CORDOBA RANCH
Community Development District

Annual Operating and Debt Service Budget
Fiscal Year 2023

Adopted Budget
07.26.22

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 2021		
Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..	8	
Amortization Schedule ……………………………………………………………………………………..	9	
Budget Narrat…ive………………………………………………………………………………………………	10	

SUPPORTING BUDGET SCHEDULES

2023-2022 Non-Ad Valorem Assessment Summary ………………………………………………………..	

11	

Cordoba Ranch
Community Development District

Operating Budget
Fiscal Year 2023

Summary of Revenues, Expenditures and Changes in Fund Balances	
Fiscal Year 2023 Adopted Budget	
			
ADOPTED	
ACTUAL	
PROJECTED	
TOTAL	
ANNUAL	
	ACTUAL	ACTUAL	BUDGET	THRU	MAY -	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2020	FY 2021	FY 2022	APR 2022	SEP-2022	FY 2022	FY 2023	

REVENUES								
Interest - Investments	$	2,977  $	902  $	950  $	548  $	391	$	939	$	900	
Interest - Tax Collector	161	28	-	-	-	-	-	
Special Assmnts- Tax Collector	357,623	501,374	501,005	495,749	5,256	501,005	538,259	
Special Assmnts- CDD Collected	135,125	-	-	-	-	-	-	
Special Assmnts- Discounts	(13,007)	(18,299)	(20,040)	(19,215)	(210)	(19,425)	(21,530)	
Other Miscellaneous Revenues	-	9,643	-	-	-	-	-	
Gate Bar Code/Remotes	1,425	2,013	-	-	-	-	-	
Access Cards	-	150	-	1,442	1,030	2,472	-	
TOTAL REVENUES	484,304	495,811	481,915	478,524	6,467	484,991	517,629	

EXPENDITURES								
Administrative								
P/R-Board of Supervisors	600	1,200	3,600	3,000	600	3,600	12,000	
FICA Taxes	-	-	-	184	46	230	918	
ProfServ-Arbitrage Rebate	-	-	500	-	500	500	500	
ProfServ-Dissemination Agent	5,000	3,000	5,000	3,000	-	3,000	3,000	
ProfServ-Engineering	7,321	7,421	7,500	12,014	-	12,014	10,000	
ProfServ-Legal Services	5,483	3,666	7,000	2,333	1,666	3,999	7,000	
ProfServ-Mgmt Consulting	46,503	46,500	46,500	27,125	19,375	46,500	50,000	
ProfServ-Trustee Fees	3,606	2,817	3,500	-	3,500	3,500	3,500	
Auditing Services	3,500	3,600	3,600	-	3,600	3,600	3,260	
Postage and Freight	334	110	1,000	64	250	314	400	
Public Officials Insurance	1,850	1,850	2,137	2,035	-	2,035	2,239	
Printing and Binding	419	301	700	217	143	360	400	
Legal Advertising	2,959	3,287	3,000	834	2,166	3,000	3,000	
Misc-Assessment Collection Cost	4,159	5,717	10,020	9,531	53	9,584	10,765	
Misc-Web Hosting	960	900	900	525	375	900	900	
Rental-Meeting Room	-	-	-	-	-	-	1,872	
Annual District Filing Fee	175	175	175	175	-	175	175	
Total Administrative	82,869	80,544	95,132	61,037	32,274	93,311	109,929	

Other Public Safety								
Contracts-Security Camera	2,500	2,500	2,500	1,458	1,042	2,500	2,500	
Contracts-Security Services	17,216	18,801	13,608	11,533	5,670	17,203	17,000	
Communication - Telephone	1,692	1,692	2,000	987	705	1,692	2,000	
R&M-Gate	-	-	4,800	95	4,705	4,800	4,800	
Total Other Public Safety	21,408	22,993	22,908	14,073	12,122	26,195	26,300	

Electric Utility Services								
Utility - General	5,906	8,643	7,800	5,112	3,651	8,763	7,800	
Electricity - Streetlights	62,745	76,434	63,528	45,695	32,000	77,695	80,000	
Total Electric Utility Services	68,651	85,077	71,328	50,807	35,651	86,458	87,800	

