HERITAGE SPRINGS
COMMUNITY DEVELOPMENT DISTRICT

AGENDA PACKAGE

MAY 20, 2019

Heritage Springs Community Development District

Inframark, Infrastructure Management Services
210 North University Drive, Suite 702 • Coral Springs, Florida 33071
Telephone: (954) 603-0033 • Fax: (954) 345-1292

May 13, 2019

Board of Supervisors
Heritage Springs Community Development District

Dear Board Members:

The regular meeting of the Board of Supervisors of the Heritage Springs Community Development District will be held Monday, May 20, 2019 at 2:30 P.M. at Heritage Springs Community Clubhouse, 11345 Robert Trent Jones Parkway, New Port Richey, Florida. Following is the advance agenda for the meeting:

1.	Roll Call
2.	Consent Agenda
A.	Approval of the Minutes of the April 15, 2019 Meeting
B.	Approval of the Financial Statements
C.	Report on Number of Registered Voters – 2,123
3.	Public Comment on Agenda Items
4.	Attorney’s Report
5.	Engineer’s Report
6.	Manager’s Report
A.	Discussion of Insurance Quotes
B.	Distribution of the Proposed Budget for FY 2020
C.	Resolution 2019-2 Approving the Budget and Setting the Public Hearing
D.	Discussion of Website ADA Compliance
7.	Maintenance Items
8.	Supervisors’ Requests
9.	Audience Comments
10.Adjournment

I look forward to seeing you at the meeting. Please call me if you have any questions.

Sincerely,

Andrew P. Mendenhall, PMP Secretary
/ms

cc:	John Vericker	Robert Dvorak	Cynthia Wilhelm	Steve Brletic

Second Order of Business

2A.

1	MINUTES OF MEETING	
2	HERITAGE SPRINGS	
3	COMMUNITY DEVELOPMENT DISTRICT	
4		

5	The regular meeting of the Board of Supervisors of the Heritage Springs Community

6	Development District was held on Monday, April 15, 2019 at 2:30 p.m. at the Heritage Springs

7	Community Clubhouse, 11345 Robert Trent Jones Parkway, New Port Richey, Florida.

8			
9	Present and constituting a quorum were:		
10			
11	Joe DePompa	Vice Chairman	
12	George Kachavos	Assistant Secretary	
13	Les Elwonger	Assistant Secretary	
14			
15	Also present were:		
16			
17	Andrew Mendenhall	District Manager	
18	Robert Dvorak	District Engineer	
19	Residents		
20			

21	The following is a summary of the minutes and actions taken at the April 15, 2019 Heritage

22	Springs Board of Supervisors meeting.

23				
24	FIRST ORDER OF BUSINESS	Roll Call		
25				
26	Mr. Mendenhall called the meeting to order and Board members and staff identified

27	themselves for the record.

28	SECOND ORDER OF BUSINESS	Consent Agenda		
29				
30	A.Approval of the Minutes of the March 18, 2019 Meeting
31	B.Approval of the Financial Statements
32

33						
		On MOTION by Mr. DePompa seconded by Mr. Kachavos, with all			
34		in favor, the Consent Agenda was approved as presented.			
35	THIRD ORDER OF BUSINESS	Public Comment on Agenda Items		
36				
37	None.				
38	FOURTH ORDER OF BUSINESS	Attorney’s Report		
39				
40	•   Mr. DePompa inquired if Mr. Vericker has any comments on the insurance issues raised at

41	the last meeting.

	April 15,	2019		Heritage Springs CDD		
42	o		Mr. Mendenhall noted he has not spoken with Mr. Vericker specifically about it.		
43			He will let him know so he is prepared to discuss when he attends.		
44	FIFTH ORDER OF BUSINESS	Engineer’s Report		
45				
46	•   Mr. Dvorak noted he emailed Mr. Wertovitch regarding inspecting a few items in the

47	community. He inquired if Mr. DePompa will be able to do so?

48	oMr. DePompa noted he would.

49	•   Mr. Dvorak addressed the prior discussion on the modeling results and after reviewing Mr.

50	Elwonger data it became apparent there were anomalies. He wants to follow-up with a site

51	visit to confirm the condition and to look at the flumes that go from the lakes into the

52	wetlands as he suspects there may be blockage.

53	•   Mr. DePompa inquired if he looked at the dual piping they discussed last week for 191-E

54	and 191-F with both exiting water to the north.

55	oMr. Dvorak noted he ran the scenario and it ends up with the same results from the

56	standpoint that at some point you are triggering downstream increases.		
57	SIXTH ORDER OF BUSINESS	Manager’s Report		
58				
59	A.Discussion of Insurance Quotes

60	•   Mr. Mendenhall reported the insurance company has not yet provided the quotes for the

61	additional services.

62	•   Mr. Mendenhall addressed ADA compliance for the website noting there are a few firms

63	you will make them compliant. He provided information for them to review for discussion

64	at the next meeting.

65					
66	SEVENTH ORDER OF BUSINESS	Maintenance Items		
67	•	Mr. DePompa distributed and reviewed the FY 2019 Maintenance plan and expenditures.		
68	EIGHTH ORDER OF BUSINESS	Supervisors’ Requests		
69				
70	•   Mr. DePompa reported he and Mr. Wertovitch met with the homeowners around Pond 151-

71	H on Wedgemere Drive. They have been complaining about an excessive amount of algae.

72	oIt appears a major contributor is grass clippings which the homeowners will address

73	with the HOA.

2

April 15, 2019	Heritage Springs CDD

74	•   Mr. Elwonger reported he continues to monitor the water levels and he will email the report

75	to the Board. He outlined his observations noting the water levels have gone down.

