Rivers Edge III Community Development District

Adopted Budget
Fiscal Year 2023

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

Assessments Allocation	Page 8

Community Development District
General Fund Operating Budget

	Adopted
Budget	Actuals
as of	Projected
Next 1	Total
Projected	Adopted
Budget	
Description	FY2022	8/31/22	Month	9/30/22	FY2023	

Revenues						
Assessments	$	138,244	$	138,978	$	-	$	138,978	$	280,950	
Administrative Assessments on Unplatted Land	$	-	$	-	$	-	$	-	$	78,950	
Developer Contributions	$	512,928	$	590,768	$	47,835	$	638,603	$	595,511	
Miscellaneous Income/Interest	$	-	$	2	$	-	$	2	$	-	
Total Revenues	$  651,172	$  729,749	$  47,835	$	777,584	$	955,411	

Expenditures						
Administrative						
Engineering	$	1,875	$	3,111	$	1,889	$	5,000	$	5,000	
Arbitrage	$	600	$	-	$	600	$	600	$	600	
Dissemination Agent	$	3,500	$	3,067	$	292	$	3,358	$	3,500	
Attorney	$	25,000	$	23,388	$	1,612	$	25,000	$	25,000	
Trustee Fees	$	4,000	$	1,853	$	-	$	1,853	$	4,000	
Management Fees	$	22,500	$	20,625	$	1,875	$	22,500	$	28,000	
Annual Audit	$	4,500	$	5,500	$	-	$	5,500	$	5,800	
Assessment Administration	$	5,000	$	5,000	$	-	$	5,000	$	5,000	
Information Technology	$	1,800	$	1,100	$	100	$	1,200	$	1,200	
Website Administration	$	1,200	$	1,500	$	150	$	1,650	$	1,800	
Telephone	$	150	$	104	$	25	$	129	$	150	
Postage	$	175	$	175	$	65	$	240	$	250	
Printing & Binding	$	1,000	$	769	$	231	$	1,000	$	1,000	
Insurance	$	5,500	$	5,175	$	-	$	5,175	$	5,822	
Legal Advertising	$	1,500	$	229	$	1,200	$	1,429	$	1,500	
Other Current Charges	$	500	$	581	$	205	$	786	$	800	
Office Supplies	$	150	$	30	$	70	$	100	$	150	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Website Administration/Compliance	$	1,963	$	1,200	$	150	$	1,350	$	-	
Total Administrative	$	81,088	$	73,583	$	8,463	$	82,047	$	89,747	

Grounds Maintenance						
Landscape Maintenance	$	76,905	$	178,235	$	17,050	$	195,285	$	201,455	
Lake Maintenance	$	2,200	$	6,242	$	501	$	6,743	$	7,000	
Electric	$	4,590	$	6,745	$	100	$	6,845	$	1,500	
Sewer/Water/Irrigation	$	12,500	$	11,275	$	1,500	$	12,775	$	13,800	
Cost Share Landscaping- Rivers Edge	$	129,731	$	97,298	$	32,433	$	129,731	$	179,286	
Repair & Replacements	$	-	$	895	$	-	$	-	$	7,225	
Total Grounds Maintenance	$  225,926	$  300,691	$  51,584	$	351,379	$	410,266	

Amenity Center						
Cost Share Amenity- Rivers Edge	$	261,848	$	196,311	$	65,537	$	261,848	$	316,559	
Cost Share Amenity- Rivers Edge II	$	82,310	$	61,733	$	20,578	$	82,310	$	138,839	
Total Amenity Center	$  344,158	$  258,044	$  86,115	$	344,158	$	455,398	
						
Total Expenditures	$  651,172	$  632,318	$ 146,162	$	777,584	$	955,411	
						
Excess Revenues (Expenditures)	$	-	$	97,432	$  (98,327)	$	-	$	-	
						
		Lot
Size	
Units	Per
Unit Gross	Gross
Assessments	
		40' Lot	122	$	1,307.07	$159,463	
		65' Lot	80	$	1,742.75		$139,420 	
Total Gross Assessments	$298,883	
Less: Discounts 6%		($17,933) 	
Total Net Assessments		$280,950 	

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.

Administrative Assessments
The District will levy a non-valorem special assessments on unplatted land within the District and are allocates upon the percentage of such undevelpped units planned relative to the budgeted General Administrative costs of the District.

