Somerset Community Development District
www.somersetcdd.org

Approved Proposed Budget for Fiscal Year 2026-2027

Presented by: Rizzetta & Company, Inc.
120 Richard Jackson Boulevard, Ste #220 Panama City Beach, FL 32407
Phone: 850-334-9055

rizzetta.com

Table of Contents

Page
General Fund Budget for Fiscal Year 2026/2027	1
Reserve Fund Budget for Fiscal Year 2026/2027	4
Debt Service Fund Budget for Fiscal Year 2026/2027	5
Assessments Charts for Fiscal Year 2026/2027	6
General Fund Budget Account Category Descriptions	8
Reserve Fund Budget Account Category Descriptions	11
Debt Service Fund Budget Account Category Descriptions	12

Proposed Budget
Somerset Community Development District
General Fund Fiscal Year 2026/2027	
	
Chart of Accounts Classification	
Actual YTD	Projected Annual	Annual Budget for through 04/30/26		Totals 2025/2026		2025/2026	Projected Budget variance for 2025/2026	
Budget for 2026/2027	Budget Increase (Decrease) vs 2025/2026		
1									
2	ASSESSMENT REVENUES								
3									
4	Special Assessments								
5	Tax Roll*	$	746,372	$	746,372	$	730,585	$	15,787	$	971,040	$	240,455		
6	Off Roll*	$	227,669	$	227,669	$	227,667	$	2	$	208,212	$	(19,455)		
7									
8	Assessment Revenue Subtotal	$	974,041	$	974,041	$	958,252	$	15,789	$	1,179,252	$	221,000	
9									
10	OTHER REVENUES	$	21,297							
11									
12	Balance Forward from Prior Year	$	-	$	-	$	-	$	-	$	-	$	-		
13									
14	Other Revenue Subtotal	$	21,297	$	-	$	-	$	-	$	-	$	-	
15								
16	TOTAL REVENUES	$	995,338	$	974,041	$	958,252	$	15,789	$	1,179,252	$	221,000	
17	*Allocation of assessments between the Tax Roll and Off Roll
are estimates only and subject to change prior to certification.				
18									
19	EXPENDITURES - ADMINISTRATIVE								
20									
21	Legislative								
22	Supervisor Fees	$	3,200	$	5,486	$	6,000	$	514	$	6,000	$	-		
23	Financial & Administrative								
24	Accounting Services	$	12,880	$	22,079	$	22,079	$	-	$	22,962	$	883		
25	Administrative Services	$	3,823	$	6,554	$	6,554	$	-	$	6,816	$	262		
26	Arbitrage Rebate Calculation	$	-	$	500	$	500	$	-	$	500	$	-		
27	Assessment Roll	$	6,292	$	6,292	$	6,292	$	-	$	6,544	$	252		
28	Auditing Services	$	-	$	3,900	$	3,900	$	-	$	3,900	$	-		
29	Disclosure Report	$	875	$	875	$	1,500	$	625	$	1,500	$	-		
30	District Engineer	$	4,632	$	28,500	$	36,000	$	7,500	$	36,000	$	-		
31	District Management	$	43,482	$	74,541	$	74,541	$	-	$	77,523	$	2,982		
32	Dues, Licenses & Fees	$	175	$	175	$	175	$	-	$	175	$	-		
33	Financial & Revenue Collections	$	3,671	$	6,292	$	6,292	$	-	$	7,744	$	1,452		
34	Legal Advertising	$	180	$	3,250	$	2,500	$	(750)	$	3,650	$	1,150		
35	Miscellaneous Fees	$	-	$	-	$	250	$	250	$	250	$	-		
36	Public Officials Liability Insurance	$	3,922	$	3,922	$	4,163	$	241	$	4,314	$	151		
37	Trustees Fees	$	2,357	$	4,041	$	4,200	$	159	$	4,200	$	-		
38	Website Hosting, Maintenance, Backup	$	3,525	$	6,043	$	7,500	$	1,457	$	7,620	$	120		
39	Legal Counsel								

Comments	

	

	

	

	

	

	

	
Assumes 6 meetings in FY27.	
	
