Keys Cove II Community Development District

Proposed Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

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 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023 BUDGET	
ADMINISTRATIVE ASSESSMENTS	101,973	
MAINTENANCE ASSESSMENTS	627,447	
DEBT ASSESSMENTS	365,519	
OTHER REVENUES	0	
INTEREST INCOME	840	
		
TOTAL REVENUES	$	1,095,779	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
ENGINEERING/INSPECTIONS	3,000	
ANNUAL LANDSCAPE & IRRIGATION MAINTENANCE SERVICES	210,000	
LANDSCAPING UPKEEP	45,000	
IRRIGATION MAINTENANCE & UPKEEP	28,000	
STREET/ROADWAY MAINTENANCE & UPKEEP	18,000	
SECURITY SERVICES/ENTRANCE	138,000	
PARKING ENFORCEMENT SERVICES	5,000	
GUARD HOUSE UTILITIES & GATE MAINTENANCE	30,000	
FP&L POWER - STREET LIGHTS/IRRIGATION PUMP STATIONS	30,000	
STREET LIGHT MAINTENANCE	18,000	
PAVER RESTORATION & TREE ROOT REMOVAL	0	
JANITORIAL SERVICES	25,000	
MISCELLANEOUS MAINTENANCE	39,800	
MAINTENANCE CONTINGENCY	0	
TOTAL MAINTENANCE EXPENDITURES	$	589,800	
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISOR FEES	8,000	
PAYROLL TAXES (EMPLOYER)	612	
MANAGEMENT	34,308	
SECRETARIAL & FIELD OPERATIONS	9,000	
LEGAL	9,500	
ASSESSMENT ROLL	10,000	
AUDIT FEES	3,600	
ARBITRAGE REBATE FEE	650	
INSURANCE	8,000	
LEGAL ADVERTISING	900	
MISCELLANEOUS	1,700	
POSTAGE	425	
OFFICE SUPPLIES	775	
DUES & SUBSCRIPTIONS	175	
TRUSTEE FEES	4,650	
CONTINUING DISCLOSURE FEE	500	
WEBSITE MANAGEMENT	2,000	
ADMINISTRATIVE CONTINGENCY	1,900	
		
TOTAL ADMINISTRATIVE EXPENDITURES	$	96,695	
		
TOTAL EXPENDITURES	$	686,495	
		
REVENUES LESS EXPENDITURES	$	409,284	
		
BOND PAYMENTS	(343,588)	
		
BALANCE	$	65,696	
		
COUNTY APPRAISER & TAX COLLECTOR FEE	(21,898)	
DISCOUNTS FOR EARLY PAYMENTS	(43,798)	
		
EXCESS/ (SHORTFALL)	$	-	
		
CARRYOVER FROM PRIOR YEAR	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2020/2021 ACTUAL	
FISCAL YEAR 2021/2022 BUDGET	
FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	
ADMINISTRATIVE ASSESSMENTS	90,309	91,273	101,973	Expenditures Less Interest & Carryover (35%)/.94	
MAINTENANCE ASSESSMENTS	634,368	634,362	627,447	Expenditures Less Carryover (65%)/.94	
DEBT ASSESSMENTS	377,608	367,461	365,519	Bond Payments/.94	
OTHER REVENUES	0	0	0		
INTEREST INCOME	1,608	840	840	Interest Projected At $70 Per Month	
					