Flood Control/Stormwater Mgmt								
Contracts-Aquatic Control	17,818	16,968	16,968	6,374	10,594	16,968	16,968	
R&M-Fountain	3,751	-	2,000	4,495	-	4,495	5,000	
R&M-Mitigation	10,200	10,200	11,460	5,950	5,510	11,460	11,460	
R&M Lake & Pond Bank	175	14,701	10,000	2,050	7,950	10,000	10,000	
Impr - Aquatic Plants	-	-	5,000	-	5,000	5,000	10,000	
Total Flood Control/Stormwater Mgmt	31,944	41,869	45,428	18,869	29,054	47,923	53,428	

Summary of Revenues, Expenditures and Changes in Fund Balances	
Fiscal Year 2023 Adopted Budget	
			
ADOPTED	
ACTUAL	
PROJECTED	
TOTAL	
ANNUAL	
	ACTUAL	ACTUAL	BUDGET	THRU	MAY -	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2020	FY 2021	FY 2022	APR 2022	SEP-2022	FY 2022	FY 2023	

Field								
Contracts-Landscape	114,994	114,994	114,994	67,080	47,914	114,994	114,994	
Insurance - Property	1,242	1,572	2,249	1,807	-	1,807	1,988	
Insurance - General Liability	2,250	2,250	4,103	3,137	-	3,137	3,451	
R&M-Entry Feature	-	-	2,000	-	2,000	2,000	2,000	
R&M-Irrigation	1,978	3,255	9,000	1,104	5,500	6,604	6,800	
R&M-Mulch	-	9,996	15,550	-	10,000	10,000	10,000	
R&M-Pest Control	520	1,560	4,200	-	2,800	2,800	2,800	
R&M-Plant Replacement	13,281	7,962	20,000	4,673	9,500	14,173	20,000	
R&M-Well Maintenance	-	-	5,000	-	5,000	5,000	2,500	
R&M-Annuals	18,690	14,018	19,000	4,680	9,500	14,180	15,000	
Misc-Contingency	8,993	6,430	469	17,737	2,500	20,237	19,386	
Holiday Lighting & Decorations	2,500	2,500	2,500	-	2,500	2,500	10,000	
Op Supplies - Fertilizer	3,842	4,814	7,800	974	2,500	3,474	7,800	
Capital Reserve	-	-	23,454	-	23,454	23,454	23,454	
Total Field	168,290	169,351	230,319	101,192	123,168	224,360	240,172	

Parks and Recreation - General								
ProfServ-Wildlife Management Service	17,170	16,970	16,800	7,170	9,630	16,800	-	
Miscellaneous Services	6,144	-	-	-	-	-	-	
Total Parks and Recreation - General	23,314	16,970	16,800	7,170	9,630	16,800	-	
								
TOTAL EXPENDITURES	396,476	416,804	481,915	253,148	241,899	495,047	517,629	

Excess (deficiency) of revenues								
Over (under) expenditures	87,828	79,007	-	225,376	(235,432)	(10,056)	-	

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

Net change in fund balance	
87,828	
79,007	
-	
225,376	
(235,432)	
(10,056)	
-	

FUND BALANCE, BEGINNING	
472,658	
560,486	
639,493	
639,493	
-	
639,493	
629,437	
FUND BALANCE, ENDING	$  560,486  $  639,493  $  639,493  $  864,869	$ (235,432)	$  629,437	$  629,437	

CORDOBA RANCH
Community Development District

Exhibit "A"
Allocation of Fund Balances	

AVAILABLE FUNDS			
		Amount	
Beginning Fund Balance - Fiscal Year 2023	$	629,437	
Net Change in Fund Balance - Fiscal Year 2023		-	
Reserves - Fiscal Year 2023		23,454	
Total Funds Available (Estimated) - 9/30/2023		652,891	

ALLOCATION OF AVAILABLE FUNDS				
Nonspendable Fund Balance				
Deposits		11,540		
Assigned Fund Balance				
Operating Reserve - First Quarter Operating Capital		123,544	(1)	
Reserves - Capital Projects PY	243,439			
Reserves - Capital Projects 2022	23,454			
Reserves - Capital Projects 2023	23,454	290,347		
	Subtotal	413,891		
Total Allocation of Available Funds		425,431		

Total Unassigned (undesignated) Cash	$	227,460

Notes
(1) Represents approximately 3 months of operating expenditures

Annual Operating and Debt Service Budget
Fiscal Year 2023	3

Budget Narrative
Fiscal Year 2023

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.