In line with proposed changes.	
In line with proposed changes.	
In line with proposed agreement for FY26-28	
In line with proposed changes.	
In line with engagement for FY23-27	
No changes, in line with agreement.	
Maintained at the same rate.	
In line with proposed changes.	
Payable annually to the State, remains consistent.	
In line with proposed changes.	
In line withprior year actuals.	
Maintained at the same rate.	
In line with Egis projections for FY27	
In line with projections.	
In line with proposed changes.	

x

1

Proposed Budget
Somerset Community Development District
General Fund Fiscal Year 2026/2027	
	
Chart of Accounts Classification	
Actual YTD	Projected Annual	Annual Budget for through 04/30/26		Totals 2025/2026		2025/2026	Projected Budget variance for 2025/2026	
Budget for 2026/2027	Budget Increase (Decrease) vs 2025/2026		
40	District Counsel	$	11,769	$	20,175	$	35,000	$	14,825	$	35,000	$	-		
41									
42	Administrative Subtotal	$	100,783	$	192,625	$	217,446	$	24,821	$	224,698	$	7,252	
43									
44	EXPENDITURES - FIELD OPERATIONS								
45									
46	Electric Utility Services								
47	Utility - Irrigation	$	18,954	$	32,493	$	34,000	$	1,507	$	36,500	$	2,500		
48	Utility - Street Lights	$	3,565	$	6,111	$	3,900	$	(2,211)	$	7,300	$	3,400		
49	Stormwater Control								
50	Stormwater Monitoring	$	-	$	-	$	-	$	-	$	32,000			
51	Stormwater System Maintenance	$	3,126	$	5,359	$	1,250	$	(4,109)	$	2,000	$	750		
52	Other Physical Environment								
53	Facility Management	$	58,667	$	100,572	$	100,572	$	-	$	100,572	$	-		
54	General Liability Insurance & Property Insurance	$	26,086	$	26,086	$	29,305	$	3,219	$	26,090	$	(3,215)	
55	NPDES Inspections	$	17,100	$	29,314	$	30,000	$	686	$	32,000	$	2,000		
56	Pedestrian Path Lighting Maintenance	$	35,403	$	42,563	$	20,000	$	(22,563)	$	50,000	$	30,000		
57	Water Management Monitoring & Reporting	$	-	$	-	$	-	$	-	$	2,500	$	2,500		
58	Water Quality Monitoring & Testing	$	-	$	-	$	-	$	-	$	5,000	$	5,000		
59	Well Maintenance	$	10,562	$	15,402	$	8,200	$	(7,202)	$	10,000	$	1,800		
60	Landscape								
61	Irrigation Maintenance & Repair	$	27,509	$	37,519	$	12,100	$	(25,419)	$	30,000	$	17,900		
62	Irrigation System - Supply Pump Maintenance	$	20,486	$	35,119	$	27,000	$	(8,119)	$	35,200	$	8,200		
63	Irrigation System - Feeder Pump Chemicals	$	39,605	$	67,894	$	55,000	$	(12,894)	$	76,000	$	21,000		
64	Landscape Maintenance Contractural	$	64,137	$	109,950	$	107,700	$	(2,250)	$	111,640	$	3,940		
65	Landscape Maintenance	$	1,352	$	2,317	$	-	$	(2,317)	$	4,000	$	4,000		
66	Landscape Replacement - Plants, Shrubs, Palms, Sod	$	2,617	$	4,486	$	10,000	$	5,514	$	10,000	$	-		
67	Landscape Tree Service	$	-	$	34,000	$	34,000	$	-	$	34,000	$	-		
68	Lake/Pond Bank Maintenance & Repair	$	-	$	2,500	$	5,000	$	2,500	$	5,000	$	-		
69	Road & Street Facilities								
70	Crosswalk Maintenance	$	-	$	6,500	$	20,000	$	13,500	$	20,000	$	-		
71	Slip Lane Maintenance	$	5,880	$	10,080	$	20,000	$	9,920	$	20,000	$	-		
72	Street Light/Decorative Light Maintenance	$	3,625	$	6,214	$	7,500	$	1,286	$	8,500	$	1,000		
73	Stormwater System Maintenance	$	4,580	$	7,851	$	1,000	$	(6,851)	$	5,000	$	4,000		
74	Beachfront								
75	Beach & Coastal Environmental Service	$	-	$	-	$	43,000	$	43,000	$	68,000	$	25,000		
76	Dune Maintenance	$	140,224	$	189,142	$	165,000	$	(24,142)	$	217,500	$	52,500		
77	Contingency								
78	Miscellaneous Contingency	$	-	$	-	$	6,279	$	6,279	$	5,752	$	(527)	

	

Comments	
Maintained at the same rate.	

