Rivers Edge II

Community Development District

Proposed Budget
FY2025

Presented by:

Table of Contents

1-2

3-7

8-9

10-11

12

	General Fund

	Narratives

	Debt Service Fund Series 2020

	Debt Service Fund Series 2021

	Capital Reserve Fund

13		Assessment Schedule

REVENUES:		
Special Assessments - Tax Roll	$	819,281	$	786,157	$	33,124	$	819,281	$	868,438	
Special Assessments - Direct Bill	68,619	68,619	-	68,619	68,619	
Developer Contributions	1,225,830	-	1,225,830	1,249,095	1,307,815	
Café Gross Sales	507,702	276,250	231,452	507,702	507,702	
Miscellaneous Income	13,141	1,457	2,500	3,957	5,000	
Insurance Proceeds	-	1,587	-	1,587	-	
Interest	-	3,814	3,500	7,314	5,000	
Cost Share Amenity - Rivers Edge III	46,753	23,376	23,377	46,753	24,583	
Carry Forward Surplus	27,290	-	27,290	27,290	-	
TOTAL REVENUES	$ 2,708,616	$ 1,161,261	$ 1,547,073	$ 2,731,598	$ 2,787,157	

EXPENDITURES:						
Administrative						
District Engineering	$	15,000	$	3,866	$	11,134	$	15,000	$	15,000	
District Counsel	30,000	7,096	22,904	30,000	30,000	
District Management	37,100	18,550	18,550	37,100	39,326	
Construction Accounting	3,710	-	3,710	3,710	3,710	
Assessment Roll Administration	5,300	5,300	-	5,300	5,618	
Dissemination Agent	5,300	3,250	2,050	5,300	5,618	
Information Technology	1,908	954	954	1,908	2,022	
Website Administration	1,272	636	636	1,272	1,348	
Annual Audit	5,000	-	5,000	5,000	5,000	
Trustee Fees	10,000	4,688	5,313	10,000	10,000	
Arbitrage Rebate	1,200	-	1,200	1,200	1,200	
Telephone	200	-	200	200	200	
Postage & Deleivery	800	251	249	500	500	
Printing & Binding	1,200	66	184	250	250	
Insurance General Liability	7,961	7,238	-	7,238	7,961	
Legal Advertising	2,500	-	2,500	2,500	2,500	
Other Current Charges	1,500	-	500	500	500	
Office Supplies	550	10	150	160	150	
Dues, Licenses & Subscriptions	175	175	-	175	175	
TOTAL ADMINISTRATIVE	$	130,676	$	52,081	$	75,232	$	127,313	$	131,079	

Operations & Maintenance						
Grounds Maintenance						
Cost Share Landscaping - Rivers Edge	$	688,424	$	344,212	$	344,212	$	688,424	$	688,424	
Field Operations Management (Vesta)	44,238	18,627	25,611	44,238	45,565	
Landscape Maintenance	416,388	206,751	209,637	416,388	424,716	
Lake Maintenance	27,500	10,117	10,308	20,425	23,000	
Landscape Contingency	25,000	45,792	34,208	80,000	80,000	
Irrigation Repairs and Replacement	15,000	22,069	14,931	37,000	37,000	
Irrigation Water Use	30,000	42,552	27,448	70,000	70,000	
Streetlighting	40,000	13,367	14,633	28,000	28,000	
TOTAL GROUNDS MAINTENANCE	$ 1,286,550	$	703,486	$	680,989	$ 1,384,475	$ 1,396,705	

