Bannon Lakes Community Development District
Adopted Budget
FY 2019
August 15, 2018

Bannon Lakes
Community Development District
GENERAL FUND BUDGET

TABLE OF CONTENTS

GENERAL FUND BUDGET

Summary Revenues and Expenditures………………………………………..……………………………….……………….…Page    1-2

Narrative – Administrative and Maintenance………………………….………………………………..……………………………….Page    3-8

2016 Debt Service
Fund………………….………………………..…………………………………………………………Page 9-10

Adopted
Budget	Acutal
Thru	Projected
Next	Total
Projected	Adopted
Budget	
Description	FY 2018	7/31/18	2 Months	9/30/18	FY 2019	
Revenues						
Developer Contributions	$151,247	$6,049	$15,071	$21,120	$107,447	
Assessments - Tax Roll	$232,804	$183,789	$0	$183,789	$183,430	
Assessments - Direct	$206,379	$270,712	$0	$270,712	$255,753	
Total Revenues	$590,430	$460,550	$15,071	$475,621	$546,630	

Expenditures						
Administrative						
Supervisors Fees	$4,000	$0	$0	$0	$4,000	
FICA	$306	$0	$0	$0	$306	
Engineering	$4,000	$1,254	$2,746	$4,000	$4,000	
Attorney	$20,000	$11,896	$8,104	$20,000	$20,000	
Dissemination	$3,500	$2,917	$583	$3,500	$4,100	
Annual Audit	$4,200	$2,325	$1,875	$4,200	$4,200	
Arbitrage	$600	$600	$0	$600	$600	
Assessment Roll	$5,000	$5,000	$0	$5,000	$5,000	
Trustee fees	$10,000	$3,000	$7,000	$10,000	$10,000	
Management Fees	$45,000	$37,500	$7,500	$45,000	$45,000	
Information Technology	$1,600	$1,333	$267	$1,600	$1,733	
Telephone	$200	$72	$128	$200	$200	
Postage	$500	$188	$312	$500	$500	
Insurance	$5,500	$5,500	$0	$5,500	$5,500	
Printing & Binding	$3,000	$823	$2,177	$3,000	$3,000	
Legal Advertising	$3,000	$627	$2,373	$3,000	$3,000	
Other Current Charges	$700	$400	$300	$700	$700	
Office Supplies	$400	$114	$286	$400	$400	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Administrative Expenditures	$111,681	$73,723	$33,651	$107,374	$112,414	
Amenty Center						
Insurance Utilities	$10,273	$13,233	$0	$13,233	$15,106	
Telephone/Internet/Cable	$4,000	$3,215	$785	$4,000	$4,000	
Electric	$32,500	$17,519	$14,981	$32,500	$25,000	
Water/Irrigation	$10,000	$5,624	$4,376	$10,000	$10,000	
Cable	$0	$0	$0	$0	$3,000	
Gas	$0	$0	$0	$0	$200	
Refuse	$2,500	$1,632	$1,000	$2,632	$2,500	
Security						
Security Monitoring	$600	$0	$0	$0	$600	
Access Cards	$500	$650	$0	$650	$500	
Management Contracts						
Facility Management	$30,900	$0	$30,900	$30,900	$30,900	
Pool Attendants	$24,000	$0	$0	$0	$0	

Adopted
Budget	Acutal
Thru	Projected
Next	Total
Projected	Adopted
Budget	
Description	FY 2018	7/31/18	2 Months	9/30/18	FY 2019	

Continued Management Contracts					
Field Mgmt / Admin	$18,600	$15,500	$3,100	$18,600	$2,200	
Pool Maintenance	$8,196	$6,830	$1,366	$8,196	$8,800	
Pool Chemicals	$10,000	$2,577	$515	$3,092	$10,000	
Janitorial	$6,480	$5,400	$1,080	$6,480	$7,000	
Janitorial Supplies	$3,450	$0	$0	$0	$3,450	
Facility Maintenance	$7,500	$5,833	$1,667	$7,500	$7,500	
Repairs & Maintenance	$5,000	$0	$1,250	$1,250	$4,310	
Maintenance Reserves	$0	$0	$0	$0	$0	
New Capital Projects	$0	$0	$0	$0	$0	
Special Events	$3,000	$0	$750	$750	$3,000	
Holiday Decorations	$1,500	$0	$375	$375	$1,500	
Fitness Center Repairs/Supplies	$900	$0	$0	$0	$900	
Office Supplies	$250	$0	$63	$63	$250	
ASCAP/BMI Licenses	$500	$0	$125	$125	$500	
Amenity Center Expenditures	$180,649	$78,013	$62,333	$140,346	$141,216	
Grounds Maintenance Expenditures						
Hydrology Quality/Mitigation	$3,600	$0	$900	$900	$3,000	
Landscape Maintenance	$135,000	$132,372	$26,474	$158,846	$135,000	
Landscape Contingency	$20,000	$5,187	$1,037	$6,224	$20,000	
Lake Maintenance	$7,500	$4,650	$930	$5,580	$7,500	
Grounds Maintenance	$12,000	$0	$3,000	$3,000	$8,000	
Pump Repairs	$2,500	$0	$625	$625	$2,000	
Streetlight Repairs	$5,000	$0	$1,250	$1,250	$5,000	
Irrigation Repairs	$7,500	$2,138	$428	$2,566	$7,500	
Miscellaneous	$5,000	$1,056	$211	$1,267	$5,000	
Reclaim Water	$100,000	$19,701	$3,940	$23,641	$100,000	
Gounds Maintenance Expenditures	$298,100	$165,104	$38,795	$203,899	$293,000	
						
