LIVE OAK NO. 1
Community Development District

Annual Operating and Debt Service Budget
Fiscal Year 2020

Adopted Budget:
(Adopted at 6/18/19 meeting)

Prepared by:

LIVE OAK NO. 1

Community Development District

Table of Contents

Page #

OPERATING BUDGET

General Fund

Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..	1
Budget Narrative ……………………………………………………………………………………………	2-4
Exhibit A - Allocation of Fund Balances ………………………………………………………………….	5
DEBT SERVICE BUDGET
Series 2013
Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..	6
Budget Narrative ……………………………………………………………………………………………	7
Amortization Schedule ……………………………………………………………………………………..	8
SUPPORTING BUDGET SCHEDULES
Comparison of Assessment Rates	…………………………………………………………………………	9

Live Oak No. 1
Community Development District

Operating Budget
Fiscal Year 2020

LIVE OAK NO. 1

Community Development District	General Fund

Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2020 Adopted Budget

	ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
	ACTUAL	ACTUAL	BUDGET	THRU	APR	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2017	FY 2018	FY 2019	MAR-2019	SEP-2019	FY 2019	FY 2020	
REVENUES								
Interest - Investments	$	8,320	$	14,640	$	7,500	$	7,082	$	7,082	$	14,164	$	7,500	
Interest - Tax Collector	-	136	-	182	-	182	-	
Special Assmnts- Tax Collector	456,918	456,918	456,918	435,664	21,254	456,918	456,918	
Special Assmnts- Discounts	(16,518)	(16,565)	(18,277)	(17,056)	-	(17,056)	(18,277)	
Settlements	-	-	-	5,500	-	5,500	-	
Other Miscellaneous Revenues	1,667	3,413	-	354	-	354	-	
TOTAL REVENUES	450,387	458,542	446,141	431,726	28,336	460,062	446,141	
EXPENDITURES
Administrative

P/R-Board of Supervisors	4,000	4,400	8,000	2,200	1,800	4,000	8,000	
FICA Taxes	306	337	612	168	138	306	612	
ProfServ-Arbitrage Rebate	600	600	600	-	600	600	600	
ProfServ-Engineering	11,347	17,193	11,000	7,019	3,981	11,000	11,000	
ProfServ-Legal Services	2,729	4,423	4,000	3,108	1,280	4,388	4,000	
ProfServ-Mgmt Consulting Serv	48,228	48,228	48,228	24,114	24,114	48,228	48,228	
ProfServ-Special Assessment	12,500	12,500	12,500	12,500	-	12,500	12,500	
ProfServ-Trustee	2,694	1,571	2,694	1,122	449	1,571	2,694	
Auditing Services	5,023	5,000	5,023	-	5,023	5,023	5,023	
Postage and Freight	83	272	230	30	30	60	230	
Insurance - General Liability	7,235	7,235	7,597	7,000	-	7,000	7,597	
Printing and Binding	161	90	200	164	164.00	328	200	
Legal Advertising	1,262	2,406	700	-	-	-	700	
Misc-Bank Charges	304	236	300	153	153	306	300	
Misc-Assessmnt Collection Cost	6,024	5,933	9,138	8,372	425	8,797	9,138	
Misc-Web Hosting	770	-	1,000	585	415	1,000	1,000	
Office Supplies	-	-	49	-	-	-	50	
Annual District Filing Fee	175	175	175	175	-	175	175	
Total Administrative	103,441	110,599	112,046	66,710	38,572	105,282	112,046	
Field								
Contracts-Landscape	55,920	55,920	55,920	27,960	27,960	55,920	55,920	
Contracts-Lakes	21,492	21,492	21,492	10,746	10,746	21,492	21,492	
Electricity - General	9,428	8,714	9,631	4,076	4,379	8,455	8,757	
Electricity - Streetlighting	38,783	25,256	30,000	9,937	11,861	21,798	27,873	
R&M-Irrigation	496	3,661	500	-	500	500	500	
R&M-Wetland Monitoring	4,002	2,600	15,000	1,950	2,050	4,000	15,000	
Misc-Hurricane Expense	2,500	-	3,000	-	-	-	3,000	
Misc-Contingency	38,530	10,455	15,000	34,216	-	34,216	18,001	
Reserve - Ponds	24,961	3,263	183,552	52,437	-	52,437	183,552	
Total Field	196,112	131,361	334,095	141,322	57,496	198,818	334,095	
								
TOTAL EXPENDITURES	299,553	241,960	446,141	208,032	96,068	304,100	446,141	
Excess (deficiency) of revenues								
Over (under) expenditures	150,834	216,582	-	223,694	(67,732)	155,962	-	
								
