Cutler Cay
Community Development District

Final Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

CONTENTS

FINAL BUDGET

FINAL MAINTENANCE BUDGET III	DETAILED FINAL BUDGET
DETAILED FINAL MAINTENANCE BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET VII	ASSESSMENT COMPARISON

FINAL BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023
BUDGET	
Administrative Assessments	98,896	
Maintenance Assessments	895,132	
Debt Assessments - 2014 Refunding	773,141	
Other Revenues	0	
Interest Income	300	
		
Total Revenues	$	1,767,469	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	6,000	
Payroll Taxes (Employer)	480	
Management	31,452	
Secretarial	4,200	
Legal	15,000	
Assessment Roll	7,500	
Audit Fees	3,500	
Arbitrage Rebate Fee	650	
Insurance	15,000	
Legal Advertisements	750	
Miscellaneous	1,750	
Postage	350	
Office Supplies	1,000	
Dues & Subscriptions	175	
Trustee Fee	3,600	
Continuing Disclosure Fee	350	
Website Management	2,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$	93,757	
		
TOTAL MAINTENANCE EXPENDITURES	$	845,900	
		
TOTAL EXPENDITURES	$	939,657	
		
REVENUES LESS EXPENDITURES	$	827,812	
		
2014 Bond Refinancing Payments	(726,753)	
		
Balance	$	101,059	
		
County Appraiser & Tax Collector Fee	(33,686)	
Discounts For Early Payments	(67,373)	
		
Excess/ (Shortfall)	$	-	
		
Carryover from Prior Year	0	
		
Net Excess/ (Shortfall)	$	-	

FINAL MAINTENANCE BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

MAINTENANCE EXPENDITURES	

FISCAL YEAR 2022/2023
BUDGET	

Contingency/Reserve	
105,825	

Lakes Maintenance	
10,000	

Roads Maintenance/Reserve	
47,500	

Stormwater Drainage/Reserve	
17,575	

Stormwater Drainage System Pipe Repairs Project - Phase 2	
100,000	

Field Operations	
12,000	

Walls & Wall Fountain Maintenance	
25,000	

Sidewalk Maintenance/Repairs	
15,000	

Engineering/Inspections	
40,000	

Street Signage	
5,000	

Lake Fountain Maintenance	
15,000	

Entry Features Maintenance	
15,000	

Guardhouse Exterior Maintenance	
10,000	

Guardhouse Insurance	
0	

Water & Sewage	
5,000	

FPL - Street Lighting Project	
10,000	

FPL - Electrical Utility	
48,000	

DERM Stormwater Drainage System Improvement Project	
65,000	

Retention Wall Maintenance	
0	

Lake Bank Erosion Restoration Project	
300,000	

TOTAL MAINTENANCE EXPENDITURES	
$	845,900	

DETAILED FINAL BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2020/2021 ACTUAL	
FISCAL YEAR 2021/2022 BUDGET	
FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	
Administrative Assessments	89,470	87,614	98,896	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	242,937	550,979	895,132	Expenditures/.94	
Debt Assessments - 2014 Refunding	897,657	773,141	773,141	Payment To Trustee/.94	
Other Revenues	0	0	0		
Interest Income	535	300	300	Interest Estimated At $25 Per Month	
					
Total Revenues	$	1,230,599	$	1,412,034	$	1,767,469		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	5,400	6,000	6,000	No Change From 2021/2022 Budget	
Payroll Taxes (Employer)	413	480	480	Projected At 8% Of Supervisor Fees	
Management	30,120	30,540	31,452	CPI Adjustment (Capped At 3%)	
Secretarial	4,200	4,200	4,200	No Change From 2021/2022 Budget	
Legal	12,661	12,500	15,000	$2,500 Increase From 2021/2022 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,300	3,400	3,500	Accepted Amount For 2021/2022 Audit	
Arbitrage Rebate Fee	650	650	650	No Change From 2021/2022 Budget	
Insurance	7,758	8,500	15,000	Insurance Estimate - FY 21/22 Expenditure Was $10,155	
Legal Advertisements	773	750	750	No Change From 2021/2022 Budget	
Miscellaneous	1,361	1,300	1,750	$450 Increase From 2021/2022 Budget	
Postage	617	350	350	No Change From 2021/2022 Budget	
Office Supplies	1,159	800	1,000	$200 Increase From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	No Change From 2021/2022 Budget	
Trustee Fee	3,547	3,600	3,600	No Change From 2021/2022 Budget	
Continuing Disclosure Fee	350	350	350	No Change From 2021/2022 Budget	
Website Management	2,000	2,000	2,000	No Change From 2021/2022 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	81,984	$	83,095	$	93,757		
					
TOTAL MAINTENANCE EXPENDITURES	$	170,364	$	520,675	$	845,900		
					
TOTAL EXPENDITURES	$	252,348	$	603,770	$	939,657		
					
REVENUES LESS EXPENDITURES	$	978,251	$	808,264	$	827,812		
					
2014 Bond Refinancing Payments	(858,260)	(726,753)	(726,753)	2023 P & I Payments	
					
Balance	$	119,991	$	81,511	$	101,059		
					
County Appraiser & Tax Collector Fee	(11,879)	(27,170)	(33,686)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(42,013)	(54,341)	(67,373)	Four Percent Of Total Assessment Roll	
					
