Isles of Bartram Park
Community Development District

Adopted Budget
FY 2018
August 16, 2017

Isles of Bartram Park
Community Development District
GENERAL FUND BUDGET

TABLE OF CONTENTS

GENERAL FUND BUDGET

Summary                                    Revenues                                    and Expenditures	Page 1

Narrative                     –                      Administrative                      and Maintenance	Page 2-5

Series                       2015                        Special                        Assessments Bonds	Page 6-8

Isles of Bartram Park
Community Development District

	Adopted
Budget	Acutal
YTD	Projected
Next	Total
Projected	Adopted
Budget	
Description	FY 2017	6/30/17	3 Months	9/30/17	FY 2018	
Revenues						
Developer Contributions	$90,466	$0	$40,000	$40,000	$91,066	
Assessments - Tax Roll	$74,619	$74,746	$0	$74,746	$74,619	
Assessments - Direct	$36,355	$36,355	$18,178	$54,533	$36,355	
Total Revenues	$201,440	$111,101	$58,178	$169,279	$202,040	

Expenditures						
Administrative						
Supervisors Fees	$0	$0	$0	$0	$0	
FICA	$0	$0	$0	$0	$0	
Engineering	$6,000	$938	$3,000	$3,938	$6,000	
Dissemination	$3,500	$3,225	$1,750	$4,975	$3,500	
Arbitrage	$0	$600	$0	$600	$600	
Assessment Roll	$5,000	$5,000	$0	$5,000	$5,000	
Attorney	$20,000	$6,242	$1,561	$7,803	$20,000	
Annual Audit	$2,300	$3,200	$800	$4,000	$2,300	
Trustee Fees	$6,500	$6,000	$0	$6,000	$6,500	
Management Fees	$45,000	$33,750	$11,250	$45,000	$45,000	
Information Technology	$1,600	$1,200	$400	$1,600	$1,600	
Telephone	$150	$13	$3	$16	$150	
Postage	$500	$114	$28	$142	$500	
Insurance	$5,665	$5,253	$0	$5,253	$5,665	
Printing & Binding	$1,300	$442	$111	$553	$1,300	
Legal Advertising	$2,000	$2,403	$601	$3,004	$2,000	
Other Current Charges	$250	$0	$0	$0	$250	
Office Supplies	$200	$46	$120	$166	$200	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Total Administrative	$100,140	$68,601	$19,624	$88,225	$100,740	
Field						
Landscape Maintenace	$52,000	$22,191	$22,191	$44,382	$52,000	
Lake Maintenance	$14,000	$0	$3,500	$3,500	$14,000	
Waterfall/Entry Pond Maintenance	$5,400	$0	$1,350	$1,350	$5,400	
Lake Fountains Maintenance	$1,400	$0	$350	$350	$1,400	
Management	$6,000	$0	$1,500	$1,500	$6,000	
Utilities	$20,000	$0	$5,000	$5,000	$20,000	
General Maintenance	$2,500	$0	$625	$625	$2,500	
Total Field	$101,300	$22,191	$34,516	$56,707	$101,300	
						
Total Expenditures	$201,440	$90,792	$54,140	$144,932	$202,040	
						
Excess Revenues/(Expenditures)	$0	$20,309	$4,038	$24,347	$0	

Page 1					

Isles of Bartram Park
Community Development District
GENERAL FUND BUDGET

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.

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.

Page 2

Isles of Bartram Park
Community Development District
GENERAL FUND BUDGET

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 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 and any other miscellaneous expenses incurred during the year.

Isles of Bartram Park
Community Development District
GENERAL FUND BUDGET

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.

Field:

Landscape Maintenance

The District will contract with a vendor to provide landscaping and irrigation maintenance services to all the common areas within the District.

Contract	Description	Monthly	Annual	
Tree Amigos	Landscape Maintenance	$	4,333	$	52,000	

Lake Maintenance

The District will contract with vendor to provide monthly water management services to all the lakes throughout the District.

Contract	Description	Monthly	Annual	
Crystal Clean	Lake Maintenance	$	1,167	$	14,000	

Waterfall Maintenance

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

Contract	Description	Monthly	Annual	
Crystal Clean	Waterfall Maintenance	$	450	$	5,400	

Lake Fountains Maintenance

The District has contracted with Crystal Clean to provide maintenance of fountains in lakes.

Contract	Description	Monthly	Annual	
Crystal Clean	Fountain Maintenance	$	117	$	1,400	

Isles of Bartram Park
Community Development District
GENERAL FUND BUDGET

Management Company

The District has contracted with Leland to provide supervision and on-site management services for the District.

Contract	Description	Monthly	Annual	
Leland	Management Fee	$	500	$	6,000	

Utilities

Estimated cost for electric and water provided by utility company.

Contract	Description	Monthly	Annual	
TBA	Utilities	$	1,667	$	20,000	

General Maintenance

Estimated cost for general maintenance services of the district.

