Blackburn Creek Community Development District
12051 Corporate Boulevard, Orlando, FL 32817
Phone 407-723-5900; Fax 407-723-5901
www.blackburncreekcdd.com
The meeting of the Board of Supervisors for the Blackburn Creek Community Development District will be held Wednesday, April 14, 2021 at 12:00 p.m. located at 5800 Lakewood Ranch Blvd, Sarasota, FL 34240. The following is the proposed agenda for this meeting.

Call in number: 1-844-621-3956 Passcode: 790 562 990 #
BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Call to Order
Roll Call
Public Comment Period [for any members of the public desiring to speak on any proposition before the Board]

General Business Matters

Consideration of the Minutes of the March 10, 2021 Board of Supervisors’ Meeting
Review & Consideration of Engagement Letter from GNP Services for Arbitrage Rebate Calculation Series 2013A
Ratification of Payment Authorizations 142-144
Review of District Financial Statements
Other Business

Staff Reports
District Counsel
District Engineer
District Manager
Audience Comments
Supervisors Requests
Adjournment

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Consideration of the Minutes of the March 10, 2021 Board of Supervisors’ Meeting

MINUTES OF MEETING

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS MEETING MINUTES
Wednesday, March 10, 2021 at 12:00 p.m.
5800 Lakewood Ranch Blvd., Sarasota, FL 34240

Board Members Present via Speaker or in Person: Pete Williams	Chairperson
David Trast	Assistant Secretary
John Blakley	Assistant Secretary
Kevin Johnson	Assistant Secretary
Jerald Dell	Assistant Secretary Also Present via Speaker or in Person:
Vivian Carvalho	District Manager- PFM Group Consulting LLC	
Venessa Ripoll	Assistant DM- PFM Group Consulting LLC	
	(via phone)			
Kevin Plenzler	PFM Financial Advisors LLC	(via phone)	
Ed Vogler	District Counsel- Vogler Ashton	(via phone)	
Mike Kennedy	Stantec		(via phone)	
Jim Schier	Neal Communities			
Pam Curran	Neal Communities			
John McKay	Neal Communities			
Janice Snow	Neal Communities			
Misty Taylor	Bond Counsel- Bryant Miller Oliver	(via phone)	
Ed Bulleit	MBS Capital Markets, LLC	(via phone)	
Sete Zare	MBS Capital Markets, LLC	(via phone)	
Dale Weidemiller	Neal Communities	(joined at 12:07 p.m.)	
Bill Conerly	District Engineer- Kimley-Horn		
(joined at 12:11 p.m.)	

FIRST ORDER OF BUSINESS	Organizational Matters Call to Order and Roll Call
Ms. Carvalho called to order at 12:05 p.m. the meeting of the Board of Supervisors of the
Blackburn Creek Community Development District and proceeded with roll call. The persons in attendance via speaker phone are outlined above.

Public Comment Period

There were no public comments at this time.

Administer Oath of Office to Newly Appointed Board of Supervisors for Seat 1, David Trast

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Ms. Carvalho administered the oath of office to Mr. Trast. He chose to receive compensation.

Mr. Vogler reviewed the Board Member responsibilities including public records law and the Sunshine Law. Mr. Trast will receive a Board Member Welcome Packet with information regarding those laws.

Mr. Weidemiller joined the meeting in progress at 12:07 p.m. as a member of the general public.

Consideration of Replacement for Seat 5

Ms. Carvalho noted the District is not yet ready to have an appointment to Seat 5 so Mr. Blakley will continue to serve on the Board until such time as the District has filled that position.

SECOND ORDER OF BUSINESS	General Business Matters

Consideration of the Minutes of the February 10, 2021 Board of Supervisors’ Meeting

The Board reviewed the Minutes of the February 10, 2021 Board of Supervisors’ Meeting.

On MOTION by Mr. Johnson, seconded by Mr. Williams, with all in favor, the Board approved the Minutes of the February 10, 2021 Board of Supervisors’ Meeting.

Ratification of Payment Authorizations 138-141

The Board reviewed Payment Authorizations 138-141.

On MOTION by Mr. Williams, seconded by Mr. Johnson, with all in favor, the Board ratified Payment Authorizations 138 – 141.

Review of District Financial Statements

The Board reviewed the District Financials through February 28, 2021.

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On MOTION by Mr. Blakley, seconded by Mr. Johnson, with all in favor, the Board Accepted the District’s Financial Statements.

