5,000	5,000	
Total Flood Control/Stormwater Mgmt		33,689	31,944	45,428	35,077	14,652	49,729	45,428	

Annual Operating and Debt Service Budget
Fiscal Year 2022	1

Summary of Revenues, Expenditures and Changes in Fund Balances	
FY 2022 Adopted Budget	
				
ADOPTED	
ACTUAL	
PROJECTED	
TOTAL	
ANNUAL	
		ACTUAL	ACTUAL	BUDGET	THRU	JUL -	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION		FY 2019	FY 2020	FY 2021	JUN-2021	SEP-2021	FY 2021	FY 2022	

Field									
Contracts-Landscape		114,994	114,994	114,994	86,246	28,749	114,995	114,994	
Insurance - Property		1,242	1,242	1,891	1,572	473	2,045	2,249	
Insurance - General Liability		2,250	2,250	3,013	2,250	763	3,013	4,102	
R&M-Entry Feature		-	-	2,000	-	500	500	2,000	
R&M-Irrigation		7,410	1,978	9,000	1,617	2,250	3,867	9,000	
R&M-Pest Control		2,649	520	4,200	1,560	1,050	2,610	4,200	
R&M-Plant Replacement		-	13,281	20,000	7,819	5,000	12,819	20,000	
R&M-Well Maintenance		-	-	5,000	-	1,250	1,250	5,000	
R&M-Annuals		14,018	18,690	19,000	9,345	4,750	14,095	19,000	
R&M-Mulch		14,700	-	15,550	9,996	3,888	13,884	15,550	
Misc-Contingency		-	8,993	3,341	2,430	810	3,240	469	
Holiday Lighting & Decorations		2,500	2,500	2,500	2,500	-	2,500	2,500	
Op Supplies - Fertilizer		2,888	3,842	7,800	3,690	1,950	5,640	7,800	
Capital Reserves		-	-	23,454	-	-	-	23,454	
Total Field		162,651	168,290	231,743	129,025	51,432	180,457	230,318	

Parks and Recreation - General									
ProfServ-Wildlife Management Service		19,510	17,170	16,800	12,770	4,200	16,970	16,800	
Total Parks and Recreation - General		35,559	23,314	16,800	12,770	4,200	16,970	16,800	
									
TOTAL EXPENDITURES & RESERVES		400,870	396,476	481,443	318,743	115,105	433,848	481,914	

Excess (deficiency) of revenues									
Over (under) expenditures		86,641	87,830	-	176,163	(114,655)	(61,508)	-	

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

Net change in fund balance		
206,769	
87,830	
-	
176,163	
(114,655)	
(61,508)	
-	

FUND BALANCE, BEGINNING		
265,886	
472,655	
560,484	
560,484	
-	
560,484	
498,976	
FUND BALANCE, ENDING		  $ 472,655 	$    560,485     $ 560,484 	$ 736,647 	$   (114,655)   $	498,976 	$	498,976  	

Annual Operating and Debt Service Budget
Fiscal Year 2022	2

CORDOBA RANCH
Community Development District			
Exhibit "A"
Allocation of Fund Balances	

AVAILABLE FUNDS

Beginning Fund Balance - Fiscal Year 2022	

$	

Amount
498,976	
Net Change in Fund Balance - Fiscal Year 2022		-	
Reserves - Fiscal Year 2022		23,454	
Total Funds Available (Estimated) - 9/30/2022		522,430	

ALLOCATION OF AVAILABLE FUNDS				

Assigned Fund Balance
Operating Reserve - First Quarter Operating Capital Reserve Previous Years
Capital Reserve FY 2021 Capital Reserve FY 2022		

114,615

266,893	

(1)	
	219,985
23,454
23,454			
				
	Subtotal	381,508

381,508		
				
Total Allocation of Available Funds				
				
Total Unassigned (undesignated) Cash	$	140,922		

Notes
(1) Represents approximately 3 months of operating expenditu	

res			

Annual Operating and Debt Service Budget
Fiscal Year 2022	3

Budget Narrative
Fiscal Year 2022

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.

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.

Professional Services-Management Consulting Services
The District receives Management, Accounting, Assessment and Administrative services as part of a Management Agreement with Inframark - Infrastructure Management Services.

Professional Services – Trustee Fees
The District issued this Series of 2021 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.

Annual Operating and Debt Service Budgets Fiscal Year 2022
4

Budget Narrative
Fiscal Year 2022

EXPENDITURES

Administrative (continued)

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.

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.

Annual Operating and Debt Service Budgets Fiscal Year 2022
5

Budget Narrative
Fiscal Year 2022

EXPENDITURES

.

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.

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.

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

Field

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.

Annual Operating and Debt Service Budgets Fiscal Year 2022
6

Budget Narrative
Fiscal Year 2022

EXPENDITURES

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.

Misc-Contingency
This is for unbudgeted miscellaneous expenses.

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.

