Lake Frances Community Development District

Proposed Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023 BUDGET	
Administrative Assessments	61,257	
Maintenance Assessments	17,096	
Debt Assessments	146,840	
Other Revenues	0	
Interest Income	420	
		
TOTAL REVENUES	$	225,613	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Aquatic Maintenance (Lake Tract)	3,600	
Lawn & Landscape Maintenance	7,200	
Engineering/Annual Report/Inspections	1,250	
Field Operation Management	1,620	
Maintenance Contingency	2,400	
TOTAL MAINTENANCE EXPENDITURES	$	16,070	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	3,000	
Payroll Taxes (Employer)	230	
Management	33,492	
Legal	9,600	
Assessment Roll	6,000	
Audit Fees	3,200	
Insurance	6,400	
Legal Advertisements	725	
Miscellaneous	925	
Meeting Room Rental	925	
Postage	200	
Office Supplies	425	
Dues & Subscriptions	175	
Trustee Fee	4,000	
Continuing Disclosure Fee	350	
Website Management	2,000	
Administrative Contingency	1,200	
TOTAL ADMINISTRATIVE EXPENDITURES	$	72,847	
		
TOTAL EXPENDITURES	$	88,917	
		
REVENUES LESS EXPENDITURES	$	136,696	
		
Bond Payments	(138,030)	
		
BALANCE	$	(1,334)	
		
County Appraiser & Tax Collector Fee	(4,503)	
Discounts For Early Payments	(9,008)	
		
EXCESS/ (SHORTFALL)	$	(14,845)	
		
Carryover From Prior Year	14,845	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2020/2021
ACTUAL	
FISCAL YEAR 2021/2022
BUDGET	
FISCAL YEAR 2022/2023
BUDGET	

COMMENTS	
Administrative Assessments	62,112	61,899	61,257	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	16,457	16,457	17,096	Expenditures/.94	
Debt Assessments	146,840	146,840	146,840	Bond Payments/.94	
Other Revenues	0	0	0	Other Revenues	
Interest Income	439	540	420	Interest Projected At $35 Per Month	
					
TOTAL REVENUES	$	225,848	$	225,736	$	225,613		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Aquatic Maintenance (Lake Tract)	2,340	3,600	3,600	No Change From 2021/2022 Budget	
Lawn & Landscape Maintenance	6,265	6,600	7,200	$600 Increase From 2021/2022 Budget	
Engineering/Annual Report/Inspections	975	1,250	1,250	No Change From 2021/2022 Budget	
Field Operation Management	1,620	1,620	1,620	No Change From 2021/2022 Budget	
Maintenance Contingency	0	2,400	2,400	No Change From 2021/2022 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	11,200	$	15,470	$	16,070		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	1,200	3,000	3,000	Supervisor Fees	
Payroll Taxes (Employer)	92	230	230	Supervisor Fees * 7.65%	
Management	32,076	32,520	33,492	CPI Adjustment (Capped At 3%)	
Legal	6,895	9,600	9,600	No Change From 2021/2022 Budget	
Assessment Roll	6,000	6,000	6,000	As Per Contract	
Audit Fees	3,000	3,100	3,200	Accepted Amount For 2021/2022 Audit	
Insurance	5,513	6,400	6,400	Insurance Estimate	
Legal Advertisements	435	750	725	$25 Decrease From 2021/2022 Budget	
Miscellaneous	414	950	925	$25 Decrease From 2021/2022 Budget	
Meeting Room Rental	383	950	925	$25 Decrease From 2021/2022 Budget	
Postage	326	200	200	No Change From 2021/2022 Budget	
Office Supplies	101	450	425	$25 Decrease From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	No Change From 2021/2022 Budget	
Trustee Fee	4,000	4,000	4,000	No Change From 2021/2022 Budget	
Continuing Disclosure Fee	350	350	350	No Change From 2021/2022 Budget	
Website Management	2,000	2,000	2,000	No Change From 2021/2022 Budget	
Administrative Contingency	0	1,200	1,200	No Change From 2021/2022 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	62,960	$	71,875	$	72,847		
					
TOTAL EXPENDITURES	$	74,160	$	87,345	$	88,917		
					
REVENUES LESS EXPENDITURES	$	151,688	$	138,391	$	136,696		
					
Bond Payments	(139,860)	(138,030)	(138,030)	2023 P & I Payments Less Earned Interest	
					
BALANCE	$	11,828	$	361	$	(1,334)		
					
County Appraiser & Tax Collector Fee	(2,168)	(4,503)	(4,503)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(8,540)	(9,008)	(9,008)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	1,120	$	(13,150)	$	(14,845)		
					
Carryover From Prior Year	0	13,150	14,845	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	1,120	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR 2020/2021 ACTUAL	FISCAL YEAR 2021/2022 ANNUAL BUDGET	FISCAL YEAR 2022/2023 ANNUAL BUDGET	

COMMENTS	

Interest Income	
15	
25	
25	
Projected Interest For FY 2022/2023	

NAV Tax Collection	
139,860	
138,030	
138,030	
Maximum Debt Service Collection	

Total Revenues	
$	139,875	
$	138,055	
$	138,055		

EXPENDITURES					

Principal Payments	
75,000	
79,000	
82,000	
Principal Payment Due In 2023	

Interest Payments	
61,880	
58,445	
56,030	
Interest Payments Due In 2023	

Bond Redemption	
0	
610	
25	
Estimated Excess Debt Collections	

Total Expenditures	
$	136,880	
$	138,055	
$	138,055		

Excess/ (Shortfall)	
$	2,995	
$	-	
$	-		

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 1/1/22 =	May 2037

$1,594,000			

Lake Frances Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2018/2019	2019/2020	2020/2021	2021/2022	2022/2023	
Assessment	Assessment	Assessment	Assessment	Projected Assessment	
Before Discount*	Before Discount*	Before Discount*	Before Discount*	Before Discount*	

Administrative	$	433.40	$	433.21	$	432.91	$	432.87	$	428.38	
Maintenance	$	114.95	$	115.10	$	115.10	$	115.10	$	119.56	
Debt	$	1,026.86	$	1,026.86	$	1,026.86	$	1,026.86	$	1,026.86	

Total	
$	
1,575.21	
$	
1,575.17	
$	
1,574.87	
$	
1,574.83	
$	
1,574.80	

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

2/14/2022 12:00 PM	IV