Rivers Edge II

Community Development District

Adopted Budget
FY 2027

Presented by:

Table of Contents

3-4

5-9

10-11

12-13

14-15

16

	General Fund

	Narratives

	Debt Service Fund Series 2020

	Debt Service Fund Series 2021

	Debt Service Fund Series 2026

	Capital Reserve Fund

17		Assessment Schedule

REVENUES:		
Special Assessments - Tax Roll	$	1,266,432	$	1,638,694	$	-	$	1,638,627	$	2,133,582	
Special Assessments - Direct Bill	185,789	37,998	-	37,998	44,246	
Administrative Assessments on Unplatted Land	60,606	-	-	-	-	
Developer Contributions	996,043	-	768,065	768,065	550,026	
Cost Share Amenity Rivers Edge III	-	-	-	-	44,524	
Café Gross Sales	554,106	809,470	498,812	1,308,282	813,897	
Miscellaneous Income	1,500	1,838	500	2,338	1,500	
Special Events	3,500	-	250	250	1,750	
Interest	5,000	14,339	1,000	15,339	5,000	
TOTAL REVENUES	$ 3,072,977	$ 2,502,339	$ 1,268,627	$ 3,770,899	$ 3,594,525	

EXPENDITURES:						
Administrative						
Supervisor Fees	$	4,800	$	3,000	$	1,500	$	4,500	$	9,600	
FICA Taxes	367	230	115	344	734	
District Engineering	15,000	15,064	10,000	25,064	25,000	
District Counsel	35,000	22,350	12,650	35,000	40,000	
District Management	41,292	30,969	10,323	41,292	43,700	
Assessment Roll Administration	5,899	5,899	-	5,899	6,250	
Dissemination Agent	5,899	4,824	1,075	5,899	6,700	
Information Technology	2,124	1,593	531	2,124	2,250	
Website Administration	1,416	1,062	354	1,416	1,500	
Annual Audit	5,500	6,600	-	6,600	6,700	
Trustee Fees	11,000	10,796	204	11,000	11,000	
Arbitrage Rebate	1,200	2,250	600	2,850	1,500	
Telephone	200	38	162	200	200	
Postage & Deleivery	1,000	793	207	1,000	1,000	
Printing & Binding	250	299	50	349	250	
Insurance General Liability	8,713	8,210	-	8,210	9,031	
Legal Advertising	3,500	535	2,965	3,500	3,500	
Other Current Charges	1,750	990	760	1,750	1,750	
Office Supplies	150	7	143	150	150	
Dues, Licenses & Subscriptions	175	175	-	175	175	
TOTAL ADMINISTRATIVE	$	145,235	$	115,683	$	41,639	$	157,322	$	170,990	

Operations & Maintenance						
Grounds Maintenance						
Cost Share Landscaping - Rivers Edge	$	313,604	$	235,203	$	78,401	$	313,604	$	405,372	
Cost Share Landscaping - Rivers Edge III	186,679	140,009	46,670	186,679	74,126	
Field Operations Management (Vesta)	41,230	30,922	10,307	41,230	43,294	
Landscape Maintenance	429,489	321,597	107,893	429,489	468,143	
Lake Maintenance	28,000	29,402	7,800	37,202	37,936	
Landscape Contingency	80,000	144,579	25,000	169,579	100,000	
Irrigation Repairs and Replacement	40,000	16,005	17,000	33,005	40,000	
Irrigation Water Use	70,000	44,599	24,000	68,599	45,000	
Streetlighting	28,000	16,207	14,000	30,207	26,815	
TOTAL GROUNDS MAINTENANCE	$ 1,217,002	$	978,523	$	331,071	$ 1,309,594	$ 1,240,686	

