Cutler Cay
Community Development District

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

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020
BUDGET	
Administrative Assessments	72,786	
Maintenance Assessments	146,429	
Debt Assessments - 2014 Refunding	897,657	
Other Revenues	0	
Interest Income	300	
		
Total Revenues	$	1,117,172	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	7,000	
Payroll Taxes (Employer)	560	
Management	29,448	
Secretarial	4,200	
Legal	12,500	
Assessment Roll	7,500	
Audit Fees	3,200	
Arbitrage Rebate Fee	650	
Insurance	6,750	
Legal Advertisements	750	
Miscellaneous	1,300	
Postage	375	
Office Supplies	825	
Dues & Subscriptions	175	
Trustee Fee	3,700	
Continuing Disclosure Fee	350	
Website Management	2,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$	81,283	
		
MAINTENANCE EXPENDITURES		
Contingency/Reserve	23,500	
Lakes Maintenance	8,700	
Roads Maintenance/Reserve	47,500	
Stormwater Drainage/Reserve	15,075	
Field Operations	3,600	
Walls & Wall Fountain Maintenance	25,000	
Sidewalk Maintenance/Repairs	10,000	
Engineering/Inspections	5,000	
TOTAL MAINTENANCE EXPENDITURES	$	138,375	
		
TOTAL EXPENDITURES	$	219,658	
.		
REVENUES LESS EXPENDITURES	$	897,514	
		
2014 Bond Refinancing Payments	(843,798)	
		
Balance	$	53,716	
		
County Appraiser & Tax Collector Fee	(21,972)	
Discounts For Early Payments	(43,944)	
		
Excess/ (Shortfall)	$	(12,200)	
		
Carryover from Prior Year	12,200	
		
Net Excess/ (Shortfall)	$	-	

4/9/2019 7:42 AM	I

DETAILED PROPOSED BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018 ACTUAL	
FISCAL YEAR 2018/2019 BUDGET	
FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	
Administrative Assessments	75,867	72,823	72,786	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	146,430	146,429	146,429	Expenditures/.94	
Debt Assessments - 2014 Refunding	897,661	897,657	897,657	Payment To Trustee/.94	
Other Revenues	0	0	0		
Interest Income	830	180	300	Interest Estimated At $25 Per Month	
					
Total Revenues	$	1,120,788	$	1,117,089	$	1,117,172		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	4,600	7,000	7,000	No Change From 2018/2019 Budget	
Payroll Taxes (Employer)	352	560	560	Projected At 8% Of Supervisor Fees	
Management	28,320	28,908	29,448	CPI Adjustment	
Secretarial	4,200	4,200	4,200	No Change From 2018/2019 Budget	
Legal	9,308	13,000	12,500	$500 Decrease From 2018/2019 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,000	3,100	3,200	Accepted Amount For 2018/2019 Audit	
Arbitrage Rebate Fee	650	650	650	No Change From 2018/2019 Budget	
Insurance	6,323	6,955	6,750	Insurance Estimate	
Legal Advertisements	755	650	750	$100 Increase From 2018/2019 Budget	
Miscellaneous	1,404	1,100	1,300	$200 Increase From 2018/2019 Budget	
Postage	281	400	375	$25 Decrease From 2018/2019 Budget	
Office Supplies	771	850	825	$25 Decrease From 2018/2019 Budget	
Dues & Subscriptions	175	175	175	No Change From 2018/2019 Budget	
Trustee Fee	3,225	3,700	3,700	Trustee (US Bank) Increased Fees In 2018/2019	
Continuing Disclosure Fee	350	350	350	No Change From 2018/2019 Budget	
Website Management	1,500	1,500	2,000	$500 Increase From 2018/2019 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	72,714	$	80,598	$	81,283		
					
MAINTENANCE EXPENDITURES					
Contingency/Reserve	52,199	23,500	23,500	No Change From 2018/2019 Budget	
Lakes Maintenance	7,140	8,700	8,700	No Change From 2018/2019 Budget	
Roads Maintenance/Reserve	46,334	47,500	47,500	Fifteen Year Project (Fourth Year)	
Stormwater Drainage/Reserve	0	15,075	15,075	Four Year Project (Fourth Year)	
Field Operations	3,600	3,600	3,600	No Change From 2018/2019 Budget	
Walls & Wall Fountain Maintenance	6,286	25,000	25,000	No Change From 2018/2019 Budget	
Sidewalk Maintenance/Repairs	0	10,000	10,000	No Change From 2018/2019 Budget	
Engineering/Inspections	2,860	5,000	5,000	No Change From 2018/2019 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	118,419	$	138,375	$	138,375		
					