THIRD ORDER OF BUSINESS	Other Business

Staff Reports

District Counsel – No Report

District Engineer – Mr. Conerly joined the meeting via phone at 12:11 p.m. He spoke the Developer and Trustee about the 2018 Capital Projects to close out those accounts. They have a summary of information to make sure all costs have been accounted for and everything should be closed out by the end of next week. For the 2015 Capital Project Fund will be closed out in May as soon as he gets a Water Management District Certification on one of the last phases in that project.

Ms. Carvalho asked if he had a status on the revised document that was presented two meetings ago which outlined the different assets for which the District is responsible. Mr. Conerly stated it will be revised based on the certification from the Water Management District and he will update it per the expected certification and circulate it again. Ms. Carvalho stated the revised document of District Responsibility will be put on the District website for the general public.

District Manager – Ms. Carvalho stated that the next meeting is scheduled for April 14, 2021 at 12:00 p.m. at this location.

Mr. Williams asked when the budget process would start. Ms. Carvalho stated the budget process will start in May with the Public Hearing taking place in August. Mr. Williams indicated the importance of the budget discussion for the resident Board Members who have not had to go though one before.

A question was raised about ADA compliance and the ADA Audit. Ms. Carvalho responded the ADA Website Audit is completed on a quarterly basis. There is a seal on the website and every quarter that seal is updated.

Mr. Williams suggested the Board look at the cost of placing certain items on the website. The Board previously agreed to have a verbal description of what was owned by the District and a map available for the Board but would not necessarily place the map on the website due to the potential difficulty in making a map ADA compliant. The State has minimized requirements for the website because of those circumstances. Ms. Carvalho stated if it is a document that can be implemented to RTF format than that is the means in which information is placed on the website.

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FOURTH ORDER OF BUSINESS	Audience Comments and Supervisors Requests

There were no Supervisor requests or audience comments.

FIFTH ORDER OF BUSINESS	Adjournment

There was no additional business to discuss. Ms. Carvalho requested amotion to adjourn.

On MOTION by Mr. Johnson, seconded by Mr. Williams, with all in favor, the March 10, 2021 Meeting of the Board of Supervisors of the Blackburn Creek Community Development District was adjourned at 12:18 p.m.

__________________________	___________________________
Secretary/Assistant Secretary	Chairperson/Vice Chairperson

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BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Review & Consideration of Engagement Letter from GNP Services for Arbitrage Rebate Calculation Series 2013A

GNP Services, CPA, PA	
www.gnpcpas.com	
237 Jessie Lee Court	P.O. Box 1179	
Green Cove Springs, FL 32043	Orange Park, FL 32067-1179	

January 26, 2021

Ms. Vivian Carvalho CDD Finance Director
PFM Group Consulting, LLC 12051 Corporate Blvd.
Orlando, Florida 32817

RE:	Blackburn Creek Community Development District $5,455,000 Special Assessment Revenue Bonds, Series 2013A (Grand Palm Project)

Dear Ms. Carvalho:

This letter is to confirm and specify the terms of our prospective engagement to provide arbitrage rebate services for the Bond listed on the attached schedule (the “Bonds”) and to clarify the nature and extent of the services we will provide. In order to ensure an understanding of our mutual responsibilities, we ask all clients for whom services are to be performed to confirm the following understanding.
We will perform mathematical computations to calculate the arbitrage rebate liability for the Bonds. The report we deliver on any computation date that is not an installment computation date will be in the form of a cover letter with a synopsis presenting the arbitrage rebate liability; on each installment computation date a full report with all supporting schedules will be provided. We will also prepare any Internal Revenue Service forms that are required to be filed in connection with the arbitrage rebate liability for the Bonds.
The mathematical computations will be performed using information that you or the Bonds trustee will furnish to us. We will make no audit or other verification of the data you submit, although we may need to ask you for clarification of some of the information.
It is your responsibility and that of the Bonds trustee to provide all the information required for the preparation of the complete and accurate calculation of the arbitrage rebate liability. You represent that the information you are supplying to us is accurate and complete to the best of your knowledge. You should retain all the documents and other data that form the basis of the calculation of the arbitrage rebate liability. These may be necessary to prove the accuracy and completeness of any returns required to be filed with a taxing authority.

Our work in connection with the preparation of the calculation of the arbitrage rebate liability does not include any procedures designed to discover defalcation or other irregularities, should any exist.

We will use our judgment in resolving questions where the tax law is unclear, or where there may be conflicts between the taxing authorities' interpretations of the law and other supportable positions. We plan to perform reasonable research to support positions taken in your returns. Unless otherwise instructed by you, we will resolve such questions in your favor whenever possible.

