Deer Run
Community Development District

Adopted Budget
FY 2019

Table of Contents

1-2

3-7

8-10

11

12

 	General Fund

 	General Fund Narrative

 	Debt Service Fund - Series 2008/Series 2018

 	Debt Assessments Chart

 	Settlement Monitoring Fund

DEER RUN
COMMUNITY DEVELOPMENT DISTRICT

General Fund Budget		
	ADOPTED	ACTUAL	PROJECTED	TOTAL	ADOPTED	
	FY2018	THRU	NEXT 2	AS OF	FY2019	
DESCRIPTION	BUDGET	7/31/18	MONTH	9/30/18	BUDGET	

Revenues						
Assessments	$182,971	$182,462	$0	$182,462	$277,834	
Deficit Funding	$0	$43,576	$0	$43,576	$0	
Golf Course Lake Maintenance Contribution	$4,800	$3,460	$1,005	$4,465	$4,800	
Miscellaneous Income	$0	$35	$0	$35	$0	
Carry Forward Surplus	$1,791	$1,749	$0	$1,749	$0	
TOTAL REVENUES	$189,562	$231,282	$1,005	$232,287	$282,634	

Expenditures						
Administrative						
Supervisor Fees	$4,000	$1,800	$1,000	$2,800	$4,000	
FICA Expense	$306	$107	$61	$168	$306	
Engineering	$3,550	$800	$0	$800	$3,550	
Dissemination	$2,500	$2,500	$0	$2,500	$2,500	
Attorney	$20,000	$6,976	$3,000	$9,976	$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	$450	$0	$450	$450	
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	$29	$20	$49	$100	
Postage	$600	$246	$50	$296	$600	
Insurance	$8,141	$7,401	$0	$7,401	$8,200	
Printing & Binding	$800	$342	$100	$442	$800	
Travel Per Diem	$500	$374	$186	$560	$600	
Legal Advertising	$500	$0	$500	$500	$500	
Other Current Charges	$800	$370	$84	$454	$800	
Office Supplies	$150	$29	$17	$46	$100	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
TOTAL ADMINISTRATIVE	$82,992	$53,202	$13,685	$66,887	$82,951	

Maintenance						
Field Management	$15,000	$12,500	$2,500	$15,000	$15,000	
Electric	$23,000	$21,230	$6,598	$27,828	$31,384	
Water & Sewer	$5,200	$5,941	$800	$6,741	$7,800	
Landscape Maintenance	$37,800	$60,622	$14,696	$75,317	$100,000	
Landscape Contingency	$6,000	$11,267	$0	$11,267	$6,000	
Lake Maintenance	$17,000	$14,210	$2,560	$16,770	$17,000	
Water Feature Maintenance	$0	$8,417	$1,012	$9,429	$12,500	
Irrigation Repairs	$2,000	$840	$500	$1,340	$10,000	
Contingency	$570	$1,708	$0	$1,708	$0	
TOTAL MAINTENANCE	$106,570	$136,734	$28,666	$165,400	$199,683	
						
TOTAL EXPENSES	$189,562	$189,936	$42,350	$232,287	$282,634	
						
EXCESS REVENUES/(EXPENDITURES)	$0	$41,345	($41,345)	($0)	$0	

Net Assessments	

$277,834	
Add: Discounts & Collections 		$16,670 Gross Assessments 	$294,504

Deer Run Community Development District
Operations & Maintenance Assessments

Oak	
Branch	
No. of Units	
ERU	
Per	
Unit	
Total	
ERUs	
%	
of ERU	
Total	
Assessments	FY2019
Per Unit Gross
Assessments	FY2018
Per Unit Gross
Assessments	
75'	61	1.00	61.00	11.40%	$33,561.17	$550.18	$312.86	
50'	338	0.67	225.33	42.10%	$123,974.59	$366.79	$208.57	
40'	444	0.54	239.76	44.79%	$131,911.89	$297.10	$146.00	
Commercial	15,000	0.00	7.50	1.40%	$4,126.37	$0.28	$0.16	
Golf Course	3,382	0.00 	1.69		0.32%		$930.36	$0.28	$0.16	
		 	535.28		100.00%		294,504.38			

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.

