Somerset Community Development District

Financial Statements (Unaudited)

May 31, 2019

Prepared by: Rizzetta & Company, Inc.

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Somerset Community Development District
Balance Sheet As of 5/31/2019
(In Whole Numbers)

	
General Fund		
Reserve Fund		
Debt Service Fund		Total Governmental Funds		General Fixed Assets Account Group		General Long-Term Debt Account Group	

Assets												
Cash In Bank	322,051		0		0		322,051		0		0	
Investments	125,661		0		1,474,018		1,599,679		0		0	
Investments--Reserves	0		656,878		0		656,878		0		0	
Accounts Receivable	337		0		684		1,021		0		0	
Prepaid Expenses	0		0		0		0		0		0	
Due From Other Funds	0		0		4,914		4,914		0		0	
Amount Available in Debt Service	0		0		0		0		0		1,479,616	
Amount To Be Provided Debt Service	0		0		0		0		0		11,465,384	
Fixed Assets	0		0		0		0		10,925,913		0	
Total Assets	 	448,050		 	656,878		 	1,479,616		 	2,584,544		 	10,925,913		 	12,945,000	

Liabilities												
Accounts Payable	800		0		0		800		0		0	
Accrued Expenses Payable	19,000		0		0		19,000		0		0	
Due To Other Funds	4,914		0		0		4,914		0		0	
Other Bonds Payable	0		0		0		0		0		0	
Revenue Bonds Payable--Long Term	0		0		0		0		0		12,945,000	
Total Liabilities	24,714		0		0		24,714		0		12,945,000	

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	200,537		192,607		16,093		409,237		0		0	
Total Fund Equity & Other Credits	423,336		656,878		1,479,616		2,559,830		10,925,913		0	

Total Liabilities & Fund Equity	 	448,050	 	656,878	 	1,479,616	 	2,584,544	 	10,925,913	 	12,945,000

See Notes to Unaudited Financial Statements

Revenues
Interest Earnings

Somerset Community Development District
Statement of Revenues and Expenditures 001 - General Fund
From 5/1/2019 Through 5/31/2019
(In Whole Numbers)

Monthly	Monthly	Monthly	YTD	YTD	YTD	Annual	
Actual	Budget	Variance	Actual	Budget	Variance	Budget	

Interest Earnings	66		0		66		346		0		346		0	
Special Assessments														
Tax Roll	0		0		0		163,267		161,712		1,555		161,712	
Off Roll	0		0		0		218,584		218,563		21		218,563	
Total Revenues	66		0		66		382,197		380,275		1,922		380,275	

Expenditures
Legislative
Supervisor Fees	1,800	600	(1,200)	3,800	1,800	(2,000)	2,400	
Financial & Administrative								
Administrative Services	435	435	0	3,480	3,480	0	5,220	
District Management	2,142	2,142	0	17,133	17,133	0	25,700	
District Engineer	0	300	300	0	2,400	2,400	3,600	
Disclosure Report	1,500	500	(1,000)	1,750	500	(1,250)	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	3,333	3,333	0	5,000	
Accounting Services	1,417	1,417	0	11,333	11,333	0	17,000	
Auditing Services	0	0	0	3,323	0	(3,323)	3,300	
Arbitrage Rebate Calculation	0	0	0	0	500	500	500	
Travel	0	42	42	0	333	333	500	
Public Officials Liability Insurance	0	0	0	2,750	3,025	275	3,025	
Miscellaneous Fees	0	63	63	0	500	500	750	
Legal Advertising	203	150	(53)	1,116	1,200	84	1,800	
Dues, Licenses & Fees	0	0	0	175	175	0	175	
Website Hostin, Maintenence, Backup (and EMail)	100	100	0	800	800	0	1,200	
Legal Counsel								
District Counsel	1,527	1,167	(360)	5,485	9,333	3,848	14,000	
Electric Utility Services								
Street Lights	0	2,250	2,250	0	18,000	18,000	27,000	
Utility-Irrigation	0	625	625	2,054	5,000	2,946	7,500	
Stormwater Control								
Stormwater System Maintenance	0	417	417	0	3,333	3,333	5,000	
Lake/Pond Bank Maintenance	40	417	377	320	3,333	3,013	5,000	
Miscellaneous Expense/Pond Liner Repair	0	208	208	0	1,667	1,667	2,500	
Aquatic Plant Replacement	0	300	300	0	2,400	2,400	3,600	
Other Physical Environment								
General Liability Insurance	0	0	0	5,050	5,555	505	5,555	
Landscape Maintenance	(500)	7,917	8,417	49,943	63,333	13,390	95,000	
Irrigation Repairs	5,000	542	(4,458)	17,207	4,333	(12,874)	6,500	

See Notes to Unaudited Financial Statements

Irrigation System Supply Pump Maintenance
Ornamental Lighting & Maintenance
Irrigation Well Maintenance and Repair
Irrigation System-Feeder Pump Maintenance
Irrigation System-Feeder Pump Chemicals
Pond Well Inspections NPDES
Landscape Replacement Plants, Shrubs, Trees
Landscape Miscellaneous Palm Trees
Landscape - Mulch Road & Street Facilities
Street Light Decorative Light Maintenance
Contingency
Miscellaneous Contingency Total Expenditures

Excess of Revenue Over (Under) Expenditures

Excess of Rev./Other Sources Over (Under) Expend./Other Uses

Somerset Community Development District
Statement of Revenues and Expenditures 001 - General Fund
From 5/1/2019 Through 5/31/2019
(In Whole Numbers)

