Darby
Community Development District

Adopted Budget
FY2025
July 23, 2024

Table of Contents

1-2

3-5

6-7

8-9

	General Fund

	Narratives

	Debt Service Fund Series 2024 A-1

	Debt Service Fund Series 2024 A-2

10		Assessment Schedule

	Adopted Budget	Actuals Thru	Projected Next Projected Thru	Adopted Budget	
Description	FY2024	5/31/24		4 Months		9/30/24	FY 2025	

REVENUES:						
Special Assessments - On Roll	$-	$-	$-	$-	$137,392	
Special Assessments - Direct Bill	-	-	-	-	82,483	
Developer Contribution	109,148	41,142	54,495	95,637	113,278	
Interest Earned	-	-	-	-	-	
Carry Forward Surplus	-	-	-	-	-	
TOTAL REVENUES	$109,148	$41,142	$54,495	$95,637	$333,153	

EXPENDITURES:						
Administrative:						
Supervisor Fees	$8,800	$-	$-	$-	$12,000	
FICA Taxes	673	-	-	-	918	
Engineer	12,000	-	12,000	12,000	12,000	
Attorney	25,000	2,945	22,056	25,000	25,000	
Annual Audit	3,200	3,200	-	3,200	3,300	
Assessment Administration	5,000	-	-	-	7,500	
Arbitrage Rebate	-	-	-	-	600	
Trustee Fees	-	-	-	-	4,600	
District Management Fees	36,000	24,000	12,000	36,000	47,700	
Dissemination Agent	-	1,875	2,500	4,375	7,500	
Information Technology	1,800	1,200	600	1,800	1,908	
Website Maintenance	1,200	800	400	1,200	1,272	
Telephone	500	47	153	200	500	
Postage & Delivery	1,500	18	500	518	1,500	
Insurance General Liability and Public Officials Insurance	5,500	5,000	-	5,000	5,500	
Printing & Binding	1,200	128	400	528	1,200	
Legal Advertising	5,000	2,669	2,331	5,000	5,000	
Other Current Charges	600	166	434	600	1,200	
Office Supplies	1,000	21	20	41	1,000	
Dues, Licenses & Subscriptions	175	175	-	175	175	
TOTAL ADMINISTRATIVE	$109,148	$42,244	$53,393	$95,637	$140,373	

	Adopted Budget	Actuals Thru	Projected Next Projected Thru	Adopted Budget	
Description	FY2024	5/31/24			4 Months		9/30/24		FY 2025	

Operations & Maintenance								
Landscape Maintenance	$-		$-	$-		$-	$35,000	
Landscape Contingency	-		-	-		-	10,000	
Lake Maintenance	-		-	-		-	7,000	
Field Operations Management	-		-	-		-	12,000	
Repairs & Maintenance	-		-	-		-	13,000	
Irrigation Repairs	-		-	-		-	4,000	
Electric	-		-	-		-	35,000	
Water & Sewer	-		-	-		-	15,000	
Total Operations & Maintenance	$-	$-		$-	$-		$131,000	

Amenity Maintenance								
Insurance	$-		$-	$-		$-	$25,000	
Facility Management	-		-	-		-	10,000	
Pool Maintenance	-		-	-		-	6,000	
Pool Chemicals	-		-	-		-	5,000	
Pool Permits	-		-	-		-	530	
Cable	-		-	-		-	2,200	
Janitorial	-		-	-		-	6,300	
Facility Maintenance	-		-	-		-	5,000	
Pest Control	-		-	-		-	1,000	
Refuse	-		-	-		-	750	
Total Amenity Maintenance	$-	$-		$-	$-		$61,780	

TOTAL EXPENDITURES	$109,148	$42,244	$53,393	$95,637	$333,153	
						
EXCESS REVENUES (EXPENDITURES)	$0	-$1,102	$1,102	$0	$0	

REVENUES

Special Assessments-Tax Roll
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating expenditures during the Fiscal Year.
Developer Contribution
The District will enter into a Funding Agreement with the Developer to fund General Fund Expenditures for the Fiscal Year.

Interest
The District earns interest on the monthly average collected balance for each of their investment accounts.

