Somerset

Community Development District

Financial Statements

(Unaudited)

January 31, 2019

Prepared by: Rizzetta & Company, Inc.

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Somerset Community Development District

Balance Sheet

As of 1/31/2019

(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	238,380	0	0	238,380	0	0		
Investments	125,413	0	1,825,129	1,950,541	0	0		
Investments--Reserves	0	652,731	0	652,731	0	0		
Accounts Receivable	189,778	0	384,936	574,714	0	0		
Prepaid Expenses	0	0	0	0	0	0		
Due From Other Funds	0	0	30,203	30,203	0	0		
Amount Available in Debt Service	0	0	0	0	0	2,240,268		
Amount To Be Provided Debt Service	0	0	0	0	0	11,124,732		
Fixed Assets	0		0		0		0		10,925,913		0		
Total Assets	553,571	652,731	2,240,268	3,446,569	10,925,913	13,365,000		
Liabilities													
													
Accounts Payable	2,875	0	0	2,875	0	0		
Accrued Expenses Payable	20,800	0	0	20,800	0	0		
Due To Other Funds	30,203	0	0	30,203	0	0		
Other Bonds Payable	0	0	0	0	0	0		
Revenue Bonds Payable--Long Term	0		0		0		0		0		13,365,000		
Total Liabilities	53,878	0	0	53,878	0	13,365,000		
Fund Equity & Other Credits													
Beginning Fund Balance	222,799	464,271	1,463,523	2,150,593	10,925,913	0		
Net Change in Fund Balance	276,894		188,460		776,745		1,242,099		0		0		
Total Fund Equity & Other Credits	499,693		652,731		2,240,268		3,392,691		10,925,913		0		
Total Liabilities & Fund Equity	553,571	652,731	2,240,268	3,446,569	10,925,913	13,365,000		

See Notes to Unaudited Financial Statements

Somerset Community Development District

Statement of Revenues and Expenditures

001 - General Fund

From 1/1/2019 Through 1/31/2019

(In Whole Numbers)

	Monthly		Monthly		Monthly		YTD		YTD		YTD	Annual		
	Actual		Budget		Variance		Actual		Budget		Variance	Budget		
Revenues															
															
Interest Earnings															
Interest Earnings	32	0	32	97	0	97		0		
Special Assessments															
Tax Roll	0	0	0	163,267	161,712	1,555		161,712		
Off Roll	0		0		0		218,564		218,563		1		218,563		
Total Revenues	32	0	32	381,928	380,275	1,653		380,275		
Expenditures															
Legislative															
Supervisor Fees	0	0	0	1,000	600	(400)	2,400		
Financial & Administrative															
Administrative Services	435	435	0	1,740	1,740	0		5,220		
District Management	2,142	2,142	0	8,567	8,567	0		25,700		
District Engineer	0	300	300	0	1,200	1,200		3,600		
Disclosure Report	0	0	0	250	0	(250)		500		
Trustees Fees	0	0	0	0	5,000	5,000		5,000		
Assessment Roll	0	0	0	5,000	5,000	0		5,000		
Financial & Revenue Collections	417	417	0	1,667	1,667	0		5,000		
Accounting Services	1,417	1,417	0	5,667	5,667	0		17,000		
Auditing Services	500	0	(500)	500	0	(500)		3,300		
Arbitrage Rebate Calculation	0	0	0	0	500	500		500		
Travel	0	42	42	0	167	167		500		
Public Officials Liability	0	0	0	2,750	3,025	275		3,025		
Insurance															
Miscellaneous Fees	0	63	63	0	250	250		750		
Legal Advertising	0	150	150	709	600	(109)		1,800		
Dues, Licenses & Fees	0	0	0	175	175	0		175		
Website Hostin, Maintenence,	100	100	0	400	400	0		1,200		
Backup (and EMail)															
Legal Counsel															
District Counsel	672	1,167	495	1,971	4,667	2,696		14,000		
Electric Utility Services															
Street Lights	0	2,250	2,250	0	9,000	9,000		27,000		
Utility-Irrigation	142	625	483	904	2,500	1,596		7,500		
Stormwater Control															
Irrigation System Supply Pump	(200)	0	200	0	0	0		0		
Maintenance															
Stormwater System Maintenance	0	417	417	0	1,667	1,667		5,000		
Lake/Pond Bank Maintenance	40	417	377	160	1,667	1,507		5,000		
Miscellaneous Expense/Pond	0	208	208	0	833	833		2,500		
Liner Repair															
Aquatic Plant Replacement	0	300	300	0	1,200	1,200		3,600		
Other Physical Environment															
General Liability Insurance	0	0	0	5,050	5,555	505		5,555		

