Keys Cove Community Development District

Amended Final Budget For Fiscal Year 2024/2025
October 1, 2024 - September 30, 2025

CONTENTS

I

AMENDED FINAL OPERATING FUND BUDGET

II

AMENDED FINAL DEBT SERVICE FUND BUDGET

AMENDED FINAL BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT OPERATING FUND
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Fund Balance Includes Maintenance, Storm Drainage, Roadway Resurfacing And Improvements (Erosion Project) Reserves.
Reserve Funds Balance As Of 9/30/2025 is $1,110,718 - Maintenance (175,000), Storm Drainage (140,665), Roadways (235,530), Erosion (297,310). Unspent Maintenance, Storm Drainage Maintenance & Roadway Resurfacing To Be Added To Reserves On 10/1/25.
Erosion Expenditures (Over Budget) To Be Deducted From Improvements Reserve On 10/1/25.

I

10/9/2025 5:14 PM

$1,517,712

$75,899

$1,593,611

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025 BUDGET 10/1/24 - 9/30/25

AMENDED FINAL BUDGET
10/1/24 - 9/30/25

YEAR TO DATE ACTUAL
10/1/24 - 9/29/25

Administrative Assessments

97,826

101,315

101,315

Maintenance Assessments

252,128

252,128

249,646

Debt Assessments

613,370

613,370

607,339

Other Revenues

0

0

0

Interest Income

1,200

38,000

37,536

.

Total Revenues

$	964,524

$	1,004,813

$	995,836

ADMINISTRATIVE EXPENDITURES

Supervisor Fees

6,000

1,800

1,800

Payroll Taxes - Employer

480

212

212

Management

35,052

35,052

35,052

Reimbursables (Postage/Office Supplies)

1,050

400

343

Legal

15,000

10,000

8,208

Assessment Roll

7,500

7,500

7,500

Audit Fees

3,900

3,500

3,500

Arbitrage Rebate Fee

650

650

650

Insurance

12,000

8,609

8,609

Legal Advertisements

2,500

3,000

2,002

Miscellaneous

2,000

2,700

2,601

Dues & Subscriptions

175

175

175

Trustee Fees

4,500

4,246

4,246

Website Management

2,000

2,000

2,000

Continuing Disclosure Fee

350

350

350

TOTAL ADMINISTRATIVE EXPENDITURES

$	93,157

$	80,194

$	77,248

MAINTENANCE EXPENDITURES

Maintenance Contingency

52,500

52,500

0

Storm Drainage Maintenance

35,000

35,000

0

Roadway Resurfacing Project

85,000

85,000

0

Maintenance Reserve

25,000

5,000

0

Fountain Maintenance

25,000

5,000

975

Holiday Contribution

2,500

1,000

0

Engineering/Inspections

12,000

8,500

4,563

Lake Restoration Project

0

35,014

35,014

TOTAL MAINTENANCE EXPENDITURES

$	237,000

$	227,014

$	40,552

TOTAL EXPENDITURES

$	330,157

$	307,208

$	117,800

EXCESS/ (SHORTFALL)

$	634,367

$	697,605

$	878,036

Bond Payments

(576,568)

(582,210)

(582,210)

Balance

$	57,799

$	115,395

$	295,826

County Appraiser & Tax Collector Fee

(19,266)

(9,265)

(9,265)

Discounts For Early Payments

(38,533)

(30,231)

(30,231)

Excess/ (Shortfall)

$	-

$	75,899

$	256,330

Carryover From Prior Year

0

0

0

Net Excess/ (Shortfall)

$	-

$	75,899

$	256,330

AMENDED FINAL BUDGET
KEYS COVE COMMUNITY DEVELOPMENT DISTRICT DEBT SERVICE FUND
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Note*: Reserve Fund Balance = $114,120. Revenue Fund Balance = $342,458. Revenue Fund Balance To Be Used To Make 11/1/2025 Interest Payment Of $62,855.
* Approximate Amounts

Series 2019 Bond Refunding Information

Original Par Amount = Interest Rate =
Issue Date = Maturity Date =

$7,322,000 2.60%
December 2019
May 2035

Annual Principal Payments Due: May 1st
Annual Interest Payments Due: May 1st & November 1st

Par Amount As Of 9/30/25 =

$4,835,000

II

10/9/2025 5:14 PM

$429,414

$27,164

$456,578

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025 BUDGET
10/1/24 - 9/30/25

AMENDED FINAL BUDGET
10/1/24 - 9/30/25

YEAR TO DATE ACTUAL
10/1/24 - 9/29/25

Interest Income

500

18,000

17,901

NAV Tax Collection

576,568

582,210

582,210

Total Revenues

$	577,068

$	600,210

$	600,111

EXPENDITURES

Principal Payments

436,000

436,000

436,000

Interest Payments

131,378

137,046

137,046

Bond Redemption

9,690

0

0

Total Expenditures

$	577,068

$	573,046

$	573,046

EXCESS/ (SHORTFALL)

$	-

$	27,164

$	27,065