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K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT
DISTRICT OFFICE · 3434 COLWELL AVENUE · SUITE 200 · TAMPA, FLORIDA 33614
K-BAR RANCH
COMMUNITY DEVELOPMENT DISTRICT
BOARD OF SUPERVISORS
MEETING
May 18, 2016
K-BAR RANCH
COMMUNITY DEVELOPMENT DISTRICT AGENDA
May 18, 2016 at 6:00 p.m.
New Tampa Regional Library located at 10001 Cross Creek Blvd. Tampa, FL 33647
District Board of Supervisors Michael Metropolis Chairman
Betty Valenti Vice Chairman Chloe Firebaugh Assistant Secretary Brady Lefere Assistant Secretary John Bowersox Assistant Secretary District Manager Joseph Roethke Rizzetta & Company, Inc. District Counsel Tracy Robin Straley & Robin District Engineer Tonja Stewart Stantec
All Cellular phones and pagers must be turned off while in the meeting room.
The District Agenda is comprised of five different sections:
The meeting will begin promptly at 6:00 p.m. with the first section which is called Audience Comments. The Audience Comment portion of the agenda is where individuals may comment on matters that concern the District. Each individual is limited to three (3) minutes for such comment. The Board of Supervisors or Staff is not obligated to provide a response until sufficient time for research or action is warranted. IF THE COMMENT CONCERNS A MAINTENANCE RELATED ITEM, THE ITEM WILL NEED TO BE ADDRESSED BY THE DISTRICT MANAGER OUTSIDE THE CONTEXT OF THIS MEETING. The second section is called Business Administration. The Business Administration section contains items that require the review and approval of the District Board of Supervisors as a normal course of business. The third section is called Business Items. The business items section contains items for approval by the District Board of Supervisors that may require discussion, motion and votes on an item-by-item basis. The fourth section is called Staff Reports. This section allows the District Manager, Engineer, and Attorney to update the Board of Supervisors on any pending issues that are being researched for Board action. Occasionally, certain items for decision within this section are required by Florida Statute to be held as a Public Hearing. During the Public Hearing portion of the agenda item, each member of the public will be permitted to provide one comment on the issue, prior to the Board of Supervisors’ discussion, motion and vote. Agendas can be reviewed by contacting the Manager’s office at (813) 933-5571 at least seven days in advance of the scheduled meeting. Requests to place items on the agenda must be submitted in writing with an explanation to the District Manager at least fourteen (14) days prior to the date of the meeting. The final section is called Supervisor Requests. This is the section in which the Supervisors may request Staff to prepare certain items in an effort to meet residential needs. Public workshops sessions may be advertised and held in an effort to provide informational services. These sessions allow staff or consultants to discuss a policy or business matter in a more informal manner and allow for lengthy presentations prior to scheduling the item for approval. Typically no motions or votes are made during these sessions.
Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this meeting is asked to advise the District Office at (813) 933-5571, at least 48 hours before the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service at 1 (800) 955-8770, who can aid you in contacting the District Office. Any person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that this same person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which the appeal is to be based.
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT DISTRICT OFFICE • 3434 COLWELL AVENUE • SUITE 200 • TAMPA, FL 33614
Board of Supervisors May 5, 2016 K-Bar Ranch Community Development District
AGENDA Dear Board Members: The regular meeting of the Board of Supervisors of the K-Bar Ranch Community Development District will be held on Wednesday, May 18, 2016 at 6:00 p.m. at the New Tampa Regional Library located at 10001 Cross Creek Blvd. Tampa, FL 33647. The following is the agenda for the meeting. 1. CALL TO ORDER/ROLL CALL 2. AUDIENCE COMMENTS 3. BUSINESS ADMINISTRATION A. Consideration of the Minutes of the Board of Supervisors’ Special Meeting held on March 30, 2016 ....................................Tab 1 B. Consideration of Operation and Maintenance
Expenditures for March 2016 ......................................................Tab 2 C. Consideration of Operation and Maintenance
Expenditures for March 2016 for Amenity Center ......................Tab 3 4. BUSINESS ITEMS A. Discussion Regarding K-Bar Ranch Parkway Road Construction B. Presentation of Field Inspection Reports .....................................Tab 4 C. Consideration of Proposal from LMP ..........................................Tab 5 D. Consideration of Proposal for Tennis Court Lighting .................Tab 6 E. Ratification of 2015 Audit Report ...............................................Tab 7 F. Presentation of Annual Engineer’s Report (USC)
G. Presentation of Registered Voter Count ......................................Tab 8 H. Presentation of Proposed Budget for Fiscal Year 2016/2017 ......Tab 9 1. Consideration of Resolution 2016-07, Approving Proposed Budget and Setting the Public Hearing ...................Tab 10
5. STAFF REPORTS A. District Counsel B. District Engineer C. District Manager 6. SUPERVISOR REQUESTS 7. ADJOURNMENT
We look forward to seeing you at the meeting. In the meantime, if you have any questions, please do not hesitate to call us at (813) 933-5571.
Sincerely, Joseph Roethke Joseph Roethke
District Manager
Tab 1
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT March 2, 2016 - Minutes of Meeting
Page 1
MINUTES OF MEETING
Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.
K-BAR RANCH
COMMUNITY DEVELOPMENT DISTRICT
The special meeting of the Board of Supervisors of the K-Bar Ranch Community Development District was held on Wednesday, March 30, 2016 at 6:00 p.m. at the New Tampa Regional Library, located at 10001 Cross Creek Blvd., Tampa, FL 33647.
Present and constituting a quorum were: Michael Metropolis Board Supervisor, Chairman Betty Valenti Board Supervisor, Vice Chair John Bowersox Board Supervisor, Assistant Secretary Also present were: Joseph Roethke District Manager, Rizzetta & Co., Inc. Shannon Nasekos District Coordinator, Rizzetta & Co., Inc. Tracy Robin District Counsel, Straley & Robin Tonja Stewart Stantec Robbie Cox MBS Capital Markets Scott Brizendine Assoc. Director of Financial Svcs, Rizzetta & Co. Misty Taylor Bond Counsel, Bryan, Miller & Olive Audience FIRST ORDER OF BUSINESS Call to Order Mr. Roethke called the meeting to order and conducted roll call. Mr. Roethke addressed the Board and audience and discussed the details of the upcoming bond refunding later in the agenda. SECOND ORDER OF BUSINESS Audience Comments Audience Members commented or asked the following questions:
• Asked about advertising signs on property • Cars driving recklessly • Speed limit signs • Dead deer in pond on Laurel Vista
(Ms. Stewart arrived while the meeting was in progress at 6:10 p.m.)
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT March 2, 2016 - Minutes of Meeting
Page 2 THIRD ORDER OF BUSINESS Consideration of the Minutes of the
Board of Supervisors’ Regular Meeting held on January 20, 2016, Continued meeting on January 27, 2016, Special meeting on February 17, 2016, and Continued meeting on March 2, 2016
On a Motion by Mr. Metropolis, seconded by Ms. Valenti, with all in favor, the Board approved Regular Meeting minutes held on January 20, 2016, Continued meeting minutes on January 27, 2016, Special meeting minutes on February 17, 2016, and Continued meeting minutes on March 2, 2016 for K-Bar Ranch Community Development District.
FOURTH ORDER OF BUSINESS Consideration of Operation and
Maintenance Expenditures for December 2015, January and February 2016
On a Motion by Mr. Metropolis, seconded by Ms. Valenti, with all in favor, the Board ratified the Operation & Maintenance expenditures for December 2015 Maintenance Expenditures totaling ($62,386.11), January 2016 Maintenance Expenditures totaling ($56,551.38), February 2016 Maintenance Expenditures totaling ($38,928.36) for K-Bar Ranch Community Development District. FIFTH ORDER OF BUSINESS Consideration of Operation and
Maintenance Expenditures for December 2015, January and February 2016 for Amenity Center
On a Motion by Mr. Metropolis, seconded by Mr. Bowersox, with all in favor, the Board ratified the Operation & Maintenance expenditures for December 2015 Amenity Improvements totaling ($39,986.84), January 2016 Amenity Improvements totaling (2,542.18), February 2016 Amenity Improvements totaling ($45,326.46) for K-Bar Ranch Community Development District. SIXTH ORDER OF BUSINESS Presentation of Final Supplemental
Special Assessment Allocation Report Mrs. Cox updated the Board on the details of the bond refunding. Mr. Roethke presented the Final Supplemental Special Assessment Allocation Report and Mr. Brizendine reviewed the details of the report with the Board. There were some minor changes to the report, including a 2% reduction in collection costs as a result in Hillsborough County’s removal of these fees.
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT March 2, 2016 - Minutes of Meeting
Page 3 SEVENTH ORDER OF BUSINESS Consideration of Resolution 2016-05,
Supplemental Assessment Resolution Mr. Roethke presented Resolution 2016-05, the supplemental assessment resolution, to the Board. Mr. Robin added comments regarding this Resolution.
On a Motion by Ms. Valenti, seconded by Mr. Bowersox, with all in favor, the Board adopted Resolution 2016-05, Supplemental Assessment Resolution for K-Bar Ranch Community Development District.
EIGHTH ORDER OF BUSINESS Consideration of Resolution 2016-06,
Bond Delegation Resolution Mr. Roethke presented Resolution 2016-06, the Bond Delegation Resolution. Ms. Taylor reviewed the details of this Resolution with the Board.
On a Motion by Mr. Metropolis, seconded by Ms. Valenti, with all in favor, the Board adopted Resolution 2016-06, Bond Delegation for K-Bar Ranch Community Development District.
(Mr. Brizendine, Ms. Taylor and Mr. Cox left while the meeting was in progress at 6:37 p.m.)
NINTH ORDER OF BUSINESS Presentation of Field Inspection Reports Mr. Roethke presented the field inspection report and discussed several items with the Board. Mr. Metropolis and Ms. Valenti discussed tree trimming and the copper sulfate Spanish Moss treatments. Mr. Roethke will follow-up with LMP on these items. TENTH ORDER OF BUSINESS Consideration of Landscape Installation
Request Mr. Roethke presented a request from M/I Homes to have landscaping installed on CDD property. The landscape will be maintained in perpetuity by the developer or associated CDD or HOA. Ms. Stewart discussed the details of this request.
On a Motion by Mr. Metropolis, seconded by Mr. Bowersox, with all in favor, the Board approved request of landscape installation by M/I Homes on K-Bar Ranch CDD property for K-Bar Ranch Community Development District.
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT March 2, 2016 - Minutes of Meeting
Page 4 ELEVENTH ORDER OF BUSINESS Consideration of Tennis Opportunity Mr. Roethke presented information from a tennis instructor that would like to use the K-Bar Ranch CDD tennis court for lessons. The Board discussed the details of this request. The Board did not approve this request. TWELFTH ORDER OF BUSINESS Ratification of Updated Contract for
Janitorial Services Mr. Roethke presented an updated contract for Janitorial Services that requires Board ratification.
On a Motion by Mr. Bowersox, seconded by Ms. Valenti, with all in favor, the Board ratified the contract with United Building Maintenance for janitorial services at a cost of $500.00 per month for K-Bar Ranch Community Development District.
THIRTEENTH ORDER OF BUSINESS Consideration of Proposal for Fountain
Relocation Mr. Roethke presented a proposal for fountain relocation to the board. Mr. Metropolis would like to see additional information on this item presented at a future meeting, including gauge of wire compared to the original installation. FOURTEENTH ORDER OF BUSINESS Consideration of Proposal for Electrical
Adjustments to Fountain Controls Mr. Roethke presented a proposal for fountain electrical control relocation to the Board. The Board did not approve this proposal. FIFTEENTH ORDER OF BUSINESS Staff Reports
A. District Counsel No report.
B. District Engineer Ms. Stewart discussed reduced water levels and will do an inspection of all drainage structures within the District.
C. District Manager Mr. Roethke stated that the next Board of Supervisors’ regular meeting will be held on Wednesday, May 18, 2016 at 6:00 p.m. at the New Tampa Regional Library.
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT March 2, 2016 - Minutes of Meeting
Page 5
Presentation of 2014/2015 Audit Report
Mr. Roethke informed the Board that the 2014/2015 Audit Report will need to be filed by March 31, 2016.
