Bannon Lakes Community Development District
Adopted Budget

FY 2020

August 21, 2019

Bannon Lakes Community Development District

TABLE OF CONTENTS

GENERAL FUND BUDGET

Summary Revenues and Expenditures	Page 1-2

Narrative – Administrative and Maintenance	Page 3-9

2016 Debt Service Fund	Page 10-12

Adopted
Budget	Acutal
Thru	Projected
Next	Total
Projected	Adopted
Budget	
Description	FY 2019	7/31/19	2 Months	9/30/19	FY 2020	
Revenues						
Developer Contributions	$127,247	$0	$0	$0	$90,789	
Assessments	$439,183	$437,794	$1,389	$439,183	$504,753	
Facility Revenue	$0	$50	$0	$50	$300	
Total Revenues	$566,430	$437,844	$1,389	$439,233	$595,842	

Expenditures						
Administrative						
Supervisors Fees	$4,000	$0	$0	$0	$0	
FICA	$306	$0	$0	$0	$0	
Engineering	$4,000	$398	$2,000	$2,398	$4,000	
Attorney	$20,000	$5,449	$5,000	$10,449	$12,000	
Dissemination	$4,100	$3,417	$1,025	$4,442	$4,100	
Annual Audit	$4,200	$2,395	$0	$2,395	$4,200	
Arbitrage	$600	$600	$0	$600	$600	
Assessment Roll	$5,000	$5,000	$0	$5,000	$5,000	
Trustee fees	$10,000	$3,667	$0	$3,667	$10,000	
Management Fees	$45,000	$37,500	$7,500	$45,000	$45,000	
Information Technology	$1,733	$1,444	$289	$1,733	$1,733	
Telephone	$200	$41	$40	$81	$200	
Postage	$500	$338	$162	$500	$500	
Insurance	$5,500	$5,610	$0	$5,610	$5,800	
Printing & Binding	$3,000	$1,161	$200	$1,361	$3,000	
Legal Advertising	$3,000	$965	$417	$1,382	$2,000	
Other Current Charges	$700	$250	$450	$700	$700	
Office Supplies	$400	$718	$15	$733	$1,000	
Website Services	$0	$1,750	$0	$1,750	$1,200	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Administrative Expenditures	$112,414	$70,877	$17,098	$87,975	$101,208	
Amenty Center						
Insurance Utilities	$15,106	$13,413	$0	$13,413	$19,974	
Phone/Internet/Cable	$3,000	$3,899	$810	$4,709	$6,800	
Electric	$25,000	$11,917	$2,600	$14,517	$25,000	
Water/Irrigation	$10,000	$6,896	$1,700	$8,596	$15,000	
Telephone	$4,000	$0	$0	$0	$0	
Gas	$200	$0	$0	$0	$200	
Refuse	$2,500	$2,096	$504	$2,600	$3,100	

Adopted
Budget	Acutal
Thru	Projected
Next	Total
Projected	Adopted
Budget	
Description	FY 2019	7/31/19	2 Months	9/30/19	FY 2020	

Security					
Security Monitoring	$600	$0	$100	$100	$600	
Access Cards	$500	$2,600	$0	$2,600	$2,500	
Management Contracts						
Facility Management	$30,900	$7,400	$5,200	$12,600	$60,000	
Field Mgmt / Admin	$22,000	$15,640	$3,193	$18,833	$22,000	
Pool Maintenance	$8,800	$7,513	$1,821	$9,334	$12,000	
Pool Chemicals	$10,000	$2,866	$1,400	$4,266	$10,000	
Janitorial	$7,000	$5,530	$1,167	$6,697	$7,000	
Janitorial Supplies	$3,450	$0	$1,000	$1,000	$3,450	
Facility Maintenance	$7,500	$8,023	$2,000	$10,023	$7,500	
Repairs & Maintenance	$4,310	$1,372	$2,938	$4,310	$4,310	
New Capital Projects	$0	$1,155	$0	$1,155	$0	
Special Events	$3,000	$3,335	$0	$3,335	$5,000	
Holiday Decorations	$1,500	$0	$1,500	$1,500	$1,500	
Fitness Center Repairs/Supplies	$900	$0	$300	$300	$900	
Office Supplies	$250	$698	$0	$698	$1,500	
ASCAP/BMI Licenses	$500	$0	$175	$175	$500	
Pest Control	$0	$0	$0	$0	$1,800	
Amenity Center Expenditures	$161,016	$94,353	$26,408	$120,761	$210,634	
Grounds Maintenance Expenditures						
Hydrology Quality/Mitigation	$3,000	$0	$1,500	$1,500	$3,000	
Landscape Maintenance	$135,000	$114,834	$23,454	$138,288	$141,000	
Landscape Contingency	$20,000	$0	$2,000	$2,000	$20,000	
Lake Maintenance	$7,500	$4,650	$930	$5,580	$7,500	
Grounds Maintenance	$8,000	$0	$1,500	$1,500	$8,000	
Pump Repairs	$2,000	$0	$500	$500	$2,000	
Streetlights	$0	$7,207	$1,474	$8,681	$9,000	
Streetlight Repairs	$5,000	$0	$0	$0	$5,000	
Irrigation Repairs	$7,500	$2,752	$350	$3,102	$7,500	
Miscellaneous	$5,000	$0	$0	$1,250	$5,000	
Reclaim Water	$100,000	$24,345	$9,300	$33,645	$76,000	
Gounds Maintenance Expenditures	$293,000	$153,788	$41,008	$196,046	$284,000	
						
