LIVE OAK NO. 1 COMMUNITY DEVELOPMENT DISTRICT

May 15, 2018 AGENDA PACKAGE

Live Oak No. 1 Community Development District

Inframark, Infrastructure Management Services
210 North University Drive Suite 702, Coral Springs, Florida 33071 Phone: 954-603-0033 Fax: 954-345-1292

May 8, 2018

Board of Supervisors
Live Oak No. 1 Community Development District

Dear Board Members:

The meeting of the Board of Supervisors of the Live Oak No. 1 Community Development District will be held Tuesday, May 15, 2018 at 10:00 a.m. at the Live Oak Clubhouse, 9401 Oak Preserve Boulevard, Tampa, Florida. Following is the advanced agenda for the meeting:

Call to Order and Roll Call
Public Comments on Agenda Items
Consent Agenda
Approval of the Minutes of the March 20, 2018 Meeting
Approval of the Financial Statements
Report on the Number of Registered Voters (1,555)
Staff Reports
Manager
Consideration of Resolution 2018-2 Approving the Proposed Fiscal Year 2019 Budget and Setting the Public Hearing
Attorney
Engineer
Supervisors’ Requests
Audience Comments
Adjournment

Any additional supporting material not included in the agenda package for the items listed will be distributed at the meeting. The balance of the agenda is routine in nature. If you have any questions, please contact me.

Sincerely,

Andrew P. Mendenhall, PMP

District Manager

Third Order of Business

3A.

1
MINUTES OF MEETING
LIVE OAK NO. 1
COMMUNITY DEVELOPMENT DISTRICT
5
The regular meeting of the Board of Supervisors of the Live Oak No. 1 Community
Development District was held on Tuesday March 20, 2018 at 10:00 a.m. in the Live Oak
Clubhouse, 9401 Oak Preserve Boulevard, Tampa, Florida.
Present and constituting a quorum were:
10
Michael Ceparano	Chairman
George Mayer	Assistant Secretary
Nilesh Patel	Assistant Secretary
Jim Hurley	Assistant Secretary
15
16	Also present:
17
Andrew P. Mendenhall	District Manager
Tracy Robin	District Counsel
Vincent Galiano	District Engineer
21
22	The following is a summary of the minutes and actions taken.
23
FIRST ORDER OF BUSINESS	Call to Order and Roll Call
Mr. Mendenhall called the meeting to order and the Board of Supervisors identified
themselves.
27
SECOND ORDER OF BUSINESS	Public Comments on Agenda
Public Comments were received.
30
31
THIRD ORDER OF BUSINESS	Consent Agenda
A.	Approval of the Minutes of the January 16, 2018 Meeting
B.	Approval of the Financial Statements

ON MOTION by Mr. Ceparano seconded by Mr. Patel with all in favor the consent agenda was approved. 4-0

35
36
37
38
39
FOURTH ORDER OF BUSINESS	Staff Reports
A.	Manager

Unapproved	1

i.	Consideration of Resolution 2018-01 Confirming the District’s Use of
the Hillsborough County Supervisor of Elections to Continue
Conducting the District’s Election of Supervisors in Conjunction with
the General Election
46

ON MOTION by Mr. Ceparano seconded by Mr. Mayer with all in favor Resolution 2018-01 Confirming the District’s Use of the Hillsborough County Supervisor of Elections to Continue Conducting the District’s Election of Supervisors in Conjunction with the General Election was adopted. 4-0

47
48
49
50
51
52
53
54
B.	Attorney
Mr. Robin reported on an environmental damage issue with Residents. A 30-day
notice of payment letter was sent; however, no response was received.
58
C.	Engineer
Mr. Galiano reported on a letter from SWFWMD regarding a control structure.

61

FIFTH ORDER OF BUSINESS	Supervisors’ Requests
Supervisor	requests	were	received,	and	discussion	followed	regarding	Prince
Engineering’s drawings of the Entry, landscape quotes for palm trees, and the pond on Bluff Oak.
The fountain lights were also discussed.
66
67
SIXTH ORDER OF BUSINESS	Audience Comments
The following Audience Comments were received.
	Ms. Tammi Amarosa from Pinewood commented on the Demand Letter sent to the
McCallef residence for the environmental damage. She also inquired whether Deed
Restrictions and Lien of Property were an option.
	Mr. Zuriel Cabrera commented on the process of the Demand Letter and a drone
showing the damage over time on the satellite map.
	Ms. Shannon Atkins commented on the Resident’s liability for damaged property.
	Mr. Frank McCallef commented on not having caused the incident.
	Mr. Earl Myers offered scripted remarks on the Live Oak Preserve Community.
78

Unapproved	2

79
80
81	SEVENTH ORDER OF BUSINESS	Adjournment
82
83

On MOTION by Mr. Patel seconded by Mr. Ceparano with all in favor the meeting was adjourned. 4-0

84
85
86
87
88
89

Michael Ceparano
Chairman
92

Unapproved	3

3B.