Total Expenses	$590,430	$316,840	$134,779	$451,619	$546,630	
						
Excess Revenues/(Expenditures)	$0	$143,710	($119,708)	$24,002	$0	

REVENUES:

Developer Contributions/ Assessments

The District will enter into a Funding Agreement with the Developer or levy maintenance  assessments to Fund the General Fund expenditures the Fiscal Year.

EXPENDITURES:

Administrative:

Supervisors Fees

The Florida Statutes allows each Board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon five supervisors attending 12 monthly meetings.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from the Board of Supervisors checks.

Engineering

The District will contract with an engineering firm to provide general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices, etc.

Attorney

The District will contract with Hopping Green & Sams for legal counsel to provide general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions, etc.

Dissemination Agent

The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)- 12(b)(5), which relates to additional reporting requirements for un-rated bond issues.

Annual Audit

The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The District will contract with a licensed CPA firm to prepare the annual audit.

Page 3

Arbitrage

The District is required to annually have an arbitrage rebate calculation on the District's Series 2016 Special Assessment Revenue Bonds.

Assessment Roll

The District’s assessment roll administration, GMS, LLC, will provide services to prepare assessment rolls to district property owners.

Trustee Fees

The District issued Series 2016 Special Assessment Revenue Bonds which are held with a Trustee at BNY Mellon. The amount of the trustee fees is based on the agreement between  BNY Mellon and  the District.

Management Fees

The District will contract with Governmental Management Services, LLC for Management, Accounting and Administrative services as part of a Management Agreement with management company.

Information Technology

The cost related to District’s accounting and information systems, District website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements.
Telephone

The cost of telephone and fax machine service.

Postage

The cost of mailing agenda packages, overnight deliveries, correspondence, and payments for the District.

Insurance

Represents the estimated cost for public officials and general liability insurance for the District provided by FIA.

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings, and etc. in a newspaper of general circulation.

Other Current Charges

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Miscellaneous office supplies.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Economic Opportunity for
$175. This is the only expense under this category for the District.

Amenity Center:

Insurance

The District's Property insurance policy is with Florida Insurance Alliance. FIA specializes in providing insurance coverage to governmental agencies. The amount budgeted represents the estimated premium for property insurance related to the Amenity Center.

Telephone

The estimated cost for telephone services used for the Amenity Center.

Electric

The cost of electric associated with the Recreation Facility.

Water/Irrigation

Water, sewer and irrigation systems cost for the district.

Cable

The District will provide internet & cable television services for the Amenity Center through Comcast.

Gas

The District will contract with vendor to provide propane delivery for amenity center use.

Refuse Service

Cost of garbage disposal service will be provided by local company for the District.

Security Monitoring

The District will contract with vendor to provide security monitoring for the Amenity Center.

Access Cards

Represents the estimated cost for access cards purchased by the District’s Amenity Center.

Facility Management

Cost to provide management services for the Amenity Center.

Pool Attendant

Cost to provide pool attendants during the operating season for the pool.

Field Management and Admin

The District will contract Riverside Management Services, Inc. for onsite field management of contracts for District Services such as landscaping, amenity & pool facilities, lake maintenance, etc.

Pool Maintenance and Supplies

The estimated amount based on proposed contract with Riverside Management Services, Inc. to provide maintenance of the Amenity Center swimming pool.

Pool Chemicals

The estimated amount based on proposed contract with vendor to provide chemicals to maintain the Amenity Center swimming pool.

Janitorial

The estimated amount based on proposed contract with Riverside Management Services, Inc.to provide janitorial services for the Amenity Center.

Facility Maintenance

The estimated amount based on proposed contract with vendor to provide routine repairs and maintenance for the Amenity Center.

