Approved Budget
Fiscal Year 2018

South Village Community Development District

June 6, 2017

TABLE OF CONTENTS

General Fund
Budget
Budget Narrative Capital Reserve Fund
Budget
General Fund Budget
Budget Narrative Debt Service
2016A1/A2
2016A1/A2 -Amortization Schedules 2016A3
2014A/ 3 -Amortization Schedule Golf Fund
Budget

Page 1-2
Page 3-6

Page 7

Page 8
Page 9

Page 10
Page 11-14
Page 15
Page 16-17

Page 18-20

 	 	

Description

Revenues

Actual	Projected	Total	Approved

Amended Budget FY2017

thru	Next	Projected at	Budget
    4/30/2017	5 Months	9/30/2017	FY2018

$393

Maintenance Assessments - Tax Collector	$529,734	$610,861	$20,915	$631,776	$537,426 Maintenance Assessments - Direct (Administrative)  $15,785		$11,839		$3,946		$15,785		$8,097 Maintenance Assessments - Direct (Platted)		$0			$0			$0			$0	$101,050

Misc. Income	$0

$0	$393	$0

Total Revenues	 $545,519	 	$623,093	 	$24,861	 	$647,954	 	$646,573 

Expenditures
Administrative
Supervisors Fees	$12,000	$8,400	$6,000	$14,400	$12,000 FICA Taxes		$918		$643		$459		$1,102		$918
Engineering	$10,000	$8,688	$6,205	$14,893	$20,000
Arbitrage	$1,200	$1,200	$0	$1,200	$1,200
Dissemination Agent	$5,000	$2,083	$0	$2,083	$5,000
Assessment Roll	$5,260	$5,260	$0	$5,260	$5,260
Attorney	$30,000	$19,473	$13,909	$33,382	$40,000
Annual Audit	$4,500	$0	$4,500	$4,500	$4,500
Trustee	$8,860	$0	$8,860	$8,860	$15,000
Management Fees	$45,000	$26,250	$18,750	$45,000	$45,000
Computer Time	$1,000	$583	$417	$1,000	$1,000
Telephone	$300	$305	$218	$522	$500
Postage	$1,500	$714	$510	$1,224	$1,500
Insurance	$7,192	$5,692	$0	$5,692	$7,192
Printing & Binding	$2,500	$2,003	$1,431	$3,434	$3,400
Legal Advertising	$3,000	$460	$329	$789	$3,000
Other Current Charges	$1,250	$623	$445	$1,069	$1,250

$175

Office Supplies	$150	$149	$106	$255	$150

Dues, Licenses, Subscriptions	$175	$0

$175

$140,305

$82,701

$62,138

$144,839

$167,545

Contingency	$500	$0	$0	$0	$500 Sub-Total - Administrative Expenses

Community Appearance

Landscape - Contract	$160,000	$67,500	$50,000	$117,500	$123,600	
Landscape - Contingency		$0	$0	$0	$30,000	
Landscape - Management Fee (Labor)	$19,208	$11,265	$8,046	$19,311	$19,208	
Landscape - lrrlgaton Repairs	$0	$0	$0	$0	$15,000	
Lake - Contract	$28,882	$13,090	$9,350	$22,440	$28,882	
Operations Management	$42,920	$25,037	$17,884	$42,921	$42,920	
Utilities	$75,000	$59,723	$42,659	$102,382	$105,000	
Miscellaneous - Direct Cost	$20,000	$11,383	$8,131	$19,514	$20,000	
Security	      $23,204	 	$13,175	 	$9,411	 	$22,586	 	$23,204	
Sub-Total - Community Appearance	$405,214	$237,066	$145,481	$382,547	$443,814	
TOTAL EXPENDITURES	$545,519	$319,767	$207,619		$527,386		$611,359	
Other Sources/{Uses):								
lnterfund Transfer Out - Capital Reserve	$0	$0	$0		$0		($35,214)	
TOTAL OTHER	$0	$0	$0		$0		($35,214)	
EXCESS REVENUES/(EXPENDITURES)	$0	$303,326			$120,569		($0)	

lnterlocal Agreement - MVCDD	$36,000	$35,893

$35,893	$36,000

($182,758)

General Fund: Assessments - Platted Lots	1135	1135	
Net-Assessment Rate	$1,010.50	$1,010.50	
Total Net Assessments - Tax Collector	$1,146,918	$1,146,918	

IPlatted Lots

FY2017

FY2018

Gross Assessment (6% Discounts/Collections)	$1,220,125	$1,220,125 

jGross Assessment - Per Unit

$1,075.00

$1,075.00 1

 	$109,147 

Allocation of Assessments:		
Total GF Exp (Exel. Cap Res)	$537,425.50	
Total RF Exp	$609 492.00	
Total Net	$1,146,918	

IDirect Invoices		FY2018	
Eagle Landing LP	13-04-24-005542-010-00	$1,309	
DFH MOF Eagle Landing LLC	13-04-24-005542-010-01	$6,788	
Dreamfinders	100 Lots	$101,050	

2

Community Development District
GENERAL FUND BUDGET

REVENUES:

Assessments - Platted Lots
The District will assess the platted lots within the District to fund a portion of the District's operating budget for the fiscal year.

Assessments- Administrative
The District will assess the undeveloped property for the administrative portion of the budget allocated to all property owners within the District.

Developer Contributions

The District will enter into a Funding Agreement with the Developer to Fund a portion of the expenditures for the Fiscal Year.

EXPENDITURES:

Administrative:

Engineering Fees
The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, and various projects assigned as directed by the board of supervisors.
Arbitrage
The District is required to have an annual arbitrage rebate calculation prepared for the Series 2016A1/A2 and A3, Capital Improvement Refunding Bonds. The District will contract with an independent CPA firm to perform this calculation.

