HERITAGE SPRINGS
Community Development District

Annual Operating and Debt Service Budget
Fiscal Year 2025

Approved Tentative Budget
5/20/2024

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

Non-Ad Valorem Assessment Summary	

……………………………………………………	

9	

Heritage Springs
Community Development District

Operating Budget
Fiscal Year 2025

	Summary	of	Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2025 Budget			

ADOPTED	ACTUAL	PROJECTED	TOTAL		

ANNUAL	

ACCOUNT DESCRIPTION
REVENUES		
ACTUAL	BUDGET		THRU		MAY-	PROJECTED FY 2023		FY 2024	4/30/2024	9/30/2024		FY 2024	% +/(-)
Budget	BUDGET FY 2025	
Interest - Investments
Special Assmnts- Tax Collector Special Assmnts- Discounts Other Miscellaneous Revenues		$	56,022	$	10,000	$	48,241	-	$	48,241
432,854	499,708	495,432	4,276	499,708
(16,395)	(19,988)	(18,835)	(1,153)	(19,988)
-	-	1,930	-	1,930	382%
0%
0%
0%	$	10,000
513,081
(20,523)
-	
TOTAL	REVENUES		472,481	489,720	526,768	3,123	529,891		502,557	
EXPENDITURES									
Administrative
P/R-Board of Supervisors FICA Taxes		
8,800
673	
11,000
842	
7,600
592	
3,400
250	
11,000
842	
0%
0%	
11,000
842	
ProfServ-Dissemination Agent ProfServ-Engineering ProfServ-Legal Services ProfServ-Mgmt Consulting ProfServ-Property Appraiser ProfServ-Special Assessment ProfServ-Trustee Fees
ProfServ-Web Site Maintenance		- 47,040
8,915
38,060
150
7,500
4,771
32	1,000
55,000
5,000
38,060
150
7,500
4,771
750	1,000
32,020
6,441
22,202
150
7,500
4,771
17	- 22,980
- 15,858
-
-
- 733	1,000
55,000
6,441
38,060
150
7,500
4,771
750	0%
0%
29%
0%
0%
0%
0%
0%	1,000
55,000
5,000
39,202
150
7,500
4,771
750	
Auditing Services Postage and Freight
Insurance - General Liability Printing and Binding
Legal Advertising Miscellaneous Services
Misc-Assessment Collection Cost Office Supplies
Annual District Filing Fee
Total Administrative		5,800
254
5,959
459
1,404
- 8,331
600
175
138,923	5,800
400
6,555
600
1,500
500
9,994
525
175
150,122	6,000
123
6,579
430
171
1,729
9,532
- 175
107,032	- 277
- 170
1,329
- 462
525
-
45,984	6,000
400
6,579
600
1,500
1,729
9,994
525
175
153,016	3%
0%
0%
0%
0%
246%
0%
0%
0%	5,800
400
6,555
600
1,500
500
10,262
525
175	
								151,531	

Annual Operating and Debt Service Budget
1

Summary of	Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2025 Budget			

ADOPTED	

ACTUAL	

PROJECTED	

TOTAL		

ANNUAL	
			ACTUAL	BUDGET	THRU	MAY-	PROJECTED	% +/(-)	BUDGET	
	ACCOUNT DESCRIPTION		FY 2023	FY 2024	4/30/2024	9/30/2024	FY 2024	Budget	FY 2025	
Field																
Contracts-Lakes			42,716	43,176	25,025	18,151	43,176	0%	43,176	
Electricity - Streetlights			50,435	53,011	31,210	21,801	53,011	0%	53,011	
R&M-Aquascaping			-	5,000	1,025	3,975	5,000	0%	5,000	
R&M-Ponds			135,359	-	-	-	-	0%	-	
R&M-Stormwater System		105,396	-	-	-	-	0%	-	
Lake & Wetlands Maintenance		-	56,566	10,617	45,949	56,566	0%	56,566	
Misc-Contingency		952	6,000	328	5,672	6,000	0%	5,200	
Infrastructure Repair Project		-	65,000	-	65,000	65,000	0%	65,000	
Pond Bank Point Repairs & Maintenance		-	166,470	378,386	-	378,386	127%	179,840	
Total Field				334,858	395,223	446,591	160,548	607,139		407,793	
							
TOTAL	EXPENDITURES			473,781		545,345		553,623		206,532		760,155		559,324	
OTHER FINANCING SOURCES (USES)
Contribution to (Use of) Fund Balance		

-	

(55,625)	

-	

-		

-		

(56,767)	
TOTAL	OTHER	SOURCES	(USES)		-	(55,625)	-	-		-		(56,767)	
Net change in fund balance			(1,300)		(55,625)		(26,855)		(203,409)		(230,264)		(56,767)	
FUND BALANCE, BEGINNING		1,332,352		1,334,763		1,334,763		-		1,334,763		1,104,499	
FUND BALANCE, ENDING		$	1,331,052	$	1,279,138	$	1,307,908	$	(203,409)	$	1,104,499	$	1,047,732	

Annual Operating and Debt Service Budget
2

Budget Narrative
Fiscal Year 2025

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.
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
Fiscal Year 2025	3

Budget Narrative
Fiscal Year 2025

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.
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 FY25.
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
Fiscal Year 2025	4

Budget Narrative
Fiscal Year 2025

Maintenance:
Contracts-Lakes
The District has contracted American EcoSystems 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.

