Cutler Cay Community Development District

Final Budget For Fiscal Year 2017/2018
October 1, 2017 - September 30, 2018

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	
FISCAL YEAR 2017/2018
BUDGET	
Administrative Assessments	72,846	
Maintenance Assessments	146,429	
Debt Assessments - 2014 Refunding	897,657	
Other Revenues	0	
Interest Income	120	
		
Total Revenues	$	1,117,052	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	7,000	
Payroll Taxes (Employer)	560	
Management	28,320	
Secretarial	4,200	
Legal	13,000	
Assessment Roll	7,500	
Audit Fees	3,000	
Arbitrage Rebate Fee	650	
Insurance	6,955	
Legal Advertisements	700	
Miscellaneous	1,100	
Postage	400	
Office Supplies	900	
Dues & Subscriptions	175	
Trustee Fee	4,500	
Continuing Disclosure Fee	500	
Website Management	1,500	
TOTAL ADMINISTRATIVE EXPENDITURES	$	80,960	
		
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	$	219,335	
.		
REVENUES LESS EXPENDITURES	$	897,717	
		
2014 Bond Refinancing Payments	(843,798)	
		
Balance	$	53,919	
		
County Appraiser & Tax Collector Fee	(21,973)	
Discounts For Early Payments	(43,946)	
		
Excess/ (Shortfall)	$	(12,000)	
		
Carryover from Prior Year	12,000	
		
Net Excess/ (Shortfall)	$	-	

DETAILED FINAL BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	
FISCAL YEAR 2015/2016 ACTUAL	
FISCAL YEAR 2016/2017 BUDGET	
FISCAL YEAR 2017/2018 BUDGET	

COMMENTS	
Administrative Assessments	85,884	83,697	72,846	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	30,690	135,847	146,429	Expenditures/.94	
Debt Assessments - 2014 Refunding	897,660	897,657	897,657	Payment To Trustee/.94	
Other Revenues	0	0	0		
Interest Income	199	60	120	Interest Estimated At $10 Per Month	
					
Total Revenues	$	1,014,433	$	1,117,261	$	1,117,052		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	3,200	7,000	7,000	No Change From 2016/2017 Budget	
Payroll Taxes (Employer)	245	560	560	Projected At 8% Of Supervisor Fees	
Management	27,552	27,744	28,320	CPI Adjustment	
Secretarial	4,200	4,200	4,200	No Change From 2016/2017 Budget	
Legal	15,753	12,000	13,000	$1,000 Increase From 2016/2017 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,000	3,000	3,000	Accepted Amount For 2016/2017 Audit	
Arbitrage Rebate Fee	650	650	650	No Change From 2016/2017 Budget	
Insurance	6,038	6,500	6,955	Insurance Company Estimate	
Legal Advertisements	335	700	700	No Change From 2016/2017 Budget	
Miscellaneous	735	1,100	1,100	No Change From 2016/2017 Budget	
Postage	445	375	400	$25 Increase From 2016/2017 Budget	
Office Supplies	903	850	900	$50 Increase From 2016/2017 Budget	
Dues & Subscriptions	175	175	175	No Change From 2016/2017 Budget	
Trustee Fee	3,225	4,800	4,500	$300 Decrease From 2016/2017 Budget	
Continuing Disclosure Fee	500	500	500	No Change From 2016/2017 Budget	
Website Management	1,500	1,500	1,500	No Change From 2016/2017 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	75,956	$	79,154	$	80,960		
					
MAINTENANCE EXPENDITURES					
Contingency/Reserve	1,150	23,500	23,500	No Change From 2016/2017 Budget	
Lakes Maintenance	0	8,700	8,700	Lakes Maintenance	
Roads Maintenance/Reserve	0	47,500	47,500	Fifteen Year Project (Second Year)	
Stormwater Drainage/Reserve	0	15,075	15,075	Four Year Project (Second Year)	
Field Operations	0	3,600	3,600	No Change From 2016/2017 Budget	
Walls & Wall Fountain Maintenance	0	25,000	25,000	No Change From 2016/2017 Budget	
Sidewalk Maintenance/Repairs	0	0	10,000	Sidewalk Maintenance/Repairs	
Engineering/Inspections	3,733	5,000	5,000	No Change From 2016/2017 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	4,883	$	128,375	$	138,375		
					
TOTAL EXPENDITURES	$	80,839	$	207,529	$	219,335		
.					
REVENUES LESS EXPENDITURES	$	933,594	$	909,732	$	897,717		
					
2014 Bond Refinancing Payments	(855,798)	(843,798)	(843,798)	2018 P & I Payments	
					
Balance	$	77,796	$	65,934	$	53,919		
					
County Appraiser & Tax Collector Fee	(9,815)	(21,978)	(21,973)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(32,684)	(43,956)	(43,946)	Four Percent Of Total Assessment Roll	
					
Excess/ (Shortfall)	$	35,297	$	-	$	(12,000)		
					
Carryover from Prior Year	0	0	12,000	Carryover From Prior Year	
					
Net Excess/ (Shortfall)	$	35,297	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT   FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	FISCAL YEAR 2015/2016 ACTUAL	FISCAL YEAR 2016/2017 BUDGET	FISCAL YEAR 2017/2018 BUDGET	

COMMENTS	

Interest Income	
1,066	
100	
100	
Projected Interest For 2017/2018	

NAV Tax Collection	
855,798	
843,798	
843,798	
NAV Tax Collection	

Total Revenues	
$	856,864	
$	843,898	
$	843,898		

EXPENDITURES					

Principal Payments	
415,000	
425,000	
445,000	
Principal Payment Due In 2018	

Interest Payments	
427,141	
401,671	
383,671	
Interest Payments Due In 2018	

Additional Principal Payments	
75,000	
17,227	
15,227	
Additional Principal Payments	

Total Expenditures	
$	917,141	
$	843,898	
$	843,898		

Excess/ (Shortfall)	
$	(60,277)	
$	-	
$	-		

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 =	May 2029			

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

Cutler Cay Community Development District Assessment Comparison

	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
	2014/2015	2015/2016	2016/2017	2017/2018	
Lot		Assessment	Assessment	Assessment	Projected Assessment	
Size		Before Discount*	Before Discount*	Before Discount*	Before Discount*	
60	Administrative	$	163.82	$	165.34	$	165.74	$	144.25	
	Maintenance - Operating	$	62.86	$	60.77	$	269.28	$	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	$	1,935.91	$	1,935.34	$	2,144.25	$	2,143.44	
75	Administrative	$	163.82	$	165.34	$	165.74	$	144.25	
	Maintenance - Operating	$	62.86	$	60.77	$	269.28	$	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	$	2,002.07	$	2,001.50	$	2,210.41	$	2,209.60	
125	Administrative	$	163.82	$	165.34	$	165.74	$	144.25	
	Maintenance - Operating	$	62.86	$	60.77	$	269.28	$	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	$	2,222.57	$	2,222.00	$	2,430.91	$	2,430.10	
	
* 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