Keys Cove II Community Development District

Proposed Budget For Fiscal Year 2021/2022
October 1, 2021 - September 30, 2022

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2021/2022 BUDGET	
ADMINISTRATIVE ASSESSMENTS	91,273	
MAINTENANCE ASSESSMENTS	634,362	
DEBT ASSESSMENTS	367,461	
OTHER REVENUES	0	
INTEREST INCOME	840	
		
TOTAL REVENUES	$	1,093,936	
		
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	33,312	
SECRETARIAL & FIELD OPERATIONS	9,000	
LEGAL	9,500	
ASSESSMENT ROLL	10,000	
AUDIT FEES	3,500	
ARBITRAGE REBATE FEE	650	
INSURANCE	7,500	
LEGAL ADVERTISING	1,000	
MISCELLANEOUS	1,700	
POSTAGE	450	
OFFICE SUPPLIES	800	
DUES & SUBSCRIPTIONS	175	
TRUSTEE FEES	4,650	
CONTINUING DISCLOSURE FEE	500	
WEBSITE MANAGEMENT	2,000	
ADMINISTRATIVE CONTINGENCY	1,900	
		
TOTAL ADMINISTRATIVE EXPENDITURES	$	86,637	
		
TOTAL EXPENDITURES	$	682,937	
		
REVENUES LESS EXPENDITURES	$	410,999	
		
BOND PAYMENTS	(345,413)	
		
BALANCE	$	65,586	
		
COUNTY APPRAISER & TAX COLLECTOR FEE	(21,862)	
DISCOUNTS FOR EARLY PAYMENTS	(43,724)	
		
EXCESS/ (SHORTFALL)	$	-	
		
CARRYOVER FROM PRIOR YEAR	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2019/2020 ACTUAL	
FISCAL YEAR 2020/2021 BUDGET	
FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	
ADMINISTRATIVE ASSESSMENTS	90,840	89,778	91,273	Expenditures Less Interest & Carryover (35%)/.94	
MAINTENANCE ASSESSMENTS	636,519	634,362	634,362	Expenditures Less Carryover (65%)/.94	
DEBT ASSESSMENTS	376,954	377,606	367,461	Bond Payments/.94	
OTHER REVENUES	7,730	0	0		
INTEREST INCOME	2,096	840	840	Interest Projected At $70 Per Month	
					
TOTAL REVENUES	$	1,114,139	$	1,102,586	$	1,093,936		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
ENGINEERING/INSPECTIONS	3,155	3,000	3,000	No Change From 2020/2021 Budget	
LAWN & LANDSCAPE MAINTENANCE	180,324	190,000	190,000	No Change From 2020/2021 Budget	
MULCH	0	28,200	28,200	No Change From 2020/2021 Budget	
TREE SHRUBBERY MAINTENANCE/REPLACEMENT	40,170	15,000	15,000	No Change From 2020/2021 Budget	
PEST CONTROL/FERTILIZATION	5,385	12,000	12,000	No Change From 2020/2021 Budget	
IRRIGATION MAINTENANCE & UPKEEP	22,342	25,200	25,200	No Change From 2020/2021 Budget	
STREET/ROADWAY MAINTENANCE & UPKEEP	255	18,000	18,000	No Change From 2020/2021 Budget	
SECURITY SERVICES/ENTRANCE	121,036	138,000	138,000	No Change From 2020/2021 Budget	
GUARD HOUSE UTILITIES & GATE MAINTENANCE	37,565	30,000	30,000	No Change From 2020/2021 Budget	
FP&L POWER - STREET LIGHTS/IRRIGATION PUMP STATIONS	44,313	60,000	60,000	No Change From 2020/2021 Budget	
STREET LIGHT MAINTENANCE	71,759	35,000	35,000	No Change From 2020/2021 Budget	
PAVER RESTORATION & TREE ROOT REMOVAL	13,900	10,000	10,000	No Change From 2020/2021 Budget	
MISCELLANEOUS MAINTENANCE	29,025	18,000	18,000	No Change From 2020/2021 Budget	
MAINTENANCE CONTINGENCY	11,968	13,900	13,900	No Change From 2020/2021 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	581,197	$	596,300	$	596,300		
					
