Indigo
Community Development District

Adopted Budget
FY 2018

INDIGO
Community Development District FY2018 Adopted Budget

TABLE OF CONTENTS

GENERAL FUND BUDGET
**  Summary Revenues and Expenditures	Page 1-3
** Narrative – Administrative and Maintenance	Page 4-11

DEBT SERVICE FUND BUDGET
** Series 1999A	Page 12-13
** Series 1999C	Page 14
** Series 2005	Page 15

ADDITIONAL SCHEDULE
**Comparison of Assessments	Page 16 Adopted for FY2018

	Adopted
Budget	Actual
Thru	Projected
Next	Total
as of	Approved
Budget		Adopted
Budget	
Description	FY2017	7/31/17	2 Months	9/30/17	FY2018	Changes	FY2018	

Revenues								

Maintenance Assessments	
$1,059,157	
$915,379	
$0	
$915,379	
$1,027,157	
($37,389)	
$989,768	
GC Land Settlement Agreement	$0	$24,000	$12,000	$36,000	$0	$0	$0	
Interest Income	$500	$2,455	$545	$3,000	$1,000	$0	$1,000	
I-95 City of Daytona Funding	$0	$6,075	$0	$6,075	$8,100	$0	$8,100	
Carry Forward Surplus	$46,990	$45,362	$0	$45,362	$0	$103,061	$103,061	
Total Revenues	$1,106,647	$993,272	$12,545	$1,005,817	$1,036,257	$65,672	$1,101,929	

Expenditures								
Administrative								
Supervisor Fees	$12,000	$5,000	$2,000	$7,000	$12,000	$0	$12,000	
FICA Expense	$918	$383	$153	$536	$918	$0	$918	
Engineering	$5,000	$2,090	$410	$2,500	$5,000	$0	$5,000	
Attorney	$32,000	$14,952	$6,048	$21,000	$32,000	$0	$32,000	
Attorney - Foreclosures	$10,000	$0	$0	$0	$0	$0	$0	
Annual Audit	$5,200	$4,800	$0	$4,800	$4,900	$0	$4,900	
Arbitrage	$1,800	$1,800	$0	$1,800	$1,800	$0	$1,800	
Trustee Fees	$11,000	$3,717	$0	$3,717	$3,800	$0	$3,800	
Dissemination Agent	$3,100	$2,000	$1,000	$3,000	$3,000	$0	$3,000	
Special Assessment Roll Services	$20,000	$20,000	$0	$20,000	$20,000	$0	$20,000	
Management Fees	$56,500	$47,083	$9,417	$56,500	$56,500	$0	$56,500	
Management Fees- Foreclosures	$1,500	$0	$0	$0	$0	$0	$0	
Information Technology	$2,800	$2,333	$467	$2,800	$2,800	$0	$2,800	
Telephone	$300	$105	$45	$150	$300	$0	$300	
Postage	$2,000	$345	$155	$500	$1,500	$0	$1,500	
Insurance	$18,500	$18,387	$0	$18,387	$20,300	$0	$20,300	
Printing & Binding	$1,750	$612	$188	$800	$1,500	$0	$1,500	
Legal Advertising	$3,500	$1,436	$564	$2,000	$2,500	$0	$2,500	
Other Current Charges	$1,500	$838	$137	$975	$1,000	$0	$1,000	
Office Supplies	$300	$166	$34	$200	$350	$0	$350	
Annual District Filing Fee	$175	$175	$0	$175	$175	$0	$175	
Office Expense	$6,000	$5,000	$1,000	$6,000	$6,000	$0	$6,000	
Administrative Expenses	$195,843	$131,223	$21,617	$152,841	$176,343	$0	$176,343	