Expenditures - Administrative

Supervisors Fees
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending 12 meetings.
FICA Taxes
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.
District Engineering Fees
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.
Attorney
The District’s Attorney, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.
Annual Audit
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.
Assessment Roll Administration
GMS, LLC provides assessment services for closing lot sales, assessment roll services with the local Tax Collector and financial advisory services.
Arbitrage Rebate
The District is required to annually have an arbitrage rebate calculation on the District’s Series 2024 Special Assessment Revenue Bonds. The District will contract with an Independent Certified Accounting Firm. to calculate the rebate liability and submit a report to the District.
Trustee Fees
The District bonds will be held and administered by a Trustee. This represents the trustee annual fee.
District Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.
Dissemination Agent
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.
Information Technology
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services, LLC.

Expenditures - Administrative (continued)

Website Maintenance
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS, LLC and updated monthly.
Telephone
Phone, internet, and Wi-Fi service for Office.
Postage and Delivery
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.
Insurance General Liability and Public Officials
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based on estimated premium.
Printing and Binding
Copies used in the preparation of agenda packages, required mailings, and other special projects.
Legal Advertising
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.
Current Other Charges
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.
Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.
Due, Licenses & Subscriptions
The District is required to pay an annual fee to the Florida Department of Commerce for $175.

Expenditures – Operations

Landscape Maintenance
The District has contracted with vendor to maintain the common areas of the District.
Landscape Contingency
Other landscape costs not under contract, which includes landscape light repairs, tree removals, tree trimmings, additional mulching
Lake Maintenance
The District has contracted with vendor maintain the water quality in all the lakes in the Community.
Field Operations Manager
The District has contracted with Company to provide Field Operations services, to include supervision of operating and maintaining District's common areas and management of O&M related vendor contracts. The Field Operations manager shall work 40 hours weekly.
Repair & Maintenance
Cost of labor (when outsourced) and supplies for routine repairs and maintenance of the District’s common areas.
Irrigation Repairs
Cost of miscellaneous repairs and maintenance to irrigation system.
Electric
The estimated cost for common area electric meters througout the District with JEA.
Water/Sewer/Irrigation
The District has various utility accounts with JEA for water, sewer, and irrigation used by the district.

Expenditures – Amenity

Insurance
The District's Property Insurance policy is with the EGIS, who specializes in providing insurance coverage to governmental agencies. The amount budgeted represents the estimated premium for property insurance related to two Amenity Centers and other district property facilities and capital assets.
Facility Management
Cost to provide management services for the Amenity Center.
Pool Maintenance
The estimated amount based on proposed contract with vendor to provide maintenance of the Amenity Center swimming pool.
Pool Chemicals
The estimated amount based on proposed contract with Riverside Management Services and Poolsure to provide chemicals to maintain the Amenity Center swimming pool.
Pool Permits
Represents Permit Fees paid to the Department of Health for the swimming pool and spray ground area.
Cable
The District has various accounts to provide internet services for amenity center and gym.
Janitorial
The District will contract with a vendor to provide janitorial services for Amenity Center and will also include area maintenance services.
Facility Maintenance
Cost of labor (when outsourced) and supplies for routine repairs and maintenance of the District’s common areas and Amenity Centers, to include painting, pressure washing, carpet cleaning and replacement of lighting in and around the facilities.
Pest Control
The District is contracted with Freedom Pest Control for pest control services
Refuse
The estimated cost of garbage disposal service will be provided by local company for the District.

Adopted Budget
Debt Service Series 2024A-1 Special Assessment Revenue Bonds

Approved Budget
FY2024

Actuals Thru
5/31/24

Projected Next  Projected Thru

Description

	4 Months	

9/30/24

Adopted Budget
FY 2025

REVENUES:

Special Assessments	$-	$-	$-	$-	$258,137	
Interest Earnings	-	4,831	6,519	11,350	2,500	
Carry Forward Surplus (1)	-	-	-	-	103,781	
TOTAL REVENUES	$-	$4,831	$6,519	$11,350	$364,418	

EXPENDITURES:						
Interest 11/1	$-	$-	$-	$-	$103,781	
Interest 5/1	47,278	47,278	-	47,278	103,781	
Principal 5/1	-	-	-	-	50,000	
TOTAL EXPENDITURES	$47,278	$47,278	$-	$47,278	$257,563	

Other Sources/(Uses)						

Bond Proceeds	
$409,125	
$409,125		
$-	
$409,125		
$-	
TOTAL OTHER SOURCES/(USES)	$409,125	$409,125	$-		$409,125	$-		

