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4.5. District Reserve Fund Balance <br />A District Reserve Fund has been established, and was accumulated through a component of <br />the annual assessments through fiscal year 2000/01. The estimated District Reserve Fund <br />Balance as of June 30, 2003 is $300,000. The District Reserve Fund has met its $300,000 <br />goal. <br />DESCRIPTION AMOUNT <br />Estimated Fund Balance as of June 30, 2003 $300,000.00 <br />Contribution from available District funds 0.00 <br />ESTIMATED FUND BALANCE JUNE 30, 2004 $300,000.00 <br />The District Reserve may be used to fund capital improvements. <br />The budgeted annual maintenance costs for the North, Bunker, and East Marshes was <br />$42,000. The City has planned two capital improvement projects. The first project is Heron <br />Bay Trail slurry seal, which is estimated to cost $35,000. The 2na project is renovation of <br />landscape in Buffer Zone areas between the trail and houses, which is estimated to cost <br />$120,000. Both projects are funded from the carry over funds from the assessments collected <br />in the preceding years. Property owners will not be assessed at the maximum allowable rate <br />in fiscal year 2003/04 because of the Reserve Fund has been fully funded and assessments <br />previously collected will pay the costs of the project. <br />4-4 <br />