Deficit Funding

The district has entered 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.
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.

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.

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	$175	$2,100	
100 Grand Reserve Pkwy # Entrance	$120	$1,440	
410 Grand Reserve Dr # B	$800	$9,600	
Decorative Lighting # Oak Branch	$585	$7,020	
Contingency		$400	
TOTAL		$31,384	

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	$650
TOTAL	$7,800	
	$7,800	

Landscape Maintenance

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

Description	Monthly	Annually	
Landscape Maintenance	$5,741	$68,889	
Addendum	$1,101	$13,214	
Contingency		$17,897	
TOTAL		$100,000	

Landscape Contingency

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

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 - Entrance	$110	$1,320	
Aquatic Treatments - 17 Ponds	$835	$10,020	
Golf Course Cost Share	$335	$4,020	
Contingency		$1,640	
TOTAL		$17,000	

Water Feature Repair and Maintenance

The monthly inspections and repair and maintenance of Hwy 100 and US1 Fountains and is contracted with Yellowstone Landscape.

Description	Monthly	Annually	
Fountain Cleaning	$506	$6,072	
Repair and Maintenance	$500	$6,000	
Contingency		$428	
TOTAL		$12,500	

Irrigation Repairs

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

Description	Monthly	Annually	
Pump Station Qtrly Service	$867	$3,467	
Irrigation Repairs/Maintenance	$500	$6,000	
Contingency		$533	
TOTAL		$10,000	

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	FY2018 BUDGET	FY2019 BUDGET	

Revenues			
Debt Assessments	$695,303	$806,580	
Other Revenue Sources	$3,185	$0	
Interest	$0	$0	
Bonds Proceeds	$0	$0	
Carryforward	$0	$112,956	
TOTAL REVENUES	$698,488	$919,536	

Expenditures			
2008			
Interest - 11/1	$281,744	$0	
Principal - 5/1	$135,000	$0	
Interest - 5/1	$281,744	$0	
2018			
Interest - 11/1	$0	$112,956	
Principal - 5/1	$0	$205,000	
Interest - 5/1	$0	$303,465	
TOTAL EXPENDITURES	$698,488	$621,421	

EXCESS REVENUES	$0	$298,115	

Interest 11/1	
$297,930	
Excess Revenues	$	516,246		
Less: Debt Service Reserve	  $	(403,290)		
Carry Forward Surplus	  $	112,956 		

