Somerset

Community Development District

Financial Statements

(Unaudited)

February 28 , 2018

Prepared by: Rizzetta & Company, Inc.

somersetcdd.org

rizzetta.com

Professionals in Community Management

Somerset Community Development District

Balance Sheet

As of 2/28/2018

(In Whole Numbers)

							Total		General Fixed		General		
					Debt Service		Governmental		Assets Account		Long-Term Debt		
	General Fund		Reserve Fund		Fund		Funds		Group		Account Group		
Assets													
													
Cash In Bank	470,017	0	0	470,017	0	0		
Investments	175,130	0	1,829,280	2,004,410	0	0		
Investments--Reserves	0	312,307	0	312,307	0	0		
Accounts Receivable	96,595	0	195,919	292,514	0	0		
Prepaid Expenses	0	0	0	0	0	0		
Due From Other Funds	0	150,000	182,155	332,155	0	0		
Amount Available in Debt Service	0	0	0	0	0	2,207,353		
Amount To Be Provided Debt Service	0	0	0	0	0	11,587,647		
Fixed Assets	0		0		0		0		10,915,039		0		
Total Assets	741,742	462,307	2,207,353	3,411,402	10,915,039	13,795,000		
Liabilities													
													
Accounts Payable	2,608	0	0	2,608	0	0		
Accrued Expenses Payable	12,527	0	0	12,527	0	0		
Due To Other Funds	332,155	0	0	332,155	0	0		
Other Bonds Payable	0	0	0	0	0	0		
Revenue Bonds Payable--Long Term	0		0		0		0		0		13,795,000		
Total Liabilities	347,290	0	0	347,290	0	13,795,000		
Fund Equity & Other Credits													
Beginning Fund Balance	84,907	311,275	1,445,663	1,841,846	10,915,039	0		
Net Change in Fund Balance	309,545		151,032		761,690		1,222,266		0		0		
Total Fund Equity & Other Credits	394,452		462,307		2,207,353		3,064,112		10,915,039		0		
Total Liabilities & Fund Equity	741,742	462,307	2,207,353	3,411,402	10,915,039	13,795,000		

See Notes to Unaudited Financial Statements

Somerset Community Development District

Statement of Revenues and Expenditures

001 - General Fund

From 10/1/2017 Through 2/28/2018

(In Whole Numbers)

									Percent Annual		
	Annual Budget		YTD Budget		YTD Actual		YTD Variance	Budget Remaining		
Revenues											
											
Interest Earnings											
Interest Earnings	0	0	6	6		0.00%		
Special Assessments											
Tax Roll	149,747	149,747	150,564	817		(0.54)%		
Off Roll	267,028		267,028		267,660		632		(0.23)%		
Total Revenues	416,775	416,775	418,229	1,454		(0.35)%		
Expenditures											
Legislative											
Supervisor Fees	2,400	1,000	0	1,000		100.00%		
Financial & Administrative											
Administrative Services	4,500	1,875	1,875	0		58.33%		
District Management	25,700	10,708	10,708	0		58.33%		
District Engineer	3,600	1,500	1,800	(300)	50.00%		
Disclosure Report	500	0	0	0		100.00%		
Trustees Fees	6,500	5,417	4,469	948		31.24%		
Financial & Revenue Collections	10,000	7,083	7,083	0		29.16%		
Accounting Services	17,000	7,083	7,083	0		58.33%		
Auditing Services	3,200	0	0	0		100.00%		
Arbitrage Rebate Calculation	650	650	0	650		100.00%		
Travel	500	208	0	208		100.00%		
Public Officials Liability Insurance	5,000	5,000	2,750	2,250		45.00%		
Miscellaneous Fees	750	313	0	313		100.00%		
Legal Advertising	1,800	750	0	750		100.00%		
Dues, Licenses & Fees	175	175	175	0		0.00%		
Website Hostin, Maintenence,	2,600	1,083	500	583		80.76%		
Backup (and EMail)											
Legal Counsel											
District Counsel	14,000	5,833	2,092	3,742		85.06%		
Electric Utility Services											
Street Lights	27,000	11,250	0	11,250		100.00%		
Utility-Irrigation	7,500	3,125	2,513	612		66.49%		
Stormwater Control											
Stormwater System Maintenance	5,000	2,083	0	2,083		100.00%		
Lake/Pond Bank Maintenance	5,000	2,083	200	1,883		96.00%		
Miscellaneous Expense/Pond Liner	2,500	1,042	0	1,042		100.00%		
Repair											
Aquatic Plant Replacement	3,600	1,500	0	1,500		100.00%		
Other Physical Environment											
General Liability Insurance	6,500	6,500	5,050	1,450		22.30%		
Landscape Maintenance	95,000	39,583	36,921	2,663		61.13%		
Irrigation Repairs	6,000	2,500	2,962	(462)	50.63%		
Irrigation System Supply Pump	6,000	2,500	1,817	683		69.71%		
Maintenance											
Ornamental Lighting & Maintenance	500	208	0	208		100.00%		

