KEYS COVE COMMUNITY DEVELOPMENT
DISTRICT

MIAMI-DADE COUNTY Regular Board Meeting & Public
Hearing May 28, 2025
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 28, 2025
5:00 p.m.

Call to Order
Proof of Publication	Page 1
Establish Quorum
Consideration of Appointment and Administer the Oath of Office
Election of Officers
Chairman
Vice Chairman
Secretary/Treasurer
Assistant Secretaries
Additions or Deletions to Agenda
Comments from the Public
Approval of Minutes
1.  March 26, 2025 Regular Board Meeting Minutes	Page 2
New Business
Consider Resolution No. 2025-03 – Adopting a Fiscal Year 2025/2026 Meeting Schedule	Page 7
Landshore Enterprises Correction Work at Lake 2S	Page 9
Old Business
Public Hearing
Proof of Publication	Page 10
Receive Public Comments on Fiscal Year 2025/2026 Final Budget
Consider Resolution No. 2025-04 – Adopting a Fiscal Year 2025/2026 Final Budget	Page 11
Administrative Matters
Financial Report	Page 18
Reminder of Statement of Financial Interests Disclosure 2024 Form 1, Filing Deadline: July 1, 2025
District Counsel Report
Additional Board Member/Staff Comments
Adjourn

AFFIDAVIT OF PUBLICATION

Account #	Order Number	Identification	Order PO	Amount	Cols	Depth	
142044	599474	Print Legal Ad-IPL01978720 - IPL0197872		$699.96	2	47 L	

Attention:

Laura J. Archer

PUBLISHED DAILY

Keys Cove Community Development District c/o Special District Services, Inc.
2501A Burns Road
Palm Beach Gardens, Florida 33410 LArcher@sdsinc.org

MIAMI-DADE-FLORIDA
STATE OF FLORIDA COUNTY OF MIAMI-DADE
Before the undersigned authority personally appeared: Mary Castro, who on oath says that he/she is CUSTODIAN OF RECORDS of The Miami Herald, a daily newspaper published at Miami in Miami-Dade County, Florida; that the attached copy of the advertisement that was published was published in said newspaper in the issue
(s) of:
Publication: Miami Herald 1 insertion(s) published on:
10/10/24

Affiant further says that the said Miami Herald is a newspaper published at Miami, in the said Miami-Dade County, Florida and that the said newspaper has heretofore been continuously published in said Dade County, Florida each day and has been entered a second class mail matter at the post office in Miami, in said Miami-Dade County, Florida, for a period of two years next preceding the first publication of the attached copy of advertisement; and affiant further says that he/she has neither paid or promised any person, firm or corporation any discount, rebate, commission or refund for the purpose of securing this advertisement for publication in the said newspaper(s).The McClatchy Company complies with all legal requirements for publication in chapter 50, Florida Statutes.

Sworn to and subscribed before me this 10th day of October in the year of 2024

Notary Public in and for the state of Texas, residing in Dallas County

Extra charge for lost or duplicate affidavits. Legal document please do not destroy!

KEYS COVE COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING
MARCH 26, 2025

CALL TO ORDER

The March 26, 2025, Regular Board Meeting of the Keys Cove Community Development District (the “District”) was called to order at 5:00 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 Herald on October 10, 2024, as part of the District’s Fiscal Year 2024/2025 Regular Meeting Schedule, as legally required.

ESTABLISH A QUORUM

It was determined that the attendance of Chairman Carlos Cabezas, Vice Chairman Kenneth Dwayne Bryant 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.

DECLARE VACANCY IN SEAT #3

Mrs. Perez noted that no one had qualified for Seat #3, currently held by incumbent Jeffrey Louis as a holdover and it would be in order for a vacancy to be declared. An appointment can be made thereafter.

A MOTION was made by Supervisor Bryant, seconded by Supervisor McNish and unanimously passed declaring a vacancy in Seat #3,which term expires in 2028.

