OTC

Community Development District

Fiscal Year 2018

Approved Budget

May 10, 2017

Governmental

Management Services

O'TC

Community Vevewyment Vistrict

TYl'BLE or CONTENT'S

Genera{ 'Fund

Sun11nary of Revenues andExyenses	Tage 1

.'Narrative	Tage 2-5

Series 2oozYl Debt Service 'Fund

Sun11nary of Revenues andExyenses	Tage 6

Anwrtization Scfiedu{e	Tage 7

Capita{Reserve 'Fund	Tage 8
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OTC

Community Development District

	Adopted			Actual					Approved		
	Budget	As of		Projected			Budget		
	FY 17	12/31/16		9/30/2017			FY 18		
Revenues												
Assessments - Tax Collector	$74,525			$73,557			$74,525			$74,525		
Carry Forward Surplus	$25,107			$24,009			$24,009			$18,707		
												
Total Revenues	$99,632			$97,566			$98,534			$93,232		
Expenditures												
Administrative												
Engineering	$3,000			$0			$3,000			$3,000		
Attorney	$10,000			$477			$5,000			$10,000		
Arbitrage	$600			$417			$600			$600		
Annual Audit	$3,900			$0			$3,900			$3,900		
Assessment Roll Administration	$5,000			$5,000			$5,000			$5,000		
Dissemination Agent	$5,250			$100			$5,250			$5,250		
Trustee Fees	$3,600			$3,500			$3,500			$3,600		
Management Fees	$35,000			$8,750			$35,000			$35,000		
Information Technology	$2,000			$500			$2,000			$2,000		
Telephone	$50			$0			$50			$50		
Postage	$450			$6			$450			$450		
Insurance	$6,515			$6,042			$6,042			$6,515		
Printing & Binding	$730			$6			$730			$730		
Travel	$250			$0			$250			$250		
Legal Advertising	$3,136			$0			$1,500			$3,136		
Other Current Charges	$1,000			$67			$1,000			$1,000		
Office Supplies	$100			$0			$100			$100		
Dues, Licenses & Subscriptions	$175			$175			$175			$175		
Capital Outlay	$100			$0			$100			$100		
Capital Reserve	$16,400			$0			$0			$10,000		
Maintenance												
Stormwater maintenance	$2,376			$594			$2,376			$2,376		
												
Total Expenditures	$99,632			$25,634			$76,023			$93,232		
												
Excess Revenues (Expenditures)	$0			$71,932			$22,511			$0		
											
							FY 2017		FY 2018		
	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		

O'TC

Community 1Jevewyment 1Jistrict
@enera{:funa'.BudjJet
J1/ 2018

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:

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.

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.

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OTC

Community 1Jevewyment District @eneraC:fu:nd'.Bw:ljJet
:fY 2018

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.

Information Technology

The cost related to District's accounting and information systems, District website creation and maintenance, electronic compliance witl1 Florida Statutes and other electronic data requirements.

Telephone

Telephone and fax machine

Postage

Mailing of agenda packages, overnight deliveries, correspondence, etc.

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O'TC

Community 'DevefiJyment 'District @enera{JJuna~udiJet

J1/ 2018

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.

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.

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OTC

Community 1Jeveloyment 1Jistrict (jenera[:funa'Bwfget

:F}J 2018

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. Jolms Water River Management District permit #04-031-65850-43.

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OTC

Community Development District					Debt Service Fund		
								Series 2007A		
											
		Adopted		Actual			Approved		
		Budget		As of	Projected	Budget		
Description		FY 17		12/31/16			9/30/2017			FY 18		
Revenues											
Carry Forward Surplus (1)	$241,951	$241,840			$241,840			$241,285		
Assessments - Tax Collector	$652,885	$644,402			$652,885			$652,885		
Interest Income	$300	$36			$100			$300		
										
Total Revenues	$895,136		$886,278			$894,825			$894,470		
Expenditures											
Series 2007A											
Interest 11/1	$217,035	$217,035			$217,035			$211,205		
Principal 11/1 (Special Call)	$20,000	$20,000			$20,000			$30,000		
Interest 5/1	$217,035	$0			$216,505			$211,205		
Principal 5/1	$200,000	$0			$200,000			$210,000		
Principal 5/1 (Special Call)	$20,000	$0			$0			$0		
										
Total Expenditures	$674,070		$237,035			$653,540			$662,410		
										
EXCESS REVENUES / (EXPENDITURES)	$221,066		$649,243			$241,285			$232,060		
(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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O'TC

Community 1Jeve{oyment 1Jistrict

Series 2007.'ASyecia[ .'Assessment '.Bonds

2\wortizatimt 5cficdy[g.

DATE		BALANCE	RATE		PRINCIPAL		INTEREST		TOTAL	
05/01/17	$	8,170,000.00	5.30%	$	200,000.00	$	216,505.00			
11/01/17	$	7.970.000 00	530%			$	211.205.00	$	627.710.00	
05/01/18	$	7,970,000.00	5.30%	$	210,000.00	$	211,205.00			
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	
				$	8,170,000.00	$	5,668,615.00	$	13,838,615.00	

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OTC

Community Development District

Capital Reserve Fund

		Adopted		Actual				Approved	
		Budget		As of		Projected		Budget	
Description		FY 17		12/31/16		9/30/2017		FY 18	
Revenues								
Interest Income	$0	$111	$273	$0	
Capital Reserve Funding - Transfer In	$16,400	$0	$400	$10,000	
Carry Forward Surplus	$50,677	$50,692	$50,692	$51,365	
						
Total Revenues	$67,077		$50,803		$51,365		$61,365	
Expenditures								
Capital Outlay	$0	$0	$0	$0	
						
Total Expenditures	$0		$0		$0		$0	
						
EXCESS REVENUES / (EXPENDITURES)	$67,077		$50,803		$51,365		$61,365	

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