76	NINTH ORDER OF BUSINESS	Audience Comments		
77				
78	None.			
79	TENTH ORDER OF BUSINESS	Adjournment		
80				
81					
82				
		On MOTION by Mr. Kachavos seconded by Mr. DePompa, with all		
83		in favor, the meeting was adjourned.		
84					
85					
86					
87			____________________________		
88			Joe DePompa		
89			Vice Chairman		
90					

3

2B.

Heritage Springs

Community Development District

Financial Report

April 30, 2019

Prepared by

HERITAGE SPRINGS

Community Development District

Table of Contents

FINANCIAL STATEMENTS			
Balance Sheet - All Funds	………………………………………………….	Page 1	
Statement of Revenues, Expenditures and Changes in Fund Balances		
General Fund	………………………………………………….	Page 2	
Debt Service Fund(s)	………………………………………………….	Page 3 - 4	
SUPPORTING SCHEDULES			
Non-Ad Valorem Special Assessments	………………………………………………….	Page 5	
Investment and Cash Balance Report	………………………………………………….	Page 6	
SunTrust Bank Reconciliation	………………………………………………….	Page 7	
Check Register	………………………………………………….	Page 8	

Heritage Springs

Community Development District

Financial Statements

(Unaudited)

April 30, 2019

HERITAGE SPRINGS

Community Development District									Governmental Funds		
															
		Balance Sheet										
		April 30, 2019											
									SERIES 2008						
						SERIES 2006			DEBT						
									SERVICE						
			GENERAL		DEBT			FUND						
					SERVICE		(REFUNDIN			TOTAL		
	ACCOUNT DESCRIPTION			FUND		FUND			G)					
	ASSETS															
	Cash - Checking Account	$	160,244		$	-	$	-	$	160,244			
	Due From Other Funds			-			3,456			2,305			5,761			
	Investments:															
	Certificates of Deposit - 18 Months			102,007			-			-			102,007			
	Money Market Account			1,085,440			-			-			1,085,440			
	Interest Account A			-			3			-			3			
	Prepayment Account A			-			2,088			-			2,088			
	Redemption Fund			-			-			1			1			
	Reserve Fund			-			62,791			8,888			71,679			
	Revenue Fund			-			173,217			121,398			294,615			
														
	TOTAL ASSETS	$	1,347,691		$	241,555	$	132,592	$	1,721,838			
																
	LIABILITIES															
	Accounts Payable	$	16,409		$	-	$	-	$	16,409			
	Due To Other Funds			5,761			-			-			5,761			
																
	TOTAL LIABILITIES			22,170			-			-			22,170			
	FUND BALANCES															
	Restricted for:															
	Debt Service			-			241,555			132,592			374,147			
	Assigned to:															
	Operating Reserves			85,767			-			-			85,767			
	Reserves - Ponds			831,794			-			-			831,794			
	Unassigned:			407,960			-			-			407,960			
														
	TOTAL FUND BALANCES	$	1,325,521		$	241,555	$	132,592	$	1,699,668			
														
	TOTAL LIABILITIES & FUND BALANCES	$	1,347,691		$	241,555	$	132,592	$	1,721,838			

Page 1

HERITAGE SPRINGS

Community Development District										General Fund		
														
	Statement of Revenues, Expenditures and Changes in Fund Balances						
	For the Period Ending April 30, 2019								
				ANNUAL					YTD ACTUAL						
	ACCOUNT DESCRIPTION			ADOPTED		YEAR TO DATE		AS A % OF			APR-19		
				BUDGET			ACTUAL		ADOPTED BUD			ACTUAL		
	REVENUES														
	Interest - Investments	$	4,000	$	11,695	292.38%	$	2,038			
	Special Assmnts- Tax Collector			399,429			395,840	99.10%			9,989			
	Special Assmnts- Discounts			(15,977)			(15,038)	94.12%			-			
	TOTAL REVENUES			387,452			392,497	101.30%			12,027			
	EXPENDITURES														
	Administration														
	P/R-Board of Supervisors			9,000			4,400	48.89%			600			
	FICA Taxes			689			337	48.91%			46			
	ProfServ-Dissemination Agent			1,000			-	0.00%			-			
	ProfServ-Engineering			55,000			7,230	13.15%			6,295			
	ProfServ-Legal Services			5,000			1,236	24.72%			170			
	ProfServ-Mgmt Consulting Serv			35,874			20,927	58.33%			2,990			
	ProfServ-Property Appraiser			150			150	100.00%			150			
	ProfServ-Special Assessment			7,500			7,500	100.00%			-			
	ProfServ-Trustee Fees			8,674			4,337	50.00%			-			
	ProfServ-Web Site Maintenance			750			750	100.00%			-			
	Auditing Services			5,500			5,500	100.00%			-			
	Postage and Freight			400			136	34.00%			31			
	Insurance - General Liability			5,512			5,040	91.44%			-			
	Printing and Binding			1,000			210	21.00%			27			
	Legal Advertising			1,800			110	6.11%			-			
	Miscellaneous Services			600			331	55.17%			48			
	Misc-Assessmnt Collection Cost			7,989			7,616	95.33%			200			
	Office Supplies			175			331	189.14%			227			
	Annual District Filing Fee			175			175		100.00%			-			
	Total Administration			146,788			66,316	45.18%			10,784			
	Field														
	Contracts-Lakes			40,000			20,300	50.75%			2,900			
	Electricity - Streetlighting			60,000			34,117	56.86%			4,874			
	R&M-Aquascaping			5,000			-	0.00%			-			
	R&M-Ponds			75,000			-	0.00%			-			
	R&M-Stormwater System			15,000			1,400	9.33%			-			
	Misc-Contingency			10,000			319	3.19%			23			
	Reserve - Ponds			35,664			-		0.00%			-			
	Total Field			240,664			56,136		23.33%			7,797			
														
