KEYS COVE COMMUNITY DEVELOPMENT
DISTRICT

MIAMI-DADE COUNTY Regular Board Meeting & Public
Hearing May 24, 2023
5:00 P.M.

Special District Services, Inc. 8785 SW 165th Avenue, Suite 200
Miami, FL 33193

www.keyscovecdd.org 786.347.2711 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile

AGENDA KEYS COVE
COMMUNITY DEVELOPMENT DISTRICT
Keys Cove Community Clubhouse 1455 SE 27th Street
Homestead, Florida 33035
REGULAR BOARD MEETING & PUBLIC HEARING
May 24, 2023
5:00 p.m.

Call to Order
Proof of Publication	Page 1
Administer Oath of Office & Review Board Member Responsibilities and Duties to Supervisor Bryant
Establish Quorum
Election of Officers
Chairman
Vice Chairman
Secretary/Treasurer
Assistant Secretaries
Additions or Deletions to Agenda
Comments from the Public for Items Not on the Agenda
Approval of Minutes
1. March 22, 2023 Regular Board Meeting	Page 2
New Business
1. Consider Resolution No. 2023-02 – Adopting a Fiscal Year 2023/2024 Meeting Schedule… Page 11
Old Business
Update on Status of Storm Drainage Cleaning Proposals
Update on the Status of the Landshore Enterprises, North Lake, Shoreline Erosion Control and Maintenance Project
Public Hearing
Proof of Publication	Page 13
Receive Public Comments on Fiscal Year 2023/2024 Final Budget
Consider Resolution No. 2023-03 – Adopting a Fiscal Year 2023/2024 Final Budget	Page 14
Administrative Matters
Financial Update	Page 21
Reminder of Statement of Financial Interests Disclosure 2022 Form 1, Filing Deadline: July 1, 2023
Additional Board Member/Staff Comments
Adjourn

..

MIAMI-DADE

STATE OF FLORIDA COUNTY OF MIAMI-DADE:

Before the undersigned authority personally appeared MARIA MESA, who on oath says that he or she is the LEGAL CLERK, Legal Notices of the Miami Daily Business Review f/k/ a Miami Review, a daily  (except Saturday,  Sunday and Legal Holidays) newspaper, published at Miami in Miami-Dade County, Florida; that the attached copy of advertisement, being a Legal Advertisement of Notice in the matter of

KEYS COVE COMMUNITY DEVELOPMENT DISTRICT- FISCAL YEAR 2022/2023 REGULAR MEETING SCHEDULE

in the XXXX Court,
was published in said newspaper by print in the issues of and/or by publication on the newspaper's website, if authorized, on

10/17/2022

that the newspaper complies with all
in  chapter	SO,  Florida

S	e ore me this

d��

R, A.O. 2022

I
(SEAL)
MARIA MESA personally known to me

KEYS COVE COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING
MARCH 22, 2022

CALL TO ORDER

The March 22, 2023, Regular Board Meeting of the Keys Cove Community Development District (the “District”) was called to order at 5:02 p.m. in the Keys Cove Community Clubhouse located at 1455 SE 27th Street, Homestead, Florida 33035.

PROOF OF PUBLICATION

Proof of publication was presented that notice of the Regular Board Meeting had been published in the Miami Daily Business Review on October 17, 2022, as part of the District’s Fiscal Year 2022/2023 Regular Meeting Schedule, as legally required.

WELCOME AND SEAT BOARD MEMBERS

Mrs. Perez advised, pursuant to the Miami-Dade County Supervisor of Elections’ website, the following incumbents, Mary Wantuck holding Seat #1, Carlos Cabezas holding Seat #2 and Kenneth D. Bryant holding Seat #5, appear as Active-Unopposed for the four (4) year terms.

Mrs. Perez welcomed and seated the incumbent Board Members:

Seat #1 Mary Wantuck (Qualified Active and Unopposed) to a 4-year term of office, which expires in November 2026; and

Seat #2 Carlos Cabezas (Qualified Active and Unopposed) to a 4-year term of office, which expires in November 2026; and

Seat #5 Kenneth D. Bryant (Qualified Active and Unopposed) to a 4-year term of office, which expires in November 2026.