On a Motion by Ms. Valenti, seconded by Mr. Bowersox, with all in favor, the Board allows the Board Chair to approval the final audit report for K-Bar Ranch Community Development District.
Mr. Roethke informed the Board that due to new legislative requirements regarding CDD websites, the current website vendor (V Global Tech) will be increasing their monthly fee from $95.00 to $105.00.
On a Motion by Mr. Bowersox, seconded by Mr. Metropolis, with all in favor, the Board approved a cost increase from V Global Tech for website services from $95.00 to $105.00 per month for K-Bar Ranch Community Development District.
SIXTEENTH ORDER OF BUSINESS Supervisor Requests Mr. Metropolis asked for quotes on tennis lights and benches for tennis courts. SEVENTEENTH ORDER OF BUSINESS Adjournment
On a Motion by Mr. Bowersox, seconded by Ms. Valenti, with all in favor, the Board adjourned the meeting at 7:15 p.m. for K-Bar Ranch Community Development District.
Secretary / Assistant Secretary Chairman / Vice Chairman
Tab 2
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT
DISTRICT OFFICE · 3434 COLWELL AVENUE · SUITE 200 · TAMPA, FLORIDA 33614
Operation and Maintenance ExpendituresMarch 2016
For Board Approval
The total items being presented: $52,167.19
Approval of Expenditures:
__________________________________
______Chairperson
______Vice Chairperson
______Assistant Secretary
Attached please find the check register listing the Operation and Maintenance expenditures paid from March 1, 2016 through March 31, 2016. This does not include expenditures previously approved by the Board.
K-Bar Ranch Community Development DistrictPaid Operation & Maintenance Expenditures
March 1, 2016 Through March 31, 2016
Vendor Name Check Number Invoice Number Invoice Description Invoice Amount
Aquatic Systems, Inc. 000547 0000332432 Quarterly Fountain Maintenance 03/16 150.00$
Blue Water Aquatics, Inc. 000548 20617 Aquatic Service 03/16 1,775.00$
Bright House Networks 000539 046393801031016 15011 Wild Tamarind Dr 03/16 153.95$
Bright House Networks 000539 046395901031616 19181 Bassett Creek Dr 03/16 131.44$
City of Tampa Utilities 000540 0456818-001=1 02/16 10511 Wild Tamarind Dr. 02/16 177.19$
Grau and Associates 000538 14000 Audit for FYE 09/30/15 1,500.00$
Horner Environmental Professionals, Inc.
000541 213281 10YR Wildlife Monitoring (7 of 20) 03/16
995.00$
Landscape Maintenance Professionals, Inc.
000550 106649 Landscape Maintenance 03/16 10,240.83$
Landscape Maintenance Professionals, Inc.
000530 106767 Irrigation Service 227.53$
Landscape Maintenance Professionals, Inc.
000550 106912 Fertilization and Pest Control 2,915.00$
Landscape Maintenance Professionals, Inc.
000550 107237 Landscape Replacement 294.00$
M/I Homes of Tampa, LLC 000531 Payment #6 Roundabout Modification 03/16 2,542.18$
Nvirotect Pest Control Service, Inc
000542 98091 Pest Control Acct #9822 - 03/16 65.00$
Poop 911 000543 1208131 Pet Waste Station Cleaning 02/16 47.60$
Poop 911 000543 1208132 Pet Waste Station Cleaning 02/16 47.60$
Poop 911 000543 1208133 Pet Waste Station Cleaning 02/16 47.60$
Poop 911 000543 1208134 Pet Waste Station Cleaning 02/16 47.60$
Poseidon Pool Services, LLC 000532 5115 Monthly Pool Service 02/16 400.00$
Poseidon Pool Services, LLC 000551 5341 Monthly Pool Service 03/16 400.00$
Rizzetta & Company, Inc. 000533 2825 Agenda Books for 02/17/16 Meeting 142.50$
Rizzetta & Company, Inc. 000533 2885 District Management Services 03/16 3,583.34$
Rust Off, Inc 000544 132912 Rust Prevention 02/16 595.00$
Rust Off, Inc 000544 133670 Rust Prevention 03/16 583.10$
K-Bar Ranch Community Development DistrictPaid Operation & Maintenance Expenditures
March 1, 2016 Through March 31, 2016
Vendor Name Check Number Invoice Number Invoice Description Invoice Amount
Stantec Consulting Services Inc 000534 1013212 Engineering Services 02/16 1,062.25$
Stone Creek Townhomes Owners' Association, Inc.
000552 032416 50% of Swanson & Son (Well Controller) Inv. 11118
1,275.25$
Straley & Robin 000535 13061 Legal Services 01/15/16-02/15/16 2,380.00$
Straley & Robin 000553 13108 Legal Services 02/15/16-03/15/16 906.05$
Tampa Electric Company 000537 1800 0036674 02/16 Stonecreek TNHMS LD 929 02/16 583.70$
Tampa Electric Company 000537 18000047603 02/16 Bassett Creek Dr 02/16 2,496.07$
Tampa Electric Company 000536 Electric Summary 02/16 Electric Summary 02/16 7,472.23$
Tampa Electric Company 000554 Electric Summary 03/16 Electric Summary 03/16 7,488.97$
Times Publishing Company 000545 264456 03/02/16 Legal Advertising 03/16 510.60$
Times Publishing Company 000545 264456 03/09/16 Legal Advertising 03/16 430.61$
United Building Maintenance, Inc.
000546 231 Pool Cabana/Restroom Maintenance 03/16
500.00$
Report Total 52,167.19$
Tab 3
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT
DISTRICT OFFICE · 3434 COLWELL AVENUE · SUITE 200 · TAMPA, FLORIDA 33614
Operation and Maintenance ExpendituresAmenity Improvements
March 2016For Board Approval
The total items being presented: $375.00
Approval of Expenditures:
__________________________________
______Chairperson
______Vice Chairperson
______Assistant Secretary
Attached please find the check register listing the Operation and Maintenance expenditures paid from March 1, 2016 through March 31, 2016. This does not include expenditures previously approved by the Board.
K-Bar Ranch Community Development DistrictPaid Operation & Maintenance Expenditures
March 1, 2016 Through March 31, 2016
Vendor Name Check Number Invoice Number Invoice Description Invoice Amount
Landmark Engineering & Surveying Corporation
000549 2070072.20 Site Plan Review 375.00$
Report Total 375.00$
Tab 4
RIZZETTA & COMPANY INCORPORATED
K-BAR RANCH ______________________________________________________________
FIELD INSPECTION REPORT
April 19, 2016 Rizzetta & Co., Inc.
Tyree Brown – Operations Manager
Landscape/CDD
RIZZETTA & COMPANY INCORPORATED
The following are action items for LMP to complete. Please refer to the item # in your response listing action already taken or anticipated time of completion. Red text indicates deficient from previous report. Bold Red text indicates deficient for more than a month. Green text indicates a proposal has been requested. 1. Cut back Roses at the Amenity
Center
2. Give proposal to remove Live Oaks inside playground equipment area. (photo 6)
3. Make sure pond banks are string trimmed after mowing.
4. Give proposal to remove Live Oaks around new cabanas. (photo 7)
5. Replace turf in ROW of Wild Tamarind where weeds were killed near basketball court.
6. Adjust irrigation in ROW of Wild Tamarind in the area of the amenity center.
Status _____ 6
2
Status _____ 7
7. Treat for active fire ant mounds on Wild Tamarind. 8. Give proposal to replace Blue Daze at the traffic circle of wild Tamarind damaged by frost. 9. Prune Live Oaks over sidewalks and
streets of Wild Tamarind.
10. Pin down drip line in tree rings of Wild Tamarind.
11.Remove dead branches from Pine Trees on K Bar Ranch Parkway.
12. Trim around field drains on Wild Tamarind and Bassett Creek.
13. Replace broken irrigation valve box covers.
14. Give proposal to remove turf along sidewalk plant beds to hold mulch in on Wild Tamarind and Bassett Creek.
15. Prune Palmetto Palms encroaching over sidewalk on Bassett Creek.
Landscape/CDD
RIZZETTA & COMPANY INCORPORATED
16.Replace missing Blue Daze at the monument bed on Wild Tamarind. (photo 22)
17. Add mulch to monument bed on Wild Tamarind where dwarf bottle brush were recently installed.
18. Cut back conservation areas on Wild Tamarind. (photo 24)
19. String trim retaining walls next to conservation areas in community.
20. Weed new plant bed on Verdant Pasture Way.
Status _____ 22
3
Status _____ 24
Tab 5
EstimateDate 5/5/2016
Estimate # 32389
Submitted To:K-Bar Ranch CDDRIzzetta & Company, Inc.Attn.: Tyree Brown3434 Colwell Ave., Suite 200Tampa, FL 33614
PO #
LMP REPRESENTATIVE
JL
Work Order #
OWNER / AGENT
PO Box 267 Seffner, FL 33583 O: 813-757-6500 F: 813-757-6501
TOTAL
ACCEPTANCE OF PROPOSAL: The above prices, scope of work and terms and conditions are hereby satisfactorily agreed upon. LMP, Inc. has been authorizedto perform the work as outlined and payment will be made as outlined above. The above pricing does not include any unforeseen modifications to the said irrigationsystem that could not be reasonably accounted for prior to job start. All plant material carries a one (1) year warranty provided LMP, Inc. is performing landscapemaintenance services to the area installed or enhanced at the time of installation. If not, then there is no warranty on the plant material.
TERMS AND CONDITIONS:
LMP reserves the right to withdraw this proposal if not accepted within 30 days of the date listed above. Any alteration or deviation to scope of work involvingadditional costs must be agreed upon in writing as a separate proposal or change order to this proposal. Periodic invoices may be submitted if job is substantial innature with final invoice being submitted at completion of project. Any work performed requiring more than 5 days to complete is subject to progressive paymentsas portions of the work are completed. No finance charge will be imposed if the total of said work is paid in full within 30 days of invoice date. If not paid in fullwithin 30 days, then customer is subject to finance charges on the balance of the work from the invoice date at a rate of 1.5% per month until paid. LMP shall havethe right to stop work under this contract until all outstanding amounts including finance charges are paid in full. Payments will be applied to the oldest invoices.
DESCRIPTION QTY COSTITEM TOTAL
Remove 2 live oaks in newly installedplayground equipment. They are unsafe for theplayground and will not have enough room togrow.
2 80.00Enhancements 160.00
$160.00
EstimateDate 5/5/2016
Estimate # 32392
Submitted To:K-Bar Ranch CDDRIzzetta & Company, Inc.Attn.: Tyree Brown3434 Colwell Ave., Suite 200Tampa, FL 33614
PO #
LMP REPRESENTATIVE
JL
Work Order #
OWNER / AGENT
PO Box 267 Seffner, FL 33583 O: 813-757-6500 F: 813-757-6501
TOTAL
ACCEPTANCE OF PROPOSAL: The above prices, scope of work and terms and conditions are hereby satisfactorily agreed upon. LMP, Inc. has been authorizedto perform the work as outlined and payment will be made as outlined above. The above pricing does not include any unforeseen modifications to the said irrigationsystem that could not be reasonably accounted for prior to job start. All plant material carries a one (1) year warranty provided LMP, Inc. is performing landscapemaintenance services to the area installed or enhanced at the time of installation. If not, then there is no warranty on the plant material.
TERMS AND CONDITIONS:
LMP reserves the right to withdraw this proposal if not accepted within 30 days of the date listed above. Any alteration or deviation to scope of work involvingadditional costs must be agreed upon in writing as a separate proposal or change order to this proposal. Periodic invoices may be submitted if job is substantial innature with final invoice being submitted at completion of project. Any work performed requiring more than 5 days to complete is subject to progressive paymentsas portions of the work are completed. No finance charge will be imposed if the total of said work is paid in full within 30 days of invoice date. If not paid in fullwithin 30 days, then customer is subject to finance charges on the balance of the work from the invoice date at a rate of 1.5% per month until paid. LMP shall havethe right to stop work under this contract until all outstanding amounts including finance charges are paid in full. Payments will be applied to the oldest invoices.
DESCRIPTION QTY COSTITEM TOTAL
Remove 2 Live Oaks around newly installedcabana. They are not given enough room togrown and are a risk for the cabana.