See Notes to Unaudited Financial Statements

Somerset Community Development District

Statement of Revenues and Expenditures

001 - General Fund

From 10/1/2017 Through 2/28/2018

(In Whole Numbers)

									Percent Annual		
	Annual Budget		YTD Budget		YTD Actual		YTD Variance	Budget Remaining		
											
Irrigation Well Maintenance and	3,600	1,500	0	1,500		100.00%		
Repair											
Irrigation System-Feeder Pump	1,000	417	0	417		100.00%		
Maintenance											
Irrigation System-Feeder Pump	6,000	2,500	153	2,347		97.45%		
Chemicals											
Pond Well Inspections NPDES	52,000	21,667	14,400	7,267		72.30%		
Landscape Replacement Plants,	73,200	30,500	0	30,500		100.00%		
Shrubs, Trees											
Landscape Miscellaneous  Palm	9,000	3,750	0	3,750		100.00%		
Trees											
Landscape - Mulch	1,500	625	0	625		100.00%		
Road & Street Facilities											
Street Light Decorative Light	2,000	833	6,134	(5,301)	(206.69)%		
Maintenance											
Street/Parking Lot Sweeping	5,000		2,083		0		2,083		100.00%		
Total Expenditures	416,775		184,929		108,684		76,245		73.92%		
Excess of Revenue Over (Under)	0	231,846	309,545	77,699		0.00%		
Expenditures											
											
Excess of Rev./Other Sources Over	0	231,846	309,545	77,699		0.00%		
(Under) Expend./Other Uses											
Fund Balance Beginning of Period											
											
	0	0	84,907	84,907		0.00%		
Fund Balance End of Period	0	231,846	394,452	162,607		0.00%		

See Notes to Unaudited Financial Statements

Somerset Community Development District

Statement of Revenues and Expenditures

005 - Reserve Fund

From 10/1/2017 Through 2/28/2018

(In Whole Numbers)

			Current Period		Budget To		Budget Percent		
	Annual Budget		Actual		Actual Variance		Remaining		
Revenues									
									
Interest Earnings									
Interest Earnings	0	1,032	1,032	0.00%		
Special Assessments									
Tax Roll	80,000	80,000	0	0.00%		
Off Roll	70,000		70,000		0		0.00%		
Total Revenues	150,000	151,032	1,032	0.69%		
Expenditures									
Contingency									
Capital Reserves	150,000		0		150,000		100.00%		
Total Expenditures	150,000		0		150,000		100.00%		
Excess of Revenue Over (Under)	0	151,032	151,032	0.00%		
Expenditures									
									
Excess of Rev./Other Sources Over	0	151,032	151,032	0.00%		
(Under) Expend./Other Uses									
Fund Balance, Beginning of Period									
									
	0	311,275	311,275	0.00%		
Fund Balance, End of Period	0	462,307	462,307	0.00%		

See Notes to Unaudited Financial Statements

Somerset Community Development District

Statement of Revenues and Expenditures

200 - Debt Service Fund

From 10/1/2017 Through 2/28/2018

(In Whole Numbers)

			Current Period		Budget To		Budget Percent		
	Annual Budget		Actual		Actual Variance		Remaining		
Revenues									
									