TOTAL OTHER SOURCES (USES)	-	-	-	-	-	-	-	
Net change in fund balance	150,834	216,582	-	223,694	(67,732)	155,962	-	

FUND BALANCE, BEGINNING	
1,163,052	
1,313,886	
1,530,468	
1,530,468	
-	
1,530,468	
1,686,430	
FUND BALANCE, ENDING	$1,313,886	$1,530,468	$1,530,468	$ 1,754,162	$ (67,732)	$ 1,686,430	$ 1,686,430	

Annual Operating and Debt Service Budget Fiscal Year 2020

Page 1

Live Oak No. 1
Community Development District	General Fund

Budget Narrative
Fiscal Year 2020

REVENUES

Special Assessment – Tax Collector
The District will levy a Non-Ad Valorem assessment on all the assessable property within the District to pay for the operating expenditures during the Fiscal Year.

Special Assessment – Discount
Per Section 197.162, Florida Statutes, discounts are allowed for early payment of assessments. The budgeted amount for the fiscal year  is calculated at 4% of the anticipated Non-Ad Valorem assessments.

EXPENDITURES

Expenditures - Administrative

P/R Board of Supervisor
Chapter 190 of the Florida Statutes allows for a member of the Board of Supervisors to be compensated for a meeting attendance and to receive $200 per meeting plus payroll taxes.

FICA Tax
Payroll taxes for Supervisors’ salaries are calculated at 7.65% of gross payroll.

Professional Services – Arbitrage Rebate Calculation
The District will contract with an independent certified public accountant to annually calculate the District's Arbitrage Rebate Liability on the Series of Benefit Special Assessment Bonds. The budgeted amount for the fiscal year is based on standard fees charged for this service.

Professional Services-Engineering
The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc. Fees are based on estimated activity.

Professional Services-Legal
The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating and maintenance contracts, etc. Fees are based on estimated activity.

Professional Services-Mgmt Consulting
The District receives Management, Accounting, IT and Administrative services as part of a Management Agreement with Inframark Infrastructure Management Services, LLC. The fees are related to the current contracted fees in the Management Agreement.

Professional Services-Special Assessments
The District has contracted with Inframark Infrastructure Management Services, LLC. for the collection of assessments, updating the District’s tax roll and levying the annual assessment.

Professional Services-Trustee
The District pays US Bank an annual fee for trustee services on the Series 2013 Special Assessments Refunding Bond. The budgeted amount is based on historical costs.

Annual Operating and Debt Service Budget Fiscal Year 2020

Page 2

Live Oak No. 1
Community Development District	General Fund

Budget Narrative
Fiscal Year 2020

Expenditures – Administrative (Continued)

Auditing Services
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The fee is based on the previous contracted price with Grau CPA.

Postage & Freight
Mailing of agenda packages, overnight deliveries & correspondence.

Insurance – General Liability
The District has general liability insurance. These insurance policies are held with Public Risk Insurance. Public  Risk  Insurance specializes in providing insurance coverage to governmental agencies. The amount is based upon historical expenses with a projected 10% increase.

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, etc. in a newspaper of general circulation.

Miscellaneous Bank Charges
Bank fees charged by SunTrust on the main operating account.

Misc. Assessment Collection Costs
The District reimburses the Tax Collector for necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The budget for collection costs was based on a maximum of 2% of the anticipated assessment collections.

Miscellaneous Web Hosting
The District is required by the state of Florida to maintain a public website. Inframark Infrastructure Management Services maintains the website & secures the domain name.

Office Supplies
Miscellaneous office supplies required to prepare agenda packages.

Annual District Filing Fee
The District is required to pay an annual fee to the Department of Economic Opportunity Division of Community Development for $175.

Annual Operating and Debt Service Budget Fiscal Year 2020

Page 3

Live Oak No. 1
Community Development District	General Fund

Budget Narrative
Fiscal Year 2020

Expenditures – Operations & Maintenance

Contracts - Landscape
The District currently has a contract with Landscape Maintenance Professionals, Inc. to maintain the landscaping and irrigation system of the common areas within the District. The contract amount is $4,660 per month.

Contracts-Lakes
The District has a contract with American Ecosystems for lake maintenance of 37 waterways including 12 mitigation sites - monthly fee
$1,791.

Electricity-General
Entrance lighting usage for District facilities and assets. Costs are based on historical expenses incurred with Tampa Electric.

Electricity - Streetlighting
Street lighting usage for District facilities and assets. Costs are based on historical expenses incurred with Tampa Electric. 51 lights & poles from Live Oak Preserve HOA were transferred to the District in 2011.

R&M-Irrigation
Repairs required for the District’s irrigation system.