Amenity Center - River Club						
General Manager (Vesta)	$	48,172	$	24,740	$	23,432	$	48,172	$	49,617	
Amenity Manager (Vesta)	19,478	9,739	9,739	19,478	20,062	
Maintenance Service (Vesta)	78,837	39,419	39,418	78,837	81,202	
Lifestyle Director (Vesta)	38,136	19,068	19,068	38,136	39,280	
Facilities Attendant (Vesta)	110,109	55,055	55,054	110,109	113,412	
Security Monitoring	5,000	-	2,500	2,500	5,000	
Telephone	12,500	6,360	6,140	12,500	12,721	
Insurance	113,291	69,504	-	69,504	78,540	
Pool Maintenance (Vesta)	10,312	5,156	5,156	10,312	10,621	
Pool Chemicals (Poolsure)	10,000	6,432	3,568	10,000	10,000	
Janitorial Services (Vesta)	31,933	15,967	15,966	31,933	32,891	
Access Cards	3,500	-	1,750	1,750	3,500	
Window Cleaning	3,500	-	1,750	1,750	3,500	
Natural Gas	6,000	1,950	2,000	3,950	4,000	
Electric	25,000	12,767	13,200	25,967	28,000	
Water & Sewer	30,000	7,580	9,000	16,580	17,000	
Repair and Replacements	75,000	33,743	41,257	75,000	75,000	
Refuse	20,000	9,788	10,212	20,000	20,000	
Pest Control	1,920	607	1,313	1,920	1,920	
License & Permits	1,000	-	1,000	1,000	1,000	
Other Current	500	-	500	500	500	
Special Events	30,000	13,792	16,208	30,000	30,000	
Holiday Decorations	23,000	21,460	-	21,460	23,000	
Office Supplies & Postage	1,500	-	750	750	750	
Contingency	10,000	-	5,000	5,000	5,000	
TOTAL AMENITY CENTER - RIVER CLUB	$	708,688	$	353,128	$	283,980	$	637,108	$	666,517	

Café Operations						
Café-Cost of Goods Sold	$	234,568	$	108,695	$	125,873	$	234,568	$	239,259	
Café-Labor	236,447	158,500	77,947	236,447	241,176	
Café-Bank Fees	22,187	10,936	11,251	22,187	22,631	
Other Expenses related to Café Operations	2,500	2,268	232	2,500	2,550	
Café Management	12,000	-	12,000	12,000	12,240	
TOTAL CAFÉ OPERATIONS	$	507,702	$	280,399	$	227,303	$	507,702	$	517,856	

Reserves						
General Reserves	$	75,000	$	-	$	75,000	$	75,000	$	75,000	
TOTAL RESERVES	$	75,000	$	-	$	75,000	$	75,000	$	75,000	
						
TOTAL EXPENDITURES	$ 2,708,616	$ 1,389,093	$ 1,342,505	$ 2,731,598	$ 2,787,157	
						
EXCESS REVENUES (EXPENDITURES)	$	-	$  (227,833)	$	204,568	$	(0)	$	0	

REVENUES

Special Assessments - Tax Roll
The District will levy a non ad-valorem special assessment on all taxable property within the District to fund a portion of the General Operating Expenditures for the fiscal year. These are collected on the St. Johns County Tax Roll for platted lands. Unplatted lands are direct billed to the landowner.
Special Assessments - Direct Bill
The District will levy a non ad-valorem special assessments on unplatted lands within the District and are allocated upon the percentage of such undeveloped units planned relative to the budgeted General Administrative costs of the District.
Developer Contributions
The District will enter into a Funding Agreement with the Developer to fund the General Fund expenditures for the Fiscal Year.
Café Gross Sales
Gross sales revenue from Café operations.
Miscellaneous Income
Income received from access cards, rental fees, miscellaneous deposits, insurance claims, and the recreational program revenue.
Interest
The District will have funds invested in State Board of Administration and a money market fund with U.S. Bank that earns interest based upon the estimated balance invested throughout the year.
Cost Share Amenity Rivers Edge III
Mattamy Rivertown LLC and Rivers Edge CDD III agreement to cost share a portion of the maintenance costs for amenities. Cost share is based on future development and estimated costs.

Expenditures - Administrative

District Engineering
The District's engineer Prosser, Inc, will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.
District Counsel
The District’s Attorney, Kilinski Van Wyk, PLLC, will be providing 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 assigned as directed by the Board of Supervisors and the District Manager.
District Management
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.
Construction Accouting
The District receives annual constriction account services as part of a Management Agreement with Governmental Management Services, LLC.
Assessment Roll Administration
GMS, LLC provides assessment services for closing lot sales, assessment roll services with the local Tax Collector and financial advisory services.
Dissemination Agent
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.
Information Technology
Represents costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, security, accounting software, etc.
Website Administration
Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.
Annual Audit
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The District has contracted with Berger Toombs to conduct this annual audit, with the budgeted amount representing the estimated cost.
Trustee Fees
The District bonds will be held and administered by a Trustee. This represents the trustee annual fee.
Arbitrage Rebate
The District is required to annually have an arbitrage rebate calculation on the District’s Series 2021 Special Assessment Improvement Revenue Bonds. The District has contracted with Grau and Associates to calculate the rebate liability and submit a report to the District.