2 80.00Enhancements 160.00
$160.00
EstimateDate 4/12/2016
Estimate # 31979
Submitted To:K-Bar Ranch CDDRIzzetta & Company, Inc.Attn.: Tyree Brown3434 Colwell Ave., Suite 200Tampa, FL 33614
PO #
LMP REPRESENTATIVE
JL
Work Order #KBAR Ranch
OWNER / AGENT
PO Box 267 Seffner, FL 33583 O: 813-757-6500 F: 813-757-6501
TOTAL
ACCEPTANCE OF PROPOSAL: The above prices, scope of work and terms and conditions are hereby satisfactorily agreed upon. LMP, Inc. has been authorizedto perform the work as outlined and payment will be made as outlined above. The above pricing does not include any unforeseen modifications to the said irrigationsystem that could not be reasonably accounted for prior to job start. All plant material carries a one (1) year warranty provided LMP, Inc. is performing landscapemaintenance services to the area installed or enhanced at the time of installation. If not, then there is no warranty on the plant material.
TERMS AND CONDITIONS:
LMP reserves the right to withdraw this proposal if not accepted within 30 days of the date listed above. Any alteration or deviation to scope of work involvingadditional costs must be agreed upon in writing as a separate proposal or change order to this proposal. Periodic invoices may be submitted if job is substantial innature with final invoice being submitted at completion of project. Any work performed requiring more than 5 days to complete is subject to progressive paymentsas portions of the work are completed. No finance charge will be imposed if the total of said work is paid in full within 30 days of invoice date. If not paid in fullwithin 30 days, then customer is subject to finance charges on the balance of the work from the invoice date at a rate of 1.5% per month until paid. LMP shall havethe right to stop work under this contract until all outstanding amounts including finance charges are paid in full. Payments will be applied to the oldest invoices.
DESCRIPTION QTY COSTITEM TOTAL
Trim Grand oak on water maple drive per TyreeBrown supervision. Time an date will becommunicated with Tyree
1 240.00Enhancements 240.00
$240.00
Tab 6
KBar Ranch-‐ Tennis Court Lighting Project 4/3/2016 Scope of Work:
• Upgrade existing 150 amp service to 200 amps to accommodate the added tennis court lighting load
• The existing service shall need larger wire pulled to the existing transformer located across the parking lot
• New lighting shall be controlled via timer switch located near entry to courts. • Furnish and install (4) concrete pre-‐stressed 36’ Direct burial poles .The
poles shall be installed to accommodate a fixture mounting height of 30’ and located on the exterior of the fence at base line level.
• Each pole shall mount (2) 1500 watt metal halide fixtures. (8 total) • Lighting at court level shall be 30 Foot candles • Since the court drops off on the one side and is non accessible by crane, the
fencing will need to be modified to fit the crane and access shall be done by driving on the court. We shall be using 3/4 “ plywood to cover the court while driving construction equipment on the surface
Time Frame
• Fixture and pole lead time is 6 weeks. • Work shall commence with permitting immediately upon signed proposal • Total construction time frame 12 weeks. Courts will be open for playing and
no disruption shall occur • The main electrical panel controlling the pool and pool house shall be out of
service for three days during upgrade What is included in contract:
• Obtainment of all permits, within scope of work • Payment of all government fees, sales taxes and other costs including utility
connections in connection with this work • Work shall be installed in proper location as requested by owner/officer • Work shall be installed as a complete electrical system • All supervision, labor, material, equipment, machinery, factory trained
personnel, and all other items necessary to complete the electrical system • All material shall be new of first class quality, shall be furnished, delivered,
erected, connected and finished in every detail. • Work shall be under warranty for one year from time of invoice per state law • Fixtures shall have an additional warranty from factory
Contractor notes
• If club level lighting is desired (50fc) it can be accomplished by upgrading the service to 225 amps and installing (12) 1500 watt fixtures. The cost will be an additional $6,000 to the base bid
• Intended fixtures are Acuity brands / Lithonia lighting type TSP (see attached spec sheet)
Base Bid: $38,900
Cost Breakdown
• Lighting package incl. poles and mounting gear $16,500 • New service, control contactor, timer $2,800 • Labor $12,700 • Conduit, wire, and general materials $2,400 • Equipment incl. Trencher, crane and boom lift $4,500
All dimensions are inches (centimeters) unless otherwise indicated.*Weight as configured in example below.
OUTDOOR TSP-M
Catalog Number
Notes
Type
ORDERING INFORMATION
TSP
Series Wattage Distribution Voltage Ballast Mounting Options Finish12
TSP 400M1
1000M1500M
General purpose
Heavy duty2
GP24N HD24NGP24NFX HD24NFXGP24M HD24MGP24MFX HD24MFXGP24W HD24WGP24WFX HD24WFX
1202083
2403
2773474803
TB4
23050HZ5
(blank) Magnetic ballastCWI Constant wattage
isolated
SCWA Super constant wattage autotransformer6
Note: For shipments to U.S. territories, SCWA must be specified to comply with EISA.
Shipped installed(blank) YokeShipped separately7
FPMB Pipe mounting bracket
FSAB Steel angle bracket for FTS
FRWB Radius wall bracket for FTS
FCRA Cross arm adapter
FCRA45 Cross arm adapter (45° mount)8
FTS Tenon slipfitter
Shipped installed in fixtureSF Single fuse (120, 277, 347V) N/A TBDF Double fuse (208, 240, 480V) N/A TBQRS Quartz restrike system9 C62 2 ft. of 16/3 SEO cable pre-wired C42 2 ft. of 14/3 SEO cable pre-wiredC22 2 ft. of 12/3 SEO cable pre-wiredCV3P 3 ft. of 16/3 SEO cable pre-wired
with three-prong plug for use with pre-wired cages and cross-arms10
CF Charcoal filter (heavy duty only)11
SLR Stainless steel lens ringWC Wood cross arm mounting bolt
(5/8”-11 UNC x 7”)CSA Listed and labeled to comply with
Canadian Standards (120, 277, 347V only)
INTL Available for MH probe start ship-ping outside the U.S.
REGC1 California Title 20 effective 1/1/2010NOM NOM certified5
(blank) WhiteDDB Dark bronzeDBL BlackDMB Medium bronzeDNA Natural
aluminumCR Enhanced
corrosion-resistance
CRT Non-stick protective coating13
For shortest lead times, configure product using standard options (shown in bold). Example: TSP 1500M GP24N 347
FEATURES & SPECIFICATIONSINTENDED USE — Use for stadiums, fields, arenas, tracks or courts.CONSTRUCTION — Two-piece die-cast aluminum ballast housing mounted to galvanized steel trunnion. Ballast is removable and hinged with captive fastener. Steel trunnion features vertical and horizontal aiming scale with vertical repositioning stop. All external hardware is stainless steel. Finish: White corrosion resistant polyester powder finish standard (DWH); other architectural colors available.OPTICS — Heavy-gauge anodized reflector with five distributions available. "Flux manager" available for optimal glare and spill light control. Transverse mounting of lamp. Lamp support included. Optical chamber sealed to inhibit entrance of contaminants. Hinged lens is thermal-, shock- and impact-resistant tempered glass. Lens frame is galvanized and secured by stainless steel spring clips for servicing of lamp. Aiming device included to assist in positioning luminaire. US. Patent no. 6,190,023. Canada Patent no. 2,212,014. ELECTRICAL — All electrical components are thermally isolated from the optical assembly, promoting longer life. Ballast is high power factor, constant-wattage autotransformer and 100% factory tested. Super CWA Pulse Start ballasts, 88% efficient and EISA legislation compliant, are required for 400W (must order SCWA option) for US shipments only. CSA, NOM or INTL required for probe start shipments outside of the U.S.Die-cast socket housing. Mogul-base porcelain socket with copper alloy, nickel-plated screw shell and spring-loaded center contact. U.L. listed 1500W - 600V. INSTALLATION — Fixture mounted by securing trunnion directly to cross arm. No additional adaptors required. Mounting hardware provided.LISTINGS — UL listed, suitable for wet locations. Below horizontal aiming orientation only. Listed and labeled to comply with Canadian Standards (see Options).Note: Specifications subject to change without notice.
Sportslighting
TSP METAL HALIDE: 400W, 1000W, 1500W
Below Horizontal Aiming Orientation Only
Notes1 These wattages require the REGC1 option to be chosen for shipments into California
for Title 20 compliance.
2 Heavy-duty anodized aluminum shroud painted to match fixture.
3 Must specify CWI in Canada. 400M 480V not available with probe start.
4 Optional multi-tap ballast (120, 208, 240, 277V). (120, 277, 347V in Canada).
5 Consult factory for available wattages.
6 Not available with 1500M.
7 May be ordered as an accessory. Must specify finish.
8 Ships standard with all fixtures in matching finish.
9 Maximum allowable wattage lamp included.
10 Must use mating receptacle, provided by others. Not available with 1500W-120V.
11 HD option must be ordered.
12 See www.lithonia.com/archcolors for additional color options.
13 Black finish only.
EPA: 3.3 ft2 (0.31m2)Diameter: 24-1/2 (62.2)Length: 20 (50.8)*Max. Weight: 55 lbs. (24.9 kg)
24-1/2(62.2)
20(50.8)
TSP-M
OUTDOOR: One Lithonia Way Conyers, GA 30012 Phone: 770.922.9000 Fax: 770-918-1209 www.lithonia.com ©1989-2010 Acuity Brands Lighting, Inc. All rights reserved. Rev. 12/6/10
Vertical Candlepower Horizontal Candlepower
Notes1 For electrical characteristics, consult outdoor technical data specifications on www.lithonia.com.
2 Tested to current IES and NEMA standards under stabilized laboratory conditions. Various operating factors can cause differences between laboratory and actual field measurements. Dimensions and specifications are based on the most current data and are subject to change.
3 Photometric data for other distributions can be accessed from www.lithonia.com.
TSP Metal Halide Sportslighting
Tab 7
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT
HILLSBOROUGH COUNTY, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2015
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT HILLSBOROUGH COUNTY, FLORIDA
TABLE OF CONTENTS
Page
INDEPENDENT AUDITOR’S REPORT 1-2 MANAGEMENT’S DISCUSSION AND ANALYSIS 3-6 BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements:
Statement of Net Position 7 Statement of Activities 8 Fund Financial Statements:
Balance Sheet – Governmental Funds 9 Reconciliation of the Balance Sheet – Governmental Funds to the Statement of Net Position 10 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds 11 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 12 Notes to the Financial Statements 13-21 REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – General Fund
22
Notes to Required Supplementary Information 23
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 24-25
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS
OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA 26
MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR
GENERAL OF THE STATE OF FLORIDA 27-28
2700 North Military Trail Suite 350 Boca Raton, Florida 33431 (561) 994-9299 (800) 299-4728 Fax (561) 994-5823 www.graucpa.com
INDEPENDENT AUDITOR’S REPORT
To the Board of Supervisors K-Bar Ranch Community Development District Hillsborough County, Florida Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities and each major fund of K-Bar Ranch Community Development District, Hillsborough County, Florida (“District”) as of and for the fiscal year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2015, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
2
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 31, 2016, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance
Report on Other Legal and Regulatory Requirements
We have also issued our report dated March 31, 2016, on our consideration of the District’s compliance with the requirements of Section 218.415, Florida Statutes, as required by Rule 10.556(10) of the Auditor General of the State of Florida. The purpose of that report is to provide an opinion based on our examination conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.
March 31, 2016
3
MANAGEMENT’S DISCUSSION AND ANALYSIS Our discussion and analysis of K-Bar Ranch Community Development District, Hillsborough County, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2015. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements. FINANCIAL HIGHLIGHTS
The liabilities of the District exceeded its assets at the close of the most recent fiscal year resulting in a deficit net position balance of ($1,327,407).
The change in the District’s total net position in comparison with the prior fiscal year was
($5,248,142), a decrease. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.
At September 30, 2015, the District’s governmental funds reported combined ending fund balances of
$1,460,515, an increase of $479,081 in comparison with the prior fiscal year. A portion of the fund balance is non-spendable for prepaid items and deposits, restricted for debt service and capital projects, assigned to capital reserves and subsequent year’s expenditures, and the remainder is unassigned fund balance which is available for spending at the District’s discretion.
