OTC
Community Development District

Fiscal Year 2023
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

Approved Operating Budget

Adopted	Actual as of		Projected		Projected		Approved	
	Budget FY 22	3/31/2022		6 Months		9/30/2022		Budget FY 23	
Revenues									
Assessments - Tax Collector	$	74,525	$	73,031		$	1,494		$	74,525		$	74,525	
Carry Forward Surplus	$	7,714	$	7,714		$	-		$	7,714		$	9,723	
Total Revenues	
 $	82,239 	 $	80,745 		 $	1,494 		 $	82,239 		 $	84,248 	
Expenditures									
Administrative									
Supervisors	$	1,800	$	-		$	600		$	600		$	1,800	
FICA Expense	$	138	$	-		$	46		$	46		$	138	
Engineering Fees	$	2,000	$	-		$	1,000		$	1,000		$	2,000	
Attorney Fees	$	7,500	$	1,660		$	2,500		$	4,160		$	7,500	
Arbitrage	$	600	$	-		$	600		$	600		$	600	
Annual Audit	$	3,900	$	3,400		$	-		$	3,400		$	4,000	
Assessment Roll	$	5,000	$	5,000		$	-		$	5,000		$	5,000	
Dissemination	$	5,825	$	2,781		$	2,813		$	5,594		$	5,825	
Trustee Fees	$	3,600	$	3,500		$	-		$	3,500		$	3,600	
Management Fees - GMS	$	35,000	$	17,500		$	17,500		$	35,000		$	36,750	
Information Technology	$	1,675	$	837		$	840		$	1,677		$	2,010	
Website Maintenance	$	825	$	344		$	413		$	756		$	990	
Telephone	$	50	$	-		$	25		$	25		$	25	
Postage	$	400	$	32		$	150		$	182		$	200	
Printing & Binding	$	700	$	47		$	150		$	197		$	300	
Insurance	$	7,153	$	6,731		$	-		$	6,731		$	7,572	
Travel	$	250	$	-		$	125		$	125		$	250	
Legal Advertising	$	2,000	$	409		$	1,550		$	1,959		$	2,000	
Other Current Charges	$	1,000	$	68		$	300		$	368		$	966	
Office Supplies	$	100	$	1		$	95		$	96		$	100	
Dues, Licenses, Subscriptions	$	175	$	175		$	-		$	175		$	175	
Capital Outlay	$	100	$	-		$	100		$	100		$	-	
Maintenance									
Stormwater maintenance	$	2,448	$	-		$	1,224		$	1,224		$	2,448	
Total Expenditures	
 $	82,239 	 $	42,485 		 $ 30,030 		 $	72,515 		 $	84,248 	
Excess Revenues (Expenditures)	
 $	-		 $	38,259 		 $ (28,536)		 $	9,723 		 $	-		
						FY 2022		FY 2023	
	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 Assessment per Square Ft	$	0.103		$	0.103	

1

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 4 quarterly 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, Ke Law Group, 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.

Assessment Roll

Governmental Management Services, LLC 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 Governmental Management Services, 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
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 Maintenance
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.

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.

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.

Maintenance:

Storm water

The District has entered into an agreement with Jacksonville MZL, LLC for pond maintenance services dated January 2017. 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	

Jacksonville MZL, LLC	$204.00	$2,448

OTC
Community Development District
Debt Service Fund Series 2007A

	Adopted		Actual as of		Projected		Projected		Approved	
 Description			 Budget FY 22 		 3/31/2022 		  6 Months 		  9/30/2022 		 Budget FY 23 	

Revenues											
Carry Forward Surplus (1)		$	270,415		$  303,292		$	-		$	303,292		$	353,522	
Assessments - Tax Collector		$	652,885		$  639,799		$	13,086		$	652,885		$	652,885	
Interest Income		$	100		$30		$	30		$	60		$	100	
Total Revenues		 $	979,050 		 $ 943,121 		 $	13,116 		 $	956,237 		 $ 1,006,507 	