LIVE OAK NO. 1
Community Development District

Financial Report

April 30, 2018

LIVE OAK NO. 1
Community Development District

Table of Contents

FINANCIAL STATEMENTS

Balance Sheet	Page 1

Statement of Revenues, Expenditures and Changes in Fund Balances

General Fund	Pages 2 - 3

Debt Service Fund	Page 4

SUPPORTING SCHEDULES

Non-Ad Valorem Special Assessments	Page 5

Cash & Investment Report	Page 6

Bank Reconciliation	Page 7

Payment Register by Bank Account	Pages 8 - 9

LIVE OAK NO. 1
Community Development District

Financial Statements
(Unaudited)

April 30, 2018

Community Development District

Governmental Funds

Balance Sheet
April 30, 2018

ACCOUNT DESCRIPTION

GENERAL FUND

SERIES 2013 DEBT SERVICE
FUND	TOTAL

ASSETS

Cash - Checking Account	$	154,632	$	-	$	154,632	
Due From Other Funds	-	8,903	8,903	
Investments:
Certificates of Deposit - 12 Months	
201,362	
-	
201,362	
Certificates of Deposit - 18 Months	306,376	-	306,376	
Money Market Account	946,948	-	946,948	
Reserve Fund	-	43,917	43,917	
Revenue Fund	-	529,810	529,810	
Prepaid Items	1,122	-	1,122	
Utility Deposits - TECO	1,375	-	1,375	
TOTAL ASSETS	$ 1,611,815	$	582,630	$ 2,194,445	

LIABILITIES				
Accounts Payable	$	3,574	$	-	$	3,574	
Accrued Expenses	2,957	-	2,957	
Due To Other Funds	8,903	-	8,903	
TOTAL LIABILITIES	15,434	-	15,434	

FUND BALANCES
Nonspendable:
Prepaid Items	

1,122	

-	

1,122	
Deposits	1,375	-	1,375	
Restricted for:
Debt Service	
-	
582,630	
582,630	
Assigned to:				
Operating Reserves	70,001	-	70,001	
Reserves - Infrastructure	297,500	-	297,500	
Reserves - Ponds	864,781	-	864,781	
Unassigned:	361,602	-	361,602	
TOTAL FUND BALANCES	$ 1,596,381	$	582,630	$ 2,179,011	
			
TOTAL LIABILITIES & FUND BALANCES	$ 1,611,815	$	582,630	$ 2,194,445	

Page 1

Statement of Revenues, Expenditures and Changes in Fund Balances
For the Period Ending April 30, 2018

ANNUAL ADOPTED
ACCOUNT DESCRIPTION	BUDGET	
YEAR TO DATE BUDGET	
YEAR TO DATE ACTUAL	YTD ACTUAL AS A % OF
ADOPTED BUD	
APR-18 ACTUAL	

REVENUES					
Interest - Investments	$	4,000	$	2,333	$	5,762	144.05%	$	774	
Interest - Tax Collector	-	-	116	0.00%	-	
Special Assmnts- Tax Collector	456,918	456,918	442,625	96.87%	8,695	
Special Assmnts- Discounts	(18,277)	(18,277)	(16,979)	92.90%	-	
TOTAL REVENUES	442,641	440,974	431,524	97.49%	9,469	

EXPENDITURES						

Administration						
P/R-Board of Supervisors	8,000	3,000	2,400	30.00%	-	
FICA Taxes	612	230	184	30.07%	-	
ProfServ-Arbitrage Rebate	600	-	-	0.00%	-	
ProfServ-Engineering	10,000	5,833	5,118	51.18%	726	
ProfServ-Legal Services	4,000	1,500	1,336	33.40%	-	
ProfServ-Mgmt Consulting Serv	48,228	28,133	28,133	58.33%	4,019	
ProfServ-Special Assessment	12,500	12,500	12,500	100.00%	-	
ProfServ-Trustee Fees	2,694	2,694	1,571	58.31%	-	
Auditing Services	5,023	-	500	9.95%	500	
Postage and Freight	300	175	121	40.33%	7	
Insurance - General Liability	7,959	7,959	7,235	90.90%	-	
Printing and Binding	300	175	63	21.00%	7	
Legal Advertising	700	300	-	0.00%	-	
Misc-Bank Charges	600	350	113	18.83%	14	
Misc-Assessmnt Collection Cost	9,138	9,138	8,513	93.16%	174	
Misc-Web Hosting	770	449	-	0.00%	-	
Office Supplies	48	29	-	0.00%	-	
Annual District Filing Fee	175	175	175	100.00%	-	
Total Administration	111,647	72,640	67,962	60.87%	5,447	

Field						
Contracts-Landscape	55,920	32,620	32,620	58.33%	4,660	
Contracts-Lakes	21,492	12,537	12,537	58.33%	1,791	
Electricity - General	9,637	5,621	5,610	58.21%	803	
Electricity - Streetlighting	35,405	20,653	15,865	44.81%	4,307	
R&M-Irrigation	500	-	2,147	429.40%	1,742	
R&M-Wetland Monitoring	15,000	8,750	1,950	13.00%	-	
Misc-Contingency	15,000	8,750	7,075	47.17%	-	
Reserve - Ponds	178,040	-	3,263	1.83%	-	
Total Field	330,994	88,931	81,067	24.49%	13,303	

Page 2

Statement of Revenues, Expenditures and Changes in Fund Balances
For the Period Ending April 30, 2018

ANNUAL			YTD ACTUAL		
ADOPTED	YEAR TO DATE	YEAR TO DATE	AS A % OF	APR-18	
ACCOUNT DESCRIPTION	BUDGET	BUDGET	ACTUAL	ADOPTED BUD	ACTUAL	

TOTAL EXPENDITURES	442,641	161,571	149,029	33.67%	18,750	

Excess (deficiency) of revenues Over (under) expenditures	

-	

279,403	

282,495	

0.00%	

(9,281)	

Net change in fund balance	
$	-	
$	279,403	
$	282,495	
0.00%	
$	(9,281)	

FUND BALANCE, BEGINNING (OCT 1, 2017)	
1,313,886	
1,313,886	
1,313,886			
FUND BALANCE, ENDING	$	1,313,886	$	1,593,289	$	1,596,381			

Page 3

Community Development District	Series 2013 Debt Service Fund

Statement of Revenues, Expenditures and Changes in Fund Balances
For the Period Ending April 30, 2018

