Title: KC Final Budget 2022-2023.xlsx
Author: JWalker

Keys Cove Community Development District

Final Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES | FISCAL YEAR 2022/2023 BUDGET
ADMINISTRATIVE ASSESSMENTS | 83,535
MAINTENANCE ASSESSMENTS | 530,549
DEBT ASSESSMENTS | 613,370
OTHER REVENUES | 0
INTEREST INCOME | 360
TOTAL REVENUES | $	1,227,814
EXPENDITURES |
MAINTENANCE EXPENDITURES |
MAINTENANCE CONTINGENCY | 28,830
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 | 7,500
SOUTH LAKE EROSION PROJECT | 368,651
TOTAL MAINTENANCE EXPENDITURES | $	498,716
ADMINISTRATIVE EXPENDITURES |
SUPERVISOR FEES | 5,000
EMPLOYER TAXES | 400
MANAGEMENT | 33,048
REIMBURSABLES (POSTAGE/OFFICE SUPPLIES) | 1,050
LEGAL | 10,500
ASSESSMENT ROLL | 7,500
AUDIT FEES | 3,700
ARBITRAGE REBATE FEE | 650
INSURANCE | 8,310
LEGAL ADVERTISING | 750
MISCELLANEOUS | 950
DUES & SUBSCRIPTIONS | 175
TRUSTEE FEES | 4,500
WEBSITE MANAGEMENT | 2,000
CONTINUING DISCLOSURE FEE | 350
TOTAL ADMINISTRATIVE EXPENDITURES | $	78,883
TOTAL EXPENDITURES | $	577,599
REVENUES LESS EXPENDITURES | $	650,215
BOND PAYMENTS | (576,568)
BALANCE | $	73,647
COUNTY APPRAISER & TAX COLLECTOR FEE | (24,549)
DISCOUNTS FOR EARLY PAYMENTS | (49,098)
EXCESS/ (SHORTFALL) | $	-
CARRYOVER FROM PRIOR YEAR | 0
NET EXCESS/ (SHORTFALL) | $	-

