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Rolling Oaks

Community Development District

Adopted Budget

FY 2018

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	Table of Contents	
1	General Fund	
2-4	General Fund Narrative	
5	Debt Service Fund	
6-7	Amortization Schedule	

Rolling Oaks

Community Development District

Fiscal Year 2018

General Fund

						Adopted	Actuals	Projected	Total	Adopted		
						Budget	Thru	Next	Thru	Budget		
	Description		FY2017	8/31/17	1 Months	9/30/17	FY2018		
	Revenues								
	Developer Contributions /Assessments	$113,058	$64,361	$7,065	$71,426	$120,105		
	Total Revenues							
		$113,058	$64,361	$7,065	$71,426	$120,105		
	Expenditures								
									
	Administrative							
										
	Supervisor Fees	$12,000	$4,000	$1,000	$5,000	$12,000		
	FICA Expense	$918	$306	$77	$383	$918		
	Engineering	$12,000	$0	$0	$0	$12,000		
	Attorney	$25,000	$4,332	$1,168	$5,500	$25,000		
	Arbitrage	$600	$0	$0	$0	$600		
	Dissemination	$3,500	$2,625	$292	$2,917	$3,500		
	Assessment Administration	$2,500	$10,000	$0	$10,000	$10,000		
	Annual Audit	$5,000	$0	$0	$0	$5,000		
	Trustee Fees	$5,000	$0	$0	$0	$4,000		
	Management Fees	$35,000	$32,083	$2,917	$35,000	$35,000		
	Information Technology	$600	$550	$50	$600	$600		
	Telephone	$300	$137	$63	$200	$300		
	Postage	$1,212	$552	$123	$675	$1,212		
	Insurance	$5,253	$5,253	$0	$5,253	$5,800		
	Printing & Binding	$1,200	$414	$136	$550	$1,200		
	Legal Advertising	$2,000	$4,007	$993	$5,000	$2,000		
	Other Current Charges	$500	$25	$0	$25	$500		
	Office Supplies	$300	$113	$37	$150	$300		
	Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175		
								
	Total Expenditures	$113,058	$64,571	$6,855	$71,426	$120,105		
	Excess Revenues/(Expenditures)							
								
		$0	($210)	$210	$0	$0		

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Rolling Oaks

Community Development District

GENERAL FUND BUDGET

REVENUES:

Developer Contributions

The District will enter into a Funding Agreement with the Developer to fund the General Fund expenditures for the Fiscal Year.

Assessments

The District will levy a non -ad valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the fiscal year.

EXPENDITURES:

Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to receive $200 per meeting, not to exceed $4,800 per year paid to each Supervisor for the time devoted to District business and meetings. The District anticipates 12 meetings per year, with all Board members receiving payment for their attendance at each meeting.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisor checks.

Engineering

The District's engineer will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices, etc.

Attorney

The District's legal counsel, Straley & Robin, will be providing general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions, etc.

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Rolling Oaks

Community Development District

GENERAL FUND BUDGET

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2016 Special Assessment Revenue Bonds.

Dissemination

The District will be 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. Governmental Management Services-CF, LLC has been retained to serve as the District’s dissemination agent.

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Trustee Fees

The District will pay annual trustee fee for the Series 2016 Special Assessment Bonds held at Regions Bank.

Management Fees

The District has contracted with Governmental Management Services-CF, LLC to provide Management, Accounting and Recording Secretary Services for the District. 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 costs related to the District’s accounting and information systems, District’s website creation and maintenance, electronic compliance with Florida Statutes and other electronic date requirements.

Telephone

Telephone and fax machine.

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Rolling Oaks

Community Development District

GENERAL FUND BUDGET

Postage

Mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability, public officials liability and property insurance coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance to governmental agencies.

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.

Other Current Charges

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Miscellaneous office supplies.

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.

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Rolling Oaks

Community Development District

Fiscal Year 2018

Debt Service Fund

					Proposed	Actuals	Projected	Total	Adopted		
					Budget	Thru	Next	Thru	Budget		
	Description		FY2017	8/31/17	1 Months	9/30/17	FY2018		
	Revenues							
											
	Assessments	$0	$0	$0	$0	$1,124,300		
	Bond Proceeds	$1,915,370	$1,915,370	$0	$1,915,370	$0		
	Interest	$3,500	$5,699	$801	$6,500	$0		
	Carry Forward Surplus	$0	$0	$0	$0	$451,515		
	Total Revenues							
		$1,918,870	$1,921,069	$801	$1,921,870	$1,575,815		
	Expenditures								
									
	Interest - 11/01	$0	$0	$0	$0	$450,378		
	Principal - 11/01	$0	$0	$0	$0	$0		
	Interest - 05/01	$340,286	$340,286	$0	$340,286	$450,378		
								
	Total Expenditures	$340,286	$340,286	$0	$340,286	$900,756		
	Excess Revenues/(Expenditures)							
								
		$1,578,584	$1,580,783	$801	$1,581,584	$675,058		

Principal 11/1/18	$	220,000	
Interest 11/1/18	$	450,378	
Total	$	670,378	

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Rolling Oaks Community Development District Series 2016, Special Assessment Bonds (Term Bonds Combined)

