Cutler Cay
Community Development District

Proposed Budget For Fiscal Year 2021/2022
October 1, 2021 - September 30, 2022

CONTENTS

PROPOSED BUDGET

PROPOSED MAINTENANCE BUDGET III	DETAILED PROPOSED BUDGET
DETAILED PROPOSED MAINTENANCE BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET VII	ASSESSMENT COMPARISON

PROPOSED BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2021/2022
BUDGET	
Administrative Assessments	87,614	
Maintenance Assessments	550,979	
Debt Assessments - 2014 Refunding	773,141	
Other Revenues	0	
Interest Income	300	
		
Total Revenues	$	1,412,034	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	6,000	
Payroll Taxes (Employer)	480	
Management	30,540	
Secretarial	4,200	
Legal	12,500	
Assessment Roll	7,500	
Audit Fees	3,400	
Arbitrage Rebate Fee	650	
Insurance	8,500	
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	$	83,095	
		
TOTAL MAINTENANCE EXPENDITURES	$	520,675	
		
TOTAL EXPENDITURES	$	603,770	
		
REVENUES LESS EXPENDITURES	$	808,264	
		
2014 Bond Refinancing Payments	(726,753)	
		
Balance	$	81,511	
		
County Appraiser & Tax Collector Fee	(27,170)	
Discounts For Early Payments	(54,341)	
		
Excess/ (Shortfall)	$	-	
		
Carryover from Prior Year	0	
		
Net Excess/ (Shortfall)	$	-	

PROPOSED MAINTENANCE BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

	

FISCAL YEAR 2021/2022
BUDGET	

MAINTENANCE EXPENDITURES		

Contingency/Reserve	
30,000	

Lakes Maintenance	
10,000	

Roads Maintenance/Reserve	
47,500	

Stormwater Drainage/Reserve	
17,575	

Stormwater Drainage System Pipe Repairs Project	
65,000	

Field Operations	
3,600	

Walls & Wall Fountain Maintenance	
25,000	

Sidewalk Maintenance/Repairs	
15,000	

Engineering/Inspections	
7,000	

Street Signage	
5,000	

Lake Fountain Maintenance	
15,000	

Entry Features Maintenance	
15,000	

Guardhouse Exterior Maintenance	
10,000	

Guardhouse Insurance	
5,000	

Water & Sewage	
5,000	

FPL - Street Lighting Project	
95,000	

FPL - Electrical	
150,000	

TOTAL MAINTENANCE EXPENDITURES	
$	520,675	

DETAILED PROPOSED BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2019/2020 ACTUAL	
FISCAL YEAR 2020/2021 BUDGET	
FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	
Administrative Assessments	76,537	86,640	87,614	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	146,429	242,937	550,979	Expenditures/.94	
Debt Assessments - 2014 Refunding	897,658	897,657	773,141	Payment To Trustee/.94	
Other Revenues	0	0	0		
Interest Income	525	300	300	Interest Estimated At $25 Per Month	
					
Total Revenues	$	1,121,149	$	1,227,534	$	1,412,034		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	3,600	6,000	6,000	No Change From 2020/2021 Budget	
Payroll Taxes (Employer)	275	480	480	Projected At 8% Of Supervisor Fees	
Management	29,448	30,120	30,540	CPI Adjustment	
Secretarial	4,200	4,200	4,200	No Change From 2020/2021 Budget	
Legal	8,725	12,500	12,500	No Change From 2020/2021 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,200	3,300	3,400	Accepted Amount For 2020/2021 Audit	
Arbitrage Rebate Fee	650	650	650	No Change From 2020/2021 Budget	
Insurance	7,298	8,100	8,500	Insurance Estimate - FY 20/21 Expenditure Was $7,758	
Legal Advertisements	757	750	750	No Change From 2020/2021 Budget	
Miscellaneous	985	1,300	1,300	No Change From 2020/2021 Budget	
Postage	577	350	350	No Change From 2020/2021 Budget	
Office Supplies	559	800	800	No Change From 2020/2021 Budget	
Dues & Subscriptions	175	175	175	No Change From 2020/2021 Budget	
Trustee Fee	3,547	3,600	3,600	No Change From 2020/2021 Budget	
Continuing Disclosure Fee	350	350	350	No Change From 2020/2021 Budget	
Website Management	2,000	2,000	2,000	No Change From 2020/2021 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	73,846	$	82,175	$	83,095		
					
TOTAL MAINTENANCE EXPENDITURES	$	100,979	$	229,575	$	520,675		
					
TOTAL EXPENDITURES	$	174,825	$	311,750	$	603,770		
					
REVENUES LESS EXPENDITURES	$	946,324	$	915,784	$	808,264		
					
2014 Bond Refinancing Payments	(858,629)	(843,798)	(726,753)	2022 P & I Payments	
					
Balance	$	87,695	$	71,986	$	81,511		
					
County Appraiser & Tax Collector Fee	(10,821)	(23,995)	(27,170)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(37,771)	(47,991)	(54,341)	Four Percent Of Total Assessment Roll	
					
