Rivers Edge III

Community Development District

Proposed Budget
FY2025

Presented by:

Table of Contents

1-2

3-7

8-9

10

	General Fund

	Narratives

	Debt Service Fund Series 2021

	Capital Reserve Fund

11		Assessment Schedule

Adopted
Budget	Actuals Thru	Projected Next  Projected Thru

Proposed Budget

Description	FY2024	3/31/24		6 Months		9/30/24	FY 2025	
REVENUES:						
Special Assessments - Tax Roll	$	446,407	$	444,772	$	1,635	$	446,407	$	508,904	
Administrative Assessments on Unplatted Land	76,160	76,160	-	76,160	76,160	
Developer Contributions	1,071,889	-	1,071,889	1,020,276	1,218,917	
Miscellaneous Income/Interest	1,500	1,816	1,800	3,616	1,500	
TOTAL REVENUES	$ 1,595,956	$	522,748	$ 1,075,324	$ 1,546,459	$ 1,805,480	

EXPENDITURES:						
Administrative						
District Engineer	$	5,000	$	2,321	$	2,679	$	5,000	$	5,000	
District Counsel	25,000	8,130	16,870	25,000	25,000	
District Management	29,680	14,840	14,840	29,680	31,461	
Assessment Roll Administration	5,300	5,300	-	5,300	5,618	
Dissemination Agent	3,710	1,855	1,855	3,710	3,933	
Information Technology	1,272	636	636	1,272	1,348	
Website Administration	1,908	954	954	1,908	2,022	
Website Maintenance	-	400	400	800	848	
Annual Audit	5,100	1,500	3,600	5,100	5,200	
Trustee Fees	6,000	2,188	3,813	6,000	6,000	
Arbitrage Rebate	600	-	600	600	600	
Telephone	150	11	139	150	150	
Postage & Delivery	250	94	156	250	250	
Printing & Binding	1,000	103	897	1,000	1,000	
Insurance General Liability	8,756	5,758	-	5,758	6,334	
Legal Advertising	1,500	-	1,500	1,500	1,500	
Other Current Charges	800	-	400	400	500	
Office Supplies	150	1	49	50	50	
Dues, Licenses & Subscriptions	175	175	-	175	175	
TOTAL ADMINISTRATIVE	$	96,351	$	44,265	$	49,387	$	93,653	$	96,989	

Operations & Maintenance						
Grounds Maintenance						
Cost Share Landscaping - Rivers Edge	$	162,917	$	81,459	$	81,458	$	162,917	$	162,917	
Field Operations Management (Vesta)	18,626	16,492	2,134	18,626	19,185	
Landscape Maintenance	467,076	258,706	208,370	467,076	476,418	
Landscape Contingency	10,000	7,471	7,500	14,971	15,000	
Irrigation Repairs and Maintenance	5,000	23,317	15,000	38,317	40,000	
Lake Maintenance	20,000	7,859	6,276	14,135	18,000	
Irrigation Water Use	13,800	1,360	5,000	6,360	7,200	
Electric	3,000	169	831	1,000	1,000	
Street Lighting	15,000	-	7,500	7,500	10,000	
Street and Drainage Maintenance	5,000	-	2,500	2,500	3,000	
Other Repair & Replacements	10,000	-	5,000	5,000	10,000	
TOTAL GROUNDS MAINTENANCE	$	730,420	$	396,832	$	341,570	$	738,403	$	762,720	

