Lake Frances Community Development District

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

CONTENTS

AMENDED FINAL OPERATING FUND BUDGET

AMENDED FINAL DEBT SERVICE FUND BUDGET

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

REVENUES	FISCAL YEAR 2019/2020 BUDGET 10/1/19 - 9/30/20	AMENDED FINAL BUDGET
10/1/19 - 9/30/20	YEAR  TO DATE ACTUAL
10/1/19 - 9/29/20	
Administrative Assessments	61,948	62,390	62,390	
Maintenance Assessments	16,457	16,457	16,457	
Debt Assessments	146,840	146,841	146,841	
Other Revenues	0	0	0	
Interest Income	480	624	624	
TOTAL REVENUES	$	225,725	$	226,312	$	226,312	
				
EXPENDITURES				
ADMINISTRATIVE EXPENDITURES				
Supervisor Fees	3,000	1,700	1,700	
Payroll Taxes (Employer)	230	130	130	
Management	31,356	31,356	31,356	
Legal	9,600	8,600	7,383	
Assessment Roll	6,000	6,000	6,000	
Audit Fees	3,200	3,200	3,200	
Insurance	6,750	5,251	5,251	
Legal Advertisements	750	85	643	
Miscellaneous	1,000	800	535	
Meeting Room Rental	1,000	296	296	
Postage	200	185	176	
Office Supplies	550	310	284	
Dues & Subscriptions	175	175	175	
Trustee Fee	4,000	4,000	4,000	
Continuing Disclosure Fee	350	350	350	
Website Mangement	2,000	2,000	2,000	
Administrative Contingency	1,200	600	0	
TOTAL ADMINISTRATIVE EXPENDITURES	$	71,361	$	65,038	$	63,479	
				
MAINTENANCE EXPENDITURES				
Aquatic Maintenance (Lake Tract)	3,600	2,340	2,340	
Lawn & Landscape Maintenance	6,600	7,140	6,545	
Engineering/Annual Report/Inspections	1,250	975	975	
Field Operation Management	1,620	1,620	1,620	
Maintenance Contingency	2,400	1,200	0	
TOTAL MAINTENANCE EXPENDITURES	$	15,470	$	13,275	$	11,480	
				
TOTAL EXPENDITURES	$	86,831	$	78,313	$	74,959	
				
REVENUES LESS EXPENDITURES	$	138,894	$	147,999	$	151,353	
				
Bond Payments	(138,030)	(139,839)	(139,839)	
				
BALANCE	$	864	$	8,160	$	11,514	
				
County Appraiser & Tax Collector Fee	(4,505)	(2,170)	(2,170)	
Discounts For Early Payments	(9,009)	(8,576)	(8,576)	
				
EXCESS/ (SHORTFALL)	$	(12,650)	$	(2,586)	$	768	
				
Carryover From Prior Year	12,650	12,650	0	
				
NET EXCESS/ (SHORTFALL)	$	-	$	10,064	$	768	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$202,224	
($2,586)	
$199,638	

Notes
Carryover From Prior Year Of $12,650 was used to reduce Fiscal Year 2019/2020 Assessments
$13,150 Of Fund Balance To Be Used To Reduce 2020/2021 Assessments.

10/19/2020  8:12 AM	I

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

REVENUES	FISCAL YEAR 2019/2020 BUDGET
10/1/19 - 9/30/20	AMENDED FINAL BUDGET
10/1/19 - 9/30/20	YEAR TO DATE ACTUAL
10/1/19 - 9/29/20	
Interest Income	200	805	803	
NAV Tax Collection	138,030	139,839	139,839	
				
Total Revenues	$	138,230	$	140,644	$	140,642	
				
EXPENDITURES				
Principal Payments	71,000	71,000	71,000	
Interest Payments	62,945	64,010	64,010	
Bond Redemption	4,285	0	0	
				
Total Expenditures	$	138,230	$	135,010	$	135,010	
				
Excess/Shortfall	$	-	$	5,634	$	5,632	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$120,169	
$5,634	
$125,803	

Notes
Reserve Fund Balance = $71,298*. Revenue Fund Balance = $54,505*. Interest Fund Balance Used To Make 11/1/2020 Interest Payment Of $45,050.
* 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 9/30/20 =	$1,669,000		

10/19/2020 8:12 AM	II