Maintenance Expenses I-95								
Landscape Maintenance	$50,400	$42,000	$8,400	$50,400	$48,000	$2,400	$50,400	
Irrigation Repairs & Maintenance	$20,000	$7,642	$2,358	$10,000	$10,000	$0	$10,000	
Mowing	$0	$0	$0	$0	$8,100	$0	$8,100	
Lakes	$5,156	$4,046	$1,110	$5,156	$5,156	$0	$5,156	
Plant Replacement & Annuals	$8,000	$0	$500	$500	$8,000	$0	$8,000	
Utilities	$22,400	$13,654	$2,346	$16,000	$20,000	$0	$20,000	
Repairs	$8,500	$1,397	$203	$1,600	$5,000	$0	$5,000	
Miscellaneous	$2,000	$670	$137	$807	$2,000	$0	$2,000	
Total I-95 Maintenance Expenses	$116,456	$69,409	$15,054	$84,462	$106,256	$2,400	$108,656	

	Adopted
Budget	Actual
Thru	Projected
Next	Total
as of	Approved
Budget		Adopted
Budget	
Description	FY2017	7/31/17	2 Months	9/30/17	FY2018	Changes	FY2018	

Maintenance Expenses - Community Wide	
On-Site Manager	$31,800	$26,500	$5,300	$31,800	$31,800	$0	$31,800	
Landscape Maintenance	$462,084	$349,070	$69,814	$418,884	$418,812	$43,272	$462,084	
Landscape Contingency	$10,000	$21,830	$1,170	$23,000	$26,912	$0	$26,912	
Irrigation Repairs & Maintenance	$30,000	$24,959	$5,041	$30,000	$25,000	$5,000	$30,000	
Lakes	$37,212	$31,010	$6,202	$37,212	$37,212	$0	$37,212	
Plant Replacement & Annuals	$25,000	$20,626	$1,374	$22,000	$25,000	$10,000	$35,000	
Utilities	$62,000	$27,700	$9,600	$37,300	$45,000	$0	$45,000	
Repairs	$39,330	$36,404	$3,596	$40,000	$40,000	$0	$40,000	
Stormwater System	$3,750	$0	$625	$625	$3,750	$0	$3,750	
Sidewalks	$3,000	$0	$500	$500	$3,000	$0	$3,000	
Street Lighting	$15,972	$13,310	$2,662	$15,972	$15,972	$0	$15,972	
Miscellaneous	$8,000	$17,545	$455	$18,000	$15,000	$0	$15,000	
Conservation Easement Maintenance	$23,000	$18,985	$4,015	$23,000	$23,000	$5,000	$28,000	
Tree Trimming	$43,200	$63,020	$7,200	$70,220	$43,200	$0	$43,200	
Expenses - Community
Wide	
$794,348	
$650,959	
$117,554	
$768,513	
$753,658	
$63,272	
$816,930	
								
Total Maintenance Expenses	$910,804	$720,367	$132,608	$852,975	$859,914	$65,672	$925,586	
								
TOTAL EXPENDITURES	$1,106,647	$851,591	$154,225	$1,005,816	$1,036,257	$65,672	$1,101,929	
								
EXCESS REVENUES/(EXPENDITURES)	$0	$141,681	($141,680)	$0	$0	$0	$0	
	
FY2017	
FY2018	
Net Assessment	$1,059,157	$989,768	
Add: Discount & Collections 6%	$67,606	$63,177	
Gross Assessments	$1,126,763	$1,052,945	

Indigo
Community Development District

Exhibit "A"

Allocation of Operating Reserves

Estimated Funds Available

(1)	Beginning Fund Balance - Fiscal Year 2017	$2,063,598	
(2)	Estimated Excess/(Deficit) - Fiscal Year 2017	($45,362)	
	Total Estimated Funds Available - 9/30/2017	 	$2,018,236 	

Allocation of Funds Available		
(3)	Operating Reserve - First Quarter Operating Capital	$275,482	
	Unassigned Fund Balance	$1,742,754	
	Total Allocation of Funds	 	$2,018,236 	
	Total Undesignated Cash	 	$0 	

Represents carry forward balance per audited financial report
Assumes no further assessments will be collected
Represents initial operating expenditures

REVENUES:

Maintenance Assessments

The District will levy a Non-Ad Valorem Assessment on all taxable property within the Indigo Community Development District in order to pay for operating & maintenance expenditures for the Fiscal Year.