Dissemination Agent
The District has contracted GMS, LLC to act as Dissemination Agent for the District to prepare the Annual Disclosure Report required by the Security and Exchange Commission in order to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.
Attorney
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, agreements, etc.
Annual Audit
The District is required by Florida Statute to arrange for an annual audit of its financial records by an independent certified public accounting firm.
Trustee
The District's Series 2016A1/A2 and A3 Capital Improvement Refunding Bonds are held by a Trustee with US Bank, N.A. The amount represents the fee for the administration of the District's bond issue.
Page 3

Community Development District
GENERAL FUND BUDGET

Assessment Roll
Assessment Roll administrative services are provided by Governmental Management Services, LLC for updating the districts' tax roll, certifying the annual assessments and collection of prepaid assessments.
Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

Computer Time

The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a mainframe computer leased by Governmental Management Services, LLC

Telephone
This category includes all charges relating to telephone calls, conference calls, and faxes made to and on behalf of the District.
Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.
Insurance

The District's General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance. FIA specializes in providing insurance coverage to governmental agencies.
Printing & Binding
This category includes expenses relating to the printing and binding of agenda packages for board meetings, accounts payable checks, stationary, envelopes, photocopies, etc.

Legal Advertising
The District is required to advertise various notices for board meetings, public hearings, etc. in a newspaper of general circulation.
Other Current Charges
Bank charges and any other miscellaneous expenses incurred during the year.
Office Supplies
Miscellaneous office supplies.

Page4

GENERAL FUND BUDGET

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Community Appearance
lnterlocal Agreement - Middle Village COD
The District has entered into an agreement with Middle Village CDD for the maintenance and repair of certain landscape areas and associated irrigation systems which are located within the Right-of-Way of Oakleaf Plantation Boulevard.

Landscape

This represents landscape maintenance of all District property, to include mowing, weeding, trimming, pruning, fertilizing etc. The District is contracted with Duval Landscape. The contract is $10,300.00 per month, or $123,600 annually. Amount budgeted includes a 10% contingency.
Landscape Management Fee (Labor)
Represents contracted amount paid to Eagle Landing Limited Partnership for labor cost associated with managing landscape maintenance contract.
Operations Management
Represents contracted amount paid to eagle Landing Limited Partnership for management of the Community Appearance operations of the District.
Lake Maintenance
The District has contracted with Lake Doctor's for monthly aquatic plant management in 29 ponds. Services provide labor, equipment, herbicides and technology to control cattails, pennywort, primrose and algae. The contract is $2,188 per month, or $26,256 annually. Amount budgeted includes a 10% contingency.
Utilities

The District currently has the following accounts with Clay Electric Cooperative for electric service:

Account#	Service Address	Monthly	Annually	
587548-9	3935-1 Eagle Landing/Water Fall	$ 1,685.35	$ 20,224.20	
592937-7	3935-2 Eagle Landing/St lights	$	250.00	$	3,000.00	
647443-1	4045-2 Eagle Crossing Drive	$	60.00	$	750.00	
Page 5

GENERAL FUND BUDGET

In addition, the District has the following accounts with Clay County Utility Authority for water, sewer and reuse service:

Account#	Service Address

Monthly

Annually

00213095	3924-1 Eagle Landing Pkwy	$ 192.09	$	2,305.04	
00213119	3988-1 Eagle Landing Parkway	$ 105.00	$	1,260.00	
00215602	3968-1 Eagle Landing Parkway	$ 165.00	$	1,980.00	
00220803	3973 Eagle Landing Parkway	$	93.88	$	1,126.61	
00229064	3979-2 Eagle Landing Parkway	$1,842.08	$	22,104.95	
00230632	3965-1 Eagle Landing Parkway	$	55.50	$	665.99	
00230638	3965-2 Eagle Landing Parkway	$ 48.27	$	579.19	
00230640	3965-3 Eagle Landing Parkway	$ 350.96	$	4,211.49	
00230641	3975 Eagle Landing Parkway	$ 233.98	$	2,807.78	
00230642	3979 Eagle Landing Parkway	$ 192.55	$	2,310.58	
00233750	1433-1 Eagle Landing Parkway	$	23.28	$	279.33	
00502768	2180 Club Lake Drive Reclaimed Irr	$	15.01	$	180.13	
00502779	2319 Club Lake Drive Reclaimed Irr	$	15.45	$	185.41	
	Contingency		$	11,029.30	
			$	75,000.00	

Misc - Direct Costs
Represents any expenses not included in the other categories.
Security
The District has contracted with the Clay County Sheriff's Office for security.

Page 6

South Village
COMMUNITY DEVELOPMENT DISTRICT

CAPITAL RESERVE
FY2018

Description	

Adopted Budget FY2017

Actual thru 4/30/2017

Projected Next
5 Months

Total Projected at 9/30/2017

Approved Budget FY2018

REVENUES:		
Maintenance Assessments	$106,690		$102,412		$3,507		$105,919		$106,690	
Capital Reserve - Transfer In	$0		$0		$0		$0		$35,214	
Direct Assessments	$0		$0		$0		$0		$9,400	
Carry Forward Surplus	$106,690		$99,633		$0		$99,633		$105,919	
TOTAL REVENUES	$213,380		$202,045		 			    $205,552 		   $257,223 	
EXPENDITURES:										
Capital Outlay	$0		$72,197		$27,069		$99,266		$0	
Other Current Charges	$300		$214		$153		$367		$300	
TOTAL EXPENDITURES	 	$300 		     $72,411		 	$27,222 		 	$99,633 		 	$300	

$213,080

$129,634

($23,715)

$105,919

$256,923

ASSIGNED FUND BALANCE

IDirect Invoices	FY201B I

Dreamfinders	100 Lots

$9,400

 	$9,400 

I

IPlatted Lots
Assessments - Platted Lots	
FY2017
1135	FY2018  I
1135	
Net-Assessment Rate	$94.00	$94.00	
Total Net Assessments - Tax Colle,	$106,690	$106,690	
	$113,500		

Gross Assessment (6% Discount) Gross Assessment - Per Unit

 	$100.00	

$113,500

I

$100.00

$3,507

7

South Village	Recreational Fund
Community Development District

'"

"'

"'

EXCESS REVENUES/(EXPENDITURES)	 	$6,810	 	$265,632	($252,512)	$13,120	

Allocation of Assessments: Total GF Exp (Inc. Cap Res) Total RF Exp
Total Net:

$537,425.50 i609,492.00
$1,146,918

Management and Accounting fees are now allocated between individual departments

Platted Lots:
Assessments - Platted Lots	
FY 2017
1135	
FY 2018
1135	
Net-Assessment Rate	$1,010.50	$1,010.50	
Total Net Assessments - Tax Collector	$1,146,918	$1,146,918	
Gross Assessment (6% Discounts/Collections)	$1,220,125	$1,220,125	
 	Gross Assessment - Per Unit	
	$1,075.00	$1,075.00	

8

South Village
Community Development District
RECREATIONAL  FUND BUDGET

REVENUES:

Assessments

The District will levy a maintenance assessment on all assessable property within the district.