Monthly Actual		Monthly Budget		Monthly Variance		YTD
Actual		YTD
Budget		YTD
Variance		Annual Budget	

200		
521		
321		
3,927		
4,167		
240		
6,250	
0		42		42		0		333		333		500	
0		300		300		0		2,400		2,400		3,600	
0		83		83		0		667		667		1,000	
500		500		0		2,849		4,000		1,151		6,000	
0		2,292		2,292		12,925		18,333		5,408		27,500	
0		3,050		3,050		0		24,400		24,400		36,600	
0		750		750		8,333		6,000		(2,333)		9,000	
0		125		125		0		1,000		1,000		1,500	
0		1,521		1,521		19,573		12,167		(7,407)		18,250	

0		
1,479		
1,479		
0		
11,833		
11,833		
17,750	
14,780		30,668		15,889		181,660		258,102		76,442		380,275	

(14,714)		
(30,668)		
15,954		
200,537		
122,173		
78,364		
0	

(14,714)		
(30,668)		
15,954		
200,537		
122,173		
78,364		
0	

 	 	 	 	 	 	

See Notes to Unaudited Financial Statements

Somerset Community Development District
Statement of Revenues and Expenditures 005 - Reserve Fund
From 10/1/2018 Through 5/31/2019
(In Whole Numbers)

Current Period
Annual Budget	Actual

Budget To Actual Variance

Budget Percent Remaining

 	 	 	

Revenues
Interest Earnings
Interest Earnings	0		6,107		6,107		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		192,607		42,607		28.40%	

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) Expenditures	
0		
192,607		
192,607		
0.00%	

Excess of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
192,607		
192,607		
0.00%	

Fund Balance, Beginning of Period								
	0		464,271		464,271		0.00%	
Fund Balance, End of Period	 	0		 	656,878		 	656,878		 	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 5/31/2019
(In Whole Numbers)

Current Period
Annual Budget	Actual

Budget To Actual Variance

Budget Percent Remaining

 	 	 	

Revenues
Interest Earnings
Interest Earnings	0		22,522		22,522		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		1,175,233		25,674		2.23%	

Expenditures
Debt Service Obligation
Interest	749,559		709,140		40,419		5.39%	
Principal	400,000		450,000		(50,000)		(12.50)%	
Total Expenditures	1,149,559		1,159,140		(9,581)		(0.83)%	

Excess of Revenue Over (Under) Expenditures	
0		
16,093		
16,093		
0.00%	

Excess of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
16,093		
16,093		
0.00%	

Fund Balance, Beginning of Period								
	0		1,463,523		1,463,523		0.00%	
Fund Balance, End of Period	 	0		 	1,479,616		 	1,479,616		 	0.00%	

See Notes to Unaudited Financial Statements

Somerset CDD	
Investment Summary	
May 31, 2019	

Balance as of	
May 31, 2019	

Account	Investment

The Bank of Tampa	
The Bank of Tampa ICS - Operating	
The Park National Bank	

Money Market Account	$	105,414

Money Market Account	20,247

Total General Fund Investments

The Bank of Tampa ICS - Capital Reserve	
Pinnacle Bank	
The Park National Bank	
Unted Bank	

Money Market Account	
Money Market Account	
Money Market Account	

Total Reserve Fund Investments

  $	125,661 

$	186,308	
225,170	
245,400	
  $	656,878 

US Bank Series 2005 Prepayment	
US Bank Series 2005 Reserve	
US Bank Series 2005 Revenue	

First American Treasury Obligation Fund Class Z	
First American Treasury Obligation Fund Class Z	
First American Treasury Obligation Fund Class Z	

$	28,761	
862,081	
583,176	

Total Debt Service Fund Investments	 $	1,474,018 

Somerset Community Development District
Summary A/R Ledger 001 - General Fund
From 5/1/2019 Through 5/31/2019

Invoice Date	Customer Name	Invoice Number	Current Balance

10/1/2018	Walton County Tax Collector	FY18-19	337.28

Total 001 - General Fund

337.28

See Notes to Unaudited Financial Statements

Somerset Community Development District
Summary A/R Ledger 200 - Debt Service Fund
From 5/1/2019 Through 5/31/2019

Invoice Date		Customer Name		Invoice Number		Current Balance	

10/1/2018		
Walton County Tax Collector		
FY18-19		
684.14	
		
Total 200 - Debt Service Fund				
684.14	

Report Balance						
1,021.42	

See Notes to Unaudited Financial Statements

Somerset Community Development District
Aged Payables by Invoice Date Aging Date - 5/1/2019
001 - General Fund
From 5/1/2019 Through 5/31/2019

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Andrew O'Connell		
5/30/2019		
AO053019		
Board of Supervisors Meeting 05-30-19		
200.00	
Anthony Eddie Foster		5/30/2019		EF053019		Board of Supervisors Meeting 05-30-19		200.00	
Charles E. Reichman		5/30/2019		CR053019		Board of Supervisors Meeting 05-30-19		200.00	
John Rosenberg		5/30/2019		JR053019		Board of Supervisors Meeting 05-30-19		200.00	

Report Total								
800.00	

Somerset Community Development District Notes to Unaudited Financial Statements
May 31, 2019

Balance Sheet

Trust statement activity has been recorded through 05/31/2019.
See EMMA (Electronic Municipal Market Access) at https://emma.msrb.org for Municipal Disclosures and Market Data.
For presentation purposes, the Reserves are shown in a separate fund titled Reserve Fund.

Summary A/R Ledger – Payment Terms

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.