Lake Frances Community Development District

Final Budget For Fiscal Year 2017/2018
October 1, 2017 - September 30, 2018

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	
FISCAL YEAR 2017/2018
BUDGET	
Administrative Assessments	52,454	
Maintenance Assessments	16,251	
Debt Assessments	163,700	
Other Revenues	0	
Interest Income	360	
		
TOTAL REVENUES	$	232,765	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Aquatic Maintenance (Lake Tract)	3,276	
Lawn & Landscape Maintenance	6,250	
Engineering/Annual Report/Inspections	1,250	
Field Operation Management	900	
Maintenance Contingency	3,600	
TOTAL MAINTENANCE EXPENDITURES	$	15,276	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	3,000	
Payroll Taxes (Employer)	230	
Management	30,156	
Legal	11,000	
Assessment Roll	6,000	
Audit Fees	3,200	
Insurance	6,356	
Legal Advertisements	750	
Miscellaneous	725	
Postage	175	
Office Supplies	400	
Dues & Subscriptions	175	
Trustee Fee	3,000	
Continuing Disclosure Fee	1,500	
Website Management	1,500	
TOTAL ADMINISTRATIVE EXPENDITURES	$	68,167	
		
TOTAL EXPENDITURES	$	83,443	
		
REVENUES LESS EXPENDITURES	$	149,322	
		
Bond Payments	(153,878)	
		
BALANCE	$	(4,556)	
		
County Appraiser & Tax Collector Fee	(4,648)	
Discounts For Early Payments	(9,296)	
		
EXCESS/ (SHORTFALL)	$	(18,500)	
		
Carryover From Prior Year	18,500	
		
NET EXCESS/ (SHORTFALL)	$	-	

6/9/2017 4:43 PM	I

DETAILED FINAL BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	
FISCAL YEAR 2015/2016
ACTUAL	
FISCAL YEAR 2016/2017
BUDGET	
FISCAL YEAR 2017/2018
BUDGET	

COMMENTS	
Administrative Assessments	52,998	48,943	52,454	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	13,458	15,127	16,251	Expenditures/.94	
Debt Assessments	166,186	168,546	163,700	Bond Payments/.94	
Other Revenues	0	0	0	Other Revenues	
Interest Income	505	300	360	Interest Projected At $30 Per Month	
					
TOTAL REVENUES	$	233,147	$	232,916	$	232,765		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Aquatic Maintenance (Lake Tract)	2,340	3,120	3,276	$156 Increase From 2016/2017 Budget	
Lawn & Landscape Maintenance	5,400	6,250	6,250	No Change From 2016/2017 Budget	
Engineering/Annual Report/Inspections	700	1,250	1,250	No Change From 2016/2017 Budget	
Field Operation Management	0	600	900	$300 Increase From 2016/2017 Budget	
Maintenance Contingency	0	3,000	3,600	$600 Increase From 2016/2017 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	8,440	$	14,220	$	15,276		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	0	0	3,000	Supervisor Fees	
Payroll Taxes (Employer)	0	0	230	Supervisor Fees * 7.65%	
Management	29,340	29,544	30,156	CPI Adjustment	
Legal	7,475	11,000	11,000	No Change From 2016/2017 Budget	
Assessment Roll	6,000	6,000	6,000	As Per Contract	
Audit Fees	3,000	3,100	3,200	Accepted Amount For 2016/2017 Audit	
Insurance	5,665	6,232	6,356	Insurance Company Estimate	
Legal Advertisements	352	750	750	No Change From 2016/2017 Budget	
Miscellaneous	123	750	725	$25 Decrease From 2016/2017 Budget	
Postage	100	175	175	No Change From 2016/2017 Budget	
Office Supplies	251	400	400	No Change From 2016/2017 Budget	
Dues & Subscriptions	175	175	175	No Change From 2016/2017 Budget	
Trustee Fee	3,000	3,000	3,000	No Change From 2016/2017 Budget	
Continuing Disclosure Fee	1,500	1,500	1,500	No Change From 2016/2017 Budget	
Website Management	1,500	1,500	1,500	No Change From 2016/2017 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	58,481	$	64,126	$	68,167		
					
TOTAL EXPENDITURES	$	66,921	$	78,346	$	83,443		
					
REVENUES LESS EXPENDITURES	$	166,226	$	154,570	$	149,322		
					
Bond Payments	(157,966)	(158,433)	(153,878)	2018 P & I Payments Less Earned Interest	
					
BALANCE	$	8,260	$	(3,863)	$	(4,556)		
					
County Appraiser & Tax Collector Fee	(2,234)	(4,652)	(4,648)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(9,272)	(9,305)	(9,296)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(3,246)	$	(17,820)	$	(18,500)		
					
Carryover From Prior Year	0	17,820	18,500	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(3,246)	$	-	$	-		

6/9/2017 4:43 PM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	FISCAL YEAR 2015/2016 ACTUAL	FISCAL YEAR 2016/2017 ANNUAL BUDGET	FISCAL YEAR 2017/2018 ANNUAL BUDGET	

COMMENTS	

Interest Income	
386	
50	
100	
Projected Interest For FY 2017/2018	

NAV Tax Collection	
157,966	
158,433	
153,878	

2018 P & I Payments Less Earned Interest	

Total Revenues	
$	158,352	
$	158,483	
$	153,978		

EXPENDITURES					

Principal Payments	
50,000	
55,000	
55,000	
Principal Payment Due In 2018	

Interest Payments	
107,590	
103,483	
98,978	
Interest Payments Due In 2018	

Total Expenditures	
$	157,590	
$	158,483	
$	153,978		

Excess/ (Shortfall)	
$	762	
$	-	
$	-		

Series 2007 Bond Information

Original Par Amount =	$2,355,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	5.30%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	February 2007			
Maturity Date =	May 2037			

6/9/2017 4:43 PM	III

Lake Frances Community Development District Assessment Comparison

Original
Projected	
Fiscal Year	
Fiscal Year	
Fiscal Year	
Fiscal Year	
Assessment	2014/2015	2015/2016	2016/2017	2017/2018	
(Methodology)	Assessment	Assessment	Assessment	Projected Assessment	
Before Discount*	Before Discount*	Before Discount*	Before Discount*	Before Discount*	

Administrative	
$	483.56	
$	355.65	
$	370.52	
$	342.26	
$	366.81	
Maintenance	$	-	$	89.27	$	94.11	$	105.79	$	113.64	
Debt	$	1,182.23	$	1,182.23	$	1,162.14	$	1,178.64	$	1,144.76	
Total	$	1,665.79	$	1,627.15	$	1,626.77	$	1,626.69	$	1,625.21	

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

Community Information:		
Total Units	143	
Units With Debt Billed Off-Roll	0	
Billed for Debt On-Roll	143	

6/9/2017 4:43 PM	IV