Title: KC Proposed Budget 2023-2024.xlsx
Author: JWalker

Keys Cove Community Development District

Proposed Budget For Fiscal Year 2023/2024
October 1, 2023 - September 30, 2024

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES | FISCAL YEAR 2023/2024 BUDGET
ADMINISTRATIVE ASSESSMENTS | 88,422
MAINTENANCE ASSESSMENTS | 375,000
DEBT ASSESSMENTS | 613,370
OTHER REVENUES | 0
INTEREST INCOME | 480
TOTAL REVENUES | $	1,077,272
EXPENDITURES |
MAINTENANCE EXPENDITURES |
MAINTENANCE CONTINGENCY | 55,000
STORM DRAINAGE MAINTENANCE | 30,000
ROADWAY RESURFACING PROJECT | 60,000
MAINTENANCE RESERVE | 25,000
FOUNTAIN MAINTENANCE/RESERVE | 18,000
HOLIDAY LIGHTING CONTRIBUTION | 2,500
ENGINEERING/INSPECTIONS | 12,000
LAKE BANK EROSION PROJECT | 150,000
TOTAL MAINTENANCE EXPENDITURES | $	352,500
ADMINISTRATIVE EXPENDITURES |
SUPERVISOR FEES | 6,000
EMPLOYER TAXES | 480
MANAGEMENT | 34,032
REIMBURSABLES (POSTAGE/OFFICE SUPPLIES) | 1,050
LEGAL | 12,000
ASSESSMENT ROLL | 7,500
AUDIT FEES | 3,800
ARBITRAGE REBATE FEE | 650
INSURANCE | 8,310
LEGAL ADVERTISING | 750
MISCELLANEOUS | 2,000
DUES & SUBSCRIPTIONS | 175
TRUSTEE FEES | 4,500
WEBSITE MANAGEMENT | 2,000
CONTINUING DISCLOSURE FEE | 350
TOTAL ADMINISTRATIVE EXPENDITURES | $	83,597
TOTAL EXPENDITURES | $	436,097
REVENUES LESS EXPENDITURES | $	641,175
BOND PAYMENTS | (576,568)
BALANCE | $	64,607
COUNTY APPRAISER & TAX COLLECTOR FEE | (21,535)
DISCOUNTS FOR EARLY PAYMENTS | (43,072)
EXCESS/ (SHORTFALL) | $	-
CARRYOVER FROM PRIOR YEAR | 0
NET EXCESS/ (SHORTFALL) | $	-