	TOTAL EXPENDITURES			387,452			122,452	31.60%			18,581			
	Net change in fund balance	$	-	$	270,045	0.00%	$	(6,554)			
	FUND BALANCE, BEGINNING (OCT 1, 2018)			1,055,476			1,055,476								
	FUND BALANCE, ENDING	$	1,055,476	$	1,325,521								

Page 2

HERITAGE SPRINGS

Community Development District							Series 2006 Debt Service Fund		
														
	Statement of Revenues, Expenditures and Changes in Fund Balances						
	For the Period Ending April 30, 2019								
				ANNUAL					YTD ACTUAL						
	ACCOUNT DESCRIPTION			ADOPTED		YEAR TO DATE		AS A % OF			APR-19		
				BUDGET			ACTUAL		ADOPTED BUD			ACTUAL		
	REVENUES														
	Interest - Investments	$	-	$	257	0.00%	$	62			
	Special Assmnts- Tax Collector			141,027			139,760	99.10%			3,527			
	Special Assmnts- Discounts			(5,641)			(5,310)	94.13%			-			
														
	TOTAL REVENUES			135,386			134,707	99.50%			3,589			
	EXPENDITURES														
	Administration														
	Misc-Assessmnt Collection Cost			2,821			2,689		95.32%			71			
	Total Administration			2,821			2,689	95.32%			71			
	Debt Service														
	Debt Retirement Series A			85,000			-	0.00%			-			
	Prepayments Series A			-			5,000	0.00%			-			
	Interest Expense Series A			42,525			21,263		50.00%			-			
	Total Debt Service			127,525			26,263		20.59%			-			
														
	TOTAL EXPENDITURES			130,346			28,952	22.21%			71			
	Excess (deficiency) of revenues														
	Over (under) expenditures			5,040			105,755	0.00%			3,518			
	OTHER FINANCING SOURCES (USES)														
	Contribution to (Use of) Fund Balance			5,040			-	0.00%			-			
														
	TOTAL FINANCING SOURCES (USES)			5,040			-	0.00%			-			
	Net change in fund balance	$	5,040	$	105,755	0.00%	$	3,518			
	FUND BALANCE, BEGINNING (OCT 1, 2018)			135,800			135,800								
	FUND BALANCE, ENDING	$	140,840	$	241,555								

Page 3

HERITAGE SPRINGS

Community Development District						Series 2008 Debt Service Fund (Refunding)		
														
	Statement of Revenues, Expenditures and Changes in Fund Balances						
	For the Period Ending April 30, 2019								
				ANNUAL					YTD ACTUAL						
	ACCOUNT DESCRIPTION			ADOPTED		YEAR TO DATE		AS A % OF			APR-19		
				BUDGET			ACTUAL		ADOPTED BUD			ACTUAL		
	REVENUES														
	Interest - Investments	$	-	$	194	0.00%	$	46			
	Special Assmnts- Tax Collector			94,045			93,200	99.10%			2,352			
	Special Assmnts- Discounts			(3,762)			(3,541)	94.13%			-			
														
	TOTAL REVENUES			90,283			89,853	99.52%			2,398			
	EXPENDITURES														
	Administration														
	Misc-Assessmnt Collection Cost			1,881			1,793		95.32%			47			
	Total Administration			1,881			1,793	95.32%			47			
	Debt Service														
	Principal Debt Retirement			75,000			-	0.00%			-			
	Interest Expense			11,448			5,724		50.00%			-			
	Total Debt Service			86,448			5,724		6.62%			-			
														
	TOTAL EXPENDITURES			88,329			7,517	8.51%			47			
	Excess (deficiency) of revenues														
	Over (under) expenditures			1,954			82,336	0.00%			2,351			
	OTHER FINANCING SOURCES (USES)														
	Contribution to (Use of) Fund Balance			1,954			-	0.00%			-			
														
	TOTAL FINANCING SOURCES (USES)			1,954			-	0.00%			-			
	Net change in fund balance	$	1,954	$	82,336	0.00%	$	2,351			
	FUND BALANCE, BEGINNING (OCT 1, 2018)			50,256			50,256								
	FUND BALANCE, ENDING	$	52,210	$	132,592								

Page 4

Heritage Springs

Community Development District

Supporting Schedules

April 30, 2019

HERITAGE SPRINGS

Community Development District

Non-Ad Valorem Special Assessments - Pasco County Tax Collector

(Monthly Collection Distributions)

For the Fiscal Year Ending September 30, 2019

										ALLOCATION BY FUND		
				Discount /				Gross							
Date	Net Amount		(Penalties)	Collection		Amount		General	Series 2006	Series 2008	
Received		Received		Amount		Costs		Received		Fund	Debt Service	Debt Service	
Assessments Levied					$	634,501	$	399,429	$	141,027	$	94,045	
Allocation %								100%		63%		22%		15%	
11/09/18	$	13,973	$	765	$	285	$	15,023	$	9,457	$	3,339	$	2,227	
11/16/18		117,778		5,001		2,404		125,182		78,804		27,824		18,554	
11/23/18		78,984		3,358		1,612		83,954		52,850		18,660		12,443	
12/03/18		231,153		9,823		4,717		245,693		154,668		54,609		36,416	
12/13/18		89,748		3,744		1,832		95,324		60,008		21,187		14,129	
12/31/18		16,930		534		346		17,809		11,211		3,958		2,640	
01/14/19		8,603		272		176		9,050		5,697		2,012		1,341	
02/09/19		13,227		326		270		13,823		8,702		3,072		2,049	
03/09/19		6,868		67		140		7,075		4,454		1,573		1,049	
04/10/19		15,550		-		317		15,867		9,989		3,527		2,352	
															
