Indigo East
Community  Development  District

Proposed Budget
FY2024

Table of Contents

1-2

3-7

8

9

10

General Fund

General Fund Narrative

Debt Service Fund - Series 2016

Amortization Schedule - Series 2016

Capital Reserves Fund

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2023	3/31/23	6 Months	9/30/23	FY2024	

Revenues						
Maintenance Assessments	$	254,337	$	232,717	$	21,620	$	254,337	$	333,934	
Intergovernmental Contributions	$	-	$	1,500	$	1,750	$	3,250	$	-	
Interest	$	-	$	10	$	10	$	20	$	-	
Carry Forward Surplus	$	33,470	$	112,102	$	-	$	112,102	$	-	
Total Revenues	$	287,808	$	346,329	$	23,380	$	369,709	$	333,934	

Expenditures						
General & Administrative						
Supervisor Fees	$	4,000	$	2,000	$	2,000	$	4,000	$	4,000	
FICA Expense	$	306	$	122	$	153	$	275	$	306	
Engineering	$	1,200	$	450	$	1,300	$	1,750	$	2,000	
Trustee Fees	$	2,050	$	2,020	$	-	$	2,020	$	2,050	
Dissemination	$	2,500	$	1,250	$	1,250	$	2,500	$	2,650	
Arbitrage	$	450	$	450	$	-	$	450	$	450	
Assessment Roll	$	5,000	$	5,000	$	-	$	5,000	$	5,300	
Attorney	$	6,000	$	6,330	$	3,000	$	9,330	$	6,100	
Annual Audit	$	3,800	$	3,900	$	-	$	3,900	$	4,000	
Management Fees	$	7,834	$	3,917	$	3,917	$	7,834	$	8,304	
Information Technology	$	800	$	400	$	400	$	800	$	848	
Website Maintenance	$	600	$	300	$	300	$	600	$	636	
Telephone	$	100	$	-	$	50	$	50	$	100	
Postage	$	625	$	26	$	200	$	226	$	200	
Printing & Binding	$	500	$	253	$	200	$	453	$	500	
Insurance	$	8,077	$	7,236	$	-	$	7,236	$	8,321	
Legal Advertising	$	1,000	$	140	$	800	$	940	$	1,000	
Other Current Charges	$	1,200	$	547	$	540	$	1,087	$	1,200	
Office Supplies	$	200	$	84	$	100	$	184	$	200	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total General & Administrative:	$	46,417	$	34,601	$	14,210	$	48,811	$	48,341	

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2023	3/31/23	6 Months	9/30/23	FY2024	

Operations & Maintenance						
Property Insurance	$	526	$	527	$	-	$	527	$	791	
Water Expense	$	2,481	$	1,087	$	1,140	$	2,227	$	2,508	
Electric Expense	$	26,473	$	12,900	$	13,800	$	26,700	$	30,360	
Irrigation Repairs	$	2,925	$	1,209	$	1,463	$	2,671	$	2,925	
Retention Ponds/ROW Maintenance	$	186,435	$	59,982	$	125,983	$	185,965	$	188,253	
Plant Replacement	$	2,500	$	-	$	1,500	$	1,500	$	2,500	
Tree Trimming	$	1,000	$	-	$	1,000	$	1,000	$	1,000	
Pressure Washing	$	15,000	$	-	$	14,474	$	14,474	$	18,207	
Well Maintenance/Repairs	$	4,050	$	-	$	2,025	$	2,025	$	4,050	
Contingency	$	-	$	51	$	-	$	51	$	10,000	
Total Operations & Maintenance:	$	241,390	$	75,756	$	161,384	$	237,140	$	260,594	

Other Expenditures						

Transfer Out - Capital Reserve	$	-	$	-	
$	-	$	-	$	25,000	
Total Other Expenditures	$	-	$	-	$	-	$	-	$	25,000	

Total Expenditures	$	287,808	$	110,357	$	175,594	$	285,951	$	333,934	
						
Excess Revenues/(Expenditures)	$	-	$	235,972	$	(152,213)	$	83,758	$	-	
		
FY2021	
FY2022	
FY2023	
FY2024	
	Net Assessments	$254,337	$254,337	$254,337	$333,934	
	Discounts & Collections (6%)	$16,234	$16,234	$16,234	$21,315	
	Gross Assessments	$270,572	$270,572	$270,572	$355,249	
	
Total Units	
605	
605	
605	
605	
	Assessments per Unit	$447	$447	$447	$587	

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 Truist 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 provides 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 AMTEC, an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2016 Special Assessment Refunding Bonds.

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 provides 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. The District has contracted with Grau & Associates for this service.

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

Represents various cost of information technology for the District such as video conferencing, cloud storage and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc. Governmental Management Services – Central Florida, LLC provides these systems.

Website Maintenance

Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc. Governmental Management Services – Central Florida, LLC provides these services.

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 CA Florida Holdings LLC.

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.

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).

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 Earthscapes Unlimited, Inc 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.

Edging / String Trimming
A.  Edging of all hard edges: Sidewalks, Driveways, Curb lines etc. adjacent to maintained property will be edged on a weekly basis during the growing season in conjunction with the maintenance schedule. All storm water culverts will be string trimmed on a weekly basis during the growing season in conjunction with the maintenance schedule to ensure vegetation will not obstruct discharge culvert area.
Edging of all landscape beds will be done on a weekly basis to provide a 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."