R&M-Wetland Monitoring
Repairs and scheduled maintenance required because of the wetland monitoring report.

Misc-Contingency
This category represents miscellaneous expenditures that may be incurred during the year which cannot be classified into other expense categories.

Reserves-Ponds
This represents reserves the district has budgeted and intends to designate as funds to set aside to cover future capital expenditures  which may require substantial cash use.

Annual Operating and Debt Service Budget Fiscal Year 2020

Page 4

LIVE OAK NO. 1

Community Development District	General Fund

Exhibit "A"
Allocation of Fund Balances

AVAILABLE FUNDS

Amount

Beginning Fund Balance - Fiscal Year 2020

Net Change in Fund Balance - Fiscal Year 2020	$	1,686,430

-	
Reserves - Fiscal Year 2020 Additions	183,552	
Total Funds Available (Estimated) - 9/30/2020	1,869,982	

ALLOCATION OF AVAILABLE FUNDS		

Nonspendable Fund Balance
Deposits	1,375

Subtotal	1,375

Assigned Fund Balance
Operating Reserve - First Quarter Operating Capital		
65,647	
Reserves - Infrastructure (BBD road expansion)		297,500	
Reserves - Ponds - Prior Years	1,256,847		
Reserves - Ponds - FY 2020	183,552	1,440,399	
	Subtotal	1,803,546	
			
Total Allocation of Available Funds		1,804,921	
			
Total Unassigned (undesignated) Cash		$	65,061	

Notes
(1) Represents approximately 3 months of operating expenditures

(1)

Annual Operating and Debt Service Budget
Fiscal Year 2020	Page 5

Live Oak No. 1
Community Development District

Debt Service Budget
Fiscal Year 2020

LIVE OAK NO. 1

Community Development District	Series 2013 Debt Service Fund

Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2020 Adopted Budget

	ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
ACTUAL	ACTUAL	BUDGET	THRU	APR	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2017	FY 2018	FY 2019	MAR-2019	SEP-2019	FY 2019	FY 2020	

REVENUES

Interest - Investments	$	507	$	701	$	-	$	340	$	340	$	680	$	-	
Special Assmnts- Tax Collector	477,357	477,357	477,357	455,152	22,205	477,357	477,357	
Special Assmnts- Discounts	(17,257)	(17,306)	(19,094)	(17,819)	-	(17,819)	(19,094)	
TOTAL REVENUES	460,607	460,752	458,263	437,673	22,545	460,218	458,263	

EXPENDITURES
Administrative
Misc-Assessmnt Collection Cost	6,294	6,199	9,547	8,747	444	9,191	9,547
Total Administrative	6,294	6,199	9,547	8,747	444	9,191	9,547

Debt Service

Principal Debt Retirement	245,000	255,000	260,000	-	260,000	260,000	270,000	
Interest Expense	197,355	188,682	179,655	89,828	89,828	179,656	170,451	
Total Debt Service	442,355	443,682	439,655	89,828	349,828	439,656	440,451	
								
TOTAL EXPENDITURES	448,649	449,881	449,202	98,575	350,272	448,847	449,998	
Excess (deficiency) of revenues Over (under) expenditures	

11,958	

10,871	

9,061	

339,098	

(327,727)	

11,371	

8,265	

OTHER FINANCING SOURCES (USES)								
Contribution to (Use of) Fund Balance	-	-	9,061	-	-	-	8,265	
TOTAL OTHER SOURCES (USES)	-	-	9,061	-	-	-	8,265	

Net change in fund balance	
11,958	
10,871	
9,061	
339,098	
(327,727)	
11,371	
8,265	

FUND BALANCE, BEGINNING	
228,862	
240,820	
251,691	
251,691	
-	
251,691	
263,062	

FUND BALANCE, ENDING	 $  240,820	$ 251,691	$ 260,752	$ 590,789	$  (327,727)  $  263,062	$ 271,327 

Annual Operating and Debt Service Budget
Fiscal Year 2020	Page 6

Live Oak No. 1
Community Development District
Debt Service Fund

Budget Narrative
Fiscal Year 2020

REVENUES

Special Assessment-Tax Collector
The District will levy a Non-Ad Valorem assessment on all the assessable property within the District to pay for the debt service expenditures during the Fiscal Year.

Special Assessment-Discounts
Per Section 197.162, Florida Statutes, discounts are allowed for early payments. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments.

EXPENDITURES

Expenditures – Administrative

Misc-Assessment Collection Costs
The District reimburses the Hillsborough County Tax Collector for necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The budget for collection costs was based on a maximum of 2% of the anticipated assessment collections.

Principal Debt Retirement
The District pays regular principal payments annually in or to pay down/retire the debt service for Series 2013 Bond.