TOTAL REVENUES	$	1,103,893	$	1,093,936	$	1,095,779		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
ENGINEERING/INSPECTIONS	1,625	3,000	3,000	No Change From 2021/2022 Budget	
ANNUAL LANDSCAPE & IRRIGATION MAINTENANCE SERVICES	241,971	190,000	210,000	$20,000 Increase From 2021/2022 Budget	
LANDSCAPING UPKEEP	18,855	55,200	45,000	Landscaping Upkeep	
IRRIGATION MAINTENANCE & UPKEEP	14,785	25,200	28,000	$2,800 Increase From 2021/2022 Budget	
STREET/ROADWAY MAINTENANCE & UPKEEP	16,133	18,000	18,000	No Change From 2021/2022 Budget	
SECURITY SERVICES/ENTRANCE	128,475	138,000	138,000	No Change From 2021/2022 Budget	
PARKING ENFORCEMENT SERVICES	0	0	5,000	Parking Enforcement Services	
GUARD HOUSE UTILITIES & GATE MAINTENANCE	31,448	30,000	30,000	No Change From 2021/2022 Budget	
FP&L POWER - STREET LIGHTS/IRRIGATION PUMP STATIONS	22,282	60,000	30,000	$30,000 Decrease From 2021/2022 Budget	
STREET LIGHT MAINTENANCE	13,833	35,000	18,000	$17,000 Decrease From 2021/2022 Budget	
PAVER RESTORATION & TREE ROOT REMOVAL	1,500	10,000	0	Line Item Eliminated	
JANITORIAL SERVICES	0	0	25,000	Janitorial Services	
MISCELLANEOUS MAINTENANCE	12,073	18,000	39,800	Miscellaneous Maintenance	
MAINTENANCE CONTINGENCY	3,310	13,900	0	Line Item Eliminated	
TOTAL MAINTENANCE EXPENDITURES	$	506,290	$	596,300	$	589,800		
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISOR FEES	1,600	0	8,000	Supervisor Fees	
PAYROLL TAXES (EMPLOYER)	53	0	612	Supervisor Fees * 7.65%	
MANAGEMENT	32,856	33,312	34,308	CPI Adjustment (Capped At 3%)	
SECRETARIAL & FIELD OPERATIONS	9,000	9,000	9,000	No Change From 2021/2022 Budget	
LEGAL	7,865	9,500	9,500	No Change From 2021/2022 Budget	
ASSESSMENT ROLL	10,000	10,000	10,000	As Per Contract	
AUDIT FEES	3,400	3,500	3,600	Accepted Amount For 2020/2021 Audit	
ARBITRAGE REBATE FEE	650	650	650	No Change From 2021/2022 Budget	
INSURANCE	7,265	7,500	8,000	FY 2021/2022 Expenditure Was $7,519	
LEGAL ADVERTISING	288	1,000	900	$100 Decrease From 2021/2022 Budget	
MISCELLANEOUS	1,291	1,700	1,700	No Change From 2021/2022 Budget	
POSTAGE	125	450	425	$25 Decrease From 2021/2022 Budget	
OFFICE SUPPLIES	206	800	775	$25 Decrease From 2021/2022 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2021/2022 Budget	
TRUSTEE FEES	4,634	4,650	4,650	No Change From 2021/2022 Budget	
CONTINUING DISCLOSURE FEE	500	500	500	No Change From 2021/2022 Budget	
WEBSITE MANAGEMENT	2,000	2,000	2,000	No Change From 2021/2022 Budget	
ADMINISTRATIVE CONTINGENCY	0	1,900	1,900	Administrative Contingency	
					
TOTAL ADMINISTRATIVE EXPENDITURES	$	81,908	$	86,637	$	96,695		
					
TOTAL EXPENDITURES	$	588,198	$	682,937	$	686,495		
					
REVENUES LESS EXPENDITURES	$	515,695	$	410,999	$	409,284		
					
BOND PAYMENTS	(359,753)	(345,413)	(343,588)	2023 P & I Payments Less Earned Interest	
					
BALANCE	$	155,942	$	65,586	$	65,696		
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(10,598)	(21,862)	(21,898)	Two Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(42,440)	(43,724)	(43,798)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	102,904	$	-	$	-		
					
CARRYOVER FROM PRIOR YEAR	0	0	0	Carryover Balance From Prior Year	
	.				
NET EXCESS/ (SHORTFALL)	$	102,904	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR 2020/2021 ACTUAL	FISCAL YEAR 2021/2022 BUDGET	FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	

Interest Income	
21	
25	
25	
Projected Interest For 2022/2023	

Prepaid Bond Collection	
22,635	
0	
0	
Prepaid Bond Collection	

NAV Tax Collection	
359,753	
345,413	
343,588	
2023 P & I Payments Less Earned Interest	

Total Revenues	
$	382,409	
$	345,438	
$	343,613		

EXPENDITURES					

Principal Payments	
150,000	
155,000	
165,000	
Principal Payment Due In 2023	

Extraordinary Principal Payments	
55,000	
0	
0	
Extraordinary Principal Payments	

Interest Payments	
203,638	
190,438	
178,613	
Interest Payments Due In 2023	

Total Expenditures	
$	408,638	
$	345,438	
$	343,613		

Excess/ (Shortfall)	
$	(26,229)	
$	-	
$	-		

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 1/1/22 =	
$3,485,000			

Keys Cove II Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
2019/2020	2020/2021	2021/2022	2022/2023
 	Assessment*	Assessment*	     	Assessment*	Projected Assessment* 

Administrative For Townhome Condominiums	$	96.39	$	96.64	$	98.57	$	110.13	
Maintenance For Townhome Condominiums	$	685.14	$	682.85	$	685.06	$	677.59	
Debt For Townhome Condominiums	$	797.70	$	799.17	$	782.66	$	778.53	
Total	$	1,579.23	$	1,578.66	$	1,566.29	$	1,566.25	

Administrative For Executive Townhomes	
$	96.39	
$	96.64	
$	98.57	
$	110.13	
Maintenance For Executive Townhomes	$	685.14	$	682.85	$	685.06	$	677.59	
Debt For Executive Townhomes	$	968.64	$	970.42	$	950.38	$	945.36	
Total	$	1,750.17	$	1,749.91	$	1,734.01	$	1,733.08	

* 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