Interest Earnings									
Interest Earnings	0	5,559	5,559	0.00%		
Special Assessments									
Tax Roll	464,704	467,638	2,934	0.63%		
Off Roll	684,855		684,855		0		0.00%		
Total Revenues	1,149,559	1,158,052	8,493	0.74%		
Expenditures									
Debt Service									
Interest	749,559	366,363	383,196	51.12%		
Principal	400,000		30,000		370,000		92.50%		
Total Expenditures	1,149,559		396,363		753,196		65.52%		
Excess of Revenue Over (Under)	0	761,690	761,690	0.00%		
Expenditures									
									
Excess of Rev./Other Sources Over	0	761,690	761,690	0.00%		
(Under) Expend./Other Uses									
Fund Balance, Beginning of Period									
									
	0	1,445,663	1,445,663	0.00%		
Fund Balance, End of Period	0	2,207,353	2,207,353	0.00%		

See Notes to Unaudited Financial Statements

Somerset CDD

Investment Summary

	February 28, 2018				
			Balance as of		
Account	Investment		February 28, 2018		
The Bank of Tampa	Money Market Account	$	175,130		
	Total General Fund Investments				
		$	175,130		
The Bank of Tampa ICS - Capital Reserve					
					
BTH Bank NA	Money Market Account	$	245,150		
Mutual of Omaha Bank	Money Market Account		67,157		
	Total Reserve Fund Investments				
		$	312,307		
	First American Treasury Obligation Fund Class Z				
US Bank Series 2005 Prepayment		$	4		
US Bank Series 2005 Reserve	First American Treasury Obligation Fund Class Z		920,583		
US Bank Series 2005 Revenue	First American Treasury Obligation Fund Class Z		908,693		
	Total Debt Service Fund Investments				
		$	1,829,280		

		Somerset Community Development District	
		Summary A/R Ledger			
		001 - General Fund			
		From 2/1/2018 Through 2/28/2018			
Invoice Date		Customer Name		Invoice Number		Current Balance	
							
10/1/2017		Walton County Tax Collector		FY17-18	12,180.50	
10/28/2017		EBSCO Gulf Coast Development Inc.	861-18-01		84,414.90	
		Total 001 - General			96,595.40	
		Fund					

See Notes to Unaudited Financial Statements

		Somerset Community Development District	
		Summary A/R Ledger			
		200 - Debt Service Fund			
		From 2/1/2018 Through 2/28/2018			
Invoice Date		Customer Name		Invoice Number		Current Balance	
							
10/1/2017		Walton County Tax Collector		FY17-18	24,704.91	
10/28/2017		EBSCO Gulf Coast Development Inc.	861-18-01		171,213.79	
		Total 200 - Debt			195,918.70	
		Service Fund					
							
Report Balance					292,514.10	

See Notes to Unaudited Financial Statements

Somerset Community Development District

Aged Payables by Invoice Date Aging Date - 2/1/2018

001 - General Fund

From 2/1/2018 Through 2/28/2018

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	
									
Hopping Green & Sams	2/28/2018	98740		General/Monthly Legal	270.42	
						Services 01/18			
Gulf Power Company	3/2/2018	42245-97026 02/18		9954 E Cty Hwy 30A	115.04	
						Irrigation 02/18			
Gulf Power Company	3/2/2018	89919-91030 02/18		9396 E Cty Hwy 30A	322.51	
						Irrigation 02/18			
Innerlight Engineering	3/10/2018	3478		Engineering Services	1,900.00	
Corporation									
									
Report Total							2,607.97	

Somerset Community Development District

Notes to Unaudited Financial Statements
February 28, 2018

Balance Sheet

1.	Trust statement activity has been recorded through 02/28/2018.

2.	See EMMA (Electronic Municipal Market Access) at https://emma.msrb.org for Municipal Disclosures and Market Data.

3.	For presentation purposes, the Reserves are shown in a separate fund titled Reserve Fund.

Summary A/R Ledger – Payment Terms

4.	Payment terms for landowner assessments are (a) defined in the FY17-18 Assessment Resolution adopted by the Board of Supervisors, (b) pursuant to Florida Statutes, Chapter 197 for assessments levied via the county tax roll.