Keys Cove Community Development District

Proposed Budget For Fiscal Year 2025/2026
October 1, 2025 - September 30, 2026

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2025/2026
OCTOBER 1, 2025 - SEPTEMBER 30, 2026

REVENUES	
FISCAL YEAR 2025/2026 BUDGET	
ADMINISTRATIVE ASSESSMENTS	96,532	
MAINTENANCE ASSESSMENTS	253,191	
DEBT ASSESSMENTS	613,370	
OTHER REVENUES	0	
INTEREST INCOME	1,800	
		
TOTAL REVENUES	$	964,893	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
MAINTENANCE CONTINGENCY	53,500	
STORM DRAINAGE MAINTENANCE	35,000	
ROADWAY RESURFACING PROJECT	85,000	
MAINTENANCE RESERVE	25,000	
FOUNTAIN MAINTENANCE/RESERVE	25,000	
HOLIDAY LIGHTING CONTRIBUTION	2,500	
ENGINEERING/INSPECTIONS	12,000	
LAKE RESTORATION PROJECT	0	
TOTAL MAINTENANCE EXPENDITURES	$	238,000	
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISOR FEES	6,000	
EMPLOYER TAXES	480	
MANAGEMENT	36,060	
REIMBURSABLES (POSTAGE/OFFICE SUPPLIES)	975	
LEGAL	13,500	
ASSESSMENT ROLL	7,500	
AUDIT FEES	3,600	
ARBITRAGE REBATE FEE	650	
INSURANCE	11,500	
LEGAL ADVERTISING	2,750	
MISCELLANEOUS	2,500	
DUES & SUBSCRIPTIONS	175	
TRUSTEE FEES	4,500	
WEBSITE MANAGEMENT	2,000	
CONTINUING DISCLOSURE FEE	350	
		
TOTAL ADMINISTRATIVE EXPENDITURES	$	92,540	
		
TOTAL EXPENDITURES	$	330,540	
		
REVENUES LESS EXPENDITURES	$	634,353	
		
BOND PAYMENTS	(576,568)	
		
BALANCE	$	57,785	
		
COUNTY APPRAISER & TAX COLLECTOR FEE	(19,261)	
DISCOUNTS FOR EARLY PAYMENTS	(38,524)	
		
EXCESS/ (SHORTFALL)	$	-	
		
CARRYOVER FROM PRIOR YEAR	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2025/2026
OCTOBER 1, 2025 - SEPTEMBER 30, 2026

REVENUES	

FISCAL YEAR 2023/2024
ACTUAL	

FISCAL YEAR 2024/2025
BUDGET	

FISCAL YEAR 2025/2026
BUDGET	

COMMENTS	
ADMINISTRATIVE ASSESSMENTS	93,760	97,826	96,532	Expenditures Less Interest & Carryover (25%)/.94	
MAINTENANCE ASSESSMENTS	375,001	252,128	253,191	Expenditures Less Carryover (75%)/.94	
DEBT ASSESSMENTS	613,377	613,370	613,370	Bond Payments/.94	
OTHER REVENUES	0	0	0		
INTEREST INCOME	56,517	1,200	1,800	Interest Projected At $150 Per Month	
					