DETAILED PROPOSED BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES

FISCAL YEAR 2021/2022
ACTUAL

FISCAL YEAR 2022/2023
BUDGET

FISCAL YEAR 2023/2024
BUDGET

COMMENTS

ADMINISTRATIVE ASSESSMENTS | 84,431 | 83,535 | 88,422 | Expenditures Less Interest & Carryover (25%)/.94
MAINTENANCE ASSESSMENTS | 532,637 | 530,549 | 375,000 | Expenditures Less Carryover (75%)/.94
DEBT ASSESSMENTS | 613,377 | 613,370 | 613,370 | Bond Payments/.94
OTHER REVENUES | 0 | 0 | 0 |
INTEREST INCOME | 2,436 | 360 | 480 | Interest Projected At $40 Per Month
TOTAL REVENUES | $	1,232,881 | $	1,227,814 | $	1,077,272 |
EXPENDITURES | | | |
MAINTENANCE EXPENDITURES | | | |
MAINTENANCE CONTINGENCY | 0 | 28,830 | 55,000 | Maintenance Contingency
STORM DRAINAGE MAINTENANCE | 5,540 | 20,520 | 30,000 | For Storm Drainage Maintenance Reserve
ROADWAY RESURFACING PROJECT | 0 | 35,715 | 60,000 | Fourteen Year Project (Sixth Year)
MAINTENANCE RESERVE | 0 | 25,000 | 25,000 | No Change From 2022/2023 Budget
FOUNTAIN MAINTENANCE/RESERVE | 1,585 | 10,000 | 18,000 | No Change From 2022/2023 Budget
HOLIDAY LIGHTING CONTRIBUTION | 0 | 2,500 | 2,500 | No Change From 2022/2023 Budget
ENGINEERING/INSPECTIONS | 7,166 | 7,500 | 12,000 | $4,500 Increase From 2022/2023 Budget
LAKE BANK EROSION PROJECT | 24,543 | 368,651 | 150,000 | As Of 3/1/23 - Erosion Reserve Balance Is $425,900
TOTAL MAINTENANCE EXPENDITURES | $	38,834 | $	498,716 | $	352,500 |
ADMINISTRATIVE EXPENDITURES | | | |
SUPERVISOR FEES | 3,400 | 5,000 | 6,000 | $1,000 Increase From 2022/2023 Budget
EMPLOYER TAXES | 260 | 400 | 480 | Projected At 8% Of Supervisor Fees
MANAGEMENT | 32,088 | 33,048 | 34,032 | CPI Adjustment (Capped At 3%)
REIMBURSABLES (POSTAGE/OFFICE SUPPLIES) | 869 | 1,050 | 1,050 | No Change From 2022/2023 Budget
LEGAL | 10,760 | 10,500 | 12,000 | $1,500 Increase From 2022/2023 Budget
ASSESSMENT ROLL | 7,500 | 7,500 | 7,500 | No Change From 2022/2023 Budget
AUDIT FEES | 3,600 | 3,700 | 3,800 | Accepted Amount For 2022/2023 Audit
ARBITRAGE REBATE FEE | 650 | 650 | 650 | No Change From 2022/2023 Budget
INSURANCE | 6,925 | 8,310 | 8,310 | Fiscal Year 2022/2023 Expenditure Was $7,475
LEGAL ADVERTISING | 433 | 750 | 750 | No Change From 2022/2023 Budget
MISCELLANEOUS | 1,732 | 950 | 2,000 | $1,050 Increase From 2022/2023 Budget
DUES & SUBSCRIPTIONS | 175 | 175 | 175 | No Change From 2022/2023 Budget
TRUSTEE FEES | 4,031 | 4,500 | 4,500 | No Change From 2022/2023 Budget
WEBSITE MANAGEMENT | 2,000 | 2,000 | 2,000 | No Change From 2022/2023 Budget
CONTINUING DISCLOSURE FEE | 350 | 350 | 350 | No Change From 2022/2023 Budget
TOTAL ADMINISTRATIVE EXPENDITURES | $	74,773 | $	78,883 | $	83,597 |
TOTAL EXPENDITURES | $	113,607 | $	577,599 | $	436,097 |
REVENUES LESS EXPENDITURES | $	1,119,274 | $	650,215 | $	641,175 |
BOND PAYMENTS | (586,954) | (576,568) | (576,568) | 2024 Principal & Interest Payments
BALANCE | $	532,320 | $	73,647 | $	64,607 |
COUNTY APPRAISER & TAX COLLECTOR FEE | (11,893) | (24,549) | (21,535) | Two Percent Of Total Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS | (41,015) | (49,098) | (43,072) | Four Percent Of Total Assessment Roll
EXCESS/ (SHORTFALL) | $	479,412 | $	- | $	- |
CARRYOVER FROM PRIOR YEAR | 0 | 0 | 0 | Carryover Balance From Prior Year
NET EXCESS/ (SHORTFALL) | $	479,412 | $	- | $	- |

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES | FISCAL YEAR 2021/2022 ACTUAL | FISCAL YEAR 2022/2023 BUDGET | FISCAL YEAR 2023/2024 BUDGET | COMMENTS
Interest Income | 1,072 | 25 | 100 | Projected Interest For 2023/2024
NAV Tax Collection | 586,954 | 576,568 | 576,568 | Yearly Maximum Debt Assessment
Total Revenues | $	588,026 | $	576,593 | $	576,668 |
EXPENDITURES | | | |
Principal Payments | 399,000 | 411,000 | 424,000 | Principal Payment Due In 2024
Interest Payments | 169,130 | 153,413 | 142,558 | Interest Payments Due In 2024
Bond Redemption | 0 | 12,180 | 10,110 | Estimated Excess Debt Collections
Total Expenditures | $	568,130 | $	576,593 | $	576,668 |
Excess/Shortfall | $	19,896 | $	- | $	- |

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 1/1/2023 = | $6,106,000 | |

Keys Cove Community Development District Assessment Comparison

Original | Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year
Projected | 2020/2021 | 2021/2022 | 2022/2023 | 2023/2024
Assessment* | Assessment* | Assessment* | Assessment* | Projected Assessment*

Administrative | $	100.00 | $	82.86 | $	83.65 | $	85.77 | $ | 90.79
Maintenance | $	12.50 | $	235.03 | $	546.86 | $	544.72 | $ | 385.02
Debt | $	837.82 | $	629.75 | $	629.75 | $	629.75 | $	629.75
Total | $	950.32 | $	947.64 | $	1,260.26 | $	1,260.24 | $	1,105.56

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

Community Information:
Total Units	974

3/16/2023 12:30 PM	^IV

3/16/2023 12:30 PM