Cypress Bluff
Community Development District

Adopted Budget FY 2021

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

Series 2020 Debt Service Fund
Summary of  Revenues and Expenses	Page 10
Amortization Schedule	Page 11-12

	Adopted
Budget		Actuals
as of		Projected
Next 5		Total
Projected		Adopted
Budget	
Description	FY2020		4/30/20		Months		9/30/20		FY2021	

Revenues										
Operation & Maintenance Assessments	$ 782,618		$ 603,088		$ 179,530		$ 782,618		$	834,342	
Developer Contributions	$	-		$	10,784		$	-		$	10,784		$	-	
Total Revenues	   $ 782,618 		   $ 613,872 		   $ 179,530 		   $ 793,402 		   $ 834,342 	
Expenditures										
Administrative										
Supervisor Fees	$	12,000		$	3,600		$	5,000		$	8,600		$	12,000	
FICA Expense	$	918		$	230		$	305		$	535		$	918	
Engineering	$	3,000		$	2,336		$	500		$	2,836		$	3,000	
Arbitrage	$	800		$	-		$	600		$	600		$	800	
Dissemination Agent	$	4,000		$	2,333		$	1,665		$	3,998		$	4,000	
Attorney	$	30,000		$	17,674		$ 10,000		$	27,674		$	30,000	
Annual Audit	$	8,000		$	1,000		$	3,500		$	4,500		$	8,000	
Assessment Roll	$	5,000		$	5,000		$	-		$	5,000		$	5,000	
Trustee Fees	$	15,000		$	6,000		$	-		$	6,000		$	15,000	
Management Fees	$	45,000		$	26,250		$ 18,750		$	45,000		$	45,000	
Information Technology	$	2,000		$	1,750		$	1,250		$	3,000		$	3,000	
Telephone	$	5,000		$	89		$	150		$	239		$	3,175	
Postage	$	500		$	580		$	500		$	1,080		$	1,200	
Printing & Binding	$	6,000		$	1,082		$	775		$	1,857		$	6,000	
Insurance	$	5,000		$	5,125		$	-		$	5,125		$	5,125	
Legal Advertising	$	5,000		$	1,612		$	1,000		$	2,612		$	5,000	
Other Current Charges	$	5,250		$	102		$	500		$	602		$	5,250	
Office Supplies	$	600		$	67		$	75		$	142		$	600	
Dues, Licenses & Subscriptions	$	325		$	175		$	-		$	175		$	325	
Website design/compliance	$	1,000		$	1,750		$	-		$	1,750		$	1,000	
Total Administrative	   $ 154,393 		   $	76,753 		   $ 44,570 		   $ 121,323 		   $ 154,393 	
Grounds Maintenance										
Pond Maintenance (Water Quality)	$	15,000	$	-	$	-	$	-	$	15,000	
Landscape Maintenance	$ 315,000	$    105,129	$    85,735	$    190,864	$	315,000	
Landscape Contingency	$	20,000	$	-	$	-	$	-	$	20,000	
Pump Maintenance	$	3,550	$	-	$	-	$	-	$	3,550	
Reclaimed Water	$	20,000	$	-	$	-	$	-	$	20,000	
Irrigation Repairs	$	4,000	$	-	$	-	$	-	$	4,000	
Landscape Reserves	$	10,000	$	-	$	-	$	-	$	10,000	
Other Repairs and Maintenance	$	6,000	$	-	$	-	$	-	$	6,000	

Total Grounds Maintenance

   $ 393,550 

   $ 105,129 

   $ 85,735 

   $ 190,864 

   $ 393,550 

	Adopted
Budget	Actuals
as of	Projected
Next 5	Total
Projected	Adopted
Budget	
Description	FY2020	4/30/20	Months	9/30/20	FY2021	

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

Total Amenity

   $ 234,675 

   $	-	

   $	-	

   $	-	

   $ 234,675 

    

O&M Reserves

   $	-		$	-

$	-	$	-

$	51,724

    

Total Expenditures

   $ 782,618 

   $ 181,882 

   $ 130,305 

   $ 312,187 

   $ 782,618 

    

Excess Revenues (Expenditures)

   $	-	

$ 431,990

$ 49,225

$   481,215	$	-

Development Type	
Number of Units	FY 20-21 O&M
Assessments Per Category	FY 20-21 O&M
Assessments Per Unit (net)	FY 20-21 O&M
Assessments Per Unit (gross)*	
Active Adult	345	$	112,124	$	325.00	$	351.35	
Residential	1,341	$	670,494	$	500.00	$	540.54	
Total Residential	1,686	$	782,618			

* Includes provision for the early payment discount of 4% and Duval County collection costs of 4%.

