Lake Frances Community Development District

Proposed Budget For Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

DETAILED BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021 BUDGET	
Administrative Assessments	61,906	
Maintenance Assessments	16,457	
Debt Assessments	146,840	
Other Revenues	0	
Interest Income	540	
		
TOTAL REVENUES	$	225,743	
		
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	32,076	
Legal	9,600	
Assessment Roll	6,000	
Audit Fees	3,300	
Insurance	6,500	
Legal Advertisements	750	
Miscellaneous	1,000	
Meeting Room Rental	1,000	
Postage	200	
Office Supplies	500	
Dues & Subscriptions	175	
Trustee Fee	4,000	
Continuing Disclosure Fee	350	
Website Management	2,000	
Administrative Contingency	1,200	
TOTAL ADMINISTRATIVE EXPENDITURES	$	71,881	
		
TOTAL EXPENDITURES	$	87,351	
		
REVENUES LESS EXPENDITURES	$	138,392	
		
Bond Payments	(138,030)	
		
BALANCE	$	362	
		
County Appraiser & Tax Collector Fee	(4,504)	
Discounts For Early Payments	(9,008)	
		
EXCESS/ (SHORTFALL)	$	(13,150)	
		
Carryover From Prior Year	13,150	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2018/2019
ACTUAL	
FISCAL YEAR 2019/2020
BUDGET	
FISCAL YEAR 2020/2021
BUDGET	

COMMENTS	
Administrative Assessments	62,231	61,948	61,906	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	16,438	16,457	16,457	Expenditures/.94	
Debt Assessments	146,841	146,840	146,840	Bond Payments/.94	
Other Revenues	0	0	0	Other Revenues	
Interest Income	614	480	540	Interest Projected At $45 Per Month	
					
TOTAL REVENUES	$	226,124	$	225,725	$	225,743		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Aquatic Maintenance (Lake Tract)	2,340	3,600	3,600	No Change From 2019/2020 Budget	
Lawn & Landscape Maintenance	6,270	6,600	6,600	No Change From 2019/2020 Budget	
Engineering/Annual Report/Inspections	4,321	1,250	1,250	No Change From 2019/2020 Budget	
Field Operation Management	1,200	1,620	1,620	No Change From 2019/2020 Budget	
Maintenance Contingency	0	2,400	2,400	No Change From 2019/2020 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	14,131	$	15,470	$	15,470		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	1,000	3,000	3,000	Supervisor Fees	
Payroll Taxes (Employer)	77	230	230	Supervisor Fees * 7.65%	
Management	30,780	31,356	32,076	CPI Adjustment	
Legal	7,435	9,600	9,600	No Change From 2019/2020 Budget	
Assessment Roll	6,000	6,000	6,000	As Per Contract	
Audit Fees	3,200	3,200	3,300	$100 Increase From 2019/2020 Budget	
Insurance	5,000	6,750	6,500	Insurance Estimate	
Legal Advertisements	290	750	750	No Change From 2019/2020 Budget	
Miscellaneous	570	1,000	1,000	No Change From 2019/2020 Budget	
Meeting Room Rental	887	1,000	1,000	No Change From 2019/2020 Budget	
Postage	111	200	200	No Change From 2019/2020 Budget	
Office Supplies	223	550	500	$50 Decrease From 2019/2020 Budget	
Dues & Subscriptions	175	175	175	No Change From 2019/2020 Budget	
Trustee Fee	4,000	4,000	4,000	No Change From 2019/2020 Budget	
Continuing Disclosure Fee	350	350	350	No Change From 2019/2020 Budget	
Website Management	1,500	2,000	2,000	No Change From 2019/2020 Budget	
Administrative Contingency	0	1,200	1,200	No Change From 2019/2020 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	61,598	$	71,361	$	71,881		
					
TOTAL EXPENDITURES	$	75,729	$	86,831	$	87,351		
					
REVENUES LESS EXPENDITURES	$	150,395	$	138,894	$	138,392		
					
Bond Payments	(139,843)	(138,030)	(138,030)	2021 P & I Payments Less Earned Interest	
					
BALANCE	$	10,552	$	864	$	362		
					
County Appraiser & Tax Collector Fee	(2,168)	(4,505)	(4,504)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(8,569)	(9,009)	(9,008)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(185)	$	(12,650)	$	(13,150)		
					
Carryover From Prior Year	0	12,650	13,150	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(185)	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 ANNUAL BUDGET	FISCAL YEAR 2020/2021 ANNUAL BUDGET	

COMMENTS	

Interest Income	
2,588	
200	
300	
Projected Interest For FY 2020/2021	

NAV Tax Collection	
139,843	
138,030	
138,030	
Maximum Debt Service Collection	

Total Revenues	
$	142,431	
$	138,230	
$	138,330		

EXPENDITURES					

Principal Payments	
72,000	
71,000	
75,000	
Principal Payment Due In 2021	

Interest Payments	
66,170	
62,945	
60,755	
Interest Payments Due In 2021	

Bond Redemption	
0	
4,285	
2,575	
Estimated Excess Debt Collections	

Total Expenditures	
$	138,170	
$	138,230	
$	138,330		

Excess/ (Shortfall)	
$	4,261	
$	-	
$	-		

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 1/1/20 =	May 2037

$1,740,000			

Lake Frances Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2016/2017	2017/2018	2018/2019	2019/2020	2020/2021	
Assessment	Assessment	Assessment	Assessment	Projected Assessment	
Before Discount*	Before Discount*	Before Discount*	Before Discount*	Before Discount*	

Administrative	

$	342.26	

$	366.81	

$	433.40	

$	433.21	

$	

432.91	
Maintenance	$	105.79	$	113.64	$	114.95	$	115.10	$	115.10	
Debt	$	1,178.64	$	1,144.76	$	1,026.86	$	1,026.86	$	1,026.86	

Total	
$	
1,626.69	
$	
1,625.21	
$	
1,575.21	
$	
1,575.17	
$	
1,574.87	

* Assessments Include the Following :	 4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee
Community Information:		                                                            Total Units	143

2/14/2020 2:27 PM	IV