HERITAGE SPRINGS
Community Development District

Annual Operating and Debt Service Budget
Fiscal Year 2022

Version 2 - FINAL Budget
(Adopted 8/16/21)

Prepared by:

HERITAGE SPRINGS

Community Development District

Table of Contents

OPERATING BUDGET

General Fund

Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..

Budget Narrative ……………………………………………………………………………………………

Exhibit A - Allocation of Fund Balances ………………………………………………………………….	Page #

1-2

3-5

6	

DEBT SERVICE BUDGET

Series 2006

Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..

Amortization Schedule ……………………………………………………………………………………..	

7

8	

SUPPORTING BUDGET SCHEDULE

2021-2022 Non-Ad Valorem Assessment Summary ………………………………………………………..	

9	

Heritage Springs
Community Development District

Operating Budget
Fiscal Year 2022

HERITAGE SPRINGS

Community Development District	General Fund
Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2022 Adopted Budget

			ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
		ACTUAL	BUDGET	THRU	AUG-	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION		FY 2020	FY 2021	JUL-2021	SEP-2021	FY 2021	FY 2022	
REVENUES								
Interest - Investments		$	12,673	$	4,000	$	2,416	$	483	$	2,899	$	4,000	
Special Assmnts- Tax Collector		399,429	399,429	399,864	-	399,864	399,429	
Special Assmnts- Discounts		(14,881)	(15,977)	(14,991)	-	(14,991)	(15,977)	
Other Miscellaneous Revenues		-	-	50	-	50	-	
TOTAL REVENUES		397,221	387,452	387,339	483	387,822	387,452	

EXPENDITURES
Administrative

P/R-Board of Supervisors	5,800	9,000	7,600	2,000	9,600	9,000	
FICA Taxes	444	689	581	153	734	689	
ProfServ-Dissemination Agent	1,000	1,000	-	1,000	1,000	1,000	
ProfServ-Engineering	18,125	55,000	53,380	1,620	55,000	55,000	
ProfServ-Legal Services	3,813	5,000	6,951	1,390	8,341	5,000	
ProfServ-Mgmt Consulting Serv	36,950	36,950	30,792	6,158	36,950	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	9,541	9,108	4,771	-	4,771	4,771	
ProfServ-Web Site Maintenance	138	750	169	581	750	750	
Auditing Services	5,500	5,500	5,600	-	5,600	5,600	
Postage and Freight	216	400	249	151	400	400	
Insurance - General Liability	5,708	6,279	5,296	-	5,296	5,826	
Printing and Binding	191	1,000	269	46	315	1,000	
Legal Advertising	1,676	1,800	144	1,556	1,700	1,800	
Miscellaneous Services	585	600	232	120	352	600	
Misc-Assessmnt Collection Cost	6,135	7,989	7,697	-	7,697	7,989	
Office Supplies	266	480	375	45	420	480	
Annual District Filing Fee	175	175	175	-	175	175	
Total Administrative	103,913	149,370	131,931	14,821	146,752	144,680	
Field							
Contracts-Lakes	23,200	40,000	32,175	7,150	39,325	42,900	
Electricity - Streetlighting	58,173	60,000	48,413	9,663	58,076	60,000	
R&M-Aquascaping	-	3,892	4,600	-	4,600	5,000	
R&M-Ponds	165,566	75,000	-	-	-	75,000	
R&M-Stormwater System	52,187	15,000	24,008	-	24,008	15,000	
Misc-Contingency	339	10,000	522	8,000	8,522	10,000	
Reserve - Ponds	-	34,190	-	-	-	34,872	
Total Field	299,465	238,082	109,718	24,813	134,531	242,772	
							
TOTAL EXPENDITURES	403,378	387,452	241,649	39,634	281,283	387,452	

HERITAGE SPRINGS

Community Development District	General Fund
Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2022 Adopted Budget

 	ACCOUNT DESCRIPTION		
ACTUAL FY 2020	ADOPTED
BUDGET FY 2021	ACTUAL
THRU JUL-2021	PROJECTED AUG-
SEP-2021	TOTAL
PROJECTED FY 2021	ANNUAL
BUDGET FY 2022	

Excess (deficiency) of revenues Over (under) expenditures	

(6,157)	

-	

145,690		

(39,151)	

106,539	

-	

OTHER FINANCING SOURCES (USES)								
Transfer from DS Fund Balance	-	-	5,782		-	5,782	-	
TOTAL OTHER SOURCES (USES)	-	-	5,782		-	5,782	-	

Net change in fund balance	
(6,157)	
-	
151,472		
(39,151)	
112,321	
-	
FUND BALANCE, BEGINNING	
1,222,776	
1,216,619	
1,216,619		
-	
1,216,619	
1,328,940	
FUND BALANCE, ENDING	  	$ 1,216,619		$ 1,216,619		$ 1,368,091		$		(39,151) 	$ 1,328,940		$ 1,328,940  	

Heritage Springs
Community Development District	General Fund

REVENUES:

Budget Narrative
Fiscal Year 2022

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.

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.

Heritage Springs
Community Development District	General Fund

Budget Narrative
Fiscal Year 2022

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 Special Assessment Bond that is deposited with a Trustee to handle all trustee matters. The annual trustee fee is 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 FY22.

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.