Repair & Replacements

Regular maintenance and replacement cost incurred by the Amenity Center of the District.

Maintenance Reserves

The District will establish a Maintenance reserve to fund the renewal and replacement of District’s capital related facilities.

New Capital Projects

The District will establish a fund for the renewal and replacement of District’s capital related facilities.

Special Events

Represents estimated costs for the District to host special events for the community throughout the Fiscal Year.

Holiday Decorations

Represents estimated costs for the District to decorate the amenity center throughout the Fiscal  Year.

Fitness Center Repairs/Supplies

Represents estimated costs for the Fitness Center repairs of equipment, purchase of supplies, and preventative maintenance contract.

Office Supplies and Equipment

Represents estimated cost for office supplies for the Amenity Center.

ASCAP/BMI Licenses

License fee required to broadcast music to the amenity center.

Grounds Maintenance:

Hydrology Quality/Mitigation

Cost to preserve beneficial aquatic plants in the wetland mitigation area and control nuisance and exotic pest plant populations.

Landscape Maintenance

Cost to maintain the common areas of the District based on a proposed contract with Landcare Group, Inc.

Landscape Contingency

Other landscape costs that is not under contract which includes landscape light repairs and replacements.

Lake Maintenance

Cost for the maintenance of District lakes based on a contract.

Grounds Maintenance

Contracted staff for repairs and trash pick-up on District owned property.

Pump Repairs

Provision for pool pump repair or replacements as needed.

Streetlight Repairs

Estimated costs for street lighting and parking lot repairs and replacements.

Irrigation Repairs

Miscellaneous irrigation repairs and maintenance cost for the District.

Miscellaneous

Any unanticipated and unscheduled maintenance cost to the District.

Reclaimed water

Reclaimed water Services for the District provided by St. Johns County Utility Department.

Bannon Lakes	Debt Service Fund
Community Development District	Series 2016

	Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Adopted
Budget	
Description	FY 2018	3/31/18	6 Months	9/30/18	FY 2019	
Revenues						
Carry Forward Surplus	$1,462,812	$877,687	$0	$877,687	$292,662	
Interest Income	$0	$0	$100	$100	$50	
Special Assessments	$0	$0	$0	$0	$771,500	
Bond Proceeds	$0	$0	$0	$0	$0	
TOTAL REVENUES	$1,462,812	$877,687	$100	$877,787	$1,064,212	

Interest - 11/01	$292,563	$292,563	$0	$292,563	$292,563	
Interest - 05/01	$292,563	$0	$292,563	$292,563	$292,563	
Principal - 05/01	$0	$0	$0	$0	$0	
TOTAL EXPENDITURES	$585,125	$292,563	$292,563	$585,125	$585,125	
						
EXCESS REVENUES	$877,687	$585,125	($292,463)	$292,662	$479,087	

Expenditures Series 2007

*Reflects excess revenue at fiscal year end less reserve fund balance.	11/1/18 Interest	$292,563
**Interest has been capitalized through November 1, 2018.

Bannon Lakes		Amortization Schedule Community Development District	Series 2016, Special Assessment Bonds

 	DATE 	BALANCE		 	PRINCIPAL	 	INTEREST	 	TOTAL	

11/01/16	$	11,850,000	$	
05/01/17	$	11,850,000	$	
11/01/17	$	11,850,000	$	
05/01/18	$	11,850,000	$	
11/01/18	$	11,850,000	$	
05/01/19	$	11,850,000	$	
11/01/19	$	11,850,000	$	185,	
05/01/20	$	11,665,000	$	
11/01/20	$	11,665,000	$	190,	
05/01/21	$	11,475,000	$	
11/01/21	$	11,475,000	$	200,	
05/01/22	$	11,275,000	$	
11/01/22	$	11,275,000	$	210,	
05/01/23	$	11,065,000	$	
11/01/23	$	11,065,000	$	220,	
05/01/24	$	10,845,000	$	
11/01/24	$	10,845,000	$	230,	
05/01/25	$	10,615,000	$	
11/01/25	$	10,615,000	$	240,	
05/01/26	$	10,375,000	$	
11/01/26	$	10,375,000	$	250,	
05/01/27	$	10,125,000	$	
11/01/27	$	10,125,000	$	265,	
05/01/28	$	9,860,000	$	
11/01/28	$	9,860,000	$	275,	
05/01/29	$	9,585,000	$	
11/01/29	$	9,585,000	$	290,	
05/01/30	$	9,295,000	$	
11/01/30	$	9,295,000	$	305,	
05/01/31	$	8,990,000	$	
11/01/31	$	8,990,000	$	320,	
05/01/32	$	8,670,000	$	
11/01/32	$	8,670,000	$	335,	
05/01/33	$	8,335,000	$	
11/01/33	$	8,335,000	$	350,	
05/01/34	$	7,985,000	$	
11/01/34	$	7,985,000	$	370,	
05/01/35	$	7,615,000	$	
11/01/35	$	7,615,000	$	390,	
05/01/36	$	7,225,000	$	
11/01/36	$	7,225,000	$	410,	
05/01/37	$	6,815,000	$	
11/01/37	$	6,815,000	$	430,	
05/01/38	$	6,385,000	$	
11/01/38	$	6,385,000	$	450,	
05/01/39	$	5,935,000	$	
11/01/39	$	5,935,000	$	470,	
05/01/40	$	5,465,000	$	
11/01/40	$	5,465,000	$	495,	
05/01/41	$	4,970,000	$	
11/01/41	$	4,970,000	$	520,	
05/01/42	$	4,450,000	$	
11/01/42	$	4,450,000	$	545,	
05/01/43	$	3,905,000	$	
11/01/43	$	3,905,000	$	575,	
05/01/44	$	3,330,000	$	
11/01/44	$	3,330,000	$	600,	
05/01/45	$	2,730,000	$	
11/01/45	$	2,730,000	$	635,	
05/01/46	$	2,095,000		
11/01/46	$	2,095,000	$	665,	
05/01/47	$	1,430,000		
11/01/47	$	1,430,000	$	700,	
05/01/48	$	730,000		
11/01/48	$	730,000	$	730,	