	

	
In line with projections for FY26, , allowance for new meters as additonal dev is completed.	
In line with projections for FY26, allowance for new meters as additonal dev is completed.	
	
New Line Item: Amount budgeted for structural monitoring and system inspection.	
For repairs & maintenance of stormwater system not within the roads/streets. Allowance for minor repairs & maintenance not related to Reserve projects.	
	
In line with agreement, monitor through final as digital well readers are installed.	
In line with Egis projections for FY27	
	
In line with projections, monitor through final.	
New Line Item: Amounts allocated to well reading equipment, software, and other related expenses. Monitor through final.	
New Line Item: Moved budget amounts from Stormwater System Maintenance litem. Agreement for monitoring Lake Marilyn water quality and allowance for as-needed aquatic treatments.	

	
In line with projections & prior year actuals. FY26 projections include one-time unplanned repairs not expected to repeat in FY27.	
Based on projected annual totals with contingency to capture heavy irrigation months.	
In line with agreement.	
New budget line for instances of repairs/maintenance not included in recurring contractural expense.	
No changes in FY27.	
Budgeting for up to two trimmings (October & April) and up to one systemic injection, plus continency for fronds	
Maintained at the same rate.	
	
Maintained at the same rate. Monitor through final.	
Maintained at the same rate.	
Budgeting for refinishing, pest control, fixtures, and bulb replacements.	

Amount budgeted for potential sargassum removal & studies.	
In line with projections. Portion of YTD Actual was reimbursed by landowner.	
	
Amount budgeted for unforseen expenditures.	

2

Proposed Budget
Somerset Community Development District
General Fund Fiscal Year 2026/2027	
	
Chart of Accounts Classification	
Actual YTD	Projected Annual	Annual Budget for through 04/30/26		Totals 2025/2026		2025/2026	Projected Budget variance for 2025/2026	
Budget for 2026/2027	Budget Increase (Decrease) vs 2025/2026	
79								
80	Field Operations Subtotal	$	483,478	$	771,473	$	740,806	$	(30,667)	$	954,554	$	181,748	
81								
82	TOTAL EXPENDITURES	$	584,261	$	964,098	$	958,252	$	(5,846)	$	1,179,252	$	189,000	
83								
84	EXCESS OF REVENUES OVER EXPENDITURES	$	411,077	$	9,943	$	-	$	9,943	$	-	$	32,000	
85								

	

Comments	

	

	

3

Proposed Budget
Somerset Community Development District
Reserve Fund Fiscal Year 2026/2027	
	
Chart of Accounts Classification	
Actual YTD through	Projected Annual	Annual Budget for 04/30/26		Totals 2025/2026		2025/2026	Projected Budget variance for 2025/2026	
Budget for 2026/2027	Budget Increase (Decrease) vs 2025/2026		
1									
2	ASSESSMENT REVENUES								
3									
4	Special Assessments								
5	Tax Roll*	$	539,027	$	539,027	$	539,027	$	0	$	729,252	$	190,226		
6	Off Roll*	$	91,610	$	167,973	$	167,973	$	(0)	$	156,368	$	(11,606)		
7									
8	Assessment Revenue Subtotal	$	630,637	$	707,000	$	707,000	$	-	$	885,620	$	178,620	
9									
10	OTHER REVENUES	$	-							
11									
12	Balance Forward from Prior Year	$	-	$	-	$	-	$	-	$	-	$	-		
13									
14	Other Revenue Subtotal	$	-	$	-	$	-	$	-	$	-	$	-	
15								
16	TOTAL REVENUES	$	630,637	$	707,000	$	707,000	$	-	$	885,620	$	178,620	
17	*Allocation of assessments between the Tax Roll and Off Roll
are estimates only and subject to change prior to certification.				
18									
19	EXPENDITURES								
20									
21	Contingency								
22	Capital Projects - Asset Review Projects	$	71,180	$	180,000	$	180,000	$	-	$	-	$	(180,000)	
23	Capital Reserves	$	109,143	$	187,102	$	527,000	$	339,898	$	885,620	$	358,620		
24									
25	TOTAL EXPENDITURES	$	180,323	$	367,102	$	707,000	$	339,898	$	885,620	$	178,620	
26								
27	EXCESS OF REVENUES OVER EXPENDITURES	$	450,314	$	339,898	$	-	$	339,898	$	-	$	-	
28								