Adopted
Budget	Actuals Thru	Projected Next  Projected Thru

Proposed Budget

Description	FY2024	3/31/24		6 Months		9/30/24	FY 2025	

Amenity Center						
Cost Share Amenity - Rivers Edge	$	248,626	$	124,313	$	124,313	$	248,626	$	279,911	
Cost Share Amenity - Rivers Edge II	46,753	23,376	23,377	46,753	24,583	
General Manager (Vesta)	24,086	12,043	12,043	24,086	24,809	
Amenity Manager (Vesta)	7,791	-	7,791	7,791	8,025	
Maintenance Service (Vesta)	31,535	-	31,535	31,535	32,481	
Lifestyle Director (Vesta)	7,627	-	7,627	7,627	7,856	
Lifeguards (Vesta)	47,390	-	47,390	47,390	48,812	
Facility Attendant (Vesta)	26,371	-	26,371	26,371	27,162	
Pool Maintenance (Vesta)	8,000	-	8,000	8,000	8,240	
Janitorial (Vesta)	13,305	-	13,305	13,305	13,705	
Security Monitoring	1,800	-	1,800	1,800	1,800	
Security Guards	25,000	-	25,000	25,000	25,000	
Telephone	8,500	-	8,500	8,500	8,500	
Insurance	75,000	12,389	-	12,389	14,000	
Fitness Equipment Lease	15,000	-	22,829	22,829	68,488	
Window Cleaning	1,500	-	1,500	1,500	1,500	
Pressure Washing	15,000	-	15,000	15,000	15,000	
Pool Chemicals	20,000	-	20,000	20,000	20,000	
Natural Gas	500	-	500	500	500	
Electric	20,000	-	20,000	20,000	20,000	
Water & Sewer	30,000	-	30,000	30,000	30,000	
Amenity Repairs and Replacement	10,000	2,212	7,788	10,000	10,000	
Refuse	15,000	-	15,000	15,000	15,000	
Pest Control	3,600	-	3,600	3,600	3,600	
Fire Alarm System and Maintenance	2,000	-	2,000	2,000	2,000	
Access Cards	1,000	-	1,000	1,000	1,000	
License & Permits	1,800	-	1,800	1,800	1,800	
Speical Events	15,000	-	15,000	15,000	15,000	
Holiday Decorations	10,000	-	10,000	10,000	10,000	
Office Supplies & Postage	1,500	-	1,500	1,500	1,500	
Capital Expenditures	5,500	-	5,500	5,500	5,500	
TOTAL AMENITY CENTER	$	739,185	$	174,333	$	510,070	$	684,403	$	745,771	

Reserves						
General Reserves Funding	$	30,000	$	-	$	30,000	$	30,000	$	200,000	
TOTAL RESERVES	$	30,000	$	-	$	30,000	$	30,000	$	200,000	
						
TOTAL EXPENDITURES	$ 1,595,956	$	615,431	$	931,027	$ 1,546,459	$ 1,805,480	
						
EXCESS REVENUES (EXPENDITURES)	$	0	$	(92,683)	$	144,297	$	0	$	0	

REVENUES

Special Assessments - Tax Roll
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 on Unplatted Land
The District will levy a non ad-valorem special assessments on unplatted land within the District and are allocates upon the percentage of such undeveloped 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.
Miscellaneous Income
Income received from access cards, rental fees, miscellaneous deposits, insurance claims, and recreational program revenue.

Expenditures - Administrative

District Engineer
The District's engineer Prosser, Inc, will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.
District Counsel
The District’s Attorney, Kilinski Van Wyk, PLLC, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.
District Management
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.
Assessment Roll Administration
GMS, LLC provides assessment services for closing lot sales, assessment roll services with the local Tax Collector and financial advisory services.
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.
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.
Annual Audit
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.
Trustee Fees
The District bonds will be held and administered by a Trustee. This represents the trustee annual fee.
Arbitrage Rebate
The District is required to annually have an arbitrage rebate calculation on the District’s Series 2021 Special Assessment Improvement Revenue Bonds. The District has contracted with Grau and Associates to calculate the rebate liability and submit a report to the District.

Telephone
New internet and Wi-Fi service for Office.
Postage and Delivery
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.

Expenditures - Administrative (continued)

Printing and Binding
Copies used in the preparation of agenda packages, required mailings, and other special projects.
Insurance General Liability
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.
Legal Advertising
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.
Other Current Charges
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.
Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.
Due, Licenses & Subscriptions
The District is required to pay an annual fee to the Florida Department of Commerce for $175.

