LIVE OAK NO. 1
Community Development District

Annual Operating and Debt Service Budget
Fiscal Year 2023

Adopted Budget:
(Adopted at 6/21/22 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 2023

LIVE OAK NO. 1

Community Development District	General Fund

Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2023 Adopted Budget

ACCOUNT DESCRIPTION	
ACTUAL FY 2020	
ACTUAL FY 2021	ADOPTED
BUDGET FY 2022	ACTUAL
THRU MAY-2022	PROJECTED JUNE
SEP-2022	TOTAL
PROJECTED FY 2022	ANNUAL
BUDGET FY 2023	
REVENUES								

Interest - Investments	$	20,565	$	4,452	$	2,501	$	2,195	$	1,098	$	3,293	$	2,500	
Interest - Tax Collector	191	28	-	-	-	-	-	
Special Assmnts- Tax Collector	456,918	456,918	456,918	448,585	8,333	456,918	456,918	
Special Assmnts- Discounts	(16,709)	(16,817)	(18,277)	(16,886)	-	(16,886)	(18,277)	
Settlements	-	8,010	-	-	-	-	-	
Other Miscellaneous Revenues	-	-	-	1,685	-	1,685	-	

TOTAL REVENUES		460,965	452,591		441,142	435,579		9,431	445,010	441,142	
EXPENDITURES											
Administrative											
P/R-Board of Supervisors		2,800	3,200		8,000	2,000		600	2,600	8,000	
FICA Taxes		214	245		612	153		46	199	612	
ProfServ-Arbitrage Rebate		600	600		600	-		-	-	600	
ProfServ-Engineering		2,292	9,274		11,000	4,834		6,166	11,000	11,000	
ProfServ-Legal Services		2,939	2,442		4,000	1,996		2,004	4,000	4,000	
ProfServ-Mgmt Consulting Serv		48,228	48,228		48,228	32,152		16,076	48,228	48,228	
ProfServ-Special Assessment		12,500	12,500		12,500	12,500		-	12,500	12,500	
ProfServ-Trustee		2,963	2,963		2,963	1,235		1,728	2,963	2,963	
Auditing Services		4,700	4,800		4,800	5,000		-	5,000	5,000	
Postage and Freight		181	48		230	37		193	230	230	
Insurance - General Liability		7,000	7,965		8,761	7,965		-	7,965	8,762	
Printing and Binding		113	32		200	94		106	200	200	
Legal Advertising		2,897	3,806		700	776		2,000	2,776	3,000	
Misc-Bank Charges		360	312		325	196		98	294	325	
Misc-Assessmnt Collection Cost		5,312	5,211		9,138	8,634		167	8,801	9,138	
Misc-Web Hosting		4,116	2,355		1,000	1,794		-	1,794	2,000	
Office Supplies		-	-		50	-		-	-	50	
Annual District Filing Fee		175	175		175	175		-	175	175	
Total Administrative		97,390	104,156		113,282	79,541		29,184	108,725	116,782	
Field											
Contracts-Landscape		55,920	51,822		47,724	31,816		15,908	47,724	47,724	
Contracts-Lakes		21,492	24,820		24,672	16,448		8,224	24,672	24,672	
Electricity - General		9,394	8,846		10,000	5,444		2,722	8,166	10,000	
Electricity - Streetlighting		23,499	21,672		26,630	19,956		9,978	29,934	26,630	
R&M-Irrigation		-	-		500	-		500	500	500	
R&M-Wetland Monitoring		2,600	3,900		4,000	1,300		2,700	4,000	4,000	
Misc-Hurricane Expense		-	-		3,000	-		-	-	3,000	
Misc-Contingency		24,924	8,273		33,648	20,519		-	20,519	30,148	
Reserve - Ponds		1,250	11,501		177,686	43,740		-	43,740	177,686	
Total Field		139,079	130,834		327,860	139,223		40,032	179,255	324,360	
											
TOTAL EXPENDITURES		236,469	234,990		441,142	218,764		69,216	287,980	441,142	
Excess (deficiency) of revenues											
Over (under) expenditures		224,496	217,601		-	216,815		(59,785)	157,030	-	
											
TOTAL OTHER SOURCES (USES)		-	-		-	-		-	-	-	
Net change in fund balance		224,496	217,601		-	216,815		(59,785)	157,030	-	

FUND BALANCE, BEGINNING		
1,669,357	
1,893,853		
2,111,454	
2,111,454		
-	
2,111,454	
2,268,484	
FUND BALANCE, ENDING	$	1,893,853	$ 2,111,454	$	2,111,454	$ 2,328,269	$	(59,785)	$ 2,268,484	$ 2,268,484	

Annual Operating and Debt Service Budget
Fiscal Year 2023	Page 1

Live Oak No. 1
Community Development District	General Fund

Budget Narrative
Fiscal Year 2023

REVENUES

Interest-Investments
The District earns interest on the monthly average collected balance for their operating, money market and certificates of deposit accounts.

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.

Annual Operating and Debt Service Budget
Fiscal Year 2023	Page 2

Live Oak No. 1
Community Development District	General Fund

Budget Narrative
Fiscal Year 2023

Expenditures – Administrative (Continued)

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.