TOTAL	$	592,813	$	23,889	$	12,098	$	628,800	$	395,840	$	139,760	$	93,200	

% COLLECTED							99%		99%		99%		99%	
													
TOTAL OUTSTANDING					$	5,701	$	3,589	$	1,267	$	845	

Page 5

HERITAGE SPRINGS

Community Development District

Cash and Investment Report

April 30, 2019

General Fund

Account Name	Bank Name	Investment Type	Maturity	Yield		Balance	
Checking Acct - Operating	SunTrust Bank	Public Funds NOW	n/a	1.51%	$	160,244	
CD #4194	BankUnited	18 mo Fixed Rate CD	06/03/20	2.70%		102,007	
Public Funds Money Market	Bank United	MMA - #0143	n/a	1.75%		1,085,440	
				GF Total	$	1,347,691	

Debt Service Funds

Account Name	Bank Name	Investment Type	Maturity	Yield		Balance		
Series 2006	Interest A Fund	US Bank	Government Obligation Fund	n/a	0.00%	$	3		
Series 2006	Prepayment A	US Bank	Government Obligation Fund	n/a	2.04%		2,088		
Series 2006	Reserve Fund	US Bank	US Bank Open-End CP	5/1/2019	0.00%		62,791		
Series 2006	Revenue Fund	US Bank	US Bank Open-End CP	5/1/2019	0.00%		173,217		
					DS 202 subtotal		238,099		
Series 2008A	Redemption	US Bank	US Bank Open-End CP	5/1/2019	0.00%		1		
Series 2008A	Debt Svc Rsrv	US Bank	Government Obligation Fund	n/a	2.04%		8,888		
Series 2008A	Revenue Fund	US Bank	US Bank Open-End CP	5/1/2019	0.00%		121,398		
					DS 203 subtotal		130,287		
						DS Total	$	368,386		
				Total Cash & Investments				
					$	1,716,077		

Page 6

Heritage Springs CDD

Bank Reconciliation

Bank Account No.	1900	SunTrust Bank N.A. - GF	
Statement No.	04-19		
Statement Date	4/30/2019		

G/L Balance (LCY)	160,244.34	Statement Balance	160,262.38					
	G/L Balance	160,244.34	Outstanding Deposits	0.00					
Positive Adjustments	0.00	Subtotal						
			160,262.38					

	Subtotal	160,244.34	Outstanding Checks	18.04					
Negative Adjustments	0.00	Differences	0.00					
Ending G/L Balance		Ending Balance						
									
	160,244.34		160,244.34					
	Difference	0.00							
Posting	Document	Document	Description	Amount	Cleared	Difference		
Date	Type	No.			Amount			
Outstanding Checks									
4/25/2019	Payment	002189	FEDEX	18.04	0.00	18.04		
Total Outstanding Checks......................................................................................................................		18.04		18.04		

Page 7

					HERITAGE SPRINGS					
				Community Development District					
											
				Payment Register by Bank Account					
					For the Period from 4/1/19 to 4/30/19					
					(Sorted by Check / ACH No.)					
												
Pymt	Check /	Date	Payee	Payee		Invoice No.	Payment Description	Invoice / GL Description	G/L Account #	Amount		
Type	ACH No.		Type							Paid		

SUNTRUST BANK N.A. - GF - (ACCT# XXXXX1900)								
Check	002181	04/03/19	Vendor	BLUE WATER AQUATICS, INC	25124	3/8/19 AQUATIC SERVICE	Contracts-Lakes	001-534084-53901	$2,900.00		
Check	002182	04/03/19	Vendor	FEDEX	6-500-87587	3/14/19 POSTAGE	Postage and Freight	001-541006-51301	$13.63		
Check	002183	04/03/19	Vendor	INFRAMARK, LLC	39443	MARCH 2019 MGMNT SERVICES	ProfServ-Mgmt Consulting Serv	001-531027-51201	$2,989.50		
Check	002183	04/03/19	Vendor	INFRAMARK, LLC	39443	MARCH 2019 MGMNT SERVICES	Postage and Freight	001-541006-51301	$4.50		
Check	002183	04/03/19	Vendor	INFRAMARK, LLC	39443	MARCH 2019 MGMNT SERVICES	Printing and Binding	001-547001-51301	$54.90		
Check	002183	04/03/19	Vendor	INFRAMARK, LLC	39443	MARCH 2019 MGMNT SERVICES	Office Supplies	001-551002-51301	$22.00		
Check	002184	04/11/19	Vendor	JMT	31-133414	10/28/18-1/26/19 GEN ENGINEER	ProfServ-Engineering	001-531013-51501	$1,110.00		
Check	002185	04/11/19	Vendor	PASCO COUNTY PROPERTY APPRAISER	040119	NON-AD VALOREM FEES FY19	ProfServ-Property Appraiser	001-531035-51301	$150.00		
Check	002186	04/15/19	Employee	JOSEPH V. DE POMPA		PAYROLL	April 15, 2019 Payroll Posting			$184.70		
Check	002187	04/15/19	Employee	GEORGE KACHAVOS		PAYROLL	April 15, 2019 Payroll Posting			$184.70		
Check	002188	04/15/19	Employee	LESLIE C. ELWONGER		PAYROLL	April 15, 2019 Payroll Posting			$154.70		
Check	002189	04/25/19	Vendor	FEDEX	6-523-16212	4/9/19 POSTAGE	Postage and Freight	001-541006-51301	$18.04		
ACH	DD136	04/04/19	Vendor	DUKE ENERGY - ACH		031319-5492 ACH	2/11-3/13/19 ELEC> ACH 4.4.19	Electricity - Streetlighting	001-543013-53901	$4,873.70		
ACH	DD137	04/04/19	Vendor	DUKE ENERGY - ACH		032619-46318 ACH	2/22-3/26/19 PUMP ELEC ACH	Misc-Contingency	001-549900-53901	$30.34		
									Account Total			
										$12,690.71		

									Total Amount Paid	$12,690.71		

Page 8

2C.