CONSIDER APPOINTMENT TO SEAT #3

A MOTION was made by Supervisor Bryant, seconded by Supervisor McNish and unanimously passed appointing Jeffrey Louis to fill the vacancy and unexpired term of office in Seat No. 3, which term expires in 2028.

Administer Oath of Office and Review Board Member Duties and Responsibilities

Mrs. Perez, as Notary Public in the State of Florida, administered the Oath of Office to Jeffrey Louis. The Supervisor was informed that he was responsible for completing the required Financial Disclosure Form-1 electronically within the next 30 days (2024 Form-1).

DECLARE VACANCY IN SEAT #4

Mrs. Perez noted that no one had qualified for Seat #4, currently held by incumbent Clarence McNish as a holdover and it would be in order for a vacancy to be declared. An appointment can be made thereafter.

Page 1 of 5

A MOTION was made by Supervisor Bryant, seconded by Supervisor Louis and unanimously passed declaring a vacancy in Seat #4, which term expires in 2028.

CONSIDER APPOINTMENT TO SEAT #4

A MOTION was made by Supervisor Louis, seconded by Supervisor Bryant and unanimously passed appointing Clarence McNish to fill the vacancy and unexpired term of office in Seat No. 4, which expires in 2028.

Administer Oath of Office and Review Board Member Duties and Responsibilities

Mrs. Perez, as Notary Public in the State of Florida, administered the Oath of Office to Clarence McNish. The Supervisor was informed that he was responsible for completing the required Financial Disclosure Form-1 electronically within the next 30 days (2024 Form-1).

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 appointments to office and stated that nominations would be in order for Chairperson and Vice-Chair. She indicated that the remaining Supervisors would be designated as Assistant Secretaries.

A brief discussion ensued and the following slate of officers was nominated:
Chairperson – Carlos Cabezas
Vice Chairperson – 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 Bryant, 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 23, 2024, Regular Board Meeting

The minutes of the October 23, 2024, Regular Board Meeting were presented, and the Board was asked if they had any comments or corrections.

Page 2 of 5

There being no corrections, a MOTION was made by Supervisor Louis, seconded by Supervisor Bryant and unanimously passed approving the minutes of the October 23, 2024, Regular Board Meeting, as presented.

NEW BUSINESS
Consider Resolution No. 2025-01 - Adopting a Fiscal Year 2025/2026 Proposed Budget

Mrs. Perez presented Resolution No. 2025-01, entitled:

RESOLUTION NO. 2025-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE KEYS COVE COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2025/2026; AND PROVIDING AN EFFECTIVE DATE.

Mrs. Perez advised the Board that the presented budget was based on estimated project costs and the Board can reduce and/or increase amounts as needed. The Debt Service Assessment is the Refunding Maximum Assessment. The proposed Administrative Budget is slightly lower than last year. The Budget for Maintenance items is unchanged.

Anticipated available funds for 9-30-2025 are estimated to be $600,000, should no unforeseen expenses occur. This amount is in addition to any funds that will be set up for: the Storm Drainage Reserve is ($140,665), for Maintenance Reserve is ($175,000), for Roadway Resurfacing Reserve is ($235,530) and for the Reserve for Improvements is ($297,310).

No carryover has been applied ($0 was set up last year). Because the assessments presented for 2025/2026 are currently lower than the 2024/2025 assessment, no letters to the residents will be required.

A MOTION was made by Supervisor Bryant, seconded by Supervisor Louis and unanimously passed adopting Resolution No. 2025-01, as presented, approving a Proposed Budget for FY 2025/2026, setting the Public Hearing for finalization for Wednesday, May 28, 2025, at 5:00 p.m. at the current meeting location of the Keys Cove Community Clubhouse located at 1455 SE 27th Street, Homestead, Florida 33035 and further authorizing the required advertisements.