Amenity Center - River Club						
Cost Share Amenity - Rivers Edge	$	2,365	$	1,774	$	592	$	2,365	$	-	
General Manager (Vesta)	48,911	37,981	10,930	48,911	51,354	
Amenity Manager (Vesta)	56,504	42,378	14,126	56,504	59,579	
Maintenance Service (Vesta)	109,264	81,948	27,316	109,264	115,761	
Lifestyle Director (Vesta)	45,426	34,070	11,357	45,426	47,792	
Guest Services (Vesta)	97,381	73,036	24,345	97,381	104,154	
Security Monitoring	5,000	720	4,280	5,000	5,000	
Cable	14,040	9,128	6,169	15,297	12,709	
Insurance	79,689	72,785	-	72,785	69,146	
Pool Chemicals (Poolsure)	15,000	10,733	4,267	15,000	16,500	
Janitorial Services (Vesta)	34,833	26,125	8,708	34,833	36,904	
Access Cards	3,500	-	3,500	3,500	3,500	
Window Cleaning	1,000	-	1,000	1,000	1,000	
Pressure Washing	2,500	650	1,850	2,500	2,500	
Natural Gas	5,000	4,460	540	5,000	5,400	
Electric	29,950	19,052	10,897	29,950	30,000	
Water & Sewer	18,395	12,525	5,870	18,395	19,383	
Repair and Replacements	90,000	56,494	33,506	90,000	90,000	
Refuse	26,000	13,038	10,000	23,038	21,600	
Pest Control	1,920	1,816	104	1,920	1,920	
License & Permits	1,000	350	650	1,000	1,000	
Other Current	500	-	500	500	500	
Special Events	30,000	23,795	6,206	30,000	30,000	
Holiday Decorations	35,000	4,200	30,800	35,000	35,000	
Office Supplies & Postage	750	-	750	750	750	
Contingency	2,706	-	2,706	2,706	7,500	
TOTAL AMENITY CENTER - RIVER CLUB	$	756,634	$	527,058	$	220,968	$	748,025	$	768,951	

Café Operations						
Café-Cost of Goods Sold	$	256,008	$	297,468	$	185,000	$	482,468	$	325,000	
Café-Labor	258,058	357,017	180,000	537,017	440,000	
Café-Bank Fees	24,215	31,213	9,000	40,213	33,000	
Other Expenses related to Café Operations	2,729	930	1,799	2,729	2,800	
Café Management	13,097	79,432	14,100	93,532	13,097	
TOTAL CAFÉ OPERATIONS	$	554,106	$	766,059	$	389,899	$ 1,155,958	$	813,897	

Reserves						
General Reserves	$	400,000	$	-	$	400,000	$	400,000	$	600,000	
TOTAL RESERVES	$	400,000	$	-	$	400,000	$	400,000	$	600,000	
						
TOTAL EXPENDITURES	$ 3,072,977	$ 2,387,323	$ 1,383,576	$ 3,770,899	$ 3,594,525	
						
EXCESS REVENUES (EXPENDITURES)	$	-	$	115,016	$  (114,948)	$	-	$	-	

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 non ad-valorem special assessments on unplatted lands within the District, allocated based on 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.
Cost Share Amenity Rivers Edge III
Mattamy Rivertown LLC and Rivers Edge CDD III have an agreement to share a portion of the maintenance costs for amenities. The cost share is based on future development and estimated costs.
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's funds are invested with the State Board of Administration and in a U.S. Bank money market fund, earning interest based on the estimated balance held throughout the year.
Special Events
Income received from residents for rental of clubroom or patio and special events deposits.

Expenditures - Administrative

Supervisors Fees
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting they attend.

FICA Taxes
Payroll taxes on Board of Supervisors' compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisors' payroll expenditures.
District Engineering
The District's engineer, Prime AE Group, 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 provide 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 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.
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 Securities and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.

Vendor
GMS
Disclosure Services

Description
Dissemination Agent
Revised Amortization Schedules

Monthly	Annual
$	492 $	5,900
	800 

Total	$	6,700
Information Technology
Costs related to the District's information systems, including video conferencing, cloud storage and servers, security, and accounting software.
Website Administration
Costs of monitoring and maintaining the District's website in accordance with Chapter 189, Florida Statutes, including site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, and website backups.

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 Grau & Associates 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 have an annual arbitrage rebate calculation performed on its Series 2020 and 2021 Special Assessment Improvement Revenue Bonds. Grau and Associates calculates the rebate for Series 2020, and American Municipal Tax-Exempt Compliance Corp. (AMTEC) serves as the District's tax compliance agent for Series 2021. Each firm calculates the rebate liability and submits a report to the District.