Brian E. Corley
Supervisor of Elections

PO BOX 300, Dade City FL  33526-0300

1-800-851-8754 www.pascovotas.com

April 16, 2019		
Sandra H. Demarco, Recording Manager		
Inframark		
210 N University Drive Suite 702		
Coral Springs FL  33071		
Dear Ms. Demarco:		
Pursuant to your request, the following voter registration statistics are provided for their	
respective community development districts as of April 15, 2019.		
•	Estancia at Wiregrass Community Development District	867	
•	Heritage Springs Community Development District	2,123	
•	Lake Bernadette Community Development District	1,494	
•	Lexington Oaks Community Development District	2,911	
•	Meadow Pointe I Community Development District	2,930	
•	Meadow Pointe II Community Development District	3,460	
•	Oakstead Community Development District	2,118	
•	Oak Creek Community Development District	1,032	
•	Watergrass II Community Development District	665	

As

always,

please call me

if

you have any questions

or

need additional information.

Sincerely,

Tiffannie A. Alligood

Chief Administrative

Officer

•~·--	·--------	...	
#MyRtghtMyVate	

East Pasco - Dade City (352)521-4302

Central Pasco - Land O'Lakes(813) 929-2788

West Pasco- New Port Richey (727) 847-8162

Sixth Order of Business

6A.

FLORIDA MUNICIPAL INSURANCE TRUST
Proposal for 2018-2019

Department of Insurance

Heritage Springs Community Development District

AUTOMOBILE COVERAGE	Limits	
Comprehensive Automobile Liability	$1,000,000	
Deductible:	$0	

Coverage Includes:
➢	Hired & Non-Owned Liability

1

WORKERS' COMPENSATION PAYROLLS			
		Limit			
	Workers' Compensation	Statutory			
	Employers Liability	$1,000,000 / $1,000,000 / $1,000,000			
					
	CODE	DESCRIPTION	PAYROLL		
8810	CLERICAL	9,000		
		TOTAL PAYROLL	$9,000		

Deductible:		$0	
Experience Modification Factor:	10/1/2018	1.00	
Safety Credit:		No	
Drug Free Credit:		No	

The Workers' Compensation premium is subject to adjustment when the October 1, 2018 experience modification is received.

Payrolls and Premium are subject to Final Audit

2

PREMIUM SUMMARY

Coverage Line	Annual Premium	Pro Rata Premium (effective 05/01/2019)		
Automobile Coverage	$186	$78		
Workers' Compensation Coverage	$329	$213		

Total FMIT Premium	$515	$291	

Note: Coverage summaries provided herein are intended as an outline of coverage only and are necessarily brief. In the event of loss, all terms, conditions, and exclusions of actual Agreement and/or Policies will apply.

Please Read the following Important Notes

The premiums quoted above are priced according to the coverage lines presented. Any change or deletion of coverages may result in re-pricing of remaining coverage lines.

3

6B.

HERITAGE SPRINGS

Community Development District

Annual Operating and Debt Service Budget

Fiscal Year 2020

Version 1 - Proposed Budget

(Printed 5.14.19)

Prepared by:

HERITAGE SPRINGS

Community Development District

Table of Contents

	Page #	
OPERATING BUDGET		
General Fund		
Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..	1	
Budget Narrative ……………………………………………………………………………………………	2-4	
Exhibit A - Allocation of Fund Balances ………………………………………………………………….	5	
DEBT SERVICE BUDGETS		
Series 2006		
Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..	6	
Amortization Schedule ……………………………………………………………………………………..	7	
Series 2008		
Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..	8	
Amortization Schedule ……………………………………………………………………………………..	9	
SUPPORTING BUDGET SCHEDULES		
2019-2020 Non-Ad Valorem Assessment Summary ………………………………………………………..	10	

Heritage Springs

Community Development District

Operating Budget

Fiscal Year 2020

HERITAGE SPRINGS

Community Development District															General Fund	
	Summary of Revenues, Expenditures and Changes in Fund Balances					
					Fiscal Year 2020 Proposed Budget										
								ADOPTED			ACTUAL	PROJECTED			TOTAL			ANNUAL	
					ACTUAL			BUDGET			THRU		MAY-		PROJECTED			BUDGET	
	ACCOUNT DESCRIPTION				FY 2018			FY 2019			APR-2019				SEP-2019			FY 2019			FY 2020		
	REVENUES																				
	Interest - Investments	$	12,210	$	4,000	$	11,695			$	8,354	$	20,049	$	4,000		
	Special Assmnts- Tax Collector		399,429			399,429			395,840				3,589			399,429			399,429		
	Special Assmnts- Discounts		(14,996)			(15,977)			(15,038)				-			(15,038)			(15,977)		
																					
	TOTAL REVENUES		396,643			387,452			392,497				11,942			404,439			387,452		
	EXPENDITURES																				
	Administrative																				
	P/R-Board of Supervisors		7,200			9,000			4,400				3,000			7,400			9,000		
	FICA Taxes		551			689			337				230			567			689		
	ProfServ-Dissemination Agent		1,000			1,000			-				1,000			1,000			1,000		
	ProfServ-Engineering		45,458			55,000			7,230				5,164			12,394			55,000		
	ProfServ-Legal Services		4,159			5,000			1,236				3,600			4,836			5,000		
	ProfServ-Mgmt Consulting Serv		35,874			35,874			20,927				14,948			35,874			36,950		
	ProfServ-Property Appraiser		150			150			150				150			-			150		
	ProfServ-Special Assessment		7,500			7,500			7,500				-			7,500			7,500		
	ProfServ-Trustee		8,674			8,674			4,337				4,337			8,674			8,674		
	ProfServ-Web Site Maintenance		750			750			750				-			750			750		
	Auditing Services		5,500			5,500			5,500				-			5,500			5,500		
	Postage and Freight		459			400			136				264			400			400		
	Insurance - General Liability		5,011			5,512			5,040				-			5,040			5,544		
	Printing and Binding		351			1,000			210				150			360			1,000		
	Legal Advertising		900			1,800			110				790			900			1,800		
	Miscellaneous Services		581			600			331				240			571			600		
	Misc-Assessmnt Collection Cost		6,161			7,989			7,616				72			7,688			7,989		
	Office Supplies		204			175			331				110			441			175		
	Annual District Filing Fee		175			175			175				-			175			175		
																						