See Notes to Unaudited Financial Statements

Somerset Community Development District

Statement of Revenues and Expenditures

001 - General Fund

From 1/1/2019 Through 1/31/2019

(In Whole Numbers)

	Monthly		Monthly		Monthly	YTD		YTD		YTD		Annual	
	Actual		Budget		Variance	Actual		Budget		Variance		Budget	
														
Landscape Maintenance	22,684	7,917	(14,767)		39,167	31,667	(7,500)	95,000	
Irrigation Repairs	0	542	542		8,062	2,167	(5,895)	6,500	
Irrigation System Supply Pump	1,980	521	(1,459)		4,189	2,083	(2,105)	6,250	
Maintenance														
Ornamental Lighting &	0	42	42		0	167	167	500	
Maintenance														
Irrigation Well Maintenance and	0	300	300		0	1,200	1,200	3,600	
Repair														
Irrigation System-Feeder Pump	0	83	83		0	333	333	1,000	
Maintenance														
Irrigation System-Feeder Pump	0	500	500		0	2,000	2,000	6,000	
Chemicals														
Pond Well Inspections NPDES	4,750	2,292	(2,458)	11,563	9,167	(2,396)	27,500	
Landscape Replacement Plants,	0	3,050	3,050		0	12,200	12,200	36,600	
Shrubs, Trees														
Landscape Miscellaneous Palm	633	750	118		633	3,000	2,368	9,000	
Trees														
Landscape - Mulch	0	125	125		0	500	500	1,500	
Road & Street Facilities														
Street Light Decorative Light	1,138	1,521	383		4,913	6,083	1,171	18,250	
Maintenance														
Contingency														
Miscellaneous Contingency	0		1,479		1,479		0		5,917		5,917		17,750	
Total Expenditures	36,848		29,568		(7,279)		105,035		138,128		33,094		380,275	
Excess of Revenue Over (Under)	(36,815)	(29,568)	(7,247)		276,894	242,147	34,747	0	
Expenditures														
														
Excess of Rev./Other Sources Over	(36,815)	(29,568)	(7,247)		276,894	242,147	34,747	0	
(Under) Expend./Other Uses														

See Notes to Unaudited Financial Statements

Somerset Community Development District

Statement of Revenues and Expenditures

005 - Reserve Fund

From 10/1/2018 Through 1/31/2019

(In Whole Numbers)

			Current Period		Budget To		Budget Percent		
	Annual Budget		Actual		Actual Variance		Remaining		
Revenues									
									
Interest Earnings									
Interest Earnings	0	1,960	1,960	0.00%		
Special Assessments									
Tax Roll	80,000	79,309	(691)	(0.86)%		
Off Roll	70,000		107,191		37,191		53.13%		
Total Revenues	150,000	188,460	38,460	25.64%		
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	188,460	188,460	0.00%		
Expenditures									
									
Excess of Rev./Other Sources Over	0	188,460	188,460	0.00%		
(Under) Expend./Other Uses									
Fund Balance, Beginning of Period									
									
	0	464,271	464,271	0.00%		
Fund Balance, End of Period	0	652,731	652,731	0.00%		

See Notes to Unaudited Financial Statements

Somerset Community Development District

Statement of Revenues and Expenditures

200 - Debt Service Fund

From 10/1/2018 Through 1/31/2019

(In Whole Numbers)