TOTAL REVENUES	$  1,138,655	$	964,524	$	964,893		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
MAINTENANCE CONTINGENCY	0	52,500	53,500	Maintenance Contingency	
STORM DRAINAGE MAINTENANCE	3,348	35,000	35,000	For Storm Drainage Maintenance Reserve	
ROADWAY RESURFACING PROJECT	0	85,000	85,000	Fourteen Year Project (Seventh Year)	
MAINTENANCE RESERVE	0	25,000	25,000	No Change From 2024/2025 Budget	
FOUNTAIN MAINTENANCE/RESERVE	11,505	25,000	25,000	For Fountain Maintenance Reserve	
HOLIDAY LIGHTING CONTRIBUTION	0	2,500	2,500	No Change From 2024/2025 Budget	
ENGINEERING/INSPECTIONS	8,334	12,000	12,000	No Change From 2024/2025 Budget	
LAKE RESTORATION PROJECT	523,864	0	0	Reserve For Lake Restoration Project As Of 9/30/24 Was $373,863.	
TOTAL MAINTENANCE EXPENDITURES	$	547,051	$	237,000	$	238,000		
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISOR FEES	1,800	6,000	6,000	No Change From 2024/2025 Budget	
EMPLOYER TAXES	137	480	480	Projected At 8% Of Supervisor Fees	
MANAGEMENT	34,032	35,052	36,060	CPI Adjustment	
REIMBURSABLES (POSTAGE/OFFICE SUPPLIES)	371	1,050	975	$75 Decrease From 2024/2025 Budget	
LEGAL	9,422	15,000	13,500	FY 24/25 Expenditure Through Jan 2025 Was $2,600	
ASSESSMENT ROLL	7,500	7,500	7,500	No Change From 2024/2025 Budget	
AUDIT FEES	3,800	3,900	3,600	Accepted Amount For 2024/2025 Audit	
ARBITRAGE REBATE FEE	650	650	650	No Change From 2024/2025 Budget	
INSURANCE	8,147	12,000	11,500	Fiscal Year 2024/2025 Expenditure Was $8,609	
LEGAL ADVERTISING	2,570	2,500	2,750	Costs Have Increased Due To Closing Of The Miami Business Review	
MISCELLANEOUS	2,729	2,000	2,500	$500 Increase From 2024/2025 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2024/2025 Budget	
TRUSTEE FEES	4,246	4,500	4,500	No Change From 2024/2025 Budget	
WEBSITE MANAGEMENT	2,000	2,000	2,000	No Change From 2024/2025 Budget	
CONTINUING DISCLOSURE FEE	350	350	350	No Change From 2024/2025 Budget	
					
TOTAL ADMINISTRATIVE EXPENDITURES	$	77,929	$	93,157	$	92,540		
					
TOTAL EXPENDITURES	$	624,980	$	330,157	$	330,540		
					
REVENUES LESS EXPENDITURES	$	513,675	$	634,367	$	634,353		
					
BOND PAYMENTS	(587,720)	(576,568)	(576,568)	2026 Principal & Interest Payments	
					
BALANCE	$	(74,045)	$	57,799	$	57,785		
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(10,459)	(19,266)	(19,261)	Two Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(34,622)	(38,533)	(38,524)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(119,126)	$	-	$	-		
					
CARRYOVER FROM PRIOR YEAR	0	0	0	Carryover Balance From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(119,126)	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2025/2026
OCTOBER 1, 2025 - SEPTEMBER 30, 2026

REVENUES	FISCAL YEAR 2023/2024 ACTUAL	FISCAL YEAR 2024/2025 BUDGET	FISCAL YEAR 2025/2026 BUDGET	

COMMENTS	

Interest Income	
23,319	
500	
1,500	
Projected Interest For 2025/2026	

NAV Tax Collection	
587,720	
576,568	
576,568	
Yearly Maximum Debt Assessment	

Total Revenues	
$	611,039	
$	577,068	
$	578,068		

EXPENDITURES					

Principal Payments	
424,000	
436,000	
446,000	
Principal Payment Due In 2026	

Interest Payments	
148,070	
131,378	
119,912	
Interest Payments Due In 2026	

Bond Redemption	
0	
9,690	
12,156	
Estimated Excess Debt Collections	

Total Expenditures	
$	572,070	
$	577,068	
$	578,068		

Excess/Shortfall	
$	38,969	
$	-	
$	-		

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 1/1/2025 =	$5,271,000			

Keys Cove Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2021/2022	2022/2023	2023/2024	2024/2025	2025/2026	
	Assessment*		  Assessment*			Assessment*			Assessment*		  Projected Assessment* 	

Administrative	$	83.65	$	85.77	$	90.79	$	100.44	$	99.11	
Maintenance	$	546.86	$	544.72	$	385.02	$	258.86	$	259.96	
Debt	$	629.75	$	629.75	$	629.75	$	629.75	$	629.75	
Total	$	1,260.26	$	1,260.24	$	1,105.56	$	989.05	$	988.82	

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

Community Information:
Total Units	974

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