ADMINISTER	OATHS	OF	OFFICE	AND	REVIEW	BOARD	MEMBER RESPONSIBILITIES & DUTIES

Mrs. Perez, as Notary Public in the State of Florida, administered the Oaths of Office to Supervisors Wantuck and Cabezas. All Supervisors were provided with the Financial Disclosure Form-1 required for this year (2022 Form-1). Mrs. Perez provided the newly elected Supervisors with information regarding “Government in the Sunshine Law”, public records and conflicts of interest, along with information on the workings and benefits of a CDD and the responsibilities and duties of Board Members. Key elements were reviewed by District Counsel.

The Oath of Office for Supervisor Bryant will need to be provided at the next meeting.

ESTABLISH A QUORUM

It was determined that the attendance of Chairman Carlos Cabezas, Vice Chairperson Mary Wantuck and Supervisors Jeffrey Louis and Clarence McNish constituted a quorum and it was in order to proceed with the meeting.

Staff in attendance included: District Manager Gloria Perez of Special District Services, Inc.; and General Counsel Ginger Wald of Billing, Cochran, Lyles, Mauro & Ramsey, P.A.

ELECTION OF OFFICERS

Mrs. Perez stated that it would now be in order to elect the Officers of the District. She noted the roles of Armando Silva, Nancy Nguyen and herself regarding appointment to office and stated that nominations would be in order for Chairperson and Vice-Chair. She indicated that the remaining three Supervisors would be designated as Assistant Secretaries.

A brief discussion ensued after which the following slate of officers was nominated with no changes to the current slate:

Chairperson – Carlos Cabezas
Vice Chairperson – Mary Wantuck
Assistant Secretary – Kenneth Dwayne Bryant
Assistant Secretary – Jeffrey Louis
Assistant Secretary – Clarence McNish
Secretary/Treasurer – Gloria Perez
Assistant Secretaries - Armando Silva and Nancy Nguyen (District Managers with Special District Services, Inc., in Mrs. Perez’s absence)

A MOTION was made by Supervisor Wantuck, seconded by Supervisor Louis and unanimously passed electing the above Slate of Officers, as nominated.

ADDITIONS OR DELETIONS TO AGENDA

There were no additions or deletions to the agenda.

COMMENTS FROM THE PUBLIC FOR ITEMS NOT ON THE AGENDA

There were no comments from the public for items not on the agenda.

APPROVAL OF MINUTES
1. October 26, 2022, Regular Board Meeting

Mrs. Perez presented the minutes of the October 26, 2022 Regular Board Meeting, asking if there were any corrections or additions.

A MOTION was made by Supervisor Wantuck, seconded by Supervisor Louis and passed unanimously approving the October 26, 2022, Regular Board Meeting minutes, as presented.

OLD BUSINESS

There were no Old Business items to come before the Board.

NEW BUSINESS
Consider Allstate Resource Management Renewal Proposal

Mrs. Perez noted that the Allstate Resource Management Maintenance Service Agreement originated at a cost of $350 quarterly in 2016. An increase of 5% (or $17.50 quarterly ($70 yearly)) for a total annual cost of $1,470 for the maintenance services was applied and approved, effective as of January 2022 with a quarterly total of $367.50.

Adding that and an additional increase became effective January 2023, and the first payment with the increase was issued in the February 2023 payment (total of $385 instead of $367.50), increasing the cost by 5% or $17.50 quarterly and equaled a 10% increase within two years.

A discussion ensued followed by the following:

A MOTION was made by Supervisor Louis, seconded by Supervisor Wantuck and unanimously passed approving the new quarterly rate of $385, which consists of a 5% increase to the current Allstate Resource Management agreement, originally entered on June 29, 2016, and simultaneously authorizing District Counsel to prepare an amendment and further authorizing District management to execute same on behalf of the District.

Consider Ratification of Allstate Resource Management Fountain Proposal

It was noted that during this installation, materials were left out for several days. District management was directed to bring the same to the attention of Allstate Resource Management.

A MOTION was made by Supervisor Louis, seconded by Supervisor McNish and passed unanimously ratifying the Allstate Resource Management Fountain proposal dated 12/02/2022, in the amount of $13,540 for work that had already been completed.

