Deer Run
Community Development District

Adopted Budget
FY 2018

Table of Contents

1-2

3-7

8

9

10

 	General Fund

 	General Fund Narrative

 	Debt Service Fund - Series 2008

 	Debt Assessments Chart

 	Settlement Monitoring Fund

DEER RUN
COMMUNITY DEVELOPMENT DISTRICT

General Fund Budget		
	ADOPTED	ACTUAL	PROJECTED	TOTAL	ADOPTED	
	FY2017	THRU	NEXT 2	AS OF	FY2018	
DESCRIPTION	BUDGET	7/31/17	MONTH	9/30/17	BUDGET	

Revenues						
Assessments/Trustee Contributions	$182,971	$106,278	$0	$106,278	$182,971	
Golf Course Lake Maintenance Contribution	$4,800	$0	$4,800	$4,800	$4,800	
Carry Forward Surplus	$0	$68,579	$0	$68,579	$1,791	
TOTAL REVENUES	$187,771	$174,856	$4,800	$179,656	$189,562	

Expenditures						
Administrative						
Supervisor Fees	$4,000	$600	$600	$1,200	$4,000	
FICA Expense	$306	$31	$31	$61	$306	
Engineering	$3,550	$14,203	$3,000	$17,203	$3,550	
Dissemination	$1,000	$2,500	$0	$2,500	$2,500	
Attorney	$20,000	$6,077	$12,396	$18,473	$20,000	
Annual Audit	$3,270	$3,270	$0	$3,270	$3,270	
Trustee Fees	$3,500	$0	$3,500	$3,500	$3,500	
Arbitrage	$600	$600	$0	$600	$600	
Assessment Roll Services	$2,500	$2,500	$0	$2,500	$2,500	
Management Fees	$30,000	$25,000	$5,000	$30,000	$30,000	
Information Technology	$1,000	$833	$167	$1,000	$1,000	
Telephone	$100	$31	$15	$46	$100	
Postage	$600	$160	$50	$210	$600	
Insurance	$7,950	$7,401	$0	$7,401	$8,141	
Printing & Binding	$800	$225	$90	$315	$800	
Travel Per Diem	$500	$188	$120	$308	$500	
Legal Advertising	$500	$116	$105	$221	$500	
Other Current Charges	$800	$209	$48	$257	$800	
Office Supplies	$250	$41	$10	$51	$150	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
TOTAL ADMINISTRATIVE	$81,401	$64,159	$25,132	$89,291	$82,992	

Maintenance						
Field Management	$15,000	$12,500	$2,500	$15,000	$15,000	
Electric	$23,000	$16,721	$3,620	$20,341	$23,000	
Water & Sewer	$5,000	$3,908	$780	$4,688	$5,200	
Landscape Maintenance	$37,800	$31,500	$6,300	$37,800	$37,800	
Landscape Contingency	$6,000	$3,684	$2,316	$6,000	$6,000	
Lake Maintenance	$17,000	$415	$220	$635	$17,000	
Irrigation Repairs	$2,000	$0	$2,000	$2,000	$2,000	
Contingency	$570	$0	$0	$0	$570	
TOTAL MAINTENANCE	$106,370	$68,729	$17,736	$86,465	$106,570	
						
TOTAL EXPENSES	$187,771	$132,888	$42,868	$175,756	$189,562	
						
EXCESS REVENUES/(EXPENDITURES)	$0	$41,969	($38,068)	$3,901	$0	

Net Assessments	$182,971 Add: Discounts & Collections 		$10,978
Gross Assessments 	$193,949

Deer  Run Community Development District
Operations & Maintenance Assessments

Oak Branch	

No. of Units	

ERU	

Per	

Unit	

Total	

ERUs	

%	

of ERU	

Total	

Assessments	FY2018
Per Unit Gross
Assessments	FY2017
Per Unit Gross
Assessments	
		75'	129	1.00	129.00	20.81%	$40,358.65	$312.86	$312.86	
		60'	49	0.80	39.20	6.32%	$12,264.02	$250.29	$250.29	
		50'	297	0.67	198.00	31.94%	$61,945.83	$208.57	$208.57	
		Townhome	274	0.47	127.87	20.63%	$40,005.22	$146.00	$146.00	
		Commercial	5,000	0.00	2.50	0.40%	$782.14	$0.16	$0.16	
		Golf Course	3,382	0.00	1.69	0.27%	$529.04	$0.16	$0.16	
Deer	Run								
		Townhome	250	0.47	116.67	18.82%	$36,500.07	$146.00	$146.00	
		Commercial	10,000	0.00 	5.00		0.81%		$1,564.29	$0.16	$0.16	
				 	619.93		100.00%		193,949.26			

Deer Run
Community Development District
GENERAL FUND BUDGET

REVENUES:
Assessments

The District will levy a non-ad valorem special assessment on taxable property within the District to fund all general operating and maintenance expenditures for the Fiscal Year. It will also enter into a Deficit Funding Agreement with landowner to fund the District’s general operating and maintenance expenses throughout the fiscal year.

Golf Course Lake Maintenance Contribution

The District’s Lake Maintenance expense will be partially funded by contributions from the Golf Course.

EXPENDITURES:

Administrative:

Supervisor Fees

The Florida Statutes allows each supervisor to be paid per meeting, for the time devoted to District business and board meetings.  The amount is based upon 5 Supervisors attending  4 meetings during the fiscal year.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisor checks.

Engineering

The District's engineer, Dewberry Engineers, Inc., will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices, etc.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b) (5) which relates to additional reporting requirements for unrated bond issues. The District has contracted with Lerner Reporting Services.

Attorney

The District's legal counsel, Hopping, Green & Sams, will be providing general  legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions, etc.

