Title: KCII Proposed Budget 2024-2025.xlsx
Author: JWalker

Keys Cove II Community Development District

Proposed Budget For Fiscal Year 2024/2025
October 1, 2024 - September 30, 2025

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES | FISCAL YEAR 2024/2025 BUDGET
ADMINISTRATIVE ASSESSMENTS | 110,087
MAINTENANCE ASSESSMENTS | 817,021
DEBT ASSESSMENTS | 314,530
OTHER REVENUES | 0
INTEREST INCOME | 1,200
TOTAL REVENUES | $	1,242,838
EXPENDITURES |
MAINTENANCE EXPENDITURES |
ENGINEERING/INSPECTIONS | 3,000
ANNUAL LANDSCAPE & IRRIGATION MAINTENANCE SERVICES | 280,000
LANDSCAPING UPKEEP | 35,000
IRRIGATION MAINTENANCE & UPKEEP | 25,000
STREET/ROADWAY MAINTENANCE & UPKEEP | 15,000
SECURITY SERVICES/ENTRANCE & PARKING ENFORCEMENT | 142,000
OFF DUTY POLICE OFFICERS | 25,000
GUARD HOUSE UTILITIES & GATE MAINTENANCE | 20,000
FP&L POWER - STREET LIGHTS/IRRIGATION PUMP STATIONS | 40,000
STREET LIGHT MAINTENANCE | 18,000
LAKE FOUNTAIN INSTALLATION/MAINTENANCE | 50,000
JANITORIAL SERVICES | 45,000
HOLIDAY LIGHTING | 30,000
PLAYGROUND MANTENANCE | 5,000
MISCELLANEOUS MAINTENANCE | 35,000
TOTAL MAINTENANCE EXPENDITURES | $	768,000
ADMINISTRATIVE EXPENDITURES |
SUPERVISOR FEES | 8,000
PAYROLL TAXES (EMPLOYER) | 612
MANAGEMENT | 37,620
SECRETARIAL & FIELD OPERATIONS | 9,000
LEGAL | 12,000
ASSESSMENT ROLL | 10,000
AUDIT FEES | 3,800
ARBITRAGE REBATE FEE | 650
INSURANCE | 8,500
LEGAL ADVERTISING | 2,000
MISCELLANEOUS | 1,700
POSTAGE | 825
OFFICE SUPPLIES | 700
DUES & SUBSCRIPTIONS | 175
TRUSTEE FEES | 4,700
CONTINUING DISCLOSURE FEE | 500
WEBSITE MANAGEMENT | 2,000
ADMINISTRATIVE CONTINGENCY | 1,900
TOTAL ADMINISTRATIVE EXPENDITURES | $	104,682
TOTAL EXPENDITURES | $	872,682
REVENUES LESS EXPENDITURES | $	370,156
BOND PAYMENTS | (295,658)
BALANCE | $	74,498
COUNTY APPRAISER & TAX COLLECTOR FEE | (24,832)
DISCOUNTS FOR EARLY PAYMENTS | (49,666)
EXCESS/ (SHORTFALL) | $	-
CARRYOVER FROM PRIOR YEAR | 0
NET EXCESS/ (SHORTFALL) | $	-