Consider District Counsel Request for Adjustment to Fee Structure

District Counsel’s letter was presented in the meeting book for consideration. The proposed rate increase will take effect October 1, 2023.

Attorney	Current Rate	Proposed Rate	Increased Amount	
Partner	$250	$275	$25	
Associate	$200	$225	$25	

Ms. Wald provided an overview and addressed the Board’ questions.

A MOTION was made by Supervisor Wantuck, seconded by Supervisor Louis and passed unanimously approving District Counsel’s request for an adjustment to the fee structure, as presented.

Consider District Engineer Request for Adjustment to Fee Structure

A MOTION was made by Supervisor Wantuck, seconded by Supervisor McNish and unanimously passed approving the District Engineer’s request for an adjustment to the fee structure, as presented.

Consider Storm Drainage Cleaning Proposals

A MOTION was made by Supervisor Wantuck, seconded by Supervisor McNish and passed unanimously approving the Raptor Vac Systems proposal in the amount of $2,300 for the cleaning of 23 stormwater management system structures and providing 30 days to complete said project; further authorizing District Counsel to prepare an agreement and for District management to execute same on behalf of the District.

Status of Landshore Enterprises, North Lake, Shoreline Erosion Control and Maintenance Project

Mrs. Perez provided an update, noting that Landshore Enterprises and the District Engineer had been meeting because the permits have not yet been issued due to DERM requirements, as DERM has pointed out that corrections to create a berm should be part of this project.

Consider Landshore Enterprises, North Lake CO#1 Proposed Change Order No. 1 Details:
North Lake: Landshore Enterprises, LLC was contracted by the District (“CDD”) for design-build services on the shoreline stabilization of the two lakes within the CDD. The initial design was approved by the CDD and submitted to the governmental agencies having jurisdiction. The construction project was divided into two phases, only authorizing and engaging said services for the North Lake Project.

As part of the Miami-Dade County review of the project, their Division of Environmental Resource Management (DERM) requested to raise the existing top of banks to minimum Miami-Dade County Flood Criteria elevation. Since the additional work to raise the top of the bank is outside of the originally proposed and accepted scope, an additional $79,987.00 is needed.

Original Contract: $243,193.00 Change Order No. 1  79,987.00 New Contract amount $323,180.00

A MOTION was made by Supervisor Wantuck, seconded by Supervisor Louis and passed unanimously approving Landshore Enterprises, Change Order #1 in the amount of $79,987 for the additional berm improvements, as required by Miami-Dade County DERM.

Consider Landshore Enterprises, South lake Project Proposal

To save money, it is recommended that the South Lake be started immediately after the completion of the North Lake to reduce some of the mobilization costs to the District.

A revised proposal for Lake 2 South Project from Landshore Enterprise was provided via hand-out , consisting of:

The estimated cost for the now known Miami-Dade County, DERM, Berm Requirements.
A discounted price for mobilization was negotiated and is applicable, should the District decide to conduct the repairs of the South Lake Project, upon the completion of the North Lake Project.

The original Estimate 3931 - Lake 2 South (Lake S2) presented in April of 2022 was $203,342.

Ms. Wald provided legal comments and a discussion ensued.

A MOTION was made by Supervisor Louis, seconded by Supervisor Wantuck, and passed unanimously approving the Landshore Enterprises’ lake bank erosion control proposal and plans, Revised Est. 3931, dated 03/22/2023, for the Lake 2 South Erosion Control and Maintenance Project in the amount of
$261,080.50 with a commencement date effective upon completion of the North Lake Project, thereby locking in the current provided proposed rate; further authorizing Alvarez Engineering to prepare the AIA Contract for review by District Counsel prior to finalization and simultaneously authorizing District management to execute same on behalf of the District.

Consider Resolution No. 2023-01 – Approving a Proposed Budget for Fiscal Year 2023/2024

Mrs. Perez presented Resolution No. 2023-01, entitled:

RESOLUTION NO. 2023-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE KEYS COVE COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2023/2024; AND PROVIDING AN EFFECTIVE DATE.

