Cypress Bluff
Community Development District

Adopted Budget FY2020

Cypress Bluff
Community Development District

TABLE OF CONTENTS

General Fund
Summary of  Revenues and Expenses	Page 1-2
Narrative	Page 3-6

Series 2019 Debt Service Fund
Summary of  Revenues and Expenses	Page 7
Amortization Schedule	Page 8-9

	Adopted
Budget	Actuals
as of	Projected
Next 3	Total
Projected	Adopted
Budget	
Description	FY2019	6/30/19	Months	9/30/19	FY2020	

Revenues						
Developer Contributions/Assessment	$   116,675	$     116,675	$	-		$ 116,675		$ 782,618	
 
Total Revenues	 $   116,675        $   116,675        $	-			   $ 116,675 		   $ 782,618 	
Expenditures										
Administrative										
Supervisor Fees	$	-		$	6,600		$	2,600		$	9,200		$ 12,000	
FICA Expense	$	-		$	536		$	184		$	719		$	918	
Engineering	$	15,000		$	3,530		$	500		$	4,030		$	3,000	
Arbitrage	$	600		$	-		$	-		$	-		$	800	
Dissemination Agent	$	3,500		$	1,167		$	876		$	2,043		$	4,000	
Attorney	$	20,000		$	13,485		$	7,500		$	20,985		$ 30,000	
Annual Audit	$	5,000		$	-		$	-		$	-		$	8,000	
Assessment Roll	$	-		$	-		$	-		$	-		$	5,000	
Trustee Fees	$	4,000		$	-		$	1,500		$	1,500		$ 15,000	
Management Fees	$	45,000		$	33,750		$ 11,250		$	45,000		$ 45,000	
Construction Accounting	$	3,500		$	-		$	-		$	-		$	-	
Information Technology	$	1,200		$	900		$	300		$	1,200		$	2,000	
Telephone	$	300		$	13		$	50		$	63		$	5,000	
Postage	$	1,500		$	98		$	50		$	148		$	500	
Printing & Binding	$	1,000		$	1,979		$	450		$	2,429		$	6,000	
Insurance	$	5,800		$	5,000		$	-		$	5,000		$	5,000	
Legal Advertising	$	4,000		$	1,531		$	255		$	1,786		$	5,000	
Other Current Charges	$	600		$	307		$	75		$	382		$	5,250	
Office Supplies	$	1,000		$	18		$	10		$	28		$	600	
Dues, Licenses & Subscriptions	$	175		$	175		$	-		$	175		$	325	
Website design/compliance	$	4,500		$	-		$	-		$	-		$	1,000	
Total Administrative	   $ 116,675 		   $	69,087 		   $ 25,600 		   $	94,687 		   $ 154,393 	
Grounds Maintenance Project Services	
$	-	$	2,000	
$	2,000	
$	4,000	$	-	
Pond Mainteance (Water Quality)	$	-	$	-	$	-	$	-	$ 15,000	
Landscape Maintenance	$	-	$	-	$	-	$	-	$ 315,000	
Landscape Contingency	$	-	$	-	$	-	$	-	$ 20,000	
Pump Maintenance	$	-	$	-	$	-	$	-	$	3,550	
Reclaimed Water	$	-	$	-	$	-	$	-	$ 20,000	
Irrigation Repairs	$	-	$	-	$	-	$	-	$	4,000	
Landscape Reserves	$	-	$	-	$	-	$	-	$ 10,000	
Other Repairs and Maintenance	$	-	$	-	$	-	$	-	$	6,000	

Total Grounds Maintenacne

   $	-	

   $	2,000 

   $	2,000 

   $	4,000 

   $ 393,550 

	Adopted
Budget	Actuals
as of	Projected
Next 3	Total
Projected	Adopted
Budget	
Description	FY2019	6/30/19	Months	9/30/19	FY2020	