Expenditures - Administrative (continued)

Telephone
Internet and Wi-Fi service for the 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, BOS email annual subscriptions, and any other miscellaneous expenses incurred during the year.
Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.
Dues, 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.
Cost Share Landscaping - Rivers Edge III
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 the day-to-day operations of all the District's assets, common grounds, and service providers.
Vendor	Description	Monthly	Annual
Vesta	Field OP Management	$	3,608  $	43,294
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  $

39,012  $

468,143

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

Vendor	Description		Monthly	Annual	
Solitude Lake Management	Lake Maintenance	$	2,569	$	30,833	
Solitude Lake Management	Fountain Maintenance			2,103	
	Contingency			5,000	
	Total			$	37,936	
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	Monthly	Annual	
114 Mistflower Dr	94647734	110	1,320	
41 Keystone Corners BV	86131615	1,313	15,752	
233 Shinnecock Drive	514064548	177	2,129	
98 Shinnecock Drive	87743236	972	11,664	
380 SHINNECOCK DR APT IR01	41263874	92	1,099	
29 Mistflower Drive	89241080	32	385	
907 Keystone Corners BV Apt IR01	98557860	119	1,427	
627 Keystone Corners BV APT IR01	86131621	212	2,547	
245 CRAFTON CR APT IR01	514064545	10	116	
Contingency			8,561	
	Total	$	3,037	$	45,000	

Streetlighting
Estimated costs for electric billed to the District by FPL.
Location	Meter	Monthly	Annual	
156 Riverglade Run	9420049059	$	36	$	431	
154 Riverglade Run	6707560121	31	372	
53 Mistflower Dr #FNTN	4743506067	1,172	14,069	
233 SHINNECOCK DR #IRR	0162048490	29	343	
106 Keystone Corners Blvd #LTG	7652214334	84	1,011	
27 Keystone Corners Blvd #ENTRY	9019709360	466	5,590	
Contingency			5,000	
	Total	$	1,818	$	26,815	

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 coordination at the Amenity Center.
Vendor	Description	Monthly	Annual

Amenity Manager

Vesta	General Manager

$	4,280  $

51,354

The District has 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 the upkeep of the Amenity Center and common grounds area.
Vendor	Description	Monthly	Annual

Lifestyle Director

Vesta	Maintenance Services	$

9,647  $

115,761

The District has contracted with Vesta Property Services, Inc. to provide planning, implementation, and supervision of the day-to-day social and recreational group activities and entertainment for the residents living at the community.
Guest Services
The District has contracted with Vesta to provide community facility staff for the Amenity Center to greet patrons, provide facility tours, issue access cards, and enforce policies.
Security Monitoring
Maintenance costs of the security alarms/cameras.

Cable
Represents the estimated cost of cable television services provided by Comcast Business for the Amenity Center and District Office.
Vendor	Description	Monthly	Annual

Comcast	Amenity Center

$	397  $

4,764

Comcast	Office	662 	7,945 

Insurance

Total

$	12,709

The District's General Liability and Public Officials Liability Insurance policy is with Florida Insurance Alliance (FIA). The amount is based on estimated premiums for property insurance related to the Amenity Center and other District facilities.

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

Janitorial Services

Poolsure	Pool Chemicals

$	1,375  $

16,500

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

Access Cards

Vesta	Janitorial Services

$	3,075  $

36,904

Represents the estimated cost for access cards to the District’s Amenity Center.
Window Cleaning
The District will have windows cleaned inside and outside three times a year.
Pressure Washing
Estimated costs to have the District Amenity Center pressure washed.
Natural Gas
The District is under contract with TECO Peoples Gas to provide service for the gas fireplace and gas grills.
Vendor	Description	Monthly	Annual

Electric

TECO	Propane Gas

$	450  $

5,400

Estimated costs for electric billed to the District by FPL.
Location	Meter	Monthly	Annual

160 Riverglade Run	5975385542

$	2,333  $

28,000

Contingency		-	2,000 

Water & Sewer

Total

$	2,333  $

30,000

Estimated costs for water and sewer for the amenity center billed to the District by JEA.
Location	Meter	Monthly	Annual	
160 Riverglade Run-Swimming Pool	84087156	$	111	$	1,326	
160 Riverglade Run-Sewer	84087139	552	6,625	
160 Riverglade Run-Water	84087139	251	3,009	
298 Riverglade Run	83547180	119	1,422	
Contingency		-	7,000 

Repairs and Replacements

Total

$	1,032  $

19,383

Represents regular cleaning, supplies, and repairs and replacements for District’s Amenity Center.
Refuse
Cost of garbage disposal services for the District's Amenity Center provided by Republic Services, including one 8-cubic-yard waste container with two pickups per week.
Vendor	Description	Monthly	Annual

Republic Services	Refuse

$	1,800  $

21,600

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 costs 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 for Café operations.
Bank Fees
Bank and credit card processing charges related to the Café sales.
Other Expenses related to Café Operations
Represents the miscellaneous costs 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.