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

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

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

Description	Monthly	Annually	
Earthscapes Unlimited Inc	$11,244	$134,925	
Everglades Pine Straw 10,100 bales @ $5.28 /bale)			$53,328 	
TOTAL		$188,253	

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

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any amenity category.

Other Expenditures:

Capital Reserve - Transfer

Funds collected and reserved for the replacement of and/or purchase of new capital improvements throughout the District.

Indigo East
Community Development District Proposed Budget
Debt Service Fund Series 2016

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2023	3/31/23	6 Months	9/30/23	FY2024	

Revenues						
Assessments - Tax Roll	$	83,043	$	69,919	$	12,640	$	82,559	$	82,589	
Assessments - Prepayments	$	-	$	-	$	-	$	-	$	-	
Interest Income	$	-	$	1,152	$	384	$	1,537	$	-	
Carry Forward Surplus	$	97,065	$	97,701	$	-	$	97,701	$	88,697	
Total Revenues	$	180,107	$	168,772	$	13,024	$	181,797	$	171,286	

Expenditures						
Special Call - 11/1	$	-	$	10,000	$	-	$	10,000	$	-	
Interest - 11/1	$	19,153	$	19,050	$	-	$	19,050	$	18,263	
Principal - 5/1	$	45,000	$	-	$	45,000	$	45,000	$	45,000	
Interest - 5/1	$	19,153	$	-	$	19,050	$	19,050	$	18,263	
Total Expenditures	$	83,306	$	29,050	$	64,050	$	93,100	$	81,525	
						
Excess Revenues/(Expenditures)	$	96,801	$	139,722	$	(51,026)	$	88,697	$	89,761	
				
Nov 1, 2024	
$17,419	
				Net Assessments	$82,589	
Discounts & Collections (6%) 	$5,272 	
Gross Assessments	$87,861	

Total Units 		182  Assessments per Unit 	$483 

Indigo East Community Development District Series 2016 Special Assessment Bonds
Amortization Schedule

Date		Balance	Prinicpal	Interest		Total	
							
11/01/23	$	855,000.00	$	-	$	18,262.50	$	82,312.50	
05/01/24	$	855,000.00	$	45,000.00	$	18,262.50			
11/01/24	$	810,000.00	$	-	$	17,418.75	$	80,681.25	
05/01/25	$	810,000.00	$	45,000.00	$	17,418.75			
11/01/25	$	765,000.00	$	-	$	16,575.00	$	78,993.75	
05/01/26	$	765,000.00	$	50,000.00	$	16,575.00			
11/01/26	$	715,000.00	$	-	$	15,543.75	$	82,118.75	
05/01/27	$	715,000.00	$	55,000.00	$	15,543.75			
11/01/27	$	660,000.00	$	-	$	14,409.38	$	84,953.13	
05/01/28	$	660,000.00	$	55,000.00	$	14,409.38			
11/01/28	$	605,000.00	$	-	$	13,275.00	$	82,684.38	
05/01/29	$	605,000.00	$	60,000.00	$	13,275.00			
11/01/29	$	545,000.00	$	-	$	12,037.50	$	85,312.50	
05/01/30	$	545,000.00	$	60,000.00	$	12,037.50			
11/01/30	$	485,000.00	$	-	$	10,800.00	$	82,837.50	
05/01/31	$	485,000.00	$	60,000.00	$	10,800.00			
11/01/31	$	425,000.00	$	-	$	9,562.50	$	80,362.50	
05/01/32	$	425,000.00	$	65,000.00	$	9,562.50			
11/01/32	$	360,000.00	$	-	$	8,100.00	$	82,662.50	
05/01/33	$	360,000.00	$	65,000.00	$	8,100.00			
11/01/33	$	295,000.00	$	-	$	6,637.50	$	79,737.50	
05/01/34	$	295,000.00	$	70,000.00	$	6,637.50			
11/01/34	$	225,000.00	$	-	$	5,062.50	$	81,700.00	
05/01/35	$	225,000.00	$	70,000.00	$	5,062.50			
11/01/35	$	155,000.00	$	-	$	3,487.50	$	78,550.00	
05/01/36	$	155,000.00	$	75,000.00	$	3,487.50			
11/01/36	$	80,000.00	$	-	$	1,800.00	$	80,287.50	
05/01/37	$	80,000.00	$	80,000.00	$	1,800.00	$	81,800.00	
			$	900,000.00	$	324,993.75	$	1,224,993.75	

Indigo East
Community Development District Proposed Budget
Capital Reserves Fund

Adopted Budget
Description	FY2023	Actuals Thru
3/31/23	Projected Next
6 Months	Projected Thru
9/30/23	Proposed Budget
FY2024	

Revenues						
Interest Income	$	-	$	4,514	$	2,257	$	6,771	$	-	
Carry Forward Surplus	$	355,220	$	460,869	$	-	$	460,869	$	325,269	
Total Revenues	$	355,220	$	465,383	$	2,257	$	467,640	$	325,269	

Expenditures						
Roadway Resurfacing	$	-	$	-	$	132,823	$	132,823	$	-	
DRA Repair	$	-	$	9,548	$	-	$	9,548	$	-	
Total Expenditures	$	-	$	9,548	$	132,823	$	142,371	$	-	

Other Financing Sources/(Uses)						

Transfer In	
$		
$		
$		
$		
$	
25,000	
Total Other Financing Sources/(Uses)	$	$	$	$	$	25,000	

-	-	-	-

-	-	-	-

Excess Revenues/(Expenditures)

$

355,220	$

455,835	$	(130,566)  $

325,269	$

350,269