RESOLUTION 2019-04

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE DEL WEBB COMMUNITY DEVELOPMENT DISTRICT APPROVING PROPOSED BUDGETS FOR FISCAL YEAR 2019/2020 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW; ADDRESSING TRANSMITTAL, POSTING AND PUBLICATION REQUIREMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the District Manager has heretofore prepared and submitted to the Board of Supervisors ("Board") of the Del Webb Bexley Community Development District ("District") prior to June 15, 20 19, proposed budgets ("Proposed Budget") for the fiscal year beginning October 1, 2019 and ending September 30, 2020 ("Fiscal Year 2019/2020"); and

WHEREAS, the Board has considered the Proposed Budget and desires to set the required public hearing thereon.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE DEL WEBB BEXLEY COMMUNITY DEVELOPMENT DISTRICT:

1.	PROPOSED BUDGET APPROVED. The Proposed Budget prepared by the District Manager fo r Fiscal Year 2019/2020 attached hereto as Exhibit A is hereby approved as the basis for conducting a public hearing to adopt said Proposed Budget.

2.	SETTING A PUBLIC HEARING. A public hearing on said approved Proposed Budget is hereby declared and set for the following date, hour and location:

DATE:

July 24, 20 19

HOUR:

4:00 p.m.

LOCATION:

The Bexley Club

16950 Vibrant Way

Land O' Lakes, FL 34638

3.	TRANSMITTAL OF PROPOSED BUDGET TO LOCAL GENERAL PURPOSE GOVERNMENT. The District Manager is hereby directed to submit a copy of the Proposed Budget to Pasco County at least 60 days prior to the hearing set above.

4.	POSTING OF PROPOSED BUDGET. In accordance with Section 189.01 6, Florida Statutes, the District's Secretary is further directed to post the approved Proposed Budget on the District' s website at least two days before the budget hearing date as set forth in Section 2, and shall remain on the website for at least 45 days.

5.	PUBLICATION OF NOTICE. Notice of this public hearing shall be published in the manner prescribed in Florida law.

6.	EFFECTIVE  DATE.   This  Resolution  shall  take  effect  immediately  upon
	adoption.
-v-		CO. c=y:,2019.	
PASSED AND ADOPTED THIS r;}.;)~  AY OF		
ATTEST:	DEL WEBB BEXLEY COMMUNITY	
	DEVELOPMENT DISTRICT	

By:  ~~
Its:	~

Exhibit A:	Approved Proposed Budgets for Fiscal Year 2019/2020

Exhibit A:

Approved Proposed Budgets for Fiscal Year 2019/2020

Del-Webb Bexley

Community Development District

Delwebbbexleycdd.org

Adopted Proposed Budget for Fiscal Year 2019/2020

Presented by: Rizzetta & Company, Inc.

27150 Citrus Park Lane
Suite 115
Tampa, Florida 33625
Phone: 813-933-5571

rizzetta.com

Professionals in Community Management

Table of Contents

	Page	
	----	
General Fund Budget Account Category Descriptions	1	
Reserve Fund Budget Account Category Descriptions	7	
Debt Service Fund Budget Account Category Descriptions	8	
General Fund Budget for Fiscal Year 2019/2020	9	
Reserve Fund for Fiscal Year 2019/2020	11	
Debt Service Fund Budget for Fiscal Year 2019/2020	12	
Assessments Charts for Fiscal Year 2019/2020	13	

1

GENERAL FUND BUDGET

ACCOUNT CATEGORY DESCRIPTION

The General Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all General Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.

REVENUES:

Interest Earnings: The District may earn interest on its monies in the various operating accounts.

Tax Roll: The District levies Non-Ad Valorem Special Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County’s Tax Roll, to be collected with the County’s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County.

Off Roll: For lands not on the tax roll and that is by way of a direct bill from the District to the appropriate property owner.