TOTAL EXPENDITURES	$	191,133	$	218,973	$	219,658		
.					
REVENUES LESS EXPENDITURES	$	929,655	$	898,116	$	897,514		
					
2014 Bond Refinancing Payments	(858,393)	(843,798)	(843,798)	2020 P & I Payments	
					
Balance	$	71,262	$	54,318	$	53,716		
					
County Appraiser & Tax Collector Fee	(10,812)	(21,973)	(21,972)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(38,070)	(43,945)	(43,944)	Four Percent Of Total Assessment Roll	
					
Excess/ (Shortfall)	$	22,380	$	(11,600)	$	(12,200)		
					
Carryover from Prior Year	0	11,600	12,200	Carryover From Prior Year	
					
Net Excess/ (Shortfall)	$	22,380	$	-	$	-		

4/9/2019 7:42 AM	II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
1,789	
150	
150	
Projected Interest For 2019/2020	

NAV Tax Collection	
858,393	
843,798	
843,798	
Maximum Debt Service Collection	

Total Revenues	
$	860,182	
$	843,948	
$	843,948		

EXPENDITURES					

Principal Payments	
445,000	
460,000	
480,000	
Principal Payment Due In 2020	

Interest Payments	
392,192	
366,340	
348,339	
Interest Payments Due In 2020	

Bond Redemption	
0	
17,608	
15,609	
Estimated Excess Debt Collections	

Total Expenditures	
$	837,192	
$	843,948	
$	843,948		

Excess/ (Shortfall)	
$	22,990	
$	-	
$	-		

Series 2014 Bond Refunding Information
Original Par Amount =	$11,520,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	3.83%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	March 2014			
Maturity Date =

Par Amount As Of 1/1/19 =	May 2029

$9,795,000			

Original Principal Amount Due In May 2029: $4,410,000 Current Principal Amount Due In May 2029: $4,300,000

4/9/2019 7:42 AM	III

Cutler Cay Community Development District Assessment Comparison

	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
	2016/2017	2017/2018	2018/2019	2019/2020	
Lot		Assessment	Assessment	Assessment	Projected Assessment	
Size		Before Discount*	Before Discount*	Before Discount*	Before Discount*	
60	Administrative	$	165.74	$	144.25	$	144.20	$	144.14	
	Maintenance - Operating	$	269.28	$	289.96	$	289.96	$	289.96	
	Debt - 2004 Bond/2014 Refunding	$	1,709.23	$	1,709.23	$	1,709.23	$	1,709.23	
	Sub-Total For Lot Size 60	$	2,144.25	$	2,143.44	$	2,143.39	$	2,143.33	
75	Administrative	$	165.74	$	144.25	$	144.20	$	144.14	
	Maintenance - Operating	$	269.28	$	289.96	$	289.96	$	289.96	
	Debt - 2004 Bond/2014 Refunding	$	1,775.39	$	1,775.39	$	1,775.39	$	1,775.39	
	Sub-Total For Lot Size 75	$	2,210.41	$	2,209.60	$	2,209.55	$	2,209.49	
125	Administrative	$	165.74	$	144.25	$	144.20	$	144.14	
	Maintenance - Operating	$	269.28	$	289.96	$	289.96	$	289.96	
	Debt - 2004 Bond/2014 Refunding	$	1,995.89	$	1,995.89	$	1,995.89	$	1,995.89	
	Sub-Total For Lot Size 125	$	2,430.91	$	2,430.10	$	2,430.05	$	2,429.99	
	
* Assessments Include the Following :						
4% Discount for Early Payments 1% County Tax Collector Fee
1% County Property Appraiser Fee

Community Information:	
Sixty Foot Lots	180	
Seventy Five Foot Lots	258	
One Hundred Twenty Five Foot Lots	67	
Total Units	505	

Seventy Five Foot Lots Information		                                           Total Units	258
Prepayments	1
Billed For Debt	257

4/9/2019 7:42 AM	IV