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Rolling Oaks

Community Development District

Adopted Budget

FY 2020

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	Table of Contents	
1	General Fund	
2-4	General Fund Narrative	
5	Series 2016 Debt Service Fund	
6-7	Series 2016 Amortization Schedule	
8	Series 2018 Debt Service Fund	
9-10	Series 2018 Amortization Schedule	

Rolling Oaks

Community Development District

Fiscal Year 2020

General Fund

						Adopted	Actuals	Projected	Total	Adopted		
						Budget	Thru	Next	Thru	Budget		
	Description		FY2019	6/30/19	3 Months	9/30/19	FY2020		
	Revenues										
	Assessments	$131,000	$134,096	$0	$134,096	$224,536		
	Developer Contributions	$225,000	$19,110	$0	$19,110	$131,464		
	Total Revenues							
		$356,000	$153,206	$0	$153,206	$356,000		
	Expenditures										
											
	Administrative									
													
	Supervisor Fees	$12,000	$3,600	$3,000	$6,600	$12,000		
	FICA Expense	$918	$275	$230	$505	$918		
	Engineering	$12,000	$0	$3,000	$3,000	$12,000		
	Attorney	$25,000	$1,566	$4,434	$6,000	$25,000		
	Arbitrage	$600	$0	$900	$900	$900		
	Dissemination	$3,500	$4,375	$3,500	$7,875	$7,000		
	Assessment Administration	$10,000	$10,000	$0	$10,000	$10,000		
	Annual Audit	$5,000	$0	$2,975	$2,975	$3,800		
	Trustee Fees	$4,000	$3,500	$0	$3,500	$7,000		
	Management Fees	$35,000	$26,250	$8,750	$35,000	$35,000		
	Information Technology	$600	$450	$2,650	$3,100	$600		
	Telephone	$300	$137	$88	$225	$300		
	Postage	$1,212	$371	$179	$550	$1,212		
	Insurance	$6,350	$5,750	$0	$5,750	$6,350		
	Printing & Binding	$1,200	$192	$58	$250	$1,200		
	Legal Advertising	$2,000	$208	$1,792	$2,000	$2,000		
	Other Current Charges	$500	$0	$125	$125	$500		
	Office Supplies	$300	$89	$36	$125	$300		
	Property Appraiser Fee	$0	$328	$0	$328	$150		
	Property Taxes	$0	$1,040	$0	$1,040	$1,100		
	Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175		
	Administrative Expenses							
		$120,655	$58,307	$31,716	$90,024	$127,505		
	Field Operations										
	Landscape/Lake Maintenance	$175,000	$0	$0	$0	$168,495		
	Utilities	$50,000	$0	$0	$0	$50,000		
	Contingency	$10,345	$0	$0	$0	$10,000		
	Field Operations Expenses							
		$235,345	$0	$0	$0	$228,495		
								
	Total Expenditures	$356,000	$58,307	$31,716	$90,024	$356,000		
	Excess Revenues/(Expenditures)							
		$0	$94,899	($31,716)	$63,182	($0)		
													
									Net Assessments	$	FY2020		
											224,536			
								Add: Discounts & Collections	$14,332			
									Gross Assessments	$238,868		
													
									Units	449			
								Per Unit Assessment	$532.00			

1

Rolling Oaks

Community Development District

GENERAL FUND BUDGET

REVENUES:

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.

Developer Contributions

The District will enter into a Funding Agreement with the Developer to fund the General Fund expenditures for 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 & Vericker, will be providing general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions, etc.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2016 & Series 2018 Special Assessment 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.

2

Rolling Oaks

Community Development District

GENERAL FUND BUDGET

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. The District’s current auditing firm is Berger, Toombs, Elam, Gaines & Frank.

Trustee Fees

The District will pay annual trustee fees for the Series 2016 & Series 2018 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.

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.

3

Rolling Oaks

Community Development District

GENERAL FUND BUDGET

Other Current Charges

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

Office Supplies

Miscellaneous office supplies.

Property Appraiser Fee

Represents a fee charged by Osceola County Property Appraiser’s office for assessment administration services

Property Taxes

Represents the non-ad valorem assessment from Osceola County that will be charged to the District.

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.

Field Operations

Landscape/Lake Maintenance

The District will incur monthly landscape expenses, which include mowing, edging, and string-trimming. The District will also provide monthly aquatic management services for inspection and treatment of lakes throughout the District.

Utilities

The District will incur cost for electric, street lighting, water and sewer.