Developer Contributions: The District may enter into a funding agreement and receive certain prescribed dollars from the Developer to off-set expenditures of the District.

Event Rental: The District may receive monies for event rentals for such things as weddings, birthday parties, etc.

Miscellaneous Revenues: The District may receive monies for the sale or provision of electronic access cards, entry decals etc.

Facilities Rentals: The District may receive monies for the rental of certain facilities by outside sources, for such items as office space, snack bar/restaurants etc.

EXPENDITURES – ADMINISTRATIVE:

Supervisor Fees: The District may compensate its supervisors within the appropriate statutory limits of $200.00 maximum per meeting within an annual cap of $4,800.00 per supervisor.

Administrative Services: The District will incur expenditures for the day to today operation of District matters. These services include support for the District Management function, recording and preparation of meeting minutes, records retention and maintenance in accordance with

2

Chapter 119, Florida Statutes, and the District’s adopted Rules of Procedure, preparation and delivery of agenda, overnight deliveries, facsimiles and phone calls.

District Management: The District as required by statute, will contract with a firm to provide for management and administration of the District’s day to day needs. These services include the conducting of board meetings, workshops, overall administration of District functions, all required state and local filings, preparation of annual budget, purchasing, risk management, preparing various resolutions and all other secretarial duties requested by the District throughout the year is also reflected in this amount.

District Engineer: The District’s engineer provides general engineering services to the District. Among these services are attendance at and preparation for monthly board meetings, review of construction invoices and all other engineering services requested by the district throughout the year.

Disclosure Report: The District is required to file quarterly and annual disclosure reports, as required in the District’s Trust Indenture, with the specified repositories. This is contracted out to a third party in compliance with the Trust Indenture.

Trustee’s Fees: The District will incur annual trustee’s fees upon the issuance of bonds for the oversight of the various accounts relating to the bond issues.

Assessment Roll: The District will contract with a firm to maintain the assessment roll and annually levy a Non-Ad Valorem assessment for operating and debt service expenses.

Financial & Revenue Collections: Services include all functions necessary for the timely billing and collection and reporting of District assessments in order to ensure adequate funds to meet the

District’s debt service and operations and maintenance obligations. These services include, but are not limited to, assessment roll preparation and certification, direct billings and funding request processing as well as responding to property owner questions regarding District assessments. This line item also includes the fees incurred for a Collection Agent to collect the funds for the principal and interest payment for its short-term bond issues and any other bond related collection needs. These funds are collected as prescribed in the Trust Indenture. The Collection Agent also provides for the release of liens on property after the full collection of bond debt levied on particular properties.

Accounting Services: Services include the preparation and delivery of the District’s financial statements in accordance with Governmental Accounting Standards, accounts payable and accounts receivable functions, asset tracking, investment tracking, capital program administration and requisition processing, filing of annual reports required by the State of Florida and monitoring of trust account activity.

Auditing Services: The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting firm, once it reaches certain revenue and expenditure levels, or has issued bonds and incurred debt.

Arbitrage Rebate Calculation: The District is required to calculate the interest earned from bond

3

proceeds each year pursuant to the Internal Revenue Code of 1986. The Rebate Analyst is required to verify that the District has not received earnings higher than the yield of the bonds.

Travel: Each Board Supervisor and the District Staff are entitled to reimbursement for travel expenses per Florida Statutes 190.006(8).

Public Officials Liability Insurance: The District will incur expenditures for public officials’ liability insurance for the Board and Staff.

Legal Advertising: The District will incur expenditures related to legal advertising. The items for which the District will advertise include, but are not limited to meeting schedules, special meeting notices, and public hearings, bidding etc. for the District based on statutory guidelines

Bank Fees: The District will incur bank service charges during the year.

Dues, Licenses & Fees: The District is required to pay an annual fee to the Department of Economic Opportunity, along with other items which may require licenses or permits, etc.

Miscellaneous Fees: The District could incur miscellaneous throughout the year, which may not fit into any standard categories.