Interest Income

The District will have operating funds invested with the US Bank throughout the fiscal year.

I-95 City of Daytona Funding

Represents mowing cost reimbursement from the City of Daytona for 27 cuts at the I-95 interchange per interlocal agreement.

EXPENDITURES:

Administrative:

Supervisors Fees

The amount paid to each supervisor for the time devoted to District business and meetings is determined by Chapter 190, Florida Statutes, at $200 per meeting. The amount is based on payment to 5 Supervisors for attending 12 Board meetings during the fiscal year.

FICA Expense

Represents the Employer's share of Social Security and Medicare taxes withheld from Board of Supervisors checks.

Engineering

The District's engineer will be providing general engineering services to the District, i.e., attendance and preparation for monthly meetings, reviewing invoices, annual engineer’s report and various projects assigned as directed by the Board of Supervisors.

Attorney

The District's attorney will be providing general legal services to the District, i.e., attendance and preparation for monthly meetings, reviewing contracts, agreements, resolutions, etc. Included as a separate line item is the estimated portion of foreclosure costs related primarily to non-payment of assessments on undeveloped lands in the “South” area of the District. Approximately 75% of the costs will be funded by bond funds.

Annual Audit

The District is required to annually have its financial records audited by an independent Certified Public Accounting Firm.

Arbitrage

The District has a contract to annually calculate the District’s Arbitrage Rebate Liability on the Series 1999A, 1999 C and 2005 Capital Improvement Revenue Bonds. The amount is based on the current contract with AMTEC.

Trustee Fees

The District's Series 1999A, 1999C and 2005 Capital Improvement Revenue Bonds are held with a Trustee at US Bank.

Dissemination Agent

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5), which relates to additional reporting requirements for unrelated bond issues. The District has contracted with Governmental Management Services, LLC to provide this service and the amount is based on the contracted amount.

Special Assessment Roll Services

The District has contracted with Governmental Management Services, LLC for administration and certification of its annual assessment roll.

Management Fees

The District has contracted with Governmental Management Services, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reporting, annual audits, etc. Included as a separate line item is the estimated portion of foreclosure costs related primarily to non- payment of assessments on undeveloped lands.

Information Technology

Represents cost related to District’s accounting and information systems, District’s website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements.

Telephone

Telephone and fax machine.

Postage

Mailing of Board meeting agendas, checks for vendors, and any other required correspondence.

Insurance

The District currently has a General Liability/Errors & Omissions and Property Insurance Policy with Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage for Governmental Agencies.

Printing & Binding

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

Legal Advertising

Advertising of monthly board meetings, public hearings, and any services that are required to be advertised for public bidding, i.e. audit services, engineering service, maintenance contracts and any other advertising that may be required.

Other Current Charges

Bank charges and any other miscellaneous charges that the District may incur.

Office Supplies

Any supplies that may need to be purchased during the Fiscal Year, i.e., paper, minute books, file folders, labels, paper clips, etc.

Annual District Filing Fee

The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only anticipated expenditure for this category.

Office Expense

The District has leased space from the C.L.O. Management LLC for housing of the District maps and records along with space for field operations management. This lease is on an annual basis.

Description	Monthly	Annually	
1617 Ridgewood Avenue, Suite D	$500
TOTAL	$6,000	
	$6,000	

Maintenance:

Operating Expense I-95

Landscape Maintenance

The District has contracted with Rountree Turf & Ornamental Management, Inc. to maintain the common areas of the District.

