Keys Cove II Community Development District

Final Budget For Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019 BUDGET	
ADMINISTRATIVE ASSESSMENTS	88,820	
MAINTENANCE ASSESSMENTS	637,234	
DEBT ASSESSMENTS	389,318	
OTHER REVENUES	0	
INTEREST INCOME	720	
		
TOTAL REVENUES	$	1,116,092	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
ENGINEERING/INSPECTIONS	3,000	
LAWN & LANDSCAPE MAINTENANCE	168,000	
MULCH	25,000	
TREE SHRUBBERY MAINTENANCE/REPLACEMENT	20,000	
PEST CONTROL/FERTILIZATION	12,000	
IRRIGATION MAINTENANCE & UPKEEP	30,000	
STREET/ROADWAY MAINTENANCE & UPKEEP	18,000	
SECURITY SERVICES/ENTRANCE	135,000	
GUARD HOUSE UTILITIES & GATE MAINTENANCE	55,000	
FP&L POWER - STREET LIGHTS/IRRIGATION PUMP STATIONS	66,000	
STREET LIGHT MAINTENANCE	30,000	
PAVER RESTORATION & TREE ROOT REMOVAL	15,000	
STORM CLEANUP - IRMA	0	
CAPITAL OUTLAY	0	
MISCELLANEOUS MAINTENANCE	12,000	
MAINTENANCE CONTINGENCY	10,000	
TOTAL MAINTENANCE EXPENDITURES	$	599,000	
		
ADMINISTRATIVE EXPENDITURES		
MANAGEMENT	31,536	
SECRETARIAL & FIELD OPERATIONS	8,400	
LEGAL	9,000	
ASSESSMENT ROLL	10,000	
AUDIT FEES	3,400	
ARBITRAGE REBATE FEE	650	
INSURANCE	7,200	
LEGAL ADVERTISING	1,000	
MISCELLANEOUS	1,800	
POSTAGE	500	
OFFICE SUPPLIES	900	
DUES & SUBSCRIPTIONS	175	
TRUSTEE FEES	4,650	
CONTINUING DISCLOSURE FEE	500	
WEBSITE MANAGEMENT	1,500	
ADMINISTRATIVE CONTINGENCY	3,000	
		
TOTAL ADMINISTRATIVE EXPENDITURES	$	84,211	
		
TOTAL EXPENDITURES	$	683,211	
		
REVENUES LESS EXPENDITURES	$	432,881	
		
BOND PAYMENTS	(365,959)	
		
BALANCE	$	66,922	
		
COUNTY APPRAISER & TAX COLLECTOR FEE	(22,307)	
DISCOUNTS FOR EARLY PAYMENTS	(44,615)	
		
EXCESS/ (SHORTFALL)	$	-	
		
CARRYOVER FROM PRIOR YEAR	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

7/12/2018 9:41 AM	I

DETAILED FINAL BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2016/2017 ACTUAL	
FISCAL YEAR 2017/2018 BUDGET	
FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	
ADMINISTRATIVE ASSESSMENTS	54,475	48,657	88,820	Expenditures Less Interest & Carryover (35%)/.94	
MAINTENANCE ASSESSMENTS	398,302	398,888	637,234	Expenditures Less Carryover (65%)/.94	
DEBT ASSESSMENTS	467,988	470,014	389,318	Bond Payments/.94	
OTHER REVENUES	0	0	0		
INTEREST INCOME	1,589	720	720	Interest Projected At $60 Per Month	
					
TOTAL REVENUES	$	922,354	$	918,279	$	1,116,092		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
ENGINEERING/INSPECTIONS	850	2,400	3,000	$600 Increase From 2017/2018 Budget	
LAWN & LANDSCAPE MAINTENANCE	132,934	144,000	168,000	$24,000 Increase From 2017/2018 Budget	
MULCH	0	14,000	25,000	$11,000 Increase From 2017/2018 Budget	
TREE SHRUBBERY MAINTENANCE/REPLACEMENT	53,928	20,000	20,000	No Change From 2017/2018 Budget	
PEST CONTROL/FERTILIZATION	11,739	12,000	12,000	No Change From 2017/2018 Budget	
IRRIGATION MAINTENANCE & UPKEEP	12,310	12,000	30,000	$18,000 Increase From 2017/2018 Budget	
STREET/ROADWAY MAINTENANCE & UPKEEP	22,440	9,000	18,000	$9,000 Increase From 2017/2018 Budget	
SECURITY SERVICES/ENTRANCE	108,000	132,000	135,000	$3,000 Increase From 2017/2018 Budget	
GUARD HOUSE UTILITIES & GATE MAINTENANCE	10,464	5,200	55,000	$49,800 Increase From 2017/2018 Budget	
FP&L POWER - STREET LIGHTS/IRRIGATION PUMP STATIONS	45,791	57,000	66,000	$9,000 Increase From 2017/2018 Budget	
STREET LIGHT MAINTENANCE	32,270	17,500	30,000	$12,500 Increase From 2017/2018 Budget	
PAVER RESTORATION & TREE ROOT REMOVAL	0	15,000	15,000	No Change From 2017/2018 Budget	
STORM CLEANUP - IRMA	20,148	0	0	Fiscal Year 2016/2017 Expenditure	
CAPITAL OUTLAY	26,755	0	0	Fiscal Year 2016/2017 Expenditure	
MISCELLANEOUS MAINTENANCE	11,269	6,600	12,000	$5,400 Increase From 2017/2018 Budget	
MAINTENANCE CONTINGENCY	0	0	10,000	Maintenance Contingency	
TOTAL MAINTENANCE EXPENDITURES	$	488,898	$	446,700	$	599,000		
					
