Cutler Cay
Community Development District

Final Budget For Fiscal Year 2024/2025
October 1, 2024 - September 30, 2025

CONTENTS

FINAL BUDGET

FINAL MAINTENANCE BUDGET

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 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2024/2025
BUDGET	
Administrative Assessments	111,781	
Maintenance Assessments	721,164	
Debt Assessments - 2014 Refunding	773,141	
Loan Assessments - Restoration Project	0	
Other Revenues	0	
Interest Income	1,200	
Total Revenues	$	1,607,286	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	7,000	
Payroll Taxes (Employer)	560	
Management	33,348	
Secretarial	4,200	
Legal	20,000	
Assessment Roll	7,500	
Audit Fees	3,500	
Arbitrage Rebate Fee	650	
Insurance	15,000	
Legal Advertisements	2,500	
Miscellaneous	3,750	
Postage	700	
Office Supplies	1,400	
Dues & Subscriptions	175	
Trustee Fee	4,200	
Continuing Disclosure Fee	350	
Website Management	2,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$	106,833	
		
TOTAL MAINTENANCE EXPENDITURES	$	681,500	
		
TOTAL EXPENDITURES	$	788,333	
		
REVENUES LESS EXPENDITURES	$	818,953	
		
2021 Bond Refinancing Payments	(726,753)	
		
Balance	$	92,200	
		
County Appraiser & Tax Collector Fee	(30,733)	
Discounts For Early Payments	(61,467)	
		
Excess/ (Shortfall)	$	-	
		
Carryover from Prior Year	0	
		
Net Excess/ (Shortfall)	$	-	

FINAL MAINTENANCE BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

MAINTENANCE EXPENDITURES	

FISCAL YEAR 2024/2025
BUDGET	

Contingency/Reserve	
200,000	

Lakes Maintenance	
12,000	

Roads Maintenance/Reserve	
50,000	

Stormwater Drainage Maintenance/Reserve	
40,000	

Stormwater Drainage System Pipe Repairs Project - Phase 2	
0	

Field Operations	
12,000	

Walls & Wall Fountain Maintenance	
30,000	

Sidewalk Maintenance/Repairs	
15,000	

Engineering/Inspections	
45,000	

Street Signage	
5,000	

Lake Fountain Maintenance/Reserve	
15,000	

Entry Features Maintenance/Reserve	
15,000	

Guardhouse Exterior Maintenance	
10,000	

Water & Sewage	
2,500	

FPL - Street Lighting Project	
0	

FPL - Electrical Utility	
110,000	

DERM Required Stormwater Quality Improvement Project	
120,000	

Retention Wall Maintenance/Reserve	
0	

Security	
0	

Landscaping	
0	

Lake Bank Erosion Restoration Project: Priority 1 - Phase 2	
0	

Lake Bank Erosion Restoration Project (Loan Payment)	
0	

TOTAL MAINTENANCE EXPENDITURES	
$	681,500	

DETAILED FINAL BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2022/2023 ACTUAL	
FISCAL YEAR 2023/2024 BUDGET	
FISCAL YEAR 2024/2025 BUDGET	

COMMENTS	
Administrative Assessments	103,845	102,056	111,781	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	895,133	742,571	721,164	Expenditures/.94	
Debt Assessments - 2014 Refunding	773,142	773,141	773,141	Payment To Trustee/.94	
Loan Assessments - Restoration Project	0	149,389	0	Loan Did Not Occur	
Other Revenues	33	0	0		
Interest Income	39,336	600	1,200	Interest Estimated At $100 Per Month	
Total Revenues	$	1,811,489	$	1,767,757	$	1,607,286		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	7,600	6,000	7,000	Supervisor Fees	
Payroll Taxes (Employer)	581	480	560	Projected At 8% Of Supervisor Fees	
Management	31,452	32,388	33,348	CPI Adjustment (Capped At 3%)	
Secretarial	4,200	4,200	4,200	No Change From 2023/2024 Budget	
Legal	22,631	15,000	20,000	$5,000 Increase From 2023/2024 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,400	3,500	3,500	Accepted Amount For 2023/2024 Audit	
Arbitrage Rebate Fee	0	650	650	Report No Longer Required	
Insurance	11,022	15,000	15,000	Insurance Estimate - FY 23/24 Expenditure Was $13,272	
Legal Advertisements	527	750	2,500	Costs Will Increase Due To Closing Of The Miami Business Review	
Miscellaneous	3,689	2,750	3,750	$1,000 Increase From 2023/2024 Budget	
Postage	743	700	700	No Change From 2023/2024 Budget	
Office Supplies	1,121	1,400	1,400	No Change From 2023/2024 Budget	
Dues & Subscriptions	175	175	175	No Change From 2023/2024 Budget	
Trustee Fee	4,139	4,200	4,200	No Change From 2023/2024 Budget	
Continuing Disclosure Fee	350	350	350	No Change From 2023/2024 Budget	
Website Management	2,000	2,000	2,000	No Change From 2023/2024 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	101,130	$	97,043	$	106,833		
					