Expenditures - Administrative (continued)

Telephone
New internet and Wi-Fi service for Office.
Postage and Delivery
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.

Printing and Binding
Copies used in the preparation of agenda packages, required mailings, and other special projects.
Insurance General Liability
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon estimated premiums.
Legal Advertising
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.
Other Current Charges
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.
Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.
Due, Licenses & Subscriptions

Expenditures – Grounds Maintenance

The District is required to pay an annual fee to the Florida Department of Commerce for $175.

Cost Share Landscaping - Rivers Edge
Shared costs with Rivers Edge CDD for landscaping. Cost share is based on future development and estimated costs.
Field Operations Management
The District has contracted with Vesta Property Services, Inc to provide field operations management to oversee all day-to-day operation of all the Districts assets, common grounds, and service providers.
Vendor	Description	Monthly	Annual	
Vesta	Field OP Management	$	3,797  $	45,565	
Landscape Maintenance
The District contracted with Yellowstone to maintain the common areas of the District and Amenity Center.
Vendor	Description	Monthly	Annual

Lake Maintenance

YellowStone	Landscape Maintenance $

35,393  $

424,716

The District receives lake maintenance services from Solitude Lake Management LLC.

Vendor	Description		Monthly	Annual	
Solitude Lake Management	Lake Maintenance	$	1,718	$	20,616	
Solitude Lake Management	Additional Cleanup			2,384	
	Total			$	23,000	

Landscape Contingency
A provision for additional landscape features or for repair of existing landscaping.
Irrigation Repair & Replacement
The cost of miscellaneous irrigation repairs and maintenance incurred.

Expenditures – Grounds Maintenance (continued)

Irrigation Water Use
Water and re-use water needed for irrigation and maintenance of the common grounds provided by JEA.
Location	Meter Number	Monthly	Annual		
114 Mistflower Dr	94647734	2,480	29,764		
41 Keystone Corners BV	86131615	1,552	18,618		
233 Shinnecock Drive	86793634	162	1,939		
98 Shinnecock Drive	87743236	374	4,491		
29 Mistlflower Drive	89241080	52	624		
907 Keystone Corners BV Apt IR01	80913980	305	3,654		
627 Keystone Corners BV APT IR01	86131621	673	8,076		
Contingency		236	2,834		
Total		$	5,833	$	70,000		

Streetlighting
Estimated costs for electric billed to the District by FPL.				
Location	Meter Number	Monthly	Annual	
156 Riverglade Run	9420049059	$	37	$	448	
154 Riverglade Run	6707560121	29	347	
53 Mistflower Dr #FNTN	4743506067	865	10,381	
233 SHINNECOCK DR #IRR	0162048490	26	314	
106 Keystone Corners Blvd #LTG	7652214334	87	1,040	
27 Keystone Corners Blvd #ENTRY	9019709360	1,184	14,204	
Contingency		106	1,266	
Total		$	2,333	$	28,000	
Expenditures – Amenity Center - River Club				

General Manager
The District has contracted with Vesta Property Services, Inc to provide general amenity management, facility administration, and special event coordinator services at the Amenity Center.
Vendor	Description	Monthly	Annual

Amenity Manager

Vesta	General Manager

$	4,135  $

49,617

The District contracted with Vesta Property Services to provide management services for the Amenity Center.
Maintenance Services
The District has contracted with Vesta Property Services, Inc to provide maintenance and repairs necessary for upkeep of the Amenity Center and common grounds area.
Vendor	Description	Monthly	Annual

Lifestyle Director

Vesta	Maintenance Service	$

6,767  $

81,202

The District has contracted with Vesta Property Services, Inc to provide planning, implementation, and supervision of the day-to- day social, recreational group activities and entertainment for the residents living at the community.
Facility Attendant
The District has contracted with Vesta to provide community facility staff for the amenity center to greet patrons, providing facility tours, issuance of access cards and policy enforcement.
Security Monitoring
Maintenance costs of the security alarms/cameras.

Telephone
The estimated cost for telephone, internet, and cable services for the Amenity Center.
Vendor	Description	Monthly	Annual	
Comcast	Internet & Cable	$	591	$	7,088	
Comcast	Telephone	469	5,632	
	Total		$	12,721	
Insurance
The District’s General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance (FIA). The amount is based upon estimated premium for property insurance related to the Amenity and other District facilities.