Dated Date	08/24/2018
Delivery Date	08/24/2018

Period Ending	
Principal	
Coupon	
Interest	
Debt Service	Annual Debt Service	
11/01/2018			112,956.42	112,956.42	112,956.42	
05/01/2019	205,000	5.400%	303,465.00	508,465.00		
11/01/2019			297,930.00	297,930.00	806,395.00	
05/01/2020	215,000	5.400%	297,930.00	512,930.00		
11/01/2020			292,125.00	292,125.00	805,055.00	
05/01/2021	225,000	5.400%	292,125.00	517,125.00		
11/01/2021			286,050.00	286,050.00	803,175.00	
05/01/2022	240,000	5.400%	286,050.00	526,050.00		
11/01/2022			279,570.00	279,570.00	805,620.00	
05/01/2023	250,000	5.400%	279,570.00	529,570.00		
11/01/2023			272,820.00	272,820.00	802,390.00	
05/01/2024	265,000	5.400%	272,820.00	537,820.00		
11/01/2024			265,665.00	265,665.00	803,485.00	
05/01/2025	280,000	5.400%	265,665.00	545,665.00		
11/01/2025			258,105.00	258,105.00	803,770.00	
05/01/2026	295,000	5.400%	258,105.00	553,105.00		
11/01/2026			250,140.00	250,140.00	803,245.00	
05/01/2027	310,000	5.400%	250,140.00	560,140.00		
11/01/2027			241,770.00	241,770.00	801,910.00	
05/01/2028	330,000	5.400%	241,770.00	571,770.00		
11/01/2028			232,860.00	232,860.00	804,630.00	
05/01/2029	350,000	5.400%	232,860.00	582,860.00		
11/01/2029			223,410.00	223,410.00	806,270.00	
05/01/2030	365,000	5.400%	223,410.00	588,410.00		
11/01/2030			213,555.00	213,555.00	801,965.00	
05/01/2031	390,000	5.400%	213,555.00	603,555.00		
11/01/2031			203,025.00	203,025.00	806,580.00	
05/01/2032	410,000	5.400%	203,025.00	613,025.00		
11/01/2032			191,955.00	191,955.00	804,980.00	
05/01/2033	430,000	5.400%	191,955.00	621,955.00		
11/01/2033			180,345.00	180,345.00	802,300.00	
05/01/2034	455,000	5.400%	180,345.00	635,345.00		
11/01/2034			168,060.00	168,060.00	803,405.00	
05/01/2035	480,000	5.400%	168,060.00	648,060.00		
11/01/2035			155,100.00	155,100.00	803,160.00	
05/01/2036	505,000	5.400%	155,100.00	660,100.00		
11/01/2036			141,465.00	141,465.00	801,565.00	
05/01/2037	535,000	5.400%	141,465.00	676,465.00		
11/01/2037			127,020.00	127,020.00	803,485.00	
05/01/2038	565,000	5.400%	127,020.00	692,020.00		
11/01/2038			111,765.00	111,765.00	803,785.00	
05/01/2039	595,000	5.400%	111,765.00	706,765.00		
11/01/2039			95,700.00	95,700.00	802,465.00	
05/01/2040	620,000	5.500%	95,700.00	715,700.00		
11/01/2040			78,650.00	78,650.00	794,350.00	
05/01/2041	655,000	5.500%	78,650.00	733,650.00		
11/01/2041			60,637.50	60,637.50	794,287.50	
05/01/2042	695,000	5.500%	60,637.50	755,637.50		
11/01/2042			41,525.00	41,525.00	797,162.50	

Period Ending	
Principal	
Coupon	
Interest	
Debt Service	Annual Debt Service	
05/01/2043	735,000	5.500%	41,525.00	776,525.00		
11/01/2043			21,312.50	21,312.50	797,837.50	
05/01/2044	775,000	5.500%	21,312.50	796,312.50		
11/01/2044					796,312.50	
	11,175,000		9,797,541.42	20,972,541.42	20,972,541.42	

Deer Run Community Development District
Debt Service Assessments

Allocation of Series 2018 through 11-1-39

Product Type	

Units	Annual 2019
Per Unit Assessments	Annual 2019
Net   Assessments	
40'	444	$940	$417,360	
50'-Sold	6	$705	$4,230	
50'	332	$940	$312,080	
75'-Sold	1	$1,057	$1,057	
75'	60	$1,057	$63,420	
Commercial	15	$399	$5,985	
Golf Course	1	$1,008	$1,008	
Total	859		$805,140	

Allocation of Series 2018 11-2-39 through 5-1-44

Product Type	

Units	Annual 2019 Per Unit 
Assessments	Annual 2019 Net
Assessments	
40'	444	$940	$417,360	
50'-Sold	6	$705	$4,230	
50'	332	$940	$312,080	
75'-Sold	1	$1,057	$1,057	
75'	60	$1,057	$63,420	
Commercial	0	$0	$0	
Golf Course	0	$0	$0	
Total	843		$798,147	

DEER RUN
COMMUNITY DEVELOPMENT DISTRICT
Settlement Monitoring Fund Budget

DESCRIPTION	ADOPTED
FY2018 BUDGET	ACTUAL
THRU 7/31/18	PROJECTED
NEXT 2 MONTH	TOTAL
AS OF 9/30/18	ADOPTED
FY2019 BUDGET	

Revenues						
Carry Forward Surplus	$23,800	$23,800	$0	$23,800	$18,000	
TOTAL REVENUES	$23,800	$23,800	$0	$23,800	$18,000	

Expenditures						
Permit Monitoring	$0	$5,050	$750	$5,800	$0	
TOTAL EXPENDITURES	$0	$5,050	$750	$5,800	$0	
						
EXCESS REVENUES/(EXPENDITURES)	$23,800	$18,750	($750)	$18,000	$18,000