ANNUAL ADOPTED
ACCOUNT DESCRIPTION	BUDGET	
YEAR TO DATE BUDGET	
YEAR TO DATE ACTUAL	YTD ACTUAL AS A % OF
ADOPTED BUD	
APR-18 ACTUAL	

REVENUES					
Interest - Investments	$	-	$	-	$	359	0.00%	$	99	
Special Assmnts- Tax Collector	477,357	477,357	462,424	96.87%	9,084	
Special Assmnts- Discounts	(19,094)	(19,094)	(17,738)	92.90%	-	
TOTAL REVENUES	458,263	458,263	445,045	97.12%	9,183	

EXPENDITURES						

Administration						
Misc-Assessmnt Collection Cost	9,547	9,547	8,894	93.16%	182	
Total Administration	9,547	9,547	8,894	93.16%	182	

Debt Service						
Principal Debt Retirement	255,000	-	-	0.00%	-	
Interest Expense	188,682	94,341	94,341	50.00%	-	
Total Debt Service	443,682	94,341	94,341	21.26%	-	
						
TOTAL EXPENDITURES	453,229	103,888	103,235	22.78%	182	

Excess (deficiency) of revenues						
Over (under) expenditures	5,034	354,375	341,810	n/a	9,001	

OTHER FINANCING SOURCES (USES)						
Contribution to (Use of) Fund Balance	5,034	-	-	0.00%	-	
TOTAL FINANCING SOURCES (USES)	5,034	-	-	0.00%	-	

Net change in fund balance	
$	5,034	
$	354,375	
$	341,810	
n/a	
$	9,001	

FUND BALANCE, BEGINNING (OCT 1, 2017)	
240,820	
240,820	
240,820			
FUND BALANCE, ENDING	$	245,854	$	595,195	$	582,630			

Page 4

LIVE OAK NO. 1
Community Development District

Supporting Schedules

April 30, 2018

LIVE OAK NO. 1
Community Development District

Non-Ad Valorem Special Assessments
(Hillsborough County Tax Collector - Monthly Collection Distributions) For the Fiscal Year Ending September 30, 2018

	Allocation By Fund	

Date Received	
Net Amt Rcvd	Discount / (Penalties)
Amount	
Tax Coll Cost	Property Appraiser
Cost	Gross Amount
Received	
General	
Debt Service	
Assmts Levied					$	934,275	$	456,918	$	477,357	
Allocation %					100%	49%	51%	
11/07/17	$	8,288	$	402	$	169	$	-	$	8,859	$	4,333	$	4,526	
11/16/17	52,401	2,228	1,069	-	55,699	27,240	28,459	
11/24/17	149,031	6,336	3,041	-	158,408	77,471	80,937	
12/11/17	493,890	20,999	10,079	-	524,969	256,742	268,227	
12/15/17	69,190	2,458	1,412	-	73,060	35,731	37,329	
01/10/18	39,772	1,879	812	-	42,462	20,767	21,696	
02/08/18	15,668	340	320	-	16,328	7,985	8,343	
03/06/18	7,261	75	148	-	7,484	3,660	3,824	
04/06/18	17,424	-	356	-	17,780	8,695	9,084	
TOTAL	852,925	34,717	17,407	-	905,049	442,625	462,424	

% COLLECTED	97%	97%	97%	
TOTAL O/S	$	29,226	$	14,293	$	14,933	

Report Date: 5/8/2018	Prepared by:
Inframark Infrastructure Management Services	Page 5

LIVE OAK NO. 1	All Funds
Community Development District

Cash and Investment Report
April 30, 2018

General Fund				

Account Name	
Bank Name	
Investment Type	
Maturity	Yield	
Balance	
Checking Account-Operating	SunTrust	Public Funds Analyzed Chking	n/a	0.00%	$154,632	
Certificate of Deposit	FL Community Bank	12 Months CD - #9400	01/17/19	1.02%	$201,362	
Public Funds CD	BankUnited	18 Months CD - #6093	09/12/19	1.80%	$101,643	
Public Funds CD	BankUnited	18 Months CD - #9026	06/01/19	1.44%	204,733	
			Subtotal	$306,376	

Public Funds MMA	
BankUnited	
MMA - #0216	
n/a	1.00%	
$946,948	
			Subtotal	$946,948	
			
GF Subtotal	
$1,609,317	
					
Debt Service Funds					

Account Name	
Bank Name	
Investment Type	
Yield	
Balance	
Series 2013 Reserve Fund	US Bank	US Bank Open Ended CP	0.00%	$43,917	
Series 2013 Revenue Fund	US Bank	US Bank Open Ended CP	0.00%	$529,810	
			DS Subtotal	$573,727	
					
			Total	$2,183,044	

Report Date: 5/2/2018	Prepared By:
Inframark	Page 6

Live Oak No. 1 CDD
Bank Reconciliation

Agenda Page 19

Bank Account No.	9542	SunTrust Bank N.A. - GF				
Statement No.	04-18					
Statement Date	4/30/2018					

G/L Balance (LCY)	
154,631.56		
Statement Balance	
155,185.66		
G/L Balance	154,631.56		Outstanding Deposits	0.00			
Positive Adjustments	0.00			

		Subtotal	155,185.66			
Subtotal	154,631.56		Outstanding Checks	554.10			
Negative Adjustments	0.00		Differences	0.00			

Ending G/L Balance	
154,631.56		
Ending Balance	
154,631.56			

Difference	
0.00						

Posting	Document
Date	Type	
Document No.	

