PROPOSED BUDGET FISCAL YEAR 1997-1998
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EASTLAKE OAKS
Community Development District
Proposed Budget
Fiscal Year 1997/98
May 27, 1997
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GENERAL FUND
DEBT SERVICE FUND
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TABLE OF CONTENTS
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EASTLAKE OAKS
Community Development District
Proposed General Fund Budget
Fiscal Year 1997-98
REVENUES:
Maintenance Assessments
The District levy a maintenance assessment on the County Tax Roll for the
platted lots within the District and the balance of the operating budget will be
assessed directly to the landowner.
EXPENDITURES
Administrative:
Supervisor's Fees
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. Based on 2 supervisor's and 12 meetings per year, the amount should
not exceed $4,800.
Engineering Fees
The District's engineer will be providing general engineering services to the
District, Le., attendance and preparation for monthly meetings, reviewing
invoices, and various projects assigned as directed by the Board of
Supervisors.
Attorneys Fees
The District's legal counsel will be providing general services to the District,
Le., attendance and preparation for monthly meetings, reviewing contracts,
agreements, resolutions, etc.
Annual Audit
The District is required by Florida Statue to arrange for an Independent audit
of its financial records on an annual basis. The amount is based on the audit
fee of the prior fiscal year.
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EASTLAKE OAKS
Community Development District
General Fund
Management Fees
The following services are provided to the District under the Management
Contract with Gary 1. Moyer, P.A., the amount for the Fiscal Year is as
follows:
Accounting
Recording Secretary
Manager
$ 8,000
$ 4,000
$20,000
Trustee
The District's Series 1996, Special Assessment Revenue Bonds are held by a
Trustee at First Union National Bank. The amount for the fiscal year is based
on the prior years cost.
Financial Advisor
The District currently has a contract with Rizzetta & Company for financial
advisory services which is based on an hourly rate and should not exceed
$2,500 for the fiscal year.
Travel & Per Diem
Certain travel related expenditures are reimbursable, Le. mileage, tolls,
attendance of special meetings, etc.
Telephone
Telephone and fax machine.
Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.
Rentals & Leases
The District will be charged $200 per month for office rent form Coral Springs
Improvement District where the District's administrative office is located.
Insurance
The District currently has its General Liability/Errors and Omissions with the
Florida League of Cities, Inc. Based on prior years premium and the current
activity level, the following is the estimated cost:
General Liability
Errors & Omissions
Property
$2,000
$2,000
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EASTLAKE OAKS
Community Development District
General Fund
Printing and Binding
Accounts payable checks, stationary, envelopes, photocopies, etc.
Legal Advertising
Advertising of monthly board meetings, public hearings and any other legal
advertising that may be required.
Other Current Charges
Bank charges and any other miscellaneous expenses that incur during the
year.
Office Su.pplies
Miscellaneous office supplies.
Dues. License. Subscriptions
The District will required to pay a annual fee to the Department of
Community Affairs for $175. This is the only anticipated expenditure in this
category.
Capital Outlay
File cabinet or other miscellaneous capital items.
Maintenance:
Landscape Maintenance
The District currently has a contract with Central Florida Landscaping of
Tampa, Inc. to maintain the common areas of the District. The amount for
the fiscal year is based on the following:
Contract Amount
Contingency (10%)
Total
Total
Monthly
$2,057.75
$ 205.77
$2.263.52
Annual
$24,693.00
$ 2.469.24
$27.162.24
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EASTLAKE OAKS
Community Development District
General Fund
Utilities
The District currently has 3 utility accounts with the City of Oldsmar and 1
utility account with Tampa Electric. The estimated amount for the fiscal year
should not exceed $7,920.
Street Lighting
The District currently has 1 account with Tampa Electric Company for 40
street lights in Phase One. The amount for the fiscal year is based upon Street
Lighting Agreement for these 40 units.
Mitigation
The District currently has a contract with Ecological Consultants, Inc. for
Mitigation Monitoring and Maintenance. The amount for the fiscal year is
based upon 3 events for monitoring at $600 per event and 4 events for
maintenance at $500 per event.
Pool Maintenance
The District currently has with Rick's Pool Service for the maintenance of the
District's swimming pool at $585 per month.
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Community Development District
PROPOSED BUDGET
Debt Service Fund
Fiscal Year 1997-98
ADOPTED ACTUAL PROJECTED TOTAL PROPOSED
BUDGET THRU NEXT 5 THRU BUDGET
DESCRIPTION F /Y 1996/97 4/30/97 MONTH'S 9/30/97 F /Y 1997/98
REVENUES:
CARRY FORWARD $133,068 $132,044 $0 $132,044 $73,517
SPECIAL ASSESSMENT $51,202 $61,556 $0 $61,556 $138,558
INTEREST INCOME
-Reserve Fund $7,769 $6,148 $0 $6,148 $0
-Capitalized Interest $0 $1,810 $250 $2,060 $0
-Revenue $0 $635 $1,525 $2,160 $3,500
OPERATING TRANSFER IN $0 $4 $0 $4 $0
I REVENUES $192,039 $202,197 $1,775 $203,972 $215,5751
EXPENDITURES:
INTEREST-11 /1 $70,751 $69,812 $0 $69,812 $60,644
PRINCIPAL-5/1 $0 $0 $0 $0 $35,000
INTEREST -5/1 $60,644 $0 $60,644 $60,644 $60,644
I EXPENDITURES $131,395 $69,812 $60,644 $130,455 $156,288 I
(1)1 NET INCOME $60,644 $132,386 ($58,869) $73,517 $59,2881
Interest-11-1 $59,288
(1) Net income will be used to pay to 11/1 interest payment due in the next Fiscal Year.
