Lake Frances Community Development District

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

CONTENTS

AMENDED FINAL OPERATING FUND BUDGET

AMENDED FINAL DEBT SERVICE FUND BUDGET

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

REVENUES	FISCAL YEAR 2017/2018 BUDGET 10/1/17 - 9/30/18	AMENDED FINAL BUDGET
10/1/17 - 9/30/18	YEAR TO DATE ACTUAL
10/1/17 - 9/29/18	
Administrative Assessments	52,454	52,626	52,626	
Maintenance Assessments	16,251	16,251	16,251	
Debt Assessments	163,700	163,701	163,701	
Other Revenues	0	0	0	
Interest Income	360	560	556	
TOTAL REVENUES	$	232,765	$	233,138	$	233,134	
				
EXPENDITURES				
ADMINISTRATIVE EXPENDITURES				
Supervisor Fees	3,000	2,600	2,600	
Payroll Taxes (Employer)	230	199	199	
Management	30,156	30,156	30,156	
Legal	11,000	9,700	8,636	
Assessment Roll	6,000	6,000	6,000	
Audit Fees	3,200	3,200	3,200	
Insurance	6,356	5,778	5,778	
Legal Advertisements	750	750	537	
Miscellaneous	725	2,100	1,898	
Postage	175	165	155	
Office Supplies	400	555	533	
Dues & Subscriptions	175	175	175	
Trustee Fee	3,000	3,000	0	
Continuing Disclosure Fee	1,500	350	350	
Website Mangement	1,500	1,500	1,500	
TOTAL ADMINISTRATIVE EXPENDITURES	$	68,167	$	66,228	$	61,717	
				
MAINTENANCE EXPENDITURES				
Aquatic Maintenance (Lake Tract)	3,276	2,750	2,145	
Lawn & Landscape Maintenance	6,250	6,250	5,175	
Engineering/Annual Report/Inspections	1,250	1,244	1,244	
Field Operation Management	900	900	900	
Maintenance Contingency	3,600	1,850	1,150	
TOTAL MAINTENANCE EXPENDITURES	$	15,276	$	12,994	$	10,614	
				
TOTAL EXPENDITURES	$	83,443	$	79,222	$	72,331	
				
REVENUES LESS EXPENDITURES	$	149,322	$	153,916	$	160,803	
				
Bond Payments	(153,878)	(156,896)	(156,896)	
				
BALANCE	$	(4,556)	$	(2,980)	$	3,907	
				
County Appraiser & Tax Collector Fee	(4,648)	(2,235)	(2,235)	
Discounts For Early Payments	(9,296)	(9,020)	(9,020)	
				
EXCESS/ (SHORTFALL)	$	(18,500)	$	(14,235)	$	(7,348)	
				
Carryover From Prior Year	18,500	18,500	0	
				
NET EXCESS/ (SHORTFALL)	$	-	$	4,265	$	(7,348)	

FUND BALANCE AS OF 9/30/17	
FY 2017/2018 ACTIVITY	
FUND BALANCE AS OF 9/30/18	

$210,461	
($14,235)	
$196,226	

Notes
Carryover From Prior Year Of $18,500 was used to reduce Fiscal Year 2017/2018 Assessments.
$9,079 Of Fund Balance To Be Used To Reduce 2018/2019 Assessments.

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

REVENUES	FISCAL YEAR 2017/2018 BUDGET
10/1/17 - 9/30/18	AMENDED FINAL BUDGET
10/1/17 - 9/30/18	YEAR TO DATE ACTUAL
10/1/17 - 9/29/18	
Interest Income	100	1,620	1,616	
NAV Tax Collection	153,878	156,896	156,896	
Bond Refunding Proceeds	0	1,812,000	1,812,000	
Premium	0	46,633	46,633	

Transfer From 2007 Capital Projects Fund	0	20,121	20,121	
Transfer From 2007 Debt Service	0	54,483	54,483	
Total Revenues	$	153,978	$	2,091,753	$	2,091,749	
				
EXPENDITURES				
Principal Payments (2007)	55,000	1,895,000	1,895,000	
Principal Payments (2018)	0	0	0	
Interest Payments (2007)	98,978	78,374	78,374	
Interest Payments (2018)	0	14,521	14,521	
Cost Of Bond Refunding Issuance	0	155,990	155,990	
Closeout Of 2007 Debt Service	0	54,483	54,483	
Total Expenditures	$	153,978	$	2,198,368	$	2,198,368	
				
Excess/Shortfall	$	-	$	(106,615)	$	(106,619)	

FUND BALANCE AS OF 9/30/17	
FY 2017/2018 ACTIVITY	
FUND BALANCE AS OF 9/30/18	

$222,381	
($106,615)	
$115,766	

Notes
Reserve Fund Balance = $69,414*. Revenue Fund Balance = $12,830*. Interest Fund Balance = $33,522*.
Interest Fund Balance Used To Make 11/1/2018 Interest Payment Of $33,085.
* Approximate Amounts

Series 2018 Bond Refunding Information		
Original Par Amount =	$1,812,000	Annual Principal Payments Due:	
Interest Rate =	3.00% - 4.00%	May 1st	
Issue Date =	February 2018	Annual Interest Payments Due:	
Maturity Date =	May 2037	May 1st & November 1st	
Par Amount As Of 9/30/18 =	$1,812,000