Description		

Amount	
Cleared Amount	

Difference	

Outstanding Checks

11/22/2017	Payment	003683	NILESHKUMAR C. PATEL	184.70	0.00	184.70	
11/22/2017	Payment	003684	GEORGE A. MAYER, III	184.70	0.00	184.70	
3/20/2018	Payment	003727	SHELDON J. COHEN	184.70	0.00	184.70	

Total  Outstanding  Checks......................................................................................................................	554.10	554.10

Page 7

Page 8

Payment Register by Bank Account For the Period from 3/01/2018 to 4/30/2018 (Sorted by Check / ACH No.)

Pymt Type	Check / ACH No.	
Date	Payee Type	
Payee	
Invoice No.	
Payment Description	
Invoice / GL Description	
G/L Account #	Amount Paid	

SUNTRUST BANK N.A. - GF - (ACCT# XXXXX9542)

Check	003716	03/01/18	Vendor	AMERICAN ECOSYSTEMS, INC	1803207	MAR 2018 WATER MGMT	FEB MGMT	155000	$1,791.00	
Check	003717	03/01/18	Vendor	INFRAMARK, LLC	28046	2/18 MANAGEMENT FEES	ProfServ-Mgmt Consulting Serv	001-531027-51201	$4,019.00	
Check	003717	03/01/18	Vendor	INFRAMARK, LLC	28046	2/18 MANAGEMENT FEES	Postage and Freight	001-541006-51301	$0.47	
Check	003717	03/01/18	Vendor	INFRAMARK, LLC	28046	2/18 MANAGEMENT FEES	Printing and Binding	001-547001-51301	$19.65	
Check	003718	03/01/18	Vendor	LANDSCAPE MAINTENANCE	129861	LANDSCAPE FEB 2018	Contracts-Landscape	001-534050-53901	$4,660.00	
Check	003718	03/01/18	Vendor	LANDSCAPE MAINTENANCE	130740	LANDSCAPE MARCH 2018	Contracts-Landscape	001-534050-53901	$4,660.00	
Check	003719	03/01/18	Vendor	LIVE OAK PRESERVE	021418	RETURN CHECK FROM TECO	Electricity - General	001-543006-53901	$33.08	
Check	003720	03/01/18	Vendor	STRALEY & ROBIN	15398	2/1/18 GEN COUNSEL	ProfServ-Legal Services	001-531023-51401	$60.00	
Check	003721	03/08/18	Vendor	BIO MASS TECH, INC	1855	STORMWATER SYS MAINT	Reserve - Ponds	001-568126-53901	$1,613.27	
Check	003722	03/08/18	Vendor	KING ENGINEERING ASSOCIATES, I	100838	GEN ENGINEERING THRU 1/31/18	ProfServ-Engineering	001-531013-51501	$1,275.75	
Check	003723	03/08/18	Vendor	TAMPA ELECTRIC	022218-5103	211012535103 1/19-2/16/18	CENTER OAK DR, TAMPA, FL	001-543006-53901	$802.55	
Check	003724	03/09/18	Vendor	LIVE OAK 1 C/O US BANK N.A.	030818-9542	TRSF DS ASSESSMENTS	Due From Other Funds	131000	$3,709.88	
Check	003725	03/19/18	Vendor	FLORIDA NATIVES NURSERY, INC	14980	QRTLY MITIGATION MAINT	R&M-Wetland Monitoring	001-546108-53901	$650.00	
Check	003726	03/19/18	Vendor	LANDSCAPE MAINTENANCE	131339	3/8/18 IRR REPRS	R&M-Irrigation	001-546041-53901	$24.82	
Check	003727	03/20/18	Employee	SHELDON J. COHEN	PAYROLL	March 20, 2018 Payroll Posting			$184.70	
Check	003728	03/20/18	Employee	NILESHKUMAR C. PATEL	PAYROLL	March 20, 2018 Payroll Posting			$184.70	
Check	003729	03/20/18	Employee	GEORGE A. MAYER, III	PAYROLL	March 20, 2018 Payroll Posting			$184.70	
Check	003730	03/20/18	Employee	JAMES W. HURLEY	PAYROLL	March 20, 2018 Payroll Posting			$183.87	
Check	003731	03/30/18	Vendor	INFRAMARK, LLC	28852	3/18 MANAGEMENT FEES	ProfServ-Mgmt Consulting Serv	001-531027-51201	$4,019.00	
Check	003731	03/30/18	Vendor	INFRAMARK, LLC	28852	3/18 MANAGEMENT FEES	Postage and Freight	001-541006-51301	$4.70	
Check	003731	03/30/18	Vendor	INFRAMARK, LLC	28852	3/18 MANAGEMENT FEES	Printing and Binding	001-547001-51301	$7.05	
Check	003732	04/06/18	Vendor	AMERICAN ECOSYSTEMS, INC	1804213	APRIL 2018 WATER MGMT SVC	Contracts-Lakes	001-534084-53901	$1,791.00	
Check	003733	04/06/18	Vendor	FED EX	6-131-11659	MAR POSTAGE	Postage and Freight	001-541006-51301	$10.95	
Check	003734	04/06/18	Vendor	LANDSCAPE MAINTENANCE	131781	APRIL 2018 MAINTENANCE	Contracts-Landscape	001-534050-53901	$4,660.00	
Check	003735	04/06/18	Vendor	TAMPA ELECTRIC	032318-5103	211012535103 2/17-3/19/18	CENTER OAK DR, TAMPA, FL	001-543006-53901	$802.55	
Check	003736	04/06/18	Vendor	US BANK	4944520	TRUSTEE FEES	3/1-9/30/18	001-531045-51301	$1,571.36	
Check	003736	04/06/18	Vendor	US BANK	4944520	TRUSTEE FEES	10/1/18-2/28/19	155000	$1,122.39	
Check	003737	04/18/18	Vendor	GRAU & ASSOCIATES	16584	2017 AUDIT SERVICES	Auditing Services	001-532002-51301	$500.00	
Check	003738	04/18/18	Vendor	INFRAMARK, LLC	29537	4/18 MANAGEMENT FEES	ProfServ-Mgmt Consulting Serv	001-531027-51201	$4,019.00	
Check	003738	04/18/18	Vendor	INFRAMARK, LLC	29537	4/18 MANAGEMENT FEES	Postage and Freight	001-541006-51301	$6.58	
Check	003738	04/18/18	Vendor	INFRAMARK, LLC	29537	4/18 MANAGEMENT FEES	Printing and Binding	001-547001-51301	$6.55	
Check	003739	04/18/18	Vendor	KING ENGINEERING ASSOCIATES, I	101087	2004-0036-00 2/2018	ProfServ-Engineering	001-531013-51501	$46.75	