Pool Maintenance
The District has contracted with Vesta Property Services, Inc to provide maintenance of the Amenity Center swimming pools.
Vendor	Description	Monthly	Annual

Pool Chemicals

Vesta	Pool Maintenance	$

885  $

10,621

The District has contracted with Poolsure to provide chemicals for the Amenity Center swimming pools.
Vendor	Description	Monthly	Annual

Janitorial Services

Vesta	Pool Chemicals

$	833  $

10,000

The District has contracted with Vesta Property Services, Inc to provide janitorial cleaning for the Amenity Center.
Vendor	Description	Monthly	Annual

Access Cards

Vesta	Janitoral Services

$	2,741  $

32,891

Represents the estimated cost for access cards to the District’s Amenity Center.
Window Cleaning
The District will have windows cleared inside and outside three times a year.
Natural Gas
The District is under contract with TECO Peoples Gas to provide gas fire place and gas grills.
Electric
Estimated costs for electric billed to the District by FPL.
Location	Meter Number	Monthly	Annual

160 Riverglade Run	5975385542

$	2,228  $

26,736

Contingency		105	1,264 

Water & Sewer

Total

$	2,333  $

28,000

Estimated costs for water and sewer for the amenity center billed to the District by JEA.
Location	Meter Number	Monthly	Annual	
160 Riverglade Run-Swimming Pool	84087156	$	118	$	1,414	
160 Riverglade Run-Sewer	84087139	526	6,312	
160 Riverglade Run-Water	84087139	205	2,456	
298 Riverglade Run	83547180	381	4,578	
Contingency		187	2,241 

Repairs and Replacements

Total

$	1,417  $

17,000

Represents regular cleaning, supplies, and repairs and replacements for District’s Amenity Center.
Refuse
Garbage disposal services for the Amenity Centers provided by Republic Services.

Pest Control
The District is contracted with Turner’s Pest Control to provide pest control services.
License & Permits
Represents license fees for the amenity center and permit fees paid to the Florida Department of Health in St. Johns County for the swimming pools.
Other Current
Represents the miscellaneous cost incurred by the District’s Amenity Center.
Special Events
Represents estimated costs for the District to host special events for the community through the Fiscal Year.
Holiday Decorations
Represents estimated costs for the District to decorate the Amenity center for the holidays.
Office Supplies & Postage
Costs of supplies and postage incurred for the operation of the Amenity Center.
Contingency
Estimated costs for future unexpected costs incurred by the district.

Expenditures – Café Operations

Cost of Goods Sold (“COGS”)
Food and beverage costs along with supply incidentals.
Labor
Staffing costs for Vesta personnel Café operations.
Bank fees
Bank and credit card processing charges related to the Cafe sales.
Other Expenses related to Café Operations
Represents the miscellaneous cost incurred by the Café.
Café Management
Represents management services for the Café.

Expenditures – Reserves

General Reserves
Establishment of general reserves to fund future replacements of capital items.

Proposed Budget
Debt Service Series 2020 Capital Improvement Revenue Bonds

Description

Adopted Budget FY2024

Actuals Thru	Projected Next  Projected Thru

3/31/24

	6 Months	

9/30/24

Proposed Budget FY 2025

REVENUES:

Special Assessments - Tax Roll	$	513,001	$	491,263	$	21,739	$	513,001	$	511,962	
Special Assessments - Prepayment	-	38,195	-	38,195	-	
Interest Earnings	7,500	13,897	13,000	26,897	5,000	
Carry Forward Surplus (1)	240,150	276,356	-	276,356	315,079	
TOTAL REVENUES	$	760,651	$	819,712	$	34,739	$	854,450	$	832,041	

EXPENDITURES:						
Interest - 11/1	$	167,756	$	167,756	$	-	$	167,756	$	163,321	
Principal Prepayment - 11/1	-	30,000	-	30,000	-	
Principal Prepayment - 2/1	-	35,000	-	35,000	-	
Interest - 2/1	-	436	-	436	163,321	
Interest - 5/1	167,756	-	166,179	166,179	-	
Principal - 5/1	130,000	-	130,000	130,000	130,000	
Principal Prepayment - 2/1	-	-	10,000	10,000	-	
TOTAL EXPENDITURES	$	465,513	$	233,193	$	306,179	$	539,371	$	456,643	