Adopted Budget
Debt Service Series 2020 Capital Improvement Revenue Bonds

		Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
	Description	FY 2026	6/30/26		3 Months		9/30/26	FY 2027	

REVENUES:							

Special Assessments - Tax Roll	
$	462,928	
$	458,436	
$	-	
$	458,417	
$	458,417	
Interest Earnings	5,000	18,627	1,000	19,627	5,000	
Carry Forward Surplus (1)	346,655	651,782	-	651,782	659,726	
TOTAL REVENUES	$	814,583	$ 1,128,845	$	1,000	$  1,129,826	$ 1,123,143	

EXPENDITURES:						
Interest - 11/1	$	160,111	$	160,111	$	-	$	160,111	$	156,835	
Principal Prepayment - 11/1	-	5,000	-	5,000	-	
Interest - 5/1	160,111	159,989	-	159,989	156,835	
Principal - 5/1	135,000	135,000	-	135,000	145,000	
Principal Prepayment - 5/1	-	5,000	-	5,000	-	
Principal Prepayment - 8/1	-		5,000	5,000	-	
TOTAL EXPENDITURES	$	455,223	$	465,100	$	5,000	$	470,100	$	458,670	

Other Sources/(Uses)	

Interfund transfer In/(Out)	
$	-	
$	-	
$	-	
$	-	
$	-	
TOTAL OTHER SOURCES/(USES)	$	-	$	-	$	-	$	-	$	-	
						
TOTAL EXPENDITURES	$	455,223	$	465,100	$	5,000	$	470,100	$	458,670	
						
EXCESS REVENUES (EXPENDITURES)	$	359,361	$	663,745	$	(4,000)	$	659,726	$	664,473	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/27

 $	153,718 

AMORTIZATION SCHEDULE
Debt Service Series 2020 Capital Improvement Revenue Bonds

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	
						
11/01/26	6,295,000			156,835.00	156,835.00	
05/01/27	6,295,000	4.300%	145,000	156,835.00		
11/01/27	6,150,000			153,717.50	455,552.50	
05/01/28	6,150,000	4.300%	150,000	153,717.50		
11/01/28	6,000,000			150,492.50	454,210.00	
05/01/29	6,000,000	4.300%	155,000	150,492.50		
11/01/29	5,845,000			147,160.00	452,652.50	
05/01/30	5,845,000	4.300%	160,000	147,160.00		
11/01/30	5,685,000			143,720.00	450,880.00	
05/01/31	5,685,000	4.900%	170,000	143,720.00		
11/01/31	5,515,000			139,555.00	453,275.00	
05/01/32	5,515,000	4.900%	180,000	139,555.00		
11/01/32	5,335,000			135,145.00	454,700.00	
05/01/33	5,335,000	4.900%	185,000	135,145.00		
11/01/33	5,150,000			130,612.50	450,757.50	
05/01/34	5,150,000	4.900%	195,000	130,612.50		
11/01/34	4,955,000			125,835.00	451,447.50	
05/01/35	4,955,000	4.900%	205,000	125,835.00		
11/01/35	4,750,000			120,812.50	451,647.50	
05/01/36	4,750,000	4.900%	215,000	120,812.50		
11/01/36	4,535,000			115,545.00	451,357.50	
05/01/37	4,535,000	4.900%	230,000	115,545.00		
11/01/37	4,305,000			109,910.00	455,455.00	
05/01/38	4,305,000	4.900%	240,000	109,910.00		
11/01/38	4,065,000			104,030.00	453,940.00	
05/01/39	4,065,000	4.900%	250,000	104,030.00		
11/01/39	3,815,000			97,905.00	451,935.00	
05/01/40	3,815,000	4.900%	265,000	97,905.00		
11/01/40	3,550,000			91,412.50	454,317.50	
05/01/41	3,550,000	5.150%	280,000	91,412.50		
11/01/41	3,270,000			84,202.50	455,615.00	
05/01/42	3,270,000	5.150%	295,000	84,202.50		
11/01/42	2,975,000			76,606.25	455,808.75	
05/01/43	2,975,000	5.150%	310,000	76,606.25		
11/01/43	2,665,000			68,623.75	455,230.00	
05/01/44	2,665,000	5.150%	325,000	68,623.75		
11/01/44	2,340,000			60,255.00	453,878.75	
05/01/45	2,340,000	5.150%	340,000	60,255.00		
11/01/45	2,000,000			51,500.00	451,755.00	
05/01/46	2,000,000	5.150%	360,000	51,500.00		
11/01/46	1,640,000			42,230.00	453,730.00	
05/01/47	1,640,000	5.150%	380,000	42,230.00		
11/01/47	1,260,000			32,445.00	454,675.00	
05/01/48	1,260,000	5.150%	400,000	32,445.00		
11/01/48	860,000			22,145.00	454,590.00	
05/01/49	860,000	5.150%	420,000	22,145.00		
11/01/49	440,000			11,330.00	453,475.00	
05/01/50	440,000	5.150%	440,000	11,330.00		
11/01/50					451,330.00	
Total		$	6,295,000  $	4,744,050	$  11,039,050	

