Keys Cove II Community Development District

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

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL 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 FINAL 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 FINAL 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	

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