Title: LF Final Budget 2023-2024.xlsx
Author: JWalker

Lake Frances Community Development District

Final Budget For Fiscal Year 2023/2024
October 1, 2023 - September 30, 2024

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES | FISCAL YEAR 2023/2024 BUDGET
Administrative Assessments | 61,242
Maintenance Assessments | 17,096
Debt Assessments | 146,840
Other Revenues | 0
Interest Income | 480
TOTAL REVENUES | $	225,658
EXPENDITURES |
MAINTENANCE EXPENDITURES |
Aquatic Maintenance (Lake Tract) | 3,600
Lawn & Landscape Maintenance | 7,200
Engineering/Annual Report/Inspections | 1,750
Field Operation Management | 1,620
Maintenance Contingency | 1,900
TOTAL MAINTENANCE EXPENDITURES | $	16,070
ADMINISTRATIVE EXPENDITURES |
Supervisor Fees | 3,000
Payroll Taxes (Employer) | 230
Management | 34,488
Legal | 9,600
Assessment Roll | 6,000
Audit Fees | 3,200
Insurance | 6,700
Legal Advertisements | 725
Miscellaneous | 900
Meeting Room Rental | 900
Postage | 200
Office Supplies | 400
Dues & Subscriptions | 175
Trustee Fee | 4,000
Continuing Disclosure Fee | 350
Website Management | 2,000
Administrative Contingency | 1,200
TOTAL ADMINISTRATIVE EXPENDITURES | $	74,068
TOTAL EXPENDITURES | $	90,138
REVENUES LESS EXPENDITURES | $	135,520
Bond Payments | (138,030)
BALANCE | $	(2,510)
County Appraiser & Tax Collector Fee | (4,503)
Discounts For Early Payments | (9,007)
EXCESS/ (SHORTFALL) | $	(16,020)
Carryover From Prior Year | 16,020
NET EXCESS/ (SHORTFALL) | $	-

