Cutler Cay
Community Development District

Proposed Budget For Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021
BUDGET	
Administrative Assessments	86,640	
Maintenance Assessments	242,937	
Debt Assessments - 2014 Refunding	897,657	
Other Revenues	0	
Interest Income	300	
		
Total Revenues	$	1,227,534	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	6,000	
Payroll Taxes (Employer)	480	
Management	30,120	
Secretarial	4,200	
Legal	12,500	
Assessment Roll	7,500	
Audit Fees	3,300	
Arbitrage Rebate Fee	650	
Insurance	8,100	
Legal Advertisements	750	
Miscellaneous	1,300	
Postage	350	
Office Supplies	800	
Dues & Subscriptions	175	
Trustee Fee	3,600	
Continuing Disclosure Fee	350	
Website Management	2,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$	82,175	
		
MAINTENANCE EXPENDITURES		
Contingency/Reserve	22,200	
Lakes Maintenance	10,000	
Roads Maintenance/Reserve	47,500	
Stormwater Drainage/Reserve	15,075	
Stormwater Drainage System Pipe Repairs Project	91,200	
Field Operations	3,600	
Walls & Wall Fountain Maintenance	25,000	
Sidewalk Maintenance/Repairs	10,000	
Engineering/Inspections	5,000	
TOTAL MAINTENANCE EXPENDITURES	$	229,575	
		
TOTAL EXPENDITURES	$	311,750	
		
REVENUES LESS EXPENDITURES	$	915,784	
		
2014 Bond Refinancing Payments	(843,798)	
		
Balance	$	71,986	
		
County Appraiser & Tax Collector Fee	(23,995)	
Discounts For Early Payments	(47,991)	
		
Excess/ (Shortfall)	$	-	
		
Carryover from Prior Year	0	
		
Net Excess/ (Shortfall)	$	-	

DETAILED PROPOSED BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2018/2019 ACTUAL	
FISCAL YEAR 2019/2020 BUDGET	
FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	
Administrative Assessments	76,075	72,786	86,640	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	146,429	146,429	242,937	Expenditures/.94	
Debt Assessments - 2014 Refunding	897,657	897,657	897,657	Payment To Trustee/.94	
Other Revenues	0	0	0		
Interest Income	827	300	300	Interest Estimated At $25 Per Month	
					
Total Revenues	$	1,120,988	$	1,117,172	$	1,227,534		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	2,600	7,000	6,000	$1,000 Decrease From 2019/2020 Budget	
Payroll Taxes (Employer)	199	560	480	Projected At 8% Of Supervisor Fees	
Management	28,908	29,448	30,120	CPI Adjustment	
Secretarial	4,200	4,200	4,200	No Change From 2019/2020 Budget	
Legal	8,130	12,500	12,500	No Change From 2019/2020 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,100	3,200	3,300	Accepted Amount For 2019/20209 Audit	
Arbitrage Rebate Fee	650	650	650	No Change From 2019/2020 Budget	
Insurance	5,465	6,750	8,100	Insurance Estimate - FY 19/20 Expenditure Was $7,298	
Legal Advertisements	241	750	750	No Change From 2019/2020 Budget	
Miscellaneous	1,001	1,300	1,300	No Change From 2019/2020 Budget	
Postage	208	375	350	$25 Decrease From 2019/2020 Budget	
Office Supplies	600	825	800	$25 Decrease From 2019/2020 Budget	
Dues & Subscriptions	175	175	175	No Change From 2019/2020 Budget	
Trustee Fee	3,548	3,700	3,600	$100 Decrease From 2019/2020 Budget	
Continuing Disclosure Fee	350	350	350	No Change From 2019/2020 Budget	
Website Management	1,500	2,000	2,000	No Change From 2019/2020 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	68,375	$	81,283	$	82,175		
					