OVERVIEW OF FINANCIAL STATEMENTS This discussion and analysis is intended to serve as the introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-Wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business. The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. The government-wide financial statements include all governmental activities that are principally supported by assessments and Developer contributions. The District does not have any business-type activities. The governmental activities of the District include the general government, recreation and maintenance functions. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds.
4
OVERVIEW OF FINANCIAL STATEMENTS (Continued) Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The District maintains three governmental funds for external reporting. Information is presented in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, debt service fund and capital projects fund all of which are considered major funds. The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, liabilities exceeded assets at the close of the most recent fiscal year. The District’s net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure) less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to residents; consequently, these assets are not available for future spending. Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. The restricted portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District’s other obligations.
5
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued) Key components of the District’s net position are reflected in the following table:
2015 2014Assets, excluding capital assets 1,495,212$ 1,014,648$ Capital assets, net of depreciation 6,980,437 12,384,208
Total assets 8,475,649 13,398,856 Liabilities, excluding long-term liabilities 245,140 164,698 Long-term liabilities 9,557,916 9,313,423
Total liabilities 9,803,056 9,478,121 Net Position
Net investment in capital assets (2,100,321) 3,555,789 Restricted
Debt service 205,952 178,582 Capital projects 7,591 -
Unrestricted 559,371 186,364 Total net position (1,327,407)$ 3,920,735$
NET POSITIONSEPTEMBER 30,
The District’s net position decreased during the most recent fiscal year. The decrease is primarily the result of conveyances in the current fiscal year. Key elements of the change in net position are reflected in the following table:
2015 2014Revenues:Program revenues
Charges for services 1,332,696$ 934,030$ Operating grants and contributions 161 195 Capital grants and contributions 265,001 553,222
General revenuesUnrestricted investment earnings 183 15 Total revenues 1,598,041 1,487,462
Expenses:General government 107,831 368,378 Physical environment 683,827 236,089 Culture and recreation 48,201 45,011 Conveyances 5,126,169 - Interest on long-term debt 547,890 318,163 Deferred obligations 332,265 -
Total expenses 6,846,183 967,641 Change in net position (5,248,142) 519,821
Net position - beginning 3,920,735 3,400,914 Net position - ending (1,327,407)$ 3,920,735$
SEPTEMBER 30,CHANGES IN NET POSITION
As noted above and in the statement of activities, the cost of all governmental activities for the fiscal year ended September 30, 2015 was $6,846,183. The costs of the District’s activities were primarily funded by program revenues. Program revenues are comprised primarily of assessments. The majority of the change in program revenues is the result of an increase in assessments and a decrease in Developer contributions for capital infrastructure improvements. The increase in expenses is primarily due to conveyances in the current fiscal year, the recognition of deferred obligations, and an increase in depreciation due to the completion of certain capital assets. Also, Bonds were issued in the prior fiscal year which resulted in debt issue costs in fiscal year 2014 and an increase in interest on long-term debt in the current fiscal year.
6
GENERAL BUDGETING HIGHLIGHTS An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2015 Actual general fund expenditures for the fiscal year ended September 30, 2015 were less than appropriations due primarily to anticipated costs which were not incurred in the current fiscal year. Actual general fund revenues for the fiscal year ended September 30, 2015 were greater than budgeted amounts due to Developer contributions received in accordance with a funding agreement approved during the fiscal year to fund recreational amenity enhancements. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets At September 30, 2015, the District had $7,363,940 invested in land, infrastructure under construction, infrastructure, and improvements. In the government-wide financial statements depreciation of $383,503 has been taken, which resulted in a net book value of $6,980,437. More detailed information about the District’s capital assets is presented in the notes to the financial statements. Capital Debt At September 30, 2015, the District had $9,230,000 Bonds outstanding. During the 2015 fiscal year, the District recognized a deferred cost obligation of $332,265 and authorized the issuance of a promissory note in the amount of $40,675. More detailed information about the District’s capital debt is presented in the notes to the financial statements. ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS As of March 31, 2016, the District pre-closed on its $4,700,000 Series 2016 Special Assessment Refunding Bonds (the “Series 2016 Bonds”) for purposes of refinancing the Series 2006 Bonds. The Series 2016 Bonds will have a fixed rate of four percent (4.0%) interest, and the final closing is scheduled to occur on April 1, 2016. The Series 2016 Bonds will become due on May 1, 2036; interest is to be paid semiannually on each May 1 and November 1. In connection with issuance of the Series 2016 Bonds, the Original Developer has agreed to accept a lump sum payment in the amount of $60,000, in full settlement of the District’s deferred cost obligation (discussed in further detail in the notes to the financial statements), and upon final closing the District’s deferred cost obligation will be satisfied. CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, land owners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact K-Bar Ranch Community Development District’s Finance Department at 3434 Colwell Avenue, Suite 200, Tampa Florida, 33614.
FINANCIAL STATEMENTS
7
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT HILLSBOROUGH COUNTY, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2015
Governmental Activities
ASSETSCash 566,505$ Prepaid items and deposits 27,563 Restricted assets:
Investments 901,144 Capital assets
Non-depreciable assets 208,416 Depreciable assets, net 6,772,021
Total assets 8,475,649
LIABILITIES Accounts payable and accrued expenses 34,697 Accrued interest payable 210,443 Non-current liabilities: Due within one year 220,506 Due in more than one year 9,337,410 Total liabilities 9,803,056
NET POSITIONNet investment in capital assets (2,100,321) Restricted for:
Debt service 205,952 Capital projects 7,591
Unrestricted 559,371 Total net position (1,327,407)$
See notes to the financial statements
8
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT HILLSBOROUGH COUNTY, FLORIDA
STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 2015
Charges Operating Capitalfor Grants and Grants and Governmental
Functions/Programs Expenses Services Contributions Contributions ActivitiesPrimary government: Governmental activities:
General government 107,831$ 107,831$ -$ -$ -$ Physical environment 683,827 473,374 - 265,001 54,548 Culture and recreation 48,201 48,201 - - - Conveyances 5,126,169 - - - (5,126,169) Interest on long-term debt 547,890 703,290 161 - 155,561 Deferred obligations 332,265 - - - (332,265)
Total governmental activities 6,846,183 1,332,696 161 265,001 (5,248,325)
General revenues: Unrestricted investment earnings 183 Total general revenues 183 Change in net position (5,248,142) Net position - beginning 3,920,735 Net position - ending (1,327,407)$
Program Revenues
Net (Expense) Revenue and
Changes in Net Position
See notes to the financial statements
9
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT HILLSBOROUGH COUNTY, FLORIDA
BALANCE SHEET GOVERNMENTAL FUNDS
SEPTEMBER 30, 2015
Debt Capital General Service Project
ASSETSCash 566,505$ -$ -$ 566,505$ Investments - 893,553 7,591 901,144 Prepaid items and deposits 27,563 - - 27,563
Total assets 594,068$ 893,553$ 7,591$ 1,495,212$
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payable and accrued expenses 34,697$ -$ -$ 34,697$ Total liabilities 34,697 - - 34,697
Fund balances:Nonspendable:
Prepaid items and deposits 27,563 - - 27,563 Restricted for:
Debt service - 893,553 - 893,553 Capital projects - - 7,591 7,591
Assigned to:Capital reserves 84,846 - - 84,846 Subsequent year's expenditures 295,000 - - 295,000
Unassigned 151,962 - - 151,962 Total fund balances 559,371 893,553 7,591 1,460,515
Total liabilities and fund balances 594,068$ 893,553$ 7,591$ 1,495,212$
Major Funds Total Governmental
Fund
See notes to the financial statements
10
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT HILLSBOROUGH COUNTY, FLORIDA
RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2015
Fund balance - governmental funds 1,460,515$
Amounts reported for governmental activities in the statement of net position are different because:
Cost of capital assets 7,363,940 Accumulated depreciation (383,503) 6,980,437
Accrued interest payable (210,443) Promissory note (40,675) Developer payable (332,265) Bonds payable (9,184,976) (9,768,359)
Net position of governmental activities (1,327,407)$
Capital assets used in governmental activities are not financial resourcesand, therefore, are not reported as assets in the governmental funds.The statement of net position includes those capital assets in the netassets of the government as a whole.
Liabilities not due and payable from current available resources are notreported as liabilities in the governmental fund statements. All liabilities,both current and long-term, are reported in the government-wide financialstatements.
See notes to the financial statement
11
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT HILLSBOROUGH COUNTY, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 2015
Debt Capital General Service Project
REVENUESAssessments 629,406$ 703,290$ -$ 1,332,696$ Developer contributions 265,000 - - 265,000 Interest and other revenues 183 161 1 345
Total revenues 894,589 703,451 1 1,598,041
EXPENDITURESCurrent:
General government 107,831 - - 107,831 Physical environment 343,664 - - 343,664 Culture and recreation 26,184 - - 26,184
Debt service:Principal - 130,000 - 130,000 Interest - 467,378 - 467,378
Capital outlay 84,578 - - 84,578 Total expenditures 562,257 597,378 - 1,159,635
Excess (deficiency) of revenues over (under) expenditures 332,332 106,073 1 438,406
OTHER FINANCING SOURCES (USES)Promissory note 40,675 - - 40,675 Transfer in (out) - (7,250) 7,250 -
Total other financing sources (uses) 40,675 (7,250) 7,250 40,675
Net change in fund balances 373,007 98,823 7,251 479,081
Fund balances - beginning 186,364 794,730 340 981,434
Fund balances - ending 559,371$ 893,553$ 7,591$ 1,460,515$
Major Funds Total Governmental
Fund
See notes to the financial statements
12
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT HILLSBOROUGH COUNTY, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2015
Net change in fund balances - total governmental funds 479,081$
are different because:
39,850
(332,265)
130,000
(40,675)
Conveyance of capital assets (5,126,169) Depreciation of capital assets (317,452) Amortization of original issue discount (1,553) Change in accrued interest (78,959) (5,524,133)
Change in net position of governmental activities (5,248,142)$
Expenses reported in the statement of activities that do not requirethe use of current financial resources are not reported as expenditures in the funds. The details of the differences are as follows:
Amounts reported for governmental activities in the statement of activities
Governmental funds report capital outlays as expenditures; however,the cost of capital assets is eliminated in the statement of activitiesand capitalized in the statement of net position.
Repayment of long-term liabilities are reported as expenditures in thegovernmental fund statement but such repayments reduce liabilities inthe statement of net assets and are eliminated in the statement ofactivities.
Governmental funds report Developer advances as financial resourceswhen cash is received, whereas these amounts are eliminated in thestatement of activities and recognized as long-term liabilities in thestatement of net position.
Certain accrued obligations not normally expected to be liquidatedwith expendable available financial resources are not reported in thegovernmental fund financial statements, but are recognized in thegovernment-wide financial statements.
See notes to the financial statements
13
K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT HILLSBOROUGH COUNTY, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY K-Bar Ranch Community Development District ("District") was established on October 20, 2005 by the City of Tampa, Florida Ordinance No. 2005-291, pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District. The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected on an at large basis by landowners of the District. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes. At September 30, 2015, three of the Board members are affiliated with M/I Homes of Tampa, LLC and Lennar Homes, LLC (“Developers”). The Board has the responsibility for: 1. Allocating and levying assessments. 2. Approving budgets. 3. Exercising control over facilities and properties. 4. Controlling the use of funds generated by the District. 5. Approving the hiring and firing of key personnel. 6. Financing improvements. The financial statements were prepared in accordance with Governmental Accounting Standards Board (“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District is considered to be financially accountable, and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Government-Wide and Fund Financial Statements The basic financial statements include both government-wide and fund financial statements. The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment; operating-type special assessments for maintenance and debt service are treated as charges for services and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.
14
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Measurement Focus, Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collected within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due. Assessments Assessments, including debt service assessments and operations and maintenance assessments, are non-ad valorem assessments imposed on all lands located within the District and benefited by the District’s activities. Operation and maintenance assessments are levied by the District prior to the start of the fiscal year which begins October 1st and ends on September 30th. Operation and maintenance special assessments are imposed upon all benefitted lands within the District. Debt service assessments are imposed upon certain lots and lands described in each resolution imposing the special assessment for each of the series of Bonds issued by the District. Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. The District reports the following major governmental funds:
General Fund The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund. Debt Service Fund The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt. Capital Projects Fund This fund accounts for the financial resources to be used for the acquisition or construction of major infrastructure within the District.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements.