Website Hosting, Maintenance and Email: The District may incur fees as they relate to the development and ongoing maintenance of its own website along with possible email services if requested.

District Counsel: The District’s legal counsel provides general legal services to the District. Among these services are attendance at and preparation for monthly board meetings, review of operating and maintenance contracts and all other legal services requested by the district throughout the year.

EXPENDITURES - FIELD OPERATIONS:

Deputy Services: The District may wish to contract with the local police agency to provide security for the District.

Security Services and Patrols: The District may wish to contract with a private company to provide security for the District.

Electric Utility Services: The District will incur electric utility expenditures for general purposes such as irrigation timers, lift station pumps, fountains, etc.

Street Lights: The District may have expenditures relating to street lights throughout the community. These may be restricted to main arterial roads or in some cases to all street lights within the District’s boundaries.

4

Utility - Recreation Facility: The District may budget separately for its recreation and or amenity electric separately.

Gas Utility Services: The District may incur gas utility expenditures related to district operations at its facilities such as pool heat etc.

Garbage - Recreation Facility: The District will incur expenditures related to the removal of garbage and solid waste.

Solid Waste Assessment Fee: The District may have an assessment levied by another local government for solid waste, etc.

Water-Sewer Utility Services: The District will incur water/sewer utility expenditures related to district operations.

Utility - Reclaimed: The District may incur expenses related to the use of reclaimed water for irrigation.

Aquatic Maintenance: Expenses related to the care and maintenance of the lakes and ponds for the control of nuisance plant and algae species.

Fountain Service Repairs & Maintenance: The District may incur expenses related to maintaining the fountains within throughout the Parks & Recreational areas

Lake/Pond Bank Maintenance: The District may incur expenditures to maintain lake banks, etc. for the ponds and lakes within the District’s boundaries, along with planting of beneficial aquatic plants, stocking of fish, mowing and landscaping of the banks as the District determines necessary.

Wetland Monitoring & Maintenance: The District may be required to provide for certain types of monitoring and maintenance activities for various wetlands and waterways by other governmental entities.

Mitigation Area Monitoring & Maintenance: The District may be required to provide for certain types of monitoring and maintenance activities for various mitigation areas by other governmental entities.

Aquatic Plant Replacement: The expenses related to replacing beneficial aquatic plants, which may or may not have been required by other governmental entities.

General Liability Insurance: The District will incur fees to insure items owned by the District for its general liability needs

Property Insurance: The District will incur fees to insure items owned by the District for its property needs

Entry and Walls Maintenance: The District will incur expenditures to maintain the entry monuments and the fencing.

5

Landscape Maintenance: The District will incur expenditures to maintain the rights-of-way, median strips, recreational facilities including pond banks, entryways, and similar planting areas within the District. These services include but are not limited to monthly landscape maintenance, fertilizer, pesticides, annuals, mulch, and irrigation repairs.

Irrigation Maintenance: The District will incur expenditures related to the maintenance of the irrigation systems.

Irrigation Repairs: The District will incur expenditures related to repairs of the irrigation systems.

Landscape Replacement: Expenditures related to replacement of turf, trees, shrubs etc.

Field Services: The District may contract for field management services to provide landscape maintenance oversight.

Miscellaneous Fees: The District may incur miscellaneous expenses that do not readily fit into defined categories in field operations.

Gate Phone: The District will incur telephone expenses if the District has gates that are to be opened and closed.

Street/Parking Lot Sweeping: The District may incur expenses related to street sweeping for roadways it owns or are owned by another governmental entity, for which it elects to maintain.

Gate Facility Maintenance: Expenses related to the ongoing repairs and maintenance of gates owned by the District if any.

Sidewalk Repair & Maintenance: Expenses related to sidewalks located in the right of way of streets the District may own if any.

Roadway Repair & Maintenance: Expenses related to the repair and maintenance of roadways owned by the District if any.