The law provides for a penalty to be imposed on any underpayment that results from negligence or disregard of rules or regulations. Negligence "includes any failure to make a reasonable attempt to comply..." with the code. Disregard "includes any careless, reckless or intentional disregard". The law also provides various other penalties that may be imposed when taxpayers understate their tax liability. If the tax authorities assess penalties, you agree to be responsible for their payment and not to look to us for reimbursement.

Your returns may be selected for review by the taxing authorities. Any proposed adjustments by the examining agent are subject to certain rights of appeal. In the event of such government tax examination, we recommend that you hire a competent professional to represent you. We will be available, upon request, to represent you and will render additional invoices for the time and expenses incurred.

Our fee for these services will be as set forth on Schedule A. Payment is due on receipt. Invoices not paid within ten days are subject to interest at the rate of 1% per month, prorated for the applicable number of days. After ninety days if the invoice remains unpaid, the account may be turned over to a collection agency. Any costs related to collection will be your responsibility.
We will continue to prepare the calculations unless advised in writing at least thirty days prior to the Bond Year end that our services are not required.

Our report will be delivered to the email address you specify on the attachment to this engagement letter. Please complete the name, title, phone number and email address for each recipient to whom you would like the report to be sent.

We will not be providing any services nor preparing any returns for you that are not covered by this agreement. If you do not accept the above conditions we will be unable to provide any services. If you have any questions regarding anything in this letter, you may contact me using the information shown above. We want to express our appreciation for this opportunity to work with you.

Sincerely,
GNP Services, CPA, PA

SCHEDULE A
FEES FOR ANNUAL AND INSTALLMENT PERIODS REBATABLE ARBITRAGE LIABILITY CALCULATIONS

Blackburn Creek Community Development District
$5,455,000 Special Assessment Revenue Bonds, Series 2013A (Grand Palm Project)

One year period fee other than installment date calculation	
Cover letter and synopsis	$	500	(*)	

One year period fee for installment date calculation	
Full report	$	500	(*)	

(*) The fee does not include providing any services to allocate commingled funds.

Proposal to perform annual and installment date arbitrage rebate calculation is accepted as evidenced by the signature below:

Signature	Title

Printed Name

Telephone Number

Email

Report Recipients:	
Printed Name		Title		Telephone Number		Email	
Printed Name		Title		Telephone Number		Email	
Printed Name		Title		Telephone Number		Email	
Printed Name		Title		Telephone Number		Email	

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Ratification of Payment Authorizations 142-144

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Payment Authorization 142-144

PA #	Description	Amount	Total	
				
142	Vogler Ashton		
		$926.50		
			$926.50	
				
143	Carr Riggs & Ingram			
		$2,000.00		
				
	Vglobal Tech			
		$125.00		
			$2,125.00	
				
144	PFM Group Consulting			
		$6,268.04		
				
	Sarasota Herald Tribune			
		$126.25		
				
	Supervisor Fees			
	3/10/2021 Meeting	$1,000.00		
				
			$7,394.29	
				
		Total	$10,455.79	

By Amanda Lane at 9:19 am, Mar 01, 2021

By Amanda Lane at 9:34 am, Mar 08, 2021

By Amanda Lane at 9:49 am, Mar 15, 2021

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Review of District Financial Statements

Blackburn Creek CDD Statement of Financial Position As of 3/31/2021

Debt Service Fund - 2015A1&A2	Debt Service Fund - 2018	Capital Proiects Fund
-2013A	Capital Projects Fund - 2015A	Capital Proiects Fund - 2018	Long Term Debt Group	
Total	
	
Assets						
						
$175,098.43	
						1,465.28	
						320.26	
						4,912.96	
						4,814.06	
						175,000.21	
						91,809.05	
						462,543.84	
						177,499.62	
						0.06	
						0.03	
						0.02	
						43,125.50	
						2.56	
$4,539.09						4,539.09	
3,194.75						3,194.75	
229,812.50						229,812.50	
82,343.75						82,343.75	
358,619.33						358,619.33	
0.03						0.03	
0.01						0.01	
3,094.22						3,094.22	
3,650.35						3,650.35	
0.21						0.21	
	$758,952.76					758,952.76	
	0.11					0.11	
	23,783.94					23,783.94	
	172,628.48					172,628.48	
	23,834.21					23,834.21	
	3,977.95					3,977.95	
	5,651.87					5,651.87	
		$417,310.75				417,310.75	
			$140,744.19			140,744.19	
				$149,350.23		149,350.23	
				70,084.77		70,084.77	
$685,254.24	$988,829.32	$417,310.75	$140,744.19	$219,435.00	$0.00	$3,588,165.38	