Lake & Wetlands Maintenance
Costs associated with the maintenance and repair of ponds and wetlands throughout the district.

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

Infrastructure Repair Project
Costs associated with the maintenance and repair of any infrastructure as needed throughout the district.

Ponds Bank Point Repairs & Maintenance
Costs associated with the pond erosion restoration project for the district.

Annual Operating and Debt Service Budget
Fiscal Year 2025	5

Exhibit "A"			
Allocation of Fund Balances	

AVAILABLE FUNDS			
		Amount	
Beginning Fund Balance - Fiscal Year 2025	$	1,104,499	
Net Change in Fund Balance - Fiscal Year 2025		(56,767)	
Reserves - Fiscal Year 2025 Additions	179,840

Total Funds Available (Estimated) - 9/30/2025	1,227,572

ALLOCATION OF AVAILABLE FUNDS

Assigned Fund Balance
Operating Reserve	94,871 (1)

Reserves - Ponds	1,005,358 (2)
Reserves - Ponds FY 2024	166,470
Reserves - Ponds FY 2024 (spending)	(378,386)
Reserves - Ponds FY 2025	179,840

Subtotal	973,282

Total Allocation of Available Funds	1,068,153

Total Unassigned (undesignated) Cash	$	159,419

Notes
Represents approximately 3 months of operating expenditures.
This ties to motion to assign fund balance at 09/30/23.	

Annual Operating and Debt Service Budget
6

Heritage Springs
Community Development District

Debt Service Budgets
Fiscal Year 2025

Community Development District	Series 2006 Debt Service

Summary	of	Revenues, Expenditures and Changes
Fiscal Year 2025 Budget	in Fund Balances			
								
ADOPTED	
ACTUAL	
PROJECTED	
TOTAL	
ANNUAL	
						ACTUAL	BUDGET	THRU		MAY-	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION		FY 2023	FY 2024	4/30/2024	9/30/2024	FY 2024	FY 2025	

REVENUES	
Interest - Investments				$	-	$	-	$	4,164	$	-	$	4,164	$	-	
Special Assmnts- Tax Collector			141,027	141,027	139,822		1,205	141,027		141,027	
Special Assmnts- Discounts				(5,641)	(5,641)	(5,316)		-	(5,316)		(5,641)	
TOTAL	REVENUES					135,386		135,386		138,670		1,205		139,875		135,386	

EXPENDITURES	
Administrative	
Misc-Assessment Collection	Cost		2,821		2,821		2,690		131		2,821		2,821	
Total Administrative					2,821		2,821		2,690		131		2,821		2,821	

Debt Service	
Debt Retirement Series A					100,000		105,000		-		105,000		105,000		110,000	
Interest Expense Series A					22,575		16,800		8,400		8,400		16,800		11,288	
Total Debt Service					122,575		121,800		8,400		113,400		121,800		121,288	
																
TOTAL	EXPENDITURES					125,396		124,621		11,090		113,531		124,621		124,108	

Excess (deficiency) of revenues	
Over (under) expenditures				9,990		10,765		127,580		(112,326)		15,254		11,278	

OTHER FINANCING SOURCES (USES)	
Contribution to (Use of) Fund Balance	-		10,765		-		-		-		11,278	
TOTAL	OTHER	SOURCES	(USES)		-	10,765	-		-	-		11,278	

Net change in fund balance					
9,990		
10,765		
127,580		
(112,326)		
15,254		
11,278	
FUND BALANCE, BEGINNING			
142,176		
152,166		
152,166		
-		
152,166		
167,420	
FUND BALANCE, ENDING				$	152,166	$	162,931	$	279,746	$	(112,326)	$	167,420	$	178,698	

Annual Operating and Debt Service Budget	7

Community Development District	Series 2006 Debt Service

Debt Service Amortization Schedule
Series 2006A Capital Improvement Revenue Bonds

Date	Regular Principal	Principal Prepayments	Interest Expense	Outstanding Principal	
	
11/1/2024			$5,643.75	$215,000.00	
5/1/2025	$110,000.00		$5,643.75	$105,000.00	
11/1/2025			$2,756.25	$105,000.00	
5/1/2026	$105,000.00		$2,756.25	$0.00	

totals	
$215,000.00	
$0.00	
$16,800.00		

Annual Operating and Debt Service Budget
8

Heritage Springs
Community Development District

Supporting Budget Schedules
Fiscal Year 2025

HERITAGE SPRINGS

Community Development District	All Funds

Comparison of Assessment Rates Fiscal Year 2025 vs. Fiscal Year 2024

Bond Series	General Fund	Debt Service	Total Assessments per Unit	Units		
	FY 2025	FY 2024	Percent
Change	FY 2025	FY 2024	Percent
Change	FY 2025	FY 2024	Dollar  Percent
Change Change	On-Roll		Prepaid
Units	GF
Total	DS
Total	

2006
2008	
$383.76	$373.75	
2.7%	
$198.63	
$198.63	0.0%	
$582.39	
$572.38  $10.00  1.7%	
739
598	
29	$283,595  $141,027	
	$383.76	$373.75	2.7%	$0.00	$0.00	n/a	$383.76	$373.75  $10.00  2.7%			0	$229,486	$0 
29	$513,081  $141,027	
							1,337		

Annual Operating and Debt Service Budget	9