DETAILED FINAL BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES

FISCAL YEAR 2021/2022
ACTUAL

FISCAL YEAR 2022/2023
BUDGET

FISCAL YEAR 2023/2024
BUDGET

COMMENTS

Administrative Assessments | 62,078 | 61,257 | 61,242 | Expenditures Less Interest & Carryover/.94
Maintenance Assessments | 16,457 | 17,096 | 17,096 | Expenditures/.94
Debt Assessments | 146,841 | 146,840 | 146,840 | Bond Payments/.94
Other Revenues | 0 | 0 | 0 | Other Revenues
Interest Income | 25 | 420 | 480 | Interest Projected At $40 Per Month
TOTAL REVENUES | $	225,401 | $	225,613 | $	225,658 |
EXPENDITURES | | | |
MAINTENANCE EXPENDITURES | | | |
Aquatic Maintenance (Lake Tract) | 2,145 | 3,600 | 3,600 | No Change From 2022/2023 Budget
Lawn & Landscape Maintenance | 7,200 | 7,200 | 7,200 | No Change From 2022/2023 Budget
Engineering/Annual Report/Inspections | 2,075 | 1,250 | 1,750 | $500 Increase From 2022/2023 Budget
Field Operation Management | 1,620 | 1,620 | 1,620 | No Change From 2022/2023 Budget
Maintenance Contingency | 0 | 2,400 | 1,900 | Maintenance/Contingency
TOTAL MAINTENANCE EXPENDITURES | $	13,040 | $	16,070 | $	16,070 |
ADMINISTRATIVE EXPENDITURES | | | |
Supervisor Fees | 1,500 | 3,000 | 3,000 | Supervisor Fees
Payroll Taxes (Employer) | 115 | 230 | 230 | Supervisor Fees * 7.65%
Management | 32,520 | 33,492 | 34,488 | CPI Adjustment (Capped At 3%)
Legal | 8,701 | 9,600 | 9,600 | No Change From 2022/2023 Budget
Assessment Roll | 6,000 | 6,000 | 6,000 | As Per Contract
Audit Fees | 3,100 | 3,200 | 3,200 | Accepted Amount For 2022/2023 Audit
Insurance | 5,706 | 6,400 | 6,700 | Fiscal Year 2022/2023 Expenditure Was $6,134
Legal Advertisements | 538 | 725 | 725 | No Change From 2022/2023 Budget
Miscellaneous | 650 | 925 | 900 | $25 Decrease From 2022/2023 Budget
Meeting Room Rental | 420 | 925 | 900 | $25 Decrease From 2022/2023 Budget
Postage | 121 | 200 | 200 | No Change From 2022/2023 Budget
Office Supplies | 282 | 425 | 400 | $25 Decrease From 2022/2023 Budget
Dues & Subscriptions | 175 | 175 | 175 | No Change From 2022/2023 Budget
Trustee Fee | 4,000 | 4,000 | 4,000 | No Change From 2022/2023 Budget
Continuing Disclosure Fee | 350 | 350 | 350 | No Change From 2022/2023 Budget
Website Management | 2,000 | 2,000 | 2,000 | No Change From 2022/2023 Budget
Administrative Contingency | 0 | 1,200 | 1,200 | No Change From 2022/2023 Budget
TOTAL ADMINISTRATIVE EXPENDITURES | $	66,178 | $	72,847 | $	74,068 |
TOTAL EXPENDITURES | $	79,218 | $	88,917 | $	90,138 |
REVENUES LESS EXPENDITURES | $	146,183 | $	136,696 | $	135,520 |
Bond Payments | (139,773) | (138,030) | (138,030) | 2024 Principal & Interest Payments
BALANCE | $	6,410 | $	(1,334) | $	(2,510) |
County Appraiser & Tax Collector Fee | (2,167) | (4,503) | (4,503) | Two Percent Of Total Assessment Roll
Discounts For Early Payments | (8,675) | (9,008) | (9,007) | Four Percent Of Total Assessment Roll
EXCESS/ (SHORTFALL) | $	(4,432) | $	(14,845) | $	(16,020) |
Carryover From Prior Year | 0 | 14,845 | 16,020 | Carryover From Prior Year
NET EXCESS/ (SHORTFALL) | $	(4,432) | $	- | $	- |

DETAILED FINAL DEBT SERVICE FUND BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES | FISCAL YEAR 2021/2022 ACTUAL | FISCAL YEAR 2022/2023 ANNUAL BUDGET | FISCAL YEAR 2023/2024 ANNUAL BUDGET | COMMENTS
Interest Income | 406 | 25 | 100 | Projected Interest For FY 2023/2024
NAV Tax Collection | 139,773 | 138,030 | 138,030 | Maximum Debt Service Collection
Total Revenues | $	140,179 | $	138,055 | $	138,130 |
EXPENDITURES | | | |
Principal Payments | 79,000 | 82,000 | 81,000 | Principal Payment Due In 2024
Interest Payments | 59,630 | 56,030 | 53,585 | Interest Payments Due In 2024
Bond Redemption | 0 | 25 | 3,545 | Estimated Excess Debt Collections
Total Expenditures | $	138,630 | $	138,055 | $	138,130 |
Excess/ (Shortfall) | $	1,549 | $	- | $	- |

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 1/1/23 =

May 2037

$1,515,000

Lake Frances Community Development District Assessment Comparison

Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year
2019/2020 | 2020/2021 | 2021/2022 | 2022/2023 | 2023/2024
Assessment | Assessment | Assessment | Assessment | Projected Assessment
Before Discount* | Before Discount* | Before Discount* | Before Discount* | Before Discount*

Administrative | $	433.21 | $	432.91 | $	432.87 | $	428.38 | $ | 428.27
Maintenance | $	115.10 | $	115.10 | $	115.10 | $	119.56 | $ | 119.56
Debt | $	1,026.86 | $	1,026.86 | $	1,026.86 | $	1,026.86 | $	1,026.86
Total | $ | 1,575.17 | $ | 1,574.87 | $ | 1,574.83 | $ | 1,574.80 | $ | 1,574.69

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

5/15/2023 8:39 AM	^IV

5/15/2023 8:39 AM