General Fund	Debt Service
Fund

Current Assets				
General Checking Account	$175,098.43			
Assessments Receivable	1,465.28			
Prepaid Expenses	320.26			
Assessments Receivable			$4,912.96	
Due From Other Funds			4,814.06	
Debt Service Reserve 2013A Bond			175,000.21	
Debt Service Reserve 2019A Bond			91,809.05	
Revenue 2013A Bond			462,543.84	
Revenue 2019A Bond			177,499.62	
Interest A1 Bond			0.06	
Interest 2019A1 Bond			0.03	
Interest 2019A2 Bond			0.02	
Prepayment 2013A Bond			43,125.50	
Sinking Fund 2013A Bond			2.56	
Assessments Receivable				
Due From Other Funds				
Debt Service Reserve 2015A1 Bond				
Debt Service Reserve 2015A2 Bond				
Revenue 2015A Bond				
Interest 2015A1 Bond				
Interest 2015A2 Bond				
Prepayment 2015A1 Bond				
Prepayment 2015A2 Bond				
Sinking Fund 2015A1 Bond				
Revenue 2018A Bond				
Interest 2018A1 Bond				
Prepayment 2018A1 Bond				
Debt Service Reserve 2018A1 Bond				
Prepayment 2018A2 Bond				
Due from Other Funds				
Assessments Receivable				
Acquisition/Construction 2019A Bond				
Acquisition/Construction 2015A Bond				
Acquisition/Construction 2018A Bond				
Restricted Acq/Construction 2018A Bond				
Total Current Assets	$176,883.97		$959,707.91	

Page 1 of 3

Blackburn Creek CDD Statement of Financial Position As of 3/31/2021

General Fund

Debt Service Fund

Debt Service Fund -

Debt Service Fund - 2018

Capital		Capital Proiects Fund	Projects

Capital Proiects	Long Term
Fund - 2018	Debt Group

Total

2015A1&A2	-2013A	Fund - 2015A

Investments
Amount Available in Debt Service Funds Amount To Be Provided
Total Investments	

$0.00		

$0.00		

$0.00	

$0.00		

$0.00		

$0.00		

$0.00		
$2,606,700.79 21,379,299.21
$23,986,000.00		
$2,606,700.79 21,379,299.21
$23,986,000.00	
Total Assets	$176,883.97		$959,707.91		$685,254.24	$988,829.32		$417,310.75		$140,744.19		$219,435.00		$23,986,000.00		$27,574,165.38	

Current Liabilities Accounts Payable Due To Other Funds Deferred Revenue Deferred Revenue Deferred Revenue Deferred Revenue
Total Current Liabilities	

$1,356.17 10,630.59
1,465.28

$13,452.04		

$4,912.96

$4,912.96	

Liabilities and Net Assets

$4,539.09
$5,651.87
 	
$4,539.09	$5,651.87		

$0.00		

$0.00		

$0.00		

$0.00		

$1,356.17 10,630.59
1,465.28
4,912.96
4,539.09
5,651.87
$28,555.96	

Long Term Liabilities
Revenue Bonds Payable - Long-Term Total Long Term Liabilities	

$0.00		

$0.00	

$0.00		

$0.00		

$0.00		

$0.00		

$0.00		

$23,986,000.00
$23,986,000.00		

$23,986,000.00
$23,986,000.00	
Total Liabilities	$13,452.04		$4,912.96	$4,539.09		$5,651.87		$0.00		$0.00		$0.00		$23,986,000.00		$24,014,555.96	