ADMINISTRATIVE EXPENDITURES					
MANAGEMENT	32,124	32,856	33,312	CPI Adjustment	
SECRETARIAL & FIELD OPERATIONS	9,000	9,000	9,000	No Change From 2020/2021 Budget	
LEGAL	10,923	9,500	9,500	No Change From 2020/2021 Budget	
ASSESSMENT ROLL	10,000	10,000	10,000	As Per Contract	
AUDIT FEES	3,300	3,400	3,500	Accepted Amount For 2020/2021 Audit	
ARBITRAGE REBATE FEE	650	650	650	No Change From 2020/2021 Budget	
INSURANCE	5,513	6,500	7,500	FY 2020/2021 Expenditure Was $7,265	
LEGAL ADVERTISING	804	1,000	1,000	No Change From 2020/2021 Budget	
MISCELLANEOUS	1,084	1,800	1,700	$100 Decrease From 2020/2021 Budget	
POSTAGE	218	475	450	$25 Decrease From 2020/2021 Budget	
OFFICE SUPPLIES	246	825	800	$25 Decrease From 2020/2021 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2020/2021 Budget	
TRUSTEE FEES	4,634	4,650	4,650	No Change From 2020/2021 Budget	
CONTINUING DISCLOSURE FEE	500	500	500	No Change From 2020/2021 Budget	
WEBSITE MANAGEMENT	2,000	2,000	2,000	No Change From 2020/2021 Budget	
ADMINISTRATIVE CONTINGENCY	0	1,900	1,900	Administrative Contingency	
					
TOTAL ADMINISTRATIVE EXPENDITURES	$	81,171	$	85,231	$	86,637		
					
TOTAL EXPENDITURES	$	662,368	$	681,531	$	682,937		
					
REVENUES LESS EXPENDITURES	$	451,771	$	421,055	$	410,999		
					
BOND PAYMENTS	(359,180)	(354,950)	(345,413)	2022 P & I Payments Less Earned Interest	
					
BALANCE	$	92,591	$	66,105	$	65,586		
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(10,614)	(22,035)	(21,862)	Two Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(42,345)	(44,070)	(43,724)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	39,632	$	-	$	-		
					
CARRYOVER FROM PRIOR YEAR	0	0	0	Carryover Balance From Prior Year	
	.				
NET EXCESS/ (SHORTFALL)	$	39,632	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	FISCAL YEAR 2019/2020 ACTUAL	FISCAL YEAR 2020/2021 BUDGET	FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	

Interest Income	
2,614	
250	
25	
Projected Interest For 2021/2022	

Prepaid Bond Collection	
0	
0	
0	
Prepaid Bond Collection	

NAV Tax Collection	
359,180	
354,950	
345,413	
2022 P & I Payments Less Earned Interest	

Total Revenues	
$	361,794	
$	355,200	
$	345,438		

EXPENDITURES					

Principal Payments	
140,000	
150,000	
155,000	
Principal Payment Due In 2022	

Extraordinary Principal Payments	
25,000	
5,000	
0	
Extraordinary Principal Payments	

Interest Payments	
212,713	
200,200	
190,438	
Interest Payments Due In 2022	

Total Expenditures	
$	377,713	
$	355,200	
$	345,438		

Excess/ (Shortfall)	
$	(15,919)	
$	-	
$	-		

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 1/1/21 =	
$3,690,000			

Keys Cove II Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
2018/2019	2019/2020	2020/2021	2021/2022
 	Assessment*	Assessment*	     	Assessment*	Projected Assessment* 

Administrative For Townhome Condominiums	$	95.61	$	96.39	$	96.64	$	98.57	
Maintenance For Townhome Condominiums	$	685.94	$	685.14	$	682.85	$	685.06	
Debt For Townhome Condominiums	$	823.97	$	797.70	$	799.17	$	782.66	
Total	$	1,605.52	$	1,579.23	$	1,578.66	$	1,566.29	

Administrative For Executive Townhomes	
$	95.61	
$	96.39	
$	96.64	
$	98.57	
Maintenance For Executive Townhomes	$	685.94	$	685.14	$	682.85	$	685.06	
Debt For Executive Townhomes	$	1,000.50	$	968.64	$	970.42	$	950.38	
Total	$	1,782.05	$	1,750.17	$	1,749.91	$	1,734.01	

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

Community Information:	

Townhome Condominiums	520	
Executive Townhomes	406	
Total Units	926	

Townhome Condominiums Information	

Total Units	520	
Prepayments	314	
Billed For Debt	206	

Executive Townhomes Information		
Total Units	406	
Prepayments	189	
Billed For Debt	217