Summerville Community Development District

Proposed Budget For Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021 BUDGET	
ADMINISTRATIVE ASSESSMENTS	41,878	
MAINTENANCE ASSESSMENTS	24,383	
DEBT ASSESSMENTS	235,785	
OTHER REVENUES	0	
INTEREST INCOME	360	
		
TOTAL REVENUES	$	302,406	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
LAWN MAINTENANCE/IRRIGATION/OPEN TRACTS	6,000	
FIELD OPERATIONS MANAGEMENT	720	
ENGINEERING/ANNUAL REPORT/INSPECTIONS	1,200	
HOA CONTRIBUTION	15,000	
TOTAL MAINTENANCE EXPENDITURES	$	22,920	
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISOR FEES	5,000	
PAYROLL TAXES (EMPLOYER)	383	
MANAGEMENT	26,988	
SECRETARIAL	4,200	
LEGAL	9,000	
ASSESSMENT ROLL	7,500	
AUDIT FEES	3,600	
INSURANCE	6,250	
LEGAL ADVERTISING	720	
MISCELLANEOUS	850	
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	$	71,916	
		
TOTAL EXPENDITURES	$	94,836	
		
REVENUES LESS EXPENDITURES	$	207,570	
		
BOND PAYMENTS	(221,638)	
		
BALANCE	$	(14,068)	
		
COUNTY APPRAISER & TAX COLLECTOR FEE	(6,040)	
DISCOUNTS FOR EARLY PAYMENTS	(12,082)	
		
EXCESS/ (SHORTFALL)	$	(32,190)	
		
CARRYOVER FROM PRIOR YEAR	32,190	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2018/2019 ACTUAL	
FISCAL YEAR 2019/2020 BUDGET	
FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	
ADMINISTRATIVE ASSESSMENTS	56,324	42,875	41,878	Expenditures Less Interest & Carryover/.94	
MAINTENANCE ASSESSMENTS	9,703	23,298	24,383	Expenditures/.94	
DEBT ASSESSMENTS	236,263	235,878	235,785	Bond Payments/.94	
OTHER REVENUES	0	0	0		
INTEREST INCOME	524	300	360	Projected At $30 Per Month	
					
TOTAL REVENUES	$	302,814	$	302,351	$	302,406		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
LAWN MAINTENANCE/IRRIGATION/OPEN TRACTS	0	4,980	6,000	$1,020 Increase From 2019/2020 Budget	
FIELD OPERATIONS MANAGEMENT	720	720	720	No Change From 2019/2020 Budget	
ENGINEERING/ANNUAL REPORT/INSPECTIONS	2,050	1,200	1,200	No Change From 2019/2020 Budget	
HOA CONTRIBUTION	1,125	15,000	15,000	No Change From 2019/2020 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	3,895	$	21,900	$	22,920		
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISOR FEES	0	0	5,000	Supervisor Fees	
PAYROLL TAXES (EMPLOYER)	0	0	383	Supervisor Fees * 7.65%	
MANAGEMENT	25,896	26,388	26,988	CPI Adjustment	
SECRETARIAL	4,200	4,200	4,200	No Change From 2019/2020 Budget	
LEGAL	7,239	9,000	9,000	No Change From 2019/2020 Budget	
ASSESSMENT ROLL	7,500	7,500	7,500	As Per Contract	
AUDIT FEES	3,400	3,500	3,600	Accepted Amount For 2019/2020 Audit	
INSURANCE	5,000	6,500	6,250	Insurance Estimate	
LEGAL ADVERTISING	553	720	720	No Change From 2019/2020 Budget	
MISCELLANEOUS	279	900	850	$50 Decrease From 2019/2020 Budget	
POSTAGE	145	150	150	No Change From 2019/2020 Budget	
OFFICE SUPPLIES	358	400	400	No Change From 2019/2020 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2019/2020 Budget	
TRUSTEE FEES	3,000	3,000	3,000	No Change From 2019/2020 Budget	
CONTINUING DISCLOSURE FEE	500	500	500	No Change From 2019/2020 Budget	
WEBSITE MANAGEMENT	1,500	2,000	2,000	No Change From 2019/2020 Budget	
ADMINISTRATIVE CONTINGENCY	0	1,200	1,200	No Change From 2019/2020 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	59,745	$	66,133	$	71,916		
					
TOTAL EXPENDITURES	$	63,640	$	88,033	$	94,836		
					
REVENUES LESS EXPENDITURES	$	239,174	$	214,318	$	207,570		
					
BOND PAYMENTS	(224,711)	(221,725)	(221,638)	2021 P&I Payments Less Interest	
					
BALANCE	$	14,463	$	(7,407)	$	(14,068)		
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(2,902)	(6,041)	(6,040)	Two Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(11,869)	(12,082)	(12,082)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(308)	$	(25,530)	$	(32,190)		
					
CARRYOVER FROM PRIOR YEAR	0	25,530	32,190	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(308)	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 BUDGET	FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	

Interest Income	
6,397	
200	
200	
Projected Interest For 2020/2021	

NAV Tax Collection	
224,711	
221,725	
221,638	
2021 P & I Payments Less Earned Interest	

Total Revenues	
$	231,108	
$	221,925	
$	221,838		

EXPENDITURES					

Principal Payments	
95,000	
90,000	
95,000	
Principal Payment Due In 2021	

Interest Payments	
139,150	
131,725	
126,638	
Interest Payments Due In 2021	

Transfer To Construction Fund	
3,775	
200	
200	
Transfer To Construction Fund	

Total Expenditures	
$	237,925	
$	221,925	
$	221,838		

Excess/ (Shortfall)	
$	(6,817)	
$	-	
$	-		

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 1/1/20 =	May 2036

$2,440,000			

Summerville Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2017/2018	2018/2019	2019/2020	2020/2021	
Assessment	Assessment	Assessment	Projected Assessment	
   Before Discount* 	  Before Discount*	 	Before Discount*		 	Before Discount*		

Administrative	
$	215.13	
$	210.20	
$	160.59	
$	
156.85	
Maintenance	$	31.08	$	36.34	$	87.26	$	91.33	

Debt

$	885.23

$	884.88

$	883.44

$	883.10

Total

$	1,131.44	$

1,131.42	$

1,131.29	$

1,131.28

* Assessments Include the Following :	                                   4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee
Community Information:		                                                       Total Units	267
5/18/2020 1:41 PM	IV