	

Comments	

	

	

	

	

	

	

	
Project to be completed in FY26	
Increase consolidates funding, including anticipated stormwater
infrastructure repairs. Monitor through final.	

	

4

Somerset Community Development District Debt Service
Fiscal Year 2026/2027	

Chart of Accounts Classification	Series 2022 (Refunding)	
Budget for 2026/2027	
			
REVENUES			
Special Assessments			
Net Special Assessments (1)	$963,485.00	$963,485.00	
			
TOTAL REVENUES	$963,485.00	$963,485.00	

EXPENDITURES			
Administrative			
Debt Service Obligation	$963,485.00	$963,485.00	
Administrative Subtotal	$963,485.00	$963,485.00	
			
TOTAL EXPENDITURES	$963,485.00	$963,485.00	
			
EXCESS OF REVENUES OVER EXPENDITURES	$0.00	$0.00	

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

$1,024,984.04

GROSS ASSESSMENTS

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.

(1) Maximum Annual Debt Service less Prepaid Assessments received.

5

SOMERSET COMMUNITY DEVELOPMENT DISTRICT

FISCAL YEAR 2026/2027 O&M & DEBT SERVICE ASSESSMENT SCHEDULE	
TOTAL O&M BUDGET	$2,064,872.00
COLLECTION COSTS @	2.0%	$43,933.45
EARLY PAYMENT DISCOUNT @	4.0%	$87,866.89
TOTAL O&M ASSESSMENT	$2,196,672.34	
	UNITS ASSESSED		ALLOCATION OF O&M ASSESSMENT		PER LOT ANNUAL ASSESSMENT		
	
SERIES 2022 (REFUNDING)
LOT SIZE	O&M	DEBT SERVICE (1)		TOTAL	% TOTAL		TOTAL EAU FACTOR	EAU's		EAU's	O&M BUDGET		
SERIES 2022 (REFUNDING)
O&M (2)	DEBT SERVICE (2)(3)	TOTAL (4)		
	SINGLE & MULTI FAMILY	667	667
COMMERCIAL (5)	28.25	28.25
Total Platted	695.25	695.25

Unplatted
SINGLE & MULTI FAMILY	120	111
COMMERCIAL (5)	36.75	25.60
Total Unplatted	156.75	136.60
Total Community	852	831.85		
1.00	667.00	79.81%	$1,753,132.46
0.75	21.19	2.54%	$55,688.90

688.19	82.34%	$1,808,821.35

1.00	120.00	14.36%	$315,406.14
0.75	27.56	3.30%	$72,444.85

147.56	17.66%	$387,850.99

835.75	100.00%	$2,196,672.34		
$2,628.38	$1,252.44	$3,880.82
$1,971.29	$939.33	$2,910.62

$2,628.38	$1,252.44	$3,880.82
$1,971.29	$939.33	$2,910.62		

LESS: Walton County Collection Costs (2%) and Early Payment Discounts (4%):	($131,800.34)

Net Revenue to be Collected:	$2,064,872.00	

(1) Reflects the number of total lots with Series 2022 debt outstanding.

(2) Assessments are allocated on an equal assessment per acre basis until lots are platted.

(3) Annual debt service assessment per lot adopted in connection with the Series 2022 bond issue. Annual assessment includes principal, interest, Walton County collection costs and early payment discounts.

(4) Annual assessment that will appear on November 2026 Walton County property tax bill. Amount shown includes all applicable collection costs and early payment discounts (up to 4% if paid early).

(5) Commercial squares units respresents 1K per sf.	