Swim & Tennis Revenues
Represents funds collected from the operation of the Swim and Tennis facilities.

EXPENSES:

General & Administrative
Includes the Administrative costs including Attorney Fees, Credit Card processing fees, permits, Management fees, and Insurance.
Tennis
Includes the expenses associated with the Tennis Facility including salaries, court maintenance, supplies and utilities.
Pools
Includes the expenses associated with Aquatic Facility including salaries, pool maintenance and chemicals, supplies and utilities.
Cafe
Includes the expenses associated with RC Snack Shop & Stores including salaries, food and beverage costs, permits, supplies and utilities.
Kids Club
Includes the expenses associated Kid's Club and Summer Camp including salaries, supplies and utilities.
Lake House
Includes the expenses associated Lakehouse including maintenance and utilities.

Page 9

South Village
Community Development District

Debt Service Fund Series 2016 A1/A2

Adopted
Budget
Description	 	FY2017	

Revenues
"' Carry Forward Surplus		$299,066 Special Assessment - Tax Collector	$1 ,494,237 Direct Invoices A1			$24,874
Prepayments A1	$0
Prepayments A2	$0
Interest Income	$1 ,269

TOTAL REVENUES	$1,819,446
Expenditures

Interest - 11 /1	$149,459	$149,459	$0	$149,459	$201,144	
Special Call - 11/1	$0	$30,000	$0	$30,000	$0	
Interest - 5/1	$206,944	$0	$206,944	$206,944	$201,144	
Principal - 5/1	$580,000	$0	$580,000	$580,000	$590,000	
Special Call - 5/1	$0	$0	$1 5,000	$15,000	$0	

Series 2016 A1 - Refunding Bonds

Actual	Projected
thru	Next
 	4/30/2017		 	5 Months	

$351 ,690	$0
$1,431 ,630	$49,020
$1 8,656	$6,218
$14,203	$0
$4,521	$0
$1 ,269

$1,821,970	$55,238

Total	Approved
Projected at	Budget
 	9/30/2017		 	FY2018	

$351 ,690	$398,321
$1 ,480,650	$1 ,494,237
$24,874	$24,874
$14,203
$4,521	$0
$1 ,269	$0

$1,877,208	$1,917,432

Interest - 11/1	$42,047	$42,047	$0	$42,047	$58,219	
Interest - 5/1	$58,219	$0	$58,219	$58,219	$58,219	
Principal - 5/1	$0	$0	$0	$0	$0	

Series 2016 A1 - Revenue Bonds

Series 2016 A2 - Refunding Bonds

Interest - 5/1	$107,655	$0	$1 07,655	$107,655	$104,175	
Principal - 5/1	$160,000	$0	$1 60,000	$160,000	$165,000	
Special Call - 5/1	$0	$0	$5,000	$5,000	$0	

Interest - 11 /1	$77,751

$77,751

$77,751	$104,175

Series 2016 A2 - Revenue Bonds
Interest - 11 /1	$15,438

Interest - 5/1		$21 ,375	$0	$21 ,375	$21,375	$21 ,375	
Principal - 5/1		$0	$0	$0	$0	$0	
     TOTAL EXPENDITURES			 	$1,418,887	 	$324,695	$1,154,193	 	$1,478,887	$1,524,825	
EXCESS REVENUES/(EXPENDITURES)		 	$400,559	$1,497,275	($1,098,954)	$398,321	$392,607	
Carry Forward is net of Reserve requirement					
			Interest 11/1/2018:		
			Al Refunding	$195,244	
			Al Revenue	$58,219	
			A2 Refunding	$100,586	
			A2 Revenue	$21,375	
				$375,424	

10			

Special Call - 2/1	$0

$1 5,438	$0
$1 0,000

$1 5,438	$21,375
$1 0,000	$0

 	

'"

Total  Debt Gross Per	Gross
Units	Unit Tax Roll	Assessment
Platted lots - Full Debt	1075	$1,470.09	$1,580,347
Platted lots - No 2005A Debt	59	$146.88	$8,666
Platted lot - Partial	1	$597.54	 	$598
Total Platted	1,135	 	$1,589,610	Net
Assessment
$1,485,526
$8,146
$562	
	$1,494,234	

Community Development District	Series 2016 A1, Refunding Bonds

 	DATE		 	BALANCE		 	RATE		 	PRINCIPAL		 	INTEREST	 	TOTAL	

5/1/2017 	$	1 3,970,000.00	2.00%	$	
11/1/2017 	$	1 3,390,000.00	2.00%	$	
5/1/2018	$	1 3,390,000.00	2.00%	$	
11/1/2018 	$	12,800,000.00	2.00%	$	
5/1/2019	$	12,800,000.00	2.00°/o	$	
11/1/2019 	$	12,200,000.00	2.00%	$	
5/1/2020	$	12,200,000.00	2.00%	$	
11/1/2020	$	11 ,585,000.00	2.00%	$	
5/1/2021	$	11 ,585,000.00	2.00%	$	
11/1/2021	$	10,960,000.00	2.00%	$	
5/1/2022	$	10,960,000.00	2.00%	$	
11/1/2022	$	10,320,000.00	2.13%	$	
5/1/2023	$	10,320,000.00	2.13%	$	
11/1/2023	$	9,665,000.00	2.38%	$	
5/1/2024	$	9,665,000.00	2.38%	$	
1 1/1/2024	$	8,995,000.00	2.50%	$	
5/1/2025	$	8,995,000.00	2.50%	$	
11/1/2025	$	8,305,000.00	2.75%	$	
5/1/2026	$	8,305,000.00	2.75%	$	
11/1/2026	$	7,595,000.00	3.00%	$	
5/1/2027	$	7,595,000.00	3.00%	$	
11/1/2027	$	6,865,000.00	3.25%	$	
5/1/2028	$	6,865,000.00	3.25%	$	
1 1/1/2028	$	6,110,000.00	3.50%	$	
5/1/2029	$	6, 1 10,000.00	3.50%	$	
11/1/2029	$	5,325,000.00	3.50%	$	
5/1/2030	$	5,325,000.00	3.50%	$	
1 1/1/2030	$	4,515,000.00	3.50%	$	
5/1/2031	$	4,515,000.00	3.50%	$	
11 /1/2031	$	3,675,000.00	3.50%	$	
5/1/2032	$	3,675,000.00	3.50%	$	
11/1/2032	$	2,805,000.00	3.63%	$	
5/1/2033	$	2,805,000.00	3.63%	$	
11/1/2033	$	1,905,000.00	3.63%	$	
5/1/2034	$	1,905,000.00	3.63%	$	
11/1/2034	$	970,000.00	3.63%	$	
5/1/2035	$	970,000.00	3.63%	$
  $		

