Somerset Community Development District

Financial Statements (Unaudited)

July 31, 2019

Prepared by: Rizzetta & Company, Inc.

worldcommercecdd.org rizzetta.com

Somerset Community Development District
Balance Sheet As of 7/31/2019
(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	161,403		0		0		161,403		0		0	
Investments	248,561		0		1,494,246		1,742,807		0		0	
Investments--Reserves	0		586,378		0		586,378		0		0	
Accounts Receivable	0		0		0		0		0		0	
Prepaid Expenses	0		0		0		0		0		0	
Due From Other Funds	0		0		0		0		0		0	
Amount Available in Debt Service	0		0		0		0		0		1,494,246	
Amount To Be Provided Debt Service	0		0		0		0		0		11,450,754	
Fixed Assets	0		0		0		0		10,925,913		0	
Total Assets	 	409,964		 	586,378		 	1,494,246		 	2,490,588		 	10,925,913		 	12,945,000	

Liabilities												
Accounts Payable	42,345		0		0		42,345		0		0	
Accrued Expenses Payable	18,612		0		0		18,612		0		0	
Due To Other Funds	0		0		0		0		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	60,956		0		0		60,956		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	126,209		122,108		30,723		279,039		0		0	
Total Fund Equity & Other Credits	349,008		586,378		1,494,246		2,429,632		10,925,913		0	

Total Liabilities & Fund Equity	 	409,964	 	586,378	 	1,494,246	 	2,490,588	 	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 7/1/2019 Through 7/31/2019
(In Whole Numbers)

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

Interest Earnings	262		0		262		745		0		745		0	
Special Assessments														
Tax Roll	0		0		0		167,834		161,712		6,122		161,712	
Off Roll	0		0		0		218,584		218,563		21		218,563	
Total Revenues	262		0		262		387,163		380,275		6,888		380,275	

Expenditures
Legislative
Supervisor Fees	0	0	0	3,800	1,800	(2,000)	2,400	
Financial & Administrative								
Administrative Services	435	435	0	4,350	4,350	0	5,220	
District Management	2,142	2,142	0	21,417	21,417	0	25,700	
District Engineer	0	300	300	0	3,000	3,000	3,600	
Disclosure Report	0	0	0	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	4,167	4,167	0	5,000	
Accounting Services	1,417	1,417	0	14,167	14,167	0	17,000	
Auditing Services	0	0	0	3,323	3,300	(23)	3,300	
Arbitrage Rebate Calculation	0	0	0	0	500	500	500	
Travel	0	42	42	0	417	417	500	
Public Officials Liability Insurance	0	0	0	2,750	3,025	275	3,025	
Miscellaneous Fees	0	63	63	0	625	625	750	
Legal Advertising	0	150	150	1,116	1,500	384	1,800	
Dues, Licenses & Fees	0	0	0	175	175	0	175	
Website Hostin, Maintenence, Backup (and EMail)	100	100	0	1,000	1,000	0	1,200	
Legal Counsel
District Counsel	(200)	1,167	1,367	5,812	11,667	5,855	14,000
Electric Utility Services
Street Lights	0	2,250	2,250	0	22,500	22,500	27,000	
Utility-Irrigation	292	625	333	2,767	6,250	3,483	7,500	
Stormwater Control								
Stormwater System Maintenance	0	417	417	0	4,167	4,167	5,000	
Lake/Pond Bank Maintenance	45	417	372	410	4,167	3,757	5,000	
Miscellaneous Expense/Pond Liner Repair	0	208	208	0	2,083	2,083	2,500	
Aquatic Plant Replacement	0	300	300	0	3,000	3,000	3,600	
Other Physical Environment								
General Liability Insurance	0	0	0	5,050	5,555	505	5,555	
Landscape Maintenance	25,601	7,917	(17,685)	75,544	79,167	3,622	95,000	
Irrigation Repairs	6,562	542	(6,020)	33,907	5,417	(28,490)	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 7/1/2019 Through 7/31/2019
(In Whole Numbers)

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

230		
521		
291		
4,997		
5,208		
211		
6,250	
0		42		42		0		417		417		500	
98		300		202		286		3,000		2,714		3,600	
0		83		83		0		833		833		1,000	
161		500		339		3,645		5,000		1,355		6,000	
1,900		2,292		392		18,525		22,917		4,392		27,500	
0		3,050		3,050		0		30,500		30,500		36,600	
7,700		750		(6,950)		16,033		7,500		(8,533)		9,000	
0		125		125		0		1,250		1,250		1,500	
1,781		1,521		(260)		22,394		15,208		(7,185)		18,250	

