OTC

Community Development District

Fiscal Year 2019

Approved Budget

July 11, 2018

Governmental

Management Services

OTC

Community Development District

TABLE OF CONTENTS

General Fund

Summary of Revenues and Expenses	Page 1

Narrative	Page 2-5

Series 2007A Debt Service Fund

Summary of Revenues and Expenses	Page 6

Amortization Schedule	Page 7

Capital Reserve Fund	Page 8

OTC

Community Development District

	Adopted			Actual		Projected					Approved		
	Budget	As of	Next 6			Projected			Budget		
	FY 18	3/31/18		Months	9/30/2018			FY 19		
Revenues														
Assessments - Tax Collector	$74,525			$73,547		$978			$74,525			$74,525		
Carry Forward Surplus	$18,707			$12,461		$0			$12,461			$18,707		
														
Total Revenues	$99,632			$86,008		$978			$86,986			$93,232		
Expenditures														
Administrative														
Supervisors	$0			$0		$0			$0			$1,800		
FICA Expense	$0			$0		$0			$0			$92		
Engineering	$3,000			$488		$1,500			$1,988			$2,000		
Attorney	$10,000			$1,278		$4,000			$5,278			$10,000		
Arbitrage	$600			$0		$600			$600			$600		
Annual Audit	$3,900			$0		$3,900			$3,900			$3,900		
Assessment Roll Administration	$5,000			$5,000		$0			$5,000			$5,000		
Dissemination Agent	$5,250			$3,000		$2,500			$5,500			$5,250		
Trustee Fees	$3,600			$0		$3,600			$3,600			$3,600		
Management Fees	$35,000			$17,500		$17,500			$35,000			$35,000		
Information Technology	$2,000			$1,008		$1,000			$2,008			$2,000		
Telephone	$50			$6		$50			$11			$50		
Postage	$450			$37		$150			$187			$450		
Insurance	$6,515			$6,042		$0			$6,042			$6,515		
Printing & Binding	$730			$160		$150			$310			$730		
Travel	$250			$0		$100			$100			$250		
Legal Advertising	$3,136			$1,447		$1,000			$1,227			$3,136		
Other Current Charges	$1,000			$315		$300			$615			$1,000		
Office Supplies	$100			$27		$25			$52			$100		
Dues, Licenses & Subscriptions	$175			$175		$0			$175			$175		
Capital Outlay	$100			$0		$100			$100			$100		
Capital Reserve	$10,000			$10,000		$0			$10,000			$9,108		
Maintenance														
Stormwater maintenance	$2,376			$1,188		$1,188			$2,376			$2,376		
														
Total Expenditures	$93,232			$47,671		$37,663			$84,069			$93,232		
														
Excess Revenues (Expenditures)	$0			$38,336		-$36,685			$2,917			$0		
													
									FY 2018		FY 2019		
	Net Assessments						$74,525			$74,525		
	Discounts & Collections (7.5%)				$6,043			$6,043		
	Gross Assessments						$80,568			$80,568		
	Square Footage - 780,000									
										
				1			$	0.096	$	0.096		
	Net Assessment per square ft							
	Gross Assessment per Square Ft		$	0.103	$	0.103		

OTC

Community Development District

General Fund Budget

FY 2019

REVENUES:

Assessments

Annual assessments will be levied on all assessable property within the District to fund the operating budget for the fiscal year. The assessments will be collected by the Duval County Tax Collectors Office.

EXPENDITURES:

Administrative:

Supervisor 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 5 supervisors for 12 monthly meetings.

FICA Expense

These expenses represent the Employer's share of Social Security and Medicare taxes withheld from the Board of Supervisors checks.

Engineering Fees

The District’s engineering firm, England Thims, and Miller, will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc.

Attorney

The District’s legal counsel, Hopping Green and Sams, will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc.

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OTC

Community Development District

General Fund Budget

FY 2019

Arbitrage

The District is required to annually have an arbitrage rebate calculation on the District’s Series 2007 Special Assessment Revenue Bonds. The District has contracted with Grau and Company to calculate the rebate liability and submit a report to the District.

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 Grau and Associates to conduct their annual audit.

