Summerville Community Development District

Final Budget For Fiscal Year 2021/2022
October 1, 2021 - September 30, 2022

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2021/2022 BUDGET	
ADMINISTRATIVE ASSESSMENTS	52,870	
MAINTENANCE ASSESSMENTS	52,043	
DEBT ASSESSMENTS	197,090	
OTHER REVENUES	0	
INTEREST INCOME	360	
TOTAL REVENUES	$	302,363	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
LAWN MAINTENANCE/IRRIGATION/OPEN TRACTS	6,000	
FIELD OPERATIONS MANAGEMENT	720	
ENGINEERING/ANNUAL REPORT/INSPECTIONS	1,200	
MISCELLANEOUS MAINTENANCE	0	
STREET LIGHTS	12,000	
PRESSURE CLEANING	14,000	
HOA CONTRIBUTION	15,000	
TOTAL MAINTENANCE EXPENDITURES	$	48,920	
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISOR FEES	5,000	
PAYROLL TAXES (EMPLOYER)	383	
MANAGEMENT	27,360	
SECRETARIAL	4,200	
LEGAL	9,000	
ASSESSMENT ROLL	7,500	
AUDIT FEES	3,700	
INSURANCE	6,250	
LEGAL ADVERTISING	820	
MISCELLANEOUS	825	
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	$	72,463	
		
TOTAL EXPENDITURES	$	121,383	
		
REVENUES LESS EXPENDITURES	$	180,980	
		
BOND PAYMENTS	(185,265)	
		
BALANCE	$	(4,285)	
		
COUNTY APPRAISER & TAX COLLECTOR FEE	(6,040)	
DISCOUNTS FOR EARLY PAYMENTS	(12,080)	
		
EXCESS/ (SHORTFALL)	$	(22,405)	
		
CARRYOVER FROM PRIOR YEAR	22,405	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2019/2020 ACTUAL	
FISCAL YEAR 2020/2021 BUDGET	
FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	
ADMINISTRATIVE ASSESSMENTS	43,359	41,878	52,870	Expenditures Less Interest & Carryover/.94	
MAINTENANCE ASSESSMENTS	23,298	24,383	52,043	Expenditures/.94	
DEBT ASSESSMENTS	235,878	235,785	197,090	Bond Payments/.94	
OTHER REVENUES	3,277	0	0		
INTEREST INCOME	487	360	360	Projected At $30 Per Month	
TOTAL REVENUES	$	306,299	$	302,406	$	302,363		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
LAWN MAINTENANCE/IRRIGATION/OPEN TRACTS	11,250	6,000	6,000	No Change From 2020/2021 Budget	
FIELD OPERATIONS MANAGEMENT	720	720	720	No Change From 2020/2021 Budget	
ENGINEERING/ANNUAL REPORT/INSPECTIONS	2,450	1,200	1,200	No Change From 2020/2021 Budget	
MISCELLANEOUS MAINTENANCE	10,222	0	0		
STREET LIGHTS	0	0	12,000	Annual Charge	
PRESSURE CLEANING	0	0	14,000	Pressure Cleaning	
HOA CONTRIBUTION	0	15,000	15,000	No Change From 2020/2021 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	24,642	$	22,920	$	48,920		
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISOR FEES	0	5,000	5,000	Supervisor Fees	
PAYROLL TAXES (EMPLOYER)	0	383	383	Supervisor Fees * 7.65%	
MANAGEMENT	26,388	26,988	27,360	CPI Adjustment	
SECRETARIAL	4,200	4,200	4,200	No Change From 2020/2021 Budget	
LEGAL	9,998	9,000	9,000	No Change From 2020/2021 Budget	
ASSESSMENT ROLL	7,500	7,500	7,500	As Per Contract	
AUDIT FEES	3,500	3,600	3,700	Accepted Amount For 2020/2021 Audit	
INSURANCE	5,251	6,250	6,250	Insurance Estimate	
LEGAL ADVERTISING	1,354	720	820	$100 Increase From 2020/2021 Budget	
MISCELLANEOUS	96	850	825	$25 Decrease From 2020/2021 Budget	
POSTAGE	91	150	150	No Change From 2020/2021 Budget	
OFFICE SUPPLIES	346	400	400	No Change From 2020/2021 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2020/2021 Budget	
TRUSTEE FEES	3,000	3,000	3,000	No Change From 2020/2021 Budget	
CONTINUING DISCLOSURE FEE	500	500	500	No Change From 2020/2021 Budget	
WEBSITE MANAGEMENT	2,000	2,000	2,000	No Change From 2020/2021 Budget	
ADMINISTRATIVE CONTINGENCY	0	1,200	1,200	No Change From 2020/2021 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	64,399	$	71,916	$	72,463		
					
TOTAL EXPENDITURES	$	89,041	$	94,836	$	121,383		
					
REVENUES LESS EXPENDITURES	$	217,258	$	207,570	$	180,980		
					
BOND PAYMENTS	(224,537)	(221,638)	(185,265)	2022 P&I Payments Less Interest	
					
BALANCE	$	(7,279)	$	(14,068)	$	(4,285)		
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(2,908)	(6,040)	(6,040)	Two Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(11,584)	(12,082)	(12,080)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(21,771)	$	(32,190)	$	(22,405)		
					
CARRYOVER FROM PRIOR YEAR	0	32,190	22,405	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(21,771)	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	FISCAL YEAR 2019/2020 ACTUAL	FISCAL YEAR 2020/2021 BUDGET	FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	

Interest Income	
2,496	
200	
25	
Projected Interest For 2021/2022	

NAV Tax Collection	
224,537	
221,638	
185,265	
Maximum Debt Service Collection	

Total Revenues	
$	227,033	
$	221,838	
$	185,290		

EXPENDITURES					

Principal Payments	
90,000	
95,000	
109,000	
Principal Payment Due In 2022	

Interest Payments	
134,200	
126,638	
72,640	
Interest Payments Due In 2022	

Transfer To Construction Fund	
8,065	
200	
0	
Construction Fund Eliminated	

Bond Redemption	
0	
0	
3,650	
Estimated Excess Debt Collections	

Total Expenditures	
$	232,265	
$	221,838	
$	185,290		

Excess/ (Shortfall)	
$	(5,232)	
$	-	
$	-		

Series 2020 Bond Refunding Information

Original Par Amount =	$2,193,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	3.0% - 4.00%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	December 2020			
Maturity Date =

Par Amount As Of 1/1/21 =	May 2036

$2,193,000			

Summerville Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2018/2019	2019/2020	2020/2021	2021/2022	
Assessment	Assessment	Assessment	Projected Assessment	
   Before Discount*  	  Before Discount*	 	Before Discount*		 	Before Discount*		

Administrative	
$	210.20	
$	160.59	
$	156.85	
$	
198.02	
Maintenance	$	36.34	$	87.26	$	91.33	$	194.93	

Debt

$	884.88

$	883.44

$	883.10

$	738.17

Total

$	1,131.42	$

1,131.29	$

1,131.28	$

1,131.12

* Assessments Include the Following :		Bond Refunding:	                                                        4% Discount for Early Payments		Savings Of $144.93 Per Unit
1% County Tax Collector Fee	Savings Used For Pressure Cleaning
1% County Property Appraiser Fee	And To Reduce Carryover From Prior Year
Community Information:		                                                       Total Units	267
6/21/2021 7:56 AM	IV