11/1/2016	$	1 3,970,000.00	2.00%	$	$	149,459.38	$	149,459.38
580,000	$	206,943.75
$	201 ,143.75	$	988,087.50
590,000	$	201 ,143.75
$	195,243.75	$	986,387.50
600,000	$	195,243.75
$	189,243.75	$	984,487.50
615,000	$	189,243.75
$	183,093.75	$	987,337.50
625,000	$	1 83,093.75
$	1 76,843.75	$	984,937.50
640,000	$	1 76,843.75
$	1 70,043.75	$	986,887.50
655,000	$	1 70,043.75
$	1 62,265.63	$	987,309.38
670,000	$	1 62,265.63
$	1 53,890.63	$	986,156.26
690,000	$	153,890.63
$	144,403.13	$	988,293.76
710,000	$	144,403.13
$	133,753.13	$	988,156.26
730,000	$	133,753. 13 
$	121 ,890.63	$	985,643.76
755,000	$	121 ,890.63
$	108,678.13	$	985,568.76
785,000	$	108,678.13 
$	94,940.63	$	988,618.76
810,000	$	94,940.63
$	80,765.63	$	985,706.26
840,000	$	80,765.63
$	66,065.63	$	986,831.26
870,000	$	66,065.63
$	50,840.63	$	986,906.26
900,000	$	50,840.63
$	34,528.13	$	985,368.75
935,000	$	34,528.13
$	17,581.25	$	987,109.38
970,000	$	17,581.25
 	      $	987,581.25 

 	Total		 $  13,970,000.00	 $	4,926,834.47       $	1 8,896,834.47 

11 

DATE

BALANCE

Community Development District	Series 2016 A1, Revenue Bonds

 	RATE		 	PRINCIPAL		 	INTEREST	 	TOTAL	

1 1/1/2016	$	3,105,000.00	3.75%	$	$	42,046.88	$	42,046.88	
5/1/2017 	$	3,105,000.00	3.75%	$	$	58,21 8.75	
1 1/1/2017	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	1 16,437.50	
5/1/2018 	$	3,1 05,000.00	3.75%	$	$	58,218.75	
1 1/1/2018	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	11 6,437.50	
5/1/2019 	$	3,105,000.00	3.75%	$	$	58,218.75	
11/1/2019	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	116,437.50	
5/1/2020	$	3,105,000.00	3.75%	$	$	58,218.75	
11/1/2020	$	3,105,000.00	3.75%	$	$	58,21 8.75	$	116,437.50	
5/1/2021	$	3,105,000.00	3.75%	$	$	58,218.75	
11/1 /2021	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	116,437.50	
5/1/2022	$	3,1 05,000.00	3.75%	$	$	58,218.75	
11/1/2022	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	116,437.50	
5/1/2023	$	3,1 05,000.00	3.75%	$	$	58,218.75	
11/1/2023	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	1 16,437.50	
5/1/2024	$	3,1 05,000.00	3.75%	$	$	58,218.75	
11/1/2024	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	1 16,437.50	
5/1/2025	$	3,1 05,000.00	3.75%	$	$	58,218.75	
11/1/2025	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	116,437.50	
5/1/2026	$	3,1 05,000.00	3.75%	$	$	58,218.75	
1 1/1/2026	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	116,437.50	
5/1/2027	$	3,1 05,000.00	3.75%	$	$	58,218.75	
11/1/2027	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	116,437.50	
5/1/2028	$	3,1 05,000.00	3.75%	$	$	58,218.75	
11/1/2028	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	116,437.50	
5/1/2029	$	3,1 05,000.00	3.75%	$	$	58,218.75	
1 1/1/2029	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	116,437.50	
5/1/2030	$	3,1 05,000.00	3.75%	$	$	58,218.75	
1 1/1/2030	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	116,437.50	
5/1/2031	$	3,1 05,000.00	3.75%	$	$	58,218.75	
1 1/1/2031	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	116,437.50	
5/1/2032	$	3,1 05,000.00	3.75%	$	$	58,218.75	
1 1/1/2032	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	116,437.50	
5/1/2033	$	3,105,000.00	3.75%	$	$	58,21 8.75	
1 1/1/2033	$	3,1 05,000.00	3.75%	$	$	58,218.75	$	116,437.50	
5/1/2034	$	3,1 05,000.00	3.75%	$	$	58,218.75	
11/1/2034	$	3,105,000.00	3.75%	$	$	58,218.75	$	116,437.50	
5/1/2035	$	3,105,000.00	3.75%	$	$	58,218.75	
1 1/1/2035	$	3,105,000.00	3.75%	$	$	58,218.75	$	116,437.50	
5/1/2036	$	3,1 05,000.00	3.75%	$	995,000	$	58,218.75	
1 1/1/2036	$	2,1 10,000.00	3.75%	$	$	39,562.50	$	1,092,781.25	
5/1/2037	$	2,1 10,000.00	3.75%	$	1,035,000	$	39,562.50	
1 1/1/2037	$	1,075,000.00	3.75%	$	$	20,156.25	$	1 ,094,71 8.75	
5/1/2038	$	1,075,000.00	3.75%	$	1,075,000	$	20,156.25	
	  $		 		  $	1,095,156.25	
 	Total		$ 3,1 05,000.00	  $	2,432,015.63	  $	5,537,015.63	

