LIVE OAK NO. 2
Community Development District

Annual Operating and Debt Service Budget
Fiscal Year 2023

Adopted Budget Meeting on 07/26/2022

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

2023-2022 Non-Ad Valorem Assessment Summ…a…ry …………………………………………………..	

8	

Live Oak No. 2
Community Development District

Operating Budget
Fiscal Year 2023

LIVE OAK NO. 2

Community Development District	General Fund
Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2023 Adopted Budget

				ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
		ACTUAL	ACTUAL	BUDGET	THRU	JULY-	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION		FY 2020	FY 2021	FY 2022	JUNE-2022	SEP-2022	FY 2022	FY 2023	
REVENUES									
Interest - Investments		$	5,226	$	1,137	$	3,050	$	792	$	566	$	1,358	$	1,500	
Interest - Tax Collector		168	27	-	-	-	-	50	
Special Assmnts- Tax Collector		253,093	253,094	253,094	253,094	-	253,094	253,094	
Special Assmnts- Discounts		(9,539)	(9,584)	(10,124)	(9,639)	-	(9,639)	(10,124)	
Other Miscellaneous Revenues		-	-	-	31	-	31	-	
TOTAL REVENUES		248,948	244,674	246,020	244,278	566	244,844	244,520	

EXPENDITURES									
Administrative									
P/R-Board of Supervisors		4,200	5,400	6,000	1,800	2,000	3,800	6,000	
FICA Taxes		321	413	459	138	153	290	459	
ProfServ-Arbitrage Rebate		600	600	600	600	-	600	600	
ProfServ-Dissemination Agent		-	-	1,000	-	1,000	1,000	1,000	
ProfServ-Engineering		30,110	12,767	25,000	21,570	10,785	32,355	25,000	
ProfServ-Legal Services		1,401	1,985	3,000	2,491	509	3,000	3,000	
ProfServ-Mgmt Consulting Serv		40,000	40,000	40,000	30,000	10,000	40,000	40,000	
ProfServ-Special Assessment		12,500	12,500	12,500	12,500	-	12,500	12,500	
ProfServ-Trustee Fees		3,870	3,871	3,971	1,886	2,085	3,971	3,971	
Auditing Services		3,500	3,500	3,700	3,500	-	3,500	3,700	
Postage and Freight		156	47	500	42	458	500	500	
Insurance - General Liability		7,812	7,812	8,593	7,812	-	7,812	9,374	
Printing and Binding		110	17	300	27	273	300	300	
Legal Advertising		3,237	2,466	900	659	241	900	900	
Miscellaneous Services		374	307	300	168	132	300	300	
Misc-Assessmnt Collection Cost		2,923	2,883	5,062	4,869	-	4,869	5,062	
Misc-Web Hosting		4,100	2,351	2,604	1,809	905	2,714	2,604	
Office Supplies		-	-	100	-	100	100	100	
Annual District Filing Fee		175	175	175	175	-	175	175	
Total Administrative		115,389	97,094	114,764	90,046	28,641	118,686	115,545	

Field									
Contracts-Envirom'l Monitoring		3,200	3,200	3,200	3,050	150	3,200	3,200	
Contracts-Landscape		44,238	42,639	41,040	30,780	10,260	41,040	41,040	
Contracts-Lakes		16,596	13,287	19,116	14,337	4,779	19,116	19,116	
R&M-Fence		-	825	5,000	-	5,000	5,000	5,000	
R&M-Lake		3,350	-	7,500	16,900	12,071	28,971	7,500	
R&M-Wetland Monitoring		800	8,450	8,000	-	8,000	8,000	8,000	
Misc-Contingency		640	5,899	16,218	20,078	40,156	60,234	14,718	
Reserve - Ponds		-	4,999	31,182	20,255	-	20,255	31,182	
Total Field		68,824	79,299	131,256	105,400	80,416	185,816	129,756	
									
TOTAL EXPENDITURES		184,213	176,393	246,020	195,446	109,057	304,502	245,301	

Net change in fund balance		
64,735	
68,281	
-	
48,832	
(108,491)	
(59,658)	
(781)	
FUND BALANCE, BEGINNING		
484,698	
549,433	
626,164	
626,164	
-	
626,164	
566,506	
FUND BALANCE, ENDING		$	549,433	$	626,164	$  626,164	$  674,996	$  (108,491)	$	566,506	$	565,725	

LIVE OAK NO. 2

Community Development District	General Fund

Exhibit "A"
Allocation of Fund Balances

AVAILABLE FUNDS

Beginning Fund Balance - Fiscal Year 2023
Net Change in Fund Balance - Fiscal Year 2023 Reserves - Fiscal Year 2023 Additions