Heritage Springs
Community Development District	General Fund

Maintenance:

Budget Narrative
Fiscal Year 2022

Contracts-Lakes
The District has contracted American EcoSytems to perform lake maintenance services within the District. The estimated cost for these services is $3,575 per month.

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.

HERITAGE SPRINGS

Community Development District	General Fund

Exhibit "A"
Allocation of Fund Balances

AVAILABLE FUNDS

Beginning Fund Balance - Fiscal Year 2022

Net Change in Fund Balance - Fiscal Year 2022 Reserves - Fiscal Year 2022 Additions
Total Funds Available (Estimated) - 9/30/2022

ALLOCATION OF AVAILABLE FUNDS

Assigned Fund Balance
Operating Reserve

Reserves - Ponds	902,391
Reserves - Ponds (FY21)	34,190
Reserves - Ponds (FY22)	34,872
Subtotal

Total Allocation of Available Funds

Total Unassigned (undesignated) Cash		

Amount		
	$	1,328,940		
		-		
		34,872		
		1,363,812		

88,145	

(1)	

971,453		
		1,059,598		
	
$	
304,214		

Notes
(1) Represents approximately 3 months of operating expenditures				

Heritage Springs
Community Development District

Debt Service Budget
Fiscal Year 2022

HERITAGE SPRINGS

Community Development District	2006 Debt Service Fund

Summary of Revenues, Expenditures and Changes in Fund Balances	
Fiscal Year 2022 Adopted Budget	
				
ADOPTED	
    ACTUAL			
PROJECTED		
TOTAL		
ANNUAL	
	ACTUAL		BUDGET	THRU		AUG-	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2020		FY 2021	JUL-2021		SEP-2021	FY 2021		FY 2022	

REVENUES												
Interest - Investments		$	933	$	-	$	7	$	4	$	11	$	-	
Special Assmnts- Tax Collector	141,027		141,027	141,027	0	141,027		141,027	
Special Assmnts- Discounts			(5,254)		(5,641)	(5,297)	-	(5,297)		(5,641)	
TOTAL REVENUES	136,706		135,386	135,737	4	135,741		135,386	

EXPENDITURES												
Administrative												
Misc-Assessmnt Collection Cost			2,166		2,821	2,715	0	2,715		2,821	
Total Administrative			2,166		2,821	2,715	0	2,715		2,821	

Debt Service												
Debt Retirement Series A			90,000		90,000	85,000	-	85,000		95,000	
Prepayments Series A			10,000		-	5,000	-	5,000		-	
Interest Expense Series A			37,406		32,288	32,156	-	32,156		27,563	
Total Debt Service	137,406		122,288	122,156	-	122,156		122,563	
									
TOTAL EXPENDITURES	139,572		125,109	124,871	0	124,870		125,384	

Excess (deficiency) of revenues												
Over (under) expenditures			(2,866)		10,277	10,866	4	10,870		10,002	

OTHER FINANCING SOURCES (USES)												
Contribution to (Use of) Fund Balance			-		10,277		-	-	-		10,002	
TOTAL OTHER SOURCES (USES)			-		10,277		-	-	-		10,002	

Net change in fund balance			
(2,866)		
10,277	
10,866	
4	
10,870		
10,002	

FUND BALANCE, BEGINNING	
132,221		
129,356	
129,356	
-	
129,356		
140,226	
FUND BALANCE, ENDING	$ 129,356	$ 139,633	$ 140,222	$	4	$	140,226	$ 150,228	

HERITAGE SPRINGS

Community Development District

Debt Service Amortization Schedule
Series 2006A Capital Improvement Revenue Bonds

Date	Regular Principal	Principal Prepayments	Interest Expense	Outstanding Principal	
					
11/1/2021
5/1/2022
11/1/2022
5/1/2023
11/1/2023
5/1/2024
11/1/2024
5/1/2025
11/1/2025
5/1/2026

totals	
$95,000.00

$100,000.00

$105,000.00

$110,000.00

$115,000.00

$525,000.00		$13,781.25
$13,781.25
$11,287.50
$11,287.50
$8,662.50
$8,662.50
$5,906.25
$5,906.25
$3,018.75
$3,018.75

$85,312.50	$525,000.00
$430,000.00
$430,000.00
$330,000.00
$330,000.00
$225,000.00
$225,000.00
$115,000.00
$115,000.00
$0.00	
		
$0.00			

Heritage Springs
Community Development District

Supporting Budget Schedule
Fiscal Year 2022

HERITAGE SPRINGS

Community Development District

Comparison of Assessment Rates Fiscal Year 2022 vs. Fiscal Year 2021

Bond	General Fund	Debt Service	Total Assessments per Unit	Units		
Series	FY 2022 FY 2021   Percent
Change	FY 2022 FY 2021 Percent
Change	FY 2022 FY 2021   Percent
Change	On-Roll		Prepaid
Units	GF
Total	DS
Total	

2006	
$298.75   $298.75	0.0%	
$198.63 $198.63	0.0%	
$497.38	$497.38	0.0%	
739		
29	
$220,776	
$141,027	
2008	$298.75   $298.75	0.0%	$0.00	$77.06	n/a	$298.75	$375.81 -20.5%	598		 	40	
69	$178,652	
$399,429	$0  
$141,027	
				1,337					

Annual Operating and Debt Service Budget
Fiscal Year 2022	Page 9