Lake Frances Community Development District

Final Budget For Fiscal Year 2021/2022
October 1, 2021 - September 30, 2022

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2021/2022 BUDGET	
Administrative Assessments	61,899	
Maintenance Assessments	16,457	
Debt Assessments	146,840	
Other Revenues	0	
Interest Income	540	
		
TOTAL REVENUES	$	225,736	
		
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	32,520	
Legal	9,600	
Assessment Roll	6,000	
Audit Fees	3,100	
Insurance	6,400	
Legal Advertisements	750	
Miscellaneous	950	
Meeting Room Rental	950	
Postage	200	
Office Supplies	450	
Dues & Subscriptions	175	
Trustee Fee	4,000	
Continuing Disclosure Fee	350	
Website Management	2,000	
Administrative Contingency	1,200	
TOTAL ADMINISTRATIVE EXPENDITURES	$	71,875	
		
TOTAL EXPENDITURES	$	87,345	
		
REVENUES LESS EXPENDITURES	$	138,391	
		
Bond Payments	(138,030)	
		
BALANCE	$	361	
		
County Appraiser & Tax Collector Fee	(4,503)	
Discounts For Early Payments	(9,008)	
		
EXCESS/ (SHORTFALL)	$	(13,150)	
		
Carryover From Prior Year	13,150	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2019/2020
ACTUAL	
FISCAL YEAR 2020/2021
BUDGET	
FISCAL YEAR 2021/2022
BUDGET	

COMMENTS	
Administrative Assessments	62,390	61,906	61,899	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	16,457	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	624	540	540	Interest Projected At $45 Per Month	
					
TOTAL REVENUES	$	226,312	$	225,743	$	225,736		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Aquatic Maintenance (Lake Tract)	2,340	3,600	3,600	No Change From 2020/2021 Budget	
Lawn & Landscape Maintenance	6,545	6,600	6,600	No Change From 2020/2021 Budget	
Engineering/Annual Report/Inspections	975	1,250	1,250	No Change From 2020/2021 Budget	
Field Operation Management	1,620	1,620	1,620	No Change From 2020/2021 Budget	
Maintenance Contingency	0	2,400	2,400	No Change From 2020/2021 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	11,480	$	15,470	$	15,470		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	1,700	3,000	3,000	Supervisor Fees	
Payroll Taxes (Employer)	130	230	230	Supervisor Fees * 7.65%	
Management	31,356	32,076	32,520	CPI Adjustment	
Legal	7,929	9,600	9,600	No Change From 2020/2021 Budget	
Assessment Roll	6,000	6,000	6,000	As Per Contract	
Audit Fees	3,200	3,300	3,100	Accepted Amount For 2020/2021 Audit	
Insurance	5,251	6,500	6,400	Insurance Estimate	
Legal Advertisements	643	750	750	No Change From 2020/2021 Budget	
Miscellaneous	535	1,000	950	$50 Decrease From 2020/2021 Budget	
Meeting Room Rental	296	1,000	950	$50 Decrease From 2020/2021 Budget	
Postage	176	200	200	No Change From 2020/2021 Budget	
Office Supplies	283	500	450	$50 Decrease From 2020/2021 Budget	
Dues & Subscriptions	175	175	175	No Change From 2020/2021 Budget	
Trustee Fee	4,000	4,000	4,000	No Change From 2020/2021 Budget	
Continuing Disclosure Fee	350	350	350	No Change From 2020/2021 Budget	
Website Management	2,000	2,000	2,000	No Change From 2020/2021 Budget	
Administrative Contingency	0	1,200	1,200	No Change From 2020/2021 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	64,024	$	71,881	$	71,875		
					
TOTAL EXPENDITURES	$	75,504	$	87,351	$	87,345		
					
REVENUES LESS EXPENDITURES	$	150,808	$	138,392	$	138,391		
					
Bond Payments	(139,839)	(138,030)	(138,030)	2022 P & I Payments Less Earned Interest	
					
BALANCE	$	10,969	$	362	$	361		
					
County Appraiser & Tax Collector Fee	(2,170)	(4,504)	(4,503)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(8,576)	(9,008)	(9,008)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	223	$	(13,150)	$	(13,150)		
					
Carryover From Prior Year	0	13,150	13,150	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	223	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	FISCAL YEAR 2019/2020 ACTUAL	FISCAL YEAR 2020/2021 ANNUAL BUDGET	FISCAL YEAR 2021/2022 ANNUAL BUDGET	

COMMENTS	

Interest Income	
805	
300	
25	
Projected Interest For FY 2021/2022	

NAV Tax Collection	
139,839	
138,030	
138,030	
Maximum Debt Service Collection	

Total Revenues	
$	140,644	
$	138,330	
$	138,055		

EXPENDITURES					

Principal Payments	
71,000	
75,000	
79,000	
Principal Payment Due In 2022	

Interest Payments	
64,010	
60,755	
58,445	
Interest Payments Due In 2022	

Bond Redemption	
0	
2,575	
610	
Estimated Excess Debt Collections	

Total Expenditures	
$	135,010	
$	138,330	
$	138,055		

Excess/ (Shortfall)	
$	5,634	
$	-	
$	-		

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 1/1/21 =	May 2037

$1,669,000			

Lake Frances Community Development District Assessment Comparison

Fiscal Year 2017/2018
Assessment
Before Discount*	Fiscal Year 2018/2019
Assessment
Before Discount*	Fiscal Year 2019/2020
Assessment
Before Discount*	Fiscal Year 2020/2021
Assessment
Before Discount*	Fiscal Year 2021/2022
Projected Assessment
Before Discount*	

Administrative	

$	366.81	

$	433.40	

$	433.21	

$	432.91	

$	

432.87	
Maintenance	$	113.64	$	114.95	$	115.10	$	115.10	$	115.10	
Debt	$	1,144.76	$	1,026.86	$	1,026.86	$	1,026.86	$	1,026.86	

Total	
$	
1,625.21	
$	
1,575.21	
$	
1,575.17	
$	
1,574.87	
$	
1,574.83	

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

4/18/2021 6:21 PM	IV