HERITAGE SPRINGS
Community Development District

Annual Operating and Debt Service Budget
Fiscal Year 2026

Final Adopted Budget

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 2026

Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2026 Adopted Budget	

ADOPTED	ACTUAL	PROJECTED		TOTAL BUDGET		THRU		SEP-	PROJECTED
ACCOUNT DESCRIPTION	FY 2025	8/31/2025	9/30/2025	FY 2025

REVENUES
Interest - Investments	$	10,000	$	47,637	4,564	$	52,201
Special Assmnts- Tax Collector	513,075	513,074	1	513,075
Special Assmnts- Discounts	(20,523)	(19,178)	-	(19,178) Interest - Tax Collector			913	-		913
Other Miscellaneous Revenues	-	-	-	

% +/(-)
Budget

422%
0%
-7%
0%
0%	

ANNUAL BUDGET FY 2026

$	40,000
526,441
(21,058)

-	
TOTAL	REVENUES	502,552	542,446	4,565	547,011		545,383	
EXPENDITURES
Administrative
P/R-Board of Supervisors FICA Taxes
ProfServ-Dissemination Agent ProfServ-Engineering ProfServ-Legal Services ProfServ-Mgmt Consulting ProfServ-Property Appraiser ProfServ-Special Assessment ProfServ-Trustee Fees
ProfServ-Web Site Maintenance 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	

11,000
842
1,000
55,000
5,000
39,202
150
7,500
4,771
750
5,800
400
6,555
600
1,500
500
10,262
525
175	

8,200
627

44,555
4,633
35,935
150
7,500
4,971

5,600
379
6,808
494
894

9,882

175	

1,000
77
- 4,269
444
3,267
-
-
-
-
-
36
-
47
-
-
-
-
-	

9,200
704
- 48,824
5,077
39,202
150
7,500
4,971
- 5,600
415
6,808
541
894
- 9,882
-
175	

-16%
-16%
-100%
-11%
2%
0%
0%
0%
4%
-100%
-3%
4%
4%
-10%
-40%
-100%
-4%
-100%
0%	

11,000
842
1,000
55,000
5,000
39,202
150
7,500
4,971
750
5,800
400
7,000
600
1,600
1,900
10,529
100
175	
Total Administrative	151,532	130,803	9,140	139,943		153,518	
Field
Contracts-Lakes Electricity - Streetlights R&M-Aquascaping
Weir & Wetlands Maintenance Misc-Contingency Infrastructure Repair Project
Pond Bank Point Repairs & Maintenance

Total Field	

43,176
53,011
5,000
56,566
5,195
65,000
179,840

407,788	

40,725
43,323
- 54,788
696
43,418
438,750

621,700	

3,902
4,151
-

-
-
-

8,053	

44,627
47,474
-
- 696
43,418
438,750

574,965	

3%
-10%
-100%
-100%
-87%
-33%
144%	

45,000
46,600
5,000
36,455
5,600
60,000
193,210	
						391,865	

Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2026 Adopted Budget	

ADOPTED	ACTUAL	PROJECTED	TOTAL		

ANNUAL	
	
ACCOUNT	BUDGET	THRU	SEP-	PROJECTED
DESCRIPTION	FY 2025	8/31/2025	9/30/2025	FY 2025	% +/(-)
Budget	BUDGET
FY 2026	
TOTAL	EXPENDITURES		559,320	752,503	17,193	714,908		545,383	
OTHER FINANCING SOURCES (USES)
Contribution to (Use of) Fund Balance	

(56,768)	-	-	

-	-	
TOTAL	OTHER SOURCES	(USES)	(56,768)	-	-	-	-	
Net change in fund balance		(56,768)	(210,057)	(12,628)	(167,897)		-	
FUND BALANCE, BEGINNING	1,086,232	1,086,232	-	1,086,232		918,335	
FUND BALANCE, ENDING		$	1,029,464	$	876,175	$	(12,628)	$	918,335	$	918,335	

Budget Narrative
Fiscal Year 2026
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.

Budget Narrative
Fiscal Year 2026

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.

Budget Narrative
Fiscal Year 2026
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.
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.

Exhibit "A"		
Allocation of Fund Balances	

AVAILABLE FUNDS		
	Amount	
Beginning Fund Balance - Fiscal Year 2026	$	918,335	
Net Change in Fund Balance - Fiscal Year 2026	-	
Reserves - Fiscal Year 2026 Additions	-

Total Funds Available (Estimated) - 9/30/2026	918,335

ALLOCATION OF AVAILABLE FUNDS

Assigned Fund Balance
Operating Reserve	136,346 (1)

Reserves - Ponds	943,089 (2)
Reserves - Ponds FY 2025 (spending)	(258,910) (3)

Subtotal	684,179

Total Allocation of Available Funds	820,525

Total Unassigned (undesignated) Cash	$	97,810

Notes
Represents approximately 3 months of operating expenditures.
This ties to motion to assign fund balance at 09/30/24.	

Heritage Springs
Community Development District

Debt Service Budgets
Fiscal Year 2026

Community Development District	Series 2006 Debt Service

Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2026 Budget	
			
ADOPTED	
ACTUAL	
PROJECTED	
TOTAL	
ANNUAL	
			BUDGET	THRU	SEP-	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION		FY 2025	8/31/2025	9/30/2025	FY 2025	FY 2026	

REVENUES	
Interest - Investments		$	-	$	4,054	$	-	$	4,054	$	-	
Special Assmnts- Tax Collector		141,027	135,094	5,933	141,027	141,027	
Special Assmnts- Discounts		(5,641)	(5,271)	(370)	(5,641)	(5,641)	
TOTAL	REVENUES		135,386	133,877	5,563	139,440	135,386	

EXPENDITURES	
Administrative	
Misc-Assessment Collection Cost		2,821	2,596	225	2,821	2,821	
Total Administrative		2,821	2,596	225	2,821	2,821	

Debt Service	
Debt Retirement Series A		110,000	-	110,000	110,000	105,000	
Interest Expense Series A		11,288	5,644	5,644	11,288	5,513	
Total Debt Service		121,288	5,644	115,644	121,288	110,513	
							
TOTAL	EXPENDITURES		124,109	8,240	115,869	124,109	113,333	

Excess (deficiency) of revenues	
Over (under) expenditures		11,277	125,637	(110,306)	15,331	22,053	

FUND BALANCE, BEGINNING		

170,354	

170,354	

-	

170,354	

185,685	
FUND BALANCE, ENDING		$  181,631	$  295,991	$ (110,306)	$  185,685	$  207,738	

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		

Heritage Springs
Community Development District

Supporting Budget Schedules
Fiscal Year 2026

HERITAGE SPRINGS

Community Development District	All Funds

Comparison of Assessment Rates Fiscal Year 2026 vs. Fiscal Year 2025

Bond Series	General Fund	Debt Service	Total Assessments per Unit	Units		
	FY 2026	FY 2025	Percent
Change	FY 2026	FY 2025	Percent
Change	FY 2026	FY 2025	Dollar
Change	Percent
Change	On-Roll		Prepaid
Units	GF
Total	DS
Total	

2006	
$393.75	
$383.75	
2.6%	
$198.63	
$198.63	
0.0%	
$592.38	
$582.38	
$10.00	
1.7%	
739	
29	
$290,980	
$141,027	
2008	$393.75	$383.75	2.6%	$0.00	$0.00	n/a	$393.75	$383.75	$10.00	2.6%	598		0	$235,461	$0 	
											1,337	29	$526,441	$141,027