The Debt Service Assessment is the Refunding Maximum Assessment. The proposed Administrative Budget is slightly higher than last year. The erosion project budget line item has been reduced to $150,00 and is anticipated to complete the funding for said project and cover the unforeseen cost such as the Berm Project now required by DERM. To date the District has collected a total of $737,302 for both lakes starting

with the North Lake in the FY 2021-2022 Budget and the South Lake in the FY 2022-2023 Budget, approximately $25,000 has been used towards the North Lake project thus far.

Anticipated available funds for 9-30-2023 are expected to be $500,000. This amount may be lower, depending on the ongoing erosion project. This amount is in addition to any funds that will be set-up for the storm drainage reserve (currently $95,795 - and $20,520 may be added on 10-1-23) and roadway resurfacing reserve (currently $139,815 - and $35,715 may be added on 10-1-23).

No carryover has been applied ($0 was set-up last year). Because the assessments presented for 2023/2024 are currently lower than the 2022/2023 assessment, no letters to the residents will be required.

A MOTION was made by Supervisor Wantuck, seconded by Supervisor Louis and unanimously passed adopting Resolution No. 2023-01, as presented, approving a Proposed Budget for FY 2023-2024, setting the Public Hearing for finalization for Wednesday, May 24, 2023, at 5:00 p.m. at the Keys Cove Community Clubhouse located at 1455 SE 27th Street, Homestead, Florida 33035 and further authorizing the required advertisements.

ADMINISTRATIVE MATTERS
1. Financial Update

Mrs. Perez presented the financials in the meeting book and briefly reviewed them with the Board, pointing out that available funds as of February 28, 2023, were $1,031,236.82.

A MOTION was made by Supervisor Wantuck, seconded by Supervisor McNish and passed unanimously ratifying and approving the financials, as presented.

ADDITIONAL BOARD MEMBER/STAFF COMMENTS

There were no further comments from the Board Members or staff.

ADJOURNMENT

There being no further business to come before the Board, a MOTION was made by Supervisor Cabezas, seconded by Supervisor McNish adjourning the Regular Board Meeting at 5:41 p.m. The MOTION carried unanimously.

ATTESTED BY:

Secretary/Assistant Secretary	Chairman/Vice-Chair

RESOLUTION NO. 2023-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE KEYS COVE COMMUNITY DEVELOPMENT DISTRICT, ESTABLISHING A REGULAR MEETING SCHEDULE FOR FISCAL YEAR 2023/2024 AND SETTING THE TIME AND LOCATION OF SAID DISTRICT MEETINGS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, it is necessary for the Keys Cove Community Development District ("District") to establish a regular meeting schedule for fiscal year 2023/2024; and

WHEREAS, the Board of Supervisors of the District has set a regular meeting schedule, location and time for District meetings for fiscal year 2023/2024 which is attached hereto and made a part hereof as Exhibit “A”.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE KEYS COVE COMMUNITY DEVELOPMENT DISTRICT, MIAMI-DADE COUNTY, FLORIDA, AS FOLLOWS:

Section 1.   The above recitals are hereby adopted.

Section 2.  The regular meeting schedule, time and location for meetings for fiscal year 2023/2024 which is attached hereto as Exhibit “A” is hereby adopted and authorized to be published.

PASSED, ADOPTED and EFFECTIVE this 24th day of May, 2023.

ATTEST:	KEYS COVE
COMMUNITY DEVELOPMENT DISTRICT

By:			By:		 Secretary/Assistant Secretary			Chairperson/Vice Chairperson

KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024 REGULAR MEETING SCHEDULE

NOTICE IS HEREBY GIVEN that the Board of Supervisors of the Keys Cove Community Development District will hold Regular Meetings at 5:00 p.m. in the meeting room area of the Keys Cove Community Clubhouse located at 1455 SE 27th Street, Homestead, Florida 33035, on the following dates:
October 25, 2023
January 24, 2024
April 24, 2024
June 26, 2024
September 25, 2024

The purpose of the meetings is to conduct any business coming before the Board. The meetings are open to the public and will be conducted in accordance with the provisions of Florida law. Copies of the Agendas for any of the meetings may be obtained from the District’s website or by contacting the District Manager at 786-347-2711 Ext. 2011 and/or toll free at 1-877-737-4922 five (5) days prior to the date of the particular meeting.