Excess/ (Shortfall)	$	39,103	$	-	$	-		
					
Carryover from Prior Year	0	0	0	Carryover From Prior Year	
					
Net Excess/ (Shortfall)	$	39,103	$	-	$	-		

DETAILED PROPOSED MAINTENANCE BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

	

FISCAL YEAR 2019/2020
ACTUAL	

FISCAL YEAR 2020/2021
BUDGET	

FISCAL YEAR 2021/2022
BUDGET	

COMMENTS	

MAINTENANCE EXPENDITURES					

Contingency/Reserve	
16	
22,200	
30,000	
Contingency/Reserve	

Lakes Maintenance	
7,140	
10,000	
10,000	
No Change From 2020/2021 Budget	

Roads Maintenance/Reserve	
0	
47,500	
47,500	
Fifteen Year Project (Sixth Year)	

Stormwater Drainage/Reserve	
55,972	
15,075	
17,575	
Stormwater Drainage/Reserve	

Stormwater Drainage System Pipe Repairs Project	
0	
91,200	
65,000	
Total Project Cost Is $153,000	

Field Operations	
3,600	
3,600	
3,600	
No Change From 2020/2021 Budget	

Walls & Wall Fountain Maintenance	
6,771	
25,000	
25,000	
No Change From 2020/2021 Budget	

Sidewalk Maintenance/Repairs	
16,799	
10,000	
15,000	
$5,000 Increase From 2020/2021 Budget	

Engineering/Inspections	
10,681	
5,000	
7,000	
$2,000 Increase From 2020/2021 Budget	

Street Signage	
0	
0	
5,000	
New Line Item For 2021/2022 Budget	

Lake Fountain Maintenance	
0	
0	
15,000	
New Line Item For 2021/2022 Budget	

Entry Features Maintenance	
0	
0	
15,000	
New Line Item For 2021/2022 Budget	

Guardhouse Exterior Maintenance	
0	
0	
10,000	
New Line Item For 2021/2022 Budget	

Guardhouse Insurance	
0	
0	
5,000	
New Line Item For 2021/2022 Budget	

Water & Sewage	
0	
0	
5,000	
New Line Item For 2021/2022 Budget	

FPL - Street Lighting Project	
0	
0	
95,000	
New Line Item For 2021/2022 Budget	

FPL - Electrical	
0	
0	
150,000	
FPL - Electrical	

TOTAL MAINTENANCE EXPENDITURES	
$	100,979	
$	229,575	
$	520,675		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	FISCAL YEAR 2019/2020 ACTUAL	FISCAL YEAR 2020/2021 BUDGET	FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	

Interest Income	
695	
150	
25	
Projected Interest For 2021/2022	

NAV Tax Collection	
858,629	
843,798	
726,753	
Maximum Debt Service Collection	

Total Revenues	
$	859,324	
$	843,948	
$	726,778		

EXPENDITURES					

Principal Payments	
480,000	
500,000	
555,000	
Principal Payment Due In 2022	

Interest Payments	
357,531	
329,571	
167,937	
Interest Payments Due In 2022	

Bond Redemption	
0	
14,377	
3,841	
Estimated Excess Debt Collections	

Total Expenditures	
$	837,531	
$	843,948	
$	726,778		

Excess/ (Shortfall)	
$	21,793	
$	-	
$	-		

Series 2019 Bond Refunding Information
Original Par Amount =	$8,125,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	2.14%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	March 2021			
Maturity Date =

Par Amount As Of 5/1/21 =	May 2034

$8,125,000			

Cutler Cay Community Development District Assessment Comparison

	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
	2018/2019	2019/2020	2020/2021	2021/2022	
Lot	Assessment	Assessment	Assessment	Projected Assessment	
Size	Before Discount*	Before Discount*	Before Discount*	Before Discount*	

60	
Administrative	
$	144.20	
$	144.14	
$	171.57	
$	
173.50	
	Maintenance - Operating	$	289.96	$	289.96	$	481.07	$	1,091.05	
	Debt - 2004 Bond/2014 Refunding	$	1,709.23	$	1,709.23	$	1,709.23	$	1,472.84	
	Sub-Total For Lot Size 60	$	2,143.39	$	2,143.33	$	2,361.87	$	2,737.39	
75	Administrative	$	144.20	$	144.14	$	171.57	$	173.50	
	Maintenance - Operating	$	289.96	$	289.96	$	481.07	$	1,091.05	
	Debt - 2004 Bond/2014 Refunding	$	1,775.39	$	1,775.39	$	1,775.39	$	1,532.45	
	Sub-Total For Lot Size 75	$	2,209.55	$	2,209.49	$	2,428.03	$	2,797.00	
125	Administrative	$	144.20	$	144.14	$	171.57	$	173.50	
	Maintenance - Operating	$	289.96	$	289.96	$	481.07	$	1,091.05	
	Debt - 2004 Bond/2014 Refunding	$	1,995.89	$	1,995.89	$	1,995.89	$	1,704.37	
	Sub-Total For Lot Size 125	$	2,430.05	$	2,429.99	$	2,648.53	$	2,968.92	
	
* 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