OTC
Community Development District

Fiscal Year 2020
Approved Budget

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 as of		Projected		Approved	
	Budget FY 19		3/31/2019		9/30/2019		Budget FY 20	
Revenues								
Assessments -­‐ Tax Collector	$74,525		$72,485		$74,525		$74,525	
Carry Forward Surplus	$18,707		$14,843		$14,843		$8,822	
Total Revenues	 	$93,232		 	$87,328		 	$89,368		 	$83,347	
Expenditures								
Administrative								
Supervisors	$1,800		$400		$1,200		$1,800	
FICA Expense	$92		$31		$92		$92	
Engineering Fees	$2,000		$0		$1,000		$2,000	
Attorney Fees	$10,000		$724		$3,724		$7,500	
Arbitrage	$600		$0		$600		$600	
Annual Audit	$3,900		$0		$3,500		$3,900	
Assessment Roll	$5,000		$5,000		$5,000		$5,000	
Dissemination	$5,250		$2,500		$5,000		$5,250	
Trustee Fees	$3,600		$3,500		$3,500		$3,600	
Management Fees -­‐ GMS	$35,000		$17,500		$35,000		$35,000	
Computer Time	$2,000		$1,000		$2,000		$2,000	
Telephone	$50		$11		$21		$50	
Postage	$450		$70		$120		$450	
Printing & Binding	$730		$126		$226		$730	
Insurance	$6,515		$6,042		$6,042		$6,646	
Travel	$250		$0		$100		$250	
Legal Advertising	$3,136		$0		$1,500		$2,000	
Other Current Charges	$1,000		$140		$240		$1,000	
Office Supplies	$100		$13		$23		$100	
Dues, Licenses, Subscriptions	$175		$175		$175		$175	
Capital Outlay	$100		$0		$0		$100	
Capital Reserve	$9,108		$0		$9,108		$2,728	
Maintenance								
Stormwater maintenance	$2,376		$1,188		$2,376		$2,376	
Total Expenditures	 	$93,232		 	$38,419		 	$80,546		 	$83,347	
Excess Revenues (Expenditures)	 	$0		 	$48,909		 	$8,822		 	$0	
					FY 2019		FY 2020	
Net Assessments	$74,525		$74,525	
Discounts & Collections (7.5%)	 	$6,043		 	$6,043	
Gross Assessments	 	$80,568		 	$80,568	
Square Footage -­‐ 780,000				
Net Assessment per square ft	$	0.096		$	0.096	
Gross Assessme1nt per Square Ft	$	0.103		$	0.103	

OTC
Community Development District General Fund Budget

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.

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.

OTC
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 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.

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.

OTC
Community Development District General Fund Budget

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.

OTC
Community Development District General Fund Budget

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

OTC
Community Development District	Debt Service Fund Series 2007A

 Description			Adopted
   Budget FY 19 		Actual   as of
   3/31/2019 		Projected
 	9/30/19			Approved
  Budget FY 20 	

Revenues									
Carry Forward Surplus (1)		$268,431		$280,853		$280,853		$317,943	
Assessments -­‐ Tax Collector		$652,885		$635,014		$652,885		$652,885	
Interest Income		$1,000		$5,385		$7,500		$2,500	
Total Revenues		 	$922,316		 	$921,252		 	$941,238		 	$973,328	

Expenditures									
Series 2007A									
Interest 11/1		$205,640		$199,148		$199,148		$190,800	
Interest 5/1		$205,640		$0		$199,148		$190,800	
Principal 5/1		$225,000		$0		$215,000		$225,000	
Principal 5/1 (Special Call)		$0		$0		$10,000		$0	
Total Expenditures		 	$636,280		 	$199,148		 	$623,295		 	$606,600	
EXCESS REVENUES / (EXPENDITURES)		 	$286,036		 	$722,104		 	$317,943		 	$366,728	
(1) Carryforward Surplus is net of reserve fund requirements			
	11/01/2020 Interest Payment	$	184,838	
	
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	

OTC
Community Development District
Series 2007A Special Assessment Bonds
Amortization Schedule