Consider Resolution No. 2025-02 – Registered Agent Change

Resolution No. 2025-03 was presented, entitled:

RESOLUTION 2025-02

A RESOLUTION OF THE KEYS COVE COMMUNITY DEVELOPMENT DISTRICT DESIGNATING MICHAEL J. PAWELCZYK AS THE DISTRICT’S REGISTERED AGENT AND DESIGNATING THE OFFICE OF BILLING, COCHRAN, LYLES, MAURO & RAMSEY, P.A. AS THE REGISTERED OFFICE

A MOTION was made by Supervisor Louis, seconded by Supervisor McNish and unanimously passed adopting Resolution No. 2025-02, as presented.

Page 3 of 5

Consider Stormwater Management Proposal for Cleaning of Stormwater Drainage Structures

Several proposals were presented for Board consideration. Mrs. Perez announced the new Miami-Dade County Stormwater Management Class V Permit requirements, which changes the process in which Districts can provide stormwater management services within Miami-Dade and now requires the issuance of this permit. The District can no longer provide stormwater management cleaning services and/or repairs without said permit. Additionally, the permit requires reports to be issued and recommended that the permit be issued for one year.

Mrs. Perez is recommending that the District engage the service of a licensed and insured contractor thereby securing the qualified contractor services for the length of the permit (and extensions, if applicable) and having them issue and qualify the permit in addition to providing the required reports on behalf of the District (copying the District for District records) as part of their agreement responsibilities.

A MOTION was made by Supervisor Louis, seconded by Supervisor Bryant and passed unanimously approving the Raptor Vac Systems proposal for the issuance of the Class V Permit and for the cleaning of 19 stormwater management system structures; and directing District Counsel to prepare an agreement and authorizing District management to execute same on behalf of the District.

OLD BUSINESS

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

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, 2025, were $890,663.47.

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

DISTRICT COUNSEL REPORT
1. Stormwater System Legal Requirements Update Memorandum

Presented in the meeting materials was the Stormwater System Legal Requirements Update Memorandum.

ADDITIONAL BOARD MEMBER/STAFF COMMENTS

ADJOURNMENT

There being no further business to come before the Board, a MOTION was made by Supervisor Cabezas, seconded by Supervisor Bryant adjourning the Regular Board Meeting at 5:34 p.m. The MOTION carried unanimously.

ATTESTED BY:

	
Secretary/Assistant Secretary	Chairman/Vice-Chair

RESOLUTION NO. 2025-03

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE KEYS COVE COMMUNITY DEVELOPMENT DISTRICT, ESTABLISHING A REGULAR MEETING SCHEDULE FOR FISCAL YEAR 2025/2026 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 2025/2026; and

WHEREAS, the Board of Supervisors of the District has set a regular meeting schedule, location and time for District meetings for fiscal year 2025/2026 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 2025/2026 which is attached hereto as Exhibit “A” is hereby adopted and authorized to be published.
PASSED, ADOPTED and EFFECTIVE this 28th day of May, 2025.

ATTEST:	KEYS COVE
COMMUNITY DEVELOPMENT DISTRICT

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

KEYS COVE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2025/2026 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 22, 2025
January 21, 2026
April 22, 2026
June 24, 2026
August 26, 2026

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 HERALD	00/00/25

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Page 9

AFFIDAVIT OF PUBLICATION

Account #	Order Number	Identification	Order PO	Cols	Depth	
142044	659829	Print Legal Ad-IPL02314910 - IPL0231491		1	71 L	

Attention:

Laura J. Archer

PUBLISHED DAILY

Keys Cove Community Development District c/o Special District Services, Inc.
2501A Burns Road

Palm Beach Gardens, Florida 33410 LArcher@sdsinc.org

MIAMI-DADE-FLORIDA
STATE OF FLORIDA COUNTY OF MIAMI-DADE
Before the undersigned authority personally appeared, Mary Castro, who on oath says that he/she is Custodian of Records of the The Miami Herald, a newspaper published in MIami Dade County, Florida, that the attached was published on the publicly accessible website of The Miami Herald or by print in the issues and dates listed below.