	Total Administrative			130,658			146,788			66,316				34,054			100,069			147,896		
	Field																				
	Contracts-Lakes		34,800			40,000			20,300				14,500			34,800			40,000		
	Electricity - Streetlighting		55,983			60,000			34,117				24,372			58,489			60,000		
	R&M-Aquascaping		1,485			5,000			-				5,000			5,000			3,892		
	R&M-Ponds		59,884			75,000			-				75,000			75,000			75,000		
	R&M-Stormwater System		43,417			15,000			1,400				13,600			15,000			15,000		
	Misc-Contingency		12,341			10,000			319				8,000			8,319			10,000		
	Reserve - Ponds		5,882			35,664			-				-			-			35,664		
																						
	Total Field			213,792			240,664			56,136				140,472			196,608			239,556		
																					
	TOTAL EXPENDITURES		344,450			387,452			122,452				174,526			296,677			387,452		
	Net change in fund balance			52,193			-			270,045				(162,583)			107,763			(0)		
	FUND BALANCE, BEGINNING		1,003,283			1,055,476			1,055,476				-			1,055,476			1,163,239		
	FUND BALANCE, ENDING	$ 1,055,476	$ 1,055,476	$ 1,325,521			$	(162,583)	$ 1,163,239	$ 1,163,239		

Annual Operating and Debt Service Budget	Page 1		
Fiscal Year 2020			

Heritage Springs

Community Development District	General Fund

Budget Narrative
Fiscal Year 2020

REVENUES:

Interest Income - Investments
The District earns interest on the monthly average collected balance for their operating accounts.

Special Assessments –Tax Collector

The District will levy a non-ad valorem special assessment on all platted lots within Heritage Springs Community Development District in order to pay operating and maintenance expenses for the Fiscal Year.

Special Assessment – Discount

Per Section 197.162, Florida Statutes, discounts are allowed for early payment of assessments. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments.

________________________

EXPENDITURES:

Administrative:

P/R- Board of Supervisors & FICA Taxes

Chapter 190 of the Florida Statutes allows for a member of the Board of Supervisors to be compensated $200 per meeting, not to exceed $4,800 per year per supervisor.

Profserv-Dissemination Agent

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 unrelated bond issues. The District has contracted for this service and the amount is based on the contracted amount.

Profserv - Engineering

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

Profserv – Legal Services

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

Profserv - Management Consulting Services

The District receives management, accounting and administrative services as part of a Management Agreement with Inframark. A 3% increase is proposed for FY20.

Profserv - Property Appraiser

The District contracts with the Pasco County Property Appraiser for the purpose of placing the District’s non-ad valorem tax assessments on the Notice of Proposed Property Taxes, thereby allowing the Tax

Collector to collect such assessments. The District will fund the Property Appraiser’s general budget in the amount of $150 for the annual inclusion of Notice of Proposed Property Taxes.

Annual Operating and Debt Service Budget	Page 2		
			
Fiscal Year 2020			

Heritage Springs

Community Development District	General Fund

Budget Narrative
Fiscal Year 2020

Profserv - Special Assessment

The District has contracted with Inframark to prepare the assessment roll for the District. This includes collection of prepaid assessments, maintaining the assessment roll and annually levying a non- ad valorem assessment for operating and debt service expenses.

Profserv - Trustee

The District issued Series 2006 & 2008 of Special Assessment Bonds that are deposited with a Trustee to handle all trustee matters. The annual trustee fees are based on standard fees charged plus any out of pockets expenses.

Profserv – Web Site Maintenance

The cost of web hosting services and regular maintenance of the District’s website performed by Inframark.

Auditing Services

The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The budget is based on the current engagement fee with Grau & Associates CPA.

Postage & Freight
Represents the cost of mailing agenda packages, overnight deliveries, correspondence, etc.

Insurance – General Liability

The District's General Liability & Public Officials Liability Insurance policy is with The Florida League of Cities, Inc. The Florida League of Cities, Inc. specializes in providing insurance coverage to governmental agencies. A 10% increase is projected for FY20.

Printing & Binding
Printing and Binding agenda packages for board meetings, printing of computerized checks, etc.

Legal Advertising

The District is required to advertise various notices for monthly board meetings, public hearings etc in a newspaper of general circulation.

Miscellaneous Services
Bank charges and any other miscellaneous expenses that arise during the year.

Misc. Assessment Collection Fee

The District reimburses the Pasco County Tax Collector for necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The budget for collection costs was based on a maximum of 2% of the anticipated assessment collections.

Office Supplies
Miscellaneous office supplies required for the preparation of agendas.

Annual District Filing Fee

The District is required to pay an annual fee of $175 to the Department of Economic Opportunity Division of Community Development.

Annual Operating and Debt Service Budget	Page 3		
			
Fiscal Year 2020			

Heritage Springs

Community Development District	General Fund

Budget Narrative
Fiscal Year 2020

Maintenance:

Contracts-Lakes

The District has contracted Blue Water Aquatics, Inc. to perform lake maintenance services within the District. The estimated cost for these services is $2,900 per month. The remainder is to be used for other incurred costs that fall within this category.