Adopted Budget
Debt Service Series 2021 Capital Improvement Revenue Bonds

		Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
	Description	FY 2026	6/30/26		3 Months		9/30/26	FY 2027	

REVENUES:							

Special Assessments -Tax Roll	
$	305,887	
$	470,621	
$	-	
$	470,602	
$	470,602	
Special Assessments - Direct	245,810	24,467	-	24,467	24,467	
Special Assessments - Prepayment	-	761,474	-	761,474	-	
Interest Income	5,000	21,948	1,000	22,948	5,000	
Carry Forward Surplus (1)	282,848	259,218	-	259,218	267,498	
TOTAL REVENUES	$	839,546	$ 1,537,729	$	1,000	$  1,538,709	$	767,567	

EXPENDITURES:						
Interest - 11/1	$	149,075	$	149,075	$	-	$	149,075	$	132,313	
Principal Prepayment - 11/1	-	5,000	-	5,000	-	
Principal Prepayment - 2/1	-	750,000	-	750,000	-	
Interest - 2/1	-	6,839	-	6,839	-	
Interest - 5/1	149,075	135,298	-	135,298	132,313	
Principal - 5/1	200,000	180,000	-	180,000	185,000	
Principal Prepayment - 5/1	-	25,000	-	25,000	-	
Principal Prepayment - 8/1		-	20,000	20,000	-	
TOTAL EXPENDITURES	$	498,150	$ 1,251,211	$	20,000	$  1,271,211	$	449,625	

Other Sources/(Uses)

Interfund transfer In/(Out)

$	-  $

-  $	-  $

-  $	-

TOTAL OTHER SOURCES/(USES)	$	-  $	-  $	-  $	-  $	-

TOTAL EXPENDITURES	$	498,150	$ 1,251,211	$	20,000	$  1,271,211	$	449,625	
						
EXCESS REVENUES (EXPENDITURES)	$	341,396	$	286,517	$	(19,000)	$	267,498	$	317,942	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/27

