Somerset Community Development District
www.somersetcdd.org

Adopted Budget for Fiscal Year 2017/2018 Presented by: Rizzetta & Company, Inc.
120 Richard Jackson Blvd Suite 220
Panama City Beach, Florida 32407 Phone: 850-334-9055

rizzetta.com

Adopted Budget
Somerset Community Development District General Fund
Fiscal Year 2017/2018

Chart of Accounts Classification	
Budget for 2017/2018	
		
REVENUES		
		
Special Assessments		
Tax Roll*	$ 169,117	
Off Roll*	$ 247,658	
		
TOTAL REVENUES	$ 416,775	
Balance Forward from Prior Year	$	-	
TOTAL REVENUES AND BALANCE FORWARD	$ 416,775	
		
*Allocation of assessments between the Tax Roll and Off	
		
EXPENDITURES - ADMINISTRATIVE		
		
Legislative		
Supervisor Fees	$	2,400	
Financial & Administrative		
Administrative Services	$	4,500	
District Management	$	25,700	
District Engineer	$	3,600	
Disclosure Report	$	500	
Trustees Fees	$	6,500	
Financial & Revenue Collections	$	10,000	
Accounting Services	$	17,000	
Auditing Services	$	3,200	
Arbitrage Rebate Calculation	$	650	
Travel	$	500	
Public Officials Liability Insurance	$	5,000	
Legal Advertising	$	1,800	
Dues, Licenses & Fees	$	175	
Miscellaneous Fees	$	500	
Website Hosting, Maintenance, Backup (and	$	2,600	
Legal Counsel		
District Counsel	$	14,000	
		
Administrative Subtotal	$	98,875	
		
EXPENDITURES - FIELD OPERATIONS		
Electric Utility Services		
Street Lights	$	27,000	
Utility-Irrigation	$	7,500	
Stormwater Control		
Lake/Pond Bank Maintenance	$	5,000	
Aquatic Plant Replacement	$	3,600	
Stormwater System Maintenance	$	5,000	
Miscellaneous Expense/Pond Liner Repair	$	2,500	
Other Physical Environment		
General Liability Insurance	$	6,500	
Landscape Maintenance	$	95,000	
Ornamental Lighting & Maintenance	$	500	
Irrigation System Supply Pump Maintenance	$	6,000	
Irrigation Well Maintenance & Repair	$	3,600	
Irrigation Repairs	$	6,000	
Irrigation System-Feeder Pump Maintenance	$	1,000	
Pond Well Inspections NPDES	$	52,000	
Irrigation System-feeder Pump Chemicals	$	6,000	
Landscape - Mulch	$	1,500	
Landscape Miscellaneous Palm Trees	$	9,000	
Landscape Replacement Plants, Shrubs, Trees	$	73,200	
Road & Street Facilities		
Street/ Parking Lot Sweeping	$	5,000	
Street Light Decorative Light Maintenance	$	2,000	
		
Field Operations Subtotal	$ 317,900	
		
Contingency for County TRIM Notice		
		
TOTAL EXPENDITURES	$ 416,775	
		
EXCESS OF REVENUES OVER EXPENDITURES	$	-	

Adopted Budget
Somerset Community Development District Reserve Fund
Fiscal Year 2017/2018

Chart of Accounts Classification	
Budget for 2017/2018	
		
REVENUES		
		
Special Assessments		
Tax Roll*	$	60,000	
Off Roll*	$	90,000	
		
TOTAL REVENUES	$ 150,000	
		
Balance Forward from Prior Year	$	-	
		
TOTAL REVENUES AND BALANCE FORWARD	$ 150,000	
		
*Allocation of assessments between the Tax Roll and Off	
		
EXPENDITURES		
		
Contingency		
Capital Reserves	$ 150,000	
Capital Outlay	$	-	
		
TOTAL EXPENDITURES	$ 150,000	
		
EXCESS OF REVENUES OVER EXPENDITURES	$	-	

Budget Template
Somerset Community Development District Debt Service
Fiscal Year 2017/2018

Chart of Accounts Classification	Series 2005	Budget for 2017/2018	
			
REVENUES			
Special Assessments			
Net Special Assessments	$	1,149,558.91	$	1,149,558.91	
			
TOTAL REVENUES	$	1,149,558.91	$	1,149,558.91	

EXPENDITURES			
Administrative			
Financial & Administrative			
Bank Fees		0	
Debt Service Obligation	$	1,149,558.91	$	1,149,558.91	
Administrative Subtotal	$	1,149,558.91	$	1,149,558.91	
			
TOTAL EXPENDITURES	$	1,149,558.91	$	1,149,558.91	
			
EXCESS OF REVENUES OVER EXPENDITURES	0	0	

Collection and Discount % applicable to the county:	7.0%

Gross assessments	$	1,236,084.85

Notes:

1. Tax Roll Collection Costs for Walton County is 7.0% of Tax Roll. Budgeted net of tax roll assessments. See Assessment Table.