Assessment Roll

Governmental Management Services serves as the District’s collection agent and certifies the District’s non-ad valorem assessments with the county tax collector.

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. The District has contracted with Prager & Co., LLC, the District’s bond underwriter, to provide this service.

Trustee Fees

The District’s Series 2007 Special Assessment Revenue Bonds are held by a trustee at Region’s Bank. The amount represents the fee for the administration of the District’s bond issue.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. These services are further outlined in Exhibit “A” of the Management Agreement. District website services are included in the GMS agreement to be compliant with section 189 of the Florida Statutes.

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OTC

Community Development District

General Fund Budget

FY 2019

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.

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes, etc.

Insurance

The District’s General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance (FIA). The amount is based upon prior year’s premiums.

Travel

Expenses the Board of Supervisors may incur due to attending an OTC Community Development District meeting or other District related travel expenses.

Legal Advertising

The District is required to advertise various notices for Board meetings, public hearings etc. in a newspaper of general circulation.

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OTC

Community Development District

General Fund Budget

FY 2019

Other Current Charges

This includes bank charges and any other miscellaneous expenses that are incurred during the year by the District.

Office Supplies

Miscellaneous office supplies.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Department of Community Affairs for $175. This is the only expense under this category for the District.

Capital Outlay

Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for District files.

Maintenance:

Storm water

The District has entered into an agreement with Argyle Forest Retail 1, LLC for pond maintenance services dated May 2008. The agreement provides for Argyle to provide services related to District pond/storm water facilities and to maintain compliance with St. Johns Water River Management District permit #04-031-65850-43.

Vendor	Monthly Amount	Annual Amount	
Argyle Forest Retail 1, LLC	$198.00	$2,376	

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OTC

Community Development District							Debt Service Fund		
										Series 2007A		
													
		Adopted		Actual		Projected			Approved		
		Budget		As of		Next 6	Projected		Budget		
Description		FY 18		3/31/18		Months			9/30/2018			FY 19		
Revenues													
Carry Forward Surplus (1)	$241,285	$475,577	$0			$475,577			$268,431		
Assessments - Tax Collector	$652,885	$644,315	$8,570			$652,885			$652,885		
Interest Income	$300	$1,882	$100			$1,982			$1,000		
											
Total Revenues	$894,470		$1,121,774		$8,670			$1,130,444			$922,316		
Expenditures													
Series 2007A													
Interest 11/1	$211,205	$210,808	$0			$210,808			$205,640		
Principal 11/1 (Special Call)	$30,000	$230,000	$0			$230,000			$0		
Interest 5/1	$211,205	$0	$211,205			$211,205			$205,640		
Principal 5/1	$210,000	$0	$210,000			$210,000			$225,000		
Principal 5/1 (Special Call)	$0	$0	$0			$0			$0		
											
Total Expenditures	$662,410		$440,808		$421,205			$862,013			$636,280		
											
EXCESS REVENUES / (EXPENDITURES)	$232,060		$680,966		-$412,535			$268,431			$286,036		
(1) Carryforward Surplus is net of reserve fund requirements										
				11/01/2018 Interest Payment		$ 205,640		
				Net Assessments				$652,885		
				Discounts & Collections (7.5%)				$52,937		
				Gross Assessments				$705,822		
				Square Footage - 780,000						
										
				Net Assessemnts per square ft		$	0.8370		
				Gross Assessments per square ft	$	0.9000		