Total Expenses	$566,430	$319,018	$84,514	$404,782	$595,842	
						
Excess Revenues/(Expenditures)	$0	$118,826	($83,125)	$34,451	$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 $4,000 in one year. The amount for the fiscal year is based upon four supervisors paid for the estimated eight annual meetings with the other supervisors waiving pay.

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.

Vendor	Monthly	Annual	
Governmental Management Services	$	292	$	3,500	
Disclosure Services		$	600	
	$	292	$	4,100	

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.

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.

Vendor	Monthly	Annual	
Governmental Management Services	$	3,750	$	45,000	

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.

Vendor	Monthly	Annual	
Governmental Management Services	$	144	$	1,733	
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.

Website Compliance

Per Chapter 2014-22, Laws of Florida, all Districts must have a website by October 1, 2015 to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS, LLC and updated monthly

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.

Phone/Internet/Cable

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

Vendor	Address	Monthly	Annual	
AT&T	435 Bannon Lakes Blvd	$	186	$	2,232	
AT&T	435 Bannon Lakes Blvd	$	211	$	2,532	
	New lines	$	170	$	2,036	
		$	567	$	6,800	

Electric
The cost of electric associated with the Recreation Facility.
Vendor	Address	Monthly	Annual	
FPL	435 Bannon Lakes Blvd - Clubhouse	$	995	$	11,940	
FPL	35 Bannon Lakes Blvd #Ent	$	26	$	312	
FPL	435 Bannon Lakes Blvd # Fitness	$	174	$	2,088	
	Contingency	$	888	$	10,660	
		$	2,083	$	25,000	

Water/Irrigation

Water, sewer and irrigation systems cost for the district.

Vendor	Address	Monthly	Annual	
SJCUD	435 Bannon Lakes Blvd	$	995	$	11,936	
	Contingency	$	255	$	3,064	
		$	1,250	$	15,000	

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 Republic Services #687 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.

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.

Vendor	Monthly	Annual	
Riverside Management Services	$	1,597	$	22,000	

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.

Vendor	Monthly	Annual	
Riverside Management Services	$	583	$	7,000	

Janitorial Supplies

All supplies needed for janitorial services of 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 & Maintenance

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

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.

Vendor	Monthly	Annual	
Landcare Group - Amenity	$	5,396	$	64,751	
Landcare Group - Lakes	$	6,331	$	75,975	
Contingency	$	23	$	274	
	$	11,750	$ 141,000	

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.

Vendor	Monthly	Annual	
The Lake Doctors, Inc.	$	465	$	5,580	
Contingency	$	160	$	1,920	
	$	625	$	7,500	

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.

Streetlights

FPL provides the District street lighting cost for the community. The amount is based upon the agreement plus estimated cost for fuel charges.

Vendor	Address	Monthly	Annual	
FPL	100 International Golf Parkway	$	711	$	8,532	
	Contingency	$	39	$	468	
		$	750	$	9,000	

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.

Vendor	Address	Monthly	Annual	
SJCUD	35 Bannon Lakes Blvd	$	1,134	$	13,611	
	435 Bannon Lakes Blvd	$	706	$	8,473	
	Contingency	$	4,493	$	53,916	
		$	6,333	$	76,000	

Bannon Lakes	Debt  Service  Fund
Community Development District	Series 2016

	Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Adopted
Budget	
Description	FY 2019	7/31/19	2 Months	9/30/19	FY 2020	

Revenues						
Carry Forward Surplus*	$292,662	$292,562	$0	$292,562	$512,248	
Interest Income	$50	$7,796	$2,596	$10,392	$2,000	
Special Assessments	$771,500	$684,929	$86,571	$771,500	$769,808	
Prepayments	$0	$72,919	$0	$72,919	$0	
TOTAL REVENUES	$1,064,212	$1,058,207	$89,167	$1,147,374	$1,284,057	

Expenditures

Series 2007
Interest - 11/01	$292,563	$292,563	$0	$292,563	$291,350	
Principal - 11/01	$0	$0	$0	$0	$180,000	
Special Call - 11/01	$0	$0	$0	$0	$25,000	
Interest - 05/01	$292,563	$292,563	$0	$292,563	$287,300	
Special Call - 05/01	$0	$50,000	$0	$50,000	$0	
TOTAL EXPENDITURES	$585,125	$635,126	$0	$635,126	$783,650	
						
