Keys Cove II Community Development District

Final Budget For Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021 BUDGET	
ADMINISTRATIVE ASSESSMENTS	89,778	
MAINTENANCE ASSESSMENTS	634,362	
DEBT ASSESSMENTS	377,606	
OTHER REVENUES	0	
INTEREST INCOME	840	
		
TOTAL REVENUES	$	1,102,586	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
ENGINEERING/INSPECTIONS	3,000	
LAWN & LANDSCAPE MAINTENANCE	190,000	
MULCH	28,200	
TREE SHRUBBERY MAINTENANCE/REPLACEMENT	15,000	
PEST CONTROL/FERTILIZATION	12,000	
IRRIGATION MAINTENANCE & UPKEEP	25,200	
STREET/ROADWAY MAINTENANCE & UPKEEP	18,000	
SECURITY SERVICES/ENTRANCE	138,000	
GUARD HOUSE UTILITIES & GATE MAINTENANCE	30,000	
FP&L POWER - STREET LIGHTS/IRRIGATION PUMP STATIONS	60,000	
STREET LIGHT MAINTENANCE	35,000	
PAVER RESTORATION & TREE ROOT REMOVAL	10,000	
MISCELLANEOUS MAINTENANCE	18,000	
MAINTENANCE CONTINGENCY	13,900	
TOTAL MAINTENANCE EXPENDITURES	$	596,300	
		
ADMINISTRATIVE EXPENDITURES		
MANAGEMENT	32,856	
SECRETARIAL & FIELD OPERATIONS	9,000	
LEGAL	9,500	
ASSESSMENT ROLL	10,000	
AUDIT FEES	3,400	
ARBITRAGE REBATE FEE	650	
INSURANCE	6,500	
LEGAL ADVERTISING	1,000	
MISCELLANEOUS	1,800	
POSTAGE	475	
OFFICE SUPPLIES	825	
DUES & SUBSCRIPTIONS	175	
TRUSTEE FEES	4,650	
CONTINUING DISCLOSURE FEE	500	
WEBSITE MANAGEMENT	2,000	
ADMINISTRATIVE CONTINGENCY	1,900	
		
TOTAL ADMINISTRATIVE EXPENDITURES	$	85,231	
		
TOTAL EXPENDITURES	$	681,531	
		
REVENUES LESS EXPENDITURES	$	421,055	
		
BOND PAYMENTS	(354,950)	
		
BALANCE	$	66,105	
		
COUNTY APPRAISER & TAX COLLECTOR FEE	(22,035)	
DISCOUNTS FOR EARLY PAYMENTS	(44,070)	
		
EXCESS/ (SHORTFALL)	$	-	
		
CARRYOVER FROM PRIOR YEAR	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2018/2019 ACTUAL	
FISCAL YEAR 2019/2020 BUDGET	
FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	
ADMINISTRATIVE ASSESSMENTS	89,862	89,541	89,778	Expenditures Less Interest & Carryover (35%)/.94	
MAINTENANCE ASSESSMENTS	637,238	636,489	634,362	Expenditures Less Carryover (65%)/.94	
DEBT ASSESSMENTS	389,318	376,915	377,606	Bond Payments/.94	
OTHER REVENUES	25,666	0	0		
INTEREST INCOME	1,714	780	840	Interest Projected At $70 Per Month	
					
TOTAL REVENUES	$	1,143,798	$	1,103,725	$	1,102,586		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
ENGINEERING/INSPECTIONS	2,085	3,000	3,000	No Change From 2019/2020 Budget	
LAWN & LANDSCAPE MAINTENANCE	143,123	170,100	190,000	$19,900 Increase From 2019/2020 Budget	
MULCH	18,750	28,200	28,200	No Change From 2019/2020 Budget	
TREE SHRUBBERY MAINTENANCE/REPLACEMENT	4,310	15,000	15,000	No Change From 2019/2020 Budget	
PEST CONTROL/FERTILIZATION	12,734	12,000	12,000	No Change From 2019/2020 Budget	
IRRIGATION MAINTENANCE & UPKEEP	15,306	25,200	25,200	No Change From 2019/2020 Budget	
STREET/ROADWAY MAINTENANCE & UPKEEP	5,750	18,000	18,000	No Change From 2019/2020 Budget	
SECURITY SERVICES/ENTRANCE	109,349	138,000	138,000	No Change From 2019/2020 Budget	
GUARD HOUSE UTILITIES & GATE MAINTENANCE	18,054	52,000	30,000	$22,000 Decrease From 2019/2020 Budget	
FP&L POWER - STREET LIGHTS/IRRIGATION PUMP STATIONS	51,126	66,000	60,000	$6,000 Decrease From 2019/2020 Budget	
STREET LIGHT MAINTENANCE	19,875	28,800	35,000	$6,200 Increase From 2019/2020 Budget	
PAVER RESTORATION & TREE ROOT REMOVAL	7,540	15,000	10,000	$5,000 Decrease From 2019/2020 Budget	
MISCELLANEOUS MAINTENANCE	14,113	15,000	18,000	$3,000 Increase From 2019/2020 Budget	
MAINTENANCE CONTINGENCY	475	12,000	13,900	$1,900 Increase From 2019/2020 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	422,590	$	598,300	$	596,300		
					
