Lake Frances Community Development District

Final Budget For Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019 BUDGET	
Administrative Assessments	61,975	
Maintenance Assessments	16,436	
Debt Assessments	146,840	
Other Revenues	0	
Interest Income	420	
		
TOTAL REVENUES	$	225,671	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Aquatic Maintenance (Lake Tract)	3,500	
Lawn & Landscape Maintenance	6,500	
Engineering/Annual Report/Inspections	1,250	
Field Operation Management	1,200	
Maintenance Contingency	3,000	
TOTAL MAINTENANCE EXPENDITURES	$	15,450	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	3,000	
Payroll Taxes (Employer)	230	
Management	30,780	
Legal	9,600	
Assessment Roll	6,000	
Audit Fees	3,200	
Insurance	6,420	
Legal Advertisements	750	
Miscellaneous	1,000	
Postage	200	
Office Supplies	400	
Dues & Subscriptions	175	
Trustee Fee	4,000	
Continuing Disclosure Fee	500	
Website Management	1,500	
TOTAL ADMINISTRATIVE EXPENDITURES	$	67,755	
		
TOTAL EXPENDITURES	$	83,205	
		
REVENUES LESS EXPENDITURES	$	142,466	
		
Bond Payments	(138,030)	
		
BALANCE	$	4,436	
		
County Appraiser & Tax Collector Fee	(4,505)	
Discounts For Early Payments	(9,010)	
		
EXCESS/ (SHORTFALL)	$	(9,079)	
		
Carryover From Prior Year	9,079	
		
NET EXCESS/ (SHORTFALL)	$	-	

6/19/2018 12:05 PM	I

DETAILED FINAL BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2016/2017
ACTUAL	
FISCAL YEAR 2017/2018
BUDGET	
FISCAL YEAR 2018/2019
BUDGET	

COMMENTS	
Administrative Assessments	49,036	52,454	61,975	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	15,128	16,251	16,436	Expenditures/.94	
Debt Assessments	168,546	163,700	146,840	Bond Payments/.94	
Other Revenues	0	0	0	Other Revenues	
Interest Income	637	360	420	Interest Projected At $35 Per Month	
					
TOTAL REVENUES	$	233,347	$	232,765	$	225,671		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Aquatic Maintenance (Lake Tract)	2,340	3,276	3,500	$224 Increase From 2017/2018 Budget	
Lawn & Landscape Maintenance	5,400	6,250	6,500	$250 Increase From 2017/2018 Budget	
Engineering/Annual Report/Inspections	850	1,250	1,250	No Change From 2017/2018 Budget	
Field Operation Management	600	900	1,200	$300 Increase From 2017/2018 Budget	
Maintenance Contingency	0	3,600	3,000	$600 Decrease From 2017/2018 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	9,190	$	15,276	$	15,450		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	0	3,000	3,000	Supervisor Fees	
Payroll Taxes (Employer)	0	230	230	Supervisor Fees * 7.65%	
Management	29,544	30,156	30,780	CPI Adjustment	
Legal	8,303	11,000	9,600	$1,400 Decrease From 2017/2018 Budget	
Assessment Roll	6,000	6,000	6,000	As Per Contract	
Audit Fees	3,100	3,200	3,200	Accepted Amount For 2017/2018 Audit	
Insurance	5,778	6,356	6,420	Insurance Estimate	
Legal Advertisements	398	750	750	No Change From 2017/2018 Budget	
Miscellaneous	648	725	1,000	$275 Increase From 2017/2018 Budget	
Postage	229	175	200	$25 Increase From 2017/2018 Budget	
Office Supplies	272	400	400	No Change From 2017/2018 Budget	
Dues & Subscriptions	175	175	175	No Change From 2017/2018 Budget	
Trustee Fee	3,000	3,000	4,000	New Rate For Refunding Bond	
Continuing Disclosure Fee	1,500	1,500	500	$1,000 Decrease From 2017/2018 Budget	
Website Management	1,500	1,500	1,500	No Change From 2017/2018 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	60,447	$	68,167	$	67,755		
					
TOTAL EXPENDITURES	$	69,637	$	83,443	$	83,205		
					
REVENUES LESS EXPENDITURES	$	163,710	$	149,322	$	142,466		
					
Bond Payments	(160,337)	(153,878)	(138,030)	2019 P & I Payments Less Earned Interest	
					
BALANCE	$	3,373	$	(4,556)	$	4,436		
					
County Appraiser & Tax Collector Fee	(2,236)	(4,648)	(4,505)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(9,093)	(9,296)	(9,010)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(7,956)	$	(18,500)	$	(9,079)		
					
Carryover From Prior Year	0	18,500	9,079	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(7,956)	$	-	$	-		

6/19/2018 12:05 PM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 ANNUAL BUDGET	FISCAL YEAR 2018/2019 ANNUAL BUDGET	

COMMENTS	

Interest Income	
1,282	
100	
100	
Projected Interest For FY 2018/2019	

NAV Tax Collection	
160,337	
153,878	
138,030	
Maximum Debt Service Collection	

Total Revenues	
$	161,619	
$	153,978	
$	138,130		

EXPENDITURES					

Principal Payments	
55,000	
55,000	
72,000	
Principal Payment Due In 2019	

Interest Payments	
104,145	
98,978	
65,090	
Interest Payments Due In 2019	

Bond Redemption	
30,000	
0	
1,040	
Estimated Excess Debt Collections	

Total Expenditures	
$	189,145	
$	153,978	
$	138,130		

Excess/ (Shortfall)	
$	(27,526)	
$	-	
$	-		

Series 2018 Bond Refunding Information

Original Par Amount =	$1,812,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	3.00% - 4.00%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	February 2018			
Maturity Date =

Par Amount As Of 4/1/18 =	May 2037

$1,812,000			

6/19/2018 12:05 PM	III

Lake Frances Community Development District Assessment Comparison

Original
Projected	
Fiscal Year	
Fiscal Year	
Fiscal Year	
Fiscal Year	
Assessment	2015/2016	2016/2017	2017/2018	2018/2019	
(Methodology)	Assessment	Assessment	Assessment	Projected Assessment	
Before Discount*	Before Discount*	Before Discount*	Before Discount*	Before Discount*	

Administrative	
$	483.56	
$	370.52	
$	342.26	
$	366.81	
$	433.40	
Maintenance	$	-	$	94.11	$	105.79	$	113.64	$	114.95	
Debt	$	1,182.23	$	1,162.14	$	1,178.64	$	1,144.76	$	1,026.86	
Total	$	1,665.79	$	1,626.77	$	1,626.69	$	1,625.21	$	1,575.21	

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

Community Information:		                                                            Total Units	143

6/19/2018 12:05 PM	IV