Rivers Edge III Community Development District

Adopted Budget Fiscal Year 2022

Rivers Edge III
Community Development District

TABLE OF CONTENTS

General Fund Budget	Page 1

General Fund Narrative	Page 2-4

Series 2021 Debt Service Fund Budget	Page 5

Series 2021 Amortization Schedule	Page 6-7

Community Development District
General Fund Operating Budget

	Adopted
Budget	Actuals
as of	Projected
Next 3	Total
Projected	Adopted
Budget	
Description	FY2021	6/30/21	Months	9/30/21	FY2022	

Revenues						
Assessments	$	-	$	-	$	-	$	-	$	138,244	
Developer Contributions	$	436,013	$	505,827	$	35,976	$	541,803	$	512,928	
Total Revenues	$ 436,013	$ 505,827	$	35,976	$	541,803	$	651,172	

Expenditures						
Administrative						
Engineering	$	1,875	$	3,332	$	1,000	$	4,332	$	1,875	
Arbitrage	$	-	$	-	$	-	$	-	$	600	
Dissemination Agent	$	-	$	583	$	875	$	1,458	$	3,500	
Attorney	$	15,000	$	33,588	$	10,000	$	43,588	$	25,000	
Trustee Fees	$	-	$	-	$	-	$	-	$	4,000	
Management Fees	$	15,000	$	11,250	$	6,250	$	17,500	$	22,500	
Annual Audit	$	-	$	1,500	$	-	$	1,500	$	4,500	
Assessment Administration	$	2,500	$	-	$	2,500	$	2,500	$	5,000	
Information Technology	$	-	$	-	$	-	$	-	$	1,800	
Website Administration	$	-	$	-	$	-	$	-	$	1,200	
Telephone	$	50	$	63	$	25	$	88	$	150	
Postage	$	175	$	29	$	30	$	59	$	175	
Printing & Binding	$	250	$	543	$	250	$	793	$	1,000	
Insurance	$	2,877	$	5,000	$	-	$	5,000	$	5,500	
Legal Advertising	$	1,500	$	1,182	$	600	$	1,782	$	1,500	
Other Current Charges	$	250	$	313	$	200	$	513	$	500	
Office Supplies	$	125	$	88	$	70	$	158	$	150	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Website Administration/Compliance	$	1,250	$	2,138	$	313	$	2,450	$	1,963	
Total Administrative	$	41,027	$	59,785	$	22,113	$	81,897	$	81,088	

Grounds Maintenance						
Landscape Maintenance	$	-	$	36,563	$	23,466	$	60,028	$	76,905	
Lake Maintenance	$	-	$	300	$	450	$	750	$	2,200	
Electric	$	-	$	62	$	93	$	155	$	4,590	
Sewer/Water/Irrigation	$	-	$	1,487	$	2,500	$	3,987	$	12,500	
Cost Share Landscaping- Rivers Edge	$	137,373	$	137,373	$	-	$	137,373	$	129,731	
Total Grounds Maintenance	$ 137,373	$ 175,785	$	26,509	$	202,293	$	225,926	

Amenity Center						
Cost Share Amenity- Rivers Edge	$	257,613	$	257,613	$	-	$	257,613	$	261,848	
Cost Share Amenity- Rivers Edge II	$	-	$	-	$	-	$	-	$	82,310	
Total Amenity Center	$ 257,613	$ 257,613	$	-	$	257,613	$	344,158	
						
Total Expenditures	$ 436,013	$ 493,182	$	48,621	$	541,803	$	651,172	
						
Excess Revenues (Expenditures)	$	-	$	12,645	$ (12,645)	$	-	$	-	
						
		Lot
Size	
Units	Per
Unit	Gross
Assessments	
		40'-49' Lot	63	$ 1,162.47	$	73,236	
		60'-69' Lot	47	$ 1,570.90	   $	73,832 	
Total Gross Assessments	$	147,068	
Less: Discounts 6%	   $	8,824 	
Total Net Assessments	   $	138,244 	

REVENUES:
Assessments
The District will levy a non ad-valorem special assessment on all taxable property within the District to fund a portion of the General Operating Expenditures for the fiscal year. These are collected on the St. Johns County Tax Roll for platted lands. Unplatted lands are direct billed to the landowner.

Developer Contributions
The District will enter into a Funding Agreement with the Developer to fund the General Fund expenditures for the Fiscal Year.