Page 2 of 3

Blackburn Creek CDD Statement of Financial Position As of 3/31/2021

General Fund

Debt Service Fund

Debt Service Fund - 2015A1&A2

Debt Service Fund - 2018

Capital Proiects Fund
-2013A

Capital Projects Fund - 2015A

Capital Proiects Fund - 2018

Long Term	Total Debt Group

Net Assets
Net Assets, Unrestricted	($3,421.82)																($3,421.82)	
Net Assets - General Government	111,887.86																111,887.86	
Current Year Net Assets - General Government	54,965.89																54,965.89	
Net Assets, Unrestricted			$676,760.60														676,760.60	
Current Year Net Assets, Unrestricted			278,034.35														278,034.35	
Net Assets, Unrestricted					$497,109.65												497,109.65	
Current Year Net Assets, Unrestricted					183,605.50												183,605.50	
Net Assets, Unrestricted							$809,031.19										809,031.19	
Current Year Net Assets, Unrestricted							174,146.26										174,146.26	
Net Assets, Unrestricted									$439,319.50								439,319.50	
Current Year Net Assets, Unrestricted									(22,008.75)								(22,008.75)	
Net Assets, Unrestricted											$150,949.89						150,949.89	
Current Year Net Assets, Unrestricted											(10,205.70)						(10,205.70)	
Net Assets, Unrestricted													$219,429.91				219,429.91	
Current Year Net Assets, Unrestricted													5.09				5.09	
Total Net Assets	$163,431.93		$954,794.95		$680,715.15		$983,177.45		$417,310.75		$140,744.19		$219,435.00		$0.00		$3,559,609.42	
																		
Total Liabilities and Net Assets	$176,883.97		$959,707.91		$685,254.24		$988,829.32		$417,310.75		$140,744.19		$219,435.00		$23,986,000.00		$27,574,165.38	

Page 3 of 3

Blackburn Creek CDD Statement of Activities As of 3/31/2021

General Fund

Debt Service Fund

Debt Service Fund -

Debt Service Fund - 2018

Capital		Capital Proiects Fund	Projects

Capital Project	Long Term Fund - 2018	Debt Group

Total

2015A1&A2	- 2013A	Fund - 2015A

Revenues

On-Roll Assessments	$98,849.76																$98,849.76	
Off-Roll Assessments	24,371.95																24,371.95	
Other Income & Other Financing Sources	0.40																0.40	
On-Roll Assessments			$331,433.72														331,433.72	
Off-Roll Assessments			175,059.84														175,059.84	
Other Assessments			17,560.78														17,560.78	
Inter-Fund Group Transfers In			22,018.05														22,018.05	
On-Roll Assessments					$306,211.84												306,211.84	
Off-Roll Assessments					12,486.42												12,486.42	
Other Assessments					28,396.10												28,396.10	
On-Roll Assessments							$381,280.52										381,280.52	
Off-Roll Assessments							198,332.16										198,332.16	
Other Assessments							71,883.87										71,883.87	
Inter-Fund Transfers							(0.38)										(0.38)	
Inter-Fund Transfers In									($22,018.05)								(22,018.05)	
Inter-Fund Transfers													$0.38				0.38	
Total Revenues	$123,222.11		$546,072.39		$347,094.36		$651,496.17		($22,018.05)		$0.00		$0.38		$0.00		$1,645,867.36	

Expenses

Supervisor Fees	$4,800.00		$4,800.00	
Public Officials' Insurance	2,544.00		2,544.00	
Trustee Services	8,756.46		8,756.46	
Management	15,000.00		15,000.00	
Dissemination Agent	7,500.00		7,500.00	
District Counsel	2,827.50		2,827.50	
Assessment Administration	15,000.00		15,000.00	
Reamortization Schedules	500.00		500.00	
Audit	4,500.00		4,500.00	
Postage & Shipping	120.90		120.90	
Legal Advertising	1,391.25		1,391.25	
Miscellaneous	417.11		417.11	
Web Site Maintenance	1,050.00		1,050.00	
Dues, Licenses, and Fees	175.00		175.00	
General Insurance	3,674.00		3,674.00	
Principal Payment - 2013A1, 2019A1		$10,000.00	10,000.00	
Interest Payments - 2013A1, 2019A1		218,155.00	218,155.00	
Interest Payments - 2019A2		39,900.00	39,900.00	

Page 1 of 2

Blackburn Creek CDD Statement of Activities As of 3/31/2021

General Fund

Debt Service Fund

Debt Service Fund - 2015A1&A2

Debt Service Fund - 2018

Capital Proiects Fund
- 2013A

Capital Projects Fund - 2015A

Capital Project Fund - 2018

Long Term	Total Debt Group

Principal Payments - 2015A1 bond					$15,000.00												15,000.00	
Principal Payments - 2015A2 bond					25,000.00												25,000.00	
Interest Payments - 2015A1 bond					90,921.88												90,921.88	
Interest Payments - 2015A2 bond					32,578.14												32,578.14	
Principal Payment - 2018A1 Bond							$30,000.00										30,000.00	
Principal Payment - 2018A2 Bond							120,000.00										120,000.00	
Interest Payment - 2018A1 Bond							271,330.00										271,330.00	
Interest Payment - 2018A2 Bond							56,035.25										56,035.25	
Engineering											$10,208.83						10,208.83	
Total Expenses	$68,256.22		$268,055.00		$163,500.02		$477,365.25		$0.00		$10,208.83		$0.00		$0.00		$987,385.32	