FICA Taxes
Payroll taxes for supervisor salaries are calculated as 7.65% of payroll.

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.

Budget Narrative
Fiscal Year 2023

EXPENDITURES

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.

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.

Rental-Meeting Room
The District rents a facility to hold district board meetings.

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

Budget Narrative
Fiscal Year 2023

EXPENDITURES

Other Public Safety (continued)

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.

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 for landscaping that includes general mowing, edging and monthly maintenance.

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.

Budget Narrative
Fiscal Year 2023

EXPENDITURES

Field (continued)

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-Mulch
This is for mulch installation throughout 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.

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 for $1,400 per month.

Cordoba Ranch
Community Development District

Debt Service Budget
Fiscal Year 2023

Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2023 Adopted Budget

		ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
	ACTUAL	BUDGET	THRU	MAY -	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2021	FY 2022	APR 2022	SEP-2022	FY 2022	FY 2023	

REVENUES							
Interest - Investments	$	(3)	$	500	$	9	$	100	$	109	$	500	
Interest - Tax Collector	7	-	-	-	-	-	
Special Assmnts- Tax Collector	19,659	516,569	511,151	5,418	516,569	516,569	
Special Assmnts- Discounts	595	(20,663)	(19,812)	(851)	(20,663)	(20,663)	

TOTAL REVENUES		20,258		496,406		491,348		4,667		496,015		496,406	

EXPENDITURES
Administrative
Misc-Assessment Collection Cost
Total Administrative		

(4,606)
(4,606)		

10,331
10,331		

9,827
9,827		

108
108		

9,935
9,935		

10,331
10,331	

Debt Service
Principal Debt Retirement Interest Expense
Cost of Issuance
Total Debt Service		

-
- 131,225
131,225		

305,000
185,584
-
490,584		

- 93,559
-
93,559		

305,000
92,025
-
397,025		

305,000
185,584
-
490,584		

315,000
174,900
-
489,900	
													
TOTAL EXPENDITURES		126,619		500,915		103,386		397,133		500,519		500,231	
Excess (deficiency) of revenues Over (under) expenditures		

(106,361)		

(4,509)		

387,962		

(392,466)		

(4,504)		

(3,825)	

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

352,624
-
352,624		

- (4,509)
(4,509)		

-
-
-		

-
-
-		

-
-
-		

- (3,825)
(3,825)	

Net change in fund balance		
246,263		
(4,509)		
387,962		
(392,466)		
(4,504)		
(3,825)	

FUND BALANCE, BEGINNING		
-		
246,263		
246,263		
-		
246,263		
241,759	
FUND BALANCE, ENDING	$	246,263	$	241,754	$	634,225	$	(392,466)	$	241,759	$	237,934	

Annual Operating and Debt Service Budget

AMORTIZATION SCHEDULE
Capital Improvement Revenue Refunding Bonds

Period	Outstanding		Extraordinary		
Ending	Balance	Principal	Redemption	Coupon	Interest	Debt Service	Annual Debt Service	

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	
		5,830,000		1,495,050	7,325,050	7,325,050	

Annual Operating and Debt Service Budget

Community Development District	2021 Debt Service Fund

Budget Narrative
Fiscal Year 2023

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 2023
10

Cordoba Ranch
Community Development District

Supporting Budget Schedules
Fiscal Year 2023

CORDOBA RANCH

Community Development District

Comparison of Non-Ad Valorem Assessment Rates Fiscal Year 2023 vs. Fiscal Year 2022

All Funds

0
prepaid lots
General Fund	Debt Service		Total Assessments per Unit	

Units	

FY 2023	FY 2022	Percent
Change	
FY 2023	FY 2022	Percent
Change	Percent
FY 2023	FY 2022	Change		

$1,882.03  $1,751.76	
7.44%	
$1,806.19	$1,806.19	
0.0%	
$3,688.21  $3,557.95	3.7%	
286	

Annual Operating and Debt Service Budget
Fiscal Year 2023	11