Amortization Schedule

Date		Balance		Principal		Interest		Annual	
5/1/17	$	15,640,000	$	-	$	340,286	$	-	
11/1/17	$	15,640,000	$	-	$	450,378	$	790,664	
5/1/18	$	9,210,000	$	-	$	450,378	$	-	
11/1/18	$	9,120,000	$	220,000	$	450,378	$	1,120,756	
5/1/19	$	15,420,000	$	-	$	445,428	$	-	
11/1/19	$	15,420,000	$	230,000	$	445,428	$	1,120,856	
5/1/20	$	15,190,000	$	-	$	440,253	$	-	
11/1/20	$	15,190,000	$	240,000	$	440,253	$	1,120,506	
5/1/21	$	14,950,000	$	-	$	434,853	$	-	
11/1/21	$	14,950,000	$	255,000	$	434,853	$	1,124,706	
5/1/22	$	14,695,000	$	-	$	429,116	$	-	
11/1/22	$	14,430,000	$	265,000	$	429,116	$	1,123,231	
5/1/23	$	14,430,000	$	-	$	423,153	$	-	
11/1/23	$	14,430,000	$	275,000	$	423,153	$	1,121,306	
5/1/24	$	14,155,000	$	-	$	415,934	$	-	
11/1/24	$	14,155,000	$	290,000	$	415,934	$	1,121,869	
5/1/25	$	13,865,000	$	-	$	408,322	$	-	
11/1/25	$	13,865,000	$	305,000	$	408,322	$	1,121,644	
5/1/26	$	13,560,000	$	-	$	400,316	$	-	
11/1/26	$	13,560,000	$	320,000	$	400,316	$	1,120,631	
5/1/27	$	13,240,000	$	-	$	391,916	$	-	
11/1/27	$	12,545,000	$	340,000	$	391,916	$	1,123,831	
5/1/28	$	12,545,000	$	-	$	382,991	$	-	
11/1/28	$	12,545,000	$	355,000	$	382,991	$	1,120,981	
5/1/29	$	12,545,000	$	-	$	373,672	$	-	
11/1/29	$	12,545,000	$	375,000	$	373,672	$	1,122,344	
5/1/30	$	12,170,000	$	-	$	362,656	$	-	
11/1/30	$	12,170,000	$	395,000	$	362,656	$	1,120,313	
5/1/31	$	11,775,000	$	-	$	351,053	$	-	
11/1/31	$	11,775,000	$	420,000	$	351,053	$	1,122,106	
5/1/32	$	11,355,000	$	-	$	338,716	$	-	
11/1/32	$	11,355,000	$	445,000	$	338,716	$	1,122,431	
5/1/33	$	10,910,000	$	-	$	325,644	$	-	
11/1/33	$	10,910,000	$	470,000	$	325,644	$	1,121,288	
5/1/34	$	10,440,000	$	-	$	311,838	$	-	
11/1/34	$	10,440,000	$	500,000	$	311,838	$	1,123,675	
5/1/35	$	9,940,000	$	-	$	297,150	$	-	
11/1/35	$	9,940,000	$	530,000	$	297,150	$	1,124,300	
5/1/36	$	9,410,000	$	-	$	281,581	$	-	
11/1/36	$	9,410,000	$	560,000	$	281,581	$	1,123,163	
5/1/37	$	8,850,000	$	-	$	265,131	$	-	
11/1/37	$	8,260,000	$	590,000	$	265,131	$	1,120,263	
5/1/38	$	8,260,000	$	-	$	247,800	$	-	
11/1/38	$	8,260,000	$	625,000	$	247,800	$	1,120,600	

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Rolling Oaks Community Development District Series 2016, Special Assessment Bonds (Term Bonds Combined)

Amortization Schedule

Date		Balance		Principal		Interest		Annual	
5/1/39	$	7,635,000	$	-	$	229,050	$	-	
11/1/39	$	7,635,000	$	665,000	$	229,050	$	1,123,100	
5/1/40	$	6,970,000	$	-	$	209,100	$	-	
11/1/40	$	6,970,000	$	705,000	$	209,100	$	1,123,200	
5/1/41	$	6,265,000	$	-	$	187,950	$	-	
11/1/41	$	6,265,000	$	745,000	$	187,950	$	1,120,900	
5/1/42	$	5,520,000	$	-	$	165,600	$	-	
11/1/42	$	5,520,000	$	790,000	$	165,600	$	1,121,200	
5/1/43	$	4,730,000	$	-	$	141,900	$	-	
11/1/43	$	4,730,000	$	840,000	$	141,900	$	1,123,800	
5/1/44	$	3,890,000	$	-	$	116,700	$	-	
11/1/44	$	3,890,000	$	890,000	$	116,700	$	1,123,400	
5/1/45	$	3,000,000	$	-	$	90,000	$	-	
11/1/45	$	3,000,000	$	940,000	$	90,000	$	1,120,000	
5/1/46	$	2,060,000	$	-	$	61,800	$	-	
11/1/46	$	2,060,000	$	1,000,000	$	61,800	$	1,123,600	
5/1/47	$	1,060,000	$	-	$	31,800	$	-	
11/1/47	$	1,060,000	$	1,060,000	$	31,800	$	1,123,600	
									
Totals			$	15,640,000	$	18,814,264	$	34,454,264	

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