Summerville Community Development District

Proposed Budget For Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020 BUDGET	
ADMINISTRATIVE ASSESSMENTS	42,875	
MAINTENANCE ASSESSMENTS	23,298	
DEBT ASSESSMENTS	235,878	
OTHER REVENUES	0	
INTEREST INCOME	300	
		
TOTAL REVENUES	$	302,351	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
OPEN SPACE TRACT MAINTENANCE	4,980	
FIELD OPERATIONS MANAGEMENT	720	
ENGINEERING/ANNUAL REPORT/INSPECTIONS	1,200	
MAINTENANCE/CONTINGENCY	15,000	
TOTAL MAINTENANCE EXPENDITURES	$	21,900	
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISOR FEES	0	
PAYROLL TAXES (EMPLOYER)	0	
MANAGEMENT	26,388	
SECRETARIAL	4,200	
LEGAL	9,000	
ASSESSMENT ROLL	7,500	
AUDIT FEES	3,500	
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	2,000	
ADMINISTRATIVE CONTINGENCY	1,200	
TOTAL ADMINISTRATIVE EXPENDITURES	$	66,133	
		
TOTAL EXPENDITURES	$	88,033	
		
REVENUES LESS EXPENDITURES	$	214,318	
		
BOND PAYMENTS	(221,725)	
		
BALANCE	$	(7,407)	
		
COUNTY APPRAISER & TAX COLLECTOR FEE	(6,041)	
DISCOUNTS FOR EARLY PAYMENTS	(12,082)	
		
EXCESS/ (SHORTFALL)	$	(25,530)	
		
CARRYOVER FROM PRIOR YEAR	25,530	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018 ACTUAL	
FISCAL YEAR 2018/2019 BUDGET	
FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	
ADMINISTRATIVE ASSESSMENTS	57,648	56,124	42,875	Expenditures Less Interest & Carryover/.94	
MAINTENANCE ASSESSMENTS	8,298	9,702	23,298	Expenditures/.94	
DEBT ASSESSMENTS	236,356	236,263	235,878	Bond Payments/.94	
OTHER REVENUES	0	0	0		
INTEREST INCOME	514	180	300	Projected At $25 Per Month	
					
TOTAL REVENUES	$	302,816	$	302,269	$	302,351		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
OPEN SPACE TRACT MAINTENANCE	0	4,800	4,980	$180 Increase From 2018/2019 Budget	
FIELD OPERATIONS MANAGEMENT	0	720	720	No Change From 2018/2019 Budget	
ENGINEERING/ANNUAL REPORT/INSPECTIONS	850	1,200	1,200	No Change From 2018/2019 Budget	
MAINTENANCE/CONTINGENCY	617	2,400	15,000	$12,600 Increase From 2018/2019 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	1,467	$	9,120	$	21,900		
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISOR FEES	0	0	0	Supervisor Fees	
PAYROLL TAXES (EMPLOYER)	0	0	0	Supervisor Fees * 7.65%	
MANAGEMENT	25,368	25,896	26,388	CPI Adjustment	
SECRETARIAL	4,500	4,200	4,200	Field Operations Split From Line Item	
LEGAL	6,966	9,000	9,000	No Change From 2018/2019 Budget	
ASSESSMENT ROLL	7,500	7,500	7,500	As Per Contract	
AUDIT FEES	3,700	3,800	3,500	Accepted Amount Of 2018/2019 Audit	
INSURANCE	5,750	6,500	6,500	Insurance Estimate	
LEGAL ADVERTISING	375	720	720	No Change From 2018/2019 Budget	
MISCELLANEOUS	338	900	900	No Change From 2018/2019 Budget	
POSTAGE	90	150	150	No Change From 2018/2019 Budget	
OFFICE SUPPLIES	313	400	400	No Change From 2018/2019 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2018/2019 Budget	
TRUSTEE FEES	3,000	3,000	3,000	No Change From 2018/2019 Budget	
CONTINUING DISCLOSURE FEE	500	500	500	No Change From 2018/2019 Budget	
WEBSITE MANAGEMENT	1,500	1,500	2,000	$500 Increase From 2018/2019 Budget	
ADMINISTRATIVE CONTINGENCY	0	1,200	1,200	Administrative Contingency	
TOTAL ADMINISTRATIVE EXPENDITURES	$	60,075	$	65,441	$	66,133		
					
TOTAL EXPENDITURES	$	61,542	$	74,561	$	88,033		
					
REVENUES LESS EXPENDITURES	$	241,274	$	227,708	$	214,318		
					
BOND PAYMENTS	(224,824)	(222,088)	(221,725)	2020 P&I Payments Less Interest	
					
BALANCE	$	16,450	$	5,620	$	(7,407)		
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(2,903)	(6,042)	(6,041)	Two Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(11,838)	(12,083)	(12,082)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	1,709	$	(12,505)	$	(25,530)		
					
CARRYOVER FROM PRIOR YEAR	0	12,505	25,530	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	1,709	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
3,964	
100	
200	
Projected Interest For 2019/2020	

NAV Tax Collection	
224,824	
222,088	
221,725	
2020 P & I Payments Less Earned Interest	

Total Revenues	
$	228,788	
$	222,188	
$	221,925		

EXPENDITURES					

Principal Payments	
90,000	
85,000	
90,000	
Principal Payment Due In 2020	

Interest Payments	
144,100	
137,088	
131,725	
Interest Payments Due In 2020	

Transfer To Construction Fund	
8,576	
100	
200	
Transfer To Construction Fund	

Total Expenditures	
$	242,676	
$	222,188	
$	221,925		

Excess/ (Shortfall)	
$	(13,888)	
$	-	
$	-		

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 1/1/19 =	May 2036

$2,525,000			

Summerville Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2016/2017	2017/2018	2018/2019	2019/2020	
Assessment	Assessment	Assessment	Projected Assessment	
   Before Discount* 	  Before Discount*	 	Before Discount*		 	Before Discount*		

Administrative	
$	200.82	
$	215.13	
$	210.20	
$	
160.59	
Maintenance	$	23.91	$	31.08	$	36.34	$	87.26	
Debt	$	907.14	$	885.23	$	884.88	$	883.44	
Total	$	1,131.87	$	1,131.44	$	1,131.42	$	1,131.29	

* Assessments Include the Following :	                                   4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee
Community Information:		                                                       Total Units	267
4/23/2019 3:38 PM	IV