3,684		
1,479		
(2,205)		
8,571		
14,792		
6,220		
17,750	
52,364		29,568		(22,796)		260,955		320,539		59,584		380,275	

(52,102)		
(29,568)		
(22,534)		
126,209		
59,736		
66,472		
0	

(52,102)		
(29,568)		
(22,534)		
126,209		
59,736		
66,472		
0	

 	 	 	 	 	 	

See Notes to Unaudited Financial Statements

Somerset Community Development District
Statement of Revenues and Expenditures 005 - Reserve Fund
From 10/1/2018 Through 7/31/2019
(In Whole Numbers)

Current Period
Annual Budget	Actual

Budget To Actual Variance

Budget Percent Remaining

 	 	 	

Revenues
Interest Earnings
Interest Earnings	0		8,108		8,108		0.00%	
Special Assessments								
Tax Roll	79,309		79,309		0		0.00%	
Off Roll	107,191		107,191		0		0.00%	
Total Revenues	186,500		194,608		8,108		4.35%	

Expenditures
Contingency								
Capital Reserves	186,500		72,500		114,000		61.12%	
Total Expenditures	186,500		72,500		114,000		61.13%	

Excess of Revenue Over (Under) Expenditures	
0		
122,108		
122,108		
0.00%	

Excess of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
122,108		
122,108		
0.00%	

Fund Balance, Beginning of Period								
	0		464,271		464,271		0.00%	
Fund Balance, End of Period	 	0		 	586,378		 	586,378		 	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 7/31/2019
(In Whole Numbers)

Current Period
Annual Budget	Actual

Budget To Actual Variance

Budget Percent Remaining

 	 	 	

Revenues
Interest Earnings
Interest Earnings	0		27,890		27,890		0.00%	
Special Assessments								
Tax Roll	488,849		501,264		12,414		2.53%	
Off Roll	660,710		660,710		0		0.00%	
Total Revenues	1,149,559		1,189,863		40,304		3.51%	

Expenditures
Debt Service Obligation
Interest	729,559		709,140		20,419		2.79%	
Principal	420,000		450,000		(30,000)		(7.14)%	
Total Expenditures	1,149,559		1,159,140		(9,581)		(0.83)%	

Excess of Revenue Over (Under) Expenditures	
0		
30,723		
30,723		
0.00%	

Excess of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
30,723		
30,723		
0.00%	

Fund Balance, Beginning of Period								
	0		1,463,523		1,463,523		0.00%	
Fund Balance, End of Period	 	0		 	1,494,246		 	1,494,246		 	0.00%	

See Notes to Unaudited Financial Statements

Somerset CDD	
Investment Summary	
July 31, 2019	

Balance as of	
July 31, 2019	

Account	Investment

The Bank of Tampa	
The Bank of Tampa ICS - Operating	
First National Bank of Omaha	
NexBank, SSB	
Stifel Bank and Trust	
The Huntington National Bank	

Money Market Account	$	3,037

Money Market Account	
Money Market Account	
Money Market Account	
Money Market Account	

 	
6	
95,865	
11	
149,642	

Total General Fund Investments

The Bank of Tampa ICS - Capital Reserve	
First National Bank of Omaha	
NexBank, SSB	
Stifel Bank and Trust	
The Huntington National Bank	
Unted Bank	

Money Market Account	
Money Market Account	
Money Market Account	
Money Market Account	
Money Market Account	

Total Reserve Fund Investments

  $	248,561 

$	323	
135	
245,089	
95,414	
245,417	
  $	586,378 

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	

$	28,847	
862,081	
603,318	

Total Debt Service Fund Investments	 $	1,494,246 

Somerset Community Development District
Aged Payables by Invoice Date Aging Date - 7/1/2019
001 - General Fund
From 7/1/2019 Through 7/31/2019

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

ALYS Beach Neighborhood Association		
7/31/2019		
04302019		
Other Invoices 04/19		
6,992.00	
ALYS Beach Neighborhood Association		7/31/2019		05302019		Other Invoices 05/19		25,746.57	
ALYS Beach Neighborhood Association		7/31/2019		06302019		Other Invoices 06/19		9,606.22	

Report Total								
42,344.79	

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

Balance Sheet

Trust statement activity has been recorded through 07/31/2019.
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.