Contingency

To record the cost of any maintenance expenses not properly classified in any of the other accounts.

4

Rolling Oaks

Community Development District

Fiscal Year 2020

Debt Service Fund

Series 2016

								Adopted		Actuals	Projected	Total		Adopted		
								Budget		Thru	Next	Thru		Budget		
		Description				FY2019		6/30/19	3 Months	9/30/19		FY2020		
		Revenues											
																
		Assessments - Tax Roll			$589,501		$603,337	$0	$603,337	$	1,010,251		
		Assessments - Direct			$534,800		$534,800	$0	$534,800		$114,750		
		Interest			$2,500		$23,588	$6,412	$30,000		$10,000		
		Transfer In - COI			$0		$43	$0	$43		$0		
		Carry Forward Surplus			$688,463		$700,537	$0	$700,537		$734,165		
		Total Revenues											
					$1,815,264		$1,862,305	$6,412	$1,868,717		$1,869,166		
		Expenditures												
														
		Interest - 11/01			$450,378		$450,378	$0	$450,378		$445,428		
		Principal - 11/01			$220,000		$220,000	$0	$220,000		$230,000		
		Interest - 05/01			$445,428		$445,428	$0	$445,428		$440,253		
		Transfer Out - Construction			$0		$18,746	$0	$18,746		$0		
													
		Total Expenditures			$1,115,806		$1,134,552	$0	$1,134,552		$1,115,681		
		Excess Revenues/(Expenditures)										
												
				$699,458		$727,753	$6,412	$734,165		$753,485		
											
							Principal 11/1/20	$	240,000		
		Unit Type	Units	Gross Per Unit	Total						
		Vacation Rental Homes	449	$	2,393.62	$	1,074,735.38		Interest 11/1/20	$	440,253		
		Less: Discount/Collection (6%)				$	(64,484.12)		Total	$	680,253		
		Net Annual Assessment				$	1,010,251.26						

5

Rolling Oaks Community Development District

Series 2016, Special Assessment Bonds

(Term Bonds Combined)

Amortization Schedule

Date		Balance		Principal		Interest		Annual	
									
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	

6

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			$	15,420,000	$	16,677,416	$	32,542,844	

7

Rolling Oaks

Community Development District

Fiscal Year 2020

Debt Service Fund

Series 2018

								Adopted		Actuals	Projected	Total		Adopted		
								Budget		Thru	Next	Thru		Budget		
		Description				FY2019		6/30/19	3 Months	9/30/19		FY2020		
		Revenues											
																
		Assessments			$0		$0	$0	$0	$	900,000		
		Bond Proceeds			$1,587,814		$1,587,814	$0	$1,587,814		$0		
		Interest			$0		$19,513	$2,987	$22,500		$5,000		
		Carry Forward Surplus			$0		$0	$0	$0		$373,312		
		Total Revenues											
					$1,587,814		$1,607,326	$2,987	$1,610,313		$1,278,313		
		Expenditures												
														
		Interest - 11/01			$0		$0	$0	$0		$350,813		
		Principal - 11/01			$0		$0	$0	$0		$0		
		Interest - 05/01			$337,170		$337,170	$0	$337,170		$350,813		
													
		Total Expenditures			$337,170		$337,170	$0	$337,170		$701,625		
		Excess Revenues/(Expenditures)										
												
				$1,250,644		$1,270,157	$2,987	$1,273,144		$576,688		
											
							Principal 11/1/20	$	195,000		
		Unit Type	Units	Gross Per Unit	Total						
		Vacation Rental Homes	400	$	2,393.62	$	957,447.00		Interest 11/1/20	$	350,813		
		Less: Discount/Collection (6%)				$	(57,446.82)		Total	$	545,813		
		Net Annual Assessment				$	900,000.18						

8

Rolling Oaks Community Development District

Series 2018, Special Assessment Bonds

(Term Bonds Combined)

