Summerville Community Development District

Final Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023 BUDGET	
ADMINISTRATIVE ASSESSMENTS	78,988	
MAINTENANCE ASSESSMENTS	82,785	
DEBT ASSESSMENTS	197,090	
OTHER REVENUES	0	
INTEREST INCOME	180	
TOTAL REVENUES	$	359,043	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
LAWN MAINTENANCE/IRRIGATION/OPEN TRACTS	12,548	
FIELD OPERATIONS MANAGEMENT	720	
ENGINEERING/ANNUAL REPORT/INSPECTIONS	2,400	
STREET LIGHTS	12,000	
PRESSURE CLEANING	12,000	
SIDEWALKS (MILLING & REPLACEMENT)	15,150	
HOA CONTRIBUTION	15,000	
MAINTENANCE CONTINGENCY	8,000	
TOTAL MAINTENANCE EXPENDITURES	$	77,818	
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISOR FEES	5,000	
PAYROLL TAXES (EMPLOYER)	383	
MANAGEMENT	28,176	
SECRETARIAL	4,200	
LEGAL	10,000	
ASSESSMENT ROLL	7,500	
AUDIT FEES	3,800	
INSURANCE	6,250	
LEGAL ADVERTISING	820	
MISCELLANEOUS	800	
POSTAGE	250	
OFFICE SUPPLIES	375	
DUES & SUBSCRIPTIONS	175	
TRUSTEE FEES	3,000	
CONTINUING DISCLOSURE FEE	500	
WEBSITE MANAGEMENT	2,000	
ADMINISTRATIVE CONTINGENCY	1,200	
TOTAL ADMINISTRATIVE EXPENDITURES	$	74,429	
		
TOTAL EXPENDITURES	$	152,247	
		
REVENUES LESS EXPENDITURES	$	206,796	
		
BOND PAYMENTS	(185,265)	
		
BALANCE	$	21,531	
		
COUNTY APPRAISER & TAX COLLECTOR FEE	(7,177)	
DISCOUNTS FOR EARLY PAYMENTS	(14,354)	
		
EXCESS/ (SHORTFALL)	$	-	
		
CARRYOVER FROM PRIOR YEAR	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2020/2021 ACTUAL	
FISCAL YEAR 2021/2022 BUDGET	
FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	
ADMINISTRATIVE ASSESSMENTS	42,229	52,870	78,988	Expenditures Less Interest & Carryover/.94	
MAINTENANCE ASSESSMENTS	24,383	52,043	82,785	Expenditures/.94	
DEBT ASSESSMENTS	235,785	197,090	197,090	Bond Payments/.94	
OTHER REVENUES	0	0	0		
INTEREST INCOME	347	360	180	Projected At $15 Per Month	
TOTAL REVENUES	$	302,744	$	302,363	$	359,043		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
LAWN MAINTENANCE/IRRIGATION/OPEN TRACTS	7,970	6,000	12,548	Fertilization (Palm & Ornamentals) & Grass Replacement	
FIELD OPERATIONS MANAGEMENT	720	720	720	No Change From 2021/2022 Budget	
ENGINEERING/ANNUAL REPORT/INSPECTIONS	9,735	1,200	2,400	$1,200 Increase From 2021/2022 Budget	
STREET LIGHTS	0	12,000	12,000	No Change From 2021/2022 Budget	
PRESSURE CLEANING	0	14,000	12,000	Pressure Cleaning	
SIDEWALKS (MILLING & REPLACEMENT)	0	0	15,150	Sidewalks (Milling & Replacement)	
HOA CONTRIBUTION	15,530	15,000	15,000	No Change From 2021/2022 Budget	
MAINTENANCE CONTINGENCY	0	0	8,000	Maintenance Contingency	
TOTAL MAINTENANCE EXPENDITURES	$	33,955	$	48,920	$	77,818		
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISOR FEES	0	5,000	5,000	Supervisor Fees	
PAYROLL TAXES (EMPLOYER)	0	383	383	Supervisor Fees * 7.65%	
MANAGEMENT	26,988	27,360	28,176	CPI Adjustment (Capped At 3%)	
SECRETARIAL	4,200	4,200	4,200	No Change From 2021/2022 Budget	
LEGAL	10,283	9,000	10,000	$1,000 Increase From 2021/2022 Budget	
ASSESSMENT ROLL	7,500	7,500	7,500	As Per Contract	
AUDIT FEES	3,600	3,700	3,800	Accepted Amount For 2021/2022 Audit	
INSURANCE	5,513	6,250	6,250	Insurance Estimate	
LEGAL ADVERTISING	856	820	820	No Change From 2021/2022 Budget	
MISCELLANEOUS	555	825	800	$25 Decrease From 2021/2022 Budget	
POSTAGE	348	150	250	$100 Increase From 2021/2022 Budget	
OFFICE SUPPLIES	275	400	375	$25 Decrease From 2021/2022 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2021/2022 Budget	
TRUSTEE FEES	3,000	3,000	3,000	No Change From 2021/2022 Budget	
CONTINUING DISCLOSURE FEE	500	500	500	No Change From 2021/2022 Budget	
WEBSITE MANAGEMENT	2,000	2,000	2,000	No Change From 2021/2022 Budget	
ADMINISTRATIVE CONTINGENCY	6,500	1,200	1,200	No Change From 2021/2022 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	72,293	$	72,463	$	74,429		
					
TOTAL EXPENDITURES	$	106,248	$	121,383	$	152,247		
					
REVENUES LESS EXPENDITURES	$	196,496	$	180,980	$	206,796		
					
BOND PAYMENTS	(224,567)	(185,265)	(185,265)	2023 P&I Payments Less Interest	
					
BALANCE	$	(28,071)	$	(4,285)	$	21,531		
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(2,909)	(6,040)	(7,177)	Two Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(11,465)	(12,080)	(14,354)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(42,445)	$	(22,405)	$	-		
					
CARRYOVER FROM PRIOR YEAR	0	22,405	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(42,445)	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET SUMMERVILLE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR 2020/2021 ACTUAL	FISCAL YEAR 2021/2022 BUDGET	FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	

Interest Income	
16	
25	
25	
Projected Interest For 2022/2023	

NAV Tax Collection	
224,567	
185,265	
185,265	
Maximum Debt Service Collection	

Total Revenues	
$	224,583	
$	185,290	
$	185,290		

EXPENDITURES					

Principal Payments	
117,000	
109,000	
116,000	
Principal Payment Due In 2023	

Interest Payments	
92,714	
72,640	
69,265	
Interest Payments Due In 2023	

Bond Redemption	
0	
3,650	
25	
Estimated Excess Debt Collections	

Total Expenditures	
$	209,714	
$	185,290	
$	185,290		

Excess/ (Shortfall)	
$	14,869	
$	-	
$	-		

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 1/1/22 =	May 2036

$2,076,000			

Summerville Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2019/2020	2020/2021	2021/2022	2022/2023	
Assessment	Assessment	Assessment	Projected Assessment	
 Before Discount* 	 Before Discount*		Before Discount*			Before Discount*		

Administrative	
$	160.59	
$	156.85	
$	198.02	
$	
295.84	
Maintenance	$	87.26	$	91.33	$	194.93	$	310.06	

Debt

$	883.44

$	883.10

$	738.17

$	738.17

Total

$	1,131.29	$

1,131.28	$

1,131.12	$

1,344.07

* Assessments Include the Following :	 4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee
Community Information:		 Total Units	267
5/20/2022 1:32 PM	IV