Description	Monthly	Annually	
Landscape Maintenance - I-95	$4,200
TOTAL	$50,400	
	$50,400	

Irrigation Repairs & Maintenance

Any irrigation repairs and maintenance expenditures that the District may occur during the fiscal year.

Lakes

The District has contracted with Aquatic Systems, Inc. to maintain the lakes within the District.

Description	Monthly	Annually	
Inspections with Treatment - I-95	$370
Semi-Annual Fountain/Aeration Maintenance
TOTAL	$4,440
$716	
	$5,156	

Plant Replacement & Annuals

Amounts based upon historic expenditures in this category and the total number of plants currently in place. The District also has a contract to install a specific number of annuals plus any contingencies.

Utilities

The District currently has electric accounts with Florida Power & Light. Based on prior years-average monthly electric bills.

Description	Monthly	Annually	
LPGA Blvd # NEC I-95 # Pump	$1,000	$12,000	
LPGA Blvd # NEC I-95 # Fountain	$500	$6,000	
Contingency		$2,000	
TOTAL		$20,000	

Repairs

Reflects expenditures related to the entrance lighting, fountains and any other miscellaneous maintenance repairs.

Miscellaneous

Any miscellaneous maintenance expenditures that the District may incur during the fiscal year.

Operating Expense Community Wide

On-Site Manager

The District has contracted with VDO Incorporated for field management services.

Description	Monthly	Annually	
Field Management Services	$2,650
TOTAL	$31,800	
	$31,800	

Landscape Maintenance

The District has contracted with Rountree Turf & Ornamental Management, Inc. to maintain the common areas of the District.

Description	Monthly	Annually	
Landscape Maintenance - Community Wide	$38,507
TOTAL	$462,084	
	$462,084	

Irrigation Repairs & Maintenance

Any irrigation repairs and maintenance expenditures that the District may occur during the fiscal year.

Lakes

The District has contracted with Aquatic Systems, Inc. to maintain the lakes within the District.

Description	Monthly	Annually	
Inspections with Treatment - North & South	$3,101
TOTAL	$37,212	
	$37,212	

Plant Replacement & Annuals

Amounts based upon historic expenditures in this category and the total number of plants currently in place. The District also has a contract to install a specific number of annuals plus any contingencies.

Utilities

The District currently has electric accounts with Florida Power & Light. Based on prior years-average monthly electric bills.

Description	Monthly	Annually	
Decorative Lighting # Grand Champion	$700	$8,400	
1 Champions Dr # Entrance	$500	$6,000	
230 Champions Dr	$100	$1,200	
579 Champions Dr # Site Lights	$100	$1,200	
654 Champions Dr # Site Lights	$50	$600	
795 Champions Dr # Site Lights	$60	$720	
937 Champions Dr # Site Lights	$55	$660	
977 Champions Dr # Site Lights	$60	$720	
10 Champion Ridge Dr # Fountain	$600	$7,200	
105 Grand Champion Blvd # Sign	$365	$4,380	
106 Glen Eagle Grand Dr # Irrigation	$15	$180	
100 International Golf Dr # Lights	$300	$3,600	
399 International Golf Dr # Site Lights	$85	$1,020	
248 Tournament Dr # Site Lights	$85	$1,020	
360 Tournament Dr # Irrigation Pump	$175	$2,100	
499 Tournament Dr # Entrance	$190	$2,280	
Contingency		$3,720	
TOTAL		$45,000	

Repairs

Reflects expenditures related to the entrance lighting, fountains and any other miscellaneous maintenance repairs.

Stormwater System

Any stormwater maintenance expenditures that the District may incur during the fiscal year.

Sidewalks

Any sidewalk maintenance expenditures that the District may incur during the fiscal year.

Street Lighting

Reflects a premium street lighting contract account the District has with Florida Power & Light.

Description	Monthly	Annually	
Premium Lighting - 10 Year Contract	$1,331
TOTAL	$15,972	
	$15,972	

Miscellaneous

Any miscellaneous maintenance expenditures that the District may incur during the fiscal year.

