LIVE OAK NO. 2
Community Development District

Annual Operating and Debt Service Budget
Fiscal Year 2024

Approved Tentative Budget Meeting on 05/18/2023

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

1-2

3

4-6	

DEBT SERVICE BUDGET

Series 2016

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

7

8	

SUPPORTING BUDGET SCHEDULES

2024-2023 Non-Ad Valorem Assessment Summ…a…ry …………………………………………………..	

9	

Live Oak No. 2
Community Development District

Operating Budget
Fiscal Year 2024

Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2024 Approved Tentative Budget

				ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
		ACTUAL	ACTUAL	BUDGET	THRU	MAY-	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION		FY 2021	FY 2022	FY 2023	APR-2023	SEP-2023	FY 2023	FY 2024	
REVENUES									
Interest - Investments		$	1,137	$	2,027	$	1,500	$	9,629	$	6,878	$	16,507	$	1,500	
Interest - Tax Collector		27	-	50	369	-	369	50	
Special Assmnts- Tax Collector		253,094	253,094	253,094	248,815	4,279	253,094	253,094	
Special Assmnts- Discounts		(9,584)	(9,639)	(10,124)	(9,621)	-	(9,621)	(10,124)	
Other Miscellaneous Revenues		-	31	-	1,119	-	1,119	-	
TOTAL REVENUES		244,674	245,513	244,520	250,311	11,157	261,468	244,520	

EXPENDITURES									
Administrative									
P/R-Board of Supervisors		5,400	3,800	6,000	1,646	2,000	3,646	6,000	
FICA Taxes		413	291	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		12,767	26,460	25,000	1,424	712	2,136	25,000	
ProfServ-Legal Services		1,985	2,924	3,000	3,753	7,506	11,259	3,000	
ProfServ-Mgmt Consulting Serv		40,000	40,000	40,000	23,333	16,667	40,000	40,000	
ProfServ-Special Assessment		12,500	12,500	12,500	12,500	-	12,500	12,500	
ProfServ-Trustee Fees		3,871	3,771	3,971	1,886	2,085	3,971	3,971	
Auditing Services		3,500	3,500	3,700	-	3,700	3,700	3,700	
Postage and Freight		47	60	500	26	474	500	500	
Insurance - General Liability		7,812	7,812	9,374	6,950	-	6,950	8,340	
Printing and Binding		17	27	300	13	287	300	300	
Legal Advertising		2,466	3,087	900	308	592	900	900	
Miscellaneous Services		307	271	300	294	210	504	300	
Misc-Assessmnt Collection Cost		2,883	2,961	5,061	4,772	289	5,061	5,062	
Misc-Web Hosting		2,351	2,361	2,604	1,396	997	2,393	2,604	
Office Supplies		-	-	100	-	100	100	100	
Annual District Filing Fee		175	175	175	175	-	175	175	
Total Administrative		97,094	110,600	115,544	59,214	36,772	95,985	114,511	

Field									
Contracts-Envirom'l Monitoring		3,200	3,050	3,200	3,700	1,460	5,160	5,800	
Contracts-Landscape		42,639	41,040	41,040	23,940	17,100	41,040	41,040	
Contracts-Lakes		13,287	19,116	19,116	11,151	7,965	19,116	19,116	
R&M-Fence		825	-	5,000	-	5,000	5,000	5,000	
R&M-Lake		-	18,514	7,500	-	7,500	7,500	7,500	
R&M-Wetland Monitoring		-	-	8,000	-	8,000	8,000	8,000	
Misc-Contingency		5,899	19,058	14,718	4,583	10,135	14,718	12,371	
Reserve - Ponds		4,999	39,151	31,182	1,469	-	1,469	31,182	
Total Field		70,849	139,929	129,756	44,843	57,160	102,003	130,009	
									
TOTAL EXPENDITURES		167,943	250,529	245,300	104,057	93,932	197,988	244,520	

Excess (deficiency) of revenues									
Over (under) expenditures		76,731	(5,016)	(780)	146,254	(82,775)	63,480	-	

OTHER FINANCING SOURCES (USES)	
Contribution to (Use of) Fund		-	-	(780)	-	-	-	-	
TOTAL OTHER SOURCES (USES)		-	-	(780)	-	-	-	-	

Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2024 Approved Tentative Budget

ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
ACTUAL	ACTUAL	BUDGET	THRU	MAY-	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION		FY 2021	FY 2022	FY 2023	APR-2023	SEP-2023	FY 2023	FY 2024	
Net change in fund balance		76,731	(5,016)	(780)	146,254	(82,775)	63,480	-	
FUND BALANCE, BEGINNING		
549,435	
626,164	
621,149	
621,149	
-	
621,149	
684,629	
FUND BALANCE, ENDING		 $	626,166		$	621,148		$  620,369		$  767,403		$	(82,775) 	$	684,629		$	684,629 	