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OTC

Community Development District

Series 2007A Special Assessment Bonds

Amortization Schedule

DATE		BALANCE	RATE		PRINCIPAL		INTEREST		TOTAL	
										
11/01/18	$	7,760,000.00	5.30%			$	205,640.00	$	626,845.00	
05/01/19	$	7,760,000.00	5.30%	$	225,000.00	$	205,640.00			
11/01/19	$	7,535,000.00	5.30%			$	199,677.50	$	630,317.50	
05/01/20	$	7,535,000.00	5.30%	$	235,000.00	$	199,677.50			
11/01/20	$	7,300,000.00	5.30%			$	193,450.00	$	628,127.50	
05/01/21	$	7,300,000.00	5.30%	$	250,000.00	$	193,450.00			
11/01/21	$	7,050,000.00	5.30%			$	186,825.00	$	630,275.00	
05/01/22	$	7,050,000.00	5.30%	$	265,000.00	$	186,825.00			
11/01/22	$	6,785,000.00	5.30%			$	179,802.50	$	631,627.50	
05/01/23	$	6,785,000.00	5.30%	$	275,000.00	$	179,802.50			
11/01/23	$	6,510,000.00	5.30%			$	172,515.00	$	627,317.50	
05/01/24	$	6,510,000.00	5.30%	$	290,000.00	$	172,515.00			
11/01/24	$	6,220,000.00	5.30%			$	164,830.00	$	627,345.00	
05/01/25	$	6,220,000.00	5.30%	$	310,000.00	$	164,830.00			
11/01/25	$	5,910,000.00	5.30%			$	156,615.00	$	631,445.00	
05/01/26	$	5,910,000.00	5.30%	$	325,000.00	$	156,615.00			
11/01/26	$	5,585,000.00	5.30%			$	148,002.50	$	629,617.50	
05/01/27	$	5,585,000.00	5.30%	$	340,000.00	$	148,002.50			
11/01/27	$	5,245,000.00	5.30%			$	138,992.50	$	626,995.00	
05/01/28	$	5,245,000.00	5.30%	$	360,000.00	$	138,992.50			
11/01/28	$	4,885,000.00	5.30%			$	129,452.50	$	628,445.00	
05/01/29	$	4,885,000.00	5.30%	$	380,000.00	$	129,452.50			
11/01/29	$	4,505,000.00	5.30%			$	119,382.50	$	628,835.00	
05/01/30	$	4,505,000.00	5.30%	$	400,000.00	$	119,382.50			
11/01/30	$	4,105,000.00	5.30%			$	108,782.50	$	628,165.00	
05/01/31	$	4,105,000.00	5.30%	$	425,000.00	$	108,782.50			
11/01/31	$	3,680,000.00	5.30%			$	97,520.00	$	631,302.50	
05/01/32	$	3,680,000.00	5.30%	$	445,000.00	$	97,520.00			
11/01/32	$	3,235,000.00	5.30%			$	85,727.50	$	628,247.50	
05/01/33	$	3,235,000.00	5.30%	$	470,000.00	$	85,727.50			
11/01/33	$	2,765,000.00	5.30%			$	73,272.50	$	629,000.00	
05/01/34	$	2,765,000.00	5.30%	$	495,000.00	$	73,272.50			
11/01/34	$	2,270,000.00	5.30%			$	60,155.00	$	628,427.50	
05/01/35	$	2,270,000.00	5.30%	$	525,000.00	$	60,155.00			
11/01/35	$	1,745,000.00	5.30%			$	46,242.50	$	631,397.50	
05/01/36	$	1,745,000.00	5.30%	$	550,000.00	$	46,242.50			
11/01/36	$	1,195,000.00	5.30%			$	31,667.50	$	627,910.00	
05/01/37	$	1,195,000.00	5.30%	$	580,000.00	$	31,667.50			
11/01/37	$	615,000.00	5.30%			$	16,297.50	$	627,965.00	
05/01/38	$	615,000.00	5.30%	$	615,000.00	$	16,297.50			
11/01/38								$	631,297.50	
										
				$	7,760,000.00	$	5,029,700.00	$	13,210,905.00	

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OTC

Community Development District

Capital Reserve Fund

		Adopted		Actual		Projected				Approved	
		Budget		As of		Next 6		Projected		Budget	
Description		FY 18		3/31/18		Months		9/30/2018		FY 19	
Revenues										
Interest Income	$0	$525	$250	$775	$0	
Capital Reserve Funding - Transfer In	$10,000	$10,000	$0	$10,000	$11,000	
Carry Forward Surplus	$51,365	$67,646	$0	$67,646	$78,421	
							
Total Revenues	$67,077		$78,171		$250		$78,421		$89,421	
Expenditures										
Capital Outlay	$0	$0	$0	$0	$0	
							
Total Expenditures	$0		$0		$0		$0		$0	
							
EXCESS REVENUES / (EXPENDITURES)	$67,077		$78,171		$250		$78,421		$89,421	

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