Contract	Description	Monthly	Annual	
Various	General Maintenance	$	208	$	2,500	

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

Proposed	Actual	Projected		Total	Adopted Budget		Thru		Next	Projected		Budget
Description	FY 2017	6/30/17	3 Months	9/30/17	FY 2018 Revenues
Assessments	$441,260	$247,689	$193,571	$441,260	$441,269
Bonds Proceeds	$0	$0	$10	$100	$100
Carry Forward Surplus*	$278,796	$278,796	$0	$278,796	$280,240

Total Revenues	$720,056	$526,485	$193,581	$720,156	$721,609

Expenditures

Series 2007
Interest - 11/01	$166,166	$166,166	$0	$166,166	$163,759
Principal - 11/01	$110,000	$110,000	$0	$110,000	$110,000
Interest - 05/01	$163,759	$163,759	$0	$163,759	$161,353

Total Expenditures	$439,925	$439,925	$0	$439,925	$435,112

Excess Revenues	$280,131	$86,560	$193,581	$280,231	$286,497

*Reflects excess revenue at fiscal year end less reserve fund amount	11/1/18 Interest	$161,353
11/1/18 Principal	$115,000

 	$276,353 

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

Isles of Bartram Park		Amortization Schedule Community Development District	Series 2015, Special Assessment Bonds

(Term Bonds Due Combined)

Date	Balance	Principal	Interest	Annual

5/1/16	$ 6,725,000	$	-	$	162,473	$	-	
11/1/16	$ 6,725,000	$	110,000	$	166,166	$	438,639	
5/1/17	$ 6,615,000	$	-	$	163,759	$	-	
11/1/17	$ 6,615,000	$	110,000	$	163,759	$	437,519	
5/1/18	$ 6,505,000	$	-	$	161,353	$	-	
11/1/18	$ 6,505,000	$	115,000	$	161,353	$	437,706	
5/1/19	$ 6,390,000	$	-	$	158,838	$	-	
11/1/19	$ 6,390,000	$	120,000	$	158,838	$	437,675	
5/1/20	$ 6,270,000	$	-	$	156,213	$	-	
11/1/20	$ 6,270,000	$	125,000	$	156,213	$	437,425	
5/1/21	$ 6,145,000	$	-	$	153,478	$	-	
11/1/21	$ 6,145,000	$	130,000	$	153,478	$	436,956	
5/1/22	$ 6,015,000	$	-	$	150,634	$	-	
11/1/22	$ 6,015,000	$	140,000	$	150,634	$	441,269	
5/1/23	$ 5,875,000	$	-	$	147,572	$	-	
11/1/23	$ 5,875,000	$	145,000	$	147,572	$	440,144	
5/1/24	$ 5,730,000	$	-	$	144,400	$	-	
11/1/24	$ 5,730,000	$	150,000	$	144,400	$	438,800	
5/1/25	$ 5,580,000	$	-	$	141,119	$	-	
11/1/25	$ 5,580,000	$	155,000	$	141,119	$	437,238	
5/1/26	$ 5,425,000	$	-	$	137,728	$	-	
11/1/26	$ 5,425,000	$	165,000	$	137,728	$	440,456	
5/1/27	$ 5,260,000	$	-	$	133,603	$	-	
11/1/27	$ 5,260,000	$	170,000	$	133,603	$	437,206	
5/1/28	$ 5,090,000	$	-	$	129,353	$	-	
11/1/28	$ 5,090,000	$	180,000	$	129,353	$	438,706	
5/1/29	$ 4,910,000	$	-	$	124,853	$	-	
11/1/29	$ 4,910,000	$	190,000	$	124,853	$	439,706	
5/1/30	$ 4,720,000	$	-	$	120,103	$	-	
11/1/30	$ 4,720,000	$	200,000	$	120,103	$	440,206	
5/1/31	$ 4,520,000	$	-	$	115,103	$	-	
11/1/31	$ 4,520,000	$	210,000	$	115,103	$	440,206	
5/1/32	$ 4,310,000	$	-	$	109,853	$	-	
11/1/32	$ 4,310,000	$	220,000	$	109,853	$	439,706	
5/1/33	$ 4,090,000	$	-	$	104,353	$	-	
11/1/33	$ 4,090,000	$	230,000	$	104,353	$	438,706	
5/1/34	$ 3,860,000	$	-	$	98,603	$	-	
11/1/34	$ 3,860,000	$	240,000	$	98,603	$	437,206	
5/1/35	$ 3,620,000	$	-	$	92,603	$	-	
11/1/35	$ 3,620,000	$	255,000	$	92,603	$	440,206	

Isles of Bartram Park		Amortization Schedule Community Development District	Series 2015, Special Assessment Bonds

(Term Bonds Due Combined)

Date	Balance	Principal	Interest	Annual	

5/1/36	
$ 3,365,000	
$	-	$	86,228	
$	-	
11/1/36	$ 3,365,000	$	265,000	$	86,228	$	437,456	
5/1/37	$ 3,100,000	$	-	$	79,438	$	-	
11/1/37	$ 3,100,000	$	280,000	$	79,438	$	438,875	
5/1/38	$ 2,820,000	$	-	$	72,263	$	-	
11/1/38	$ 2,820,000	$	295,000	$	72,263	$	439,525	
5/1/39	$ 2,525,000	$	-	$	64,703	$	-	
11/1/39	$ 2,525,000	$	310,000	$	64,703	$	439,406	
5/1/40	$ 2,215,000	$	-	$	56,759	$	-	
11/1/40	$ 2,215,000	$	325,000	$	56,759	$	438,519	
5/1/41	$ 1,890,000	$	-	$	48,431	$	-	
11/1/41	$ 1,890,000	$	340,000	$	48,431	$	436,863	
5/1/42	$ 1,550,000	$	-	$	39,719	$	-	
11/1/42	$ 1,550,000	$	360,000	$	39,719	$	439,438	
5/1/43	$ 1,190,000	$	-	$	30,494	$	-	
11/1/43	$ 1,190,000	$	380,000	$	30,494	$	440,988	
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		$    6,725,000	$ 6,434,532	$	13,159,532