Conservation Easement Maintenance

The District is obligated to maintain approximately 137 acres as a Gopher Tortoise Habitat Area in accordance with the Habitat Management Plan prescribed by the Florida Game and Freshwater Fish Commission.

Tree Trimming

Contract for trimming of District “Street Trees” abutting roadways.

Reserves

General reserves for ongoing operations.

Indigo
Community Development District		Debt Service Fund Series 1999A	
	Adopted	Adopted	
	Budget	Budget	
Description	FY2017	FY2018	

Revenues			
Carry Forward Surplus	$38,464	$41,464	
Assessments - On Roll	$80,675	$80,675	
TOTAL REVENUES	$119,139	$122,139	

Expenditures			
Series 1999A Interest - 11/1	
$25,375	
$24,325	
Interest - 5/1	$25,375	$24,325	
Principal - 5/1	$30,000	$30,000	
TOTAL EXPENDITURES	$80,750	$78,650	
			
EXCESS REVENUES/(EXPENDITURES)	$38,389	$43,489	

Nov. 1, 2018	
$23,275	
	Net Assessments	$80,675	
Add: Discount & Collections 6% 		$5,149 Gross Assessments 	$85,824 

Indigo	Amortization Schedule
Community Development District	Series 1999A,  Capital Improvement Bonds

 	DATE			 	BALANCE			 	RATE			 	PRINCIPAL			 	INTEREST			 	TOTAL		
11/1/17	$	695,000.00	7.00%	$	-	$	24,325.00		
5/1/18	$	695,000.00	7.00%	$	30,000	$	24,325.00	$	78,650.00	
11/1/18	$	665,000.00	7.00%	$	-	$	23,275.00		
5/1/19	$	665,000.00	7.00%	$	35,000	$	23,275.00	$	81,550.00	
11/1/19	$	630,000.00	7.00%	$	-	$	22,050.00		
5/1/20	$	630,000.00	7.00%	$	35,000	$	22,050.00	$	79,100.00	
11/1/20	$	595,000.00	7.00%	$	-	$	20,825.00		
5/1/21	$	595,000.00	7.00%	$	35,000	$	20,825.00	$	76,650.00	
11/1/21	$	560,000.00	7.00%	$	-	$	19,600.00		
5/1/22	$	560,000.00	7.00%	$	40,000	$	19,600.00	$	79,200.00	
11/1/22	$	520,000.00	7.00%	$	-	$	18,200.00		
5/1/23	$	520,000.00	7.00%	$	45,000	$	18,200.00	$	81,400.00	
11/1/23	$	475,000.00	7.00%	$	-	$	16,625.00		
5/1/24	$	475,000.00	7.00%	$	45,000	$	16,625.00	$	78,250.00	
11/1/24	$	430,000.00	7.00%	$	-	$	15,050.00		
5/1/25	$	430,000.00	7.00%	$	50,000	$	15,050.00	$	80,100.00	
11/1/25	$	380,000.00	7.00%	$	-	$	13,300.00		
5/1/26	$	380,000.00	7.00%	$	55,000	$	13,300.00	$	81,600.00	
11/1/26	$	325,000.00	7.00%	$	-	$	11,375.00		
5/1/27	$	325,000.00	7.00%	$	55,000	$	11,375.00	$	77,750.00	
11/1/27	$	270,000.00	7.00%	$	-	$	9,450.00		
5/1/28	$	270,000.00	7.00%	$	60,000	$	9,450.00	$	78,900.00	
11/1/28	$	210,000.00	7.00%	$	-	$	7,350.00		
5/1/29	$	210,000.00	7.00%	$	65,000	$	7,350.00	$	79,700.00	
11/1/29	$	145,000.00	7.00%	$	-	$	5,075.00		
5/1/30	$	145,000.00	7.00%	$	70,000	$	5,075.00	$	80,150.00	
11/1/30	$	75,000.00	7.00%	$	-	$	2,625.00		
5/1/31	$	75,000.00	7.00%	$	75,000	$	2,625.00	$	80,250.00	
 	Total			  $	695,000 		  $	418,250 		  $	1,113,250 	