From time to time one or two Supervisors may participate by telephone; therefore, at the location of these meetings there will be a speaker telephone present so that interested persons can attend the meetings at the above location and be fully informed of the discussions taking place either in person or by telephone communication. Meetings may be continued as found necessary to a time and place specified on the record.

If any person decides to appeal any decision made with respect to any matter considered at these meetings, such person will need a record of the proceedings and such person may need to insure that a verbatim record of the proceedings is made at his or her own expense and which record includes the testimony and evidence on which the appeal is based.

In accordance with the provisions of the Americans with Disabilities Act, any person requiring special accommodations or an interpreter to participate at any of these meetings should contact the District Manager at 786-347-2711 Ext. 2011 and/or toll free at 1-877-737-4922 at least seven
(7) days prior to the date of the particular meeting.

Meetings may be cancelled from time to time without advertised notice.

KEYS COVE COMMUNITY DEVELOPMENT DISTRICT

www.keyscovecdd.org

PUBLISH: MIAMI DAILY BUSINESS REVIEW	00/00/23

Location
Miami-Dade County, Florida
Notice Text
NOTICE OF PUBLIC HEARING
AND REGULAR BOARD MEETING OF THE KEYS COVE COMMUNITY DEVELOPMENT DISTRICT
The Board of Supervisors of the Keys Cove Community Development District (the "District") will hold a Public Hearing and Regular Board Meeting on May 24, 2023, at 5:00 p.m., or as soon thereafter as can be heard, in the Keys Cove Community Clubhouse Meeting Room Area located at 1455 SE 27th Street, Homestead, Florida 33035.
The purpose of the Public Hearing is to receive public comment on the 2023/2024 Fiscal Year Proposed Final Budget of the District. A copy of the Budget and/or the Agenda may be obtained from the District's website (www.keyscovecdd.org) or at the offices of the District Manager, 2501A Burns Road, Palm Beach Gardens, Florida 33410, during normal business hours. The purpose of the Regular Board Meeting is for the Board to consider any business which may properly come before it. The meetings are open to the public and will be conducted in accordance with the provisions of Florida law for community development districts. Meetings may be continued as found necessary to a time and place specified on the record.
There may be occasions when one or two Supervisors will participate by telephone; therefore, a speaker telephone will be present at the meeting location so that Supervisors may be fully informed of the discussions taking place.
In accordance with the provisions of the Americans with Disabilities Act, any person requiring special accommodations or an interpreter to participate at these meetings should contact the District Manager at (786) 347-2711 Ext 2011 and/or toll free at 1-877-737-4922, at least seven (7) days prior to the date of the meetings.
If any person decides to appeal any decision made with respect to any matter considered at this Public Hearing and Regular Board Meeting, such person will need a record of the proceedings and such person may need to ensure that a verbatim record of the proceedings is made at their own expense and which record includes the testimony and evidence on which the appeal is based.
Meetings may be cancelled from time to time without advertised notice.
Keys Cove Community Development District www.keyscovecdd.org
5/4-11 23-77/0000660631M

RESOLUTION NO. 2023-03

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE KEYS COVE COMMUNITY DEVELOPMENT DISTRICT AUTHORIZING AND ADOPTING AN AMENDED FINAL FISCAL YEAR 2023/2024 BUDGET (“AMENDED BUDGET”), PURSUANT TO CHAPTER 189, FLORIDA STATUTES; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Board of Supervisors of the Keys Cove Community Development District (“District”) is empowered to provide a funding source and to impose special assessments upon the properties within the District; and,

WHEREAS, the District has prepared for consideration and approval an Amended Budget.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE KEYS COVE COMMUNITY DEVELOPMENT DISTRICT, THAT:

Section 1.  The Amended Budget for Fiscal Year 2023/2024 attached hereto as Exhibit “A” is hereby approved and adopted.

Section 2.  The Secretary/Assistant Secretary of the District is authorized to execute any and all necessary transmittals, certifications or other acknowledgements or writings, as necessary, to comply with the intent of this Resolution.