When both restricted and unrestricted resources are available for use, it is the government’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.
Assets, Liabilities and Net Position or Equity Restricted Assets These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions.
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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Assets, Liabilities and Net Position or Equity (Continued) Deposits and Investments The District’s cash on hand and demand deposits are considered to be cash and cash equivalents. The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section 218.415 Florida Statutes. The District may invest any surplus public funds in the following:
a) The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
b) Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
c) Interest bearing time deposits or savings accounts in qualified public depositories; d) Direct obligations of the U.S. Treasury;
Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due. In addition, surplus funds may be deposited into certificates of deposit which are insured. Any unspent proceeds are required to be held in investments allowed in as specified in the Bond Indenture. The District records all interest revenue related to investment activities in the respective funds and reports investments at fair value. Inventories and Prepaid Items Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.
Capital Assets Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the governmental activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:
Asset YearsLandscape/hardscape 15Recreational facilities 25Stormw ater management 25Underground electrical 25Furniture and equipment 5
In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.
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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Assets, Liabilities and Net Position or Equity (Continued) Unearned Revenue Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned. Long-Term Obligations In the government-wide financial statements long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized ratably over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred. In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. Deferred Outflows/Inflows of Resources Deferred outflows of resources represent a consumption of net position that applies to future reporting period(s). For example, the District would record deferred outflows of resources on the statement of net position related to debit amounts resulting from current and advance refundings resulting in the defeasance of debt (i.e. when there are differences between the reacquisition price and the net carrying amount of the old debt). Deferred inflows of resources represent an acquisition of net position that applies to future reporting period(s). For example, when an asset is recorded in the governmental fund financial statements, but the revenue is unavailable, the District reports a deferred inflow of resources on the balance sheet until such time as the revenue becomes available.
Fund Equity/Net Position In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change. The District can establish limitations on the use of fund balance as follows:
Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category. Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.
The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.
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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Assets, Liabilities and Net Position or Equity (Continued)
Fund Equity/Net Position (Continued) Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.
Other Disclosures Use of EstimatesThe preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates. NOTE 3 – BUDGETARY INFORMATION The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year-end. The District follows these procedures in establishing the budgetary data reflected in the financial statements. a) Each year, the District Manager submits to the District Board a proposed operating budget for the fiscal
year commencing the following October 1. b) A public hearing is conducted to obtain comments. c) Prior to October 1, the budget is legally adopted by the District Board. d) All budget changes must be approved by the District Board. e) The budgets are adopted on a basis consistent with generally accepted accounting principles. f) Unused appropriation for annually budgeted funds lapse at the end of the year.
NOTE 4 – DEPOSITS AND INVESTMENTS DepositsThe District’s cash balance was entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.
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NOTE 4 – DEPOSITS AND INVESTMENTS (Continued)
Investments The District’s investments were held as follows at September 30, 2015:
Fair Value Credit Risk Weighted Average MaturitiesFirst American Treasury Obligation Fund - Class Z
292,108$ S&P AAAm 43 days
US Bank Money Market 609,036 Not rated N/A Total Investments 901,144$
Credit risk – For investments, credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments.
Concentration risk – The District places no limit on the amount the District may invest in any one issuer. Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates. However, the Bond Indentures limit the type of investments held using unspent proceeds. NOTE 5 – CAPITAL ASSETS Capital asset activity for the fiscal year ended September 30, 2015 was as follows:
Beginning Balance Additions Disposals
Ending Balance
Governmental activitiesCapital assets, not being depreciated
Land 186,140$ -$ -$ 186,140$ Infrastructure under construction 11,713,694 22,276 (11,713,694) 22,276
Total capital assets, not being depreciated 11,899,834 22,276 (11,713,694) 208,416
Capital assets, being depreciatedLandscape/hardscape - 1,197,518 - 1,197,518 Recreational facilities 550,425 - - 550,425 Stormw ater management - 4,864,720 - 4,864,720 Underground electrical - 525,287 - 525,287 Furniture and equipment - 17,574 - 17,574 Total capital assets, being depreciated 550,425 6,605,099 - 7,155,524
Less accumulated depreciation for:Landscape/hardscape - (79,835) - (79,835) Recreational facilities (66,051) (22,017) - (88,068) Stormw ater management - (194,589) - (194,589) Underground electrical - (21,011) - (21,011) Total accumulated depreciation (66,051) (317,452) - (383,503)
Total capital assets, being depreciated, net 484,374 6,287,647 - 6,772,021
Governmental activities capital assets, net 12,384,208$ 6,309,923$ (11,713,694)$ 6,980,437$
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NOTE 5 – CAPITAL ASSETS (Continued) The infrastructure intended to serve the District has been estimated at a total cost of approximately $24.4 million (consisting of: 2006 Project, 2011 Project, Parcel O-1 Project and Parcel Q Project). The infrastructure includes stormwater management facilities, water and wastewater facilities, transportation improvements, landscaping improvements, and an amenity center. The 2006 and 2011 Projects were certified complete. A portion of the project costs was financed with the proceeds from the issuance of Bonds, described in Note 6, with the remainder funded by Mobley Homes of Florida, Inc. (the “Original Developer”) and the Developers. In addition, infrastructure improvements of approximately $5,126,000 were completed and conveyed to other entities for ownership and maintenance responsibilities. In connection with the 2006 Project, it was determined that deferred costs exist as the Original Developer paid for project costs totaling $3,076,813 in excess of the proceeds available from the issuance of Series 2006 Bonds. Funds from the Series 2006 trust accounts may be used to pay deferred costs as they become available, including any excess funds in the reserve account over the debt service reserve requirement. At September 30, 2015, the Series 2006 reserve account balance was $332,265. When the Bonds have been paid in full, a debt service reserve requirement will no longer exist and, therefore, the funds in the reserve account can then be used to pay for deferred costs (or sooner, as outlined in the Bond Indenture). Accordingly, this amount has been recognized as the amount due the Original Developer for deferred costs (the “Deferred Costs Obligation”) as the District’s ability to repay the deferred obligation is limited to existing resources available from the Series 2006 trust accounts. Subsequent to fiscal year end, $177,842 was paid to the Original Developer from the deferred cost trust account, of which $162,038 was transferred from the reserve account to the deferred cost account due to substantial absorption. See Notes 6 and 12 for more information. During the current fiscal year, the District authorized the borrowing and issuance of a promissory note in the amount of $40,675 for the purpose of financing the costs of construction of roundabout modifications paid for by one of the Developers. Repayment is to be made from operations and maintenance assessments that will be levied on the benefited properties within the District. Accordingly, a liability of $40,675 exists for the promissory note as of September 30, 2015. See Note 6 for more information. Depreciation expense was charged to function/programs as follows:
Governmental activities:Physical environment 295,435$ Culture and recreation 22,017
Total depreciation expense 317,452$
NOTE 6 – LONG-TERM LIABILITIES
At September 30, 2015, the District had Bond issues as follows:
Series Issue DateOriginal Face
AmountInterest
Rate MaturitySpecial Assessment Bonds:Series 2006 August 16, 2006 5,625,000$ 5.45% May 1, 2036Series 2011 July 1, 2011 145,000 6.5% November 1, 2024Series 2011 July 1, 2011 535,000 7.5% November 1, 2041Series 2014
Parcel O-1 Project July 10, 2014 335,000 4.75% November 1, 2024Parcel O-1 Project July 10, 2014 550,000 5.125% November 1, 2034Parcel O-1 Project July 10, 2014 920,000 5.375% November 1, 2044Parcel Q Project July 10, 2014 375,000 4.75% November 1, 2024Parcel Q Project July 10, 2014 610,000 5.125% November 1, 2034Parcel Q Project July 10, 2014 1,030,000 5.375% November 1, 2044
The Special Assessment Bonds, Series 2006, 2011, and 2014 were issued to finance the acquisition and construction of certain improvements for the benefit of the District.
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NOTE 6 – LONG-TERM LIABILITIES (Continued) Interest is to be paid semiannually for each Bond series on each May 1 and November 1. Principal is to be paid serially for the Series 2006 Bonds on each May 1 and on November 1 for Series 2011 and 2014. The Series 2006, 2011, and 2014 Bonds are subject to redemption at the option of the District prior to maturity. The Series 2006, 2011, and 2014 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indentures. The Bond Indentures established debt service reserve requirements as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District was in compliance with the requirements at September 30, 2015. Original Developer Liability and Promissory Note As discussed in Note 5 above, the District owed the Original Developer $332,265 for deferred costs related to the Series 2006 Project and owed one of the Developers $40,675 for a promissory note issued to finance certain project construction costs. These balances owed are not included in the maturity schedule below. Long-term Debt Activity Changes in long-term liability activity for the fiscal year ended September 30, 2015 were as follows:
Beginning Balance Additions Reductions
Ending Balance
Due Within One Year
Governmental activitiesBonds payable:
Series 2006 4,875,000$ -$ 120,000$ 4,755,000$ 125,000$ Series 2011 665,000 - 10,000 655,000 10,000 Series 2014 3,820,000 - - 3,820,000 55,000
Original issue discount (46,577) - (1,553) (45,024) - Promissory note - 40,675 - 40,675 30,506 Original Developer liability - 332,265 - 332,265 -
Total 9,313,423$ 372,940$ 128,447$ 9,557,916$ 220,506$
At September 30, 2015, the scheduled debt service requirements on the long-term debt were as follows:
Year ending September 30: Principal Interest Total
2016 190,000$ 503,429$ 693,429$ 2017 200,000 493,235 693,235 2018 215,000 482,531 697,531 2019 220,000 471,164 691,164 2020 235,000 459,383 694,383
2021-2025 1,385,000 2,093,765 3,478,765 2026-2030 1,810,000 1,674,029 3,484,029 2031-2035 2,365,000 1,115,684 3,480,684 2036-2040 1,405,000 512,651 1,917,651 2041-2045 1,205,000 162,325 1,367,325
Total 9,230,000$ 7,968,196$ 17,198,196$
Governmental Activities
NOTE 7 – DEVELOPERS TRANSACTIONS The Developers own a portion of land within the District; therefore, assessment revenues in the general and debt service funds include the assessments levied on those lots owned by the Developers. During the current fiscal year, the District entered into a General Funding Agreement with the Developers whereby the Developers provided the District $265,000 to construct additional capital infrastructure improvements, consisting of enhancements to the recreational amenity infrastructure.
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NOTE 8 – CONCENTRATION The District’s activity is dependent upon the continued involvement of the Developers, the loss of which could have a material adverse effect on the District’s operations.
NOTE 9 – OPERATING LEASES
The District has entered into outdoor lighting agreements with Tampa Electric Company for certain lighting equipment within the District. Each of the contacts is for a term of 10 years and shall continue thereafter for successive one year terms until terminated by either party upon providing the other party with ninety days prior written notice of termination. Minimum future payments on these leases as of September 30, 2015 are as follows:
Year ending September 30: Amount
2016 39,102$ 2017 39,102 2018 39,102 2019 39,102 2020 39,102
2021-2024 87,976 Total 283,486$
Rental payments for the fiscal year ended September 30, 2015 totaled $87,571.
NOTE 10 – MANAGEMENT COMPANY The District has contracted with a management company to perform services, which include financial and accounting services. Certain employees of the management company also serve as officers (Board appointed non-voting positions) of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, computer and other administrative costs.
NOTE 11 – RISK MANAGEMENT The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. The District has not filed any claims under this commercial coverage during the last three years.
NOTE 12 – SUBSEQUENT EVENTS
Bond Issuance As of March 31, 2016, the District pre-closed on its $4,700,000 Series 2016 Special Assessment Refunding Bonds (the “Series 2016 Bonds”) for purposes of refinancing the Series 2006 Bonds. The Series 2016 Bonds will have a fixed rate of four percent (4.0%) interest, and the final closing is scheduled to occur on April 1, 2016. The Series 2016 Bonds will become due on May 1, 2036; interest is to be paid semiannually on each May 1 and November 1. In connection with issuance of the Series 2016 Bonds, the Original Developer has agreed to accept a lump sum payment in the amount of $60,000, in full settlement of the District’s Deferred Costs Obligation (discussed in further detail in Notes 5 and 6), and upon final closing the District’s Deferred Costs Obligation will be satisfied.