ADMINISTRATIVE EXPENDITURES					
MANAGEMENT	31,536	32,124	32,856	CPI Adjustment	
SECRETARIAL & FIELD OPERATIONS	8,400	9,000	9,000	No Change From 2019/2020 Budget	
LEGAL	9,461	9,500	9,500	No Change From 2019/2020 Budget	
ASSESSMENT ROLL	10,000	10,000	10,000	As Per Contract	
AUDIT FEES	3,400	3,500	3,400	Accepted Amount For 2019/2020 Audit	
ARBITRAGE REBATE FEE	650	650	650	No Change From 2019/2020 Budget	
INSURANCE	5,250	6,800	6,500	Insurance Estimate	
LEGAL ADVERTISING	484	1,000	1,000	No Change From 2019/2020 Budget	
MISCELLANEOUS	582	1,800	1,800	No Change From 2019/2020 Budget	
POSTAGE	282	500	475	$25 Decrease From 2019/2020 Budget	
OFFICE SUPPLIES	504	850	825	$25 Decrease From 2019/2020 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2019/2020 Budget	
TRUSTEE FEES	4,634	4,650	4,650	No Change From 2019/2020 Budget	
CONTINUING DISCLOSURE FEE	500	500	500	No Change From 2019/2020 Budget	
WEBSITE MANAGEMENT	1,500	2,000	2,000	No Change From 2019/2020 Budget	
ADMINISTRATIVE CONTINGENCY	0	1,900	1,900	No Change From 2019/2020 Budget	
					
TOTAL ADMINISTRATIVE EXPENDITURES	$	77,358	$	84,949	$	85,231		
					
TOTAL EXPENDITURES	$	499,948	$	683,249	$	681,531		
					
REVENUES LESS EXPENDITURES	$	643,850	$	420,476	$	421,055		
					
BOND PAYMENTS	(370,519)	(354,300)	(354,950)	2021 P & I Payments Less Earned Interest	
					
BALANCE	$	273,331	$	66,176	$	66,105		
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(10,719)	(22,059)	(22,035)	Two Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(43,639)	(44,117)	(44,070)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	218,973	$	-	$	-		
					
CARRYOVER FROM PRIOR YEAR	0	0	0	Carryover Balance From Prior Year	
	.				
NET EXCESS/ (SHORTFALL)	$	218,973	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 BUDGET	FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	

Interest Income	
2,646	
250	
250	
Projected Interest For 2020/2021	

Prepaid Bond Collection	
0	
0	
0	
Prepaid Bond Collection	

NAV Tax Collection	
370,519	
354,300	
354,950	
2021 P & I Payments Less Earned Interest	

Total Revenues	
$	373,165	
$	354,550	
$	355,200		

EXPENDITURES					

Principal Payments	
135,000	
140,000	
150,000	
Principal Payment Due In 2021	

Extraordinary Principal Payments	
65,000	
5,000	
5,000	
Extraordinary Principal Payments	

Interest Payments	
222,613	
209,550	
200,200	
Interest Payments Due In 2021	

Total Expenditures	
$	422,613	
$	354,550	
$	355,200		

Excess/ (Shortfall)	
$	(49,448)	
$	-	
$	-		

Series 2005 Bond Information

Original Par Amount =	$11,745,000	Annual Principal Payments Due =	May 1st	
Interest Rate = Issue Date = Maturity Date =	5.50%
November 2005
May 2036	Annual Interest Payments Due =	May 1st & November 1st	

Principal Balance As Of 1/1/20 =	
$3,855,000			

Keys Cove II Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
2017/2018	2018/2019	2019/2020	2020/2021
 	Assessment*	 Assessment*	 	Assessment*	 Projected Assessment* 

Administrative For Townhome Condominiums	$	52.38	$	95.61	$	96.39	$	96.64	
Maintenance For Townhome Condominiums	$	429.37	$	685.94	$	685.14	$	682.85	
Debt For Townhome Condominiums	$	825.32	$	823.97	$	797.70	$	799.17	
Total	$	1,307.07	$	1,605.52	$	1,579.23	$	1,578.66	

Administrative For Executive Townhomes	
$	52.38	
$	95.61	
$	96.39	
$	96.64	
Maintenance For Executive Townhomes	$	429.37	$	685.94	$	685.14	$	682.85	
Debt For Executive Townhomes	$	1,002.15	$	1,000.50	$	968.64	$	970.42	
Total	$	1,483.90	$	1,782.05	$	1,750.17	$	1,749.91	

* 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	

8/1/2020 2:16 PM	IV