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.

Community Development District Series 2019 Debt Service Fund Adopted Budget

	Adopted
Budget	Actuals
as of	Projected
Next 5	Total
Projected	Adopted
Budget	
Description	FY2020	4/30/20	Months	9/30/20	FY2021	

Revenues						
Special Assessments	$	731,680	$	575,103	$ 156,577	$	731,680	$	731,680	
Interest Income	$	-	$	3,444	$	1,500	$	4,944	$	2,000	
Carry Forward Surplus	$	274,991	$	277,334	$	-	$	277,334	$	279,812	
Total Revenues	$	1,006,671	$	855,880	$ 158,077	$ 1,013,958	$ 1,013,492	

Expenditures						
Series 2019
Interest Expense 11/1	
$	269,573	
$	269,573	
$	-	
$	269,573	
$	265,917	
Principal Expense 5/1	$	195,000	$	-	$ 195,000	$	195,000	$	200,000	
Interest Expense 5/1	$	269,573	$	-	$ 269,573	$	269,573	$	265,917	
Total Expenditures	$	734,146	$	269,573	$ 464,573	$	734,146	$	731,834	
						
Excess Revenues/(Expenditures)	$	272,525	$	586,307	$ (306,496)	$	279,812	$	281,658	

11/1/21 Interest Payment	$ 262,166.88	

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

7

Period	Annual	Interest	Annual	
Ending	Principal	Principal	Rate	Interest	Debt	

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	
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		

Period
Ending	
Principal	Annual
Principal	Interest
Rate	
Interest	Annual
Debt	

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

Community Development District Series 2020 Debt Service Fund Adopted Budget

	Proposed
Budget	Actuals
as of	Projected
Next 5	Total
Projected	Adopted
Budget	
Description	FY2020	4/30/20	Months	9/30/20	FY2021	

Revenues						
Special Assessments	$	494,601	$	-	$ 494,601	$	494,601	$	494,601	
Interest Income	$	-	$	-	$	-	$	-	$	600	
Carry Forward Surplus	$	-	$	-	$	-	$	-	$	494,601	
Total Revenues	$	494,601	$	-	$  494,601	$	494,601	$	989,802	

Expenditures		
Series 2020
Interest Expense 11/1	
$	-	$	-	$	-	$	-	$	204,601	
Principal Expense 11/1	$	-	$	-	$	-	$	-	$	290,000	
Interest Expense 5/1	$	-	$	-	$	-	$	-	$	182,244	
Total Expenditures	$	-	$	-	$	-	$	-	$	676,845	

Other Sources/(Uses)					
Bond Proceeds	$	247,300	$	-	$ 247,300	$	247,300	$	-	
Total Other	$	247,300	$	-	$ 247,300	$	247,300	$	-	
					
Excess Revenues/(Expenditures)	$	741,901	$	-	$ 741,901	$	741,901	$	312,957	

11/1/21 Interest Payment 11/1/21 Principal Payment

$ 182,243.75
$ 130,000.00

Development
Type	
Units	Gross
Per Unit	Gross
Assessments	
SF- Active Adult Lots	172	$405	$69,724	
SF- Residential	555	$839	$465,534	
Less Disc. + Collections 7%			$40,657	
Net Annual Assessment			$494,601	

Cypress Bluff
Community Development District Special Assessment Revenue Bonds, Series 2020

Period		Interest		Debt	Annual Debt	Bond	
Ending	Principal	Rate	Interest	Service	Service	Balance	