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

Parks and Recreation

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

Annual Operating and Debt Service Budgets Fiscal Year 2022
7

Cordoba Ranch
Community Development District

Debt Service Budget
Fiscal Year 2022

Summary of Revenues, Expenditures and Changes in Fund Balances
FY 2022 Adopted Budget

	ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
	ACTUAL	ACTUAL	BUDGET	THRU	JUL -	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2019	FY 2020	FY 2021	JUN-2021	SEP-2021	FY 2021	FY 2022	

REVENUES
Interest - Investments	$	-	$	-	$	-	$	4    $	30    $	34    $	500

TOTAL REVENUES	-	-	-	20,258	30	629	496,406

Special Assmnts- Tax Collector	-	-	-	19,659	-	-	516,569 Special Assmnts- Discounts	-	-	-		595	-	595	(20,663)

EXPENDITURES
Administrative

Misc-Assessmnt Collection Cost	-	-	-	414	-	414	10,331	
Total Administrative	-	-	-	414	-	414	10,331	

Debt Service

Cost of Issuance
Principal Debt Retirement	-	-	-	131,225
-	-	-	-	-	-	-
-	-	305,000	
Interest Expense	-	-	-	-	-	-	185,584	
Total Debt Service	-	-	-	131,225	-	-	490,584	
			
TOTAL EXPENDITURES	-	-	-	131,639	-	414	500,915	
Excess (deficiency) of revenues Over (under) expenditures	

-	-	-	(111,381)	

30	-	(4,509)	

OTHER FINANCING SOURCES (USES)			
Interfund Transfer - In	-	-	-	325,749	-	325,749	-	
Contribution to (Use of) Fund Balance	-	-	-	-	-	-	(4,509)	
TOTAL OTHER SOURCES (USES)	-	-	-	325,749	-	325,749	(4,509)	

Net change in fund balance	
-	-	-	214,368	
30	325,749	
(4,509)	

FUND BALANCE, BEGINNING	
-	-	-	-	
-	-	
325,749	
FUND BALANCE, ENDING	$	-	$	-	$	-	$    214,368	$	30    $    325,749	$    321,240	

Annual Operating and Debt Service Budget
Fiscal Year 2022	8

AMORTIZATION SCHEDULE	
Capital Improvement Revenue Refunding Bonds	
Period	Outstanding		Extraordinary					
Ending	Balance	Principal	Redemption	Coupon	Interest	Debt Service	Annual Debt Service	

11/1/2021	
6,135,000				
93,559	
93,559		
5/1/2022	6,135,000	305,000		3.000%	92,025	397,025	490,584	
11/1/2022	5,830,000				87,450	87,450		
5/1/2023	5,830,000	315,000		3.000%	87,450	402,450	489,900	
11/1/2023	5,515,000				82,725	82,725		
5/1/2024	5,515,000	325,000		3.000%	82,725	407,725	490,450	
11/1/2024	5,190,000				77,850	77,850		
5/1/2025	5,190,000	330,000		3.000%	77,850	407,850	485,700	
11/1/2025	4,860,000				72,900	72,900		
5/1/2026	4,860,000	340,000		3.000%	72,900	412,900	485,800	
11/1/2026	4,520,000				67,800	67,800		
5/1/2027	4,520,000	355,000		3.000%	67,800	422,800	490,600	
11/1/2027	4,165,000				62,475	62,475		
5/1/2028	4,165,000	360,000		3.000%	62,475	422,475	484,950	
11/1/2028	3,805,000				57,075	57,075		
5/1/2029	3,805,000	375,000		3.000%	57,075	432,075	489,150	
11/1/2029	3,430,000				51,450	51,450		
5/1/2030	3,430,000	385,000		3.000%	51,450	436,450	487,900	
11/1/2030	3,045,000				45,675	45,675		
5/1/2031	3,045,000	400,000		3.000%	45,675	445,675	491,350	
11/1/2031	2,645,000				39,675	39,675		
5/1/2032	2,645,000	410,000		3.000%	39,675	449,675	489,350	
11/1/2032	2,235,000				33,525	33,525		
5/1/2033	2,235,000	420,000		3.000%	33,525	453,525	487,050	
11/1/2033	1,815,000				27,225	27,225		
5/1/2034	1,815,000	435,000		3.000%	27,225	462,225	489,450	
11/1/2034	1,380,000				20,700	20,700		
5/1/2035	1,380,000	450,000		3.000%	20,700	470,700	491,400	
11/1/2035	930,000				13,950	13,950		
5/1/2036	930,000	460,000		3.000%	13,950	473,950	487,900	
11/1/2036	470,000				7,050	7,050		
5/1/2037	470,000	470,000		3.000%	7,050	477,050	484,100	
		6,135,000			1,680,634	7,815,634	7,815,634	

*** Please note the brackets represent the principal and interest that will be paid based on the FY 2022 Collections

Annual Operating and Debt Service Budget
Fiscal Year 2022	9

Community Development District	2021 Debt Service Fund

Budget Narrative
Fiscal Year 2022

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 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 2022
10

Cordoba Ranch
Community Development District

Supporting Budget Schedules
Fiscal Year 2022

CORDOBA RANCH

Community Development District

Comparison of Non-Ad Valorem Assessment Rates Fiscal Year 2022 vs. Fiscal Year 2021

All Funds

0
prepaid lots
General Fund	Debt Service	Total Assessments per Unit	

Units	

FY 2022	FY 2021	Percent
Change	
FY 2022	FY 2021	Percent
Change	Percent
FY 2022	FY 2021	Change		

$1,751.76 $1,753.05	
-0.07%	
$1,806.19	$2,233.81	
-19.1%	
$3,557.95   $3,986.86	-10.8%	
286	

Annual Operating and Debt Service Budget
Fiscal Year 2022	11