Page 9

Payment Register by Bank Account For the Period from 3/01/2018 to 4/30/2018 (Sorted by Check / ACH No.)

Pymt Type	Check / ACH No.	
Date	Payee Type	
Payee	
Invoice No.	
Payment Description	
Invoice / GL Description	
G/L Account #	Amount Paid	

Check	003740	04/23/18	Vendor	LANDSCAPE MAINTENANCE	132426	IRR REPAIRS	R&M-Irrigation	001-546041-53901	$394.76	
Check	003741	04/26/18	Vendor	LANDSCAPE MAINTENANCE	133053	IRR REPAIRS	R&M-Irrigation	001-546041-53901	$515.67	
Check	003741	04/26/18	Vendor	LANDSCAPE MAINTENANCE	133055	IRR REPAIRS	R&M-Irrigation	001-546041-53901	$508.30	
Check	003741	04/26/18	Vendor	LANDSCAPE MAINTENANCE	133054	IRR REPAIRS	R&M-Irrigation	001-546041-53901	$323.64	
ACH	DD105	03/12/18	Vendor	TAMPA ELECTRIC	021918-3046-ACH	211001693046 1/16-2/13/18	Electricity - Streetlighting	001-543013-53901	$2,154.20	
ACH	DD106	04/10/18	Vendor	TAMPA ELECTRIC	032018-3046 - ACH	211001693046 2/14-3/14/18	Electricity - Streetlighting	001-543013-53901	$2,154.20	

Account Total	$48,676.09

Total Amount Paid

$48,676.09

Total Amount Paid - Breakdown by Fund	
Fund		Amount	
General Fund - 001
Series 2013 Debt Service Fund - 202		44,966.21
3,709.88	
	Total	48,676.09	

Agenda Page 22

3C

Agenda Page 23

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Fourth Order of Business

4Ai.

LIVE OAK NO. 1
Community Development District

Annual Operating and Debt Service Budget
Fiscal Year 2019

Version 1 - Proposed Budget
(Printed on May 8, 2017 12:38 PM)

Prepared by:

LIVE OAK NO. 1
Community Development District

Agenda Page 27

Table of Contents

Page #

OPERATING BUDGET

General Fund

Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..	1
Budget Narrative ……………………………………………………………………………………………	2-4
Exhibit A - Allocation of Fund Balances ………………………………………………………………….	5
DEBT SERVICE BUDGET
Series 2013
Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..	6
Budget Narrative ……………………………………………………………………………………………	7
Amortization Schedule ……………………………………………………………………………………..	8
SUPPORTING BUDGET SCHEDULES
2018-2019 Non-Ad Valorem Assessment Summary ………………………………………………………..	9

Agenda Page 28

Live Oak No. 1
Community Development District

Operating Budget
Fiscal Year 2019

LIVE OAK NO. 1

Agenda Page 29

Community Development District	General Fund

Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2019 Proposed Budget

	ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
	ACTUAL	ACTUAL	BUDGET	THRU	MAY-	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2016	FY 2017	FY 2018	APR-2018	SEP-2018	FY 2018	FY 2019	
REVENUES								
Interest - Investments	$	6,157	$	8,320	$	4,000	$	5,762	$	4,116	$	9,878	$	7,500	
Interest - Tax Collector	-	-	-	116	-	116	-	
Special Assmnts- Tax Collector	456,918	456,918	456,918	442,625	14,293	456,918	456,918	
Special Assmnts- Discounts	(16,597)	(16,518)	(18,277)	(16,979)	-	(16,979)	(18,277)	
Other Miscellaneous Revenues	-	1,667	-	-	-	-	-	
TOTAL REVENUES	446,478	450,387	442,641	431,524	18,409	449,933	446,141	
EXPENDITURES
Administrative