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K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT HILLSBOROUGH COUNTY, FLORIDA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2015
VarianceBudgeted with FinalAmounts Budget -
Original and Final
Actual Amounts
Positive (Negative)
REVENUESAssessments 620,447$ 629,406$ 8,959$ Developer contributions - 265,000 265,000 Interest and other revenues - 183 183
Total revenues 620,447 894,589 274,142
EXPENDITURESCurrent:
General government 101,565 107,831 (6,266) Physical environment 445,682 343,664 102,018 Culture and recreation 38,200 26,184 12,016
Capital outlay 35,000 84,578 (49,578) Total expenditures 620,447 562,257 58,190
Excess (deficiency) of revenues over (under) expenditures - 332,332 332,332
OTHER FINANCING SOURCESPromissory note - 40,675 40,675
Total other financing sources - 40,675 40,675
Net change in fund balances -$ 373,007 373,007$
Fund balance - beginning 186,364
Fund balance - ending 559,371$
See notes to required supplementary information
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K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT HILLSBOROUGH COUNTY, FLORIDA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles). The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2015. Actual general fund expenditures for the fiscal year ended September 30, 2015 were less than appropriations due primarily to anticipated costs which were not incurred in the current fiscal year. Actual general fund revenues for the fiscal year ended September 30, 2015 were greater than budgeted amounts due to Developer contributions received in accordance with a funding agreement approved during the fiscal year to fund recreational amenity enhancements.
2700 North Military Trail Suite 350 Boca Raton, Florida 33431 (561) 994-9299 (800) 299-4728 Fax (561) 994-5823 www.graucpa.com
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INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIALREPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT
OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITHGOVERNMENT AUDITING STANDARDS
To the Board of Supervisors K-Bar Ranch Community Development District Hillsborough County, Florida We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of K-Bar Ranch Community Development District, Hillsborough County, Florida (the “District”) as of and for the fiscal year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated March 31, 2016.
Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
Compliance and Other MattersAs part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
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Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
March 31, 2016
2700 North Military Trail Suite 350 Boca Raton, Florida 33431 (561) 994-9299 (800) 299-4728 Fax (561) 994-5823 www.graucpa.com
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INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THEREQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BYRULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
To the Board of Supervisors K-Bar Ranch Community Development District Hillsborough County, Florida
We have examined K-Bar Ranch Community Development District, Hillsborough County, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2015. Management is responsible for the District’s compliance with those requirements. Our responsibility is to express an opinion on the District’s compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the District’s compliance with specified requirements. In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2015. This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Board of Supervisors of K-Bar Ranch Community Development District, Hillsborough County, Florida and is not intended to be and should not be used by anyone other than these specified parties.
March 31, 2016
2700 North Military Trail Suite 350 Boca Raton, Florida 33431 (561) 994-9299 (800) 299-4728 Fax (561) 994-5823 www.graucpa.com
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MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
To the Board of Supervisors K-Bar Ranch Community Development District Hillsborough County, Florida Report on the Financial Statements We have audited the accompanying basic financial statements of K-Bar Ranch Community Development District, Hillsborough County, Florida ("District") as of and for the fiscal year ended September 30, 2015, and have issued our report thereon dated March 31, 2016. Auditor’s Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Florida Auditor General. Other Reports and Schedule We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and Compliance and Other Matters based on an audit of the financial statements performed in accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, Section 601, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated March 31, 2016, should be considered in conjunction with this management letter. Purpose of this Letter The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General of the State of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following: I. Current year findings and recommendations. II. Status of prior year findings and recommendations. III. Compliance with the Provisions of the Auditor General of the State of Florida. Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, as applicable, management, and the Board of Supervisors of K-Bar Ranch Community Development District, Hillsborough County, Florida and is not intended to be and should not be used by anyone other than these specified parties. We wish to thank K-Bar Ranch Community Development District, Hillsborough County, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us. March 31, 2016
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REPORT TO MANAGEMENT
I. CURRENT YEAR FINDINGS AND RECOMMENDATIONS None II. PRIOR YEAR FINDINGS AND RECOMMENDATIONS None III. COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following: 1. A statement as to whether or not corrective actions have been taken to address findings and
recommendations made in the preceding annual financial audit report.
There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2014.
2. Any recommendations to improve the local governmental entity's financial management.
There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2015.
3. Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance.
There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2015.
4. The name or official title and legal authority of the District are disclosed in the notes to the financial statements.
5. The financial report filed with the Florida Department of Financial Services pursuant to Section 218.32(1)(a), Florida Statutes agrees with the September 30, 2015 financial audit report.
6. The District has not met one or more of the financial emergency conditions described in Section
218.503(1), Florida Statutes. 7. We applied financial condition assessment procedures and no deteriorating financial conditions were
noted as of September 30, 2015. It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.
Tab 8
Tab 9
K-Bar Ranch Community Development District
Budget Proposal Packet for Fiscal Year 2016/2017
Presented by: Rizzetta & Company, Inc.
Tampa Office 3434 Colwell Ave.; Suite 200
Tampa, FL 33614 813.933.5571
rizzetta.com
The following are enclosed in this Budget Proposal Packet:
• Proposed General Fund Budget, Reserve Fund Budget & Debt Service Fund Budget worksheets for Fiscal Year 2016/2017.
• Assessment Charts for current Fiscal Year 2015/2016 and Assessment Charts for Fiscal Year 2016/2017 if budget were to be adopted as proposed.
• General Fund Budget & Debt Service Fund Account Category Descriptions for Fiscal Year 2016/2017.
THE BUDGET PROPOSAL PACKET FOR FISCAL YEAR 2016/2017 IS SIMPLY A PROPOSED BUDGET AND PROPOSED LEVEL OF ASSESSMENTS WHICH ARE DONE AS PART OF THE BUDGET PROCESS. THESE ARE NOT FINAL AND SHOULD NOT BE CONSTRUED AS FINAL, UNTIL AFTER THE BOARD OF SUPERVISORS HAS HELD A PUBLIC HEARING ON THE BUDGET AND ADOPTED THE FINAL BUDGET AND LEVIED ASSESSMENTS.
Chart of Accounts ClassificationActual YTD
through 03/31/16
Projected Annual Totals
2015/2016
Annual Budget for 2015/2016
Projected Budget
variance for 2015/2016
Budget for 2016/2017
Budget Increase
(Decrease) vs 2015/2016
Comments
12 REVENUES312 Interest Earnings13 Interest Earnings 371$ 742$ -$ 742$ -$ -$ 14 Special Assessments15 Tax Roll* 564,717$ 564,717$ 558,370$ 6,347$ 620,295$ 61,925$ + $55K Reserve Fund Budget17 Off Roll* 7,351$ 7,351$ 7,355$ (4)$ -$ (7,355)$ 3132 TOTAL REVENUES 572,439$ 572,810$ 565,725$ 7,085$ 620,295$ 54,570$ 3334 Balance Forward from Prior Year 295,000$ 295,000$ 295,000$ -$ -$ (295,000)$ remove for FY16/173536 TOTAL REVENUES AND BALANCE FORWARD 867,439$ 867,810$ 860,725$ 7,085$ 620,295$ (240,430)$ 37383940 EXPENDITURES - ADMINISTRATIVE4142 Legislative43 Supervisor Fees -$ -$ -$ -$ 4,800$ 4,800$ paid supervisors?44 Financial & Administrative45 Administrative Services 2,820$ 5,640$ 4,500$ (1,140)$ 4,500$ -$ DM fee46 District Management 7,250$ 14,500$ 14,500$ -$ 14,500$ -$ DM fee47 District Engineer 3,916$ 7,832$ 10,000$ 2,168$ 10,000$ -$ 48 Disclosure Report 4,600$ 4,600$ 5,000$ 400$ 4,600$ (400)$ 49 Trustees Fees 10,964$ 12,822$ 10,000$ (2,822)$ 10,000$ -$ 50 Assessment Roll -$ -$ -$ -$ 5,000$ 5,000$ DM fee51 Financial Consulting Services 7,500$ 10,000$ 10,000$ -$ 5,000$ (5,000)$ DM fee52 Accounting Services 6,500$ 13,000$ 13,000$ -$ 13,000$ -$ DM fee53 Auditing Services 3,300$ 3,300$ 3,300$ -$ 3,400$ 100$ contract amount54 Arbitrage Rebate Calculation 3,500$ 3,500$ 650$ (2,850)$ 1,500$ 850$ 3 bonds @ $500 each59 Public Officials Liability Insurance 2,250$ 2,250$ 3,750$ 1,500$ 2,475$ (1,275)$ Egis estimate60 Legal Advertising 981$ 1,962$ 1,000$ (962)$ 1,000$ -$ 62 Dues, Licenses & Fees 175$ 175$ 175$ -$ 175$ -$ annual state filing fee63 Miscellaneous Fees -$ -$ -$ -$ 1,000$ 1,000$ meeting agenda books66 Website Hosting, Maintenance, Backup (and Email) 570$ 1,140$ 2,100$ 960$ 1,260$ (840)$ $105/mo website and emails67 Legal Counsel68 District Counsel 8,220$ 16,440$ 23,590$ 7,150$ 21,165$ (2,425)$ 7374 Administrative Subtotal 62,546$ 97,161$ 101,565$ 4,404$ 103,375$ 1,810$ 7576 EXPENDITURES - FIELD OPERATIONS7781 Security Operations89 Security Monitoring Services -$ -$ -$ -$ 4,800$ 4,800$ $400/mo Securiteam monitoring contract90 Electric Utility Services91 Utility Services 4,817$ 9,634$ 12,000$ 2,366$ 12,000$ -$ 92 Street Lights 56,339$ 112,678$ 117,000$ 4,322$ 117,000$ -$ 99 Garbage/Solid Waste Control Services
100 Garbage - Recreation Facility -$ -$ -$ -$ 2,500$ 2,500$ potential new dumpster @ amenity103 Water-Sewer Combination Services104 Utility Services 601$ 1,202$ 1,500$ 298$ 1,500$ -$ 111 Stormwater Control113 Aquatic Maintenance 10,800$ 21,600$ 22,000$ 400$ 24,000$ 2,000$ $1,775/mo Blue Water contract + O-2114 Fountain Service Repairs & Maintenance -$ -$ -$ -$ 1,500$ 1,500$ $150/qtr + repairs115 Lake/Pond Bank Maintenance -$ -$ 5,000$ 5,000$ 5,000$ -$ erosion repairs, etc.116 Wetland Monitoring & Maintenance 4,393$ 8,786$ 15,760$ 6,974$ 15,000$ (760)$ $4,393/semi-annual + add'l maintenance117 Mitigation Area Monitoring & Maintenance 995$ 1,990$ 6,700$ 4,710$ 4,300$ (2,400)$ Horner Environmental estimate118 Aquatic Plant Replacement -$ -$ 5,000$ 5,000$ 5,000$ -$ 125 Other Physical Environment130 General Liability Insurance -$ -$ -$ -$ 2,475$ 2,475$ Egis estimate131 Property Insurance 5,078$ 5,078$ 8,500$ 3,422$ 3,529$ (4,971)$ Egis estimate133 Rust Prevention 3,546$ 7,092$ 7,500$ 408$ 7,140$ (360)$ $595/mo Rust-Off contract134 Entry & Walls Maintenance -$ -$ -$ -$ 1,500$ 1,500$ fencing, monuments, pressure washing, etc.135 Landscape Maintenance 80,901$ 161,802$ 160,000$ (1,802)$ 185,000$ 25,000$ current LMP contract + O-2142 Holiday Decorations 5,250$ 5,250$ 7,500$ 2,250$ 7,500$ -$ 144 Irrigation Repairs 2,536$ 5,072$ 10,000$ 4,928$ 7,500$ (2,500)$ 147 Landscape Replacement Plants, Shrubs, Trees 2,297$ 4,594$ 15,000$ 10,406$ 15,000$ -$ 150 Field Operations 3,000$ 6,000$ 6,000$ -$ 6,000$ -$ 162 Parks & Recreation170 Pool Permits -$ -$ -$ -$ 500$ 500$ 171 Maintenance & Repair 3,169$ 6,338$ 10,000$ 3,662$ 7,500$ (2,500)$ clubhouse repairs176 Pest Control -$ -$ -$ -$ 780$ 780$ $65/mo Nvirotect contract180 Clubhouse - Facility Janitorial Service 2,216$ 4,432$ 4,500$ 68$ 6,500$ 2,000$ $500/mo + supplies
*Allocation of assessments between the Tax Roll and Off Roll are estimates only and subject to change prior to certification.