MAINTENANCE EXPENDITURES					
Contingency/Reserve	2,350	23,500	22,200	Contingency/Reserve	
Lakes Maintenance	7,140	8,700	10,000	$1,300 Increase From 2019/2020 Budget	
Roads Maintenance/Reserve	9,008	47,500	47,500	Fifteen Year Project (Fifth Year)	
Stormwater Drainage/Reserve	250	15,075	15,075	No Change From 2019/2020 Budget	
Stormwater Drainage System Pipe Repairs Project	0	0	91,200	Stormwater Drainage System Pipe Repairs Project	
Field Operations	3,600	3,600	3,600	No Change From 2019/2020 Budget	
Walls & Wall Fountain Maintenance	33,097	25,000	25,000	No Change From 2019/2020 Budget	
Sidewalk Maintenance/Repairs	8,940	10,000	10,000	No Change From 2019/2020 Budget	
Engineering/Inspections	6,963	5,000	5,000	No Change From 2019/2020 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	71,348	$	138,375	$	229,575		
					
TOTAL EXPENDITURES	$	139,723	$	219,658	$	311,750		
					
REVENUES LESS EXPENDITURES	$	981,265	$	897,514	$	915,784		
					
2014 Bond Refinancing Payments	(858,490)	(843,798)	(843,798)	2021 P & I Payments	
					
Balance	$	122,775	$	53,716	$	71,986		
					
County Appraiser & Tax Collector Fee	(10,813)	(21,972)	(23,995)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(37,944)	(43,944)	(47,991)	Four Percent Of Total Assessment Roll	
					
Excess/ (Shortfall)	$	74,018	$	(12,200)	$	-		
					
Carryover from Prior Year	0	12,200	0	Carryover From Prior Year	
					
Net Excess/ (Shortfall)	$	74,018	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 BUDGET	FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	

Interest Income	
2,453	
150	
150	
Projected Interest For 2020/2021	

NAV Tax Collection	
858,490	
843,798	
843,798	
Maximum Debt Service Collection	

Total Revenues	
$	860,943	
$	843,948	
$	843,948		

EXPENDITURES					

Principal Payments	
460,000	
480,000	
500,000	
Principal Payment Due In 2021	

Interest Payments	
375,149	
348,339	
329,571	
Interest Payments Due In 2021	

Bond Redemption	
0	
15,609	
14,377	
Estimated Excess Debt Collections	

Total Expenditures	
$	835,149	
$	843,948	
$	843,948		

Excess/ (Shortfall)	
$	25,794	
$	-	
$	-		

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 1/1/20 =	May 2029

$9,335,000			

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	
	2017/2018	2018/2019	2019/2020	2020/2021	
Lot	Assessment	Assessment	Assessment	Projected Assessment	
Size	Before Discount*	Before Discount*	Before Discount*	Before Discount*	

60	
Administrative	
$	144.25	
$	144.20	
$	144.14	
$	
171.57	
	Maintenance - Operating	$	289.96	$	289.96	$	289.96	$	481.07	
	Debt - 2004 Bond/2014 Refunding	$	1,709.23	$	1,709.23	$	1,709.23	$	1,709.23	
	Sub-Total For Lot Size 60	$	2,143.44	$	2,143.39	$	2,143.33	$	2,361.87	
75	Administrative	$	144.25	$	144.20	$	144.14	$	171.57	
	Maintenance - Operating	$	289.96	$	289.96	$	289.96	$	481.07	
	Debt - 2004 Bond/2014 Refunding	$	1,775.39	$	1,775.39	$	1,775.39	$	1,775.39	
	Sub-Total For Lot Size 75	$	2,209.60	$	2,209.55	$	2,209.49	$	2,428.03	
125	Administrative	$	144.25	$	144.20	$	144.14	$	171.57	
	Maintenance - Operating	$	289.96	$	289.96	$	289.96	$	481.07	
	Debt - 2004 Bond/2014 Refunding	$	1,995.89	$	1,995.89	$	1,995.89	$	1,995.89	
	Sub-Total For Lot Size 125	$	2,430.10	$	2,430.05	$	2,429.99	$	2,648.53	
	
* 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	

6/16/2020 12:01 PM	IV