 $	129,538 

AMORTIZATION SCHEDULE
Debt Service Series 2021 Capital Improvement Revenue Bonds

	Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	
							
	11/01/26	7,175,000			132,312.50	132,312.50	
	05/01/27	7,175,000	3.000%	185,000	132,312.50		
	11/01/27	6,990,000			129,537.50	446,850.00	
	05/01/28	6,990,000	3.000%	190,000	129,537.50		
	11/01/28	6,800,000			126,687.50	446,225.00	
	05/01/29	6,800,000	3.000%	195,000	126,687.50		
	11/01/29	6,605,000			123,762.50	445,450.00	
	05/01/30	6,605,000	3.000%	200,000	123,762.50		
	11/01/30	6,405,000			120,762.50	444,525.00	
	05/01/31	6,405,000	3.000%	205,000	120,762.50		
	11/01/31	6,200,000			117,687.50	443,450.00	
	05/01/32	6,200,000	3.500%	215,000	117,687.50		
	11/01/32	5,985,000			113,925.00	446,612.50	
	05/01/33	5,985,000	3.500%	220,000	113,925.00		
	11/01/33	5,765,000			110,075.00	444,000.00	
	05/01/34	5,765,000	3.500%	230,000	110,075.00		
	11/01/34	5,535,000			106,050.00	446,125.00	
	05/01/35	5,535,000	3.500%	240,000	106,050.00		
	11/01/35	5,295,000			101,850.00	447,900.00	
	05/01/36	5,295,000	3.500%	245,000	101,850.00		
	11/01/36	5,050,000			97,562.50	444,412.50	
	05/01/37	5,050,000	3.500%	255,000	97,562.50		
	11/01/37	4,795,000			93,100.00	445,662.50	
	05/01/38	4,795,000	3.500%	265,000	93,100.00		
	11/01/38	4,530,000			88,462.50	446,562.50	
	05/01/39	4,530,000	3.500%	275,000	88,462.50		
	11/01/39	4,255,000			83,650.00	447,112.50	
	05/01/40	4,255,000	3.500%	285,000	83,650.00		
	11/01/40	3,970,000			78,662.50	447,312.50	
	05/01/41	3,970,000	3.500%	295,000	78,662.50		
	11/01/41	3,675,000			73,500.00	447,162.50	
	05/01/42	3,675,000	4.000%	305,000	73,500.00		
	11/01/42	3,370,000			67,400.00	445,900.00	
	05/01/43	3,370,000	4.000%	315,000	67,400.00		
	11/01/43	3,055,000			61,100.00	443,500.00	
	05/01/44	3,055,000	4.000%	330,000	61,100.00		
	11/01/44	2,725,000			54,500.00	445,600.00	
	05/01/45	2,725,000	4.000%	345,000	54,500.00		
	11/01/45	2,380,000			47,600.00	447,100.00	
	05/01/46	2,380,000	4.000%	360,000	47,600.00		
	11/01/46	2,020,000			40,400.00	448,000.00	
	05/01/47	2,020,000	4.000%	370,000	40,400.00		
	11/01/47	1,650,000			33,000.00	443,400.00	
	05/01/48	1,650,000	4.000%	390,000	33,000.00		
	11/01/48	1,260,000			25,200.00	448,200.00	
	05/01/49	1,260,000	4.000%	405,000	25,200.00		
	11/01/49	855,000			17,100.00	447,300.00	
	05/01/50	855,000	4.000%	420,000	17,100.00		
	11/01/50	435,000			8,700.00	445,800.00	
	05/01/51	435,000	4.000%	435,000	8,700.00		
	11/01/51					443,700.00	
Total				$7,175,000	$4,105,175	$11,280,175	

Adopted Budget
Debt Service Series 2026 Capital Improvement Revenue Bonds

Description

Adopted Budget FY 2026

Actuals Thru	Projected Next  Projected Thru

6/30/26

	3 Months	

9/30/26

Adopted Budget FY 2027

REVENUES:

Special Assessment
Bond Proceeds	$	-  $	-
-	284,509	$	-
-	$	-
284,509	$	331,703
-	
Interest Income	-	463	80	543	1,000	
Carry Forward Surplus (1)	-	-	-	-	285,052	
TOTAL REVENUES	$	-  $	284,972	$	80	$	285,052	$	617,754	

EXPENDITURES:					
Interest - 11/1	$	-  $	-	$	-	$	-	$	118,670	
Interest - 5/1	-	-	-	-	128,679	
Principal - 5/1	-	-	-	-	75,000	
TOTAL EXPENDITURES	$	-  $	-	$	-	$	-	$	322,349	

Other Sources/(Uses)					

Interfund transfer In/(Out)	
$	-	
$	-	
$	-	
$	-	
$	-	
TOTAL OTHER SOURCES/(USES)	$	-  $	-	$	-	$	-	$	-	
					
TOTAL EXPENDITURES	$	-  $	-	$	-	$	-	$	322,349	
					
EXCESS REVENUES (EXPENDITURES)	$	-  $	284,972	$	80	$	285,052	$	295,405	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/27