Interest Expense
The District pays interest expense on the debt service twice a year for the Series 2013 Bond.

Annual Operating and Debt Service Budget Fiscal Year 2020

Page 7

LIVE OAK NO. 1

Community Development District

Refinancing Bonds, Debt Amortization Series 2013

Principal Balance

Interest

Extraordinary Redemption

Principal

Date

11/1/2019			$85,225.50	$4,815,000.00	
5/1/2020	$270,000.00		$85,225.50	$4,545,000.00	
11/1/2020			$80,446.50	$4,545,000.00	
5/1/2021	$280,000.00		$80,446.50	$4,265,000.00	
11/1/2021			$75,490.50	$4,265,000.00	
5/1/2022	$290,000.00		$75,490.50	$3,975,000.00	
11/1/2022			$70,357.50	$3,975,000.00	
5/1/2023	$300,000.00		$70,357.50	$3,675,000.00	
11/1/2023			$65,047.50	$3,675,000.00	
5/1/2024	$310,000.00		$65,047.50	$3,365,000.00	
11/1/2024			$59,560.50	$3,365,000.00	
5/1/2025	$325,000.00		$59,560.50	$3,040,000.00	
11/1/2025			$53,808.00	$3,040,000.00	
5/1/2026	$335,000.00		$53,808.00	$2,705,000.00	
11/1/2026			$47,878.50	$2,705,000.00	
5/1/2027	$345,000.00		$47,878.50	$2,360,000.00	
11/1/2027			$41,772.00	$2,360,000.00	
5/1/2028	$360,000.00		$41,772.00	$2,000,000.00	
11/1/2028			$35,400.00	$2,000,000.00	
5/1/2029	$370,000.00		$35,400.00	$1,630,000.00	
11/1/2029			$28,851.00	$1,630,000.00	
5/1/2030	$385,000.00		$28,851.00	$1,245,000.00	
11/1/2030			$22,036.50	$1,245,000.00	
5/1/2031	$400,000.00		$22,036.50	$845,000.00	
11/1/2031			$14,956.50	$845,000.00	
5/1/2032	$415,000.00		$14,956.50	$430,000.00	
11/1/2032			$7,611.00	$430,000.00	
5/1/2033	$430,000.00		$7,611.00	$0.00	
	
 	$4,815,000.00 	$0.00 		 	$1,376,883.00 		

Annual Operating and Debt Service Budget
Fiscal Year 2020	Page 8

Live Oak No. 1
Community Development District

Supporting Budget Schedule
Fiscal Year 2020

Page 9

LIVE OAK NO. 1

Community Development District

Comparison of Assessment Rates Fiscal Year 2020 vs. Fiscal Year 2019

Name	

Product	

Village	General Fund 001
FY 2020	FY 2019	
Percent Change	
FY 2020	Debt Service FY 2019	
Percent Change	Total Assessments per Unit	Total	
								FY 2020	FY 2019	Percent
Change	Units	

Laurel Oak	
SF 60	
1	
$512.24	
$512.24	
0.0%	
$615.63	
$615.63	
0.0%	
$1,127.87	
$1,127.87	
0.0%	
76	
Cedarwood	SF 50	2	$512.24	$512.24	0.0%	$538.68	$538.68	0.0%	$1,050.92	$1,050.92	0.0%	110	
Cypresswood	SF 50	3	$512.24	$512.24	0.0%	$538.68	$538.68	0.0%	$1,050.92	$1,050.92	0.0%	65	
Willow Bend	SF 45	4	$512.24	$512.24	0.0%	$461.73	$461.73	0.0%	$973.97	$973.97	0.0%	68	
Weatherwood	SF 45	5	$512.24	$512.24	0.0%	$461.73	$461.73	0.0%	$973.97	$973.97	0.0%	125	
Oakwood	SF 80	6	$512.24	$512.24	0.0%	$1,077.36	$1,077.36	0.0%	$1,589.60	$1,589.60	0.0%	49	
Maplewood	SF 60	7	$512.24	$512.24	0.0%	$615.63	$615.63	0.0%	$1,127.87	$1,127.87	0.0%	83	
Maplewood	SF 70	7	$512.24	$512.24	0.0%	$923.45	$923.45	0.0%	$1,435.69	$1,435.69	0.0%	68	
Brentwood	Townhomes	8	$512.24	$512.24	0.0%	$307.82	$307.82	0.0%	$820.06	$820.06	0.0%	176	
	Commercial		$512.24	$512.24	0.0%	$400.93	$400.93	0.0%	$913.17	$913.17	0.0%	72	
												892	

Annual Operating and Debt Service Budget Fiscal Year 2020