Amenity 						
Insurance	$	-	$	-	$	-	$	-	$ 12,500	
Field Service Operations	$	-	$	-	$	-	$	-	$ 35,000	
Lifestyle Operations	$	-	$	-	$	-	$	-	$ 40,000	
Pool Maintenance	$	-	$	-	$	-	$	-	$ 20,000	
Pool Chemicals	$	-	$	-	$	-	$	-	$ 12,000	
Interim Facility Staffing	$	-	$	-	$	-	$	-	$ 30,000	
Janitorial Services	$	-	$	-	$	-	$	-	$ 28,000	
Reffuse	$	-	$	-	$	-	$	-	$	4,200	
Security and Gate Maintenance	$	-	$	-	$	-	$	-	$	4,500	
Facility Maintenance	$	-	$	-	$	-	$	-	$	8,000	
Elevator Maintenance	$	-	$	-	$	-	$	-	$	6,000	
Cable and Utilities	$	-	$	-	$	-	$	-	$	5,500	
Licenses and Permits	$	-	$	-	$	-	$	-	$	1,475	
Repairs & Maintenance	$	-	$	-	$	-	$	-	$	5,000	
Special Events	$	-	$	-	$	-	$	-	$	3,000	
Holiday Decorations	$	-	$	-	$	-	$	-	$	1,500	
Fitness Center R&M	$	-	$	-	$	-	$	-	$	5,000	
Reserve for Amenities	$	-	$	-	$	-	$	-	$ 10,000	

Other Current Charges
Total Amenity

   $	-	
   $	-	

   $	-	
   $	-	

   $	-	
   $	-	

   $	-	
   $	-	

   $	3,000 
   $ 234,675 

    

Total Expenditures

   $ 116,675 

   $	71,087 

   $ 27,600 

   $	98,687 

   $ 782,618 

    

Excess Revenues (Expenditures)

   $	-		$

45,588

$ (27,600)

$	17,988	$	-

REVENUES:

Developer Contributions/Assessments
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 & FICA Expense
Supervisors by Florida statutes are eligible for compensation if elected at $200/meeting. The costs are reflective of anticipated compensation plus FICA matching.

Engineering Fees
The District’s engineer, England-Thims & Miller, Inc will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc.

Arbitrage
The District is required to annually have an arbitrage rebate calculation on the District’s Series 2019 Special Assessment Revenue Bonds.

Dissemination
The District has contracted with GMS, LLC to act as the Dissemination Agent for the District to prepare the Annual Disclosure Report required by the Security and Exchange Commission in order to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.

Attorney
The District’s legal counsel, Hopping, Green & Sams will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc.

Annual Audit
The District is required annually to conduct an audit of its financial records.

Assessment Roll
The District has contracted with Governmental Management Services, LLC for the certification and collection of the District’s annual maintenance and debt service assessments. Assessments on platted lots are collected by agreement with Duval County while unplatted assessments maybe collected directly by District and/or by County Tax Collector.

Trustee Fees
The Trustee at The Bank of New York Mellon administers the District’s Series 2019 Special Assessment Revenue Bonds. The amount represents the annual fee for the administration of the District’s bond issue.

Management Fees
The District receives management, accounting and administrative services as part of a management agreement with Governmental Management Services, LLC (“GMS”). These services are further outlined in Exhibit “A” of the Management Agreement with GMS.

Information Technology
The cost related to District’s accounting and information systems, District website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements maintained by GMS.

Telephone
Telephone conference costs for District meetings, workshops and committee meetings.

Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.

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. FIA 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.

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

Office Supplies
Miscellaneous 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.

Website Compliance
Website information required under Florida Law to be posted for all Special Districts.

Grounds Maintenance:

Pond Maintenance (Water Quality)
Estimated costs to maintain ponds in the District.

Landscape Maintenance
Estimated costs related to maintain the common areas of the District.

Landscape Contingency
Estimated costs for other landscape maintenance incurred by the district.

Pump Maintenance
Estimated costs related to maintain the irrigation pumps in the District.

Reclaimed Water
Estimated costs for irrigation by the district for reuse water billed by JEA .

Irrigation Repairs
Estimated miscellaneous irrigation maintenance and repair costs.

Landscape Reserves
For additional landscape services and possible storm cleanup.

Other Repairs and Maintenance
Estimated costs for other repairs and maintenance incurred by the district.