Somerset Community Development District 	
FISCAL YEAR 2017/2018 O&M & DEBT SERVICE ASSESSMENT SCHEDULE	
2017/2018 O&M Budget		$566,775.00			
Walton Co. 7% Collection Cost:		 	$42,660.48				
2017/2018 Total:	$609,435.48			

2016/2017 O&M Budget		
$514,775.00			
2017/2018 O&M Budget		$566,775.00			
Total Difference:		$52,000.00			

PER UNIT ANNUAL ASSESSMENT	

Proposed Increase / Decrease	
	2016/2017	2017/2018	$	%	
Debt Service - Commercial	$1,217.02	$1,217.02	$0.00	0.00%	
Operations/Maintenance - Commercial	$544.98	$600.03	$55.05	10.10%	
Total	$1,762.00	$1,817.05	$55.05	3.12%	

Debt Service - Hotel/Inn	

$811.35	

$811.35	

$0.00	

0.00%	
Operations/Maintenance - Hotel/Inn	$363.32	$400.02	$36.70	10.10%	
Total	$1,174.67	$1,211.37	$36.70	3.12%	

Debt Service - Single Family	

$1,622.69	

$1,622.69	

$0.00	

0.00%	
Operations/Maintenance - Single Family	$726.64	$800.05	$73.41	10.10%	
Total	$2,349.33	$2,422.74	$73.41	3.12%	

SOMERSET COMMUNITY DEVELOPMENT DISTRICT

TOTAL O&M BUDGET		$566,775.00	
COLLECTION COSTS @	7.0%	 	$42,660.48 	
TOTAL O&M ASSESSMENT		 	$609,435.48 	

UNITS ASSESSED			

FISCAL YEAR 2017/2018 O&M & DEBT SERVICE ASSESSMENT SCHEDULE

TOTAL
SERIES 2005	 	ALLOCATION OF O&M ASSESSMENT		SERIES 2005	PER LOT ANNUAL ASSESSMENT	
			DEBT			TOTAL	% TOTAL	TOTAL		DEBT SERVICE		SERIES 2005		
LOT SIZE	O&M		SERVICE (1)		EAU FACTOR	EAU's	EAU's	O&M BUDGET		ASSESSMENT	O&M	DEBT SERVICE (2)	TOTAL (3)	
PLATTED LOTS														
SINGLE FAMILY	273		273		1.00	273.00	35.84%	$218,412.72		$442,994.37	$800.05	$1,622.69	$2,422.74	
Total Platted	 	273			273			273.00	35.84%	$218,412.72		$442,994.37				

UNPLATTED LOTS
COMMERICAL	

177		

177	

1K sf	

0.75	

132.75	

17.43%	

$106,206.18		

$215,412.54	

$600.03	

$1,217.02	

$1,817.05	
HOTEL/INN	60		60		0.50	30.00	3.94%	$24,001.40		$48,681.00	$400.02	$811.35	$1,211.37	
SINGLE FAMILY	326		326		1.00	326.00	42.80%	$260,815.19		$528,996.94	$800.05	$1,622.69	$2,422.74	
Total Unplatted	 	563			563			488.75	64.16%	$391,022.77		$793,090.48				
														
TOTAL COMMUNITY	 	836			836			761.75	100.00%	$609,435.48		$1,236,084.85				

LESS: Walton County Collection Costs and Early Payment Discount Costs	
($42,660.48)		
($86,525.94)		
Net Revenue to be Collected	      $566,775.00			$1,149,558.91		
					
				PER ACRE ASSESSMENTS - UNPLATTED	
				O&M	DEBT SERVICE	TOTAL	
UNPLAT BY ACREAGE (4)	95.57	95.57	$391,022.77		$793,090.48	$4,091.48	$8,298.53	$12,390.01	

(1) Reflects the number of total lots with Series 2005 debt outstanding.

(2) Annual debt service assessment per lot adopted in connection with the Series 2005 bond issue. Annual assessment includes principal, interest, Walton County collection costs and early payment discount costs.

(3) Annual assessment that will appear on November 2017 Walton County property tax bill. Amount shown includes all applicable collection costs. Property owner is eligible for a discount of up to 4% if paid early.
(4) Assessments are allocated on an equal assessment per acre basis until lots are platted.