P/R-Board of Supervisors	2,000	4,000	8,000	2,400	3,000	5,400	8,000	
FICA Taxes	153	306	612	184	230	414	612	
ProfServ-Arbitrage Rebate	600	600	600	-	600	600	600	
ProfServ-Engineering	10,146	11,347	10,000	5,118	4,882	10,000	11,000	
ProfServ-Legal Services	1,819	2,729	4,000	1,336	3,245	4,581	4,000	
ProfServ-Mgmt Consulting Serv	46,596	48,228	48,228	28,133	20,095	48,228	48,228	
ProfServ-Special Assessment	12,500	12,500	12,500	12,500	-	12,500	12,500	
ProfServ-Trustee	2,694	2,694	2,694	1,571	1,123	2,694	2,694	
Auditing Services	5,000	5,023	5,023	500	4,523	5,023	5,023	
Postage and Freight	85	83	300	121	86	207	230	
Insurance - General Liability	7,135	7,235	7,959	7,235	-	7,235	7,597	
Printing and Binding	149	161	300	63	45	108	200	
Legal Advertising	435	1,262	700	-	700	700	700	
Misc-Bank Charges	270	304	600	113	81	194	300	
Misc-Assessmnt Collection Cost	6,174	6,024	9,138	8,513	286	8,799	9,138	
Misc-Web Hosting	770	770	770	-	770	770	1,000	
Office Supplies	-	-	48	-	-	-	50	
Annual District Filing Fee	175	175	175	175	-	175	175	
Total Administrative	96,701	103,441	111,647	67,962	39,665	107,627	112,046	
Field								
Contracts-Landscape	55,920	55,920	55,920	32,620	23,300	55,920	55,920	
Contracts-Lakes	21,492	21,492	21,492	12,537	8,955	21,492	21,492	
Electricity - General	8,888	9,428	9,637	5,610	4,013	9,623	9,631	
Electricity - Streetlighting	49,551	38,783	35,405	15,865	10,771	26,636	30,000	
R&M-Irrigation	50	496	500	2,147	-	2,147	500	
R&M-Wetland Monitoring	22,220	4,002	15,000	1,950	650	2,600	15,000	
Misc-Hurricane Expense	-	2,500	-	-	-	-	3,000	
Misc-Contingency	21,611	38,530	15,000	7,075	7,925	15,000	15,000	
Reserve - Ponds	71,874	24,961	178,040	3,263	-	3,263	183,552	
Total Field	251,606	196,112	330,994	81,067	55,614	136,681	334,095	
								
TOTAL EXPENDITURES	348,307	299,553	442,641	149,029	95,279	244,308	446,141	
Excess (deficiency) of revenues								
Over (under) expenditures	98,171	150,834	-	282,495	(76,870)	205,625	-	
								
TOTAL OTHER SOURCES (USES)	-	-	-	-	-	-	-	
Net change in fund balance	98,171	150,834	-	282,495	(76,870)	205,625	-	

FUND BALANCE, BEGINNING	
1,064,881	
1,163,052	
1,313,886	
1,313,886	
-	
1,313,886	
1,519,511	
FUND BALANCE, ENDING	$1,163,052	$1,313,886	$1,313,886	$ 1,596,381	$ (76,870)	$ 1,519,511	$ 1,519,511	

Annual Operating and Debt Service Budget Fiscal Year 2019

Page 1

Budget Narrative
Fiscal Year 2019

REVENUES

Special Assessment-Tax Collector
The District will levy a Non-Ad Valorem assessment on all the assessable property within the District to pay for the operating expenditures during the Fiscal Year.

Special Assessment-Discount
Per Section 197.162, Florida Statutes, discounts are allowed for early payment of assessments. The budgeted amount for the fiscal year  is calculated at 4% of the anticipated Non-Ad Valorem assessments.

EXPENDITURES

Expenditures - Administrative

P/R Board of Supervisor
Chapter 190 of the Florida Statutes allows for a member of the Board of Supervisors to be compensated for a meeting attendance and to receive $200 per meeting plus payroll taxes.

FICA Tax
Payroll taxes for Supervisors’ salaries are calculated at 7.65% of gross payroll.

Professional Services–Arbitrage Rebate
The District will contract with an independent certified public accountant to annually calculate the District's Arbitrage Rebate Liability on the Series of Benefit Special Assessment Bonds. The budgeted amount for the fiscal year is based on standard fees charged for this service.

Professional Services-Engineering
The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc. Fees are based on estimated activity.

Professional Services-Legal Services
The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating and maintenance contracts, etc. Fees are based on estimated activity.

Professional Services-Management Consulting Services
The District receives Management, Accounting, IT and Administrative services as part of a Management Agreement with Inframark Infrastructure Management Services, Inc. The fees are related to the current contracted fees in the Management Agreement.

Professional Services-Special Assessment
The District has contracted with Inframark Infrastructure Management Services, Inc. for the collection of assessments, updating the District’s tax roll and levying the annual assessment.

Professional Services-Trustee Fees
The District pays US Bank an annual fee for trustee services on the Series 2013 Special Assessments Refunding Bond. The budgeted amount is based on historical costs.

Annual Operating and Debt Service Budget Fiscal Year 2019

Page 2

Budget Narrative
Fiscal Year 2019

Expenditures - Administrative (Continued)

Auditing Services
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The fee is based on the previous contracted price with Grau and Associates.

Postage & Freight
Mailing of agenda packages, overnight deliveries & correspondence.

Insurance-General Liability
The District has general liability insurance. These insurance policies are held with Public Risk Insurance. Public  Risk  Insurance specializes in providing insurance coverage to governmental agencies. The amount is based upon historical expenses with a projected 10% increase.

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

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

Misc-Bank Charges
Bank fees charged by SunTrust on the main operating account.

Misc-Assessment Collection Costs
The District reimburses the Tax Collector for necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The budget for collection costs was based on a maximum of 2% of the anticipated assessment collections.

Misc-Web Hosting
The District is required by the state of Florida to maintain a public website. Inframark Infrastructure Management Services maintains the website & secures the domain name.

Office Supplies
Miscellaneous office supplies required to prepare agenda packages.

Annual District Filing Fee
The District is required to pay an annual fee to the Department of Economic Opportunity Division of Community Development for $175.

Annual Operating and Debt Service Budget Fiscal Year 2019

Page 3

Budget Narrative
Fiscal Year 2019

Expenditures – Administrative (Continued)

Contracts-Landscape
The District currently has a contract with Landscape Maintenance Professionals, Inc. to maintain the landscaping and irrigation system of the common areas within the District. The contract amount is $4,660 per month.