DETAILED FINAL BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES

FISCAL YEAR 2020/2021
ACTUAL

FISCAL YEAR 2021/2022
BUDGET

FISCAL YEAR 2022/2023
BUDGET

COMMENTS

ADMINISTRATIVE ASSESSMENTS | 83,309 | 81,471 | 83,535 | Expenditures Less Interest & Carryover (25%)/.94
MAINTENANCE ASSESSMENTS | 228,919 | 532,634 | 530,549 | Expenditures Less Carryover (75%)/.94
DEBT ASSESSMENTS | 613,376 | 613,370 | 613,370 | Bond Payments/.94
OTHER REVENUES | 0 | 0 | 0 |
INTEREST INCOME | 983 | 540 | 360 | Interest Projected At $30 Per Month
TOTAL REVENUES | $	926,587 | $	1,228,015 | $	1,227,814 |
EXPENDITURES | | | |
MAINTENANCE EXPENDITURES | | | |
MAINTENANCE CONTINGENCY | 10,550 | 33,290 | 28,830 | $4,460 Decrease From 2021/2022 Budget
STORM DRAINAGE MAINTENANCE | 2,950 | 20,520 | 20,520 | For Storm Drainage Maintenance Reserve
ROADWAY RESURFACING PROJECT | 0 | 35,715 | 35,715 | Fourteen Year Project (Fifth Year)
MAINTENANCE RESERVE | 0 | 25,000 | 25,000 | No Change From 2021/2022 Budget
FOUNTAIN MAINTENANCE | 700 | 10,000 | 10,000 | No Change From 2021/2022 Budget
HOLIDAY LIGHTING CONTRIBUTION | 0 | 2,500 | 2,500 | No Change From 2021/2022 Budget
ENGINEERING/INSPECTIONS | 11,598 | 5,000 | 7,500 | $2,500 Increase From 2021/2022 Budget
SOUTH LAKE EROSION PROJECT | 0 | 368,651 | 368,651 | South Lake Erosion Project
TOTAL MAINTENANCE EXPENDITURES | $	25,798 | $	500,676 | $	498,716 |
ADMINISTRATIVE EXPENDITURES | | | |
SUPERVISOR FEES | 2,200 | 5,000 | 5,000 | No Change From 2021/2022 Budget
EMPLOYER TAXES | 168 | 400 | 400 | Projected At 8% Of Supervisor Fees
MANAGEMENT | 31,776 | 32,088 | 33,048 | CPI Adjustment (Capped At 3%)
REIMBURSABLES (POSTAGE/OFFICE SUPPLIES) | 1,024 | 1,050 | 1,050 | No Change From 2021/2022 Budget
LEGAL | 9,225 | 10,500 | 10,500 | No Change From 2021/2022 Budget
ASSESSMENT ROLL | 7,500 | 7,500 | 7,500 | No Change From 2021/2022 Budget
AUDIT FEES | 3,500 | 3,600 | 3,700 | Accepted Amount For 2021/2022 Audit
ARBITRAGE REBATE FEE | 650 | 650 | 650 | No Change From 2021/2022 Budget
INSURANCE | 6,691 | 7,360 | 8,310 | Insurance Estimate
LEGAL ADVERTISING | 420 | 750 | 750 | No Change From 2021/2022 Budget
MISCELLANEOUS | 605 | 950 | 950 | No Change From 2021/2022 Budget
DUES & SUBSCRIPTIONS | 175 | 175 | 175 | No Change From 2021/2022 Budget
TRUSTEE FEES | 4,032 | 4,750 | 4,500 | $250 Decrease From 2021/2022 Budget
WEBSITE MANAGEMENT | 2,000 | 2,000 | 2,000 | No Change From 2021/2022 Budget
CONTINUING DISCLOSURE FEE | 350 | 350 | 350 | No Change From 2021/2022 Budget
TOTAL ADMINISTRATIVE EXPENDITURES | $	70,316 | $	77,123 | $	78,883 |
TOTAL EXPENDITURES | $	96,114 | $	577,799 | $	577,599 |
REVENUES LESS EXPENDITURES | $	830,473 | $	650,216 | $	650,215 |
BOND PAYMENTS | (587,606) | (576,568) | (576,568) | 2023 P & I Payments Less Earned Interest
BALANCE | $	242,867 | $	73,648 | $	73,647 |
COUNTY APPRAISER & TAX COLLECTOR FEE | (8,957) | (24,549) | (24,549) | Two Percent Of Total Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS | (29,847) | (49,099) | (49,098) | Four Percent Of Total Assessment Roll
EXCESS/ (SHORTFALL) | $	204,063 | $	- | $	- |
CARRYOVER FROM PRIOR YEAR | 0 | 0 | 0 | Carryover Balance From Prior Year
NET EXCESS/ (SHORTFALL) | $	204,063 | $	- | $	- |

DETAILED FINAL DEBT SERVICE FUND BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES | FISCAL YEAR 2020/2021 ACTUAL | FISCAL YEAR 2021/2022 BUDGET | FISCAL YEAR 2022/2023 BUDGET | COMMENTS
Interest Income | 25 | 50 | 25 | Projected Interest For 2022/2023
NAV Tax Collection | 587,606 | 576,568 | 576,568 | Yearly Maximum Debt Assessment
Total Revenues | $	587,631 | $	576,618 | $	576,593 |
EXPENDITURES | | | |
Principal Payments | 400,000 | 399,000 | 411,000 | Principal Payment Due In 2023
Interest Payments | 179,530 | 163,943 | 153,413 | Interest Payments Due In 2023
Bond Redemption | 0 | 13,675 | 12,180 | Estimated Excess Debt Collections
Total Expenditures | $	579,530 | $	576,618 | $	576,593 |
Excess/Shortfall | $	8,101 | $	- | $	- |

Series 2019 Bond Refunding	Information
Original Par Amount = | $7,322,000 | Annual Principal Payments Due: | May 1st
Interest Rate= | 2.60% | Annual Interest Payments Due : | May 1st & November 1st

Issue Date: Maturity Date:

December 2019
May 2035

Par Amount As Of 1/1/2022 = | $6,505,000 | |

Keys Cove Community Development District Assessment Comparison

Original | Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year
Projected | 2019/2020 | 2020/2021 | 2021/2022 | 2022/2023
Assessment* | Assessment* | Assessment* | Assessment* | Projected Assessment*

Administrative | $	100.00 | $	73.55 | $	82.86 | $	83.65 | $ | 85.77
Maintenance | $	12.50 | $	117.14 | $	235.03 | $	546.86 | $ | 544.72
Debt | $	837.82 | $	757.49 | $	629.75 | $	629.75 | $	629.75
Total | $	950.32 | $	948.18 | $	947.64 | $	1,260.26 | $	1,260.24

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

Community Information:
Total Units	974

6/19/2022 1:17 PM	^IV

6/19/2022 1:17 PM