Employees - Salaries: The District may incur expenses for employees/staff members needed for the recreational facilities such as Clubhouse Staff.

Employees - P/R Taxes: This is the employer’s portion of employment taxes such as FICA etc.

Employee - Workers’ Comp: Fees related to obtaining workers compensation insurance.

Management Contract: The District may contract with a firm to provide for the oversight of its recreation facilities.

Maintenance & Repair: The District may incur expenses to maintain its recreation facilities.

Facility Supplies: The District may have facilities that required various supplies to operate.

6

Gate Maintenance & Repairs: Any ongoing gate repairs and maintenance would be included in this line item.

Telephone, Fax, Internet: The District may incur telephone, fax and internet expenses related to the recreational facilities.

Office Supplies: The District may have an office in its facilities which require various office related supplies.

Clubhouse - Facility Janitorial Service: Expenses related to the cleaning of the facility and related supplies.

Pool Service Contract: Expenses related to the maintenance of swimming pools and other water features.

Pool Repairs: Expenses related to the repair of swimming pools and other water features.

Security System Monitoring & Maintenance: The District may wish to install a security system for the clubhouse

Clubhouse Miscellaneous Expense: Expenses which may not fit into a defined category in this section of the budget

Athletic/Park Court/Field Repairs: Expense related to any facilities such as tennis, basketball etc.

Trail/Bike Path Maintenance: Expenses related to various types of trail or pathway systems the District may own, from hard surface to natural surfaces.

Special Events: Expenses related to functions such as holiday events for the public enjoyment

Miscellaneous Fees: Monies collected and allocated for fees that the District could incur throughout the year, which may not fit into any standard categories.

Miscellaneous Contingency: Monies collected and allocated for expenses that the District could incur throughout the year, which may not fit into any standard categories.

Capital Outlay: Monies collected and allocated for various projects as they relate to public improvements.

7

RESERVE FUND BUDGET

ACCOUNT CATEGORY DESCRIPTION

The Reserve Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Reserve Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.

REVENUES:

Tax Roll: The District levies Non-Ad Valorem Special Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County’s Tax Roll, to be collected with the County’s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County.

Off Roll: For lands not on the tax roll and that is by way of a direct bill from the District to the appropriate property owner.

Developer Contributions: The District may enter into a funding agreement and receive certain prescribed dollars from the Developer to off-set expenditures of the District.

Miscellaneous Revenues: The District may receive monies for the sale or provision of electronic access cards, entry decals etc.

EXPENDITURES:

Capital Reserve: Monies collected and allocated for the future repair and replacement of various capital improvements such as club facilities, swimming pools, athletic courts, roads, etc.

Capital Outlay: Monies collected and allocated for various projects as they relate to public improvements.

8

DEBT SERVICE FUND BUDGET
ACCOUNT CATEGORY DESCRIPTION

The Debt Service Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Debt Service Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.

REVENUES:

Special Assessments: The District may levy special assessments to repay the debt incurred by the sale of bonds to raise working capital for certain public improvements. The assessments may be collected in the same fashion as described in the Operations and Maintenance Assessments.

EXPENDITURES – ADMINISTRATIVE:

Bank Fees: The District may incur bank service charges during the year.

Debt Service Obligation: This would a combination of the principal and interest payment to satisfy the annual repayment of the bond issue debt.