DETAILED PROPOSED BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES | FISCAL YEAR 2022/2023 ACTUAL | FISCAL YEAR 2023/2024 BUDGET | FISCAL YEAR 2024/2025 BUDGET | COMMENTS
ADMINISTRATIVE ASSESSMENTS | 103,432 | 91,792 | 110,087 | Expenditures Less Interest & Carryover (35%)/.94
MAINTENANCE ASSESSMENTS | 626,872 | 637,596 | 817,021 | Expenditures Less Carryover (65%)/.94
DEBT ASSESSMENTS | 314,271 | 314,530 | 314,530 | Bond Payments/.94
OTHER REVENUES | 0 | 0 | 0 |
INTEREST INCOME | 27,735 | 840 | 1,200 | Interest Projected At $100 Per Month
TOTAL REVENUES | $	1,072,310 | $	1,044,758 | $	1,242,838 |
EXPENDITURES | | | |
MAINTENANCE EXPENDITURES | | | |
ENGINEERING/INSPECTIONS | 4,133 | 3,000 | 3,000 | No Change From 2023/2024 Budget
ANNUAL LANDSCAPE & IRRIGATION MAINTENANCE SERVICES | 370,964 | 210,000 | 280,000 | $70,000 Increase From 2023/2024 Budget
LANDSCAPING UPKEEP | 0 | 55,000 | 35,000 | $20,000 Decrease From 2023/2024 Budget
IRRIGATION MAINTENANCE & UPKEEP | 37,153 | 25,000 | 25,000 | No Change From 2023/2024 Budget
STREET/ROADWAY MAINTENANCE & UPKEEP | 19,815 | 15,000 | 15,000 | No Change From 2023/2024 Budget
SECURITY SERVICES/ENTRANCE & PARKING ENFORCEMENT | 159,712 | 147,000 | 142,000 | Security & Parking Merged Into One Line Item
OFF DUTY POLICE SERVICES | 0 | 0 | 25,000 | Off Duty Police Services
GUARD HOUSE UTILITIES & GATE MAINTENANCE | 25,030 | 20,000 | 20,000 | No Change From 2023/2024 Budget
FP&L POWER - STREET LIGHTS/IRRIGATION PUMP STATIONS | 36,787 | 30,000 | 40,000 | $10,000 Increase From 2023/2024 Budget
STREET LIGHT MAINTENANCE | 0 | 18,000 | 18,000 | No Change From 2023/2024 Budget
LAKE FOUNTAIN INSTALLATION/MAINTENANCE | 0 | 0 | 50,000 | Lake Fountain Installation Maintenance
JANITORIAL SERVICES | 39,516 | 45,000 | 45,000 | No Change From 2023/2024 Budget
HOLIDAY LIGHTING | 20,340 | 30,000 | 30,000 | No Change From 2023/2024 Budget
PLAYGROUND MANTENANCE | 0 | 5,000 | 5,000 | No Change From 2023/2024 Budget
MISCELLANEOUS MAINTENANCE | 112,659 | 35,000 | 35,000 | No Change From 2023/2024 Budget
TOTAL MAINTENANCE EXPENDITURES | $	826,109 | $	638,000 | $	768,000 |
ADMINISTRATIVE EXPENDITURES | | | |
SUPERVISOR FEES | 4,600 | 8,000 | 8,000 | Supervisor Fees
PAYROLL TAXES (EMPLOYER) | 314 | 612 | 612 | Supervisor Fees * 7.65%
MANAGEMENT | 34,308 | 36,528 | 37,620 | CPI Adjustment
SECRETARIAL & FIELD OPERATIONS | 9,000 | 9,000 | 9,000 | No Change From 2023/2024 Budget
LEGAL | 12,115 | 9,500 | 12,000 | FY 2023/2024 Expenditure Through Jan 24 Was $4,463
ASSESSMENT ROLL | 10,000 | 10,000 | 10,000 | As Per Contract
AUDIT FEES | 3,600 | 3,700 | 3,800 | $100 Increase From 2023/2024 Budget
ARBITRAGE REBATE FEE | 650 | 650 | 650 | No Change From 2023/2024 Budget
INSURANCE | 8,122 | 8,500 | 8,500 | FY 2023/2024 Expenditure Was $8,122
LEGAL ADVERTISING | 794 | 900 | 2,000 | Costs Will Increase Due To Closing Of The Miami Business Review
MISCELLANEOUS | 1,909 | 1,700 | 1,700 | No Change From 2023/2024 Budget
POSTAGE | 317 | 425 | 825 | $400 Increase From 2023/2024 Budget
OFFICE SUPPLIES | 349 | 775 | 700 | $75 Decrease From 2023/2024 Budget
DUES & SUBSCRIPTIONS | 175 | 175 | 175 | No Change From 2023/2024 Budget
TRUSTEE FEES | 4,246 | 5,000 | 4,700 | $300 Decrease From 2023/2024 Budget
CONTINUING DISCLOSURE FEE | 500 | 500 | 500 | No Change From 2023/2024 Budget
WEBSITE MANAGEMENT | 2,000 | 2,000 | 2,000 | No Change From 2023/2024 Budget
ADMINISTRATIVE CONTINGENCY | 0 | 1,900 | 1,900 | Administrative Contingency
TOTAL ADMINISTRATIVE EXPENDITURES | $	92,999 | $	99,865 | $	104,682 |
TOTAL EXPENDITURES | $	919,108 | $	737,865 | $	872,682 |
REVENUES LESS EXPENDITURES | $	153,202 | $	306,893 | $	370,156 |
BOND PAYMENTS | (299,163) | (295,658) | (295,658) | 2025 Principal & Interest Payments
BALANCE | $	(145,961) | $	11,235 | $	74,498 |
COUNTY APPRAISER & TAX COLLECTOR FEE | (10,166) | (20,878) | (24,832) | Two Percent Of Total Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS | (39,986) | (41,757) | (49,666) | Four Percent Of Total Assessment Roll
EXCESS/ (SHORTFALL) | $	(196,113) | $	(51,400) | $	- |
CARRYOVER FROM PRIOR YEAR | 0 | 51,400 | 0 | Carryover Balance From Prior Year
| . | | |
NET EXCESS/ (SHORTFALL) | $	(196,113) | $	- | $	- |