Other Sources/(Uses)

Interfund transfer In/(Out)	$	-	$	-	$	-	$	-	$	-	
TOTAL OTHER SOURCES/(USES)	$	-	$	-	$	-	$	-	$	-	
						
TOTAL EXPENDITURES	$	465,513	$	233,193	$	306,179	$	539,371	$	456,643	
						
EXCESS REVENUES (EXPENDITURES)	$	295,139	$	586,519	$  (271,440)	$	315,079	$	375,398	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/25

 $	160,721 

AMORTIZATION SCHEDULE
Debt Service Series 2020 Capital Improvement Revenue Bonds

Period

Outstanding Balance

Coupons

Principal

Interest

Annual Debt Service

11/01/24	$	6,600,000	4.000%		$	163,321	$	163,321	
05/01/25	6,600,000	4.000%	130,000	163,321		
11/01/25	6,470,000	4.300%		160,721	454,042.50	
05/01/26	6,470,000	4.300%	135,000	160,721		
11/01/26	6,335,000	4.300%		157,819	453,540.00	
05/01/27	6,335,000	4.300%	145,000	157,819		
11/01/27	6,190,000	4.300%		154,701	457,520.00	
05/01/28	6,190,000	4.300%	150,000	154,701		
11/01/28	6,040,000	4.300%		151,476	456,177.50	
05/01/29	6,040,000	4.300%	155,000	151,476		
11/01/29	5,885,000	4.300%		148,144	454,620.00	
05/01/30	5,885,000	4.300%	165,000	148,144		
11/01/30	5,720,000	4.900%		144,596	457,740.00	
05/01/31	5,720,000	4.900%	170,000	144,596		
11/01/31	5,550,000	4.900%		140,431	455,027.50	
05/01/32	5,550,000	4.900%	180,000	140,431		
11/01/32	5,370,000	4.900%		136,021	456,452.50	
05/01/33	5,370,000	4.900%	190,000	136,021		
11/01/33	5,180,000	4.900%		131,366	457,387.50	
05/01/34	5,180,000	4.900%	200,000	131,366		
11/01/34	4,980,000	4.900%		126,466	457,832.50	
05/01/35	4,980,000	4.900%	210,000	126,466		
11/01/35	4,770,000	4.900%		121,321	457,787.50	
05/01/36	4,770,000	4.900%	220,000	121,321		
11/01/36	4,550,000	4.900%		115,931	457,252.50	
05/01/37	4,550,000	4.900%	230,000	115,931		
11/01/37	4,320,000	4.900%		110,296	456,227.50	
05/01/38	4,320,000	4.900%	240,000	110,296		
11/01/38	4,080,000	4.900%		104,416	454,712.50	
05/01/39	4,080,000	4.900%	250,000	104,416		
11/01/39	3,830,000	4.900%		98,291	452,707.50	
05/01/40	3,830,000	4.900%	265,000	98,291		
11/01/40	3,565,000	5.150%		91,799	455,090.00	
05/01/41	3,565,000	5.150%	280,000	91,799		
11/01/41	3,285,000	5.150%		84,589	456,387.50	
05/01/42	3,285,000	5.150%	295,000	84,589		
11/01/42	2,990,000	5.150%		76,993	456,581.25	
05/01/43	2,990,000	5.150%	310,000	76,993		
11/01/43	2,680,000	5.150%		69,010	456,002.50	
05/01/44	2,680,000	5.150%	325,000	69,010		
11/01/44	2,355,000	5.150%		60,641	454,651.25	
05/01/45	2,355,000	5.150%	345,000	60,641		
11/01/45	2,010,000	5.150%		51,758	457,398.75	
05/01/46	2,010,000	5.150%	360,000	51,758		
11/01/46	1,650,000	5.150%		42,488	454,245.00	
05/01/47	1,650,000	5.150%	380,000	42,488		
11/01/47	1,270,000	5.150%		32,703	455,190.00	
05/01/48	1,270,000	5.150%	400,000	32,703		
11/01/48	870,000	5.150%		22,403	455,105.00	
05/01/49	870,000	5.150%	425,000	22,403		
11/01/49	445,000	5.150%		11,459	458,861.25	
05/01/50	445,000	5.150%	445,000	11,459	456,458.75	
Total	$	6,600,000	$	5,418,320	$	12,018,320	

