Keys Cove II Community Development District

Proposed Budget For Fiscal Year 2023/2024
October 1, 2023 - September 30, 2024

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED FINAL PROPOSED SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	
FISCAL YEAR 2023/2024 BUDGET	
ADMINISTRATIVE ASSESSMENTS	91,792	
MAINTENANCE ASSESSMENTS	637,596	
DEBT ASSESSMENTS	314,530	
OTHER REVENUES	0	
INTEREST INCOME	840	
		
TOTAL REVENUES	$	1,044,758	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
ENGINEERING/INSPECTIONS	3,000	
ANNUAL LANDSCAPE & IRRIGATION MAINTENANCE SERVICES	210,000	
LANDSCAPING UPKEEP	55,000	
IRRIGATION MAINTENANCE & UPKEEP	25,000	
STREET/ROADWAY MAINTENANCE & UPKEEP	15,000	
SECURITY SERVICES/ENTRANCE	142,000	
PARKING ENFORCEMENT SERVICES	5,000	
GUARD HOUSE UTILITIES & GATE MAINTENANCE	20,000	
FP&L POWER - STREET LIGHTS/IRRIGATION PUMP STATIONS	30,000	
STREET LIGHT MAINTENANCE	18,000	
JANITORIAL SERVICES	45,000	
HOLIDAY LIGHTING	30,000	
PLAYGROUND MANTENANCE	5,000	
MISCELLANEOUS MAINTENANCE	35,000	
TOTAL MAINTENANCE EXPENDITURES	$	638,000	
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISOR FEES	8,000	
PAYROLL TAXES (EMPLOYER)	612	
MANAGEMENT	36,528	
SECRETARIAL & FIELD OPERATIONS	9,000	
LEGAL	9,500	
ASSESSMENT ROLL	10,000	
AUDIT FEES	3,700	
ARBITRAGE REBATE FEE	650	
INSURANCE	8,500	
LEGAL ADVERTISING	900	
MISCELLANEOUS	1,700	
POSTAGE	425	
OFFICE SUPPLIES	775	
DUES & SUBSCRIPTIONS	175	
TRUSTEE FEES	5,000	
CONTINUING DISCLOSURE FEE	500	
WEBSITE MANAGEMENT	2,000	
ADMINISTRATIVE CONTINGENCY	1,900	
		
TOTAL ADMINISTRATIVE EXPENDITURES	$	99,865	
		
TOTAL EXPENDITURES	$	737,865	
		
REVENUES LESS EXPENDITURES	$	306,893	
		
BOND PAYMENTS	(295,658)	
		
BALANCE	$	11,235	
		
COUNTY APPRAISER & TAX COLLECTOR FEE	(20,878)	
DISCOUNTS FOR EARLY PAYMENTS	(41,757)	
		
EXCESS/ (SHORTFALL)	$	(51,400)	
		
CARRYOVER FROM PRIOR YEAR	51,400	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	
FISCAL YEAR 2021/2022 ACTUAL	
FISCAL YEAR 2022/2023 BUDGET	
FISCAL YEAR 2023/2024 BUDGET	

COMMENTS	
ADMINISTRATIVE ASSESSMENTS	92,631	101,973	91,792	Expenditures Less Interest & Carryover (35%)/.94	
MAINTENANCE ASSESSMENTS	634,366	627,447	637,596	Expenditures Less Carryover (65%)/.94	
DEBT ASSESSMENTS	367,460	314,530	314,530	Bond Payments/.94	
OTHER REVENUES	0	0	0		
INTEREST INCOME	91	840	840	Interest Projected At $70 Per Month	
					