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
KEYS COVE II COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES | FISCAL YEAR 2022/2023 ACTUAL | FISCAL YEAR 2023/2024 BUDGET | FISCAL YEAR 2024/2025 BUDGET | COMMENTS
Interest Income | 4,040 | 25 | 400 | Projected Interest For 2024/2025
Prepaid Bond Collection | 0 | 0 | 0 | Prepaid Bond Collection
NAV Tax Collection | 299,163 | 295,658 | 295,658 | Yearly Maximum Debt Assessment
Total Revenues | $	303,203 | $	295,683 | $	296,058 |
EXPENDITURES | | | |
Principal Payments | 180,000 | 187,000 | 194,000 | Principal Payment Due In 2024
Interest Payments | 108,531 | 105,077 | 98,192 | Interest Payments Due In 2024
Bond Redemption | 95,000 | 3,606 | 3,866 | Estimated Excess Debt Collections
Total Expenditures | $	383,531 | $	295,683 | $	296,058 |
Excess/ (Shortfall) | $	(80,328) | $	- | $	- |

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 1/1/24 =

May 2036

$2,989,000

Keys Cove II Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
2021/2022	2022/2023	2023/2024	2024/2025
	Assessment*	  Assessment*	 	Assessment*	  Projected Assessment* 

Administrative For Townhome Condominiums | $	98.57 | $	110.13 | $	110.13 | $ | 118.89
Maintenance For Townhome Condominiums | $	685.06 | $	677.59 | $	677.59 | $ | 882.32
Debt For Townhome Condominiums | $	782.66 | $	690.52 | $	690.52 | $	690.52
Total | $	1,566.29 | $	1,478.24 | $	1,478.24 | $	1,691.73
Administrative For Executive Townhomes | $	98.57 | $	110.13 | $	110.13 | $	118.89
Maintenance For Executive Townhomes | $	685.06 | $	677.59 | $	677.59 | $	882.32
Debt For Executive Townhomes | $	950.38 | $	838.49 | $	838.49 | $	838.49
Total | $	1,734.01 | $	1,626.21 | $	1,626.21 | $	1,839.70

* 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

3/19/2024 9:36 AM

IV

3/19/2024 9:36 AM