Keys Cove Community Development District

Final Budget For Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020 BUDGET	
ADMINISTRATIVE ASSESSMENTS	71,635	
MAINTENANCE  ASSESSMENTS	114,087	
DEBT  ASSESSMENTS	737,791	
OTHER REVENUES	0	
INTEREST INCOME	540	
		
TOTAL REVENUES	$		924,053	
		
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	31,464	
REIMBURSABLES (POSTAGE/OFFICE SUPPLIES)	1,150	
LEGAL	10,500	
ASSESSMENT ROLL	7,500	
AUDIT FEES	4,000	
ARBITRAGE REBATE FEE	650	
INSURANCE	6,750	
LEGAL ADVERTISING	750	
MISCELLANEOUS	950	
DUES & SUBSCRIPTIONS	175	
TRUSTEE FEES	4,750	
WEBSITE  MANAGEMENT	2,000	
CONTINUING DISCLOSURE FEE	350	
		
TOTAL  ADMINISTRATIVE  EXPENDITURES	$		76,389	
		
TOTAL EXPENDITURES	$		209,164	
		
REVENUES LESS EXPENDITURES	$		714,889	
		
BOND PAYMENTS	(693,524)	
		
BALANCE	$		21,365	
		
COUNTY APPRAISER & TAX COLLECTOR FEE	(18,470)	
DISCOUNTS FOR EARLY PAYMENTS	(36,940)	
		
EXCESS/ (SHORTFALL)	$		(34,045)	
		
CARRYOVER FROM PRIOR YEAR	34,045	
		
NET EXCESS/ (SHORTFALL)	$		-	

DETAILED FINAL BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	

FISCAL YEAR 2017/2018
ACTUAL	

FISCAL YEAR 2018/2019
BUDGET	

FISCAL YEAR 2019/2020
BUDGET	

COMMENTS	
ADMINISTRATIVE  ASSESSMENTS	84,362	70,695	71,635	Expenditures Less Interest & Carryover (25%)/.94	
MAINTENANCE  ASSESSMENTS	106,025	115,039	114,087	Expenditures Less Carryover (75%)/.94	
DEBT ASSESSMENTS	738,558	737,791	737,791	Bond Payments/.94	
OTHER REVENUES	0	0	0		
INTEREST INCOME	864	480	540	Interest Projected At $45 Per Month	
					
TOTAL REVENUES	$	929,809	$	924,005	$	924,053		
					
EXPENDITURES					
MAINTENANCE  EXPENDITURES					
MAINTENANCE  CONTINGENCY	16,694	36,540	36,540	No Change From 2018/2019 Budget	
STORM DRAINAGE MAINTENANCE	0	20,520	20,520	Four Year Project (Third Year)	
ROADWAY RESURFACING PROJECT	0	35,715	35,715	Fourteen Year Project (Second Year)	
MAINTENANCE RESERVE	0	25,000	25,000	No Change From 2018/2019 Budget	
FOUNTAIN MAINTENANCE	1,750	10,000	10,000	No Change From 2018/2019 Budget	
HOLIDAY LIGHTING CONTRIBUTION	4,228	2,500	2,500	No Change From 2018/2019 Budget	
ENGINEERING/INSPECTIONS	1,233	2,500	2,500	No Change From 2018/2019 Budget	
					
TOTAL MAINTENANCE EXPENDITURES	$	23,905	$	132,775	$	132,775		
					
ADMINISTRATIVE  EXPENDITURES					
SUPERVISOR FEES	3,400	5,000	5,000	No Change From 2018/2019 Budget	
EMPLOYER TAXES	260	400	400	Projected At 8% Of Supervisor Fees	
MANAGEMENT	30,864	31,164	31,464	1% Inflation Adjustment - Lower Than 1.9% Consumer Price Index	
REIMBURSABLES (POSTAGE/OFFICE SUPPLIES)	752	1,200	1,150	$50 Decrease From 2018/2019 Budget	
LEGAL	9,540	10,500	10,500	No Change From 2018/2019 Budget	
ASSESSMENT ROLL	7,500	7,500	7,500	No Change From 2018/2019 Budget	
AUDIT FEES	3,800	3,900	4,000	$100 Increase From 2018/2019 Budget	
ARBITRAGE REBATE FEE	650	650	650	No Change From 2018/2019 Budget	
INSURANCE	6,261	6,356	6,750	Insurance Estimate	
LEGAL ADVERTISING	347	750	750	No Change From 2018/2019 Budget	
MISCELLANEOUS	667	950	950	No Change From 2018/2019 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2018/2019 Budget	
TRUSTEE FEES	4,300	4,750	4,750	Trustee (US Bank) Increased Fees In 2018/2019	
WEBSITE MANAGEMENT	1,500	1,500	2,000	$500 Increase From 2018/2019 Budget	
CONTINUING DISCLOSURE FEE	350	350	350	No Change From 2018/2019 Budget	
					
TOTAL ADMINISTRATIVE EXPENDITURES	$	70,366	$	75,145	$	76,389		
					
TOTAL EXPENDITURES	$	94,271	$	207,920	$	209,164		
					
REVENUES LESS EXPENDITURES	$	835,538	$	716,085	$	714,889		
					
BOND PAYMENTS	(709,470)	(693,524)	(693,524)	2020 P & I Payments Less Earned Interest	
					
BALANCE	$	126,068	$	22,561	$	21,365		
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(9,009)	(18,470)	(18,470)	Two Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(27,432)	(36,941)	(36,940)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	89,627	$	(32,850)	$	(34,045)		
					
CARRYOVER FROM PRIOR YEAR	0	32,850	34,045	Carryover Balance From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	89,627	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
5,581	
0	
50	
Projected Interest For 2019/2020	

NAV Tax Collection	
709,470	
693,524	
693,524	
Yearly Maximum Debt Assessment	

Total Revenues	
$	715,051	
$	693,524	
$	693,574		

EXPENDITURES					

Principal Payments	
340,000	
355,000	
365,000	
Principal Payment Due In 2020	

Interest Payments	
279,310	
260,525	
245,905	
Interest Payments Due In 2020	

Additional Principal Payments	
70,000	
77,999	
82,669	
Additional Principal Payments	

Total Expenditures	
$	689,310	
$	693,524	
$	693,574		

Excess/Shortfall	
$	25,741	
$	-	
$	-		

Series 2015 Bond Refunding  Information

Original Par Amount =	$8,965,000	Annual Principal Payments Due:	May 1st	
Interest Rate=	3.40%*	Annual Interest Payments Due :	May 1st & November 1st	
Issue Date: Maturity Date:	March 2015
May 2035			
Par Amount As Of 1/1/2019 =	$7,770,000			
* Rate Is adjustable After Ten Years				

Keys Cove Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year		Fiscal Year	
Projected	2016/2017	2017/2018	2018/2019		2019/2020	
 	Assessment* 	    Assessment* 	    Assessment* 	    Assessment* 	 	Projected Assessment* 	

Administrative	$	100.00	$	80.95	$	81.97	$	72.58	$	73.55	
Maintenance	$	12.50	$	109.77	$	108.74	$	118.12	$	117.14	
Debt	$ 	837.82	$ 	757.49	$ 	757.49	$ 	757.49	$ 	757.49	
Total	$	950.32	$	948.21	$	948.20	$	948.19	$	948.18	

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

Community Information:
Total Units	974

6/18/2019 2:40 PM	IV