Cutler Cay Community Development District

Final Budget For Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019
BUDGET	
Administrative Assessments	72,823	
Maintenance Assessments	146,429	
Debt Assessments - 2014 Refunding	897,657	
Other Revenues	0	
Interest Income	180	
		
Total Revenues	$	1,117,089	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	7,000	
Payroll Taxes (Employer)	560	
Management	28,908	
Secretarial	4,200	
Legal	13,000	
Assessment Roll	7,500	
Audit Fees	3,100	
Arbitrage Rebate Fee	650	
Insurance	6,955	
Legal Advertisements	650	
Miscellaneous	1,100	
Postage	400	
Office Supplies	850	
Dues & Subscriptions	175	
Trustee Fee	3,700	
Continuing Disclosure Fee	350	
Website Management	1,500	
TOTAL ADMINISTRATIVE EXPENDITURES	$	80,598	
		
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	$	218,973	
.		
REVENUES LESS EXPENDITURES	$	898,116	
		
2014 Bond Refinancing Payments	(843,798)	
		
Balance	$	54,318	
		
County Appraiser & Tax Collector Fee	(21,973)	
Discounts For Early Payments	(43,945)	
		
Excess/ (Shortfall)	$	(11,600)	
		
Carryover from Prior Year	11,600	
		
Net Excess/ (Shortfall)	$	-	

6/27/2018 12:58 PM	I

DETAILED FINAL BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2016/2017. ACTUAL	
FISCAL YEAR 2017/2018 BUDGET	
FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	
Administrative Assessments	86,307	72,846	72,823	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	135,847	146,429	146,429	Expenditures/.94	
Debt Assessments - 2014 Refunding	897,657	897,657	897,657	Payment To Trustee/.94	
Other Revenues	0	0	0		
Interest Income	602	120	180	Interest Estimated At $15 Per Month	
					
Total Revenues	$	1,120,413	$	1,117,052	$	1,117,089		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	3,600	7,000	7,000	No Change From 2017/2018 Budget	
Payroll Taxes (Employer)	275	560	560	Projected At 8% Of Supervisor Fees	
Management	27,744	28,320	28,908	CPI Adjustment	
Secretarial	4,200	4,200	4,200	No Change From 2017/2018 Budget	
Legal	10,246	13,000	13,000	No Change From 2017/2018 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,000	3,000	3,100	Accepted Amount For 2017/2018 Audit	
Arbitrage Rebate Fee	650	650	650	No Change From 2017/2018 Budget	
Insurance	6,323	6,955	6,955	Insurance Company Estimate	
Legal Advertisements	268	700	650	$50 Decrease From 2017/2018 Budget	
Miscellaneous	724	1,100	1,100	No Change From 2017/2018 Budget	
Postage	196	400	400	No Change From 2017/2018 Budget	
Office Supplies	503	900	850	$50 Decrease From 2017/2018 Budget	
Dues & Subscriptions	175	175	175	No Change From 2017/2018 Budget	
Trustee Fee	3,225	4,500	3,700	Trustee (US Bank) Increasing Fees In 2018/2019	
Continuing Disclosure Fee	350	500	350	$150 Decrease From 2017/2018 Budget	
Website Management	1,500	1,500	1,500	No Change From 2017/2018 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	70,479	$	80,960	$	80,598		
					
MAINTENANCE EXPENDITURES					
Contingency/Reserve	14,890	23,500	23,500	No Change From 2017/2018 Budget	
Lakes Maintenance	5,950	8,700	8,700	No Change From 2017/2018 Budget	
Roads Maintenance/Reserve	8,764	47,500	47,500	Fifteen Year Project (Third Year)	
Stormwater Drainage/Reserve	0	15,075	15,075	Four Year Project (Third Year)	
Field Operations	3,600	3,600	3,600	No Change From 2017/2018 Budget	
Walls & Wall Fountain Maintenance	1,800	25,000	25,000	No Change From 2017/2018 Budget	
Sidewalk Maintenance/Repairs	0	10,000	10,000	No Change From 2017/2018 Budget	
Engineering/Inspections	7,049	5,000	5,000	No Change From 2017/2018 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	42,053	$	138,375	$	138,375		
					
TOTAL EXPENDITURES	$	112,532	$	219,335	$	218,973		
.					
REVENUES LESS EXPENDITURES	$	1,007,881	$	897,717	$	898,116		
					
2014 Bond Refinancing Payments	(856,798)	(843,798)	(843,798)	2019 P & I Payments	
					
Balance	$	151,083	$	53,919	$	54,318		
					
County Appraiser & Tax Collector Fee	(10,821)	(21,973)	(21,973)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(37,575)	(43,946)	(43,945)	Four Percent Of Total Assessment Roll	
					
Excess/ (Shortfall)	$	102,687	$	(12,000)	$	(11,600)		
					
Carryover from Prior Year	0	12,000	11,600	Carryover From Prior Year	
					
Net Excess/ (Shortfall)	$	102,687	$	-	$	-		

6/27/2018 12:58 PM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 BUDGET	FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	

Interest Income	
1,281	
100	
150	
Projected Interest For 2018/2019	

NAV Tax Collection	
856,798	
843,798	
843,798	
NAV Tax Collection	

Total Revenues	
$	858,079	
$	843,898	
$	843,948		

EXPENDITURES					

Principal Payments	
425,000	
445,000	
460,000	
Principal Payment Due In 2019	

Interest Payments	
409,140	
383,671	
366,340	
Interest Payments Due In 2019	

Bond Redemption	
35,000	
15,227	
17,608	
Estimated Excess Debt Collections	

Total Expenditures	
$	869,140	
$	843,898	
$	843,948		

Excess/ (Shortfall)	
$	(11,061)	
$	-	
$	-		

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 1/1/18 =	May 2029

$4,990,000			

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

6/27/2018 12:58 PM	III

Cutler Cay Community Development District Assessment Comparison

	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
	2015/2016	2016/2017	2017/2018	2018/2019	
Lot		Assessment	Assessment	Assessment	Projected Assessment	
Size		Before Discount*	Before Discount*	Before Discount*	Before Discount*	
60	Administrative	$	165.34	$	165.74	$	144.25	$	144.20	
	Maintenance - Operating	$	60.77	$	269.28	$	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	$	1,935.34	$	2,144.25	$	2,143.44	$	2,143.39	
75	Administrative	$	165.34	$	165.74	$	144.25	$	144.20	
	Maintenance - Operating	$	60.77	$	269.28	$	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	$	2,001.50	$	2,210.41	$	2,209.60	$	2,209.55	
125	Administrative	$	165.34	$	165.74	$	144.25	$	144.20	
	Maintenance - Operating	$	60.77	$	269.28	$	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	$	2,222.00	$	2,430.91	$	2,430.10	$	2,430.05	
	
* 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

6/27/2018 12:58 PM	IV