4/15/20	-	-	-	-	7,705,000
11/1/20	290,000	3.90%	204,601	494,601	494,601	7,415,000	
5/1/21	-	182,244	182,244	-	7,415,000	
11/1/21	130,000	3.90%	182,244	312,244	494,488	7,285,000	
5/1/22	-	179,709	179,709	-	7,285,000	
11/1/22	135,000	3.90%	179,709	314,709	494,418	7,150,000	
5/1/23	-	177,076	177,076	-	7,150,000	
11/1/23	140,000	3.90%	177,076	317,076	494,153	7,010,000	
5/1/24	-	174,346	174,346	-	7,010,000	
11/1/24	145,000	3.90%	174,346	319,346	493,693	6,865,000	
5/1/25	-	171,519	171,519	-	6,865,000	
11/1/25	150,000	3.90%	171,519	321,519	493,038	6,715,000	
5/1/26	-	168,594	168,594	-	6,715,000	
11/1/26	155,000	4.35%	168,594	323,594	492,188	6,560,000	
5/1/27	-	165,223	165,223	-	6,560,000	
11/1/27	160,000	4.35%	165,223	325,223	490,445	6,400,000	
5/1/28	-	161,743	161,743	-	6,400,000	
11/1/28	170,000	4.35%	161,743	331,743	493,485	6,230,000	
5/1/29	-	158,045	158,045	-	6,230,000	
11/1/29	175,000	4.35%	158,045	333,045	491,090	6,055,000	
5/1/30	-	154,239	154,239	-	6,055,000	
11/1/30	185,000	4.35%	154,239	339,239	493,478	5,870,000	
5/1/31	-	150,215	150,215	-	5,870,000	
11/1/31	190,000	5.00%	150,215	340,215	490,430	5,680,000	
5/1/32	-	145,465	145,465	-	5,680,000	
11/1/32	200,000	5.00%	145,465	345,465	490,930	5,480,000	
5/1/33	-	140,465	140,465	-	5,480,000	
11/1/33	210,000	5.00%	140,465	350,465	490,930	5,270,000	
5/1/34	-	135,215	135,215	-	5,270,000	
11/1/34	220,000	5.00%	135,215	355,215	490,430	5,050,000	
5/1/35	-	129,715	129,715	-	5,050,000	
11/1/35	235,000	5.00%	129,715	364,715	494,430	4,815,000	
5/1/36	-	123,840	123,840	-	4,815,000	
11/1/36	245,000	5.00%	123,840	368,840	492,680	4,570,000	
5/1/37	-	117,715	117,715	-	4,570,000	
11/1/37	255,000	5.00%	117,715	372,715	490,430	4,315,000	
5/1/38	-	111,340	111,340	-	4,315,000	
11/1/38	270,000	5.00%	111,340	381,340	492,680	4,045,000	
5/1/39	-	104,590	104,590	-	4,045,000	
11/1/39	285,000	5.00%	104,590	389,590	494,180	3,760,000	
5/1/40	-	97,465	97,465	-	3,760,000	
11/1/40	295,000	5.00%	97,465	392,465	489,930	3,465,000	
5/1/41	-	90,090	90,090	-	3,465,000	
11/1/41	310,000	5.20%	90,090	400,090	490,180	3,155,000	

5/1/42	-	82,030	82,030	-	3,155,000	
11/1/42	330,000	5.20%	82,030	412,030	494,060	2,825,000	
5/1/43	-	73,450	73,450	-	2,825,000	
11/1/43	345,000	5.20%	73,450	418,450	491,900	2,480,000	
5/1/44	-	64,480	64,480	-	2,480,000	
11/1/44	365,000	5.20%	64,480	429,480	493,960	2,115,000	
5/1/45	-	54,990	54,990	-	2,115,000	
11/1/45	380,000	5.20%	54,990	434,990	489,980	1,735,000	
5/1/46	-	45,110	45,110	-	1,735,000	
11/1/46	400,000	5.20%	45,110	445,110	490,220	1,335,000	
5/1/47	-	34,710	34,710	-	1,335,000	
11/1/47	420,000	5.20%	34,710	454,710	489,420	915,000	
5/1/48	-	23,790	23,790	-	915,000	
11/1/48	445,000	5.20%	23,790	468,790	492,580	470,000	
5/1/49	-	12,220	12,220	-	470,000	
11/1/49	470,000	5.20%	12,220	482,220	494,440	-	
Total	7,705,000	7,063,863		14,768,863