Expenditures – Grounds Maintenance

Cost Share Landscaping - Rivers Edge
Shared costs with Rivers Edge CDD for landscaping. Cost share is based on future development and estimated costs.
Field Operations Management
The District has contracted with Vesta Property Services, Inc to provide field operations management to oversee all day-to-day operation of all the Districts assets, common grounds, and service providers.
Vendor	Description	Monthly	Annual

Landscape Maintenance

Vesta	Field OP Management

$	1,599  $

19,185

The District contracted with Yellowstone to maintain the common areas of the District and Amenity Center.
Vendor	Description	Monthly	Annual

Landscape Contingency

YellowStone	Landscape Maintenance

$	39,701

$  476,418

A provision for additional landscape features or for repair of existing landscaping.
Irrigation Repair & Replacement
The cost of miscellaneous irrigation repairs and maintenance incurred.
Lake Maintenance
The District receives lake maintenance services from Solitude Lake Management LLC.
Vendor	Description	Monthly	Annual

Solitude Lake Mngt  Lake Maintenance

$	1,046  $

12,552

Additional Cleanup	5,448

Total

$  18,000

Expenditures – Grounds Maintenance (continued)

Irrigation Water Use
Water and re-use water needed for irrigation and maintenance of the common grounds provided by JEA.
Location	Meter Number		Monthly	Annual	
300 Dahlia Falls Dr	89882808		$	300	$	3,600	
438 Meadowcreek Dr	89241610		100	1,200	
Contingency			200	2,400	
		Total	$	600	$	7,200	

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

Location	Meter Number		Monthly	Annual	
435 Meadow Creek Dr # Irr	9443314324		$	73	$	880	
Contingency			10	120	
		Total	$	83	$	1,000	
Streetlighting
The estimated costs for electric billed to the District by FPL.
Street and Drainage Maintenance
The estimated costs for street and drainage repairs.
Other Repairs and Maintenance
Estimated costs for other repairs and maintenance incurred by the district.

Expenditures – 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.
General Manager
The District has contracted with Vesta Property Services, Inc. to provide general amenity management, facility administration, and special event coordinator services.
Amenity Manager
The District contracted with Vesta Property Services to provide management services for the Amenity Center.
Maintenance Services
The District has contracted with Vesta Property Services, Inc to provide maintenance and repairs necessary for upkeep of the Amenity Center and common grounds area.
Lifestyle Director
The District has contracted with Vesta Property Services, Inc to provide planning, implementation, and supervision of the day to-day social, recreational group activities and entertainment for the residents living at the community.
Lifeguards
The District has contracted with Vesta Property Services, Inc. to provide pool lifeguards/or pool attendants during the operating season for the pool.

Expenditures – Amenity Center (continued)

Facility Attendant
The District has contracted with Vesta to provide community facility staff for the amenity center to greet patrons, providing facility tours, issuance of access cards and policy enforcement.
Pool Maintenance
The District has contracted with Vesta Property Services, Inc to provide maintenance of the Amenity Center swimming pools.
Vendor	Description	Monthly	Annual

Janitorial Services

Vesta	Pool Maintenance

$	687  $

8,240

The District has contracted with Vesta Property Services, Inc to provide maintenance of the Amenity Center swimming pools.
Vendor	Description	Monthly	Annual

Security Monitoring

Vesta	Janitorial Services

$	1,142  $

13,705

Maintenance costs of the security alarms/cameras provided by Sonitrol and quarterly monitoring by.
Security Guards
The district is contracted with Giddens Security to provide security patrols and mileage reimbursement for District Property at
$15.34/hour and .56/mile and St. Johns Sherriff’s office to provide off-duty patrol.
Telephone
The estimated cost for telephone, internet, and cable services for the Amenity Center.
Insurance
The District’s General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance (FIA). The amount is based upon estimated premium for property insurance related to the Amenity and other District facilities.

Fitness Equipment Lease
The District has contracted with Macrolease to rent fitness equipment.
Vendor	Description	Monthly	Annual

Window Cleaning

Macrolease	Fitness Equipment Lease

$	5,707  $

68,488

The estimated cost to have windows cleaned inside and outside three times a year.

Pressure Washing
The estimated costs to have the District Amenity Center pressure washed.

Pool Chemicals
The estimated costs for providing chemicals for the Amenity Center swimming pools
Natural Gas
The District is under contract with TECO Peoples Gas to provide gas fire place and gas grills.
Electric
The estimated costs for electricity billed to the District by the electric company.
Water & Sewer
The estimated costs of water and sewer for the Amenity Center.
Amenity Repair and Replacements
Represents regular cleaning, supplies, and repairs and replacements for District’s Amenity Center.

