Lake Frances Community Development District

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

CONTENTS

AMENDED FINAL OPERATING FUND BUDGET

AMENDED FINAL DEBT SERVICE FUND BUDGET

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

REVENUES	FISCAL YEAR 2018/2019 BUDGET 10/1/18 - 9/30/19	AMENDED FINAL BUDGET
10/1/18 - 9/30/19	YEAR TO DATE ACTUAL
10/1/18 - 9/29/19	
Administrative Assessments	61,975	62,231	62,231	
Maintenance Assessments	16,436	16,438	16,438	
Debt Assessments	146,840	146,841	146,841	
Other Revenues	0	0	0	
Interest Income	420	580	570	
TOTAL REVENUES	$	225,671	$	226,090	$	226,080	
				
EXPENDITURES				
ADMINISTRATIVE EXPENDITURES				
Supervisor Fees	3,000	1,000	1,000	
Payroll Taxes (Employer)	230	77	77	
Management	30,780	30,780	30,780	
Legal	9,600	8,900	6,935	
Assessment Roll	6,000	6,000	6,000	
Audit Fees	3,200	3,200	3,200	
Insurance	6,420	5,000	5,000	
Legal Advertisements	750	650	290	
Miscellaneous	1,000	1,750	1,457	
Postage	200	120	111	
Office Supplies	400	275	223	
Dues & Subscriptions	175	175	175	
Trustee Fee	4,000	4,000	4,000	
Continuing Disclosure Fee	500	350	350	
Website Mangement	1,500	1,500	1,500	
TOTAL ADMINISTRATIVE EXPENDITURES	$	67,755	$	63,777	$	61,098	
				
MAINTENANCE EXPENDITURES				
Aquatic Maintenance (Lake Tract)	3,500	2,340	2,340	
Lawn & Landscape Maintenance	6,500	6,500	5,675	
Engineering/Annual Report/Inspections	1,250	4,321	4,321	
Field Operation Management	1,200	1,200	1,200	
Maintenance Contingency	3,000	500	0	
TOTAL MAINTENANCE EXPENDITURES	$	15,450	$	14,861	$	13,536	
				
TOTAL EXPENDITURES	$	83,205	$	78,638	$	74,634	
				
REVENUES LESS EXPENDITURES	$	142,466	$	147,452	$	151,446	
				
Bond Payments	(138,030)	(139,843)	(139,843)	
				
BALANCE	$	4,436	$	7,609	$	11,603	
				
County Appraiser & Tax Collector Fee	(4,505)	(2,168)	(2,168)	
Discounts For Early Payments	(9,010)	(8,569)	(8,569)	
				
EXCESS/ (SHORTFALL)	$	(9,079)	$	(3,128)	$	866	
				
Carryover From Prior Year	9,079	9,079	0	
				
NET EXCESS/ (SHORTFALL)	$	-	$	5,951	$	866	

FUND BALANCE AS OF 9/30/18	
FY 2018/2019 ACTIVITY	
FUND BALANCE AS OF 9/30/19	

$202,409	
($3,128)	
$199,281	

Notes
Carryover From Prior Year Of $9,079 was used to reduce Fiscal Year 2018/2019 Assessments.
$12,650 Of Fund Balance To Be Used To Reduce 2019/2020 Assessments.

10/14/2019  3:40 PM	I

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

REVENUES	FISCAL YEAR 2018/2019 BUDGET
10/1/18 - 9/30/19	AMENDED FINAL BUDGET
10/1/18 - 9/30/19	YEAR TO DATE ACTUAL
10/1/18 - 9/29/19	
Interest Income	100	2,425	2,416	
NAV Tax Collection	138,030	139,843	139,843	
				
Total Revenues	$	138,130	$	142,268	$	142,259	
				
EXPENDITURES				
Principal Payments	72,000	72,000	72,000	
Interest Payments	65,090	66,170	66,170	
Bond Redemption	1,040	0	0	
				
Total Expenditures	$	138,130	$	138,170	$	138,170	
				
Excess/Shortfall	$	-	$	4,098	$	4,089	

FUND BALANCE AS OF 9/30/18	
FY 2018/2019 ACTIVITY	
FUND BALANCE AS OF 9/30/19	

$115,908	
$4,098	
$120,006	

Notes
Reserve Fund Balance = $70,703*. Revenue Fund Balance = $49,303*. Interest Fund Balance Used To Make 11/1/2019 Interest Payment Of $32,005.
* 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 9/30/19 =	$1,740,000		

10/14/2019 3:40 PM	II