12 

Community Development District	Series  2016 A2,   Refunding Bonds

 	DATE		 	BALANCE		 	RATE		 	PRINCIPAL		 	INTEREST	 	TOTAL	

5/1/2017	$	4,625,000.00	4.35%	$	
11/1/2017	$	4,465,000.00	4.35%	$	
5/1/2018	$	4,465,000.00	4.35%	$	
1 1/1/2018 	$	4,300,000.00	4.35%	$	
5/1/2019	$	4,300,000.00	4.35%	$	
1 1/1/2019	$	4,130,000.00	4.35%	$	
5/1/2020	$	4,130,000.00	4.35%	$	
11/1/2020	$	3,950,000.00	4.35%	$	
5/1/2021	$	3,950,000.00	4.35%	$	
11/1 /2021	$	3,765,000.00	4.35%	$	
5/1/2022	$	3,765,000.00	4.35%	$	
11/1/2022	$	3,570,000.00	4.35%	$	
5/1/2023	$	3,570,000.00	4.35%	$	
11/1/2023	$	3,365,000.00	4.35%	$	
5/1/2024	$	3,365,000.00	4.35%	$	
1 1/1/2024	$	3,150,000.00	4.35%	$	
5/1/2025	$	3,150,000.00	4.35%	$	
1 1/1/2025	$	2,925,000.00	4.35%	$	
5/1/2026	$	2,925,000.00	4.35%	$	
11/1/2026	$	2,690,000.00	4.35%	$	
5/1/2027	$	2,690,000.00	4.88%	$	
11/1/2027	$	2,445,000.00	4.88%	$	
5/1/2028	$	2,445,000.00	4.88%	$	
11/1/2028	$	2,190,000.00	4.88%	$	
5/1/2029	$	2,190,000.00	4.88%	$	
1 1/1/2029	$	1 ,920,000.00	4.88%	$	
5/1/2030	$	1 ,920,000.00	4.88%	$	
1 1/1/2030	$	1,635,000.00	4.88%	$	
5/1/2031	$	1,635,000.00	4.88%	$	
11/1/2031	$	1,340,000.00	4.88%	$	
5/1/2032	$	1 ,340,000.00	4.88%	$	
11/1/2032	$	1 ,030,000.00	4.88%	$	
5/1/2033	$	1 ,030,000.00	4.88%	$	
11/1/2033	$	705,000.00	4.88%	$	
5/1/2034	$	705,000.00	4.88%	$	
11/1/2034	$	360,000.00	4.88%	$	
5/1/2035	$	360,000.00	4.88%	$
  $		

11/1/2016	$	4,625,000.00	4.35%	$	$	77,750.83	$	77,750.83
1 60,000	$	1 07,655.00
$	104, 175.00	$	371 ,830.00
1 65,000	$	104, 175.00
$	100,586.25	$	369,761.25
170,000	$	1 00,586.25
$	96,888.75	$	367,475.00
1 80,000	$	96,888.75
$	92,973.75	$	369,862.50
1 85,000	$	92,973.75
$	88,950.00	$	366,923.75
1 95,000	$	88,950.00
$	84,708.75	$	368,658.75
205,000	$	84,708.75
$	80,250.00	$	369,958.75
215,000	$	80,250.00
$	75,573.75	$	370,823.75
225,000	$	75,573.75
$	70,680.00	$	371,253.75
235,000	$	70,680.00
$	65,568.75	$	371,248.75
245,000	$	65,568.75
$	59,596.88	$	370,165.63
255,000	$	59,596.88
$	53,381.25	$	367,978.13
270,000	$	53,381.25
$	46,800.00	$	370,181 .25
285,000	$	46,800.00
$	39,853. 13	$	371,653.13
295,000	$	39,853. 13 
$	32,662.50	$	367,515.63
310,000	$	32,662.50
$	25,106.25	$	367,768.75
325,000	$	25,106.25
$	17,1 84.38	$	367,290.63
345,000	$	17,1 84.38
$	8,775.00	$	370,959.38
360,000	$	8,775.00
 	      $	368,775.00 

 	Total		 $	4,625,000.00	 $	2,472,834.58      $	7,097,834.58 

13 

DATE

 	BALANCE	

Community Development District	Series 2016 A2, Revenue Bonds

 	RATE		 	PRINCIPAL		 	INTEREST	 	TOTAL	

$

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

265,000

280,000

$	295,000

  $	
$

840,000.00

1 1/1/2016	$	855,000.00	5.00%	$	$	15,437.50	$	
5/1/2017	$	855,000.00	5.00%	$	$	21 ,375.00	
11/1/2017	$	840,000.00	5.00%	$	$	21 ,375.00	$	
5/1/2018 	$	840,000.00	5.00%	$	$	21 ,375.00	
11/1/2018	$	840,000.00	5.00%	$	$	21 ,375.00	$	
5/1/2019	$	840,000.00	5.00%	$	$	21 ,375.00		
11/1/2019	$	840,000.00	5.00%	$	$	21 ,375.00	$	
5/1/2020	$	840,000.00	5.00%	$	$	21 ,375.00	
11/1/2020	$	840,000.00	5.00%	$	$	21 ,375.00	$	
5/1/2021	$	840,000.00	5.00%	$	$	21 ,375.00		
1 1/1/2021	$	840,000.00	5.00%	$	$	21 ,375.00	$	
5/1/2022	$	840,000.00	5.00%	$	$	21 ,375.00	
1 1/1/2022
5/1/2023	$	840,000.00
$	840,000.00	5.00%
5.00%	$	$	21 ,375.00	$	
1 1/1/2023	$	840,000.00	5.00%	$	$	21 ,375.00	$	
5/1/2024	$	840,000.00	5.00%	$	$	21 ,375.00	