Contracts-Lakes
The District has a contract with American Ecosystems for lake maintenance of 37 waterways including 12 mitigation sites - monthly fee
$1,791.

Electricity-General
Entrance lighting usage for District facilities and assets. Costs are based on historical expenses incurred with Tampa Electric.

Electricity-Streetlighting
Street lighting usage for District facilities and assets. Costs are based on historical expenses incurred with Tampa Electric. 51 lights & poles from Live Oak Preserve HOA were transferred to the District in 2011.

R&M-Irrigation
Repairs required for the District’s irrigation system.

R&M-Wetland Monitoring
Repairs and scheduled maintenance required as a result of the wetland monitoring report.

Misc-Hurricane Expense
This category represents miscellaneous expenditures that may be incurred during the year for hurricane expenditures.

Misc-Contingency
This category represents miscellaneous expenditures that may be incurred during the year which cannot be classified into other expense categories.

Reserve-Ponds
This represents reserves the district has budgeted and intends to designate as funds to set aside to cover future capital expenditures  which may require substantial cash use.

Annual Operating and Debt Service Budget Fiscal Year 2019

Page 4

LIVE OAK NO. 1

Agenda Page 33

Community Development District	General Fund

Exhibit "A"
Allocation of Fund Balances

AVAILABLE FUNDS

Amount

Beginning Fund Balance - Fiscal Year 2019

Net Change in Fund Balance - Fiscal Year 2019	$	1,519,511

-	
Reserves - Fiscal Year 2019 Additions	183,552	
Total Funds Available (Estimated) - 9/30/2019	1,703,063	

ALLOCATION OF AVAILABLE FUNDS		

Nonspendable Fund Balance
Deposits	1,265

Subtotal	1,265

Assigned Fund Balance
Operating Reserve - First Quarter Operating Capital		
65,647	
Reserves - Infrastructure (BBD road expansion)		297,500	
Reserves - Ponds	731,106		
Reserves - Ponds - FY17	158,637		
Reserves - Ponds - FY18	178,040		
Reserves - Ponds - FY19 (Proposed)	183,552	1,251,335	
	Subtotal	1,614,482	
			
Total Allocation of Available Funds		1,615,747	
			
Total Unassigned (undesignated) Cash		$	87,316	

Notes
Represents approximately 3 months of operating expenditures

(1)

Annual Operating and Debt Service Budget
Fiscal Year 2019	Page 5

Live Oak No. 1
Community Development District

Debt Service Budget
Fiscal Year 2019

LIVE OAK NO. 1

Community Development District	Series 2013 Debt Service Fund

Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2019 Proposed Budget

	ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
	ACTUAL	ACTUAL	BUDGET	THRU	MAY-	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2016	FY 2017	FY 2018	APR-2018	SEP-2018	FY 2018	FY 2019	

REVENUES

Interest - Investments	$	253	$	507	$	-	$	359	$	256	$	615	$	-	
Special Assmnts- Tax Collector	477,357	477,357	477,357	462,424	14,933	477,357	477,357	
Special Assmnts- Discounts	(17,339)	(17,257)	(19,094)	(17,738)	-	(17,738)	(19,094)	
TOTAL REVENUES	460,271	460,607	458,263	445,045	15,190	460,235	458,263	

EXPENDITURES
Administrative
Misc-Assessmnt Collection Cost	6,450	6,294	9,547	8,894	299	9,193	9,547
Total Administrative	6,450	6,294	9,547	8,894	299	9,193	9,547

Debt Service

Principal Debt Retirement	235,000	245,000	255,000	-	255,000	255,000	260,000	
Interest Expense	205,674	197,355	188,682	94,341	94,341	188,682	179,655	
Total Debt Service	440,674	442,355	443,682	94,341	349,341	443,682	439,655	
								
TOTAL EXPENDITURES	447,124	448,649	453,229	103,235	349,640	452,875	449,202	
Excess (deficiency) of revenues Over (under) expenditures	

13,147	

11,958	

5,034	

341,810	

(334,450)	

7,360	

9,061	

OTHER FINANCING SOURCES (USES)								
Contribution to (Use of) Fund Balance	-	-	5,034	-	-	-	9,061	
TOTAL OTHER SOURCES (USES)	-	-	5,034	-	-	-	9,061	

Net change in fund balance	
13,147	
11,958	
5,034	
341,810	
(334,450)	
7,360	
9,061	

FUND BALANCE, BEGINNING	
215,715	
228,862	
240,820	
240,820	
-	
240,820	
248,180	

FUND BALANCE, ENDING	 $  228,862	$ 240,820	$ 245,854	$ 582,630	$  (334,450)  $  248,180	$ 257,240 

Annual Operating and Debt Service Budget
Fiscal Year 2019	Page 6

Debt Service Fund

Budget Narrative
Fiscal Year 2019

REVENUES

Special Assessment-Tax Collector
The District will levy a Non-Ad Valorem assessment on all the assessable property within the District to pay for the debt service expenditures during the Fiscal Year.

Special Assessment-Discounts
Per Section 197.162, Florida Statutes, discounts are allowed for early payments. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments.

EXPENDITURES

Expenditures – Administrative

Misc-Assessment Collection Costs
The District reimburses the Hillsborough County Tax Collector for necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The budget for collection costs was based on a maximum of 2% of the anticipated assessment collections.

Principal Debt Retirement
The District pays regular principal payments annually in or to pay down/retire the debt service for Series 2013 Bond.

Interest Expense
The District pays interest expense on the debt service twice a year for the Series 2013 Bond.

