LIVE OAK NO. 2
Community Development District

Annual Operating and Debt Service Budget
Fiscal Year 2022

Approved Budget Meeting on 05/18/2021

Prepared by:

LIVE OAK NO. 2

Community Development District

Table of Contents

OPERATING BUDGET

General Fund

Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..

Budget Narrative ……………………………………………………………………………………………

Exhibit A - Allocation of Fund Balances ………………………………………………………………….	Page #

1

2-4

5	

DEBT SERVICE BUDGET

Series 2016

Summary of Revenues, Expenditures and Changes in Fund Balances ……………………………..

Amortization Schedule   ……………………………………………………………………………………	

6

7	

SUPPORTING BUDGET SCHEDULES

2021-2022 Non-Ad Valorem Assessment Summ…a…ry …………………………………………………..	

8	

Live Oak No. 2
Community Development District

Operating Budget
Fiscal Year 2022

LIVE OAK NO. 2

Community Development District	General Fund
Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2022 Approved Budget

				ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
		ACTUAL	ACTUAL	BUDGET	THRU	MAY-	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION		FY 2019	FY 2020	FY 2021	APRIL-2021	SEP-2021	FY 2021	FY 2022	
REVENUES									

Interest - Investments	$	8,698	$	5,226	$	3,000	$	747	$	1,000	$	1,747	$	3,000	
Interest - Tax Collector	202	168	50	27	23	50	50	
Special Assmnts- Tax Collector	253,094	253,093	253,094	249,925	3,169	253,094	253,094	
Special Assmnts- Discounts	(9,461)	(9,539)	(10,124)	(9,679)	-	(9,679)	(10,124)	
Other Miscellaneous Revenues	519	-	-	-	-	-	-	

TOTAL REVENUES		253,052		248,948		246,020		241,020		4,192		245,212		246,020	

EXPENDITURES
Administrative
P/R-Board of Supervisors FICA Taxes
ProfServ-Arbitrage Rebate ProfServ-Dissemination Agent ProfServ-Engineering ProfServ-Legal Services
ProfServ-Mgmt Consulting Serv ProfServ-Special Assessment ProfServ-Trustee Fees
Auditing Services Postage and Freight
Insurance - General Liability Printing and Binding
Legal Advertising		

3,600		

4,200		

6,000		

2,200		

2,000		

4,200		

6,000	
		275		321		459		168		153		320		459	
		600		600		600		-		600		600		600	
		-		-		1,000		-		1,000		1,000		1,000	
		23,518		30,110		25,000		6,873		19,941		26,814		25,000	
		2,124		1,401		3,000		334		2,666		3,000		3,000	
		40,000		40,000		40,000		23,333		16,667		40,000		40,000	
		12,500		12,500		12,500		12,500		-		12,500		12,500	
		1,887		3,870		3,971		1,986		1,985		3,971		3,971	
		3,500		3,500		3,700		-		3,700		3,700		3,700	
		126		156		500		25		475		500		500	
		7,812		7,812		8,593		7,812		-		7,812		8,593	
		159		110		300		3		297		300		300	
		1,638		3,237		900		354		225		579		900	
Miscellaneous Services		-		374		300		144		156		300		300	
Misc-Bank Charges		332		-		-		-		-		-			
Misc-Assessmnt Collection Cost		2,902		2,923		5,062		4,805		63		4,868		5,062	
Misc-Web Hosting		1,058		4,100		2,604		1,616		1,154		2,770		2,604	
Office Supplies		-		-		100		-		100		100		100	
Annual District Filing Fee		175		175		175		175		-		175		175	
Total Administrative		102,206		115,389		114,764		62,328		51,183		113,510		114,764	

Field
Contracts-Envirom'l Monitoring Contracts-Landscape Contracts-Lakes
R&M-Fence R&M-Lake
R&M-Wetland Monitoring Misc-Contingency Reserve - Ponds
Total Field		

3,200		

3,200		

3,200		

1,600		

1,600		

3,200		

3,200	
		44,863		44,238		44,238		25,539		18,699		44,238		41,040	
		16,596		16,596		16,596		5,532		11,064		16,596		19,116	
		1,175		-		5,000		-		2,500		2,500		5,000	
		1,060		3,350		7,500		-		7,500		7,500		7,500	
		-		800		8,000		-		8,000		8,000		8,000	
		3,859		640		15,740		4,749		3,392		8,141		16,218	
		-		-		31,182		-		-		-		31,182	
		70,753		68,824		131,456		37,420		52,755		90,175		131,256	
															
TOTAL EXPENDITURES		172,959		184,213		246,220		99,748		103,938		203,685		246,020	

Net change in fund balance		
80,093		
64,735		
(200)		
141,272		
(99,746)		
41,527		
0	
FUND BALANCE, BEGINNING		
404,607		
484,700		
549,435		
549,235		
-		
549,235		
590,762	
FUND BALANCE, ENDING	$	484,700	$	549,435	$	549,235	$	690,507	$	(99,746)	$	590,762	$	590,762	

Annual Operating and Debt Service Budget	1
Fiscal Year 2022

Live Oak No. 2
Community Development District	General Fund

Budget Narrative
Fiscal Year 2022

REVENUES

Special Assessment – Tax Collector
The District will levy a Non-Ad Valorem assessment on all the assessable property within the District in order 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

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 Taxes
Payroll taxes for the Supervisors’ salaries are calculated at 7.65% of gross payroll.