Amenity:

Insurance
Estimated Property Insurance policy from Florida Insurance Alliance.

Field Services Operations
Estimated costs to provide field operations management to oversee all day-to-day operation of all the Districts assets, common grounds, and service providers

Lifestyle Operations
Estimated costs to provide general amenity management

Pool Maintenance
Estimated costs to maintain the Amenity swimming pools

Pool Chemicals
Cost related to pool chemicals for the maintenance of the Amenity Center Swimming Pools.

Interim Facility Staffing
Estimated costs to provide community facility staff for the amenity center to greet patrons, providing facility tours, issuance of access cards and policy enforcement.

Janitorial Services
Estimated costs for janitorial services for the District

Refuse
Estimated costs for garbage disposal services for the District.

Security and Gate Maintenance
Estimated maintenance costs of the security cameras and gate.

Facility Maintenance
Estimated costs to provide maintenance and repairs necessary for upkeep of the Amenity Center and common grounds area.

Elevator Maintenance
Estimated costs to provide maintenance and repairs necessary for upkeep of the Amenity Center elevator

Electric
Estimated costs for electric billed to the District by FPL.

Water/Sewer/Irrigation
Estimated costs for sewer, water, and irrigation billed to the District by JEA.

Cable
Estimated costs for cable and internet in the Amenity Center

License and Permits
Represents license fees for the amenity center and permit fees paid to the Florida Department of Health in St. Johns County for the swimming pools.

Repair and Replacements
Any costs related to miscellaneous repairs and maintenance that occur during the fiscal year.

Special Events
Represents estimated costs for the District to host special events for the community through the Fiscal Year.

Holiday Decorations
Represents estimated costs for the District to decorate the Amenity center for the holidays.

Fitness Center R&M
Estimated costs to provide maintenance and repairs necessary for upkeep of the Amenity Fitness Center

Reserve for Amenities
Establishment of general reserve to fund future replacement.

Other Current Charges
Represents miscellaneous costs incurred by the District.

Cypress Bluff
Community Development District
Debt Service- Series 2019 Adopted Budget

	Proposed
Budget	Actuals
as of	Projected
Next 3	Total
Projected	Adopted
Budget	
Description	FY2019	6/30/19	Months	9/30/19	FY2020	

Revenues						
Special Assessments	$	731,680	$	460,841	$ 270,839	$	731,680	$	731,680	
Interest Income	$	-	$	2,364	$	750	$	3,114	$	-	
Bond Proceeds	$	-	$	365,840	$	-	$	365,840	$	-	

Carry Forward Surplus

$	-	$

-	$	-	$

-	$	274,991

Total Revenues

$	731,680	$

829,046

$ 271,589

$ 1,100,634

$ 1,006,671

Expenditures

Series 2019
Interest Expense 11/1

$	-	$

-	$	-	$

-	$	269,573

Principal Expense 5/1	$	330,000	$	330,000	$	-	$	330,000	$	195,000	
Interest Expense 5/1	$	128,688	$	128,688	$	-	$	128,688	$	269,573	
Total Expenditures	$	458,688	$	458,688	$	-	$	458,688	$ 734,146	
					
Excess Revenues/(Expenditures)	$	272,992	$	370,357	$  271,589	$	641,946	$ 272,525	

11/1/20 Interest Payment	$	265,917

Development
Type	
Units	Gross
Per Unit	Gross
Assessments	
SF- Active Adult Lots	346	$405	$140,130	
SF- Residental	777	$838	$651,126	
Less Disc. + Collections 7%			$59,576	
Net Annual Assessment			$731,680	