Expenditures											
Series 2007A											
Interest 11/1		$	176,358		$  176,358		$	-		$	176,358		$	169,733	
Interest 5/1		$	176,358		$	-		$	176,358		$	176,358		$	169,733	
Principal 5/1		$	250,000		$	-		$	250,000		$	250,000		$	260,000	
Total Expenditures		 $	602,715 		 $ 176,358 		 $ 426,358 		 $	602,715 		 $  599,465 	
EXCESS REVENUES / (EXPENDITURES)		 $	376,335 		 $ 766,763 		 $ (413,241)		 $	353,522 		 $  407,042 	

(1) Carryforward Surplus is net of reserve fund requirements			
	11/01/2023 Interest Payment	$  162,842.5	
	
Net Assessments	
$  652,885	
	Discounts & Collections (7.5%)	 $	52,937 	
	Gross Assessments	 $  705,822 	
	Square Footage - 780,000
Net Assessemnts per square ft	
$	0.837	
	Gross Assessments per square ft	$	0.900	

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

DATE	RATE	PRINCIPAL	INTEREST	TOTAL

5/1/2022	5.30%	$	250,000	$	176,358	$	602,715	
11/1/2022	5.30%		$	169,733	$	596,090	
5/1/2023	5.30%	$	260,000	$	169,733		
11/1/2023	5.30%		$	162,843	$	592,575	
5/1/2024	5.30%	$	275,000	$	162,843		
11/1/2024	5.30%		$	155,555	$	593,398	
5/1/2025	5.30%	$	290,000	$	155,555		
11/1/2025	5.30%		$	147,870	$	593,425	
5/1/2026	5.30%	$	305,000	$	147,870		
11/1/2026	5.30%		$	139,788	$	592,658	
5/1/2027	5.30%	$	320,000	$	139,788		
11/1/2027	5.30%		$	131,308	$	591,095	
5/1/2028	5.30%	$	340,000	$	131,308		
11/1/2028	5.30%		$	122,298	$	593,605	
5/1/2029	5.30%	$	360,000	$	122,298		
11/1/2029	5.30%		$	112,758	$	595,055	
5/1/2030	5.30%	$	380,000	$	112,758		
11/1/2030	5.30%		$	102,688	$	595,445	
5/1/2031	5.30%	$	400,000	$	102,688		
11/1/2031	5.30%		$	92,088	$	594,775	
5/1/2032	5.30%	$	420,000	$	92,088		
11/1/2032	5.30%		$	80,958	$	593,045	
5/1/2033	5.30%	$	445,000	$	80,958		
11/1/2033	5.30%		$	69,165	$	595,123	
5/1/2034	5.30%	$	465,000	$	69,165		
11/1/2034	5.30%		$	56,843	$	591,008	
5/1/2035	5.30%	$	495,000	$	56,843		
11/1/2035	5.30%		$	43,725	$	595,568	
5/1/2036	5.30%	$	520,000	$	43,725		
11/1/2036	5.30%		$	29,945	$	593,670	
5/1/2037	5.30%	$	550,000	$	29,945		
11/1/1937	5.30%		$	15,370	$	595,315	
5/1/2038	5.30%	$	580,000	$	15,370		
11/1/2038				$	595,370	
$ 6,655,000	$ 3,618,575	$ 10,699,933	

7

OTC
Community Development District
Capital Reserve Fund

 Description			Adopted
 Budget FY 22 		Actual as of
 3/31/2022 		Projected
  6 Months 		Projected
  9/30/2022			Approved
 Budget FY 23 	

Revenues											
Interest Income		$	100		$	30		$	40		$	70		$	100	
Carry Forward Surplus		$	74,907		$	39,645		$	-		$	39,645		$	39,715	
Total Revenues		 $	75,007 		 $  39,675 		 $	40 		 $	39,715 		 $	39,815 	

Expenditures											

Capital Outlay	
$	
-	
$	
-	
$	
-	
$	
-	
$	
-	
Total Expenditures	 $	-			 $	-			 $	-			 $	-			 $	-		

 				

EXCESS REVENUES / (EXPENDITURES)

 $	75,007 

 $  39,675 

 $	40 

 $	39,715 

 $	39,815 

8