2 insertion(s) published on:
05/08/25, 05/15/25

Affiant further says that the said Miami Herald website or newspaper complies with all legal requirements for publication in chapter 50, Florida Statutes.

Sworn to and subscribed before me this 15th day of May in the year of 2025

Notary Public in and for the state of South Carolina, residing in Beaufort County

Extra charge for lost or duplicate affidavits. Legal document please do not destroy!

RESOLUTION NO. 2025-04

A RESOLUTION OF THE KEYS COVE COMMUNITY DEVELOPMENT DISTRICT ADOPTING A FISCAL YEAR 2025/2026 BUDGET.

WHEREAS, the Keys Cove Community Development District (“District”) has prepared a Proposed Budget and Final Special Assessment Roll for Fiscal Year 2025/2026 and has held a duly advertised Public Hearing to receive public comments on the Proposed Budget and Final Special Assessment Roll; and,

WHEREAS, following the Public Hearing and the adoption of the Proposed Budget and Final Assessment Roll, the District is now authorized to levy non ad-valorem assessments upon the properties within the District.

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

Section 1.	The Final Budget and Final Special Assessment Roll for Fiscal Year 2025/2026 attached hereto as Exhibit “A” is approved and adopted, and the assessments set forth therein shall be levied.

Section 2.	The 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 28th day of May, 2025.

ATTEST:	KEYS COVE
COMMUNITY DEVELOPMENT DISTRICT

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

Keys Cove Community Development District

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

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL 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 FINAL 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 FINAL 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

IV

Keys Cove Community Development District

Financial Report For April 2025

Keys Cove Community Development District
Budget vs. Actual
October 2024 through April 2025

	Oct 24 - April 25		24/25 Budget		$ Over Budget		% of Budget	
Income									
363.100	ꞏ Admin Assessment Income	80,248.45		97,826.00		-17,577.55		82.03%	
363.101	ꞏ Maint Assessment Income	204,249.00		252,128.00		-47,879.00		81.01%	
363.810	ꞏ Debt Assessment	496,894.95		613,370.00		-116,475.05		81.01%	
363.820	ꞏ Debt Assessment-Paid To Trustee	-473,137.50		-576,568.00		103,430.50		82.06%	
363.830	ꞏ Assessment Fees	-7,505.89		-19,266.00		11,760.11		38.96%	
363.831	ꞏ Assessment Discounts	-29,807.54		-38,533.00		8,725.46		77.36%	
369.401	ꞏ Interest Income	20,663.03		1,200.00		19,463.03		1,721.92%	
Total Income	291,604.50		330,157.00		-38,552.50		88.32%	
Gross Profit		291,604.50		330,157.00		-38,552.50		88.32%	
Expense									
511.122	ꞏ Payroll Expense	166.65		480.00		-313.35		34.72%	
511.131	ꞏ Supervisor Fees	1,200.00		6,000.00		-4,800.00		20.0%	
511.301	ꞏ Maintenance/Contingency	0.00		52,500.00		-52,500.00		0.0%	
511.302	ꞏ Storm Drainage Maintenance	0.00		35,000.00		-35,000.00		0.0%	
511.303	ꞏ Roadway Resurfacing Project	0.00		85,000.00		-85,000.00		0.0%	
511.304	ꞏ Maintenance Reserve	0.00		25,000.00		-25,000.00		0.0%	
511.307	ꞏ Fountain Maintenance	585.00		25,000.00		-24,415.00		2.34%	
511.308	ꞏ Holiday Lighting	0.00		2,500.00		-2,500.00		0.0%	
511.310	ꞏ Engineering	2,443.75		12,000.00		-9,556.25		20.37%	
511.311	ꞏ Management Fees	20,447.00		35,052.00		-14,605.00		58.33%	
511.315	ꞏ Legal Fees	4,695.00		15,000.00		-10,305.00		31.3%	
511.318	ꞏ Assessment/Tax Roll	0.00		7,500.00		-7,500.00		0.0%	
511.320	ꞏ Audit Fees	0.00		3,900.00		-3,900.00		0.0%	
511.330	ꞏ Arbitrage Rebate Fee	650.00		650.00		0.00		100.0%	
511.450	ꞏ Insurance	8,609.00		12,000.00		-3,391.00		71.74%	
511.480	ꞏ Legal Advertisements	699.96		2,500.00		-1,800.04		28.0%	
511.512	ꞏ Miscellaneous	1,420.87		2,000.00		-579.13		71.04%	
511.515	ꞏ Reimbursables	221.32		1,050.00		-828.68		21.08%	
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%	
511.738	ꞏ South Lake Restoration Project	35,013.90		0.00		35,013.90		100.0%	
511.750	ꞏ Website Management	1,166.62		2,000.00		-833.38		58.33%	
Total Expense	81,740.32		330,157.00		-248,416.68		24.76%	
Net Income		209,864.18		0.00		209,864.18		100.0%	