Professional Services-Arbitrage Rebate Calculation
The District will contract with an independent certified public account 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-Dissemination Agent
The District is required by the Securities and Exchange Commission to comply with rule 15c2-12(b)-(5), which relates to additional supporting requirements for unrelated bond issues. The budgeted amount for the fiscal year is based on the Series 2016 Continuing Disclosure Certificate found in the indenture.

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

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

Annual Operating and Debt Service Budget Fiscal Year 2022
2

Live Oak No. 2
Community Development District	General Fund

Budget Narrative
Fiscal Year 2022

EXPENDITURES

ADMINISTRATIVE (CONTINUED)

Professional Services-Trustee
The District pays US Bank an annual fee for trustee services on the Series 2016 Special Assessments Refunding Bond. The budgeted amount was provided by the Trustee.

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 existing year’s engagement letter.

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 & 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 Fee
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 will create and maintain a website for public access to the District’s activities.

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 2022
3

Live Oak No. 2
Community Development District	General Fund

Budget Narrative
Fiscal Year 2022

EXPENDITURES

OPERATIONS & MAINTENANCE

Contracts – Envirom’l Monitoring
The District will contract with Florida Native Nursery to remove and maintain the overgrown weeds and brush in 3 flood compensation areas. The ongoing quarterly maintenance for mitigation of the area is $800 per quarter.

Contracts - Landscape
The District currently has a contract with Outdoor Professionals, Inc. to maintain the landscaping and irrigation system of the common areas within the District. The contract amount is $3,420.00 per month.

Contracts-Lakes
The District has a contract with American EcoSystems to provide lake spray services to 27 ponds for $1,383/mo.

R&M - Fence
The District anticipates fence repair expenses.

R&M – Lake
The District expects to incur minor lake maintenance expenditures.

R&M-Wetland Monitoring
Monitoring and reporting services for the District’s lakes will be provided by Driggers & King Engineering.

Misc-Contingency
This category represents miscellaneous expenditures incurred during the year that cannot be otherwise classified.

Reserves-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 2022
4

LIVE OAK NO. 2

Community Development District	General Fund

Exhibit "A"
Allocation of Fund Balances

AVAILABLE FUNDS

Beginning Fund Balance - Fiscal Year 2022
Net Change in Fund Balance - Fiscal Year 2022 Reserves - Fiscal Year 2022 Additions

Total Funds Available (Estimated) - 9/30/2022

ALLOCATION OF AVAILABLE FUNDS

Assigned Fund Balance
Operating Reserve - First Quarter Operating Capital

Reserves - Ponds - Prior Years	201,933 Reserves - Ponds - FY2021		-
Reserves - Ponds - FY2022 - Proposed	31,182

Total Allocation of Available Funds

Total Unassigned (undesignated) Cash		

Amount		
	$	590,762		
		0		
		31,182		
		621,944		

53,710	

(1)	

233,115		
		
286,825		
	
$	
335,120		

Notes
(1) Represents approximately 3 months of operating expenditures				

Annual Operating and Debt Service Budget	5
Fiscal Year 2022

Live Oak No. 2
Community Development District

Debt Service Budget
Fiscal Year 2022

LIVE OAK NO. 2

Community Development District	Debt Service Series 2016 Fund

Summary of Revenues, Expenditures and Changes in Fund Balances	
Fiscal Year 2022 Approved Budget	
				
ADOPTED	
ACTUAL	
PROJECTED	
TOTAL	
ANNUAL	
	ACTUAL	ACTUAL	BUDGET	THRU	MAY-	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2019	FY 2020	FY 2021	APRIL-2021	SEP-2021	FY 2021	FY 2021	

REVENUES										
Interest - Investments	$	1,747	$	3,282	$	200	$	15	$	50	$	65	$	200	
Special Assmnts- Tax Collector		600,453	600,453	600,454	592,936	7,518	600,454		600,454	
Special Assmnts- Discounts		(22,445)	(22,631)	(24,018)	(22,963)	-	(22,963)		(24,018)	
TOTAL REVENUES		579,755	581,104	576,636	569,988	7,568	577,556	576,636	

EXPENDITURES										
Administrative										
Misc-Assessmnt Collection Cost		6,886	6,935	12,009	11,399	150	11,549	$	12,009	
Total Administrative		6,886	6,935	12,009	11,399	150	11,549		12,009	