Total Funds Available (Estimated) - 9/30/2023

ALLOCATION OF AVAILABLE FUNDS

Assigned Fund Balance
Operating Reserve - First Quarter Operating Capital

Reserves - Ponds - Prior Years	259,298
Reserves - Ponds - FY2022	31,182
Reserves - Ponds - FY2022 Expenses	(20,255)
Reserves - Ponds - FY2023 - Proposed	31,182

Total Allocation of Available Funds

Total Unassigned (undesignated) Cash		

Amount	
	$	565,725	
		(781)	
		31,182	
		596,126	

53,530 (1)	

301,407	
		
354,937	
	
$	
241,189	

Notes
(1) Represents approximately 3 months of operating expenditures			

Live Oak No. 2
Community Development District	General Fund

Budget Narrative
Fiscal Year 2023

REVENUES

Interest-Investments
The District earns interest on the monthly average collected balance for their operating account.

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.

Live Oak No. 2
Community Development District	General Fund

Budget Narrative
Fiscal Year 2023

EXPENDITURES

ADMINISTRATIVE (CONTINUED)

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.

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.

Miscellaneous Services
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.

Live Oak No. 2
Community Development District	General Fund

Budget Narrative
Fiscal Year 2023

EXPENDITURES

ADMINISTRATIVE (CONTINUED)

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.

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 $1,593/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.

Live Oak No. 2
Community Development District

Debt Service Budget
Fiscal Year 2023

LIVE OAK NO. 2

Community Development District	Debt Service Series 2016 Fund

Summary of Revenues, Expenditures and Changes in Fund Balances	
Fiscal Year 2023 Adopted Budget	
				
ADOPTED	
ACTUAL	
PROJECTED	
TOTAL	
ANNUAL	
	ACTUAL	ACTUAL	BUDGET	THRU	JULY-	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2020	FY 2021	FY 2022	JUNE-2022	SEP-2022	FY 2022	FY 2021	

REVENUES										
Interest - Investments	$	3,282	$	28	$	200	$	19	$	27	$	46	$	200	
Special Assmnts- Tax Collector		600,453	600,453	600,454	600,454	-	600,454		600,454	
Special Assmnts- Discounts		(22,631)	(22,738)	(24,018)	(22,864)	-	(22,864)		(24,018)	
TOTAL REVENUES		581,104	577,743	576,636	577,609	27	577,636	576,636	

EXPENDITURES										
Administrative										
Misc-Assessmnt Collection Cost		6,935	6,840	12,009	11,551	-	11,551	$	12,009	
Total Administrative		6,935	6,840	12,009	11,551	-	11,551		12,009	

Debt Service										
Principal Debt Retirement		330,000	335,000	345,000	345,000	-	345,000		355,000	
Prepayments Series		5,000	-	-	-	-	-		-	
Interest Expense Series		223,744	216,226	209,526	209,526	-	209,526		201,764	
Total Debt Service		558,744	551,226	554,526	554,526	-	554,526		556,764	
										
TOTAL EXPENDITURES		565,679	558,066	566,535	566,077	-	566,077	568,772	

Excess (deficiency) of revenues										
Over (under) expenditures		15,425	19,677	10,101	11,532	27	11,559		7,864	

OTHER FINANCING SOURCES (USES)	
Contribution to (Use of) Fund										
Balance		-	-	10,101	-	-	-		7,864	
TOTAL OTHER SOURCES (USES)		-	-	10,101	-	-	-		7,864	

Net change in fund balance		
15,425	
19,677	
10,101	
11,532	
27	
11,559		
7,864	

FUND BALANCE, BEGINNING		
477,243	
492,668	
512,345	
512,345	
-	
512,345	
523,904	
FUND BALANCE, ENDING	$	492,668	$ 512,345	$  522,446	$	523,877	$	27	$ 523,904	$ 531,768	

Annual Operating and Debt Service Budget

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	
							
11/1/2022	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		5,640,000		1,601,381	7,246,936	7,246,936	

Annual Operating and Debt Service Budget

Live Oak No. 2
Community Development District

Supporting Budget Schedules
Fiscal Year 2023

LIVE OAK NO. 2

Community Development District	All Funds

Comparison of Assessment Rates Fiscal Year 2023 vs. Fiscal Year 2022

Product	General Fund 001	Debt Service		Total Assessments per Unit	Total	
	FY 2023	FY 2022	Percent
Change	FY 2023	FY 2022	Percent
Change	FY 2023	FY 2022	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%	$1,510.03	$1,510.02	0.0%	43	
					770	

Annual Operating and Debt Service Budget Fiscal Year 2023
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