Expenditures – Amenity Center (continued)

Refuse
The estimated costs of garbage disposal services for the Amenity Center.
Pest Control
The estimated costs of pest control services.
Fire Alarm System and Maintenance
The estimated costs of fire alarm systems and maintenance.
Access Cards
Represents the estimated cost for access cards to the District’s Amenity Center.
License & Permits
Represents license fees for the amenity center and permit fees paid to the Florida Department of Health in St. Johns County for the swimming pools.
Special Events
Represents estimated costs for the District to host special events for the community through the Fiscal Year.
Holiday Decorations
Represents estimated costs for the District to decorate the Amenity center for the holidays.
Office Supplies/Postage
Costs of supplies and postage incurred for the operation of the Amenity Center.
Capital Expenditures
Represents new capital related purchases for the operation of the Amenity Center.
General Reserve
Establishment of general reserve to fund future replacements of Capital items.

Proposed Budget
Debt Service Series 2021 Capital Improvement Revenue Bonds

Description

Adopted Budget FY2024

Actuals Thru	Projected Next  Projected Thru

3/31/24

	6 Months	

9/30/24

Proposed Budget FY 2025

REVENUES:

Special Assessments - Tax Roll	$	307,367	$	306,238	$	1,129	$	307,367	$	307,364	
Special Assessments - Direct	243,427	182,570	60,857	243,427	243,427	
Interest Income	7,500	13,927	12,000	25,927	5,000	
Carry Forward Surplus (1)	194,965	204,591	-	204,591	230,182	
TOTAL REVENUES	$	753,259	$	707,326	$	73,986	$	781,312	$	785,973	

EXPENDITURES:						
Interest - 11/1	$	170,565	$	170,565	$	-	$	170,565	$	168,045	
Interest - 5/1	170,565	-	170,565	170,565	168,045	
Principal - 5/1	210,000	-	210,000	210,000	215,000	
TOTAL EXPENDITURES	$	551,130	$	170,565	$	380,565	$	551,130	$	551,090	

Other Sources/(Uses)						

Interfund transfer In/(Out)	
$	-	
$	-	
$	-	
$	-	
$	-	
TOTAL OTHER SOURCES/(USES)	$	-	$	-	$	-	$	-	$	-	
						