Exhibit "A"
Allocation of Fund Balances

AVAILABLE FUNDS

Beginning Fund Balance - Fiscal Year 2024
Net Change in Fund Balance - Fiscal Year 2024 Reserves - Fiscal Year 2024 Additions

Total Funds Available (Estimated) - 9/30/2024

ALLOCATION OF AVAILABLE FUNDS

Assigned Fund Balance
Operating Reserve - First Quarter Operating Capital

Reserves - Ponds - Prior Years	251,329
Reserves - Ponds - (Budget FY 2023)	31,182
Reserves - Ponds - FY2023 Expenses	(1,469)
Reserves - Ponds - FY2024 - Proposed	31,182

Total Allocation of Available Funds

Total Unassigned (undesignated) Cash		

Amount		
	$	684,629		
		-		
		31,182		
		715,811		

53,334	

(1)	

312,224		
		
365,558		
	
$	
350,252		

Notes
(1) Represents approximately 3 months of operating expenditures				

Budget Narrative
Fiscal Year 2024

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.

Budget Narrative
Fiscal Year 2024

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.

5
Annual Operating and Debt Service Budget

Budget Narrative
Fiscal Year 2024

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.

Annual Operating and Debt Service Budget	6

Live Oak No. 2
Community Development District

Debt Service Budget
Fiscal Year 2024

Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2024 Approved Tentative Budget

ACCOUNT DESCRIPTION	
ACTUAL FY 2021	
ACTUAL FY 2022	ADOPTED BUDGET
FY 2023	ACTUAL THRU
APR-2023	PROJECTED MAY-
SEP-2023	TOTAL PROJECTED
FY 2023	ANNUAL BUDGET
FY 2024	

REVENUES										
Interest - Investments
Special Assmnts- Tax Collector Special Assmnts- Discounts	$	28
600,453
(22,738)	$	26
600,454
(22,864)	$	200
600,454
(24,018)	$	18
590,301
(22,826)	$	25
10,153
-	$	43
600,454
(22,826)	$	200
600,454
(24,018)	
TOTAL REVENUES	577,743	577,616	576,636	567,493	10,178	577,671	576,636	

EXPENDITURES
Administrative
Misc-Assessmnt Collection Cost

Total Administrative		

6,840	

7,023	

12,008	

11,322	

686	

12,008	

$	

12,009	
		6,840	7,023	12,008	11,322	686	12,008		12,009	

Debt Service
Principal Debt Retirement Interest Expense Series
Total Debt Service		

335,000
216,226	

345,000
209,526	

355,000
201,764	

- 100,882	

355,000
100,882	

355,000
201,764		

360,000
192,534	
		551,226	554,526	556,764	100,882	455,882	556,764		552,534	
										
TOTAL EXPENDITURES		558,066	561,549	568,772	112,204	456,568	568,772	564,542	
Excess (deficiency) of revenues Over (under) expenditures		

19,677	

16,067	

7,864	

455,289	

(446,390)	

8,899		

12,094	

OTHER FINANCING SOURCES (USES)										
Contribution to (Use of) Fund Balance		
-	
-	
7,864	
-	
-	
-		
12,094	
TOTAL OTHER SOURCES (USES)		-	-	7,864	-	-	-		12,094	

Net change in fund balance		
19,677	
16,067	
7,864	
455,289	
(446,390)	
8,899		
12,094	

FUND BALANCE, BEGINNING		
477,243	
496,920	
512,987	
528,411	
-	
528,411	
537,310	
FUND BALANCE, ENDING	$	496,920	$ 512,987	$  520,851	$	983,700	$  (446,390)	$ 537,310	$ 549,404	

AMORTIZATION SCHEDULE SPECIAL ASSESSMENT BONDS SERIES 2016A

Period Ending	Outstanding Balance	
Principal	
Coupon	
Interest	
Debt Service	Annual Debt Service	
							
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		5,285,000		1,399,618	6,689,988	6,689,988	

Live Oak No. 2
Community Development District

Supporting Budget Schedules
Fiscal Year 2024

LIVE OAK NO. 2

Community Development District	All Funds

Comparison of Assessment Rates Fiscal Year 2024 vs. Fiscal Year 2023

Product	General Fund 001	Debt Service		Total Assessments per Unit	Total	
	FY 2024	FY 2023	Percent
Change	FY 2024	FY 2023	Percent
Change	FY 2024	FY 2023	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	9
Fiscal Year 2024