ADMINISTRATIVE EXPENDITURES					
MANAGEMENT	30,264	30,888	31,536	CPI Adjustment	
SECRETARIAL & FIELD OPERATIONS	7,200	7,500	8,400	$900 Increase From 2017/2018 Budget	
LEGAL	8,198	8,000	9,000	$1,000 Increase From 2017/2018 Budget	
ASSESSMENT ROLL	10,000	10,000	10,000	As Per Contract	
AUDIT FEES	3,400	3,400	3,400	Accepted Amount For 2017/2018 Audit	
ARBITRAGE REBATE FEE	650	650	650	No Change From 2017/2018 Budget	
INSURANCE	6,042	6,800	7,200	Insurance Estimate	
LEGAL ADVERTISING	284	900	1,000	$100 Increase From 2017/2018 Budget	
MISCELLANEOUS	872	1,200	1,800	$600 Increase From 2017/2018 Budget	
POSTAGE	179	450	500	$50 Increase From 2017/2018 Budget	
OFFICE SUPPLIES	488	700	900	$200 Increase From 2017/2018 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2017/2018 Budget	
TRUSTEE FEES	4,213	4,350	4,650	Trustee (US Bank) Increasing Fees In 2018/2019	
CONTINUING DISCLOSURE FEE	500	500	500	No Change From 2017/2018 Budget	
WEBSITE MANAGEMENT	1,500	1,500	1,500	No Change From 2017/2018 Budget	
ADMINISTRATIVE CONTINGENCY	0	0	3,000	Administrative Contingency	
					
TOTAL ADMINISTRATIVE EXPENDITURES	$	73,965	$	77,013	$	84,211		
					
TOTAL EXPENDITURES	$	562,863	$	523,713	$	683,211		
					
REVENUES LESS EXPENDITURES	$	359,491	$	394,566	$	432,881		
					
BOND PAYMENTS	(452,471)	(441,813)	(365,959)	2019 P & I Payments Less Earned Interest	
					
BALANCE	$	(92,980)	$	(47,247)	$	66,922		
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(8,954)	(18,351)	(22,307)	Two Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(25,149)	(36,702)	(44,615)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(127,083)	$	(102,300)	$	-		
					
CARRYOVER FROM PRIOR YEAR	0	102,300	0	Carryover Balance From Prior Year	
	.				
NET EXCESS/ (SHORTFALL)	$	(127,083)	$	-	$	-		

7/12/2018 9:41 AM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 BUDGET	FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	

Interest Income	
755	
250	
250	
Projected Interest For 2018/2019	

Prepaid Bond Collection	
0	
0	
0	
Prepaid Bond Collection	

NAV Tax Collection	
452,471	
441,813	
365,959	
2019 P & I Payments Less Earned Interest	

Total Revenues	
$	453,226	
$	442,063	
$	366,209		

EXPENDITURES					

Principal Payments	
155,000	
165,000	
135,000	
Principal Payment Due In 2019	

Extraordinary Principal Payments	
30,000	
0	
6,809	
Extraordinary Principal Payments	

Interest Payments	
290,950	
277,063	
224,400	
Interest Payments Due In 2019	

Total Expenditures	
$	475,950	
$	442,063	
$	366,209		

Excess/ (Shortfall)	
$	(22,724)	
$	-	
$	-		

Note: FY 2018/2019 Budget Will Be Lower Due To Prepayments

Series 2005 Bond Information

Original Par Amount =	$11,745,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	5.50%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	November 2005			
Maturity Date =

Principal Balance As Of 1/1/18 =	May 2036

$5,095,000			

7/12/2018 9:41 AM	III

Keys Cove II Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
Projected	2015/2016	2016/2017	2017/2018	2018/2019	
     Assessment*	 Assessment*             Assessment*	Assessment*	 Projected Assessment* 

Administrative For Townhome Condominiums	$	85.89	$	50.53	$	57.64	$	52.38	$	95.61	
Maintenance For Townhome Condominiums	$	-	$	442.25	$	428.74	$	429.37	$	685.94	
Debt For Townhome Condominiums	$	840.00	$	816.48	$	821.92	$	825.32	$	823.97	
Total	$	925.89	$	1,309.26	$	1,308.30	$	1,307.07	$	1,605.52	

Administrative For Executive Townhomes	
$	85.89	
$	50.53	
$	57.64	
$	52.38	
$	95.61	
Maintenance For Executive Townhomes	$	-	$	442.25	$	428.74	$	429.37	$	685.94	
Debt For Executive Townhomes	$	1,020.00	$	991.44	$	997.79	$	1,002.15	$	1,000.50	
Total	$	1,105.89	$	1,484.22	$	1,484.17	$	1,483.90	$	1,782.05	

* Assessments Include the Following :	                                                         4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee

Community Information:	

Townhome Condominiums	523	
Executive Townhomes	406	
Total Units	929	

Townhome Condominiums Information	

Total Units	523	
Prepayments	314	
Billed For Debt	209	

Executive Townhomes Information	

Total Units	406	
Prepayments	189	
Billed For Debt	217	

7/12/2018 9:41 AM	IV