OTC
Community Development District

Approved Budget
FY2025

Table of Contents

1		General Fund	

2-3	
	Narratives	

4	
	Debt Service Fund Series 2022	

5	
	Amortization Schedule Series 2022	

6	
	Capital Reserve Fund	

7	
	Assessment Schedule	

Adopted
Budget	Actuals Thru	Projected Next  Projected Thru

Approved Budget

Approved Budget General Fund

Description	FY2024	3/31/24		6 Months		9/30/24	FY 2025	
REVENUES:						
Special Assessments - On Roll	$	74,525	$	73,431	$	1,094	$	74,525	$	84,046	
Carry Forward Surplus	6,356	-	6,356	6,356	-	
TOTAL REVENUES	$	80,881	$	73,431	$	7,450	$	80,881	$	84,046	

EXPENDITURES:						
Administrative:						
Supervisors Fees	$	1,800	$	-	$	1,800	$	1,800	$	1,800	
FICA Expense	138	-	138	138	138	
Engineering Fees	2,000	-	2,000	2,000	2,000	
Attorney Fees	7,500	2,015	5,486	7,500	7,500	
Arbitrage	600	-	600	600	600	
Annual Audit	3,700	3,600	-	3,600	3,700	
Assessment Roll Administration	5,300	5,300	-	5,300	5,618	
Trustee Fees	3,750	-	3,750	3,750	3,750	
Management Fees	38,955	19,478	19,478	38,955	41,292	
Information Technology	2,131	1,065	1,065	2,131	2,258	
Website Maintenance	1,049	525	525	1,049	1,112	
Telephone	25	2	23	25	25	
Postage & Delivery	200	26	174	200	200	
Printing & Binding	300	49	251	300	300	
Insurance General Liability	7,960	7,526	-	7,526	8,279	
Travel Per Diem	250	-	250	250	250	
Legal Advertising	2,000	299	1,701	2,000	2,000	
Other Current Charges	500	150	350	500	500	
Office Supplies	100	0	100	100	100	
Dues, Licenses, Subscriptions	175	175	-	175	175	
TOTAL ADMINISTRATIVE	$	78,433	$	40,209	$	37,690	$	77,899	$	81,598	

Operations & Maintenance						
Maintenance						
Stormwater maintenance	$	2,448	$	-	$	2,448	$	2,448	$	2,448	
Total Maintenance	$	2,448	$	-	$	2,448	$	2,448	$	2,448	
						
TOTAL EXPENDITURES	$	80,881	$	40,209	$	40,138	$	80,347	$	84,046	
						
EXCESS REVENUES (EXPENDITURES)	$	-	$	33,223	$	(32,689)	$	534	$	0	

REVENUES

Special Assessments-Tax Roll
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating expenditures during the Fiscal Year. The assessments will be collected by the Duval County Tax Collectors Office.

Expenditures - Administrative

Supervisors Fees
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting in which they attend.
FICA Taxes
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.
Engineering Fees
The District's engineer England Thims and Miller, 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.

Attorney Fees
The District’s Attorney Kilinski Van Wyk, PLLC, will be providing 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 assigned as directed by the Board of Supervisors and the District Manager.
Arbitrage
The District is required to annually have an arbitrage rebate calculation on the District’s Series 2022 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 to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm Grau and Associates. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.
Assessment Roll Administration
GMS, LLC provides assessment services for closing lot sales, assessment roll services with the local Tax Collector and financial advisory services.
Trustee Fees
The District’s Series 2022 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 District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services, LLC.
Website Maintenance
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS, LLC and updated monthly.
Telephone
New internet and Wi-Fi service for 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 similar Community Development Districts.

Expenditures - Administrative (continued)

Travel Per Diem
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 monthly Board meetings and other public hearings in a newspaper of general circulation.
Other Current Charges
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.
Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.
Due, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Florida Commerce for $175.

Expenditures – Operations

Stormwater
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	$2,448.00	

Approved Budget
Debt Service Series 2022 Special Assessment Bonds

Description

Adopted Budget FY2024

Actuals Thru	Projected Next  Projected Thru

3/31/24

	6 Months	

9/30/24

Approved Budget FY 2025

REVENUES:

Special Assessments-On Roll	$	544,575	$	534,525	$	7,963	$	542,488	$	544,575	
Interest Earnings	2,500	6,968	6,500	13,468	5,000	
Carry Forward Surplus (1)	179,282	180,406	-	180,406	191,787	
TOTAL REVENUES	$	726,357	$	721,899	$	14,463	$	736,362	$	741,362	