Adopted	Adopted
Budget	Budget
Description	FY2017	FY2018

Revenues

Assessments (1)	$676,850	$301,980	
Other Revenue Source	$4,200	$0
.	
TOTAL REVENUES	$681,050	$301,980	

Expenditures		
Series 1999C		
Debt Service Obligation	$681,050	$301,980	
TOTAL EXPENDITURES	$681,050	$301,980	
			
EXCESS REVENUES/(EXPENDITURES)	$0	$0	

Net Assessments	

$301,980	
Add: Discount & Collections 6% 		$19,275 Gross Assessments 	$321,255 

(1) All delinquent assessments on the 1999C assessment area have been accelerated and are due in full plus interest and penalties.

	Adopted
Budget	Adopted
Budget	
Description	FY2017	FY2018	

Revenues			
Assessments (1)	$1,031,769	$87,804	
Other Revenue Source	$6,456	$0	
TOTAL REVENUES	$1,038,225	$87,804	

Expenditures			
Series 2005
Debt Service Obligation	
$1,038,225	
$87,804	
TOTAL EXPENDITURES	$1,038,225	$87,804	
			
EXCESS REVENUES/(EXPENDITURES)	($0)	$0	

Net Assessments	

$87,804	
Add: Discount & Collections 6% 		$5,605 Gross Assessments 	$93,409 

(1) All delinquent assessments on the 2005 assessment area have been accelerated and are due in full plus interest and penalties.

Indigo CDD

Assessments Allocation FY 2018

FY 18 Allocation to all platted units equally and unplatted units in the "North" South undeveloped lands allocated on an acreage basis

Budget Rev/Cost Description	
Total	
North		
South-Platted	
South-Raw	
Interest Income	$0		$0	$0	$0	
Transfer In	$0		$0	$0	$0	
Admin Exp	$176,343		$51,888	$16,729	$107,726	
Net Operating Exp I-95 net of city funding	$100,556		$59,312	$19,122	$22,122	
North O&M exp	$0		$0	$0	$0	
South O&M exp	$0		$0	$0	$0	
Main Reserves	$0		$0	$0	$0	
Maint Expenses Community Wide	$816,930		$481,854	$155,351	$179,725	
Sub Total	$1,093,829		$593,054	$191,202	$309,573	
Allocation of carryforward fund balance	-$103,061		-$65,656	-$21,168	-$16,237	
Interest earnings	-$1,000		-$540	-$170	-$290	
Reserves - Administrative	$0		$0	$0	$0	
Reserves - Field Community Wide	$0		$0	$0	$0	

Total Assessments	 	$989,768	$526,858	$169,864	$293,046	
Units	1,911.40	1,445.40	466.00	3,000.80	
Assessment per unit (South undev per unit) FY		$364.51	$364.51	$97.66	
Assessment per unit (South undev per unit) FY 2017		$383.21	$383.21	$103.13	

Total units

4,912.20

Platted Units	855.00	466.00		
LPGA	17.85			
Unplatted	572.55		3,000.80	

 	1,445.40	466.00	3,000.80

Maintenance Expenses Community Wide allocated 22% against all units that are undeveloped remaining to be platted. Starting in 2010 it was 25% but an additional 115 platted lots were on the roll for FY 2011.

Administrative expenses allocated against all units to be developed.

All North units are treated equally regardless if they have been platted or site planned.
Substantially all District infrastructure is in place for the North units other than some neighborhood improvements.

Reserves administrative allocated against all units equally, field allocated based on subtotal of expenses as a % for each category.

FY 18 reduction of 45 units in North with land sold to city of Daytona Beach.