Indigo East
Community Development District
Adopted Budget
FY 2020

Table of Contents

1

2-8

9

10

11

 	General Fund

 	General Fund Narrative

 	Capital Reserve Fund

 	Debt Service Fund - Series 2016

 	Amortization Schedule - Series 2016

Indigo East
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND

	ADOPTED
BUDGET	ACTUAL
THRU	PROJECTED
NEXT	TOTAL
AS OF	ADOPTED
BUDGET	
DESCRIPTION	FY2019	7/31/19	2 MONTHS	9/30/19	FY2020	

REVENUES:						
MAINTENANCE ASSESSMENTS	$195,929	$183,234	$12,695	$195,929	$254,337	
INTEREST	$200	$55	$10	$65	$0	
CARRY FORWARD	$12,658	$0	$0	$0	$0	
TOTAL REVENUES	$208,787	$183,289	$12,705	$195,994	$254,337	

EXPENDITURES:						
ADMINISTRATIVE:						
SUPERVISOR FEE	$4,000	$2,400	$1,000	$3,400	$4,000	
FICA EXPENSE	$306	$138	$77	$214	$306	
ENGINEERING	$1,200	$900	$0	$900	$1,200	
TRUSTEE FEES	$2,050	$2,020	$0	$2,020	$2,050	
DISSEMINATION	$2,700	$2,283	$417	$2,700	$2,700	
ARBITRAGE	$600	$600	$0	$600	$600	
ASSESSMENT ROLL	$5,000	$5,000	$0	$5,000	$5,000	
ATTORNEY	$6,000	$4,500	$1,500	$6,000	$6,000	
ANNUAL AUDIT	$3,600	$3,700	$0	$3,700	$3,700	
MANAGEMENT FEES	$7,244	$6,037	$1,207	$7,244	$7,244	
INFORMATION TECHNOLOGY	$1,000	$2,808	$167	$2,975	$1,000	
TELEPHONE	$100	$0	$20	$20	$100	
POSTAGE	$1,500	$847	$278	$1,125	$1,500	
PRINTING & BINDING	$800	$239	$86	$325	$800	
INSURANCE	$6,100	$6,042	$0	$6,042	$6,650	
LEGAL ADVERTISING	$1,000	$220	$530	$750	$1,000	
OTHER CURRENT CHARGES	$700	$447	$83	$530	$700	
OFFICE SUPPLIES	$200	$87	$28	$115	$200	
PROPERTY TAXES	$35	$0	$0	$0	$35	
DUES, LICENSES, SUBSCRIPTIONS	$175	$175	$0	$175	$175	
TOTAL ADMINISTRATIVE	$44,310	$38,443	$5,392	$43,835	$44,960	

MAINTENANCE:
PROPERTY INSURANCE	

$550	

$358	

$0	

$358	

$400	
WATER EXPENSE	$0	$1,331	$319	$1,650	$2,500	
ELECTRIC EXPENSE	$25,432	$17,029	$3,706	$20,735	$25,432	
IRRIGATION REPAIRS	$3,000	$0	$500	$500	$3,000	
RETENTION PONDS/ROW MAINTENANCE	$106,995	$67,958	$11,078	$79,036	$163,045	
PLANT REPLACEMENT	$5,000	$0	$1,000	$1,000	$2,500	
TREE TRIMMING	$2,500	$0	$500	$500	$1,000	
PRESSURE WASHING	$6,000	$0	$1,000	$1,000	$4,000	
WELL MAINTENANCE/REPAIRS	$10,000	$0	$1,500	$1,500	$5,000	
CONTINGENCY	$5,000	$772	$2,500	$3,272	$2,500	
TOTAL MAINTENANCE	$164,477	$87,448	$22,103	$109,550	$209,377	
						
TOTAL EXPENDITURES	$208,787	$125,891	$27,495	$153,386	$254,337	
						
EXCESS REVENUES (EXPENDITURES)	($0)	$57,398	($14,790)	$42,608	$0	

Net Assessments	
FY2017
$195,929	
FY2018
$195,929	
FY2019
$195,929	
FY2020
$254,337	
Discounts & Collections (6%) 	$12,506		$12,506		$12,506		$16,234	 Gross Assessments    $208,435	$208,435	$208,435	$270,572	

Residential 	705	705	705	605	
Total Units 		705		705		705		605	 Assessments per Unit 	$296	$296	$296	$447	

REVENUES:
Maintenance Assessments
The District will levy a non-ad valorem special assessment on all taxable property within the District, to fund all General Operating and Maintenance Expenditures for the Fiscal Year.

