Lake Frances Community Development District

Final Budget For Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020 BUDGET	
Administrative Assessments	61,948	
Maintenance Assessments	16,457	
Debt Assessments	146,840	
Other Revenues	0	
Interest Income	480	
		
TOTAL REVENUES	$	225,725	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Aquatic Maintenance (Lake Tract)	3,600	
Lawn & Landscape Maintenance	6,600	
Engineering/Annual Report/Inspections	1,250	
Field Operation Management	1,620	
Maintenance Contingency	2,400	
TOTAL MAINTENANCE EXPENDITURES	$	15,470	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	3,000	
Payroll Taxes (Employer)	230	
Management	31,356	
Legal	9,600	
Assessment Roll	6,000	
Audit Fees	3,200	
Insurance	6,750	
Legal Advertisements	750	
Miscellaneous	1,000	
Meeting Room Rental	1,000	
Postage	200	
Office Supplies	550	
Dues & Subscriptions	175	
Trustee Fee	4,000	
Continuing Disclosure Fee	350	
Website Management	2,000	
Administrative Contingency	1,200	
TOTAL ADMINISTRATIVE EXPENDITURES	$	71,361	
		
TOTAL EXPENDITURES	$	86,831	
		
REVENUES LESS EXPENDITURES	$	138,894	
		
Bond Payments	(138,030)	
		
BALANCE	$	864	
		
County Appraiser & Tax Collector Fee	(4,505)	
Discounts For Early Payments	(9,009)	
		
EXCESS/ (SHORTFALL)	$	(12,650)	
		
Carryover From Prior Year	12,650	
		
NET EXCESS/ (SHORTFALL)	$	-	

5/3/2019 2:27 PM	I

DETAILED FINAL BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018
ACTUAL	
FISCAL YEAR 2018/2019
BUDGET	
FISCAL YEAR 2019/2020
BUDGET	

COMMENTS	
Administrative Assessments	52,626	61,975	61,948	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	16,251	16,436	16,457	Expenditures/.94	
Debt Assessments	163,701	146,840	146,840	Bond Payments/.94	
Other Revenues	0	0	0	Other Revenues	
Interest Income	601	420	480	Interest Projected At $40 Per Month	
					
TOTAL REVENUES	$	233,179	$	225,671	$	225,725		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Aquatic Maintenance (Lake Tract)	2,340	3,500	3,600	$100 Increase From 2018/2019 Budget	
Lawn & Landscape Maintenance	5,175	6,500	6,600	$100 Increase From 2018/2019 Budget	
Engineering/Annual Report/Inspections	1,244	1,250	1,250	No Change From 2018/2019 Budget	
Field Operation Management	900	1,200	1,620	$420 Increase From 2018/2019 Budget	
Maintenance Contingency	1,150	3,000	2,400	$600 Decrease From 2018/2019 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	10,809	$	15,450	$	15,470		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	2,600	3,000	3,000	Supervisor Fees	
Payroll Taxes (Employer)	199	230	230	Supervisor Fees * 7.65%	
Management	30,156	30,780	31,356	CPI Adjustment	
Legal	9,136	9,600	9,600	No Change From 2018/2019 Budget	
Assessment Roll	6,000	6,000	6,000	As Per Contract	
Audit Fees	3,200	3,200	3,200	Accepted Amount For 2018/2019 Audit	
Insurance	5,778	6,420	6,750	Insurance Estimate	
Legal Advertisements	537	750	750	No Change From 2018/2019 Budget	
Miscellaneous	991	1,000	1,000	No Change From 2018/2019 Budget	
Meeting Room Rental	961	0	1,000	Meeting Room Rental	
Postage	155	200	200	No Change From 2018/2019 Budget	
Office Supplies	533	400	550	$150 Increase From 2018/2019 Budget	
Dues & Subscriptions	175	175	175	No Change From 2018/2019 Budget	
Trustee Fee	4,000	4,000	4,000	No Change From 2018/2019 Budget	
Continuing Disclosure Fee	350	500	350	$150 Decrease From 2018/2019 Budget	
Website Management	1,500	1,500	2,000	$500 Increase From 2018/2019 Budget	
Administrative Contingency	0	0	1,200	Administrative Contingency	
TOTAL ADMINISTRATIVE EXPENDITURES	$	66,271	$	67,755	$	71,361		
					
TOTAL EXPENDITURES	$	77,080	$	83,205	$	86,831		
					
REVENUES LESS EXPENDITURES	$	156,099	$	142,466	$	138,894		
					
Bond Payments	(156,896)	(138,030)	(138,030)	2020 P & I Payments Less Earned Interest	
					
BALANCE	$	(797)	$	4,436	$	864		
					
County Appraiser & Tax Collector Fee	(2,235)	(4,505)	(4,505)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(9,020)	(9,010)	(9,009)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(12,052)	$	(9,079)	$	(12,650)		
					
Carryover From Prior Year	0	9,079	12,650	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(12,052)	$	-	$	-		

5/3/2019 2:27 PM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 ANNUAL BUDGET	FISCAL YEAR 2019/2020 ANNUAL BUDGET	

COMMENTS	

Interest Income	
1,616	
100	
200	
Projected Interest For FY 2019/2020	

NAV Tax Collection	
156,896	
138,030	
138,030	
Maximum Debt Service Collection	

Total Revenues	
$	158,512	
$	138,130	
$	138,230		

EXPENDITURES					

Principal Payments	
55,000	
72,000	
71,000	
Principal Payment Due In 2020	

Interest Payments	
92,894	
65,090	
62,945	
Interest Payments Due In 2020	

Bond Redemption	
0	
1,040	
4,285	
Estimated Excess Debt Collections	

Total Expenditures	
$	147,894	
$	138,130	
$	138,230		

Excess/ (Shortfall)	
$	10,618	
$	-	
$	-		

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 1/1/19 =	May 2037

$1,812,000			

5/3/2019 2:27 PM	III

Lake Frances Community Development District Assessment Comparison

Original
Projected	
Fiscal Year	
Fiscal Year	
Fiscal Year	
Fiscal Year	
Assessment	2016/2017	2017/2018	2018/2019	2019/2020	
(Methodology)	Assessment	Assessment	Assessment	Projected Assessment	
Before Discount*	Before Discount*	Before Discount*	Before Discount*	Before Discount*	

Administrative	
$	483.56	
$	342.26	
$	366.81	
$	433.40	
$	433.21	
Maintenance	$	-	$	105.79	$	113.64	$	114.95	$	115.10	
Debt	$	1,182.23	$	1,178.64	$	1,144.76	$	1,026.86	$	1,026.86	
Total	$	1,665.79	$	1,626.69	$	1,625.21	$	1,575.21	$	1,575.17	

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

Community Information:		                                                            Total Units	143

5/3/2019 2:27 PM	IV