PASSED, ADOPTED and EFFECTIVE this 24th day of May, 2023.

ATTEST:	KEYS COVE
COMMUNITY DEVELOPMENT DISTRICT

By:			By:		 Secretary/Assistant Secretary			Chairperson/Vice Chairperson

Keys Cove Community Development District

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

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL 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 FINAL 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 FINAL 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

5/14/2023 11:48 AM	IV

Keys Cove Community Development District

Financial Report For April 2023

Keys Cove Community Development District
Budget vs. Actual
October 2022 through April 2023

	Oct '22 - Apr 23		22/23 Budget		$ Over Budget		% of Budget	
Income								
363.100 ꞏ Admin Assessment Income	77,545.29		83,535.00		-5,989.71		92.83%	
363.101 ꞏ Maint Assessment Income	488,508.67		530,549.00		-42,040.33		92.08%	
363.810 ꞏ Debt Assessment	564,773.50		613,370.00		-48,596.50		92.08%	
363.820 ꞏ Debt Assessment-Paid To Trustee	-539,562.30		-576,568.00		37,005.70		93.58%	
363.830 ꞏ Assessment Fees	-10,906.57		-24,549.00		13,642.43		44.43%	
363.831 ꞏ Assessment Discounts	-39,546.74		-49,098.00		9,551.26		80.55%	
369.401 ꞏ Interest Income	14,562.77		360.00		14,202.77		4,045.21%	
Total Income	555,374.62		577,599.00		-22,224.38		96.15%	
Expense								
511.122 ꞏ Payroll Expense	107.10		400.00		-292.90		26.78%	
511.131 ꞏ Supervisor Fees	1,400.00		5,000.00		-3,600.00		28.0%	
511.301 ꞏ Maintenance/Contingency	320.00		28,830.00		-28,510.00		1.11%	
511.302 ꞏ Storm Drainage Maintenance	0.00		20,520.00		-20,520.00		0.0%	
511.303 ꞏ Roadway Resurfacing Project	0.00		35,715.00		-35,715.00		0.0%	
511.304 ꞏ Maintenance Reserve	0.00		25,000.00		-25,000.00		0.0%	
511.307 ꞏ Fountain Maintenance	14,467.50		10,000.00		4,467.50		144.68%	
511.308 ꞏ Holiday Lighting	0.00		2,500.00		-2,500.00		0.0%	
511.310 ꞏ Engineering	497.50		7,500.00		-7,002.50		6.63%	
511.311 ꞏ Management Fees	19,278.00		33,048.00		-13,770.00		58.33%	
511.315 ꞏ Legal Fees	3,865.00		10,500.00		-6,635.00		36.81%	
511.318 ꞏ Assessment/Tax Roll	0.00		7,500.00		-7,500.00		0.0%	
511.320 ꞏ Audit Fees	0.00		3,700.00		-3,700.00		0.0%	
511.330 ꞏ Arbitrage Rebate Fee	650.00		650.00		0.00		100.0%	
511.450 ꞏ Insurance	7,475.00		8,310.00		-835.00		89.95%	
511.480 ꞏ Legal Advertisements	103.68		750.00		-646.32		13.82%	
511.512 ꞏ Miscellaneous	895.36		950.00		-54.64		94.25%	
511.513 ꞏ Reim-Postage and Delivery	304.19		1,050.00		-745.81		28.97%	
511.540 ꞏ Dues, License & Subscriptions	175.00		175.00		0.00		100.0%	
511.733 ꞏ Trustee Fees	4,246.25		4,500.00		-253.75		94.36%	
511.734 ꞏ Continuing Disclosure Fee	0.00		350.00		-350.00		0.0%	
511.737 ꞏ North & South Lake Erosion Proj	0.00		368,651.00		-368,651.00		0.0%	
511.750 ꞏ Website Management	1,166.62		2,000.00		-833.38		58.33%	
Total Expense	54,951.20		577,599.00		-522,647.80		9.51%	
Net Income	500,423.42		0.00		500,423.42		100.0%	