TOTAL EXPENDITURES	$	551,130	$	170,565	$	380,565	$	551,130	$	551,090	
						
EXCESS REVENUES (EXPENDITURES)	$	202,129	$	536,761	$  (306,579)	$	230,182	$	234,883	

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/25

 $	165,465 

AMORTIZATION SCHEDULE
Debt Service Series 2021 Capital Improvement Revenue Bonds

Period

Outstanding Balance

Coupons

Principal

Interest

Annual Debt Service

11/01/24	$	9,265,000	2.400%	$	-	$	168,045	$168,045	
05/01/25	9,265,000	2.400%	215,000	168,045		
11/01/25	9,050,000	2.400%		165,465	548,510	
05/01/26	9,050,000	2.400%	220,000	165,465		
11/01/26	8,830,000	3.000%		162,825	548,290	
05/01/27	8,830,000	3.000%	225,000	162,825		
11/01/27	8,605,000	3.000%		159,450	547,275	
05/01/28	8,605,000	3.000%	235,000	159,450		
11/01/28	8,370,000	3.000%		155,925	550,375	
05/01/29	8,370,000	3.000%	240,000	155,925		
11/01/29	8,130,000	3.000%		152,325	548,250	
05/01/30	8,130,000	3.000%	245,000	152,325		
11/01/30	7,885,000	3.000%		148,650	545,975	
05/01/31	7,885,000	3.000%	255,000	148,650		
11/01/31	7,630,000	3.500%		144,825	548,475	
05/01/32	7,630,000	3.500%	265,000	144,825		
11/01/32	7,365,000	3.500%		140,188	550,013	
05/01/33	7,365,000	3.500%	275,000	140,188		
11/01/33	7,090,000	3.500%		135,375	550,563	
05/01/34	7,090,000	3.500%	285,000	135,375		
11/01/34	6,805,000	3.500%		130,388	550,763	
05/01/35	6,805,000	3.500%	295,000	130,388		
11/01/35	6,510,000	3.500%		125,225	550,613	
05/01/36	6,510,000	3.500%	305,000	125,225		
11/01/36	6,205,000	3.500%		119,888	550,113	
05/01/37	6,205,000	3.500%	315,000	119,888		
11/01/37	5,890,000	3.500%		114,375	549,263	
05/01/38	5,890,000	3.500%	325,000	114,375		
11/01/38	5,565,000	3.500%		108,688	548,063	
05/01/39	5,565,000	3.500%	335,000	108,688		
11/01/39	5,230,000	3.500%		102,825	546,513	
05/01/40	5,230,000	3.500%	350,000	102,825		
11/01/40	4,880,000	3.500%		96,700	549,525	
05/01/41	4,880,000	3.500%	360,000	96,700		
11/01/41	4,520,000	4.000%		90,400	547,100	
05/01/42	4,520,000	4.000%	375,000	90,400		
11/01/42	4,145,000	4.000%		82,900	548,300	
05/01/43	4,145,000	4.000%	390,000	82,900		
11/01/43	3,755,000	4.000%		75,100	548,000	
05/01/44	3,755,000	4.000%	405,000	75,100		
11/01/44	3,350,000	4.000%		67,000	547,100	
05/01/45	3,350,000	4.000%	425,000	67,000		
11/01/45	2,925,000	4.000%		58,500	550,500	
05/01/46	2,925,000	4.000%	440,000	58,500		
11/01/46	2,485,000	4.000%		49,700	548,200	
05/01/47	2,485,000	4.000%	460,000	49,700		
11/01/47	2,025,000	4.000%		40,500	550,200	
05/01/48	2,025,000	4.000%	475,000	40,500		
11/01/48	1,550,000	4.000%		31,000	546,500	
05/01/49	1,550,000	4.000%	495,000	31,000		
11/01/49	1,055,000	4.000%		21,100	547,100	
05/01/50	1,055,000	4.000%	515,000	21,100		
11/01/50	540,000	4.000%		10,800	546,900	
05/01/51	540,000	4.000%	540,000	10,800	550,800	
Total	$	9,265,000	$	5,716,320	$  14,981,320	

Proposed Budget Capital Reserve Fund

Description

Adopted Budget FY2024

Actuals Thru	Projected Next  Projected Thru

3/31/24

	6 Months	

9/30/24

Proposed Budget FY 2025

REVENUES:

Interest Income

$	100  $

-  $	100  $

100  $

100

Capital Reserve Funding	30,000	-	30,000	30,000	200,000
Carry Forward Balance	-	-	-	-	25,100

TOTAL REVENUES

$	30,100  $

-  $	30,100  $	30,100  $	225,200

EXPENDITURES:

Repair and Replacements

$	5,000  $

-  $	5,000  $

5,000  $

5,000

TOTAL EXPENDITURES

$

5,000  $

-  $

5,000  $

5,000  $

5,000

Other Sources/(Uses)

Transfer in/(Out)

$	-  $

-  $	-  $

-  $	-

TOTAL OTHER SOURCES/(USES)

$

-  $

-  $

-  $

-  $

-

TOTAL EXPENDITURES

$

5,000  $

-  $

5,000  $

5,000  $

5,000

EXCESS REVENUES (EXPENDITURES)

$	25,100  $

-  $	25,100  $	25,100  $	220,200

Non-Ad Valorem Assessments Comparison 2024-2025

Neighborhood	O&M Units	Bonds 2021
Units	
Annual Maintenance Assessments	
Annual Debt Assessments	
	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	

Single Familiy - 40' - 49 Lot	
190	
190	
$1,490.06	
$1,307.07	
$182.99	
$899.95	
$899.95	
$0.00	
Single Familiy - 50' - 59 Lot	0	0	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
Single Familiy - 60' - 69 Lot	130	130	$1,986.74	$1,742.75	$243.99	$1,199.94	$1,199.94	$0.00	
Single Familiy - 70' - 79 Lot	0	0	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
Single Familiy - 80'+ Lot	0	0	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
Total	320	320