 $	127,179 

AMORTIZATION SCHEDULE
Debt Service Series 2026 Capital Improvement Revenue Bonds

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	
						
11/01/26	4,840,000			118,670.40	118,670.40	
05/01/27	4,840,000	4.000%	75,000.00	128,678.75		
11/01/27	4,765,000			127,178.75	330,857.50	
05/01/28	4,765,000	4.000%	75,000.00	127,178.75		
11/01/28	4,690,000			125,678.75	327,857.50	
05/01/29	4,690,000	4.000%	80,000.00	125,678.75		
11/01/29	4,610,000			124,078.75	329,757.50	
05/01/30	4,610,000	4.000%	85,000.00	124,078.75		
11/01/30	4,525,000			122,378.75	331,457.50	
05/01/31	4,525,000	4.000%	85,000.00	122,378.75		
11/01/31	4,440,000			120,678.75	328,057.50	
05/01/32	4,440,000	4.350%	90,000.00	120,678.75		
11/01/32	4,350,000			118,721.25	329,400.00	
05/01/33	4,350,000	4.350%	95,000.00	118,721.25		
11/01/33	4,255,000			116,655.00	330,376.25	
05/01/34	4,255,000	4.350%	100,000.00	116,655.00		
11/01/34	4,155,000			114,480.00	331,135.00	
05/01/35	4,155,000	4.350%	105,000.00	114,480.00		
11/01/35	4,050,000			112,196.25	331,676.25	
05/01/36	4,050,000	4.350%	105,000.00	112,196.25		
11/01/36	3,945,000			109,912.50	327,108.75	
05/01/37	3,945,000	5.350%	110,000.00	109,912.50		
11/01/37	3,835,000			106,970.00	326,882.50	
05/01/38	3,835,000	5.350%	120,000.00	106,970.00		
11/01/38	3,715,000			103,760.00	330,730.00	
05/01/39	3,715,000	5.350%	125,000.00	103,760.00		
11/01/39	3,590,000			100,416.25	329,176.25	
05/01/40	3,590,000	5.350%	130,000.00	100,416.25		
11/01/40	3,460,000			96,938.75	327,355.00	
05/01/41	3,460,000	5.350%	140,000.00	96,938.75		
11/01/41	3,320,000			93,193.75	330,132.50	
05/01/42	3,320,000	5.350%	145,000.00	93,193.75		
11/01/42	3,175,000			89,315.00	327,508.75	
05/01/43	3,175,000	5.350%	155,000.00	89,315.00		
11/01/43	3,020,000			85,168.75	329,483.75	
05/01/44	3,020,000	5.350%	165,000.00	85,168.75		
11/01/44	2,855,000			80,755.00	330,923.75	
05/01/45	2,855,000	5.350%	170,000.00	80,755.00		
11/01/45	2,685,000			76,207.50	326,962.50	
05/01/46	2,685,000	5.350%	180,000.00	76,207.50		
11/01/46	2,505,000			71,392.50	327,600.00	
05/01/47	2,505,000	5.700%	190,000.00	71,392.50		
11/01/47	2,315,000			65,977.50	327,370.00	
05/01/48	2,315,000	5.700%	205,000.00	65,977.50		
11/01/48	2,110,000			60,135.00	331,112.50	
05/01/49	2,110,000	5.700%	215,000.00	60,135.00		
11/01/49	1,895,000			54,007.50	329,142.50	
05/01/50	1,895,000	5.700%	225,000.00	54,007.50		
11/01/50	1,670,000			47,595.00	326,602.50	
05/01/51	1,670,000	5.700%	240,000.00	47,595.00		
11/01/51	1,430,000			40,755.00	328,350.00	
05/01/52	1,430,000	5.700%	255,000.00	40,755.00		
11/01/52	1,175,000			33,487.50	329,242.50	
05/01/53	1,175,000	5.700%	270,000.00	33,487.50		
11/01/53	905,000			25,792.50	329,280.00	
05/01/54	905,000	5.700%	285,000.00	25,792.50		
11/01/54	620,000			17,670.00	328,462.50	
05/01/55	620,000	5.700%	300,000.00	17,670.00		
11/01/55	320,000			9,120.00	326,790.00	
05/01/56	320,000	5.700%	320,000.00	9,120.00		
11/01/56	-				329,120.00	
Total		$	4,840,000	5,148,581.65	9,988,581.65	