Proposed BudgetK-Bar Ranch Community Development District
General FundFiscal Year 2016/2017
Chart of Accounts ClassificationActual YTD
through 03/31/16
Projected Annual Totals
2015/2016
Annual Budget for 2015/2016
Projected Budget
variance for 2015/2016
Budget for 2016/2017
Budget Increase
(Decrease) vs 2015/2016
Comments
Proposed BudgetK-Bar Ranch Community Development District
General FundFiscal Year 2016/2017
182 Pool Service Contract 2,400$ 4,800$ 4,800$ -$ 4,800$ -$ $400/mo Poseidon contract183 Pool Repairs -$ -$ 2,500$ 2,500$ 2,500$ -$ 198 Playground Equipment and Maintenance -$ -$ -$ -$ 1,500$ 1,500$ 201 Athletic/Park Court/Field Repairs -$ -$ -$ -$ 1,000$ 1,000$ basketball & tennis court203 Cable Television & Internet 1,580$ 3,160$ 4,800$ 1,640$ 3,600$ (1,200)$ ~$300/mo Brighthouse213 Dog Waste Station Supplies 1,238$ 2,476$ 2,500$ 24$ 2,500$ -$ 218 Contingency219 Amenity Center Improvements 168,656$ 295,000$ 295,000$ -$ -$ (295,000)$ remove for FY16/17220 Miscellaneous Contingency 6,776$ 13,552$ 15,000$ 1,448$ 15,000$ -$ 221 Promissory Note Payments -$ -$ -$ -$ 10,168$ 10,168$ 4 @ $2,542.05 each222 Capital Outlay 21,845$ 21,845$ 20,600$ (1,245)$ 32,328$ 11,728$ 223224 Field Operations Subtotal 388,433$ 702,381$ 759,160$ 56,779$ 516,920$ (242,240)$ 225226 Contingency for County TRIM Notice227228 TOTAL EXPENDITURES 450,979$ 799,542$ 860,725$ 61,183$ 620,295$ (240,430)$ + $55K Reserves = $675,295229230 EXCESS OF REVENUES OVER EXPENDITURES 416,460$ 68,268$ -$ (54,098)$ -$ -$ 231
Chart of Accounts ClassificationActual YTD
through 03/31/16
Projected Annual Totals
2015/2016
Annual Budget for 2015/2016
Projected Budget
variance for 2015/2016
Budget for 2016/2017
Budget Increase
(Decrease) vs 2015/2016
Comments
12 REVENUES34 Special Assessments5 Tax Roll 54,722$ 54,722$ 54,722$ -$ 55,000$ 278$ $51,795 + increase for new property1213 TOTAL REVENUES 54,722$ 54,722$ 54,722$ -$ 55,000$ 278$ 1415 Balance Forward from Prior Year -$ -$ -$ -$ -$ -$ 1617 TOTAL REVENUES AND BALANCE FORWARD 54,722$ 54,722$ 54,722$ -$ 55,000$ 278$ 18192021 EXPENDITURES 2223 Contingency24 Capital Reserves 54,722$ 54,722$ 54,722$ -$ 55,000$ 278$ 25 Capital Outlay -$ -$ -$ -$ -$ -$ 2627 TOTAL EXPENDITURES 54,722$ 54,722$ 54,722$ -$ 55,000$ 278$ 2829 EXCESS OF REVENUES OVER EXPENDITURES -$ -$ -$ -$ -$ -$ 30
Proposed BudgetK-Bar Ranch Community Development District
Reserve FundFiscal Year 2016/2017
Debt Service
Budget TemplateK-Bar Ranch Community Development District
Debt ServiceFiscal Year 2016/2017
Chart of Accounts Classification Series 2011 Series 2014 (Parcel O-1 Project)
Series 2014 (Parcel Q Project) Series 2016 Budget for
2016/2017
REVENUES Special Assessments
Net Special Assessments (1) $59,096.41 $123,393.24 $137,495.50 $345,112.78 $665,097.93
TOTAL REVENUES $59,096.41 $123,393.24 $137,495.50 $345,112.78 $665,097.93
EXPENDITURES AdministrativeFinancial & Administrative
Bank Fees Debt Service Obligation $59,096.41 $123,393.24 $137,495.50 $345,112.78 $665,097.93Administrative Subtotal $59,096.41 $123,393.24 $137,495.50 $345,112.78 $665,097.93
TOTAL EXPENDITURES $59,096.41 $123,393.24 $137,495.50 $345,112.78 $665,097.93
EXCESS OF REVENUES OVER EXPENDITURES 0 0 0 0 0
Collection and Discount % applicable to the county (2)
: 6.0%
Gross assessments $707,002.79
Notes:
Tax Roll Collection Costs for Hillsborough County is 6.0% of Tax Roll. Budgeted net of tax roll assessments. See Assessment Table.
(1) Maximum Annual Debt Service less Prepaid Assessments received
(2) Hillsborough County collection costs decreased by 2%
Assessment Worksheet
2016/2017 O&M Budget $675,295.00Hillsborough Co. 6% Collection Cost (1): 6% $43,103.94
2016/2017 Total: $718,398.94
2015/2016 O&M Budget $620,447.002016/2017 O&M Budget $675,295.00
Total Difference: $54,848.00 $153,232.00
2015/2016 2016/2017 $ %
Series 2016 Debt Service - Townhome (2) $600.00 $529.74 -$70.26 -12%Series 2011 Debt Service - Townhome $170.38 $166.76 -$3.62 -2%O&M - Townhome $649.97 $649.97 $0.00 0%Total $1,420.35 $1,346.47 -$73.88 -5%
Series 2016 Debt Service - SF Basset Creek (2) $1,233.00 $1,088.66 -$144.34 -12%Series 2011 Debt Service - SF Basset Creek $170.38 $166.76 -$3.62 -2%O&M - SF Basset Creek $1,181.77 $1,181.77 $0.00 0%Total $2,585.15 $2,437.19 -$147.96 -6%
Series 2014 Debt Service - SF 50' Parcel O-1 $1,233.00 $1,207.83 -$25.17 -2%O&M - SF 50' Parcel O-1 $1,181.77 $1,181.77 $0.00 0%Total $2,414.77 $2,389.60 -$25.17 -1%
Series 2014 Debt Service - SF 70' Parcel O-1 $1,458.33 $1,428.57 -$29.76 -2%O&M - SF 70' Parcel O-1 $1,181.77 $1,181.77 $0.00 0%Total $2,640.10 $2,610.34 -$29.76 -1%
Debt Service - SF Parcel O-2 $0.00 $0.00 $0.00 0%O&M - SF Parcel O-2 $181.60 $1,181.77 $1,000.17 551%Total $181.60 $1,181.77 $1,000.17 551%
Debt Service - SF Parcel Q $1,233.00 $1,207.83 -$25.17 -2%O&M - SF Parcel Q $1,181.77 $1,181.77 $0.00 0%Total $2,414.77 $2,389.60 -$25.17 -1%
K-Bar Ranch Community Development District
FISCAL YEAR 2016/2017 O&M & DEBT SERVICE ASSESSMENT SCHEDULE
PER UNIT ANNUAL ASSESSMENT Proposed Increase / Decrease
(1) Hillsborough County collection costs decreased by 2%
(2) Series 2006 Bonds were refunded by the Series 2016 bonds
TOTAL O&M BUDGET $675,295.00COLLECTION COSTS (4) @ 6.0% $43,103.94TOTAL O&M ASSESSMENT $718,398.94
SERIES 2011SERIES 2014SERIES 2016DEBT DEBT DEBT EAU TOTAL % TOTAL ADMIN 2011 DEBT 2014 DEBT 2016 DEBT
LU PRODUCT TYPE O&M SERIES SERIES SERIES FACTOR EAU's EAU's PER PARCEL O&M SERVICE (2) SERVICE (2) SERVICE (2) TOTAL (3)0
00 0 0 0
TH TH 78 78 0 78 0.55 42.9 7.06% $50,698.00 $649.97 $166.76 $0.00 $529.74 $816.73SF Single Family - Bassett Creek 300 299 0 299 1.00 300 49.35% $354,531.47 $1,181.77 $166.76 $0.00 $1,088.66 $1,348.53
F-50O Single Family 50' - Parcel O-1 53 0 53 0 1.00 53 8.72% $62,633.89 $1,181.77 $0.00 $1,207.83 $0.00 $2,389.60F-70O Single Family 70' - Parcel O-1 47 0 47 0 1.00 47 7.73% $55,543.26 $1,181.77 $0.00 $1,428.57 $0.00 $2,610.34SF-O2 Single Family - Parcel O-2 44 0 0 0 1.00 44 7.24% $51,997.95 $1,181.77 $0.00 $0.00 $0.00 $1,181.77SF-Q Single Family - Parcel Q 121 0 121 0 1.00 121 19.90% $142,994.36 $1,181.77 $0.00 $1,207.83 $0.00 $2,389.60
643 377 221 377 607.9 100.00% $718,398.94
LESS: Hillsborough County Collection Costs and Early Payment Discount Costs ($43,103.94)
Net Revenue to be Collected $675,295.00
(1)
(2)
(3)
(4) Hillsborough County collection costs decreased by 2%
UNITS ASSESSED (1)
FISCAL YEAR 2016/2017 O&M & DEBT SERVICE ASSESSMENT SCHEDULE
K-BAR RANCH
PER LOT ANNUAL ASSESSMENT
Reflects the number of total lots with Series 2011, Series 2014, and Series 2016 debt outstanding.
Annual debt service assessment per lot adopted in connection with the K-Bar Ranch Series 2011,Series 2014, and Series 2016 bond issues. Annual assessment includes principal, interest, Hillsborough County collection costs and early payment discount costs.
Annual assessment that will appear on November 2016 Hillsborough County property tax bill. Amount shown includes all applicable collection costs. Property owner is eligible for a discount of up to 4% if paid early.
ALLOCATION OF ADMIN O&M ASSESSMENT
GENERAL FUND BUDGET ACCOUNT CATEGORY DESCRIPTION
The General Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all General Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.
REVENUES: Operations & Maintenance Assessments: The District levies Non-Ad Valorem Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County’s Tax Roll, to be collected with the County’s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County. The second is for lands not on the tax roll and that is by way of a direct bill from the District to the appropriate property owner. Funding Agreement: The District may enter into funding agreements to provide for a source of revenue for certain expenditures. Developer Contribution: The District may, similar to a funding agreement, receive certain prescribed dollars from the Developer to off-set expenditures of the District. Facility Rental: The District may receive monies for the rental of certain facilities by outside sources, for such items as office space, snack bar/restaurants etc. Event Rental: The District may receive monies for event rentals for such things as weddings, birthday parties, etc. Interlocal Agreement: The District may enter into interlocal agreements with other governmental entities to provide for revenue for certain expenditures. Miscellaneous: The District may receive monies for the sale or provision of electronic access cards, entry decals etc.
EXPENDITURES – ADMINISTRATIVE: Supervisor Fees: The District may compensate its supervisors within the appropriate statutory limits of $200.00 maximum per meeting within an annual cap of $4,800.00 per supervisor. Administrative Services: The District will incur expenditures for the day to today operation of District matters. These items include but are not limited to mailing and preparation of agenda packages, overnight deliveries, facsimiles and long distance phone calls. Also, each Board Supervisor and the District Staff are entitled to reimbursement for travel expenses per Florida Statutes 190.006(8). Finally, this line item also includes a cost for the storage of all the District’s official records, supplies and files.
