LIVE OAK NO. 2
Community Development District

Annual Operating and Debt Service Budget
Fiscal Year 2025

Approved Tentative Budget

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

3­5	

DEBT SERVICE BUDGET

Series 2016

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

6

7	

SUPPORTING BUDGET SCHEDULES

2024-2025 Non-Ad Valorem Assessment Summary	

…………………………………………………	

8	

Live Oak No. 2
Community Development District

Operating Budget
Fiscal Year 2025

LIVE OAK NO. 2

Community Development District	General Fund

Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2025 Budget

				ADOPTED	ACTUAL	PROJECTED	TOTAL		ANNUAL	
		ACTUAL	ACTUAL	BUDGET	THRU	MAY	PROJECTED	% +/(-)	BUDGET	
ACCOUNT DESCRIPTION		FY 2022	FY 2023	FY 2024	04/30/2024	9/30/2024	FY 2024	Budget	FY 2025	
REVENUES										
Interest - Investments		$	2,027	$	22,806	$	1,500	$	17,917	$	12,931	$	30,848	1957%	$	1,500	
Interest - Tax Collector		-	388	50	945	-	945	1790%	50	
Special Assmnts- Tax Collector		253,094	253,094	253,094	250,121	2,973	253,094	0%	253,094	
Special Assmnts- Discounts		(9,639)	(9,505)	(10,124)	(9,668)	-	(9,668)	-5%	(10,124)	
Other Miscellaneous Revenues		31	1,119	-	-	-	-	0%	-	
TOTAL REVENUES		245,513	267,902	244,520	259,315	15,904	275,219		244,520	

EXPENDITURES										
Administrative										
P/R-Board of Supervisors		3,800	4,246	6,000	1,000	5,000	6,000	0%	6,000	
FICA Taxes		291	337	459	77	382	459	0%	459	
ProfServ-Arbitrage Rebate		600	600	600	-	600	600	0%	600	
ProfServ-Dissemination Agent		-	-	1,000	-	1,000	1,000	0%	1,000	
ProfServ-Engineering		6,865	8,971	25,000	1,245	23,755	25,000	0%	25,000	
ProfServ-Legal Services		2,924	5,435	3,000	2,859	141	3,000	0%	3,000	
ProfServ-Mgmt Consulting Serv		40,000	40,000	40,000	23,333	16,667	40,000	0%	40,000	
ProfServ-Special Assessment		12,500	12,500	12,500	12,500	-	12,500	0%	12,500	
ProfServ-Trustee Fees		3,771	3,771	3,971	1,886	2,085	3,971	0%	3,971	
Auditing Services		3,500	3,500	3,700	-	3,675	3,675	-1%	3,700	
Postage and Freight		60	56	500	28	472	500	0%	500	
Insurance - General Liability		7,812	6,950	8,340	7,228	-	7,228	-13%	8,674	
Printing and Binding		27	26	300	9	291	300	0%	300	
Legal Advertising		3,087	3,049	900	-	900	900	0%	900	
Miscellaneous Services		271	477	300	72	228	300	0%	300	
Misc-Assessmnt Collection Cost		2,961	2,929	5,062	4,709	353	5,062	0%	5,062	
Misc-Contingency		-	150	217	425					
Misc-Web Hosting		2,361	2,311	2,387	3,445	-	3,445	44%	2,604	
Office Supplies		-	-	100	90	10	100	0%	100	
Annual District Filing Fee		175	175	175	175	-	175	0%	175	
Total Administrative		91,005	95,483	114,511	59,081	55,559	114,215		114,844	

Field										
Contracts-Envirom'l Monitoring		3,050	6,600	5,800	2,900	2,900	5,800	0%	5,800	
Contracts-Landscape		41,040	41,040	41,040	23,940	17,100	41,040	0%	41,040	
Contracts-Lakes		19,116	19,116	19,116	11,551	7,565	19,116	0%	19,116	
R&M-Fence		-	-	5,000	-	5,000	5,000	0%	5,000	
R&M-Lake		18,514	-	7,500	-	7,500	7,500	0%	7,500	
R&M-Wetland Monitoring		-	-	8,000	-	8,000	8,000	0%	8,000	
Misc-Contingency		19,058	22,742	12,371	5,204	7,167	12,371	0%	12,038	
Cap Outlay Irrigation		33,680	-	-	-					
Reserve - Ponds		25,066	1,469	31,182	13,890	-	13,890	-55%	31,182	
Total Field		159,524	90,967	130,009	57,485	56,732	114,217		129,676	
										
TOTAL EXPENDITURES		250,529	186,450	244,520	116,566	112,291	228,432		244,520	

Excess (deficiency) of revenues										
Over (under) expenditures		(5,016)	81,452	-	142,749	(96,387)	46,787		-	