KEYS COVE COMMUNITY DEVELOPMENT DISTRICT MONTHLY FINANCIAL REPORT
APRIL 2023

REVENUES	
Annual Budget
10/1/22 - 9/30/23	

Actual Apr-23	Year To Date Actual
10/1/22 - 4/30/23	
ADMINISTRATIVE ASSESSMENTS	83,535	4,595	77,545	
MAINTENANCE ASSESSMENTS	530,549	29,160	488,509	
DEBT ASSESSMENTS	613,370	33,715	564,774	
OTHER REVENUES	0	0	0	
INTEREST INCOME	360	0	14,563	
				
Total Revenues	$	1,227,814	$	67,470	$	1,145,391	
				
EXPENDITURES				
MAINTENANCE EXPENDITURES				
MAINTENANCE CONTINGENCY	28,830	320	320	
STORM DRAINAGE MAINTENANCE	20,520	0	0	
ROADWAY RESURFACING PROJECT	35,715	0	0	
MAINTENANCE RESERVE	25,000	0	0	
FOUNTAIN MAINTENANCE	10,000	0	14,468	
HOLIDAY CONTRIBUTION	2,500	0	0	
ENGINEERING/INSPECTIONS	7,500	475	498	
NORTH & SOUTH LAKE EROSION PROJECT	368,651	0	0	
TOTAL MAINTENANCE EXPENDITURES	$	498,716	$	795	$	15,286	
				
ADMINISTRATIVE EXPENDITURES				
SUPERVISOR FEES	5,000	0	1,400	
EMPLOYER TAXES	400	0	107	
MANAGEMENT	33,048	2,754	19,278	
REIMBURSABLES (POSTAGE/OFFICE SUPPLIES)	1,050	180	304	
LEGAL	10,500	0	3,865	
ASSESSMENT ROLL	7,500	0	0	
AUDIT FEES	3,700	0	0	
ARBITRAGE REBATE FEE	650	0	650	
INSURANCE	8,310	0	7,475	
LEGAL ADVERTISING	750	0	104	
MISCELLANEOUS	950	26	895	
DUES & SUBSCRIPTIONS	175	0	175	
TRUSTEE FEES	4,500	0	4,246	
WEBSITE MANAGEMENT	2,000	166	1,167	
CONTINUING DISCLOSURE FEE	350	0	0	
TOTAL ADMINISTRATIVE EXPENDITURES	$	78,883	$	3,126	$	39,666	
				
Total Expenditures	$	577,599	$	3,921	$	54,952	
				
REVENUES LESS EXPENDITURES	$	650,215	$	63,549	$	1,090,439	
				
BOND PAYMENTS	(576,568)	(33,371)	(539,562)	
				
BALANCE	$	73,647	$	30,178	$	550,877	
				
COUNTY APPRAISER & TAX COLLECTOR FEE	(24,549)	(675)	(10,907)	
DISCOUNTS FOR EARLY PAYMENTS	(49,098)	(13)	(39,547)	
				
EXCESS/ (SHORTFALL)	$	-	$	29,490	$	500,423	
				
CARRYOVER FROM PRIOR YEAR	0	0	0	
				
NET EXCESS/ (SHORTFALL)	$	-	$	29,490	$	500,423	

Bank Balance As Of 4/30/23	$	1,703,290.54	
Accounts Payable As Of 4/30/23	$	5,296.47	
Accounts Receivable As Of 4/30/23	$	-	
Reserve For Storm Drainage Maintenance As Of 4/30/23	$	95,795.00	
Reserve For Roadway Resurfacing Project As Of 4/30/23	$	139,815.00	
Reserve For Emergency/Improvements (Erosion Project) As Of 4/30/23	$	425,900.00	
Available Funds As Of 4/30/23	$	1,036,484.07	

KEYS COVE CDD TAX COLLECTIONS 2022-2023

#	

ID#	

PAYMENT FROM	

DATE	

FOR	

Tax Collect Receipts	

Interest Received	

Commissions Paid	

Discount	

Net From Tax Collector	Admin Assessment Income (Before Discounts & Fees)	Maint Assessment Income (Before Discounts & Fees)	Debt Assessment Income (Before Discounts & Fees)	Admin Assessment Income (After Discounts & Fees)	Maint Assessment Income (After Discounts & Fees)	Debt Assessment Income (After Discounts & Fees)	