EXPENDITURES:

Administrative:

Engineering Fees
The District’s engineering firm, Prosser, Inc, will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc.

Arbitrage
The District is required to annually have an arbitrage rebate calculation on the District’s Bonds. The District will contract with an independent auditing firm to perform the calculations.

Dissemination Agent
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.

Attorney
The District’s legal counsel, Hopping Green and Sams, will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc.

Trustee Fees
The Trustee at U.S. BANK administers the District’s Series 2021 Capital Improvement Revenue Bonds. The amount represents the annual fee for the administration of the District’s bond issue.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. These services are further outlined in Exhibit “A” of the Management Agreement.

Assessment Administration
Annual fee to Governmental Management Services, LLC for preparation of Assessment Roll.

Information Technology
Represents costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, security, accounting software, etc.

Website Maintenance
Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.

Telephone
Telephone and fax machine.

Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.

Printing & Binding
Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes, etc.

Insurance
The District’s General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance (FIA). The amount is based upon prior year’s premiums.

Legal Advertising
The District is required to advertise various notices for Board meetings, public hearings etc. in a newspaper of general circulation

Other Current Charges
This includes bank charges and any other miscellaneous expenses that are incurred during the year by the District.

Office Supplies
Miscellaneous office supplies.

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Community Affairs for
$175. This is the only expense under this category for the District.

Grounds Maintenance:
Landscape Maintenance
The District contracted with Verdego to maintain common areas around the District.

Vendor	Description	Monthly	Annual		
Verdego	Parcel 26	$	2,216	$	26,586	
Verdego	Parcel 29	$	2,000	$	24,000	
Verdego	Parcel 35	$	1,343	$	16,118	
Verdego	Main Street Extension	$	850	$	10,201	

Total	$	76,905

Lake Maintenance
The District is in contract with Charles Aquatics, Inc for future ponds coming live in FY22.

Electric
Estimated costs for electric billed to the District by FPL.

Sewer/Water/Irrigation
Estimated costs for water, sewer, and irrigation billed to the District by FPL.

Cost Share- Landscaping Rivers Edge
Shared costs with Rivers Edge CDD for landscaping. Cost share is based on future development and estimated costs.

Amenity Center:

Cost Share- Amenity Rivers Edge
Shared costs with Rivers Edge CDD for amenities. Cost share is based on future development and estimated costs.

Cost Share- Amenity Rivers Edge II
Shared costs with Rivers Edge II CDD for amenities. Cost share is based on future developmentand estimated costs.

Rivers Edge III
Community Development District
Series 2021 Debt Service Budget

	Proposed	Actuals	Total	Adopted
Budget	as of	Projected	Budget	
Description	FY2021	6/30/21	9/30/21	FY2022	

Revenues		
Special Assessments	$	-	$	-	$	-	$	550,800	
Interest Income	$	500	$	12	$	50	$	1,000	
Bond Proceeds	$	458,622	$	458,622	$	458,622	$	-	
Carryforward Surplus	$	-	$	-	$	-	$	183,222	
Total Revenues	   $	459,122	$	458,634	$	458,672	$	735,022 	
Expenditures		
Interest Expense 11/1	$	-	$	-	$	-	$	183,222	
Principal Expense 5/1	$	-	$	-	$	-	$	200,000	
Interest Expense 5/1	$	-	$	-	$	-	$	175,425	
Total Expenditures	   $	-	$	-	$	-	$	558,647 	
Excess Revenues/(Expenditures)	   $	459,122	$	458,634	$	458,672	$	176,375 	
	
Interest Payment 11/1/22 $ 173,025.00	
		Gross	Gross	
Development	Units	Per Unit	Assessments	

40'-49' Lot	
288	
$900	
$259,200	
50'-59' Lot	57	$1,104	$62,928	
60'-69' Lot	115	$1,200	$138,000	
70'-79' Lot	43	$1,500	$64,500	
80'+ Lot	36	$1,705	 	$61,380 	
Gross Total			$586,008	
Less Disc. +	Collections 6%		($35,208)	
Net Annual	Assessment		$550,800	