					Adopted Proposed Budget						9		
													
			Del Webb Bexley Community Development District					
							General Fund								
					Fiscal Year 2019/2020								
																	
				Projected			Projected					Budget			
		Actual YTD			Annual		Budget for			Increase			
				Annual				Budget					Comments		
	Chart of Accounts Classification		through			Budget for					(Decrease)			
					Totals		variance for	2019/2020					
			03/31/19			2018/2019					vs			
				2018/2019		2018/2019								
											2018/2019			

1																	
2	REVENUES																
3																	
14	Special Assessments																
15	Tax Roll*	$	-	$	-	$	-	$	-	$	-		$	-			
17	Off Roll*	$	-	$	-	$	-	$	-	$	-		$	-			
19	Developer Contributions	$	47,025	$	94,050	$	212,825	$	-	$	207,471		$	(5,354)	Decrease		
31																	
32	TOTAL REVENUES	$	47,025	$	94,050	$	212,825	$	-	$	207,471		$	(5,354)			
33																	
35																	
36	TOTAL REVENUES AND BALANCE FORWARD	$	47,025	$	94,050	$	212,825	$	-	$	207,471		$	(5,354)			
37																	
38	*Allocation of assessments between the Tax Roll	and Off Roll	are estimates	only and subject to change prior to certification.			
39																	
40	EXPENDITURES - ADMINISTRATIVE																
41																	
42	Legislative																
43	Supervisor Fees	$	-	$	-	$	-	$	-	$	-		$	-			
44	Financial & Administrative																
45	Administrative Services	$	1,800	$	3,600	$	4,500	$	900	$	4,500		$	-	Increase for bond issuance		
46	District Management	$	10,050	$	20,100	$	20,100	$	-	$	20,100		$	-	Increase for bond issuance		
47	District Engineer	$	-	$	-	$	12,000	$	12,000	$	12,000		$	-			
48	Disclosure Report	$	-	$	-	$	5,000	$	5,000	$	5,000		$	-	Fee for first bond issuance		
49	Trustees Fees	$	-	$	-	$	5,000	$	5,000	$	5,000		$	-			
50	Assessment Roll	$	-	$	-	$	5,000	$	5,000	$	5,000		$	-	Increase for bond issuance		
51	Financial & Revenue Collections	$	1,800	$	3,600	$	3,600	$	-	$	3,600		$	-			
52	Accounting Services	$	6,000	$	12,000	$	18,000	$	6,000	$	18,000		$	-	Increase for bond issuance		
53	Auditing Services	$	-			$	6,000	$	6,000	$	3,800		$	(2,200)	Per contract with Grau		
54	Arbitrage Rebate Calculation	$	-			$	750	$	750	$	750		$	-			
55	Miscellaneous Mailings	$	-	$	-	$	1,500	$	1,500	$	750		$	(750)	Did not have any last year		
59	Public Officials Liability Insurance	$	2,250	$	4,500	$	5,000	$	500	$	2,475		$	(2,525)	Per EGIS		
60	Legal Advertising	$	478	$	956	$	5,000	$	4,044	$	3,500		$	(1,500)			
62	Dues, Licenses & Fees	$	175	$	175	$	175	$	-	$	175		$	-			
63	Miscellaneous Fees	$	1,450	$	2,900	$	10,000	$	7,100	$	7,500		$	(2,500)	Do you want to leave?		
65	ADA Website Compliance	$	-			$	-	$	-	$	10,000		$	10,000			
66	Website Hosting, Maintenance, Backup (and	$	600	$	1,200	$	1,200	$	-	$	1,200		$	-	Website services only no email		
67	Legal Counsel																
68	District Counsel	$	6,748	$	13,496	$	20,000	$	6,504	$	15,000		$	(5,000)			
74	Administrative Subtotal	$	31,351	$	62,527	$	122,825	$	60,298	$	118,350		$	(4,475)			
75																	
76	EXPENDITURES - FIELD OPERATIONS																
77																	
111	Stormwater Control																
115	Lake/Pond Bank Maintenance	$	1,317	$	2,634	$	25,000	$	22,366	$	25,000		$	-	$15804 per contract- any more coming on?		
131	Property Insurance	$	4,928	$	4,928	$	10,000	$	5,072	$	2,396		$	(7,604)	Per EGIS		
134	General Liability Insurance	$	-	$	-	$	-	$	-	$	3,025		$	3,025	Per EGIS		
135	Landscape Maintenance	$	-	$	-	$	25,000	$	25,000	$	25,000		$	-	HOA Agreement 12098/ annum- 1008/monthly		
217	Fountain Maintenance	$	-	$	-	$	-	$	-	$	3,700		$	3,700	Per conversation with Aaron- increase for 5 fountains		
218	Contingency																
220	Miscellaneous Contingency	$	-	$	-	$	30,000	$	30,000	$	30,000		$	-			
223																	
224	Field Operations Subtotal	$	6,245	$	7,562	$	90,000	$	82,438	$	89,121		$	(879)			
225																	
227																	
228	TOTAL EXPENDITURES	$	37,596	$	70,089	$	212,825	$	142,736	$	207,471		$	(5,354)			
229																	
230	EXCESS OF REVENUES OVER EXPENDITURES	$	9,429	$	23,961	$	-	$	142,736	$	-		$	-			
231																	