EXCESS REVENUES (EXPENDITURES)

$361,847

$366,678

$6,519

$373,197

$106,855

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/25

$102,581

AMORTIZATION SCHEDULE
Debt Service Series 2024A-1 Special Assessment Revenue Bonds

Period

Outstanding Balance

Coupons

Principal

Interest

Annual Debt Service

11/01/24	3,620,000	4.800%	-	103,781	103,781	
05/01/25	3,620,000	4.800%	50,000	103,781		
11/01/25	3,570,000	4.800%	-	102,581	256,363	
05/01/26	3,570,000	4.800%	50,000	102,581		
11/01/26	3,520,000	4.800%	-	101,381	253,963	
05/01/27	3,520,000	4.800%	55,000	101,381		
11/01/27	3,465,000	4.800%	-	100,061	256,443	
05/01/28	3,465,000	4.800%	55,000	100,061		
11/01/28	3,410,000	4.800%	-	98,741	253,803	
05/01/29	3,410,000	4.800%	60,000	98,741		
11/01/29	3,350,000	4.800%	-	97,301	256,043	
05/01/30	3,350,000	4.800%	65,000	97,301		
11/01/30	3,285,000	4.800%	-	95,741	258,043	
05/01/31	3,285,000	4.800%	65,000	95,741		
11/01/31	3,220,000	5.625%	-	94,181	254,923	
05/01/32	3,220,000	5.625%	70,000	94,181		
11/01/32	3,150,000	5.625%	-	92,213	256,394	
05/01/33	3,150,000	5.625%	75,000	92,213		
11/01/33	3,075,000	5.625%	-	90,103	257,316	
05/01/34	3,075,000	5.625%	80,000	90,103		
11/01/34	2,995,000	5.625%	-	87,853	257,956	
05/01/35	2,995,000	5.625%	80,000	87,853		
11/01/35	2,915,000	5.625%	-	85,603	253,456	
05/01/36	2,915,000	5.625%	85,000	85,603		
11/01/36	2,830,000	5.625%	-	83,213	253,816	
05/01/37	2,830,000	5.625%	90,000	83,213		
11/01/37	2,740,000	5.625%	-	80,681	253,894	
05/01/38	2,740,000	5.625%	95,000	80,681		
11/01/38	2,645,000	5.625%	-	78,009	253,691	
05/01/39	2,645,000	5.625%	105,000	78,009		
11/01/39	2,540,000	5.625%	-	75,056	258,066	
05/01/40	2,540,000	5.625%	110,000	75,056		
11/01/40	2,430,000	5.625%	-	71,963	257,019	
05/01/41	2,430,000	5.625%	115,000	71,963		
11/01/41	2,315,000	5.625%	-	68,728	255,691	
05/01/42	2,315,000	5.625%	120,000	68,728		
11/01/42	2,195,000	5.625%	-	65,353	254,081	
05/01/43	2,195,000	5.625%	130,000	65,353		
11/01/43	2,065,000	5.625%	-	61,697	257,050	
05/01/44	2,065,000	5.625%	135,000	61,697		
11/01/44	1,930,000	6.000%	-	57,900	254,597	
05/01/45	1,930,000	6.000%	145,000	57,900		
11/01/45	1,785,000	6.000%	-	53,550	256,450	
05/01/46	1,785,000	6.000%	155,000	53,550		
11/01/46	1,630,000	6.000%	-	48,900	257,450	
05/01/47	1,630,000	6.000%	165,000	48,900		
11/01/47	1,465,000	6.000%	-	43,950	257,850	
05/01/48	1,465,000	6.000%	175,000	43,950		
11/01/48	1,290,000	6.000%	-	38,700	257,650	
05/01/49	1,290,000	6.000%	185,000	38,700		
11/01/49	1,105,000	6.000%	-	33,150	256,850	
05/01/50	1,105,000	6.000%	195,000	33,150		
11/01/50	910,000	6.000%	-	27,300	255,450	
05/01/51	910,000	6.000%	205,000	27,300		
11/01/51	705,000	6.000%	-	21,150	253,450	
05/01/52	705,000	6.000%	220,000	21,150		
11/01/52	485,000	6.000%	-	14,550	255,700	
05/01/53	485,000	6.000%	235,000	14,550		
11/01/53	250,000	6.000%	-	7,500	257,050	
05/01/54	250,000	6.000%	250,000	7,500	257,500	
Total			$3,620,000	$4,161,784	$7,781,784	