EXCESS REVENUES	$479,087	$423,081	$89,167	$512,248	$500,407	

*Reflects excess revenue at fiscal year end less reserve fund balance.	
11/1/20 Interest	
$287,300	
	11/1/20 Principal	$190,000	

 	$477,300 

Date	Balance	Principal	Interest	Annual

11/1/19	$ 11,800,000	$	180,000	$	291,350	$	762,700	
5/1/20	$ 11,620,000	$	-	$	287,300	$	-	
11/1/20	$ 11,620,000	$	190,000	$	287,300	$	764,600	
5/1/21	$ 11,430,000	$	-	$	283,025	$	-	
11/1/21	$ 11,430,000	$	200,000	$	283,025	$	766,050	
5/1/22	$ 11,230,000	$	-	$	278,525	$	-	
11/1/22	$ 11,230,000	$	210,000	$	278,525	$	767,050	
5/1/23	$ 11,020,000	$	-	$	273,800	$	-	
11/1/23	$ 11,020,000	$	215,000	$	273,800	$	762,600	
5/1/24	$ 10,805,000	$	-	$	268,963	$	-	
11/1/24	$ 10,805,000	$	225,000	$	268,963	$	762,925	
5/1/25	$ 10,580,000	$	-	$	263,900	$	-	
11/1/25	$ 10,580,000	$	240,000	$	263,900	$	767,800	
5/1/26	$ 10,340,000	$	-	$	258,500	$	-	
11/1/26	$ 10,340,000	$	250,000	$	258,500	$	767,000	
5/1/27	$ 10,090,000	$	-	$	252,250	$	-	
11/1/27	$ 10,090,000	$	260,000	$	252,250	$	764,500	
5/1/28	$	9,830,000	$	-	$	245,750	$	-	
11/1/28	$	9,830,000	$	275,000	$	245,750	$	766,500	
5/1/29	$	9,555,000	$	-	$	238,875	$	-	
11/1/29	$	9,555,000	$	290,000	$	238,875	$	767,750	
5/1/30	$	9,265,000	$	-	$	231,625	$	-	
11/1/30	$	9,265,000	$	305,000	$	231,625	$	768,250	
5/1/31	$	8,960,000	$	-	$	224,000	$	-	
11/1/31	$	8,960,000	$	320,000	$	224,000	$	768,000	
5/1/32	$	8,640,000	$	-	$	216,000	$	-	
11/1/32	$	8,640,000	$	335,000	$	216,000	$	767,000	
5/1/33	$	8,305,000	$	-	$	207,625	$	-	
11/1/33	$	8,305,000	$	350,000	$	207,625	$	765,250	
5/1/34	$	7,955,000	$	-	$	198,875	$	-	
11/1/34	$	7,955,000	$	370,000	$	198,875	$	767,750	
5/1/35	$	7,585,000	$	-	$	189,625	$	-	
11/1/35	$	7,585,000	$	385,000	$	189,625	$	764,250	

Date	Balance	Principal	Interest	Annual

5/1/36	$	7,200,000	$	-	$	180,000	$	-	
11/1/36	$	7,200,000	$	405,000	$	180,000	$	765,000	
5/1/37	$	6,795,000	$	-	$	169,875	$	-	
11/1/37	$	6,795,000	$	425,000	$	169,875	$	764,750	
5/1/38	$	6,370,000	$	-	$	159,250	$	-	
11/1/38	$	6,370,000	$	450,000	$	159,250	$	768,500	
5/1/39	$	5,920,000	$	-	$	148,000	$	-	
11/1/39	$	5,920,000	$	470,000	$	148,000	$	766,000	
5/1/40	$	5,450,000	$	-	$	136,250	$	-	
11/1/40	$	5,450,000	$	495,000	$	136,250	$	767,500	
5/1/41	$	4,955,000	$	-	$	123,875	$	-	
11/1/41	$	4,955,000	$	520,000	$	123,875	$	767,750	
5/1/42	$	4,435,000	$	-	$	110,875	$	-	
11/1/42	$	4,435,000	$	545,000	$	110,875	$	766,750	
5/1/43	$	3,890,000	$	-	$	97,250	$	-	
11/1/43	$	3,890,000	$	570,000	$	97,250	$	764,500	
5/1/44	$	3,320,000	$	-	$	83,000	$	-	
11/1/44	$	3,320,000	$	600,000	$	83,000	$	766,000	
5/1/45	$	2,720,000	$	-	$	68,000	$	-	
11/1/45	$	2,720,000	$	630,000	$	68,000	$	766,000	
5/1/46	$	2,090,000	$	-	$	52,250	$	-	
11/1/46	$	2,090,000	$	665,000	$	52,250	$	769,500	
5/1/47	$	1,425,000	$	-	$	35,625	$	-	
11/1/47	$	1,425,000	$	695,000	$	35,625	$	766,250	
5/1/48	$	730,000	$	-	$	18,250	$	-	
11/1/48	$	730,000	$	730,000	$	18,250	$	766,500	

Totals	$ 11,800,000	$ 10,893,625	$ 22,984,975