Keys Cove Community Development District

Final Budget For Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019 BUDGET	
ADMINISTRATIVE ASSESSMENTS	70,695	
MAINTENANCE ASSESSMENTS	115,039	
DEBT ASSESSMENTS	737,791	
OTHER REVENUES	0	
INTEREST INCOME	480	
		
TOTAL REVENUES	$	924,005	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
MAINTENANCE CONTINGENCY	36,540	
STORM DRAINAGE MAINTENANCE	20,520	
ROADWAY RESURFACING PROJECT	35,715	
MAINTENANCE RESERVE	25,000	
FOUNTAIN MAINTENANCE	10,000	
HOLIDAY LIGHTING CONTRIBUTION	2,500	
ENGINEERING/INSPECTIONS	2,500	
		
TOTAL MAINTENANCE EXPENDITURES	$	132,775	
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISOR FEES	5,000	
EMPLOYER TAXES	400	
MANAGEMENT	31,164	
REIMBURSABLES (POSTAGE/OFFICE SUPPLIES)	1,200	
LEGAL	10,500	
ASSESSMENT ROLL	7,500	
AUDIT FEES	3,900	
ARBITRAGE REBATE FEE	650	
INSURANCE	6,356	
LEGAL ADVERTISING	750	
MISCELLANEOUS	950	
DUES & SUBSCRIPTIONS	175	
TRUSTEE FEES	4,750	
WEBSITE MANAGEMENT	1,500	
CONTINUING DISCLOSURE FEE	350	
		
TOTAL ADMINISTRATIVE EXPENDITURES	$	75,145	
		
TOTAL EXPENDITURES	$	207,920	
		
REVENUES LESS EXPENDITURES	$	716,085	
		
BOND PAYMENTS	(693,524)	
		
BALANCE	$	22,561	
		
COUNTY APPRAISER & TAX COLLECTOR FEE	(18,470)	
DISCOUNTS FOR EARLY PAYMENTS	(36,941)	
		
EXCESS/ (SHORTFALL)	$	(32,850)	
		
CARRYOVER FROM PRIOR YEAR	32,850	
		
NET EXCESS/ (SHORTFALL)	$	-	

6/13/2018  10:25 AM	I

DETAILED FINAL BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2016/2017
ACTUAL	
FISCAL YEAR 2017/2018
BUDGET	
FISCAL YEAR 2018/2019
BUDGET	

COMMENTS	
ADMINISTRATIVE ASSESSMENTS	81,894	79,835	70,695	Expenditures Less Interest & Carryover (25%)/.94	
MAINTENANCE ASSESSMENTS	106,596	105,915	115,039	Expenditures Less Carryover (75%)/.94	
DEBT ASSESSMENTS	735,532	737,791	737,791	Bond Payments/.94	
OTHER REVENUES	0	0	0		
INTEREST INCOME	831	480	480	Interest Projected At $40 Per Month	
					
TOTAL REVENUES	$	924,853	$	924,021	$	924,005		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
MAINTENANCE CONTINGENCY	112,835	36,540	36,540	No Change From 2017/2018 Budget	
STORM DRAINAGE MAINTENANCE	0	20,520	20,520	Four Year Project (Second Year)	
ROADWAY RESURFACING PROJECT	0	0	35,715	Fourteen Year Project (First Year)	
MAINTENANCE RESERVE	0	25,000	25,000	No Change From 2017/2018 Budget	
FOUNTAIN MAINTENANCE	1,400	10,000	10,000	No Change From 2017/2018 Budget	
HOLIDAY LIGHTING CONTRIBUTION	5,000	5,000	2,500	$2,500 Decrease From 2017/2018 Budget	
ENGINEERING/INSPECTIONS	3,277	2,500	2,500	No Change From 2017/2018 Budget	
					