Adopted Budget
Debt Service Series 2024A-2 Special Assessment Revenue Bonds

Approved Budget
FY2024

Actuals Thru
5/31/24

Projected Next  Projected Thru

Description

	4 Months	

9/30/24

Adopted Budget
FY 2025

REVENUES:

Special Assessments	$-	$-	$-	$-	$573,658	
Interest Earnings	-	2,986	15,512	18,498	5,000	
Carry Forward Surplus (1)	-	-	-	-	289,847	
TOTAL REVENUES	$-	$2,986	$15,512	$18,498	$868,505	

EXPENDITURES:						
Interest 11/1	$-	$-	$-	$-	$286,847	
Interest 5/1	130,675	130,675	-	130,675	286,847	
TOTAL EXPENDITURES	$130,675	$130,675	$-	$130,675	$573,694	

Other Sources/(Uses)						

Bond Proceeds	
$991,215	
$991,215		
$-	
$991,215		
$-	
TOTAL OTHER SOURCES/(USES)	$991,215	$991,215	$-		$991,215	$-		

EXCESS REVENUES (EXPENDITURES)

$860,540

$863,526

$15,512

$879,038

$294,811

(1) Carry Forward is Net of Reserve Requirement

Interest Due 11/1/25

$286,847

AMORTIZATION SCHEDULE
Debt Service Series 2024A-2 Special Assessment Revenue Bonds

Period

Outstanding Balance

Coupons

Principal

Interest

Annual Debt Service

11/01/24	9,765,000	5.875%	-	286,847	417,522	
05/01/25	9,765,000	5.875%	-	286,847		
11/01/25	9,765,000	5.875%	-	286,847	573,694	
05/01/26	9,765,000	5.875%	-	286,847		
11/01/26	9,765,000	5.875%	-	286,847	573,694	
05/01/27	9,765,000	5.875%	-	286,847		
11/01/27	9,765,000	5.875%	-	286,847	573,694	
05/01/28	9,765,000	5.875%	-	286,847		
11/01/28	9,765,000	5.875%	-	286,847	573,694	
05/01/29	9,765,000	5.875%	-	286,847		
11/01/29	9,765,000	5.875%	-	286,847	573,694	
05/01/30	9,765,000	5.875%	-	286,847		
11/01/30	9,765,000	5.875%	-	286,847	573,694	
05/01/31	9,765,000	5.875%	-	286,847		
11/01/31	9,765,000	5.875%	-	286,847	573,694	
05/01/32	9,765,000	5.875%	-	286,847		
11/01/32	9,765,000	5.875%	-	286,847	573,694	
05/01/33	9,765,000	5.875%	-	286,847		
11/01/33	9,765,000	5.875%	-	286,847	573,694	
05/01/34	9,765,000	5.875%	-	286,847		
11/01/34	9,765,000	5.875%	-	286,847	573,694	
05/01/35	9,765,000	5.875%	9,765,000	286,847	10,051,847	
Total			$9,765,000	$6,310,631	$16,206,306	

Darby
Community Development District
Non-Ad Valorem Assessments Comparison 2024-2025

O&M	Bonds	Bonds
Neighborhood	Units	2024A1	2024A2	Annual Maintenance Assessments
Units	Units	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	
	O&M	O&M	O&M	Series 2024A1	Series 2024A2	Series 2024A1	Series 2024A2		Series 2024A1	Series 2024A2	Series 2024A1	Series 2024A2	Total	

SF - 40'	
214	
214	
214	
$485.40	
$0.00	
$485.40	
$799.00	
$1,961.00	
$0.00	
$0.00	
$2,760.00	
$1,284.40	
$2,446.40	
$0.00	
$0.00	
$3,245.40	
SF - 50'	65	65	65	$485.40	$0.00	$485.40	$999.00	$2,181.00	$0.00	$0.00	$3,180.00	$1,484.40	$2,666.40	$0.00	$0.00	$3,665.40	
SF - 80'	27	27	27	$485.40	$0.00	$485.40	$1,598.00	$2,176.00	$0.00	$0.00	$3,774.00	$2,083.40	$2,661.40	$0.00	$0.00	$4,259.40	
Total	306	306	306