10

Budget Template

DEL WEBB BEXLEY CDD

Debt Service

Fiscal Year 2019/2020

Chart of Accounts Classification	Series 2018	Budget for		
		2019/2020		

REVENUES				
Special Assessments				
Net Special Assessments	$692,522.88	$692,522.88		
				
TOTAL REVENUES	$692,522.88	$692,522.88		

EXPENDITURES				
Administrative				
Financial & Administrative				
				
Debt Service Obligation	$692,522.88	$692,522.88		
Administrative Subtotal	$692,522.88	$692,522.88		
				
TOTAL EXPENDITURES	$692,522.88	$692,522.88		
				
EXCESS OF REVENUES OVER EXPENDITURES	$0.00	$0.00		
County Collection Costs (2%) and Early payment Discounts (4%)	6.0%		
Gross assessments		$736,100.00		

Notes:

Tax Roll Collection Costs (2%) and Early Payment Discount (4%) for Pasco County is 6.0% of Tax Roll. Budgeted net of tax roll assessments. See Assessment Table.

11

				DEL WEBB BEXLEY COMMUNITY DEVELOPMENT DISTRICT				
										
		FISCAL YEAR 2019/2020 O&M & DEBT SERVICE ASSESSMENT SCHEDULE				
			2019/2020 O&M Budget		$207,471.00							
	Collection Cost and Early Payment Discount @	2%	$4,414.28							
			Early Payment Discount @	4%	$8,828.55							
				2019/2020 Total:		$220,713.83							
			2018/2019 O&M Budget		$212,825.00							
			2019/2020 O&M Budget		$207,471.00							
				Total Difference:									
						-$5,354.00							
										
					PER UNIT ANNUAL ASSESSMENT	Proposed Increase / Decrease			
					2018/2019	2019/2020	$		%			
	2018	Debt Service - Single Family 40'	$0.00	$680.00	$680.00	100.00%			
	Operations/Maintenance - Single Family 40'	$0.00	$373.86	$373.86	100.00%			
	Total				$0.00	$1,053.86	$1,053.86	100.00%			
									
	2018	Debt Service - Single Family 50'	$0.00	$850.00	$850.00	100.00%			
	Operations/Maintenance - Single Family 50'	$0.00	$373.86	$373.86	100.00%			
	Total				$0.00	$1,223.86	$1,223.86	100.00%			
									
	2018	Debt Service - Single Family 65'	$0.00	$1,105.00	$1,105.00	100.00%			
	Operations/Maintenance - Single Family 65'	$0.00	$373.86	$373.86	100.00%			
	Total				$0.00	$1,478.86	$1,478.86	100.00%			
									
	2016	Debt Service - Single Family 40' (Unplatted)	$0.00	$680.00	$680.00	100.00%			
	Operations/Maintenance - 40 Series	$0.00	$148.12	$148.12	100.00%			
	Total				$0.00	$828.12	$828.12	100.00%			
									