6

SOMERSET COMMUNITY DEVELOPMENT DISTRICT

FISCAL YEAR 2026/2027 O&M & DEBT SERVICE ASSESSMENT SCHEDULE	

2026/2027 O&M Budget:	$2,064,872.00	2025/2026 O&M Budget:	$1,665,252.00
Collection Costs:	2%	$43,933.45	2026/2027 O&M Budget:	$2,064,872.00
Early Payment Discounts:	4%	$87,866.89

2026/2027 Total:	$2,196,672.34	Total Difference:	$399,620.00	

Lot Size	Assessment Breakdown

Series 2022 Debt Service
Single Family
Operations/Maintenance

Total

Series 2022 Debt Service
Commercial
Operations/Maintenance

Total	Per Unit Annual Assessment Comparison
2025/2026	2026/2027		Proposed Increase / Decrease
$	%		
	
$1,252.44	$1,252.44
$2,119.71	$2,628.38		
$0.00	0.00%
$508.67	24.00%		
	$3,372.15	$3,880.82		$508.67	15.08%		
	
$939.33	$939.33
$1,589.78	$1,971.29		
$0.00	0.00%
$381.51	24.00%		
	$2,529.11	$2,910.62		$381.51	15.08%		

7

GENERAL FUND BUDGET ACCOUNT CATEGORY DESCRIPTION
The General Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all General Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.

REVENUES:

Tax Roll: The District levies Non-Ad Valorem Special Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County’s Tax Roll, to be collected with the County’s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County.

EXPENDITURES – ADMINISTRATIVE:

Supervisor Fees: The District may compensate its supervisors within the appropriate statutory limits of
$200.00 maximum per meeting within an annual cap of $4,800.00 per supervisor.

Administrative Services: The District will incur expenditures for the day to today operation of District matters. These services include support for the District Management function, recording and preparation of meeting minutes, records retention and maintenance in accordance with Chapter 119, Florida Statutes, and the District’s adopted Rules of Procedure, preparation and delivery of agenda, overnight deliveries, facsimiles, and phone calls.

District Management: The District as required by statute, will contract with a firm to provide for the management and administration of the District’s day-to-day needs. These services include the conducting of board meetings, workshops, the overall administration of District functions, all required state, and local filings, preparation of the annual budget, purchasing, risk management, preparing various resolutions, and all other secretarial duties requested by the District throughout the year is also reflected in this amount.
District Engineer: The District’s engineer provides general engineering services to the District. Among these services are attendance at and preparation for monthly board meetings, review of construction invoices and all other engineering services requested by the district throughout the year.

8

Disclosure Report: The District is required to file quarterly and annual disclosure reports, as required in the District’s Trust Indenture, with the specified repositories. This is contracted out to a third party in compliance with the Trust Indenture.

Trustee’s Fees: The District will incur annual trustee’s fees upon the issuance of bonds for the oversight of the various accounts relating to the bond issues.
Assessment Roll: The District will contract with a firm to prepare, maintain and certify the assessment roll(s) and annually levy a non-ad Valorem assessment for operating and debt service expenses.
Financial & Revenue Collections: Services of the Collection Agent include all functions necessary for the timely billing and collection and reporting of District assessments in order to ensure adequate funds to meet the District’s debt service and operations and maintenance obligations. The Collection Agent also maintains and updates the District’s lien book(s) annually and provides for the release of liens on the property after the full collection of bond debt levied on particular properties.
Accounting Services: Services include the preparation and delivery of the District’s financial statements in accordance with Governmental Accounting Standards, accounts payable and accounts receivable functions, asset tracking, investment tracking, capital program administration and requisition processing, filing of annual reports required by the State of Florida and monitoring of trust account activity.
Auditing Services: The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting firm, once it reaches certain revenue and expenditure levels, or has issued bonds and incurred debt.

Arbitrage Rebate Calculation: The District is required to calculate the interest earned from bond proceeds each year pursuant to the Internal Revenue Code of 1986. The Rebate Analyst is required to verify that the District has not received earnings higher than the yield of the bonds.

Public Officials Liability Insurance: The District will incur expenditures for public officials’ liability insurance for the Board and Staff.
Legal Advertising: The District will incur expenditures related to legal advertising. The items for which the District will advertise include, but are not limited to meeting schedules, special meeting notices, and public hearings, bidding etc. for the District based on statutory guidelines

Bank Fees: The District will incur bank service charges during the year.
Dues, Licenses & Fees: The District is required to pay an annual fee to the Department of Economic Opportunity, along with other items which may require licenses or permits, etc.