Interest
The District receives interest earnings from its cash balance in the SunTrust operating account.

EXPENDITURES:

Administrative:

Supervisor Fees
The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. This amount is based upon 5 Supervisors attending 4 monthly meetings.

FICA Expense
Represents the Employer's share of Social Security and Medicare taxes withheld from Board of Supervisors checks.
Engineering
The District’s engineer will be providing general engineering services to the District, e.g., attendance and preparation for monthly meetings, reviewing invoices, and various projects assigned as directed by the Board of Supervisors. The District currently has an agreement with Dewberry Engineers Inc.
Trustee Fees
The District issued Series 2016 Special Assessment Refunding Bonds that are administered by a Trustee at US Bank.

Dissemination
The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b) (5) which relates to additional reporting requirements for unrated bond issues. The District currently contracted with Governmental Management Services – Central Florida, LLC.

Arbitrage
The District has contracted with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2016 Special Assessment Refunding Bonds. The District has an agreement with Grau & Associates for this service.

Assessment Roll
Governmental Management Services – Central Florida, LLC serves as the District’s collection agent and certifies the District’s non-ad valorem assessments with the county tax collector.

Attorney
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. The District currently has an agreement with Colen & Wagoner P.A.

Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services – Central Florida, LLC. The services include, but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reporting, annual audits, etc.

Information Technology
The District incurs costs related to the District’s accounting and information systems, District’s website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements.

Telephone
Telephone and fax machine.

Postage
Mailing of agenda packages, overnight deliveries, checks for vendors and any other required correspondence.

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

Insurance
The District’s general liability & public officials liability insurance policy is with Florida Insurance Alliance. The Florida Insurance Alliance specializes in providing insurance coverage to governmental agencies.

Legal Advertising
The District is required to advertise various notices for monthly Board meetings, public hearings, etc. in a newspaper of general circulation. The District does most of its legal advertising with Ocala Star-Banner.

Other Current Charges
Includes bank charges and any other miscellaneous expenses that are incurred during the year.

Property Taxes
The District pays annual property tax to the Marion County Tax Collector’s Office.

Office Supplies
The District incurs charges for supplies that need to be purchased during the fiscal year, including copier and printer toner cartridges, paper, file folders, binders, pens, paper clips, and other such office supplies.

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

MAINTENANCE:

Water & Sewer
To record the water cost of irrigation charges to the common area. The District has the following accounts with Bay Laurel Center CDD.

Address	Monthly	Annually	
80th Terrace Median	$50	$600	
82nd/78th Terrace Median	$100	$1,200	
77th Court Culdesac	$30	$360	
Contingency		$340	
		$2,500	

Electric Expense
To record the electric cost of street lighting and pumps for wells. The District has the following account with Sumter Electric Cooperative, Inc. (SECO).

Description	Monthly	Annually	
Streetlighting	$1,636	$19,632	
Well Pumps	$400	$4,800	
Contingency		$1,000	
TOTAL		$25,432	

Irrigation Repairs
To record the cost of various repairs that may be needed to the irrigation system.

Retention Ponds/ROW Maintenance
The District has contracted with Sharp Sites Services, LLC to provide the following services:

Turf Maintenance
A. Turf areas unless otherwise speciﬁed will be mowed on a weekly basis in the growing season (April through October). During months not speciﬁed in the growing season (November through March) the turf will be mowed at least twice a month unless abnormal conditions arise. Typical yearly mowing schedules will allow for 38 mowings per year.

crisp edge. Retention ponds with beds areas will be edged using mechanical equipment such as an edger, string trimmer. Herbicidal edging is will not be acceptable. Bed lines will be edged with the intent to keep the same original design and will be enlarged if plant material growth warrants.