Amortization Schedule

Date		Balance		Principal		Interest		Annual	
5/1/19	$	13,160,000	$	-	$	337,170	$	-	
11/1/19	$	13,160,000	$	-	$	350,813	$	687,982	
5/1/20	$	13,160,000	$	-	$	350,813	$	-	
11/1/20	$	13,160,000	$	195,000	$	350,813	$	896,625	
5/1/21	$	12,965,000	$	-	$	346,547	$	-	
11/1/21	$	12,965,000	$	205,000	$	346,547	$	898,094	
5/1/22	$	12,760,000	$	-	$	342,063	$	-	
11/1/22	$	12,760,000	$	215,000	$	342,063	$	899,125	
5/1/23	$	12,545,000	$	-	$	337,359	$	-	
11/1/23	$	12,545,000	$	225,000	$	337,359	$	899,719	
5/1/24	$	12,320,000	$	-	$	332,438	$	-	
11/1/24	$	12,320,000	$	230,000	$	332,438	$	894,875	
5/1/25	$	12,090,000	$	-	$	326,831	$	-	
11/1/25	$	12,090,000	$	245,000	$	326,831	$	898,663	
5/1/26	$	11,845,000	$	-	$	320,859	$	-	
11/1/26	$	11,845,000	$	255,000	$	320,859	$	896,719	
5/1/27	$	11,590,000	$	-	$	314,644	$	-	
11/1/27	$	11,590,000	$	270,000	$	314,644	$	899,288	
5/1/28	$	11,320,000	$	-	$	308,063	$	-	
11/1/28	$	11,320,000	$	280,000	$	308,063	$	896,125	
5/1/29	$	11,040,000	$	-	$	301,238	$	-	
11/1/29	$	11,040,000	$	295,000	$	301,238	$	897,475	
5/1/30	$	10,745,000	$	-	$	293,309	$	-	
11/1/30	$	10,745,000	$	310,000	$	293,309	$	896,619	
5/1/31	$	10,435,000	$	-	$	284,978	$	-	
11/1/31	$	10,435,000	$	325,000	$	284,978	$	894,956	
5/1/32	$	10,110,000	$	-	$	276,244	$	-	
11/1/32	$	10,110,000	$	345,000	$	276,244	$	897,488	
5/1/33	$	9,765,000	$	-	$	266,972	$	-	
11/1/33	$	9,765,000	$	365,000	$	266,972	$	898,944	
5/1/34	$	9,400,000	$	-	$	257,163	$	-	
11/1/34	$	9,400,000	$	385,000	$	257,163	$	899,325	
5/1/35	$	9,015,000	$	-	$	246,816	$	-	
11/1/35	$	9,015,000	$	405,000	$	246,816	$	898,631	
5/1/36	$	8,610,000	$	-	$	235,931	$	-	
11/1/36	$	8,610,000	$	425,000	$	235,931	$	896,863	
5/1/37	$	8,185,000	$	-	$	224,509	$	-	
11/1/37	$	8,185,000	$	450,000	$	224,509	$	899,019	
5/1/38	$	7,735,000	$	-	$	212,416	$	-	
11/1/38	$	7,735,000	$	475,000	$	212,416	$	899,831	
5/1/39	$	7,260,000	$	-	$	199,650	$	-	
11/1/39	$	7,260,000	$	500,000	$	199,650	$	899,300	
5/1/40	$	6,760,000	$	-	$	185,900	$	-	
11/1/40	$	6,760,000	$	525,000	$	185,900	$	896,800	

9

Rolling Oaks Community Development District

Series 2018, Special Assessment Bonds

(Term Bonds Combined)

Amortization Schedule

Date		Balance		Principal		Interest		Annual	
5/1/41	$	6,235,000	$	-	$	171,463	$	-	
11/1/41	$	6,235,000	$	555,000	$	171,463	$	897,925	
5/1/42	$	5,680,000	$	-	$	156,200	$	-	
11/1/42	$	5,680,000	$	585,000	$	156,200	$	897,400	
5/1/43	$	5,095,000	$	-	$	140,113	$	-	
11/1/43	$	5,095,000	$	615,000	$	140,113	$	895,225	
5/1/44	$	4,480,000	$	-	$	123,200	$	-	
11/1/44	$	4,480,000	$	650,000	$	123,200	$	896,400	
5/1/45	$	3,830,000	$	-	$	105,325	$	-	
11/1/45	$	3,830,000	$	685,000	$	105,325	$	895,650	
5/1/46	$	3,145,000	$	-	$	86,488	$	-	
11/1/46	$	3,145,000	$	725,000	$	86,488	$	897,975	
5/1/47	$	2,420,000	$	-	$	66,550	$	-	
11/1/47	$	2,420,000	$	765,000	$	66,550	$	898,100	
5/1/48	$	1,655,000	$	-	$	45,513	$	-	
11/1/48	$	1,655,000	$	805,000	$	45,513	$	896,025	
5/1/49	$	850,000	$	-	$	23,375	$	-	
11/1/49	$	850,000	$	850,000	$	23,375	$	896,750	
									
Totals			$	13,160,000	$	14,453,914	$	27,613,914	

10