KEYS COVE COMMUNITY DEVELOPMENT DISTRICT MONTHLY FINANCIAL REPORT
APRIL 2025

REVENUES	
Annual Budget
10/1/24 - 9/30/25	

Actual Apr-25	Year To Date Actual
10/1/24 - 4/30/25	
ADMINISTRATIVE ASSESSMENTS	97,826	996	80,248	
MAINTENANCE ASSESSMENTS	252,128	0	204,249	
DEBT ASSESSMENTS	613,370	0	496,895	
OTHER REVENUES	0	0	0	
INTEREST INCOME	1,200	0	20,663	
Total Revenues	$	964,524	$	996	$	802,055	
				
EXPENDITURES				
MAINTENANCE EXPENDITURES				
MAINTENANCE CONTINGENCY	52,500	0	0	
STORM DRAINAGE MAINTENANCE	35,000	0	0	
ROADWAY RESURFACING PROJECT	85,000	0	0	
MAINTENANCE RESERVE	25,000	0	0	
FOUNTAIN MAINTENANCE	25,000	0	585	
HOLIDAY CONTRIBUTION	2,500	0	0	
ENGINEERING/INSPECTIONS	12,000	0	2,444	
SOUTH LAKE RESTORATION PROJECT	0	0	35,014	
TOTAL MAINTENANCE EXPENDITURES	$	237,000	$	-	$	38,043	
				
ADMINISTRATIVE EXPENDITURES				
SUPERVISOR FEES	6,000	600	1,200	
EMPLOYER TAXES	480	46	167	
MANAGEMENT	35,052	2,921	20,447	
REIMBURSABLES (POSTAGE/OFFICE SUPPLIES)	1,050	109	221	
LEGAL	15,000	0	4,695	
ASSESSMENT ROLL	7,500	0	0	
AUDIT FEES	3,900	0	0	
ARBITRAGE REBATE FEE	650	0	650	
INSURANCE	12,000	0	8,609	
LEGAL ADVERTISING	2,500	0	700	
MISCELLANEOUS	2,000	81	1,420	
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	$	93,157	$	3,923	$	43,697	
				
Total Expenditures	$	330,157	$	3,923	$	81,740	
				
REVENUES LESS EXPENDITURES	$	634,367	$	(2,927)	$	720,315	
				
BOND PAYMENTS	(576,568)	0	(473,137)	
				
BALANCE	$	57,799	$	(2,927)	$	247,178	
				
COUNTY APPRAISER & TAX COLLECTOR FEE	(19,266)	0	(7,506)	
DISCOUNTS FOR EARLY PAYMENTS	(38,533)	0	(29,808)	
				
