Marsh Harbour Community Development District

Proposed Budget For Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
MARSH HARBOUR COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019 BUDGET	
O & M Assessments	533,034	
Debt Assessments	254,572	
Other Revenues	0	
Interest Income	300	
		
TOTAL REVENUES	$	787,906	
		
EXPENDITURES		
Supervisor Fees	10,000	
Payroll Taxes - Employer	800	
Engineering/Inspections	2,500	
Lake Maintenance	10,500	
Landscaping/Irrigation/Maintenance	132,000	
Lighting	36,000	
Security	250,000	
Security - HOA/Police	43,000	
Management	32,172	
Secretarial	4,200	
Legal	11,000	
Assessment Roll	7,500	
Audit Fees	3,700	
Insurance	6,356	
Legal Advertisements	1,700	
Miscellaneous	1,000	
Postage	300	
Office Supplies	750	
Dues & Subscriptions	175	
Trustee Fee	2,500	
Continuing Disclosure Fee	350	
Website Management	1,500	
Storm Cleanup - IRMA	0	
Reserve	5,000	
TOTAL EXPENDITURES	$	563,003	
		
REVENUES LESS EXPENDITURES	$	224,903	
		
Bond Payments	(239,297)	
		
BALANCE	$	(14,394)	
		
County Appraiser & Tax Collector Fee	(15,752)	
Discounts For Early Payments	(31,504)	
		
EXCESS/ (SHORTFALL)	$	(61,650)	
		
Carryover Funds From Prior Year	61,650	
		
NET EXCESS/ (SHORTFALL)	$	-	

4/20/2018 11:21 AM	I

DETAILED PROPOSED BUDGET
MARSH HARBOUR COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2016/2017 ACTUAL	
FISCAL YEAR 2017/2018 BUDGET	
FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	
O & M Assessments	537,232	533,045	533,034	Expenditures Less Interest & Carryover/.94	
Debt Assessments	256,588	254,572	254,572	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	859	180	300	Interest Projected At $25 Per Month	
					
TOTAL REVENUES	794,679	$	787,797	$	787,906		
					
EXPENDITURES					
Supervisor Fees	10,400	10,000	10,000	No Change From 2017/2018 Budget	
Payroll Taxes - Employer	796	800	800	Projected At 8% Of Supervisor Fees	
Engineering/Inspections	0	2,750	2,500	$250 Decrease From 2017/2018 Budget	
Lake Maintenance	7,800	12,500	10,500	$2,000 Decrease From 2017/2018 Budget	
Landscaping/Irrigation/Maintenance	130,344	130,000	132,000	$2,000 Increase From 2017/2018 Budget	
Lighting	33,445	37,000	36,000	$1,000 Decrease From 2017/2018 Budget	
Security	223,927	222,000	250,000	$28,000 Increase From 2017/2018 Budget	
Security - HOA/Police	30,506	45,000	43,000	$2,000 Decrease From 2017/2018 Budget	
Management	30,864	31,512	32,172	CPI Adjustment	
Secretarial	4,200	4,200	4,200	No Change From 2017/2018 Budget	
Legal	8,143	11,000	11,000	No Change From 2017/2018 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,600	3,600	3,700	$1,000 Increase From 2017/2018 Budget	
Insurance	5,778	6,356	6,356	Insurance Company Estimate	
Legal Advertisements	1,001	1,750	1,700	$50 Decrease From 2017/2018 Budget	
Miscellaneous	776	1,000	1,000	No Change From 2017/2018 Budget	
Postage	166	325	300	$25 Decrease From 2017/2018 Budget	
Office Supplies	556	775	750	$25 Decrease From 2017/2018 Budget	
Dues & Subscriptions	175	175	175	No Change From 2017/2018 Budget	
Trustee Fee	2,500	2,500	2,500	No Change From 2017/2018 Budget	
Continuing Disclosure Fee	350	500	350	$150 Decrease From 2017/2018 Budget	
Website Management	1,500	1,500	1,500	No Change From 2017/2018 Budget	
Storm Cleanup - IRMA	37,665	0	0	Fiscal Year 2016/2017 Expenditure	
Reserve	0	5,000	5,000	Reserve	
TOTAL EXPENDITURES	541,992	$	537,743	$	563,003		
					
REVENUES LESS EXPENDITURES	252,687	$	250,054	$	224,903		
					
Bond Payments	(245,957)	(239,297)	(239,297)	2019 P & I Payments Less Earned Interest	
					
BALANCE	6,730	$	10,757	$	(14,394)		
					
County Appraiser & Tax Collector Fee	(4,181)	(15,752)	(15,752)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(25,347)	(31,505)	(31,504)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(22,798)	$	(36,500)	$	(61,650)		
					
Carryover Funds From Prior Year	0	36,500	61,650	Carryover Funds From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(22,798)	$	-	$	-		

4/20/2018 11:21 AM	II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
MARSH HARBOUR COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	

FISCAL YEAR

2016/2017

ACTUAL	

FISCAL YEAR

2017/2018

BUDGET	

FISCAL YEAR

2018/2019

BUDGET	

COMMENTS	

Interest Income	
400	
25	
50	
Projected Interest For 2018/2019	

NAV Tax Collection	
245,957	
239,297	
239,297	
Maximum Debt Service Collection	

Total Revenues	
$	246,357	
$	239,322	
$	239,347		

EXPENDITURES					

Principal Payments	
135,000	
140,000	
140,000	
Principal Payment Due In 2019	

Interest Payments	
102,546	
95,904	
91,368	
Interest Payments Due In 2019	

Bond Redemption	
0	
3,418	
7,979	
Estimated Excess Debt Collections	

Total Expenditures	
$	237,546	
$	239,322	
$	239,347		

Excess/ (Shortfall)	

$	8,811	

$	-	

$	-		

Series 2015 Bond Refunding Information

Original Par Amount =	$3,295,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	3.24% - 5.45%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	August 2015			
Maturity Date =

Par Amount As Of 1/1/18 =	May 2035

$3,030,000			

4/20/2018 11:21 AM	III

MARSH HARBOUR COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
	2015/2016	2016/2017	2017/2018	2018/2019	
	   Assessment* 	   Assessment* 	   Assessment* 	   Projected Assessment* 	
O & M For Two Bedroom Units	$	1,327.74	$	1,326.16	$	1,325.98	$	1,325.96	
Debt For Two Bedroom Units	$	499.52	$	499.52	$	499.52	$	499.52	
Total For Two Bedroom Units	$	1,827.26	$	1,825.68	$	1,825.50	$	1,825.48	
O & M For Three Bedroom Units	$	1,327.74	$	1,326.16	$	1,325.98	$	1,325.96	
Debt For Three Bedroom Units	$	684.28	$	684.28	$	684.28	$	684.28	
Total For Three Bedroom Units	$	2,012.02	$	2,010.44	$	2,010.26	$	2,010.24	

* Assessments Include the Following :
4% Discount for Early Payments 1% County Tax Collector Fee
1% County Property Appraiser Fee

Community Information:		 Two Bedroom Units	111
Three Bedroom Units	291
Total Units	402

4/20/2018 11:21 AM	IV