DATE	BALANCE	RATE	PRINCIPAL	INTEREST	TOTAL	
11/01/18	$	7,200,000.00	5.30%		$	190,800.00	$	190,800.00	
05/01/19	$	7,200,000.00	5.30%	$	225,000.00	$	190,800.00		
11/01/19	$	6,975,000.00	5.30%		$	184,837.50	$	600,637.50	
05/01/20	$	6,975,000.00	5.30%	$	235,000.00	$	184,837.50		
11/01/20	$	6,740,000.00	5.30%		$	178,610.00	$	598,447.50	
05/01/21	$	6,740,000.00	5.30%	$	250,000.00	$	178,610.00		
11/01/21	$	6,490,000.00	5.30%		$	171,985.00	$	600,595.00	
05/01/22	$	6,490,000.00	5.30%	$	265,000.00	$	171,985.00		
11/01/22	$	6,225,000.00	5.30%		$	164,962.50	$	601,947.50	
05/01/23	$	6,225,000.00	5.30%	$	280,000.00	$	164,962.50		
11/01/23	$	5,945,000.00	5.30%		$	157,542.50	$	602,505.00	
05/01/24	$	5,945,000.00	5.30%	$	295,000.00	$	157,542.50		
11/01/24	$	5,650,000.00	5.30%		$	149,725.00	$	602,267.50	
05/01/25	$	5,650,000.00	5.30%	$	310,000.00	$	149,725.00		
11/01/25	$	5,340,000.00	5.30%		$	141,510.00	$	601,235.00	
05/01/26	$	5,340,000.00	5.30%	$	325,000.00	$	141,510.00		
11/01/26	$	5,015,000.00	5.30%		$	132,897.50	$	599,407.50	
05/01/27	$	5,015,000.00	5.30%	$	345,000.00	$	132,897.50		
11/01/27	$	4,670,000.00	5.30%		$	123,755.00	$	601,652.50	
05/01/28	$	4,670,000.00	5.30%	$	365,000.00	$	123,755.00		
11/01/28	$	4,305,000.00	5.30%		$	114,082.50	$	602,837.50	
05/01/29	$	4,305,000.00	5.30%	$	385,000.00	$	114,082.50		
11/01/29	$	3,920,000.00	5.30%		$	103,880.00	$	602,962.50	
05/01/30	$	3,920,000.00	5.30%	$	405,000.00	$	103,880.00		
11/01/30	$	3,515,000.00	5.30%		$	93,147.50	$	602,027.50	
05/01/31	$	3,515,000.00	5.30%	$	425,000.00	$	93,147.50		
11/01/31	$	3,090,000.00	5.30%		$	81,885.00	$	600,032.50	
05/01/32	$	3,090,000.00	5.30%	$	450,000.00	$	81,885.00		
11/01/32	$	2,640,000.00	5.30%		$	69,960.00	$	601,845.00	
05/01/33	$	2,640,000.00	5.30%	$	475,000.00	$	69,960.00		
11/01/33	$	2,165,000.00	5.30%		$	57,372.50	$	602,332.50	
05/01/34	$	2,165,000.00	5.30%	$	500,000.00	$	57,372.50		
11/01/34	$	1,665,000.00	5.30%		$	44,122.50	$	601,495.00	
05/01/35	$	1,665,000.00	5.30%	$	525,000.00	$	44,122.50		
11/01/35	$	1,140,000.00	5.30%		$	30,210.00	$	599,332.50	
05/01/36	$	1,140,000.00	5.30%	$	555,000.00	$	30,210.00		
11/01/36	$	585,000.00	5.30%		$	15,502.50	$	600,712.50	
05/01/37	$	585,000.00	5.30%	$	585,000.00	$	15,502.50		
11/01/37	$	-­‐	5.30%		$	-­‐	$	600,502.50	
05/01/38	$	-­‐	5.30%	$	615,000.00	$	-­‐		
11/01/38			$	-­‐	
	$	7,815,000.00	$	4,413,575.00	$	11,613,575.00	

OTC
Community Development District	Capital Reserve Fund

	Adopted		Actual as of		Projected		Approved	
 Description			   Budget FY 19 		   3/31/2019 		 	9/30/19			 Budget FY 20 	

Revenues									
Interest Income		$0		$1,014		$3,000		$1,500	
Capital Reserve Funding -­‐ Transfer In		$11,000		$0		$9,108		$2,728	
Carry Forward Surplus		$78,421		$69,023		$69,023		$81,131	
Total Revenues		 	$67,077		 	$70,036		 	$81,131		 	$85,359	

Expenditures									
Capital Outlay		$0		$0		$0		$0	
Total Expenditures		 	$0		 	$0		 	$0		 	$0	
EXCESS REVENUES / (EXPENDITURES)		 	$67,077		 	$70,036		 	$81,131		 	$85,359