Lake Frances Community Development District

Final Budget For Fiscal Year 2024/2025
October 1, 2024 - September 30, 2025

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2024/2025 BUDGET	
Administrative Assessments	61,202	
Maintenance Assessments	17,096	
Debt Assessments	146,840	
Other Revenues	0	
Interest Income	720	
		
TOTAL REVENUES	$	225,858	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Aquatic Maintenance (Lake Tract)	3,600	
Lawn & Landscape Maintenance	8,400	
Engineering/Annual Report/Inspections	1,750	
Field Operation Management	1,620	
Maintenance Contingency	700	
TOTAL MAINTENANCE EXPENDITURES	$	16,070	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	3,000	
Payroll Taxes (Employer)	230	
Management	35,520	
Legal	9,600	
Assessment Roll	6,000	
Audit Fees	3,200	
Insurance	7,200	
Legal Advertisements	1,800	
Miscellaneous	875	
Meeting Room Rental	900	
Postage	225	
Office Supplies	375	
Dues & Subscriptions	175	
Trustee Fee	4,000	
Continuing Disclosure Fee	350	
Website Management	2,000	
Administrative Contingency	1,200	
TOTAL ADMINISTRATIVE EXPENDITURES	$	76,650	
		
TOTAL EXPENDITURES	$	92,720	
		
REVENUES LESS EXPENDITURES	$	133,138	
		
Bond Payments	(138,030)	
		
BALANCE	$	(4,892)	
		
County Appraiser & Tax Collector Fee	(4,502)	
Discounts For Early Payments	(9,006)	
		
EXCESS/ (SHORTFALL)	$	(18,400)	
		
Carryover From Prior Year	18,400	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2022/2023
ACTUAL	
FISCAL YEAR 2023/2024
BUDGET	
FISCAL YEAR 2024/2025
BUDGET	

COMMENTS	
Administrative Assessments	61,407	61,242	61,202	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	17,096	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	8,273	480	720	Interest Projected At $60 Per Month	
					
TOTAL REVENUES	$	233,617	$	225,658	$	225,858		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Aquatic Maintenance (Lake Tract)	2,490	3,600	3,600	No Change From 2023/2024 Budget	
Lawn & Landscape Maintenance	6,600	7,200	8,400	$1,200 Increase From 2023/2024 Budget	
Engineering/Annual Report/Inspections	1,120	1,750	1,750	No Change From 2023/2024 Budget	
Field Operation Management	1,620	1,620	1,620	No Change From 2023/2024 Budget	
Maintenance Contingency	0	1,900	700	$1,200 Decrease From 2023/2024 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	11,830	$	16,070	$	16,070		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	700	3,000	3,000	Supervisor Fees	
Payroll Taxes (Employer)	54	230	230	Supervisor Fees * 7.65%	
Management	33,492	34,488	35,520	CPI Adjustment (Capped At 3%)	
Legal	7,327	9,600	9,600	No Change From 2023/2024 Budget	
Assessment Roll	6,000	6,000	6,000	As Per Contract	
Audit Fees	3,200	3,200	3,200	No Change From 2023/2024 Budget	
Insurance	6,134	6,700	7,200	Fiscal Year 2023/2024 Expenditure Was $6,594	
Legal Advertisements	289	725	1,800	Costs Will Increase Due To Closing Of The Miami Business Review	
Miscellaneous	574	900	875	$25 Decrease From 2023/2024 Budget	
Meeting Room Rental	593	900	900	No Change From 2023/2024 Budget	
Postage	235	200	225	$25 Increase From 2023/2024 Budget	
Office Supplies	194	400	375	$25 Decrease From 2023/2024 Budget	
Dues & Subscriptions	175	175	175	No Change From 2023/2024 Budget	
Trustee Fee	4,000	4,000	4,000	No Change From 2023/2024 Budget	
Continuing Disclosure Fee	350	350	350	No Change From 2023/2024 Budget	
Website Management	2,000	2,000	2,000	No Change From 2023/2024 Budget	
Administrative Contingency	0	1,200	1,200	No Change From 2023/2024 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	65,317	$	74,068	$	76,650		
					
TOTAL EXPENDITURES	$	77,147	$	90,138	$	92,720		
					
REVENUES LESS EXPENDITURES	$	156,470	$	135,520	$	133,138		
					
Bond Payments	(139,762)	(138,030)	(138,030)	2025 Principal & Interest Payments	
					
BALANCE	$	16,708	$	(2,510)	$	(4,892)		
					
County Appraiser & Tax Collector Fee	(2,165)	(4,503)	(4,502)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(8,692)	(9,007)	(9,006)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	5,851	$	(16,020)	$	(18,400)		
					
Carryover From Prior Year	0	16,020	18,400	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	5,851	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET
LAKE FRANCES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	FISCAL YEAR 2022/2023 ACTUAL	FISCAL YEAR 2023/2024 ANNUAL BUDGET	FISCAL YEAR 2024/2025 ANNUAL BUDGET	

COMMENTS	

Interest Income	
5,731	
100	
500	
Projected Interest For FY 2024/2025	

NAV Tax Collection	
139,762	
138,030	
138,030	
Maximum Debt Service Collection	

Total Revenues	
$	145,493	
$	138,130	
$	138,530		

EXPENDITURES					

Principal Payments	
82,000	
81,000	
84,000	
Principal Payment Due In 2025	

Interest Payments	
57,260	
53,585	
51,110	
Interest Payments Due In 2025	

Bond Redemption	
0	
3,545	
3,420	
Estimated Excess Debt Collections	

Total Expenditures	
$	139,260	
$	138,130	
$	138,530		

Excess/ (Shortfall)	
$	6,233	
$	-	
$	-		

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 1/1/24 =	May 2037

$1,433,000			

Lake Frances Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2020/2021	2021/2022	2022/2023	2023/2024	2024/2025	
Assessment	Assessment	Assessment	Assessment	Projected Assessment	
Before Discount*	Before Discount*	Before Discount*	Before Discount*	Before Discount*	

Administrative	$	432.91	$	432.87	$	428.38	$	428.27	$	428.00	
Maintenance	$	115.10	$	115.10	$	119.56	$	119.56	$	119.56	
Debt	$	1,026.86	$	1,026.86	$	1,026.86	$	1,026.86	$	1,026.86	
Total	$	1,574.87	$	1,574.83	$	1,574.80	$	1,574.69	$	1,574.42	

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

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