Electricity – Streetlighting
The District incurs electrical expenses which are paid to Duke Energy.

R&M - Aquascaping
Installation and maintenance of Aquatic Plants.

R&M - Ponds
Costs associated with the maintenance and repair of ponds throughout the district.

R&M – Stormwater System
Costs associated with the maintenance and repair of storm water system throughout the district.

Misc. - Contingency
This category is for any unexpected expenditures that the District may incur during the Fiscal Year.

Reserve - Ponds

The District will restrict a portion of the fund balance for future repairs & maintenance deemed necessary and approved by the board.

Annual Operating and Debt Service Budget	Page 4		
			
Fiscal Year 2020			

HERITAGE SPRINGS

Community Development District			General Fund		
	Exhibit "A"						
	Allocation of Fund Balances				
	AVAILABLE FUNDS						
				Amount		
	Beginning Fund Balance - Fiscal Year 2020	$	1,163,239			
	Net Change in Fund Balance - Fiscal Year 2020			-			
	Reserves - Fiscal Year 2020 Additions			35,664			
							
	Total Funds Available (Estimated) - 9/30/2020			1,198,903			
	ALLOCATION OF AVAILABLE FUNDS						
	Assigned Fund Balance			87,947  (1)		
	Operating Reserve					
	Reserves - Ponds (FY09)	25,000					
	Reserves - Ponds (FY10)	51,333					
	Reserves - Ponds (FY11)	46,390					
	Reserves - Ponds (May 2012 Board Motion)	350,000					
	Reserves - Ponds (FY12)	59,293					
	Reserves - Ponds (FY13)	59,775					
	Reserves - Ponds (FY14)	67,411					
	Reserves - Ponds (FY15)	45,515					
	Reserves - Ponds (FY16)	46,933					
	Reserves - Ponds (FY17)	41,643					
	Reserves - Ponds (FY18)	38,501					
	Reserves - Ponds (FY19)	35,664					
	Reserves - Ponds (FY20-Proposed)	35,664		903,122			
							
		Subtotal	991,069			
							
	Total Allocation of Available Funds			991,069			
	Total Unassigned (undesignated) Cash						
		$	207,833			

Notes

(1) Represents approximately 3 months of operating expenditures

Annual Operating and Debt Service Budget	Page 5		
Fiscal Year 2020			

Heritage Springs

Community Development District

Debt Service Budgets

Fiscal Year 2020

HERITAGE SPRINGS

Community Development District	2006 Debt Service Fund

Summary of Revenues, Expenditures and Changes in Fund Balances

Fiscal Year 2020 Proposed Budget

				ADOPTED		ACTUAL		PROJECTED		TOTAL		ANNUAL	
		ACTUAL		BUDGET		THRU		MAY-		PROJECTED		BUDGET	
ACCOUNT DESCRIPTION		FY 2018		FY 2019		APR-2019		SEP-2019		FY 2019		FY 2020	

REVENUES

Interest - Investments	$	348	$	-	$	257	$	100	$	357	$	-		
Special Assmnts- Tax Collector		141,027			141,027			139,760			1,267			141,027			141,027		
Special Assmnts- Discounts		(5,295)			(5,641)			(5,310)			-			(5,310)			(5,641)		
																			
TOTAL REVENUES		136,080			135,386			134,707			1,367			136,074			135,386		
EXPENDITURES																			
Administrative																			
Misc-Assessmnt Collection Cost		2,175			2,821			2,689			25			2,714			2,821		
																			
Total Administrative		2,175			2,821			2,689			25			2,714			2,821		
Debt Service																			
Debt Retirement Series A		85,000			85,000			-			85,000			85,000			90,000		
Prepayments Series A		-			-			5,000			5,000			10,000			-		
Interest Expense Series A		46,988			42,525			21,263			21,131			42,394			37,538		
Total Debt Service																			
		131,988			127,525			26,263			111,131			137,394			127,538		
																			
TOTAL EXPENDITURES		134,163			130,346			28,952			111,157			140,109			130,358		
Excess (deficiency) of revenues																			
Over (under) expenditures		1,917			5,040			105,755			(109,789)			(4,034)			5,027		
OTHER FINANCING SOURCES (USES)																			
Contribution to (Use of) Fund Balance		-			5,040			-			-			-			5,027		
																			
TOTAL OTHER SOURCES (USES)		-			5,040			-			-			-			5,027		
Net change in fund balance		1,917			5,040			105,755			(109,789)			(4,034)			5,027		
FUND BALANCE, BEGINNING		133,882			135,800			135,800			-			135,800			131,766		
FUND BALANCE, ENDING	$	135,800	$	140,840	$	241,555	$	(109,789)	$	131,766	$	136,793		

Annual Operating and Debt Service Budget	Page 6		
Fiscal Year 2020			

HERITAGE SPRINGS

Community Development District

Debt Service Amortization Schedule

Series 2006A Capital Improvement Revenue Bonds

	Regular		Principal		Interest	Outstanding	
Date	Principal		Prepayments		Expense	Principal	