Net change in fund balance		
(5,016)	
81,452	
-	
142,749	
(96,387)	
46,787		
-	
FUND BALANCE, BEGINNING		622,744	617,728	699,180	699,180	-	699,180		745,967	
FUND BALANCE, ENDING		$  617,728	$  699,180	$  699,180	$ 841,929	$  (96,387)	$  745,967		$  745,967	

LIVE OAK NO. 2

Community Development District	General Fund

Exhibit "A"
Allocation of Fund Balances	

AVAILABLE FUNDS

Beginning Fund Balance - Fiscal Year 2025
Net Change in Fund Balance - Fiscal Year 2025 Reserves - Fiscal Year 2025 Additions	

$	

Amount
745,967
- 31,182	

Total Funds Available (Estimated) - 9/30/2025	777,149

ALLOCATION OF AVAILABLE FUNDS				

Assigned Fund Balance
Operating Reserve - First Quarter Operating Capital		

53,335	

(1)	
Reserves - Ponds - Prior Years	281,042 (2)			
Reserves - Ponds - FY 2024	31,182			
Reserves - Ponds - FY 2024 Expenditures	(13,890)			
Reserves - Ponds - FY 2025	31,182	329,516		

Total Allocation of Available Funds	382,851

Total Unassigned (undesignated) Cash	$	394,298

Notes
Represents approximately 3 months of operating expenditures.
Ties to motion to assign fund balance as of 9/30/23.

Live Oak No. 2
Community Development District	General Fund

Budget Narrative
Fiscal Year 2025

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 2025

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 are required to prepare agenda packages.

Live Oak No. 2
Community Development District	General Fund

Budget Narrative
Fiscal Year 2025

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. The Maintenance including the manual mechanical & herbicide maintenance control is $650 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 $1,693/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 2025

LIVE OAK NO. 2

Community Development District	Debt Service Series 2016 Fund

Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2025 Budget

	ADOPTED	ACTUAL	PROJECTED	TOTAL	ANNUAL	
	ACTUAL	ACTUAL	BUDGET	THRU	MAY	PROJECTED	BUDGET	
ACCOUNT DESCRIPTION	FY 2022	FY 2023	FY 2024	04/30/2024	9/30/2024	FY 2024	FY 2025	
REVENUES								
Interest - Investments	$	26	$	5,545	$	200	$	14,859	$	10,614	$	25,473	$	200	
Special Assmnts- Tax Collector	600,454	600,454	600,454	593,408	7,046	600,454	600,454	
Special Assmnts- Discounts	(22,864)	(22,552)	(24,018)	(22,894)	-	(22,894)	(24,018)	
TOTAL REVENUES	577,616	583,447	576,636	585,373	17,660	603,033	576,636	

EXPENDITURES
Administrative

Misc-Assessmnt Collection Cost	6,840	7,023	12,008	11,493	515	12,008	12,009	
Total Administrative	6,840	7,023	12,008	11,493	515	12,008	12,009	
Debt Service								
Principal Debt Retirement	335,000	345,000	360,000	-	360,000	360,000	375,000	
Interest Expense Series	216,226	209,526	192,534	96,267	96,267	192,534	182,634	
Total Debt Service	551,226	554,526	552,534	96,267	456,267	552,534	557,634	
								
TOTAL EXPENDITURES	558,066	561,549	564,542	107,760	456,782	564,542	569,642	

Excess (deficiency) of revenues								
Over (under) expenditures	19,550	21,898	12,094	477,613	(439,122)	38,491	6,994	

OTHER FINANCING SOURCES (USES)								
Contribution to (Use of) Fund Balance	
-	
-	
12,094	
-	
-	
-	
6,994	
TOTAL OTHER SOURCES (USES)	-	-	12,094	-	-	-	6,994	

Net change in fund balance	
19,550	
21,898	
12,094	
477,613	
(439,122)	
38,491	
6,994	
FUND BALANCE, BEGINNING	
506,698	
526,248	
548,146	
548,146	
-	
548,146	586,637	
FUND BALANCE, ENDING	$ 526,248	$	548,146	$  560,240	$ 1,025,759	$  (439,122)	$ 586,637	$	593,631	

Annual Operating and Debt Service Budget Fiscal Year 2025

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

11/1/2024
5/1/2025
11/1/2025	4,925,000
4,925,000
4,550,000	
375,000	
3.125%	91,317
91,317
85,458	91,409
466,409
85,550	
557,819	
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	
Totals	4,925,000	1,207,084	6,137,269	6,137,269

Annual Operating and Debt Service Budget Fiscal Year 2025

Live Oak No. 2
Community Development District

Supporting Budget Schedules
Fiscal Year 2025

LIVE OAK NO. 2

Community Development District	All Funds

Comparison of Assessment Rates Fiscal Year 2025 vs. Fiscal Year 2024

Product	General Fund 001
FY 2025	FY 2024	Percent
Change	
FY 2025	Debt Service FY 2024	
Percent Change	Total Assessments per Unit	Total	
					FY 2025	FY 2024	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 2025