	2016	Debt Service - Single Family 50' (Unplatted)	$0.00	$850.00	$850.00	100.00%			
	Operations/Maintenance - 50 Series	$0.00	$148.12	$148.12	100.00%			
	Total				$0.00	$998.12	$998.12	100.00%			
									
	2016	Debt Service - Single Family 65' (Unplatted)	$0.00	$1,105.00	$1,105.00	100.00%			
	Operations/Maintenance - 65 Series	$0.00	$148.12	$148.12	100.00%			
	Total				$0.00	$1,253.12	$1,253.12	100.00%			

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DEL WEBB BEXLEY COMMUNITY DEVELOPMENT DISTRICT

FISCAL YEAR 2019/2020 OPERATIONS AND MAINTENANCE TABLE

													Administrative Budget								$118,350.00		Field Field Budget												$89,121.00													
													Collection Costs @								2%		$2,518.09		Collection Costs @							2%			$1,896.19													
													Early Payment Discounts @				4%		$5,036.17		Early Payment Discounts @							4%			$3,792.38													
													Total Admin Budget												$125,904.26		Total Platted Field Budget												$94,809.57													
							UNITS ASSESSED																					
																												
												Allocation of Admin Assessment								Allocation of Platted Field Assessment						PER LOT ANNUAL ASSESSMENT		
									Series 2018 (1)																																						
														TOTAL	% TOTAL		AMOUNT			ADMIN						TOTAL	% TOTAL		AMOUNT		FIELD							Series 2018						
	LOT SIZE	O&M	Debt Units	UNITS		EAU's	EAU's	PER PARCEL		PER LOT		UNITS	EAU's		EAU's	PER PARCEL	PER LOT		O&M (2)	Debt Service (3)		Total		
		Platted																																							
Single Family 40'	96		95			96		96.00		11.29%	$14,219.77		$148.12			96			96.00		22.86%	$21,670.76			$225.74			$373.86	$680.00	$1,053.86		
Single Family 50'	213		220			213		213.00	25.06%	$31,550.13		$148.12			213			213.00	50.71%	$48,082.00			$225.74			$373.86	$850.00	$1,223.86		
Single Family 65'	111		110			111		111.00	13.06%	$16,441.61		$148.12			111			111.00	26.43%	$25,056.82			$225.74			$373.86	$1,105.00	$1,478.86		
Total Platted																																								
	420		425			420		420.00	49.41%	$62,211.51							420			420.00	100.00%	$94,809.57																		
	Unplatted											

Single Family 40'	107		107			107		107.00	12.59%	$15,849.12		$148.12			0			0.00		0.00%		$0.00			$0.00			$148.12	$680.00	$828.12		
Single Family 50'	244		240			244		244.00	28.71%	$36,141.93		$148.12			0			0.00		0.00%		$0.00			$0.00			$148.12	$850.00	$998.12		
Single Family 65'	79		78			79		79.00		9.29%		$11,701.69		$148.12			0			0.00		0.00%		$0.00			$0.00			$148.12	$1,105.00	$1,253.12		
Total Unplatted																																										
	430		425			430		430.00	50.59%	$63,692.74							0			0.00		0.00%		$0.00																		
Total Community																																								
	850		850			850		850.00	100.00%	$125,904.26							420			420.00	100.00%	$94,809.57																		
																																																
LESS: Pasco County Collection Costs (2%) and Early Payment Discount (4%)											($7,554.26)																	($5,688.57)																		
						Net Revenue to be Collected																																														
																	$118,350.00																	$89,121.00																		

(1)	Reflects the number of total lots with Series 2018 debt outstanding.

(2)	Annual assessment that will appear on November 2019 Pasco County property tax bill. Amount shown includes all applicable collection costs. Property owner is eligible for a discount of up to 4% if paid early.

(3)	Annual debt service assessment per lot adopted in connection with the Series 2018 bond issue. Annual assessment includes principal, interest, Pasco County collection costs (2%) and early payment discount of up to 4% if paid early.