11/1/2019				$18,768.75	$715,000.00	
5/1/2020	$90,000.00			$18,768.75	$625,000.00	
11/1/2020				$16,406.25	$625,000.00	
5/1/2021	$95,000.00			$16,406.25	$530,000.00	
11/1/2021				$13,912.50	$530,000.00	
5/1/2022	$100,000.00			$13,912.50	$430,000.00	
11/1/2022				$11,287.50	$430,000.00	
5/1/2023	$100,000.00			$11,287.50	$330,000.00	
11/1/2023				$8,662.50	$330,000.00	
5/1/2024	$105,000.00			$8,662.50	$225,000.00	
11/1/2024				$5,906.25	$225,000.00	
5/1/2025	$110,000.00			$5,906.25	$115,000.00	
11/1/2025				$3,018.75	$115,000.00	
5/1/2026	$115,000.00			$3,018.75	$0.00	
							
totals	$715,000.00	$0.00	$155,925.00		

Annual Operating and Debt Service Budget

Fiscal Year 2020	Page 7

HERITAGE SPRINGS

Community Development District							2008 Debt Service (Refunding) Fund		
	Summary of Revenues, Expenditures and Changes in Fund Balances						
		Fiscal Year 2020 Proposed Budget												
							ADOPTED		ACTUAL		PROJECTED			TOTAL		ANNUAL		
				ACTUAL		BUDGET			THRU			MAY-		PROJECTED		BUDGET		
	ACCOUNT DESCRIPTION			FY 2018		FY 2019		APR-2019		SEP-2019			FY 2019		FY 2020		
	REVENUES																						
	Interest - Investments	$	225	$	-	$	194	$	80	$	274	$	-			
	Special Assmnts- Tax Collector				94,045			94,045			93,200			845	$	94,045			94,045			
	Special Assmnts- Discounts				(3,531)			(3,762)			(3,541)			-			(3,541)			(3,762)			
																							
	TOTAL REVENUES				90,739			90,283			89,853			925			90,778			90,283			
	EXPENDITURES																						
	Administrative																						
	Misc-Assessmnt Collection Cost				1,451			1,881			1,793			17			1,810			1,881			
																							
	Total Administrative				1,451			1,881			1,793			17			1,810			1,881			
	Debt Service																						
	Principal Debt Retirement				75,000			75,000			-			75,000			75,000			80,000			
	Interest Expense				15,026			11,448			5,724			5,724			11,448			7,871			
	Total Debt Service																						
					90,026			86,448			5,724			80,724			86,448			87,871			
																							
	TOTAL EXPENDITURES				91,477			88,329			7,517			80,741			88,258			89,751			
	Excess (deficiency) of revenues																						
	Over (under) expenditures				(738)			1,954			82,336			(79,816)			2,520			531			
	OTHER FINANCING SOURCES (USES)																						
	Contribution to (Use of) Fund Balance				-			1,954			-			-			-			531			
																							
	TOTAL OTHER SOURCES (USES)				-			1,954			-			-			-			531			
	Net change in fund balance				(738)			1,954			82,336			(79,816)			2,520			531			
	FUND BALANCE, BEGINNING				50,994			50,256			50,256			-			50,256			52,776			
	FUND BALANCE, ENDING	$	50,256	$	52,210	$	132,592	$	(79,816)	$	52,776	$	53,308			

Annual Operating and Debt Service Budget	Page 8		
Fiscal Year 2020			

HERITAGE SPRINGS

Community Development District

Debt Service Amortization Schedule

Series 2008 Capital Improvement Revenue Refunding Bonds

	Regular		Principal		Interest	Outstanding	
Date	Principal		Prepayments		Expense	Principal	

11/1/2019				$3,935.25	$165,000.00	
5/1/2020	$80,000.00			$3,935.25	$85,000.00	
11/1/2020				$2,027.25	$85,000.00	
5/1/2021	$85,000.00			$2,027.25	$0.00	
							
totals	$165,000.00	$0.00	$11,925.00		

Annual Operating and Debt Service Budget

Fiscal Year 2020

Page 9

Heritage Springs

Community Development District

Supporting Budget Schedules

Fiscal Year 2020

HERITAGE SPRINGS

Community Development District

Comparison of Assessment Rates

Fiscal Year 2020 vs. Fiscal Year 2019

Bond	General Fund	Debt Service	Total Assessments per Unit	Units							
Series	FY 2020	FY 2019 Percent	FY 2020	FY 2019	Percent	FY 2020	FY 2019	Percent	On-Roll		Prepaid	GF	DS		
			Change			Change			Change			Units	Total	Total		
2006	$298.75	$298.75	0.0%	$198.63	$198.63	0.0%	$497.38	$497.38	0.0%	739	29	$220,777	$141,027			
2008	$298.75	$298.75	0.0%	$168.54	$168.54	0.0%	$467.29	$467.29	0.0%	598		40	$178,653	$94,045			
										1,337	69	$399,429	$235,073			

Annual Operating and Debt Service Budget

Fiscal Year 2020	Page 10

6C.

RESOLUTION 2019-2

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE HERITAGE SPRINGS COMMUNITY DEVELOPMENT DISTRICT APPROVING THE BUDGET FOR FISCAL YEAR 2020 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW

WHEREAS, the District Manager has heretofore prepared and submitted to the Board a proposed operating and/or debt service budget for Fiscal Year 2020; a copy of which is attached hereto, and

WHEREAS, the Board of Supervisors has considered said proposed budget and desires to set the required public hearing thereon;

NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF

SUPERVISORS OF THE HERITAGE SPRINGS COMMUNITY

DEVELOPMENT DISTRICT;

1.	The budget proposed by the District Manager for Fiscal Year 2020 is hereby approved as the basis for conducting a public hearing to adopt said budget.

2.	A public hearing on said approved budget is hereby declared and set for the following date, hour and place:

Date:	August 19, 2019

Hour:	2:30 p.m.

Place:	Heritage Springs Community Clubhouse
11345 Robert Trent Jones Parkway

New Port Richey, Florida

3.	Notice of this public hearing shall be published in the manner prescribed in Florida Law.

4.	In accordance with Section 189.016, Florida Statutes, the District’s Secretary is further directed to post this Proposed Budget on the District’s website at least two days before the Budget Hearing date, as set forth in Section 2.

Adopted this 20th day of May, 2019.

Steve Wertovitch

Chairman

Andrew P. Mendenhall, PMP
Secretary