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COMMUNITY DEVELOPMENT DISTRICT
SERIES 1996, SPECIAL ASSESSMENT REVENUE BONDS
AMORTIZATION SCHEDULE
I DATE BALANCE RATE PRINCIPAL INTEREST TOTAL I
11/1/96 $1,565,000.00 7.75% $0.00 $70,751.04 $70,751.04
5/1/97 $1,565,000.00 7.75% $0.00 $60,643.75 $60,643.75
11/1/97 $1,565,000.00 7.75% $0.00 $60,643.75 $60,643.75
5/1/98 $1,565,000.00 7.75% $35,000.00 $60,643.75 $95,643.75
11/1/98 $1,530,000.00 7.75% $0.00 $59,287.50 $59,287.50
5/1/99 $1,530,000.00 7.75% $40,000.00 $59,287.50 $99,287.50
11/1/99 $1,490,000.00 7.75% $0.00 $57,737.50 $57,737.50
5/1/00 $1,490,000.00 7.75% $40,000.00 $57,737.50 $97,737.50
11/1/00 $1,450,000.00 7.75% $0.00 $56,187.50 $56,187.50
5/1/01 $1,450,000.00 7.75% $45,000.00 $56,187.50 $101,187.50
11/1/01 $1,405,000.00 7.75% $0.00 $54,443.75 $54,443.75
5/1/02 $1,405,000.00 7.75% $45,000.00 $54,443.75 $99,443.75
11/1/02 $1,360,000.00 7.75% $0.00 $52,700.00 $52,700.00
5/1/03 $1,360,000.00 7.75% $50,000.00 $52,700.00 $102,700.00
11/1/03 $1,310,000.00 7.75% $0.00 $50,762.50 $50,762.50
5/1/04 $1,310,000.00 7.75% $55,000.00 $50,762.50 $105,762.50
11/1/04 $1,255,000.00 7.75% $0.00 $48,631.25 $48,631.25
5/1/05 $1,255,000.00 7.75% $60,000.00 $48,631.25 $108,631.25
11/1/05 $1,195,000.00 7.75% $0.00 $46,306.25 $46,306.25
5/1/06 $1,195,000.00 7.75% $65,000.00 $46,306.25 $111,306.25
11/1/06 $1,130,000.00 7.75% $0.00 $43,787.50 $43,787.50
5/1/07 $1,130,000.00 7.75% $70,000.00 $43,787.50 $113,787.50
11/1/07 $1,060,000.00 7.75% $0.00 $41,075.00 $41,075.00
5/1/08 $1,060,000.00 7.75% $75,000.00 $41,075.00 $116,075.00
11/1/08 $985,000.00 7.75% $0.00 $38,168.75 $38,168.75
5/1/09 $985,000.00 7.75% $80,000.00 $38,168.75 $118,168.75
11/1/09 $905,000.00 7.75% $0.00 $35,068.75 $35,068.75
5/1/10 $905,000.00 7.75% $85,000.00 $35,068.75 $120,068.75
11/1/10 $820,000.00 7.75% $0.00 $31,775.00 $31,775.00
5/1/11 $820,000.00 7.75% $95,000.00 $31,775.00 $126,775.00
11/1/11 $725,000.00 7.75% $0.00 $28,093.75 $28,093.75
5/1/12 $725,000.00 7.75% $100,000.00 $28,093.75 $128,093.75
11/1/12 $625,000.00 7.75% $0.00 $24,218.75 $24,218.75
5/1/13 $625,000.00 7.75% $105,000.00 $24,218.75 $129,218.75
11/1/13 $520,000.00 7.75% $0.00 $20,150.00 $20,150.00
5/1/14 $520,000.00 7.75% $115,000.00 $20,150.00 $135,150.00
11/1/14 $405,000.00 7.75% $0.00 $15,693.75 $15,693.75
5/1/15 $405,000.00 7.75% $125,000.00 $15,693.75 $140,693.75
11/1/15 $280,000.00 7.75% $0.00 $10,850.00 $10,850.00
5/1/16 $280,000.00 7.75% $135,000.00 $10,850.00 $145,850.00
11/1/16 $145,000.00 7.75% $0.00 $5,618.75 $5,618.75
5/1/17 $145,000.00 7.75% $145,000.00 $5,618.75 $150,618.75
I $1,565,000.00 $1,693,794.79 $3,258,794.79 I
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DISTRICT FINANCIAL CORPORATION
June 3, 1997
RECEIVED
JUN 12 1997
CITY MANAGER
Pinellas County
Fred Marquis
County Administrator
315 Court Street
6th Floor
Clearwater, Florida 34616
City of Clearwater
Elizabeth Deptula
112 South Osceola Avenue
Clearwater, Florida 34616
Re: Eastlake Oaks Community Development District
Proposed Budget Fiscal Year 1997-98
Dear Mr. Marquis and Ms. Deptula:
In accordance with chapter 190.008(2)(b), Florida Statutes, enclosed please find one
copy of the District's proposed budget for Fiscal Year 1997-98 for purposes of
disclosure and information only. The District will schedule a public hearing in
August for the adoption of the same. Should you have any questions regarding the
enclosed, please feel free to contact me.
Sincerely,
D~.MOSS~~~
District Accountant
/dm
enclosure
I0300N.W.llTHMANOR . CORAL SPRINGS, FLORIDA 33071 . TU.Ei'H01';E954-753-0380 . FAX 954.755-6701