Miscellaneous Fees: The District could incur miscellaneous throughout the year, which may not fit into any standard categories.
Website Hosting, Maintenance and Email: The District may incur fees as they relate to the development and ongoing maintenance of its own website along with possible email services if requested.

9

District Counsel: The District’s legal counsel provides general legal services to the District. Among these services are attendance at and preparation for monthly board meetings, review of operating and maintenance contracts and all other legal services requested by the district throughout the year.

EXPENDITURES - FIELD OPERATIONS:

Electric Utility Services: The District will incur electric utility expenditures for general purposes such as irrigation timers, well and lift station pumps and equipment, street lighting, safety lighting, etc.
Street Lights: The District may have expenditures relating to street lights throughout the community. These may be restricted to main arterial roads or in some cases to all street lights within the District’s boundaries.

Gas Utility Services: The District may incur gas utility expenditures related to district operations at its facilities such as street lighting, etc.
Aquatic Maintenance: Expenses related to the care and maintenance of the lakes and ponds for the control of nuisance plant and algae species.
Lake/Pond Bank Maintenance: The District may incur expenditures to maintain lake banks, etc. for the ponds and lakes within the District’s boundaries, along with planting of beneficial aquatic plants, stocking of fish, mowing and landscaping of the banks as the District determines necessary.

General Liability Insurance: The District will incur fees to insure items owned by the District for its general liability needs
Property Insurance: The District will incur fees to insure items owned by the District for its property needs

Landscape Maintenance: The District will incur expenditures to maintain the rights-of-way, median strips, recreational facilities including pond banks, entryways, and similar planting areas within the District. These services include but are not limited to monthly landscape maintenance, fertilizer, pesticides, annuals, mulch, and irrigation repairs.
Landscape Tree Service: The District may incur expenditures to maintain the trees within the District. These services included but are not limited to pruning, treatment, removal, and replacement.
Irrigation Maintenance: The District will incur expenditures related to the maintenance of the irrigation systems.
Irrigation Repairs: The District will incur expenditures related to repairs of the irrigation systems.

Landscape Replacement: Expenditures related to replacement of turf, trees, shrubs etc.

10

Miscellaneous Fees: The District may incur miscellaneous expenses that do not readily fit into defined categories in field operations.
Facility Management: The District may contract with a firm to provide maintenance oversight of its infrastructure.
Maintenance & Repair: The District may incur expenses to maintain its recreation facilities.

Miscellaneous Fees: Monies collected and allocated for fees that the District could incur throughout the year, which may not fit into any standard categories.
Miscellaneous Contingency: Monies collected and allocated for expenses that the District could incur throughout the year, which may not fit into any standard categories.
Capital Outlay: Monies collected and allocated for various projects as they relate to public improvements.

RESERVE FUND BUDGET ACCOUNT CATEGORY DESCRIPTION
The Reserve Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Reserve Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.
REVENUES:

Tax Roll: The District levies Non-Ad Valorem Special Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County’s Tax Roll, to be collected with the County’s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County.

Off Roll: For lands not on the tax roll and that is by way of a direct bill from the District to the appropriate property owner.
Developer Contributions: The District may enter into a funding agreement and receive certain prescribed dollars from the Developer to off-set expenditures of the District.
Miscellaneous Revenues: The District may receive monies for the sale or provision of electronic access cards, entry decals etc.

11

EXPENDITURES:

Capital Reserve: Monies collected and allocated for the future repair and replacement of various capital improvements such as club facilities, swimming pools, athletic courts, roads, etc.

Capital Outlay: Monies collected and allocated for various projects as they relate to public improvements.

DEBT SERVICE FUND BUDGET ACCOUNT CATEGORY DESCRIPTION
The Debt Service Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Debt Service Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.

REVENUES:

Special Assessments: The District may levy special assessments to repay the debt incurred by the sale of bonds to raise working capital for certain public improvements. The assessments may be collected in the same fashion as described in the Operations and Maintenance Assessments.

EXPENDITURES – ADMINISTRATIVE:

Bank Fees: The District may incur bank service charges during the year.

Debt Service Obligation: This would a combination of the principal and interest payment to satisfy the annual repayment of the bond issue debt.

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