Other Revenues (Expenses) & Gains (Losses)

Interest Income			$16.32														$16.32	
Dividend Income			0.64														0.64	
Interest Income					$11.16												11.16	
Interest Income							$15.34										15.34	
Interest Income									$9.27								9.27	
Dividend Income									0.03								0.03	
Interest Income											$3.13						3.13	
Interest Income													$4.71				4.71	
Total Other Revenues (Expenses) & Gains (Losses)	$0.00		$16.96		$11.16		$15.34		$9.30		$3.13		$4.71		$0.00		$60.60	

Change In Net Assets	$54,965.89		$278,034.35		$183,605.50		$174,146.26		($22,008.75)		($10,205.70)		$5.09		$0.00		$658,542.64	

Net Assets At Beginning Of Year	
$108,466.04		
$676,760.60		
$497,109.65		
$809,031.19		
$439,319.50		
$150,949.89		
$219,429.91		
$0.00		
$2,901,066.78	

Net Assets At End Of Year	

$163,431.93		

$954,794.95		

$680,715.15		

$983,177.45		

$417,310.75		

$140,744.19		

$219,435.00		

$0.00		

$3,559,609.42	

Page 2 of 2

Blackburn Creek CDD	
Budget to Actual
For the Month Ending 03/31/2021	
Year To Date	
	
Actual				
Budget			
Variance	FY 2021
Adopted Budget	

Revenues												
On-Roll Assessments	$	98,849.76	$	72,377.50		$	26,472.26	$ 144,755.00	
Off-Roll Assessments	24,371.95	-			24,371.95	-	
Other Income & Other Financing Sources	0.40	-			0.40	-	
Carryforward Cash	5,000.00	2,500.00			2,500.00	5,000.00	
Surplus of Carryforward as of YE	92,041.05	15,000.00			77,041.05	30,000.00	
Net Revenues	$	220,263.16	$	89,877.50		$	130,385.66	$ 179,755.00	
General & Administrative Expenses									
Supervisor Fees	$	4,800.00		$	6,000.00		$	(1,200.00)	$	12,000.00	
Public Officials' Insurance	2,544.00			1,300.00			1,244.00	2,600.00	
Trustee Services	8,756.46			8,000.00			756.46	16,000.00	
Management	15,000.00			15,000.00			-	30,000.00	
Engineering	-			5,000.00			(5,000.00)	10,000.00	
Dissemination Agent	7,500.00			7,500.00			-	15,000.00	
District Counsel	2,827.50			10,000.00			(7,172.50)	20,000.00	
Assessment Administration	15,000.00			7,500.00			7,500.00	15,000.00	
Reamortization Schedules	500.00			500.00			-	1,000.00	
Audit	4,500.00			2,250.00			2,250.00	4,500.00	
Arbitrage Calculation	-			500.00			(500.00)	1,000.00	
Postage & Shipping	120.90			225.00			(104.10)	450.00	
Legal Advertising	1,391.25			1,750.00			(358.75)	3,500.00	
Miscellaneous	417.11			100.00			317.11	200.00	
Web Site Maintenance	1,050.00			1,350.00			(300.00)	2,700.00	
Dues, Licenses, and Fees	175.00			87.50			87.50	175.00	
Stormwater Management	-			5,000.00			(5,000.00)	10,000.00	
70% to Stormwater	-			10,500.00			(10,500.00)	21,000.00	
General Insurance	3,674.00			1,877.50			1,796.50	3,755.00	
General Repair & Maintenance	-			937.50			(937.50)	1,875.00	
30% to Hardscape	-			4,500.00			(4,500.00)	9,000.00	
Total General & Administrative Expenses	$	68,256.22		$	89,877.50		$	(21,621.28)	$ 179,755.00	

Total Expenses	
  $		
68,256.22  		
   $		
89,877.50  		
   $		
(21,621.28)	
  $ 179,755.00  	
Income (Loss) from Operations	$	152,006.94	$	-		$	152,006.94		$	-	
Other Income (Expense)
Interest Income	

$	

-		

$	

-		

$	

-		

$	

-	
Total Other Income (Expense)	$	-		$	-		$	-		$	-	
Net Income (Loss)	$	152,006.94	$	-		$	152,006.94		$	-	

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