Summerville Community Development District

Final Budget For Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019 BUDGET	
ADMINISTRATIVE ASSESSMENTS	56,124	
MAINTENANCE ASSESSMENTS	9,702	
DEBT ASSESSMENTS	236,263	
OTHER REVENUES	0	
INTEREST INCOME	180	
		
TOTAL REVENUES	$	302,269	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
OPEN SPACE TRACT MAINTENANCE	4,800	
FIELD OPERATIONS MANAGEMENT	720	
ENGINEERING/ANNUAL REPORT/INSPECTIONS	1,200	
MAINTENANCE/CONTINGENCY	2,400	
TOTAL MAINTENANCE EXPENDITURES	$	9,120	
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISOR FEES	0	
PAYROLL TAXES (EMPLOYER)	0	
MANAGEMENT	25,896	
SECRETARIAL	4,200	
LEGAL	9,000	
ASSESSMENT ROLL	7,500	
AUDIT FEES	3,800	
INSURANCE	6,500	
LEGAL ADVERTISING	720	
MISCELLANEOUS	900	
POSTAGE	150	
OFFICE SUPPLIES	400	
DUES & SUBSCRIPTIONS	175	
TRUSTEE FEES	3,000	
CONTINUING DISCLOSURE FEE	500	
WEBSITE MANAGEMENT	1,500	
ADMINISTRATIVE CONTINGENCY	1,200	
TOTAL ADMINISTRATIVE EXPENDITURES	$	65,441	
		
TOTAL EXPENDITURES	$	74,561	
		
REVENUES LESS EXPENDITURES	$	227,708	
		
BOND PAYMENTS	(222,088)	
		
BALANCE	$	5,620	
		
COUNTY APPRAISER & TAX COLLECTOR FEE	(6,042)	
DISCOUNTS FOR EARLY PAYMENTS	(12,083)	
		
EXCESS/ (SHORTFALL)	$	(12,505)	
		
CARRYOVER FROM PRIOR YEAR	12,505	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2016/2017 ACTUAL	
FISCAL YEAR 2017/2018 BUDGET	
FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	
ADMINISTRATIVE ASSESSMENTS	53,709	57,439	56,124	Expenditures Less Interest & Carryover/.94	
MAINTENANCE ASSESSMENTS	6,382	8,298	9,702	Expenditures/.94	
DEBT ASSESSMENTS	242,211	236,356	236,263	Bond Payments/.94	
OTHER REVENUES	0	0	0		
INTEREST INCOME	495	120	180	Projected At $15 Per Month	
					
TOTAL REVENUES	$	302,797	$	302,213	$	302,269		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
OPEN SPACE TRACT MAINTENANCE	0	6,000	4,800	$1,200 Decrease From 2017/2018 Budget	
FIELD OPERATIONS MANAGEMENT	0	0	720	Field Operations Management	
ENGINEERING/ANNUAL REPORT/INSPECTIONS	850	1,800	1,200	$600 Decrease From 2017/2018 Budget	
MAINTENANCE/CONTINGENCY	0	0	2,400	Maintenance/Contingency	
TOTAL MAINTENANCE EXPENDITURES	$	850	$	7,800	$	9,120		
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISOR FEES	0	0	0	Supervisor Fees	
PAYROLL TAXES (EMPLOYER)	0	0	0	Supervisor Fees * 7.65%	
MANAGEMENT	24,852	25,368	25,896	CPI Adjustment	
SECRETARIAL	4,200	4,500	4,200	Field Operations Split From Line Item	
LEGAL	5,608	9,000	9,000	No Change From 2017/2018 Budget	
ASSESSMENT ROLL	7,500	7,500	7,500	As Per Contract	
AUDIT FEES	3,700	3,700	3,800	$100 Increase From 2017/2018 Budget	
INSURANCE	5,457	6,100	6,500	Insurance Estimate	
LEGAL ADVERTISING	469	720	720	No Change From 2017/2018 Budget	
MISCELLANEOUS	335	500	900	$400 Increase From 2017/2018 Budget	
POSTAGE	85	150	150	No Change From 2017/2018 Budget	
OFFICE SUPPLIES	320	400	400	No Change From 2017/2018 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2017/2018 Budget	
TRUSTEE FEES	3,000	3,000	3,000	No Change From 2017/2018 Budget	
CONTINUING DISCLOSURE FEE	500	500	500	No Change From 2017/2018 Budget	
WEBSITE MANAGEMENT	1,500	1,500	1,500	No Change From 2017/2018 Budget	
ADMINISTRATIVE CONTINGENCY	0	0	1,200	Administrative Contingency	
TOTAL ADMINISTRATIVE EXPENDITURES	$	57,701	$	63,113	$	65,441		
					
TOTAL EXPENDITURES	$	58,551	$	70,913	$	74,561		
					
REVENUES LESS EXPENDITURES	$	244,246	$	231,300	$	227,708		
					
BOND PAYMENTS	(233,387)	(222,175)	(222,088)	2019 P&I Payments Less Interest	
					
BALANCE	$	10,859	$	9,125	$	5,620		
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(2,942)	(6,042)	(6,042)	Two Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(8,068)	(12,083)	(12,083)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(151)	$	(9,000)	$	(12,505)		
					
CARRYOVER FROM PRIOR YEAR	0	9,000	12,505	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(151)	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 BUDGET	FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	

Interest Income	
1,547	
100	
100	
Projected Interest For 2018/2019	

NAV Tax Collection	
233,387	
222,175	
222,088	
2019 P & I Payments Less Earned Interest	

Total Revenues	
$	234,934	
$	222,275	
$	222,188		

EXPENDITURES					

Principal Payments	
100,000	
80,000	
85,000	
Principal Payment Due In 2019	

Interest Payments	
149,325	
142,175	
137,088	
Interest Payments Due In 2019	

Transfer To Construction Fund	
13,152	
100	
100	
Transfer To Construction Fund	

Total Expenditures	
$	262,477	
$	222,275	
$	222,188		

Excess/ (Shortfall)	
$	(27,543)	
$	-	
$	-		

Series 2006 Bond Information

Original Par Amount =	$3,335,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	5.50%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	January 2006			
Maturity Date =

Par Amount As Of 1/1/18 =	May 2036

$2,615,000			

Summerville Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
Projected	2015/2016	2016/2017	2017/2018	2018/2019	
Assessment	Assessment	Assessment	Assessment	Projected Assessment	
Before Discount*	Before Discount*	Before Discount*	Before Discount*	Before Discount*	

Administrative	
$	210.36	

$	201.33	

$	200.82	

$	215.13	
$	
210.20	
Maintenance	$	-	$	20.92	$	23.91	$	31.08	$	36.34	
Debt	$	915.00	$	909.69	$	907.14	$	885.23	$	884.88	
Total	$	1,125.36	$	1,131.94	$	1,131.87	$	1,131.44	$	1,131.42	

* Assessments Include the Following :	 4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee
Community Information:		                                                     Total Units	267

6/17/2018  11:29 AM	IV