15,437.50

42,750.00

42,750.00

42,750.00

42,750.00

42,750.00

42,750.00

$	21 ,375.00

42,750.00

1 1/1/2024	$	840,000.00	5.00%
5/1/2025	$	840,000.00	5.00%
1 1/1/2025	$	840,000.00	5.00%
5/1/2026	$	840,000.00	5.00%
1 1/1/2026	$	840,000.00	5.00%
5/1/2027	$	840,000.00	5.00%
11 /1/2027	$	840,000.00	5.00%
5/1/2028	$	840,000.00	5.00%
11/1/2028	$	840,000.00	5.00%
5/1/2029	$	840,000.00	5.00%
11 /1/2029	$	840,000.00	5.00%
5/1/2030	$	840,000.00	5.00%
11/1/2030	$	840,000.00	5.00%
5/1/2031	$	840,000.00	5.00%
11/1/2031	$	840,000.00	5.00%
5/1/2032	$	840,000.00	5.00%
11/1/2032	$	840,000.00	5.00%
5/1/2033	$	840,000.00	5.00%
1 1/1/2033	$	840,000.00	5.00%
5/1/2034	$	840,000.00	5.00%
1 1/1/2034	$	840,000.00	5.00%
5/1/2035	$	840,000.00	5.00%
1 1/1/2035	$	840,000.00	5.00%
5/1/2036	$	840,000.00	5.00%
1 1/1/2036	$	575,000.00	5.00%
5/1/2037	$	575,000.00	5.00%
1 1/1/2037	$	295,000.00	5.00%
5/1/2038	$	295,000.00	5.00%

 	Total	

$	21 ,375.00	$	42,750.00
$	21 ,375.00
$	21 ,375.00	$	42,750.00
$	21 ,375.00
$	21 ,375.00	$	42,750.00
$	21 ,375.00
$	21 ,375.00	$	42,750.00
$	21 ,375.00
$	21 ,375.00	$	42,750.00
$	21 ,375.00
$	21 ,375.00	$	42,750.00
$	21 ,375.00
$	21 ,375.00	$	42,750.00
$	21 ,375.00
$	21 ,375.00	$	42,750.00
$	21 ,375.00
$	21 ,375.00	$	42,750.00
$	21 ,375.00
$	21 ,375.00	$	42,750.00
$	21 ,375.00
$	21 ,375.00	$	42,750.00	
$	21 ,375.00		
$	21 ,375.00	$	42,750.00	
$	21 ,375.00		
$	14,375.00	$	300,750.00	
$	14,375.00		
$	7,375.00	$	301 ,750.00	
$	7,375.00		
 	      $	302,375.00
  $	892,562.50	 $	1,732,562.50

14 

South Village
Community Development District

Debt Service Fund Series 2016 A3

 	

Adopted	Actual
Budget	thru
Description	FY2017	 	4/30/2017	

Revenues
'"	Carry Forward Surplus	$109,019	$109,021
Special Assessment - Direct	$400,488	$300,366

Projected Next
 	5 Months	

$0
$100,122

Total	Approved
Projected at	Budget
 	9/30/2017		 	FY2018	

$1 09,021	$149,681
$400,488	$400,488

Interest Income	$142		$142		$0		$142		$0	
    TOTAL REVENUES	
Expenditures	 	$509,649 		 	$409,529 		 	$100,122 		 	$509,651		 	$550,169	

Developer Contributions

$0	$0

$0	$0

Series 2016 A3 - Refunding Bonds
Interest - 11 /1	$68,214	$68,214
Interest - 5/1	$100,000	$0
Principal - 5/1	$94,450	$0
Series 2016 A3 - Revenue Bonds
Interest - 11 /1	$40,806	$40,806
Interest - 5/1	$56,500
Principal - 5/1	$0	$0

$100,000
$94,450

$0
$56,500
$0

$68,214	$91,700
$100,000	$105,000
$94,450	$91,700

$40,806	$56,500
$56,500	$56,500
$0

TOTAL EXPENDITURES

 	$359,969	 	$109,019	 	$194,450	 	$359,969 

$401,400

EXCESS REVENUES/(EXPENDITURES)

$149,680

$300,509

($94,328)

$149,681

$148,769

'"	Carry Forward is net of Reserve requirement

Interest 111112018:
A3 Refunding	$88,813
A3 Revenue	$56,500
$145,313 

15 

South Village	Amortization Schedule
Community Development District	Series  2016  A3,   Refunding Bonds

 	RATE		 	PRINCIPAL		 	INTEREST	 	TOTAL	

DATE

BALANCE

1 1/1/2016	$	3,270,000.00	5.50%	$	$	68,213.89	$	68,213.89
5/1/2017	$	3,270,000.00	5.50%	$	100,000	$	94,450.00
1 1/1/2017	$	3,170,000.00	5.50%	$	$	91 ,700.00	$	286,150.00
5/1/2018	$	3,170,000.00	5.50%	$	105,000	$	91 ,700.00
1 1/1/2018	$	3,065,000.00	5.50%	$	$	88,812.50	$	285,512.50
5/1/2019	$	3,065,000.00	5.50%	$	110,000	$	88,812.50
11 /1/2019	$	2,955,000.00	5.50%	$	$	85,787.50	$	284,600.00
5/1/2020	$	2,955,000.00	5.50%	$	115,000	$	85,787.50
11 /1/2020	$	2,840,000.00	5.50%	$	$	82,625.00	$	283,412.50
5/1/2021	$	2,840,000.00	5.50%	$	125,000	$	82,625.00
11/1/2021	$	2,715,000.00	5.50%	$	$	79,1 87.50	$	286,812.50
5/1/2022	$	2,715,000.00	5.50%	$	130,000	$	79,187.50
11/1/2022	$	2,585,000.00	5.50%	$	$	75,612.50	$	284,800.00
5/1/2023	$	2,585,000.00	5.50%	$	140,000	$	75,612.50
11/1/2023	$	2,445,000.00	5.50%	$	$	71 ,762.50	$	287,375.00
5/1/2024	$	2,445,000.00	5.50%	$	145,000	$	71 ,762.50
11/1/2024	$	2,300,000.00	5.50%	$	$	67,775.00	$	284,537.50
5/1/2025	$	2,300,000.00	5.50%	$	1 55,000	$	67,775.00
11/1/2025	$	2,145,000.00	5.50%	$	$	63,512.50	$	286,287.50