			Current Period		Budget To		Budget Percent		
	Annual Budget		Actual		Actual Variance		Remaining		
Revenues									
									
Interest Earnings									
Interest Earnings	0	9,002	9,002	0.00%		
Special Assessments									
Tax Roll	464,704	492,001	27,297	5.87%		
Off Roll	684,855		660,710		(24,146)		(3.52)%		
Total Revenues	1,149,559	1,161,713	12,154	1.06%		
Expenditures									
Debt Service Obligation									
Interest	749,559	354,968	394,591	52.64%		
Principal	400,000		30,000		370,000		92.50%		
Total Expenditures	1,149,559		384,968		764,591		66.51%		
Excess of Revenue Over (Under)	0	776,745	776,745	0.00%		
Expenditures									
									
Excess of Rev./Other Sources Over	0	776,745	776,745	0.00%		
(Under) Expend./Other Uses									
Fund Balance, Beginning of Period									
									
	0	1,463,523	1,463,523	0.00%		
Fund Balance, End of Period	0	2,240,268	2,240,268	0.00%		

See Notes to Unaudited Financial Statements

Somerset CDD

Investment Summary

January 31, 2019

			Balance as of		
Account	Investment		January 31, 2019		
The Bank of Tampa	Money Market Account	$	105,294		
The Bank of Tampa ICS - Operating					
Mutual of Omaha Bank	Money Market Account		1		
The Huntington National Bank	Money Market Account		20,118		
	Total General Fund Investments				
		$	125,413		
The Bank of Tampa ICS - Capital Reserve					
					
First International Bank & Trust	Money Market Account	$	3		
Flushing Bank	Money Market Account		245,242		
Mutual of Omaha Bank	Money Market Account		7		
Pinnacle Bank	Money Market Account		182,348		
The Huntington National Bank	Money Market Account		225,123		
Unted Bank	Money Market Account		8		
	Total Reserve Fund Investments				
		$	652,731		
	First American Treasury Obligation Fund Class Z				
US Bank Series 2005 Prepayment		$	783		
US Bank Series 2005 Reserve	First American Treasury Obligation Fund Class Z		890,053		
US Bank Series 2005 Revenue	First American Treasury Obligation Fund Class Z		934,293		
	Total Debt Service Fund Investments				
		$	1,825,129		

			Somerset Community Development District	
			Summary A/R Ledger			
			001 - General Fund			
			From 1/1/2019 Through 1/31/2019			
Invoice Date	Customer Name		Invoice Number		Current Balance	
								
10/1/2018		EBSCO Gulf Coast Development Inc.	861-19-01	162,867.70	
10/1/2018		Walton County Tax Collector	FY18-19		26,910.65	
			Total 001 - General			189,778.35	
			Fund					

See Notes to Unaudited Financial Statements

			Somerset Community Development District	
			Summary A/R Ledger			
			200 - Debt Service Fund			
			From 1/1/2019 Through 1/31/2019			
Invoice Date	Customer Name		Invoice Number		Current Balance	
								
10/1/2018		EBSCO Gulf Coast Development Inc.	861-19-01	330,354.80	
10/1/2018		Walton County Tax Collector	FY18-19		54,581.17	
			Total 200 - Debt			384,935.97	
			Service Fund					
							
Report Balance					574,714.32	

See Notes to Unaudited Financial Statements

Somerset Community Development District

Aged Payables by Invoice Date

Aging Date - 1/1/2019

001 - General Fund

From 1/1/2019 Through 1/31/2019

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	
									
Grau & Associates	1/1/2019	17398	Audit Services FYE	500.00	
					09/30/2018			
Innerlight Engineering	1/31/2019	3955	Engineering Services 01/19	2,375.00	
Corporation									
									
Report Total							2,875.00	

Somerset Community Development District

Notes to Unaudited Financial Statements
January 31, 2019

Balance Sheet

1.	Trust statement activity has been recorded through 01/31/2019.

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 FY18-19 Assessment Resolution adopted by the Board of Supervisors, (b) pursuant to Florida Statutes, Chapter 197 for assessments levied via the county tax roll.