Proposed Budget
Debt Service Series 2021 Capital Improvement Revenue Bonds

Description

Adopted Budget FY2024

Actuals Thru	Projected Next  Projected Thru

3/31/24

	6 Months	

9/30/24

Proposed Budget FY 2025

REVENUES:

Special Assessments -Tax Roll	$	151,967	$	145,819	$	6,144	$	151,963	$	151,963	
Special Assessments - Direct	400,033	300,024	100,008	400,033	400,033	
Special Assessments - Prepayment	-	10,470	-	10,470	-	
Interest Income	7,500	13,748	12,500	26,248	5,000	
Carry Forward Surplus (1)	196,471	200,821	-	200,821	227,774	
TOTAL REVENUES	$	755,971	$	670,883	$	118,652	$	789,535	$	784,769	

EXPENDITURES:						
Interest - 11/1	$	170,928	$	170,928	$	-	$	170,928	$	168,220	
Principal Prepayment - 2/1	-	10,000	-	10,000	-	
Interest - 2/1	-	94	-	94	-	
Interest - 5/1	170,928	-	170,740	170,740	168,220	
Principal - 5/1	210,000	-	210,000	210,000	215,000	
TOTAL EXPENDITURES	$	551,855	$	181,021	$	380,740	$	561,761	$	551,440	

Other Sources/(Uses)

Interfund transfer In/(Out)

$	-  $

-  $	-  $

-  $	-

TOTAL OTHER SOURCES/(USES)	$	-	$	-	$	-	$	-	$	-	
						
TOTAL EXPENDITURES	$	551,855	$	181,021	$	380,740	$	561,761	$	551,440	
						
EXCESS REVENUES (EXPENDITURES)	$	204,116	$	489,861	$  (262,088)	$	227,774	$	233,329	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/25

 $	165,640 

AMORTIZATION SCHEDULE
Debt Service Series 2021 Capital Improvement Revenue Bonds

Period

Outstanding Balance

Coupons

Principal

Interest

Annual Debt Service

11/01/24	$	9,275,000	2.400%		$	168,220	$	168,220	
05/01/25	9,275,000	2.400%	215,000	168,220		
11/01/25	9,060,000	2.400%		165,640	548,860.00	
05/01/26	9,060,000	2.400%	220,000	165,640		
11/01/26	8,840,000	3.000%		163,000	548,640.00	
05/01/27	8,840,000	3.000%	225,000	163,000		
11/01/27	8,615,000	3.000%		159,625	547,625.00	
05/01/28	8,615,000	3.000%	235,000	159,625		
11/01/28	8,380,000	3.000%		156,100	550,725.00	
05/01/29	8,380,000	3.000%	240,000	156,100		
11/01/29	8,140,000	3.000%		152,500	548,600.00	
05/01/30	8,140,000	3.000%	250,000	152,500		
11/01/30	7,890,000	3.000%		148,750	551,250.00	
05/01/31	7,890,000	3.000%	255,000	148,750		
11/01/31	7,635,000	3.500%		144,925	548,675.00	
05/01/32	7,635,000	3.500%	265,000	144,925		
11/01/32	7,370,000	3.500%		140,288	550,212.50	
05/01/33	7,370,000	3.500%	275,000	140,288		
11/01/33	7,095,000	3.500%		135,475	550,762.50	
05/01/34	7,095,000	3.500%	285,000	135,475		
11/01/34	6,810,000	3.500%		130,488	550,962.50	
05/01/35	6,810,000	3.500%	295,000	130,488		
11/01/35	6,515,000	3.500%		125,325	550,812.50	
05/01/36	6,515,000	3.500%	305,000	125,325		
11/01/36	6,210,000	3.500%		119,988	550,312.50	
05/01/37	6,210,000	3.500%	315,000	119,988		
11/01/37	5,895,000	3.500%		114,475	549,462.50	
05/01/38	5,895,000	3.500%	325,000	114,475		
11/01/38	5,570,000	3.500%		108,788	548,262.50	
05/01/39	5,570,000	3.500%	335,000	108,788		
11/01/39	5,235,000	3.500%		102,925	546,712.50	
05/01/40	5,235,000	3.500%	350,000	102,925		
11/01/40	4,885,000	3.500%		96,800	549,725.00	
05/01/41	4,885,000	3.500%	360,000	96,800		
11/01/41	4,525,000	4.000%		90,500	547,300.00	
05/01/42	4,525,000	4.000%	375,000	90,500		
11/01/42	4,150,000	4.000%		83,000	548,500.00	
05/01/43	4,150,000	4.000%	390,000	83,000		
11/01/43	3,760,000	4.000%		75,200	548,200.00	
05/01/44	3,760,000	4.000%	405,000	75,200		
11/01/44	3,355,000	4.000%		67,100	547,300.00	
05/01/45	3,355,000	4.000%	425,000	67,100		
11/01/45	2,930,000	4.000%		58,600	550,700.00	
05/01/46	2,930,000	4.000%	440,000	58,600		
11/01/46	2,490,000	4.000%		49,800	548,400.00	
05/01/47	2,490,000	4.000%	460,000	49,800		
11/01/47	2,030,000	4.000%		40,600	550,400.00	
05/01/48	2,030,000	4.000%	480,000	40,600		
11/01/48	1,550,000	4.000%		31,000	551,600.00	
05/01/49	1,550,000	4.000%	495,000	31,000		
11/01/49	1,055,000	4.000%		21,100	547,100.00	
05/01/50	1,055,000	4.000%	515,000	21,100		
11/01/50	540,000	4.000%		10,800	546,900.00	
05/01/51	540,000	4.000%	540,000	10,800	550,800.00	
Total	$	9,275,000	$	5,722,020	$	14,997,020	