EXCESS/ (SHORTFALL)	$	-	$	(2,927)	$	209,864	
				
CARRYOVER FROM PRIOR YEAR	0	0	0	
				
NET EXCESS/ (SHORTFALL)	$	-	$	(2,927)	$	209,864	

Bank Balance As Of 4/30/25	$	1,733,046.83	
Accounts Payable As Of 4/30/25	$	5,470.13	
Accounts Receivable As Of 4/30/25	$	-	
Maintenance Reserve As Of 4/30/25	$	175,000.00	
Reserve For Storm Drainage Maintenance As Of 4/30/25	$	140,665.00	
Reserve For Roadway Resurfacing Project As Of 4/30/25	$	235,530.00	
Reserve For Improvements As Of 4/30/25	$	297,310.00	
Available Funds As Of 4/30/25	$	879,071.70	

KEYS COVE CDD TAX COLLECTIONS 2024-2025

#	

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	
									$	963,334	$	97,829	$	252,129	$	613,376	$	97,829	$	252,129	$	613,376		
									$	906,725	$	93,157	$	237,000	$	576,568	$	93,157	$	237,000	$	576,568	$	576,568	
1	1	Miami-Dade Tax Collector	12/09/24	NAV Taxes	$	425,291.50		$  (4,082.80)	$ (17,010.82)	$	404,197.88	$	43,189.20	$	111,309.80	$  270,792.50	$ 41,046.93	$  105,788.85	$ 257,362.10	$  257,362.10	
2	2	Miami-Dade Tax Collector	11/26/24	NAV Taxes	$	225,503.40		$  (2,164.84)	$  (9,019.68)	$	214,318.88	$	22,900.32	$	59,020.08	$  143,583.00	$ 21,764.03	$	56,093.05	$ 136,461.80	$  136,461.80	
3	3	Miami-Dade Tax Collector	12/31/24	NAV Taxes	$	49,452.50		$	(476.41)	$  (1,809.87)	$	47,166.22	$	5,022.00	$	12,943.00	$	31,487.50	$  4,789.67	$	12,344.70	$  30,031.85	$	30,031.85	
4	4	Miami-Dade Tax Collector	01/31/25	NAV Taxes	$	38,609.14		$	(374.75)	$  (1,136.41)	$	37,097.98	$	3,922.69	$	10,104.00	$	24,582.45	$  3,769.08	$	9,708.55	$  23,620.35	$	23,620.35	
5	5	Miami-Dade Tax Collector	02/28/25	NAV Taxes	$	41,540.10		$	(407.09)	$	(830.76)	$	40,302.25	$	4,218.48	$	10,872.12	$	26,449.50	$  4,092.70	$	10,548.15	$  25,661.40	$	25,661.40	
6	Int - 1	Miami-Dade Tax Collector	03/31/25	Interest		$	550.14			$	550.14	$	550.14			$	550.14			$	-	
7	Int - 2	Miami-Dade Tax Collector	03/31/25	Interest		$	445.62			$	445.62	$	445.62			$	445.62			$	-	
8									$	-							$	-	
9									$	-							$	-	
10									$	-							$	-	
11									$	-							$	-	
12									$	-							$	-	
13									$	-							$	-	
14									$	-							$	-	
15									$	-							$	-	
16									$	-							$	-	
					$  780,396.64	$  995.76	$ (7,505.89)	$ (29,807.54)	$  744,078.97	$  80,248.45	$  204,249.00	$ 496,894.95	$ 76,458.17	$ 194,483.30	$ 473,137.50	$ 473,137.50	

Assessment Roll		Collections	Note: $963,334, $97,829, $252,129 and $613,376 are 2024/2025 Budgeted	

Admin: $97,828.56 Maint: $252,129.64
Debt: $613,376.50		81.01%	assessments before discounts and fees.
Note: $906,725, $93,157, $237,000 and $576,568 are 2024/2025 Budgeted assessments after discounts and fees.	
Total $963,334.70				
	
$	780,396.64		
	$	995.76	$	744,078.97	
	$	(80,248.45)	$	(76,458.17)	
	$	(204,249.00)	$  (194,483.30)	
	$	(496,894.95)	$  (473,137.50)	
$	-	$	-