Adopted Budget Capital Reserve Fund

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY 2026	6/30/26	  3 Months		9/30/26	FY 2027	

REVENUES:						
Interest Income	$	1,000	$	1,730	$	250	$	1,980	$	1,000	
Capital Reserve Funding - Transfer In	400,000	-	400,000	400,000	600,000	
Carry Forward Balance	130,665	161,190	-	161,190	228,569	
TOTAL REVENUES	$  531,665	$  162,920	$  400,250	$  563,170	$  829,569	

EXPENDITURES:						
Repair and Replacements	$	50,000	$	69,466	$	50,000	$	119,466	$	50,000	
RiverHouse Access Control System (C/S)	4,422	6,102	-	6,102	18,951	
RiverHouse Painting (C/S)	26,733	14,590	14,590	29,180	-	
RiverHouse Furniture (C/S)	23,584	-	23,584	23,584	-	
RiverHouse A/C Unit Replacement (C/S)	32,428	-	32,428	32,428	-	
RiverHouse Tennis Court Fencing (C/S)	23,584	-	23,584	23,584	-	
RiverHouse Pool Pump Sand Filtration (C/S)	36,850	-	36,850	36,850	-	
Permanent Holiday Lighting (C/S)	22,995	-	22,995	22,995	-	
Playground Equipment (C/S)	5,896	-	5,896	5,896	-	
Pocket Parks Equipment Repair/Replacement (C/S)	13,075	-	13,075	13,075	12,541	
Maintenance Golf Cart (C/S)	2,948	-	2,948	2,948	-	
Maintenance Work Truck (C/S)	19,162	18,493	-	18,493	-	
RiverHouse Patio Furniture (C/S)	-	-	-	-	8,361	
RiverTown Blvd. Asphalt Resurfacing (C/S)	-	-	-	-	34,836	
NorthLake Park Renovation (C/S)	-	-	-	-	16,721	
RiverTown Blvd. Fencing Replacement (C/S)	-	-	-	-	25,082	
RiverFront Park Parking Lot (C/S)	-	-	-	-	22,295	
RiverTown Entrance Pump/Filtration (C/S)	-	-	-	-	27,869	
Tennis Court Resurfacing (C/S)	-	-	-	-	6,131	
RiverClub Expansion Joint (C/S)	-	-	-	-	13,935	
TOTAL EXPENDITURES	$  261,677	$  108,651	$  225,950	$  334,601	$  236,722	

Other Sources/(Uses)

Transfer in/(Out)

$	-  $	-  $

-  $	-  $	-

EXCESS REVENUES (EXPENDITURES)	$  269,988  $	54,269  $  174,300  $  228,569  $  592,847

TOTAL EXPENDITURES	$  261,677  $  108,651  $  225,950  $  334,601  $  236,722

TOTAL OTHER SOURCES/(USES)	$	-  $	-  $	-  $	-  $	-

Capital Reserve Study

Description	FY 2027-
Reserve Study	FY 2027 -
Budget	
Variance	
Reserves Beginning of Year	$	184,372	$	228,569		
Contributions	132,816	600,000		
Interest Income	9,330	1,000		
Expenditures	6,180	(236,722)		
Anticipated Balance	$	332,698	$	592,847	$	260,149	

Non-Ad Valorem Assessments Comparison 2026-2027

Neighborhood	O&M Units	
Annual Maintenance Assessments	
	
FY 2027	
FY 2026	
Increase/ (decrease)	

Townhomes	

314	

$1,430.40	

$1,172.46	

$257.94	

22%	
Single Family - 30'-39' Lot	146	$1,571.31	$1,287.97	$283.34	22%	
Single Family - 40'-49' Lot	360	$1,845.70	$1,512.86	$332.84	22%	
Single Family - 50'-59' Lot	261	$2,169.93	$1,778.63	$391.30	22%	
Single Family - 60'-69' Lot	0	$0.00	$0.00	$0.00	-	
Single Family - 70'-79' Lot	65	$2,993.00	$2,453.28	$539.72	22%	
Single Family - 80' Lot	50	$3,317.24	$2,719.04	$598.20	22%	
Total	1196