Annual Operating and Debt Service Budget Fiscal Year 2019

Page 7

Refinancing Bonds, Debt Amortization Series 2013

Date	Extraordinary
Principal	Redemption		
Interest	
Principal Balance	
					
11/1/2018			$89,827.50	$5,075,000.00	
5/1/2019	$260,000.00		$89,827.50	$4,815,000.00	
11/1/2019			$85,225.50	$4,815,000.00	
5/1/2020	$270,000.00		$85,225.50	$4,545,000.00	
11/1/2020			$80,446.50	$4,545,000.00	
5/1/2021	$280,000.00		$80,446.50	$4,265,000.00	
11/1/2021			$75,490.50	$4,265,000.00	
5/1/2022	$290,000.00		$75,490.50	$3,975,000.00	
11/1/2022			$70,357.50	$3,975,000.00	
5/1/2023	$300,000.00		$70,357.50	$3,675,000.00	
11/1/2023			$65,047.50	$3,675,000.00	
5/1/2024	$310,000.00		$65,047.50	$3,365,000.00	
11/1/2024			$59,560.50	$3,365,000.00	
5/1/2025	$325,000.00		$59,560.50	$3,040,000.00	
11/1/2025			$53,808.00	$3,040,000.00	
5/1/2026	$335,000.00		$53,808.00	$2,705,000.00	
11/1/2026			$47,878.50	$2,705,000.00	
5/1/2027	$345,000.00		$47,878.50	$2,360,000.00	
11/1/2027			$41,772.00	$2,360,000.00	
5/1/2028	$360,000.00		$41,772.00	$2,000,000.00	
11/1/2028			$35,400.00	$2,000,000.00	
5/1/2029	$370,000.00		$35,400.00	$1,630,000.00	
11/1/2029			$28,851.00	$1,630,000.00	
5/1/2030	$385,000.00		$28,851.00	$1,245,000.00	
11/1/2030			$22,036.50	$1,245,000.00	
5/1/2031	$400,000.00		$22,036.50	$845,000.00	
11/1/2031			$14,956.50	$845,000.00	
5/1/2032	$415,000.00		$14,956.50	$430,000.00	
11/1/2032			$7,611.00	$430,000.00	
5/1/2033	$430,000.00		$7,611.00	$0.00	
	
 	$5,075,000.00 	$0.00 		 	$1,556,538.00 		

Annual Operating and Debt Service Budget
Fiscal Year 2019	Page 8

Agenda Page 38

Live Oak No. 1
Community Development District

Supporting Budget Schedules
Fiscal Year 2019

LIVE OAK NO. 1
Community Development District

Agenda Page 39

Page 9

Comparison of Assessment Rates Fiscal Year 2019 vs. Fiscal Year 2018

Name	

Product	

Village	General Fund 001
FY 2019	FY 2018	
Percent Change	
FY 2019	Debt Service FY 2018	
Percent Change	Total Assessments per Unit	Total	
								FY 2019	FY 2018	Percent
Change	Units	

Laurel Oak	
SF 60	
1	
$512.24	
$512.24	
0.0%	
$615.63	
$615.63	
0.0%	
$1,127.87	
$1,127.87	
0.0%	
76	
Cedarwood	SF 50	2	$512.24	$512.24	0.0%	$538.68	$538.68	0.0%	$1,050.92	$1,050.92	0.0%	110	
Cypresswood	SF 50	3	$512.24	$512.24	0.0%	$538.68	$538.68	0.0%	$1,050.92	$1,050.92	0.0%	65	
Willow Bend	SF 45	4	$512.24	$512.24	0.0%	$461.73	$461.73	0.0%	$973.97	$973.97	0.0%	68	
Weatherwood	SF 45	5	$512.24	$512.24	0.0%	$461.73	$461.73	0.0%	$973.97	$973.97	0.0%	125	
Oakwood	SF 80	6	$512.24	$512.24	0.0%	$1,077.36	$1,077.36	0.0%	$1,589.60	$1,589.60	0.0%	49	
Maplewood	SF 60	7	$512.24	$512.24	0.0%	$615.63	$615.63	0.0%	$1,127.87	$1,127.87	0.0%	83	
Maplewood	SF 70	7	$512.24	$512.24	0.0%	$923.45	$923.45	0.0%	$1,435.69	$1,435.69	0.0%	68	
Brentwood	Townhomes	8	$512.24	$512.24	0.0%	$307.82	$307.82	0.0%	$820.06	$820.06	0.0%	176	
	Commercial		$512.24	$512.24	0.0%	$400.93	$400.93	0.0%	$913.17	$913.17	0.0%	72	
												892	

Annual Operating and Debt Service Budget Fiscal Year 2019

Agenda Page 40

RESOLUTION 2018-2

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE LIVE OAK NO. 1 COMMUNITY DEVELOPMENT DISTRICT APPROVING THE BUDGET FOR FISCAL YEAR 2019 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW

WHEREAS, the District Manager has heretofore prepared and submitted to the Board a proposed operating and/or debt service budget for Fiscal Year 2019; a copy of which is attached hereto, and
WHEREAS, the Board of Supervisors has considered said proposed budget and desires to set the required public hearing thereon;
NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE LIVE OAK NO. 1 COMMUNITY DEVELOPMENT DISTRICT;

The budget proposed by the District Manager for Fiscal Year 2019 is hereby approved as the basis for conducting a public hearing to adopt said budget.
A public hearing on said approved budget is hereby declared and set for the following date, hour and place:

Date:	July 17, 2018

Hour:	10:00 a.m.

Place:	Live Oak Clubhouse
9401 Oak Preserve Boulevard Tampa, Florida

Notice of this public hearing shall be published in the manner prescribed in Florida Law.

Adopted this 15th day of May, 2018.

Michael Ceparano Chairman

Andrew P. Mendenhall, PMP Secretary