$	292,562.50	$	11,850,000.00	
$	292,562.50	$	11,850,000.00	
$	292,562.50	$	11,850,000.00	
$	292,562.50	$	11,850,000.00	
$	292,562.50	$	11,850,000.00	
$	292,562.50	$	11,850,000.00	
$	292,562.50	$	11,665,000.00	
$	288,400.00	$	11,665,000.00	
$	288,400.00	$	11,475,000.00	
$	284,125.00	$	11,475,000.00	
$	284,125.00	$	11,275,000.00	
$	279,625.00	$	11,275,000.00	
$	279,625.00	$	11,065,000.00	
$	274,900.00	$	11,065,000.00	
$	274,900.00	$	10,845,000.00	
$	269,950.00	$	10,845,000.00	
$	269,950.00	$	10,615,000.00	
$	264,775.00	$	10,615,000.00	
$	264,775.00	$	10,375,000.00	
$	259,375.00	$	10,375,000.00	
$	259,375.00	$	10,125,000.00	
$	253,125.00	$	10,125,000.00	
$	253,125.00	$	9,860,000.00	
$	246,500.00	$	9,860,000.00	
$	246,500.00	$	9,585,000.00	
$	239,625.00	$	9,585,000.00	
$	239,625.00	$	9,295,000.00	
$	232,375.00	$	9,295,000.00	
$	232,375.00	$	8,990,000.00	
$	224,750.00	$	8,990,000.00	
$	224,750.00	$	8,670,000.00	
$	216,750.00	$	8,670,000.00	
$	216,750.00	$	8,335,000.00	
$	208,375.00	$	8,335,000.00	
$	208,375.00	$	7,985,000.00	
$	199,625.00	$	7,985,000.00	
$	199,625.00	$	7,615,000.00	
$	190,375.00	$	7,615,000.00	
$	190,375.00	$	7,225,000.00	
$	180,625.00	$	7,225,000.00	
$	180,625.00	$	6,815,000.00	
$	170,375.00	$	6,815,000.00	
$	170,375.00	$	6,385,000.00	
$	159,625.00	$	6,385,000.00	
$	159,625.00	$	5,935,000.00	
$	148,375.00	$	5,935,000.00	
$	148,375.00	$	5,465,000.00	
$	136,625.00	$	5,465,000.00	
$	136,625.00	$	4,970,000.00	
$	124,250.00	$	4,970,000.00	
$	124,250.00	$	4,450,000.00	
$	111,250.00	$	4,450,000.00	
$	111,250.00	$	3,905,000.00	
$	97,625.00	$	3,905,000.00	
$	97,625.00	$	3,330,000.00	
$	83,250.00	$	3,330,000.00	
$	83,250.00	$	2,730,000.00	
$	68,250.00	$	2,730,000.00	
$	68,250.00	$	2,095,000.00	
$	52,375.00	$	2,095,000.00	
$	52,375.00	$	1,430,000.00	
$	35,750.00	$	1,430,000.00	
$	35,750.00	$	730,000.00	
$	18,250.00	$	730,000.00	
$	18,250.00	$	-	

-
-
-
-

-
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00
- 000.00

000.00

000.00

000.00

 	Total	

  $	11,850,000.00 

  $ 12,686,487.50 

Page 10