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 2023	Page 3

Live Oak No. 1
Community Development District	General Fund

Budget Narrative
Fiscal Year 2023

Expenditures – Field

Contracts - Landscape
The District currently has a contract with Outdoor Professionals, LLC. to maintain the landscaping and irrigation system of the common areas within the District.

Contracts-Lakes
The District has a contract with American Ecosystems for lake maintenance of 37 waterways including 12 mitigation sites.

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-Hurricane Expense
Repairs related to hurricane expenditures the District may incur.

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

Reserve-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 2023	Page 4

LIVE OAK NO. 1

Community Development District	General Fund

Exhibit "A"
Allocation of Fund Balances

AVAILABLE FUNDS

Beginning Fund Balance - Fiscal Year 2023

Net Change in Fund Balance - Fiscal Year 2023 Reserves - Fiscal Year 2023 Additions
Total Funds Available (Estimated) - 9/30/2023

ALLOCATION OF AVAILABLE FUNDS

Nonspendable Fund Balance
Deposits

Assigned Fund Balance
Operating Reserve - First Quarter Operating Capital Reserves - Roadways
Reserves - Ponds - Prior Years	1,507,758
Reserves - Ponds - FY 2022	177,686
Reserves - Ponds - FY 2022 Expenditures	(43,740)
Reserves - Ponds - FY 2023	177,686

Total Allocation of Available Funds

Total Unassigned (undesignated) Cash		

Amount		
	$	2,268,484		
		-		
		177,686		
		2,446,170		

1,375		
		
56,702	

(1)	
		297,500		

1,819,390		
		
2,174,967		
	
$	
271,203		

Notes
(1) Represents approximately 3 months of operating expenditures				

Annual Operating and Debt Service Budget
Fiscal Year 2023	Page 5

Live Oak No. 1
Community Development District

Debt Service Budget
Fiscal Year 2023

LIVE OAK NO. 1

Community Development District	Series 2013 Debt Service Fund

Summary of Revenues, Expenditures and Changes in Fund Balances	
Fiscal Year 2023 Adopted Budget	
			
ADOPTED	
  ACTUAL		
PROJECTED		
TOTAL		
ANNUAL	
	ACTUAL	ACTUAL	BUDGET	THRU	JUNE	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2020	FY 2021	FY 2022	MAY-2022	SEP-2022	FY 2022	FY 2023	

REVENUES										
Interest - Investments	$	2,430	$	17	$	-	$	14	$	-	$	14	$	-	
Special Assmnts- Tax Collector	477,357	477,357	477,357	468,651		8,706	477,357	477,357	
Special Assmnts- Discounts	(17,456)	(17,569)	(19,094)	(17,642)		-	(17,642)	(19,094)	
TOTAL REVENUES	462,331	459,805	458,263	451,023		8,706	459,729	458,263	

EXPENDITURES										
Administrative										
Misc-Assessmnt Collection Cost	5,550	5,444	9,547	9,020		174	9,194		9,547	
Total Administrative	5,550	5,444	9,547	9,020		174	9,194		9,547	

Debt Service										
Principal Debt Retirement	270,000	280,000	290,000	290,000		-	290,000	300,000	
Interest Expense	170,451	160,893	150,981	150,981		-	150,981	140,715	
Total Debt Service	440,451	440,893	440,981	440,981		-	440,981	440,715	
									
TOTAL EXPENDITURES	446,001	446,337	450,528	450,001		174	450,175	450,262	

Excess (deficiency) of revenues										
Over (under) expenditures	16,330	13,468	7,735	1,022		8,532	9,554		8,001	

OTHER FINANCING SOURCES (USES)										
Contribution to (Use of) Fund Balance	-	-	7,735	-		-	-		8,001	
TOTAL OTHER SOURCES (USES)	-	-	7,735	-		-	-		8,001	

Net change in fund balance	
16,330	
13,468	
7,735	
1,022		
8,532	
9,554		
8,001	

FUND BALANCE, BEGINNING	
267,616	
283,946	
297,414	
297,414		
-	
297,414	
306,968	
FUND BALANCE, ENDING	$ 283,946	$ 297,414	$ 305,149	$ 298,436	$	8,532	$ 306,968	$ 314,969	

Annual Operating and Debt Service Budget
Fiscal Year 2023	Page 6

Live Oak No. 1
Community Development District
Debt Service Fund

Budget Narrative
Fiscal Year 2023

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 2023

Page 7

LIVE OAK NO. 1

Community Development District

Refinancing Bonds, Debt Amortization Series 2013

Date	
Principal	Extraordinary
Redemption	
Interest	
Principal Balance	
					
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	
	 
	$3,975,000.00  	$0.00 			$894,558.00 		

Annual Operating and Debt Service Budget
Fiscal Year 2023	Page 8

Live Oak No. 1
Community Development District

Supporting Budget Schedule
Fiscal Year 2023

LIVE OAK NO. 1

Community Development District

Comparison of Assessment Rates Fiscal Year 2023 vs. Fiscal Year 2022

			General Fund 001		Debt Service		Total Assessments per Unit	Total	

Name	
Product	
Village	FY 2023	FY 2022	Percent
Change		FY 2023	FY 2022	Percent
Change	FY 2023	FY 2022	Percent
Change	Units	

Laurel Oak	
SF 60	
1	
$512.24	$512.24	0.0%		
$615.63	$615.63	
0.0%	
$1,127.88	$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%	$1,127.88	$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 2023

Page 9