7

Period
Ending	
Principal	Annual
Principal	Interest
Rate	
Interest	Annual
Debt	

5/1/19	
$11,565,000	
$	330,000	
3.75%	
$	128,688.29		
11/1/19				$	269,573.13	$	728,261.42	
5/1/20	$11,235,000	$	195,000	3.75%	$	269,573.13		
11/1/20				$	265,916.88	$	730,490.01	
5/1/21	$11,040,000	$	200,000	3.75%	$	265,916.88		
11/1/21				$	262,166.88	$	728,083.76	
5/1/22	$10,840,000	$	210,000	3.75%	$	262,166.88		
11/1/22				$	258,229.38	$	730,396.26	
5/1/23	$10,630,000	$	215,000	3.75%	$	258,229.38		
11/1/23				$	254,198.13	$	727,427.51	
5/1/24	$10,415,000	$	225,000	3.75%	$	254,198.13		
11/1/24				$	249,979.38	$	729,177.51	
5/1/25	$10,190,000	$	235,000	4.125%	$	249,979.38		
11/1/25				$	245,132.50	$	730,111.88	
5/1/26	$ 9,955,000	$	245,000	4.125%	$	245,132.50		
11/1/26				$	240,079.38	$	730,211.88	
5/1/27	$ 9,710,000	$	255,000	4.125%	$	240,079.38		
11/1/27				$	234,820.00	$	729,899.38	
5/1/28	$ 9,455,000	$	265,000	4.125%	$	234,820.00		
11/1/28				$	229,354.38	$	729,174.38	
5/1/29	$ 9,190,000	$	275,000	4.125%	$	229,354.38		
11/1/29				$	223,682.50	$	728,036.88	
5/1/30	$ 8,915,000	$	290,000	4.125%	$	223,682.50		
11/1/30				$	216,577.50	$	730,260.00	
5/1/31	$ 8,625,000	$	305,000	4.90%	$	216,577.50		
11/1/31				$	209,105.00	$	730,682.50	
5/1/32	$ 8,320,000	$	320,000	4.90%	$	209,105.00		
11/1/32				$	201,265.00	$	730,370.00	
5/1/33	$ 8,000,000	$	335,000	4.90%	$	201,265.00		
11/1/33				$	193,057.50	$	729,322.50	
5/1/34	$ 7,665,000	$	350,000	4.90%	$	193,057.50		
11/1/34				$	184,482.50	$	727,540.00	
5/1/35	$ 7,315,000	$	370,000	4.90%	$	184,482.50		
11/1/35				$	175,417.50	$	729,900.00	

Period
Ending	
Principal	Annual
Principal	Interest
Rate	
Interest	Annual
Debt	

5/1/36	
$ 6,945,000	
$	390,000	
4.90%	
$	175,417.50		
11/1/36				$	165,862.50	$	731,280.00	
5/1/37	$ 6,555,000	$	410,000	4.90%	$	165,862.50		
11/1/37				$	155,817.50	$	731,680.00	
5/1/38	$ 6,145,000	$	430,000	4.90%	$	155,817.50		
11/1/38				$	145,282.50	$	731,100.00	
5/1/39	$ 5,715,000	$	450,000	4.90%	$	145,282.50		
11/1/39				$	134,257.50	$	729,540.00	
5/1/40	$ 5,265,000	$	475,000	5.10%	$	134,257.50		
11/1/40				$	122,145.00	$	731,402.50	
5/1/41	$ 4,790,000	$	500,000	5.10%	$	122,145.00		
11/1/41				$	109,395.00	$	731,540.00	
5/1/42	$ 4,290,000	$	525,000	5.10%	$	109,395.00		
11/1/42				$	96,007.50	$	730,402.50	
5/1/43	$ 3,765,000	$	550,000	5.10%	$	96,007.50		
11/1/43				$	81,982.50	$	727,990.00	
5/1/44	$ 3,215,000	$	580,000	5.10%	$	81,982.50		
11/1/44				$	67,192.50	$	729,175.00	
5/1/45	$ 2,635,000	$	610,000	5.10%	$	67,192.50		
11/1/45				$	51,637.50	$	728,830.00	
5/1/46	$ 2,025,000	$	640,000	5.10%	$	51,637.50		
11/1/46				$	35,317.50	$	726,955.00	
5/1/47	$ 1,385,000	$	675,000	5.10%	$	35,317.50		
11/1/47				$	18,105.00	$	728,422.50	
5/1/48	$	710,000	$	710,000	5.10%	$	18,105.00		
11/1/48				$	-	$	728,105.00	

Total	$ 11,565,000	$ 10,320,768.37	$ 21,157,663.37