Bed Maintenance
A. Beds are to be free of weeds, trash and other debris at all times. Pre- emergent and post—herbicidal applications may be used to help control weed growth but hand weeding will be done “as needed."

Mulch
A. Pine Straw mulch will be added once per year in landscape bed areas.

Tree Maintenance, Pruning and Fertilization
A. Tree staking materials will be adjusted, tightened or removed to ensure proper growth.

The District has contracted with Earthscapes Unlimited, Inc. to provide the following services:

Turf Fertilization
A. St. Augustine Turf will be fertilized (3) times a year.

Turf Maintenance
A. Turf areas unless otherwise speciﬁed will be mowed on a weekly basis in the growing season (April through October). During months not speciﬁed in the growing season (November through March) the turf will be mowed at least twice a month unless abnormal conditions arise.

crisp edge. Retention ponds with beds areas will be edged using mechanical equipment such as an edger, string trimmer. Herbicidal edging will not be acceptable. Bed lines will be edged with the intent to keep the same original design and will be enlarged if plant material growth warrants.

Bed Maintenance
A. Beds are to be free of weeds, trash and other debris at all times. Pre- emergent and post—herbicidal applications may be used to help control weed growth but hand weeding will be done “as needed”.

Mulch
A. Pine Straw mulch will be added twice per year in landscape bed areas.

Tree Maintenance, Pruning and Fertilization
A. Tree staking materials will be adjusted, tightened or removed to ensure proper growth.

Description	Monthly	Annually	
Earthscapes Unlimited Inc	$4,037	$48,450	
Future Area - South Area	$4,656	$55,872	
Everglades Pine Straw 10,100 bales @ $4.03/bale)		$40,703	
Retention Ponds	$1,502	$18,020	
TOTAL		$163,045	

Plant Replacement
Estimated cost to replace damaged plants within the District.

Tree Trimming
Estimated cost for tree trimming within the District.

Pressure Washing
Estimated cost to pressure wash, annually, curbs, sidewalks and common areas maintained by the District.

Well Repairs and Maintenance
Estimated cost for repairs and maintenance of the two wells.

Contingency
To record the cost of any maintenance expenses that does not apply to any of the other accounts.

CAPITAL RESERVE FUND

	ADOPTED
BUDGET	ACTUAL
THRU	PROJECTED
NEXT	TOTAL
THRU	ADOPTED
BUDGET	
Description	FY2019	7/31/19	2 MONTHS	9/30/19	FY2020	

REVENUES						
Interest	$8,000	$10,458	$2,000	$12,458	$10,000	
Carry Forward Surplus	$485,187	$485,552	$0	$485,552	$498,011	
Total Revenues	$493,187	$496,011	$2,000	$498,011	$508,011	
EXPENDITURES						
Capital Outlay	$0	$0	$0	$0	$0	
Total Expenditures	$0	$0	$0	$0	$0	
						
Excess Revenues	$493,187	$496,011	$2,000	$498,011	$508,011	

DEBT SERVICE FUND SERIES 2016

	ADOPTED
BUDGET	ACTUAL
THRU	PROJECTED
NEXT	TOTAL
THRU	ADOPTED
BUDGET	
Description	FY2019	7/31/19	2 MONTHS	9/30/19	FY2020	

REVENUES						
Assessments - Tax Roll	$90,303	$90,433	$0	$90,433	$87,581	
Assessments - Prepayment	$0	$27,682	$5,536	$33,218	$0	
Interest Income	$200	$364	$36	$400	$200	
Carry Forward Surplus	$99,264	$99,280	$0	$99,280	$115,944	
Total Revenues	$189,767	$217,759	$5,572	$223,331	$203,724	
EXPENDITURES						
Special Call 11/1	$10,000	$10,000	$0	$10,000	$25,000	
Interest - 11/1	$23,788	$23,788	$0	$23,788	$22,800	
Principal - 5/1	$45,000	$40,000	$0	$40,000	$45,000	
Interest - 5/1	$23,788	$23,600	$0	$23,600	$22,800	
Special Call 5/1	$0	$10,000	$0	$10,000	$0	
Total Expenditures	$102,575	$107,388	$0	$107,388	$115,600	
						