Proposed Budget Capital Reserve Fund

Description

Adopted Budget FY2024

Actuals Thru	Projected Next  Projected Thru

3/31/24

	6 Months	

9/30/24

Proposed Budget FY 2025

REVENUES:

Interest Income

$	1,000  $

602  $

398  $

1,000  $

1,000

Capital Reserve Funding - Transfer In	75,000	75,000	75,000	75,000
Carry Forward Balance	129,484	136,927	-	136,927	162,927

TOTAL REVENUES

$	205,484  $	137,529  $	75,398  $	212,927  $	238,927

EXPENDITURES:

Repair and Replacements

$	50,000  $

14,134  $

35,867  $

50,000  $

50,000

TOTAL EXPENDITURES

$	50,000  $	14,134  $	35,867  $	50,000  $	50,000

Other Sources/(Uses)

Transfer in/(Out)

$	-  $

-  $	-  $

-  $	-

TOTAL OTHER SOURCES/(USES)

$

-  $

-  $

-  $

-  $

-

TOTAL EXPENDITURES

$	50,000  $	14,134  $	35,867  $	50,000  $	50,000

EXCESS REVENUES (EXPENDITURES)

$	155,484  $	123,396  $	39,532  $	162,927  $	188,927

Non-Ad Valorem Assessments Comparison 2024-2025

Neighborhood	O&M Units	Bonds 2020 Units	Bonds 2021 Units	
Annual Maintenance Assessments	
Annual Debt Assessments	
	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	
							Series	Series	Series	Series	Total	
							2020	2021	2020	2021		

Townhomes	
34	
34	
0	
$924.71	
$872.37	
$52.34	
$743.98	
$0.00	
$743.98	
$0.00	
$0.00	
Single Family - 30'-39' Lot	102	68	34	$1,015.81	$958.31	$57.50	$695.83	$695.68	$695.83	$695.68	$0.00	
Single Family - 40'-49' Lot	226	156	70	$1,193.18	$1,125.64	$67.54	$899.79	$899.59	$899.79	$899.59	$0.00	
Single Family - 50'-59' Lot	204	135	68	$1,402.78	$1,323.38	$79.40	$1,103.74	$1,103.50	$1,103.74	$1,103.50	$0.00	
Single Family - 60'-69' Lot	0	0	0	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
Single Family - 70'-79' Lot	65	65	0	$1,934.88	$1,825.36	$109.52	$1,499.64	$1,499.64	$1,499.64	$1,499.64	$0.00	
Single Family - 80' Lot	50	50	0	$2,144.49	$2,023.10	$121.39	$1,703.59	$1,703.59	$1,703.59	$1,703.59	$0.00	
Total	681	508	172