TOTAL REVENUES	$	1,094,548	$	1,044,790	$	1,044,758		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
ENGINEERING/INSPECTIONS	2,975	3,000	3,000	No Change From 2022/2023 Budget	
ANNUAL LANDSCAPE & IRRIGATION MAINTENANCE SERVICES	234,685	210,000	210,000	No Change From 2022/2023 Budget	
LANDSCAPING UPKEEP	33,766	45,000	55,000	$10,000 Increase From 2022/2023 Budget	
IRRIGATION MAINTENANCE & UPKEEP	800	28,000	25,000	$3,000 Decrease From 2022/2023 Budget	
STREET/ROADWAY MAINTENANCE & UPKEEP	15,268	18,000	15,000	$3,000 Decrease From 2022/2023 Budget	
SECURITY SERVICES/ENTRANCE	140,577	138,000	142,000	3% Increase From 2022/2023 Budget	
PARKING ENFORCEMENT SERVICES	0	5,000	5,000	No Change From 2022/2023 Budget	
GUARD HOUSE UTILITIES & GATE MAINTENANCE	39,052	30,000	20,000	$10,000 Decrease From 2022/2023 Budget	
FP&L POWER - STREET LIGHTS/IRRIGATION PUMP STATIONS	30,371	30,000	30,000	No Change From 2022/2023 Budget	
STREET LIGHT MAINTENANCE	44,716	18,000	18,000	No Change From 2022/2023 Budget	
JANITORIAL SERVICES	0	25,000	45,000	$20,000 Increase From 2022/2023 Budget	
HOLIDAY LIGHTING	0	0	30,000	Holiday Lighting	
PLAYGROUND MANTENANCE	0	0	5,000	Playground Maintenance	
MISCELLANEOUS MAINTENANCE	91,623	39,800	35,000	$4,980 Decrease From 2022/2023 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	633,833	$	589,800	$	638,000		
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISOR FEES	7,000	8,000	8,000	Supervisor Fees	
PAYROLL TAXES (EMPLOYER)	471	612	612	Supervisor Fees * 7.65%	
MANAGEMENT	33,312	34,308	36,528	CPI Adjustment	
SECRETARIAL & FIELD OPERATIONS	9,000	9,000	9,000	No Change From 2022/2023 Budget	
LEGAL	12,915	9,500	9,500	No Change From 2022/2023 Budget	
ASSESSMENT ROLL	10,000	10,000	10,000	As Per Contract	
AUDIT FEES	3,500	3,600	3,700	Accepted Amount For 2022/2023 Audit	
ARBITRAGE REBATE FEE	650	650	650	No Change From 2022/2023 Budget	
INSURANCE	7,519	8,000	8,500	FY 2022/2023 Expenditure Was $8,122	
LEGAL ADVERTISING	1,222	900	900	No Change From 2022/2023 Budget	
MISCELLANEOUS	2,292	1,700	1,700	No Change From 2022/2023 Budget	
POSTAGE	486	425	425	No Change From 2022/2023 Budget	
OFFICE SUPPLIES	575	775	775	No Change From 2022/2023 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2022/2023 Budget	
TRUSTEE FEES	4,634	4,650	5,000	$350 Increase From 2022/2023Budget	
CONTINUING DISCLOSURE FEE	500	500	500	No Change From 2022/2023 Budget	
WEBSITE MANAGEMENT	2,000	2,000	2,000	No Change From 2022/2023 Budget	
ADMINISTRATIVE CONTINGENCY	0	1,900	1,900	Administrative Contingency	
					
TOTAL ADMINISTRATIVE EXPENDITURES	$	96,251	$	96,695	$	99,865		
					
TOTAL EXPENDITURES	$	730,084	$	686,495	$	737,865		
					
REVENUES LESS EXPENDITURES	$	364,464	$	358,295	$	306,893		
					
BOND PAYMENTS	(350,275)	(295,658)	(295,658)	2024 P & I Payments Less Earned Interest	
					
BALANCE	$	14,189	$	62,637	$	11,235		
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(10,536)	(20,879)	(20,878)	Two Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(41,599)	(41,758)	(41,757)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(37,946)	$	-	$	(51,400)		
					
CARRYOVER FROM PRIOR YEAR	0	0	51,400	Carryover Balance From Prior Year	
	.				
NET EXCESS/ (SHORTFALL)	$	(37,946)	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	FISCAL YEAR 2021/2022 ACTUAL	FISCAL YEAR 2022/2023 BUDGET	FISCAL YEAR 2023/2024 BUDGET	

COMMENTS	

Interest Income	
15	
25	
25	
Projected Interest For 2023/2024	

Prepaid Bond Collection	
97,329	
0	
0	
Prepaid Bond Collection	

NAV Tax Collection	
350,275	
295,658	
295,658	
Yearly Maximum Debt Assessment	

Total Revenues	
$	447,619	
$	295,683	
$	295,683		

EXPENDITURES					

Principal Payments	
155,000	
180,000	
187,000	
Principal Payment Due In 2024	

Interest Payments	
221,361	
111,677	
105,077	
Interest Payments Due In 2024	

Bond Redemption	
25,000	
4,006	
3,606	
Estimated Excess Debt Collections	

Total Expenditures	
$	401,361	
$	295,683	
$	295,683		

Excess/ (Shortfall)	
$	46,258	
$	-	
$	-		

Series 2022 Bond Refunding Information
Original Par Amount =	$3,264,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	3.63%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	May 2022			
Maturity Date =

Principal Balance As Of 1/1/23 =	May 2036

$3,169,000			

Keys Cove II Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
2020/2021	2021/2022	2022/2023	2023/2024
	Assessment*	  Assessment*	 	Assessment*	  Projected Assessment* 

Administrative For Townhome Condominiums	$	96.64	$	98.57	$	110.13	$	99.13	
Maintenance For Townhome Condominiums	$	682.85	$	685.06	$	677.59	$	688.56	
Debt For Townhome Condominiums	$	799.17	$	782.66	$	690.52	$	690.52	
Total	$	1,578.66	$	1,566.29	$	1,478.24	$	1,478.21	

Administrative For Executive Townhomes	
$	96.64	
$	98.57	
$	110.13	
$	99.13	
Maintenance For Executive Townhomes	$	682.85	$	685.06	$	677.59	$	688.56	
Debt For Executive Townhomes	$	970.42	$	950.38	$	838.49	$	838.49	
Total	$	1,749.91	$	1,734.01	$	1,626.21	$	1,626.18	

* 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	328	
Billed For Debt	192	

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