EXPENDITURES:						
Interest 11/1	$	127,288	$	127,288	$	-	$	127,288	$	121,125	
Interest 5/1	127,288	-	127,288	127,288	121,125	
Principal 5/1	290,000	-	290,000	290,000	305,000	
TOTAL EXPENDITURES	$	544,575	$	127,288	$	417,288	$	544,575	$	547,250	

Other Sources/(Uses)						

Interfund transfer In/(Out)	
$	-	
$	-	
$	-	
$	-	
$	-	
TOTAL OTHER SOURCES/(USES)	$	-	$	-	$	-	$	-	$	-	
						
TOTAL EXPENDITURES	$	544,575	$	127,288	$	417,288	$	544,575	$	547,250	
						
EXCESS REVENUES (EXPENDITURES)	$	181,782	$	594,612	$  (402,825)	$	191,787	$	194,112	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/25

 $	114,644 

AMORTIZATION SCHEDULE
Debt Service Series 2022 Special Assessment Bonds

Period

Outstanding Balance

Coupons

Principal

Interest

Annual Debt Service

11/01/24	$	5,700,000	4.250%		$	121,125	$	121,125.00	
05/01/25	5,700,000	4.250%	305,000	121,125		
11/01/25	5,395,000	4.250%		114,644	540,768.75	
05/01/26	5,395,000	4.250%	320,000	114,644		
11/01/26	5,075,000	4.250%		107,844	542,487.50	
05/01/27	5,075,000	4.250%	330,000	107,844		
11/01/27	4,745,000	4.250%		100,831	538,675.00	
05/01/28	4,745,000	4.250%	345,000	100,831		
11/01/28	4,400,000	4.250%		93,500	539,331.25	
05/01/29	4,400,000	4.250%	360,000	93,500		
11/01/29	4,040,000	4.250%		85,850	539,350.00	
05/01/30	4,040,000	4.250%	375,000	85,850		
11/01/30	3,665,000	4.250%		77,881	538,731.25	
05/01/31	3,665,000	4.250%	395,000	77,881		
11/01/31	3,270,000	4.250%		69,488	542,368.75	
05/01/32	3,270,000	4.250%	410,000	69,488		
11/01/32	2,860,000	4.250%		60,775	540,262.50	
05/01/33	2,860,000	4.250%	430,000	60,775		
11/01/33	2,430,000	4.250%		51,638	542,412.50	
05/01/34	2,430,000	4.250%	445,000	51,638		
11/01/34	1,985,000	4.250%		42,181	538,818.75	
05/01/35	1,985,000	4.250%	465,000	42,181		
11/01/35	1,520,000	4.250%		32,300	539,481.25	
05/01/36	1,520,000	4.250%	485,000	32,300		
11/01/36	1,035,000	4.250%		21,994	539,293.75	
05/01/37	1,035,000	4.250%	505,000	21,994		
11/01/37	530,000	4.250%		11,263	538,256.25	
05/01/38	530,000	4.250%	530,000	11,263	541,262.50	
Total	$	5,700,000	$	1,982,625	$	7,682,625	

Proposed Budget Capital Reserve Fund

Description

Adopted Budget FY2024

Actuals Thru	Projected Next  Projected Thru

3/31/24

	6 Months	

9/30/24

Approved Budget FY 2025

REVENUES:

Interest Income	$	2,000	$	480	$	450	$	930	$	1,000	
Carry Forward Balance	67,452	-	67,452	67,452	68,382	
TOTAL REVENUES	$	69,452	$	480	$	67,902	$	68,382	$	69,382	

EXPENDITURES:
Capital Outlay	$	-	

$	-	

$	-	

$	-	

$	-	
TOTAL EXPENDITURES	$	-	$	-	$	-	$	-	$	-	

Other Sources/(Uses)					

Transfer in/(Out)	
$	-	
$	-	
$	-	
$	-	
$	-	
TOTAL OTHER SOURCES/(USES)	$	-	$	-	$	-	$	-	$	-	
						
TOTAL EXPENDITURES	$	-	$	-	$	-	$	-	$	-	
						
EXCESS REVENUES (EXPENDITURES)	$	69,452	$	480	$	67,902	$	68,382	$	69,382	

OTC
Community Development District
Non-Ad Valorem Assessments Comparison 2024-2025

Neighborhood		O&M		Bonds	Annual Maintenance Assessments Units	2022 Units	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	

Commercial	780,000	780,000	

$0.1165	

$0.1033	

$0.0132	

$0.7548	

$0.7548	

$0.00	

$0.87	

$0.86	

$0.01	
Total	780,000	780,000										

Page 7