11/01/21			$183,222	$	183,222	
05/01/22	$9,880,000	$200,000	$175,425		
11/01/22			$173,025	$	548,450	
05/01/23	$9,680,000	$205,000	$173,025		
11/01/23			$170,565	$	548,590	
05/01/24	$9,475,000	$210,000	$170,565		
11/01/24			$168,045	$	548,610	
05/01/25	$9,265,000	$215,000	$168,045		
11/01/25			$165,465	$	548,510	
05/01/26	$9,050,000	$220,000	$165,465		
11/01/26			$162,825	$	548,290	
05/01/27	$8,830,000	$225,000	$162,825		
11/01/27			$159,450	$	547,275	
05/01/28	$8,605,000	$235,000	$159,450		
11/01/28			$155,925	$	550,375	
05/01/29	$8,370,000	$240,000	$155,925		
11/01/29			$152,325	$	548,250	
05/01/30	$8,130,000	$245,000	$152,325		
11/01/30			$148,650	$	545,975	
05/01/31	$7,885,000	$255,000	$148,650		
11/01/31			$144,825	$	548,475	
05/01/32	$7,630,000	$265,000	$144,825		
11/01/32			$140,188	$	550,013	
05/01/33	$7,365,000	$275,000	$140,188		
11/01/33			$135,375	$	550,563	
05/01/34	$7,090,000	$285,000	$135,375		
11/01/34			$130,388	$	550,763	
05/01/35	$6,805,000	$295,000	$130,388		
11/01/35			$125,225	$	550,613	
05/01/36	$6,510,000	$305,000	$125,225		
11/01/36			$119,888	$	550,113	
05/01/37	$6,205,000	$315,000	$119,888		
11/01/37			$114,375	$	549,263	
05/01/38	$5,890,000	$325,000	$114,375		
11/01/38			$108,688	$	548,063	
05/01/39	$5,565,000	$335,000	$108,688		
11/01/39			$102,825	$	546,513	
05/01/40	$5,230,000	$350,000	$102,825		
11/01/40			$96,700	$	549,525	

05/01/41	$4,880,000	$360,000	$96,700		
11/01/41			$90,400	$	547,100	
05/01/42	$4,520,000	$375,000	$90,400		
11/01/42			$82,900	$	548,300	
05/01/43	$4,145,000	$390,000	$82,900		
11/01/43			$75,100	$	548,000	
05/01/44	$3,755,000	$405,000	$75,100		
11/01/44			$67,000	$	547,100	
05/01/45	$3,350,000	$425,000	$67,000		
11/01/45			$58,500	$	550,500	
05/01/46	$2,925,000	$440,000	$58,500		
11/01/46			$49,700	$	548,200	
05/01/47	$2,485,000	$460,000	$49,700		
11/01/47			$40,500	$	550,200	
05/01/48	$2,025,000	$475,000	$40,500		
11/01/48			$31,000	$	546,500	
05/01/49	$1,550,000	$495,000	$31,000		
11/01/49			$21,100	$	547,100	
05/01/50	$1,055,000	$515,000	$21,100		
11/01/50			$10,800	$	546,900	
05/01/51	$540,000	$540,000	$10,800		
11/01/51				$	550,800	

 	$9,880,000  $6,762,147   $	16,642,147 

Land Use / Product Type	

ERU
per Unit	
Current Platted Units	
Future Planned Units	

Total Units	

Total ERU's	

%	
FY 2022
Net   Assessments	FY 2022
Per Unit Net
Assessment	FY 2022
Per Unit Gross Assessment	
Townhomes	0.62	0	104	104	64.48	4.20%	$0	$0.00	$0.00	
Single Familiy - 40'-49' Lot	0.75	63	823	886	664.5	43.31%	$68,841	$1,092.72	$1,162.47	
Single Familiy - 50'-59' Lot	0.92	0	135	135	124.2	8.09%	$0	$0.00	$0.00	
Single Familiy - 60'-69' Lot	1	47	365	412	412	26.85%	$69,403	$1,476.65	$1,570.90	
Single Familiy - 70'-79' Lot	1.25	0	121	121	151.25	9.86%	$0	$0.00	$0.00	
Single Familiy - 80'+ Lot	1.42	0	83	83	117.86	7.68%	$0	$0.00	$0.00	

Total	 	110 	1631 	1,741     1,534.29	100.00%	 	$138,244 	

Rivers Edge III Community Development District FY 2022 Operations and Maintenance Methodology Equivalent Residential Unit Allocation Assessments per Unit - Net and Gross

FY 2022 Budget:

Administrative	

$81,088	
Field and Grounds	$225,926	
Amenity Center	$344,158	
Less: Dev contr	 	-$512,928 	
	 	$138,244