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, KE Law, will be providing general legalservices to the District,
i.e. attendance and preparation for monthly meetings, reviewoperating & 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 Yellowstone to maintain common areas around the District. The base costs including mulch and pine straw total $141,455. A provision for new areas to be added over the next 18 months is estimated at $60,000.

Lake Maintenance
The District is in contract with Charles Aquatics, Inc for future ponds coming live in FY23.

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

Location	Account	Monthly	Annual	
435 Meadow Creek Dr #IRR	9443314324	$	100	$	1,200	
Contingency for new accounts		$	25	$	300	
Total			$	1,500	

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

Location	Meter	Monthly	Annual	
300 Dahlia Falls Dr	89882808	$	750	$	9,000	
438 Meadowcreek Dr	89241610	$	250	$	3,000	
Contingency for new accounts		$	150	$	1,800	
Total			$  13,800	

Repairs & Replacements
Represents regular cleaning, supplies, and repairs and replacements for District’s Amenity Center.

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 development buildout and estimated costs.

Rivers Edge III
Community Development District
Series 2021 Debt Service Budget

	Adopted Budget	Actuals as of	Total Projected	Adopted Budget	
Description	FY2022	8/31/22	9/30/22	FY2023	

Revenues					
Special Assessments Tax Roll	$	550,800	$	551,362	$	551,362	$	550,794	
Interest Income	$	1,000	$	1,290	$	1,500	$	1,500	
Carryforward Surplus	$	183,222	$	176,735	$	176,735	$	183,222	
Total Revenues	$	735,022	$	729,387	$	729,597	$	735,516	

Expenditures					
Interest Expense 11/1	$	183,222	$	183,222	$	183,222	$	173,025	
Principal Expense 5/1	$	200,000	$	200,000	$	200,000	$	205,000	
Interest Expense 5/1	$	175,425	$	175,425	$	175,425	$	173,025	
Total Expenditures	$	558,647	$	558,647	$	558,647	$	551,050	
					
Excess Revenues/(Expenditures)	$	176,375	$	170,740	$	170,950	$	184,466	

Interest Payment 11/1/23	
$	
170,565	
		Gross	Gross	
Development	Units	Per Unit	Assessments	

40' Lot	
122	
$899.95	
$109,794	
60' Lot	80	$1,199.94		$95,995 	
Gross Total			$205,789.10	
Less Disc. + Collections 6%	($12,347.35)	
Direct Invoice	$357,352.44	
Net Annual Assessment	$550,794.19	

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL

11/01/22			$173,025	$	173,025	
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	

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL	
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	

	$9,680,000  $6,403,500  $	16,083,500 

Rivers Edge III Community Development District		
FY 2023 Operations and Maintenance Methodology		
Equivalent Residential Unit Allocation		
Assessments per Unit - Net and Gross		

Current	
FY 2023	FY 2023
Per Unit	FY 2023
Per Unit	FY 2022
Per Unit	Increase/(Decrease) Per Unit	
ERU	Platted	Unplatted	Total	Total	Total Unplatted	Budget	Net	Gross	Gross	Gross	
Land Use / Product Type	per Unit	Units	Units	Units	ERU's	ERU's	Allocation	Assessment	Assessment	Assessment	Assessment	

Single Familiy - 40' Lot	
0.74	
122	
454	
576	
426.24	
335.96	
$149,895	
$1,228.65	
$1,307.07	
$1,162.47	
$144.60	
Single Familiy - 60' Lot	1	0	428	428	428.00	428	$0	$0.00	$0.00	$0.00	$0.00	
Single Familiy - 65' Lot	1	80	231	311	311.00	231	$131,055	$1,638.19	$1,742.75	$1,570.90	$171.85	
Single Familiy - 70' Lot	1.2	0	112	112	134.40	134.4	$0	$0.00	$0.00	$0.00	$0.00	
Single Familiy - 80' Lot	1.33	0	87	87	115.71	115.71	$0	$0.00	$0.00	$0.00	$0.00	
Total	
	202  	1312 		
	1,514  	1415.35  	1245.07 			$280,950 		

Platted ERU's	12.03%
Unplatted ERU's	87.97%
Developer Assessmnets on Unplatted Land	$78,950

FY 2023 Budget

Administrative	89,747	
Field and Grounds	410,266	
Amenity Center	455,398	
Less: Dev contr	(595,511)	
Less: Admin Assess on Unplatted Land		(78,950) 	
Net Assessments		280,950 	

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