Debt Service										
Principal Debt Retirement		320,000	330,000	335,000	-	335,000	335,000		345,000	
Prepayments Series		-	5,000	-	-	-	-		-	
Interest Expense Series		231,036	223,744	216,226	108,113	108,113	216,226		209,526	
Total Debt Service		551,036	558,744	551,226	108,113	443,113	551,226		554,526	
										
TOTAL EXPENDITURES		557,922	565,679	563,235	119,512	443,263	562,775	566,534	

Excess (deficiency) of revenues										
Over (under) expenditures		21,833	15,425	13,401	450,476	(435,695)	14,780		10,101	

OTHER FINANCING SOURCES (USES)										
Contribution to (Use of) Fund										
Balance		-	-	13,401	-	-	-		10,101	
TOTAL OTHER SOURCES (USES)		-	-	13,401	-	-	-		10,101	

Net change in fund balance		
21,833	
15,425	
13,401	
450,476	
(435,695)	
14,780		
10,101	

FUND BALANCE, BEGINNING		
455,410	
477,243	
492,668	
492,668	
-	
492,668	
507,448	
FUND BALANCE, ENDING	  $ 	477,243		$ 492,668		$ 506,069		$	943,144		$   (435,695)   $ 507,448		$ 517,550  	

Annual Operating and Debt Service Budget
Fiscal Year 2022	6

LIVE OAK NO. 2

Community Development District

AMORTIZATION SCHEDULE SPECIAL ASSESSMENT BONDS SERIES 2016A

Period Ending	Outstanding Balance	
Principal	
Coupon	
Interest	
Debt Service	Annual Debt Service	
							
11/1/2021	5,985,000			104,763	104,856		
5/1/2022	5,985,000	345,000	2.250%	104,763	449,856	554,711	
11/1/2022	5,640,000			100,882	100,974		
5/1/2023	5,640,000	355,000	2.600%	100,882	455,974	556,949	
11/1/2023	5,285,000			96,267	96,359		
5/1/2024	5,285,000	360,000	2.750%	96,267	456,359	552,719	
11/1/2024	4,925,000			91,317	91,409		
5/1/2025	4,925,000	375,000	3.125%	91,317	466,409	557,819	
11/1/2025	4,550,000			85,458	85,550		
5/1/2026	4,550,000	385,000	3.200%	85,458	470,550	556,100	
11/1/2026	4,165,000			79,298	79,390		
5/1/2027	4,165,000	400,000	3.300%	79,298	479,390	558,780	
11/1/2027	3,765,000			72,698	72,790		
5/1/2028	3,765,000	410,000	3.700%	72,698	487,790	560,580	
11/1/2028	3,355,000			65,113	65,113		
5/1/2029	3,355,000	425,000	3.700%	65,113	495,113	560,225	
11/1/2029	2,930,000			57,250	57,158		
5/1/2030	2,930,000	440,000	3.700%	57,250	502,158	559,315	
11/1/2030	2,490,000			49,110	48,925		
5/1/2031	2,490,000	460,000	3.700%	49,110	498,925	547,850	
11/1/2031	2,030,000			40,600	40,600		
5/1/2032	2,030,000	480,000	4.000%	40,600	520,600	561,200	
11/1/2032	1,550,000			31,000	31,000		
5/1/2033	1,550,000	500,000	4.000%	31,000	531,000	562,000	
11/1/2033	1,050,000			21,000	21,000		
5/1/2034	1,050,000	515,000	4.000%	21,000	536,000	557,000	
11/1/2034	535,000			10,700	10,700		
5/1/2035	535,000	535,000	4.000%	10,700	545,700	556,400	
     11/1/2035								
Totals		5,985,000		1,810,908	7,801,648	7,801,648	

Annual Operating and Debt Service Budget
Fiscal Year 2022	7

Live Oak No. 2
Community Development District

Supporting Budget Schedules
Fiscal Year 2022

LIVE OAK NO. 2

Community Development District	All Funds

Comparison of Assessment Rates Fiscal Year 2022 vs. Fiscal Year 2021

Product	General Fund 001	Debt Service		Total Assessments per Unit	Total	
	FY 2022	FY 2021	Percent
Change	FY 2022	FY 2021	Percent
Change	FY 2022	FY 2021	Percent
Change	Units	

45'	
$328.69	$328.69	0.0%	
$632.86	$632.86	
0.0%	
$961.55	$961.55	0.0%	
191	
50'	$328.69	$328.69	0.0%	$717.24	$717.24	0.0%	$1,045.93	$1,045.93	0.0%	328	
60'	$328.69	$328.69	0.0%	$843.81	$843.81	0.0%	$1,172.50	$1,172.50	0.0%	134	
75'	$328.69	$328.69	0.0%	$1,096.95	$1,096.95	0.0%	$1,425.64	$1,425.64	0.0%	74	
80'	$328.69	$328.69	0.0%	$1,181.33	$1,181.33	0.0%	$1,510.02	$1,510.02	0.0%	43	
					770	

Annual Operating and Debt Service Budget Fiscal Year 2022
8