District Manager: The District as required by statute, will contract with a firm to provide for management and administration of the District’s day to day administrative needs. The cost to maintain the minutes of all Board meetings, preparing various resolutions and all other secretarial duties requested by the District throughout the year is also reflected in this amount. Disclosure Report: The District is required to file quarterly and annual disclosure reports, as required in the District’s Trust Indenture, with the specified repositories. This is contracted out to a third party in compliance with the Trust Indenture. Trustee’s Fees: The District will incur annual trustee’s fees upon the issuance of bonds for the oversight of the various accounts relating to the bond issues. Financial Consulting Services: The District will contract with a firm to maintain the assessment roll and annually levy a Non-Ad Valorem assessment for operating and debt service expenses. Also, additional financial consulting services include, but are not limited to responding to bondholder questions, prepayment analysis, long term pay-offs and true-up analysis. This line item also includes the fees incurred for a Collection Agent to collect the funds for the principal and interest payment for its short-term bond issues and any other bond related collection needs. These funds are collected as prescribed in the Trust Indenture. The Collection Agent also provides for the release of liens on property after the full collection of bond debt levied on particular properties. Accounting Services: The District has contracted for maintenance of accounting records. These services include, but are not limited to accounts payable, accounts receivable and preparation of financial reports for the district. This also includes all preparations necessary for the fiscal year end audits to be done. Auditing Services: The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting firm, once it reaches certain revenue and expenditure levels, or has issued bonds and incurred debt. Arbitrage Rebate Calculation: The District is required to calculate the interest earned from bond proceeds each year pursuant to the Internal Revenue Code of 1986. The Rebate Analyst is required to verify that the District has not received earnings higher than the yield of the bonds. District Engineer: The District’s engineer provides general engineering services to the District. Among these services are attendance at and preparation for monthly board meetings, review of construction invoices and all other engineering services requested by the district throughout the year. Public Officials Liability Insurance: The District will incur expenditures for public officials’ liability insurance for the Board and Staff. Legal Advertising: The District will incur expenditures related to legal advertising. The items for which the District will advertise include, but are not limited to meeting schedules, special meeting notices, and public hearings, bidding etc. for the District based on statutory guidelines Bank Fees: The District will incur bank service charges during the year.
Dues, Licenses & Subscriptions: The District is required to pay an annual fee to the Department of Economic Opportunity, along with other items which may require licenses or permits, etc. Miscellaneous: The District could incur miscellaneous throughout the year, which may not fit into any standard categories. Website Development and Maintenance: The District may incur fees as they relate to the development and ongoing maintenance of its own website. District Counsel: The District’s legal counsel provides general legal services to the District. Among these services are attendance at and preparation for monthly board meetings, review of operating and maintenance contracts and all other legal services requested by the district throughout the year. EXPENDITURES - FIELD OPERATIONS:
Electric Utility Services: The District will incur electric utility expenditures for general purposes such as irrigation timers, lift station pumps, fountains, etc. Electric Service-Recreation Facility: The District may budget separately for its recreation and or amenity electric separately. Street Lights: The District may have expenditures relating to street lights throughout the community. These may be restricted to main arterial roads or in some cases to all street lights within the District’s boundaries. Gas-Recreation Facility: The District may incur gas utility expenditures related to district operations at its facilities such as pool heat etc.
Garbage Collection-Recreation Facility: The District will incur expenditures related to the removal of garbage and solid waste. Solid Waste Assessment Fee: The District may have an assessment levied by another local government for solid waste, etc. Water Utility Services: The District will incur water/sewer utility expenditures related to district operations. Water-Reclaimed: The District may incur expenses related to the use of reclaimed water for irrigation. Water-Recreation Facility: The District may incur water and sewer charges for its recreation facilities Water-Pool: The District may incur charges for water for its pool if metered separately.
Fountain Service Repairs & Maintenance: The District may incur expenses related to maintaining the fountains within throughout the Parks & Recreational areas Lake/Pond Bank Maintenance: The District may incur expenditures to maintain lake banks, etc. for the ponds and lakes within the Districts boundaries, along with planting of beneficial aquatic plants, stocking of fish, mowing and landscaping of the banks as the District determines necessary. Aquatic Contract: Expenses related to the care and maintenance of the lakes and ponds for the control of nuisance plant and algae species. Mitigation Monitoring & Maintenance: The District may be required to provide for certain types of monitoring and maintenance activities for various wetlands and waterways by other governmental entities. Lake/Pond Repair: Expense related to repair and maintenance for inlet pipes, outfalls and weir structures for the storm water drainage system. Aquatic Plant Replacement: The expenses related to replacing beneficial aquatic plants, that may or may not have been required by other governmental entities.
Employee-Salaries: The District may incur salary expenses for a field manager of site superintendent who oversees daily activity within the field operations of the District’s facilities. Employee-P/R Taxes: This is the employer’s portion of employment taxes such as FICA etc. Employee-Workers’ Comp: Fees related to obtaining workers compensation insurance. Employee-Health Insurance: Expenses related to providing health insurance coverage if the District elects to offer same. General Liability Insurance: The District will incur fees to insure items owned by the District for its general liability needs Property Casualty Insurance: The District will incur fees to insure items owned by the District for its property needs Entry and Walls Maintenance: The District will incur expenditures to maintain the entry monuments and the fencing. Landscape Maintenance: The District will incur expenditures to maintain the rights-of-way, median strips, recreational facilities including pond banks, entryways, and similar planting areas within the District. These services include but are not limited to monthly landscape maintenance, fertilizer, pesticides, annuals, mulch and irrigation repairs. Irrigation Repairs & Maintenance: The District will incur expenditures related to the maintenance of the irrigation systems. Clock Maintenance Contract: Expenses incurred for such things as entry clocks if they exist.
Landscape Replacement: Expenditures related to replacement of turf, trees, shrubs etc. Miscellaneous Fees: The District may incur miscellaneous expenses that do not readily fit into defined categories in field operations. Gate Phone: The District will incur telephone expenses if the District has gates that are to be opened and closed. Street Sweeping: The District may incur expenses related to street sweeping for roadways it owns or are owned by another governmental entity, for which it elects to maintain. Gate Maintenance: Expenses related to the ongoing repairs and maintenance of gates owned by the District if any. Roadway Repair & Maintenance: Expenses related to the repair and maintenance of roadways owned by the District if any. Sidewalk Repair & Maintenance: Expenses related to sidewalks located in the right of way of streets the District may own if any. Miscellaneous Maintenance: Expenses which may not fit into any defined category in this section of the budget.
Employees-Salaries: The District may incur expenses for employees/staff members needed for the recreational facilities such as Clubhouse Staff. Employees P/R Taxes: Expenses related to an employers portion of payroll taxes such as FICA, etc. Employee-Workers’ Comp: Expenses related to Workers’ Comp Insurance Employees-Health Insurance: Expenses related to health insurance coverage for employees if the District elects to over same. Management Contract: The District may contract with a firm to provide for the oversight of its recreation facilities. Clubhouse Facility Maintenance: The District may incur expenses to maintain its recreation facilities. Clubhouse Telephone, Fax, Internet: The District may incur telephone, fax and internet expenses related to the recreational facilities. Clubhouse Facility Landscaping: The District may wish to budget separately for this item from its other landscaping needs. Clubhouse Office Supplies: The District may have an office in its facilities which require various office related supplies.
Clubhouse Facility Janitorial Service: Expenses related to the cleaning of the facility and related supplies. Clubhouse Facility Irrigation: The District may wish to budget separately for this item from its other irrigation needs. Pool/Water Park/Fountain Repairs and Maintenance: Expenses related to the repair and maintenance of swimming pools and other water features to include service contracts, repair and replacement Security System: The District may wish to install a security system for the clubhouse Clubhouse Miscellaneous: Expenses which may not fit into a defined category in this section of the budget Athletic/Park Court/Field Repairs: Expense related to any facilities such as tennis, basketball etc. Trail/Bike Path Maintenance: Expenses related to various types of trail or pathway systems the District may own, from hard surface to natural surfaces. Off Duty Deputy Services: The District may wish to contract with the local police agency to provide security for the District.
Security Contract: The District may incur expenses for providing security at entries, neighborhood patrols etc. Guard & Gate Facility Maintenance: The District may choose to have its entry gates manned with personnel. Also, any ongoing gate repairs and maintenance would be included in this line item. Special Events: Expenses related to functions such as holiday events for the public enjoyment Miscellaneous Contingency: Monies collected and allocated for expenses that the District could incur miscellaneous throughout the year, which may not fit into any standard categories. Capital Improvements: Monies collected and allocated for various projects as they relate to public improvements. Capital Reserve: Monies collected and allocated for the future repair and replacement of various capital improvements such as club facilities, swimming pools, athletic courts, roads, etc.
RESERVE FUND BUDGET ACCOUNT CATEGORY DESCRIPTION
The Reserve Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Reserve Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.
REVENUES: Operations & Maintenance Assessments: The District levies Non-Ad Valorem Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County’s Tax Roll, to be collected with the County’s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County. The second is for lands not on the tax roll and that is by way of a direct bill from the District to the appropriate property owner. Funding Agreement: The District may enter into funding agreements to provide for a source of revenue for certain expenditures. Developer Contribution: The District may, similar to a funding agreement, receive certain prescribed dollars from the Developer to off-set expenditures of the District. Facility Rental: The District may receive monies for the rental of certain facilities by outside sources, for such items as office space, snack bar/restaurants etc. Event Rental: The District may receive monies for event rentals for such things as weddings, birthday parties, etc. Interlocal Agreement: The District may enter into interlocal agreements with other governmental entities to provide for revenue for certain expenditures. Miscellaneous: The District may receive monies for the sale or provision of electronic access cards, entry decals etc. EXPENDITURES - FIELD OPERATIONS:
Capital Reserve: Monies collected and allocated for the future repair and replacement of various capital improvements such as club facilities, swimming pools, athletic courts, roads, etc. Capital Outlay: Monies collected and allocated for various projects as they relate to public improvements. DEBT SERVICE FUND BUDGET ACCOUNT CATEGORY DESCRIPTION The Debt Service Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Debt Service Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference. REVENUES: Debt Service Assessments: The District may levy special assessments to repay the debt incurred by the sale of bonds to raise working capital for certain public improvements. The assessments may be collected in the same fashion as described in the Operations and Maintenance Assessments. EXPENDITURES: Bank Fees: The District may incur bank service charges during the year. Interest Payment: The District may incur interest payments on the debt related to its various bond issues. Principal Payment: This would be the portion of the payment to satisfy the repayment of the bond issue debt.
Tab 10
RESOLUTION 2016-07
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT APPROVING PROPOSED BUDGETS FOR FISCAL YEAR 2016/2017 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW; ADDRESSING TRANSMITTAL, POSTING AND PUBLICATION REQUIREMENTS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the District Manager has heretofore prepared and submitted to the Board of Supervisors of the K-Bar Ranch Community Development District (“Board”) prior to June 15, 2016, proposed budgets for Fiscal Year 2016/2017; and WHEREAS, the Board has considered the proposed budgets and desires to set the required public hearing thereon.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT:
1. BUDGETS APPROVED. The budgets proposed by the District Manager for
Fiscal Year 2016/2017 attached hereto as Exhibit A are hereby approved as the basis for conducting a public hearing to adopt said budgets.
2. SETTING A PUBLIC HEARING. A public hearing on said approved budgets
is hereby declared and set for the following date, hour and location: DATE: AUGUST 17, 2016 HOUR: 6:00 P.M. LOCATION: New Tampa Regional Library
10001 Cross Creek Blvd. Tampa, FL 33647
3. TRANSMITTAL OF BUDGETS TO LOCAL GENERAL PURPOSE GOVERNMENT. The District Manager is hereby directed to submit a copy of the proposed budgets to Hillsborough County at least 60 days prior to the hearing set above.
4. POSTING OF BUDGETS. In accordance with Section 189.016, Florida
Statutes, the District’s Secretary is further directed to post the approved budgets on the District’s website at least two days before the budget hearing date as set forth in Section 2. If the District does not yet have its own website, the District's Secretary is directed to transmit the approved budgets to the manager or administrator of Hillsborough County for posting on Hillsborough County’s website.
5. PUBLICATION OF NOTICE. Notice of this public hearing shall be published in the manner prescribed in Florida law.
6. EFFECTIVE DATE. This Resolution shall take effect immediately upon
adoption.
PASSED AND ADOPTED THIS 18TH DAY OF MAY, 2016.
ATTEST: K-BAR RANCH COMMUNITY DEVELOPMENT DISTRICT
_____________________________ By:___________________________ Secretary Its:____________________________ Exhibit A: Fiscal Year 2016-2017 Budget
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