11/1/2026	$	1,980,000.00	5.50%	$	
5/1/2027	$	1,980,000.00	5.50%	$	

5/1/2026	$	2,145,000.00	5.50%	$	165,000	$	63,512.50
$	58,975.00	$	287,487.50
170,000	$	58,975.00
1 1/1/2027	$	1,810,000.00	6.00%	$	$	54,300.00	$	283,275.00
5/1/2028	$	1,810,000.00	6.00%	$	180,000	$	54,300.00
1 1/1/2028	$	1 ,630,000.00	6.00%	$	$	48,900.00	$	283,200.00
5/1/2029	$	1 ,630,000.00	6.00%	$	195,000	$	48,900.00
1 1/1/2029	$	1 ,435,000.00	6.00%	$	$	43,050.00	$	286,950.00
5/1/2030	$	1,435,000.00	6.00%	$	205,000	$	43,050.00
1 1/1/2030	$	1,230,000.00	6.00%	$	$	36,900.00	$	284,950.00
5/1/2031	$	1 ,230,000.00	6.00%	$	220,000	$	36,900.00
1 1/1/2031	$	1,010,000.00	6.00%	$	$	30,300.00	$	287,200.00
5/1/2032	$	1 ,010,000.00	6.00%	$	230,000	$	30,300.00
1 1/1/2032	$	780,000.00	6.00%	$	$	23,400.00	$	283,700.00
5/1/2033	$	780,000.00	6.00%	$	245,000	$	23,400.00
11 /1/2033	$	535,000.00	6.00%	$	$	16,050.00	$	284,450.00
5/1/2034	$	535,000.00	6.00%	$	260,000	$	16,050.00
11/1/2034	$	275,000.00	6.00%	$	$	8,250.00	$	284,300.00
5/1/2035	$	275,000.00	6.00%	$	275,000	$	8,250.00
  $		 	 $	283,250.00

 	Total		 $	3,270,000.00	 $	2,216,463.89	 $	5,486,463.89 

16

South Village	Amortization Schedule

DATE

BALANCE	

Community Development District	Series 2016 A3,  Revenue Bonds

 	RATE		 	PRINCIPAL		 	INTEREST	 	TOTAL	

11/1/2016	$	2,260,000.00	5.00%
5/1/2017	$	2,260,000.00	5.00%
11/1/2017	$	2,260,000.00	5.00%
5/1/2018	$	2,260,000.00	5.00%
11 11/2018	$	2,260,000.00	5.00%
5/1/2019	$	2,260,000.00	5.00%
1 1/1/2019	$	2,260,000.00	5.00%
5/1/2020	$	2,260,000.00	5.00%
1 1/1/2020	$	2,260,000.00	5.00%
5/1/2021	$	2,260,000.00	5.00%
11 /1/2021	$	2,260,000.00	5.00%
5/1/2022	$	2,260,000.00	5.00%
1 1/1/2022	$	2,260,000.00	5.00%
5/1/2023	$	2,260,000.00	5.00%
1 1/1/2023	$	2,260,000.00	5.00%
5/1/2024	$	2,260,000.00	5.00%
11/1/2024	$	2,260,000.00	5.00%
5/1/2025	$	2,260,000.00	5.00%
11 /1/2025	$	2,260,000.00	5.00%
5/1/2026	$	2,260,000.00	5.00%
1 1/1/2026	$	2,260,000.00	5.00%
5/1/2027	$	2,260,000.00	5.00%
11/1/2027	$	2,260,000.00	5.00%
5/1/2028	$	2,260,000.00	5.00%
1 1/1/2028	$	2,260,000.00	5.00%
5/1/2029	$	2,260,000.00	5.00%
11/1/2029	$	2,260,000.00	5.00%
5/1/2030	$	2,260,000.00	5.00%
11/1/2030	$	2,260,000.00	5.00%
5/1/2031	$	2,260,000.00	5.00%
11/1/2031	$	2,260,000.00	5.00%
5/1/2032	$	2,260,000.00	5.00%
11/1/2032	$	2,260,000.00	5.00%
5/1/2033	$	2,260,000.00	5.00%
11/1/2033	$	2,260,000.00	5.00%
5/1/2034	$	2,260,000.00	5.00%
11/1/2034	$	2,260,000.00	5.00%
5/1/2035	$	2,260,000.00	5.00%
11/1/2035	$	2,260,000.00	5.00%
5/1/2036	$	2,260,000.00	5.00%
11/1/2036	$	2,1 00,000.00	5.00%
5/1/2037	$	2,1 00,000.00	5.00%
11/1/2037	$	1,935,000.00	5.00%
5/1/2038	$	1,935,000.00	5.00%
11/1/2038	$	1 ,760,000.00	5.00%
5/1/2039	$	1,760,000.00	5.00%
11 /1/2039	$	1,575,000.00	5.00%
5/1/2040	$	1,575,000.00	5.00%
1 1/1/2040	$	1,380,000.00	5.00%
5/1/2041	$	1,380,000.00	5.00%
1 1/1/2041	$	1,180,000.00	5.00%
5/1/2042	$	1,180,000.00	5.00%
1 1/1/2042	$	965,000.00	5.00%
5/1/2043	$	965,000.00	5.00%
1 1/1/2043	$	740,000.00	5.00%
5/1/2044	$	740,000.00	5.00%
1 1/1/2044	$	505,000.00	5.00%
5/1/2045	$	505,000.00	5.00%
1 1/1/2045	$	260,000.00	5.00%
5/112046	$	260,000.00	5.00%

$	40,805.56	$	40,805.56

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1 60,000
165,000
1 75,000

235,000
245,000
260,000

$

$	56,500.00
$	56,500.00	$	113,000.00
$	56,500.00
$	56,500.00	$	11 3,000.00
$	56,500.00
$	56,500.00	$	11 3,000.00
$	56,500.00
$	56,500.00	$	11 3,000.00
$	56,500.00
$	56,500.00	$	11 3,000.00
$	56,500.00
$	56,500.00	$	113,000.00
$	56,500.00
$	56,500.00	$	11 3,000.00
$	56,500.00
$	56,500.00	$	11 3,000.00
$	56,500.00
$	56,500.00	$	11 3,000.00
$	56,500.00
$	56,500.00	$	11 3,000.00
$	56,500.00
$	56,500.00	$	11 3,000.00
$	56,500.00
$	56,500.00	$	113,000.00
$	56,500.00
$	56,500.00	$	113,000.00
$	56,500.00
$	56,500.00	$	113,000.00
$	56,500.00
$	56,500.00	$	11 3,000.00
$	56,500.00
$	56,500.00	$	11 3,000.00
$	56,500.00
$	56,500.00	$	11 3,000.00
$	56,500.00
$	56,500.00	$	11 3,000.00
$	56,500.00
$	56,500.00	$	11 3,000.00
$	56,500.00
$	52,500.00	$	269,000.00
$	52,500.00
$	48,375.00	$	265,875.00
$	48,375.00