Excess Revenues	$87,192	$110,371	$5,572	$115,944	$88,124	

Nov 1, 2020	
$	22,013	
Net Assessments	$87,581	
Discounts & Collections (6%)	$5,590	
Gross Assessments	$93,171	
Total Units	193	
Assessments per Unit	$483	

(1)

(1) Excess Revenues will be utilized to pay November 1 semi-annual interest payment.

Indigo East
Community Development District
Series 2016 Special Assessment Revenue Refunding Bonds

AMORTIZATION SCHEDULE

(Term Bonds Due Combined)

Date

Balance

Principal

Interest

Annual

11/1/19	$ 1,100,000	$	-	$22,800.00	$	22,800	
5/1/20	$ 1,100,000	$	45,000	$22,800.00	$	-	
11/1/20	$ 1,055,000	$	-	$22,012.50	$	89,813	
5/1/21	$ 1,055,000	$	45,000	$22,012.50	$	-	
11/1/21	$ 1,010,000	$	-	$21,225.00	$	88,238	
5/1/22	$ 1,010,000	$	40,000	$21,225.00	$	-	
11/1/22	$	965,000	$	-	$20,437.50	$	81,663	
5/1/23	$	965,000	$	50,000	$20,437.50	$	-	
11/1/23	$	920,000	$	-	$19,650.00	$	90,088	
5/1/24	$	920,000	$	50,000	$19,650.00	$	-	
11/1/24	$	870,000	$	-	$18,712.50	$	88,363	
5/1/25	$	870,000	$	50,000	$18,712.50	$	-	
11/1/25	$	820,000	$	-	$17,775.00	$	86,488	
5/1/26	$	820,000	$	55,000	$17,775.00	$	-	
11/1/26	$	765,000	$	-	$16,640.63	$	89,416	
5/1/27	$	765,000	$	55,000	$16,640.63	$	-	
11/1/27	$	710,000	$	-	$15,506.25	$	87,147	
5/1/28	$	710,000	$	60,000	$15,506.25	$	-	
11/1/28	$	650,000	$	-	$14,268.75	$	89,775	
5/1/29	$	650,000	$	60,000	$14,268.75	$	-	
11/1/29	$	590,000	$	-	$13,031.25	$	87,300	
5/1/30	$	590,000	$	65,000	$13,031.25	$	-	
11/1/30	$	525,000	$	-	$11,690.63	$	89,722	
5/1/31	$	525,000	$	65,000	$11,690.63	$	-	
11/1/31	$	460,000	$	-	$10,350.00	$	87,041	
5/1/32	$	460,000	$	70,000	$10,350.00	$	-	
11/1/32	$	390,000	$	-	$ 8,775.00	$	89,125	
5/1/33	$	390,000	$	70,000	$ 8,775.00	$	-	
11/1/33	$	320,000	$	-	$ 7,200.00	$	85,975	
5/1/34	$	320,000	$	75,000	$ 7,200.00	$	-	
11/1/34	$	245,000	$	-	$ 5,512.50	$	87,713	
5/1/35	$	245,000	$	80,000	$ 5,512.50	$	-	
11/1/35	$	165,000	$	-	$ 3,712.50	$	89,225	
5/1/36	$	165,000	$	80,000	$ 3,712.50	$	-	
11/1/36	$	85,000	$	-	$ 1,912.50	$	85,625	
5/1/37	$	85,000	$	85,000	$ 1,912.50	$	86,913	
Totals	$ 1,100,000	$ 502,425	$ 1,602,425