Debt Assessment Paid to Trustee	
									$	1,227,454	$	83,535	$	530,549	$	613,370	$	83,535	$	530,549	$	613,370		
									$	1,154,167	$	78,883	$	498,716	$	576,568	$	78,883	$	498,716	$	576,568	$	576,568	
1	1	Miami-Dade Tax Collector	01/03/23	NAV Taxes	$	160,327.28		$  (1,538.41)	$  (6,485.88)	$	152,302.99	$	10,918.28	$	69,293.45	$	80,115.55	$ 10,371.74	$	65,825.35	$  76,105.90	$	76,105.90	
2	2	Miami-Dade Tax Collector	01/03/23	NAV Taxes	$	128,544.48		$  (1,234.03)	$  (5,141.82)	$	122,168.63	$	8,748.54	$	55,561.44	$	64,234.50	$  8,314.53	$	52,805.60	$  61,048.50	$	61,048.50	
3	3	Miami-Dade Tax Collector	01/03/23	NAV Taxes	$	589,792.32		$  (5,661.91)	$ (23,591.98)	$	560,538.43	$	40,140.36	$	254,928.96	$  294,723.00	$ 38,148.43	$  242,285.20	$ 280,104.80	$  280,104.80	
4	4	Miami-Dade Tax Collector	01/03/23	NAV Taxes	$	36,546.96		$	(352.48)	$  (1,298.09)	$	34,896.39	$	2,487.33	$	15,796.88	$	18,262.75	$  2,374.89	$	15,083.50	$  17,438.00	$	17,438.00	
5	5	Miami-Dade Tax Collector	02/06/23	NAV Taxes	$	44,193.73		$	(429.04)	$  (1,289.94)	$	42,474.75	$	3,009.53	$	19,100.55	$	22,083.65	$  2,892.35	$	18,357.65	$  21,224.75	$	21,224.75	
6	6	Miami-Dade Tax Collector	02/21/23	NAV Taxes	$	54,190.32		$	(530.18)	$  (1,172.01)	$	52,488.13	$	3,688.11	$	23,422.96	$	27,079.25	$  3,572.13	$	22,687.30	$  26,228.70	$	26,228.70	
7	Int - 1	Miami-Dade Tax Collector	03/01/23	Interest		$	613.50			$	613.50	$	613.50			$	613.50			$	-	
8	7	Miami-Dade Tax Collector	03/20/23	NAV Taxes	$	49,149.36		$	(485.95)	$	(554.42)	$	48,108.99	$	3,345.03	$	21,244.08	$	24,560.25	$  3,274.09	$	20,794.45	$  24,040.45	$	24,040.45	
9	8	Miami-Dade Tax Collector	04/28/23	NAV Taxes	$	67,469.51		$	(674.57)	$	(12.60)	$	66,782.34	$	4,594.61	$	29,160.35	$	33,714.55	$  4,547.79	$	28,863.35	$  33,371.20	$	33,371.20	
10									$	-							$	-	
11									$	-							$	-	
12									$	-							$	-	
13									$	-							$	-	
14									$	-							$	-	
15									$	-							$	-	
16									$	-							$	-	
					
$ 1,130,213.96	
$  613.50	
$ (10,906.57)	
$ (39,546.74)	
$ 1,080,374.15	
$  77,545.29	
$  488,508.67	
$ 564,773.50	
$ 74,109.45	
$ 466,702.40	
$ 539,562.30	
$ 539,562.30	

Total Assessment Roll = 1,227,473.76	Note: $1,227,454, $83,535, $530,549 and $613,370 are 2022/2023 Budgeted assessments before discounts and fees.
Debt Assessments	Note: $1,154,167, $78,883, $498,716 and $576,568 are 2022/2023 Budgeted
On Roll = 613,376.50	assessments after discounts and fees.

$  1,130,213.96		
$	613.50	$ 1,080,374.15	
$	(77,545.29)	$	(74,109.45)	
$	(488,508.67)	$  (466,702.40)	
$	(564,773.50)	$  (539,562.30)	
$	-	$	-