Excess/ (Shortfall)	$	66,099	$	-	$	-		
					
Carryover from Prior Year	0	0	0	Carryover From Prior Year	
					
Net Excess/ (Shortfall)	$	66,099	$	-	$	-		

DETAILED FINAL MAINTENANCE BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

MAINTENANCE EXPENDITURES	

FISCAL YEAR 2020/2021 ACTUAL	

FISCAL YEAR 2021/2022 BUDGET	

FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	

Contingency/Reserve	
596	
30,000	
105,825	
Contingency/Reserve	

Lakes Maintenance	
7,140	
10,000	
10,000	
No Change From 2021/2022 Budget	

Roads Maintenance/Reserve	
1,125	
47,500	
47,500	
Fifteen Year Project (Seventh Year)	

Stormwater Drainage/Reserve	
11,875	
17,575	
17,575	
Stormwater Drainage/Reserve	

Stormwater Drainage System Pipe Repairs Project - Phase 2	
21,503	
65,000	
100,000	
Phase 2 Of Project	

Field Operations	
3,600	
3,600	
12,000	
$1,000 Per Month	

Walls & Wall Fountain Maintenance	
7,228	
25,000	
25,000	
No Change From 2021/2022 Budget	

Sidewalk Maintenance/Repairs	
6,090	
15,000	
15,000	
No Change From 2021/2022 Budget	

Engineering/Inspections	
32,601	
7,000	
40,000	
$33,000 Increase From 2021/2022 Budget	

Street Signage	
0	
5,000	
5,000	
No Change From 2021/2022 Budget	

Lake Fountain Maintenance	
0	
15,000	
15,000	
No Change From 2021/2022 Budget	

Entry Features Maintenance	
0	
15,000	
15,000	
No Change From 2021/2022 Budget	

Guardhouse Exterior Maintenance	
0	
10,000	
10,000	
No Change From 2021/2022 Budget	

Guardhouse Insurance	
0	
5,000	
0	
Line Item Eliminated	

Water & Sewage	
0	
5,000	
5,000	
No Change From 2021/2022 Budget	

FPL - Street Lighting Project	
78,606	
95,000	
10,000	
$85,000 Decrease From 2021/2022 Budget	

FPL - Electrical Utility	
0	
150,000	
48,000	
$102,000 Decrease From 2021/2022 Budget	

DERM Stormwater Drainage System Improvement Project	
0	
0	
65,000	
New Line Item For 2022/2023 Budget	

Retention Wall Maintenance	
0	
0	
0	
Fiscal Year 2023/2024 Project	

Lake Bank Erosion Restoration Project	
0	
0	
300,000	
New Line Item For 2022/2023 Budget	

TOTAL MAINTENANCE EXPENDITURES	
$	170,364	
$	520,675	
$	845,900		

DETAILED FINAL DEBT SERVICE FUND BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2020/2021
ACTUAL	
FISCAL YEAR 2021/2022
BUDGET	
FISCAL YEAR 2022/2023
BUDGET	

COMMENTS	

Interest Income	
25	
25	
25	
Projected Interest For 2022/2023	

NAV Tax Collection	
858,260	
726,753	
726,753	
Maximum Debt Service Collection	

Total Revenues	
$	858,285	
$	726,778	
$	726,778		

EXPENDITURES					

Principal Payments	
500,000	
555,000	
570,000	
Principal Payment Due In 2023	

Interest Payments	
158,268	
167,937	
155,899	
Interest Payments Due In 2023	

Bond Redemption	
0	
3,841	
879	
Estimated Excess Debt Collections	

Total Expenditures	
$	658,268	
$	726,778	
$	726,778		

Excess/ (Shortfall)	
$	200,017	
$	-	
$	-		

Series 2021 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 = Maturity Date =	March 2021
May 2034			
Par Amount As Of 1/1/22 =	$8,125,000			

Cutler Cay Community Development District Assessment Comparison

	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
	2019/2020	2020/2021	2021/2022	2022/2023	
Lot	Assessment	Assessment	Assessment	Projected Assessment	
Size	Before Discount*	Before Discount*	Before Discount*	Before Discount*	

60	
Administrative	
$	144.14	
$	171.57	
$	173.50	
$	
195.83	
	Maintenance - Operating	$	289.96	$	481.07	$	1,091.05	$	1,772.54	
	Debt - 2004 Bond/2014 Refunding	$	1,709.23	$	1,709.23	$	1,472.84	$	1,472.84	
	Sub-Total For Lot Size 60	$	2,143.33	$	2,361.87	$	2,737.39	$	3,441.21	
75	Administrative	$	144.14	$	171.57	$	173.50	$	195.83	
	Maintenance - Operating	$	289.96	$	481.07	$	1,091.05	$	1,772.54	
	Debt - 2004 Bond/2014 Refunding	$	1,775.39	$	1,775.39	$	1,532.45	$	1,532.45	
	Sub-Total For Lot Size 75	$	2,209.49	$	2,428.03	$	2,797.00	$	3,500.82	
125	Administrative	$	144.14	$	171.57	$	173.50	$	195.83	
	Maintenance - Operating	$	289.96	$	481.07	$	1,091.05	$	1,772.54	
	Debt - 2004 Bond/2014 Refunding	$	1,995.89	$	1,995.89	$	1,704.37	$	1,704.37	
	Sub-Total For Lot Size 125	$	2,429.99	$	2,648.53	$	2,968.92	$	3,672.74	
	
* 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