TOTAL MAINTENANCE EXPENDITURES	$	122,512	$	99,560	$	132,775		
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISOR FEES	2,000	6,000	5,000	$1,000 Decrease From 2017/2018 Budget	
EMPLOYER TAXES	153	480	400	Projected At 8% Of Supervisor Fees	
MANAGEMENT	30,564	30,864	31,164	1% Inflation Adjustment - Lower Than 2.1% Consumer Price Index	
REIMBURSABLES (POSTAGE/OFFICE SUPPLIES)	1,205	1,200	1,200	No Change From 2017/2018 Budget	
LEGAL	9,733	10,500	10,500	No Change From 2017/2018 Budget	
ASSESSMENT ROLL	7,500	7,500	7,500	No Change From 2017/2018 Budget	
AUDIT FEES	3,700	3,800	3,900	$100 Increase From 2017/2018 Budget	
ARBITRAGE REBATE FEE	650	650	650	No Change From 2017/2018 Budget	
INSURANCE	5,778	6,356	6,356	Insurance Company Estimate	
LEGAL ADVERTISING	330	750	750	No Change From 2017/2018 Budget	
MISCELLANEOUS	305	950	950	No Change From 2017/2018 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2017/2018 Budget	
TRUSTEE FEES	4,300	4,300	4,750	Trustee (US Bank) Increasing Fees In 2018/2019	
WEBSITE MANAGEMENT	1,500	1,500	1,500	No Change From 2017/2018 Budget	
CONTINUING DISCLOSURE FEE	350	500	350	$150 Decrease From 2017/2018 Budget	
					
TOTAL ADMINISTRATIVE EXPENDITURES	$	68,243	$	75,525	$	75,145		
					
TOTAL EXPENDITURES	$	190,755	$	175,085	$	207,920		
					
REVENUES LESS EXPENDITURES	$	734,098	$	748,936	$	716,085		
					
BOND PAYMENTS	(703,524)	(693,524)	(693,524)	2019 P & I Payments Less Earned Interest	
					
BALANCE	$	30,574	$	55,412	$	22,561		
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(8,970)	(18,471)	(18,470)	Two Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(26,813)	(36,941)	(36,941)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(5,209)	$	-	$	(32,850)		
					
CARRYOVER FROM PRIOR YEAR	0	0	32,850	Carryover Balance From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(5,209)	$	-	$	-		

6/13/2018 10:25 AM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 BUDGET	FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	

Interest Income	
1,397	
50	
0	
Projected Interest For 2018/2019	

NAV Tax Collection	
703,524	
693,524	
693,524	
Yearly Maximum Debt Assessment	

Total Revenues	
$	704,921	
$	693,574	
$	693,524		

EXPENDITURES					

Principal Payments	
325,000	
340,000	
355,000	
Principal Payment Due In 2019	

Interest Payments	
292,740	
274,720	
260,525	
Interest Payments Due In 2019	

Additional Principal Payments	
70,000	
78,854	
77,999	
Additional Principal Payments	

Total Expenditures	
$	687,740	
$	693,574	
$	693,524		

Excess/Shortfall	
$	17,181	
$	-	
$	-		

Series 2015 Bond Refunding Information
Original Par Amount = Interest Rate=	$8,965,000 3.40%*	Annual Principal Payments Due: Annual Interest Payments Due :	May 1st
May 1st & November 1st	
Issue Date: Maturity Date:	March 2015
May 2035			
Par Amount As Of 1/1/2018 =	$8,180,000			
* Rate Is adjustable After Ten Years				

6/13/2018 10:25 AM	III

Keys Cove Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
Projected	2015/2016	2016/2017	2017/2018	2018/2019	
 	Assessment*		    Assessment*		    Assessment*		    Assessment*		     Projected  Assessment*		

Administrative	
$	100.00	
$	71.23	
$	80.95	
$	81.97	
$	72.58	
Maintenance	$	12.50	$	86.56	$	109.77	$	108.74	$	118.12	
Debt	$	837.82	$	757.49	$	757.49	$	757.49	$	757.49	
Total	$	950.32	$	915.28	$	948.21	$	948.20	$	948.19	

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

Community Information:
Total Units	974

6/13/2018 10:25 AM	IV