Deer Run
Community Development District
GENERAL FUND BUDGET

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis. The District is contracted with Berger, Toombs, Elam Gaines & Frank to provide this service.

Trustee Fees

The District’s Series 2008 Capital Improvement Revenue Bonds are held with a Trustee at Regions Bank.

Arbitrage

The District will contract with an independent certified public accountant, to annually calculate the District's Arbitrage Rebate Liability once the Bonds are issued. The District has contracted with AMTEC Corporation to provide this service.

Assessment Roll Services

Represents cost associated with certifying, invoicing and collections of annual operations and maintenance and debt service assessments.

Management Fees

The District has contracted with Governmental Management Services - Central Florida, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financials reporting, annual audits, etc.

Information Technology

The District incurs costs related to the District’s accounting and information systems, District’s 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, checks for vendors, and any other required correspondence, etc.

Insurance

Represents the District’s general liability, public officials liability and property insurance coverage, which is provided by Florida Insurance Alliance (FIA). FIA specializes  in  providing insurance coverage to governmental agencies.

Deer Run
Community Development District
GENERAL FUND BUDGET

Printing & Binding

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

Travel Per Diem

The Board of Supervisors can be reimbursed for travel expenditures related to the conducting of District business.

Legal Advertising

Advertising of monthly board meetings, public hearings, and any services that are required to be advertised for public bidding, i.e. audit services, engineering service, maintenance contracts and any other advertising that may be required.

Other Current Charges

Bank charges and any other miscellaneous expenses incurred during the fiscal year.

Office Supplies

The District incurs charges for supplies that need to be purchased during the fiscal year, including copier and printer toner cartridges, paper, file folders, binders, pens, paper clips, and other such 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:

Field Management

The District is contracted with Governmental Management Services, Central Florida – LLC  to provide onsite field management of contracts for District Services such as landscape maintenance. Services to include weekly site inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Deer Run
Community Development District
GENERAL FUND BUDGET

Electric

The District incurs cost for electric and street lighting. The District has the following accounts with Florida, Power & Light.

Description	Monthly	Annually	
Premium Lighting	$902	$10,824	
99 Grand Reserve Dr # Entrance	$65	$776	
100 Grand Reserve Pkwy # Entrance	$150	$1,800	
410 Grand Reserve Dr # B	$150	$1,800	
Decorative Lighting # Oak Branch	$650	$7,800	
TOTAL		$23,000	

Water & Sewer

The District incurs cost for water. The District has the following accounts with the City of Bunnell.

Description	Monthly	Annually	
100 Grand Reserve Pkwy	$433
TOTAL	$5,200	
	$5,200	

Landscape Maintenance

The District will incur landscape maintenance expenses, which include mowing, edging, string-trimming, shrub pruning, weeding, fertilization, pest control and  irrigation inspections during the fiscal year. Yellowstone Landscape is contracted to provide these services.

Description	Monthly	Annually	
Landscape Maintenance	$3,150
TOTAL	$37,800	
	$37,800	

Landscape Contingency

To record the cost of landscape enhancements as well as any miscellaneous landscape items currently not budgeted or covered in landscape contract.

Irrigation Repairs

To record the cost of repairs to the irrigation system and preventative maintenance on the irrigation pump station.

Deer Run
Community Development District
GENERAL FUND BUDGET

Lake Maintenance

The monthly aquatic management service of 24 waterways for the District is provided by Applied Aquatic Management. Services include monthly inspections and treatment for the continued control of torpedo grass, cattails, spike rush and algae.

Description	Monthly	Annually	
Aquatic Treatments	$1,417
TOTAL	$17,000	
	$17,000	

Contingency

To record the cost of any maintenance expenses not properly classified in any of the other accounts.

DEER RUN
COMMUNITY DEVELOPMENT DISTRICT
Debt Service Fund Budget

	ADOPTED	ADOPTED	

DESCRIPTION	FY2017 BUDGET	FY2018 BUDGET	

Revenues			
Debt Assessments	$695,303	$695,303	
Other Revenue Sources	$2,716	$3,185	
TOTAL REVENUES	$698,019	$698,488	

Expenditures			

Interest - 11/1	
$286,509	
$281,744	
Principal - 5/1	$125,000	$135,000	
Interest - 5/1	$286,509	$281,744	
TOTAL EXPENDITURES	$698,019	$698,488	

EXCESS REVENUES	$0	$0	

Deer Run Community Development District
Debt Service Assessments

Product Type	

Units	Annual 2018 Per Unit 
Assessments	Annual 2018 Net
Assessments	
Oak Branch				
75'	129	$1,057	$136,338	
60'	49	$846	$41,430	
50'	297	$705	$209,263	
Townhome	274	$493	$135,141	
Commercial	5000	$0.50	$2,490	
Golf Course	1	$1,258	$1,258	
Deer Run				
Multi Family	250	$658	$164,405	
Commercial	10000	$0.50	$4,979	
Total			$695,303	

DEER RUN
COMMUNITY DEVELOPMENT DISTRICT
Settlement Monitoring Fund Budget

DESCRIPTION	ADOPTED
FY2017 BUDGET	ACTUAL
THRU 7/31/17	PROJECTED
NEXT 2 MONTH	TOTAL
AS OF 9/30/17	ADOPTED
FY2018 BUDGET	

Revenues						
Carry Forward Surplus	$0	$24,550	$0	$24,550	$23,800	
TOTAL REVENUES	$0	$24,550	$0	$24,550	$23,800	

Expenditures						
Permit Monitoring	$0	$750	$0	$750	$0	
TOTAL EXPENDITURES	$0	$750	$0	$750	$0	
						
EXCESS REVENUES/(EXPENDITURES)	$0	$23,800	$0	$23,800	$23,800