Somerset Community Development District
http://somersetcdd.org

Amended Budget for Fiscal Year 2020/2021

Presented by: Rizzetta & Company, Inc.

120 Richard Jackson Blvd Suite 220
Panama City Beach, Florida 32407 Phone: 850-334-9055

rizzetta.com

Chart of Accounts Classification	
Budget for 2020/2021	
		
REVENUES		
		
Special Assessments		
Tax Roll*	$  202,253	
Off Roll*	$  193,113	
		
TOTAL REVENUES	$  395,366	
		
Balance Forward from Prior Year	$	-	
		
TOTAL REVENUES AND BALANCE FORWARD	$  395,366	
		
EXPENDITURES - ADMINISTRATIVE		
		
Legislative		
Supervisor Fees	$	4,000	
Financial & Administrative		
Administrative Services	$	5,500	
District Management	$	26,471	
District Engineer	$	3,600	
Disclosure Report	$	1,500	
Trustees Fees	$	5,000	
Assessment Roll	$	5,250	
Financial & Revenue Collections	$	5,250	
Accounting Services	$	18,540	
Auditing Services	$	3,400	
Arbitrage Rebate Calculation	$	500	
Public Officials Liability Insurance	$	3,101	
Legal Advertising	$	1,600	
Dues, Licenses & Fees	$	175	
Miscellaneous Fees	$	200	
Website Hosting, Maintenance, Backup (and Email)	$	6,300	
Legal Counsel		
District Counsel	$	14,000	
		
Administrative Subtotal	$  104,387	
		
EXPENDITURES - FIELD OPERATIONS		
		
Electric Utility Services		
Street Lights	$	27,000	

Chart of Accounts Classification	
Budget for 2020/2021	
Utility-Irrigation	$	7,500	
Stormwater Control		
Stormwater System Maintenance	$	-	
Lake/Pond Bank Maintenance	$	5,000	
Miscellaneous Expense / Pond Liner Repair	$	-	
Aquatic Plant Replacement	$	-	
Other Physical Environment		
General Liability/Property Insurance	$	5,644	
Landscape Maintenance	$  127,621	
Irrigation Repairs	$	31,000	
Irrigation System Supply Pump Maintenance	$	3,360	
Ornamental Lighting & Maintenance	$	3,000	
Irrigation Well Maintenance and Repair	$	6,575	
Irrigation System -Feeder Pump Maintenance	$	-	
Irrigation System - Feeder Pump Chemicals	$	1,750	
Pond Well Inspections NPDES	$	36,000	
Landscape Replacement Plants, Shrubs, Trees	$	10,000	
Landscape Miscellaneous Palm Trees	$	-	
Landscape - Mulch	$	1,500	
Road & Street Facilities		
Street Light Decorative Light Maintenance	$	18,250	
Contingency		
Miscellaneous Contingency	$	6,779	
		
Field Operations Subtotal	$  290,979	

TOTAL EXPENDITURES	$  395,366	
		
EXCESS OF REVENUES OVER EXPENDITURES	$	-	

Amended Budget
Somerset Community Development District Reserve Fund
Fiscal Year 2020/2021

Chart of Accounts Classification	
Budget for
2020/2021	
Amended Budget 2020/2021	
			
REVENUES			
			
Special Assessments			
Tax Roll*	$	87,686	$	87,686	
Off Roll*	$	83,723	$	83,723	
			
TOTAL REVENUES	$	171,409	$	171,409	
			
Balance Forward from Prior Year	
$	-	
$	99,258	
			
TOTAL REVENUES AND BALANCE FORWARD	
$	171,409	
$	270,667	
			
EXPENDITURES			
			
Contingency			
Capital Reserves	$	171,409	$	270,667	
			
TOTAL EXPENDITURES	$	171,409	$	270,667	
			
EXCESS OF REVENUES OVER EXPENDITURES	
$	-	
$	-	

Budget
Somerset Community Development District Debt Service
Fiscal Year 2020/2021

Chart of Accounts Classification	Series 2005	Budget for 2020/2021	
			
REVENUES			
Special Assessments			
Net Special Assessments	$1,161,919.76	$1,161,919.76	
			
TOTAL REVENUES	$1,161,919.76	$1,161,919.76	

EXPENDITURES			
Administrative			
Financial & Administrative			
Debt Service Obligation	$1,161,919.76	$1,161,919.76	
Administrative Subtotal	$1,161,919.76	$1,161,919.76	
			
TOTAL EXPENDITURES	$1,161,919.76	$1,161,919.76	
			
EXCESS OF REVENUES OVER EXPEN	$0.00	$0.00	

Walton County Collecction Costs (2%) and Early Payment Discounts (4%)	6.0%

Gross assessments	$1,236,084.85

Notes:
1. Tax Roll Collection Costs and Early Payment Discounts are 6.0% of Tax Roll. Budgeted net of tax roll assessments. See Assessment Table.