1 85,000	$
$	
195,000	$	
	$	
200,000	$	
	$	
21 5,000	$	
	$	
225,000	$	

$	44,000.00	$	267,375.00
44,000.00
39,375.00	$	268,375.00
39,375.00
34,500.00	$	268,875.00
34,500.00
29,500.00	$	264,000.00
29,500.00
24,125.00	$	268,625.00
24,125.00
$	1 8,500.00	$	267,625.00
$	18,500.00
$	12,625.00	$	266,125.00
$	12,625.00
$	6,500.00	$	264,125.00
$	6,500.00

$	266,500.00
 	
 	Total		 $	2,260,000.00	 $	2,864,305.56	 $	5,124,305.56

17

REVENUES:	ADOPTED
FY2017 
 	BUDGET			APPROVED
FY201 8
 	BUDGET		
Guest Fees	$1,143,717		$1 , 1 43,717 	
Acct. Cart Fees	$36,440		$36,440	
Tournament Revenue	$93,900		$93,900	
Dues Revenue	$200,919 		$200,919 	
Initiation Fees	$3,000		$3,000	
Food & Beverage Sales	$395,947		$395,947	
Liquor Sales	$225,534		$225,534	
Banquet Revenue	$46,691		$46,691	
Banquet Alcohol	$1 ,889		$1 ,889	
Tournament Food	$12,317 		$12,317 	
Merchandise Sales	$1 38,728		$1 38,728	
Driving Range Revenue	$37,824		$37,824	
Club Rentals	$3,862		$3,862	
Miscellaneous Income	$1 0,608		$10,608	
TOTAL REVENUES	$2,351 ,378		$2,351 ,378	
COST OF GOODS SOLD:				
Food	$1 36,487		$1 36,487	
Liquor	$77,324		$77,324	
Merchandise	$97, 1 10		$97, 110 	
TOTAL COGS	

$31 0,921		

$310,921	
TOTAL NET REVENUES	$2,040,457		$2,040,457	

EXPENDITURES:		
Personnel:		$264,300	$264,300	
Salaries		$610,766	$61 0,766	
Hourly		$6,089	$6,089	
Payroll Processing		($1 ,800)	($1 ,800)	
Labor Recovery		$95,028	$95,028	
Payroll Taxes		$22,863	$22,863	
Workers Compensation		$46,972	$46,972	
Benefits
Other Personnel Cost		$30,000	$30,000	
TOTAL PERSONNEL		$1 ,074,218	$1 ,074,218 	
	18 			

ADOPTED FY2017
 	BUDGET	

APPROVED FY2018 BUDGET

$5,904

Golf Course Ex12.enditures:		
Advertising	$50,000 	$50,000 	
Bank Charges	$5,584	$5,584	
Beverage Cart Lease	$5,534	$5,534	
Cable/Dish TV	$4,980	$4,980	
Chemicals	$79,914	$79,914	
China, Glass and Silverware	$1,500	$1,500 	
Cleaning Supplies	$7,742	$7,742	
Course Accessories	$11, 000 	$11, 000 	
Credit Card Fees	$39,589	$39,589	
Electricity	$44,127	$44,127	
Equipment Rental	$2,654	$2,654	
Fertilizer	$57,120	$57,120	
Gas & Oil	$29,400	$29,400	
Gas/Propane	$16,712	$16,712	
Golf Cart Lease	$57,659	$57,659	
Golf Cart Repairs	$10,700	$10,700	
Insurance - Property	$41, 065	$41, 065	
Janitorial & Pest Control	$2,978	$2,978	
Legal Fees	$12, 000 	$12,000 	
Audit Fees	$5, 000 	$5,000 	
License, Tax and Permit	$6,155	$6,155	
Lien Rentals	$9,023	$9,023	
Member promotions	$139,025	$139,025	
Office Supplies	$4, 000 	$4,000 	
Paper Supplies	$26, 0 51	$26, 0 51	
Personal Property Taxes		$8,597	
Plant, Seed and Sod	$4,100	$4,100	
Postage & Delivery	$700	$700	
Pump Electricity	$18,563	$18, 563	
R&M - Building/Grounds	$7,600	$7,600	
R&M - Equipment	$34,669	$34,669	
R&M - Irrigation	$8,550	$8,550	
Range Supplies	$8,400	$8,400	
Reservation Systems	$11,160	$11,160	
Score Cards	$2,400	$2,400	
Security	$609	$609	
Software Support/Main!.	$13, 050	$13, 050	
Telephone	$6,204	$6,204	
Top Dressing/Bunker Sand	$13,850	$13,850	
Trash Removal	$20,600	$20,600	
Travel		$5,904	

Uniforms

19

$4,050

$4, 050

	ADOPTED
FY2017
 	BUDGET			APPROVED
FY2018 
 	BUDGET		
Management Fee - GC	$1 00,000		$1 00,000	
Management Fee - CDD	$25,000		$25,000	
Real Estate Taxes	$38,043		$38,043	
Equipment Lease	$63,533		$63,533	
Equipment Finance	$1 ,662		$1 ,662	
Water and Sewer	$26,258		$26,258	
Contingency	$50,000		$50,000	
TOTAL GOLF COURSE	$1 ,143,014		$1,143,014	
TOTAL EXPENDITURES	$2,217,232		$2,21 7,232	
OPERATING INCOME/(LOSS)	($176,775)		($1 76,775)	
Non Operating Revenuesl(Expenditures):				
Special Assessments - Net	$273,980		$298, 119 	
Developer Contributions	$2,795		$2,795	
Transfer In - Operating Capital/Deficit	$0		$0	
Capital Outlay/ Reserve	($100,000)		($1 00,000)	
NON OPERATING REVENUES/(EXPENDITURES)	$1 76,775		$200,915 	

$0

$24, 1 39

NET INCOME

Assessments - Net Collection Cost (6%)	
$	298, 119 
$	19, 029	
Assessments - G ross	$	317, 148	

Assessable Units

Assessments Per Unit - Gross Assessments Per Unit - NET	
1 ,235

$256.80
$241 .39	

20