TOTAL MAINTENANCE EXPENDITURES	$	348,954	$	842,155	$	681,500		
					
TOTAL EXPENDITURES	$	450,084	$	939,198	$	788,333		
					
REVENUES LESS EXPENDITURES	$	1,361,405	$	828,559	$	818,953		
					
2021 Bond Refinancing Payments	(739,114)	(726,753)	(726,753)	2025 Principal & Interest Payments	
					
Balance	$	622,291	$	101,806	$	92,200		
					
County Appraiser & Tax Collector Fee	(17,097)	(33,935)	(30,733)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(60,715)	(67,871)	(61,467)	Four Percent Of Total Assessment Roll	
					
Excess/ (Shortfall)	$	544,479	$	-	$	-		
					
Carryover from Prior Year	0	0	0	Carryover From Prior Year	
					
Net Excess/ (Shortfall)	$	544,479	$	-	$	-		

DETAILED FINAL MAINTENANCE BUDGET
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

MAINTENANCE EXPENDITURES	

FISCAL YEAR 2022/2023 ACTUAL	

FISCAL YEAR 2023/2024 BUDGET	

FISCAL YEAR 2024/2025 BUDGET	

COMMENTS	

Contingency/Reserve	
1,860	
279,730	
200,000	
Contingency/Reserve	

Lakes Maintenance	
26,666	
12,000	
12,000	
No Change From 2023/2024 Budget	

Roads Maintenance/Reserve	
24,050	
50,000	
50,000	
Fifteen Year Project (Ninth Year)	

Stormwater Drainage Maintenance/Reserve	
17,600	
28,000	
40,000	
Stormwater Drainage Maintenance/Reserve	

Stormwater Drainage System Pipe Repairs Project - Phase 2	
0	
100,000	
0	
Line Item Eliminated	

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

Walls & Wall Fountain Maintenance	
13,855	
30,000	
30,000	
No Change From 2023/2024 Budget	

Sidewalk Maintenance/Repairs	
4,490	
15,000	
15,000	
No Change From 2023/2024 Budget	

Engineering/Inspections	
54,054	
45,000	
45,000	

Fiscal Year 23/24 Expenditure Through Feb 2024 Was $8,390	

Street Signage	
1,450	
5,000	
5,000	
No Change From 2023/2024 Budget	

Lake Fountain Maintenance/Reserve	
8,165	
15,000	
15,000	
No Change From 2023/2024 Budget	

Entry Features Maintenance/Reserve	
5,235	
15,000	
15,000	
No Change From 2023/2024 Budget	

Guardhouse Exterior Maintenance	
0	
10,000	
10,000	
No Change From 2023/2024 Budget	

Water & Sewage	
77	
5,000	
2,500	
$2,500 Decrease From 2023/2024 Budget	

FPL - Street Lighting Project	
51,620	
0	
0	
Line Item Eliminated	

FPL - Electrical Utility	
106,570	
35,000	
110,000	

Fiscal Year 23/24 Expenditure Through Feb 2024 Was $47,398	

DERM Required Stormwater Quality Improvement Project	
0	
0	
120,000	

DERM Required Stormwater Quality Improvement Project	

Retention Wall Maintenance/Reserve	
0	
45,000	
0	
Fiscal Year 2023/2024 Project	

Security	
0	
0	
0		

Landscaping	
0	
0	
0		

Lake Bank Erosion Restoration Project: Priority 1 - Phase 2	
21,262	
0	
0		

Lake Bank Erosion Restoration Project (Loan Payment)	
0	
140,425	
0	

Loan Did Not Occur	

TOTAL MAINTENANCE EXPENDITURES	
$	348,954	
$	842,155	
$	681,500		

DETAILED FINAL DEBT SERVICE FUND BUDGET CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2022/2023
ACTUAL	
FISCAL YEAR 2023/2024
BUDGET	
FISCAL YEAR 2024/2025
BUDGET	

COMMENTS	

Interest Income	
10,182	
100	
500	
Projected Interest For 2024/2025	

NAV Tax Collection	
739,114	
726,753	
726,753	
Maximum Debt Service Collection	

Total Revenues	
$	749,296	
$	726,853	
$	727,253		

EXPENDITURES					

Principal Payments	
570,000	
580,000	
595,000	
Principal Payment Due In 2025	

Interest Payments	
161,998	
143,594	
131,022	
Interest Payments Due In 2025	

Bond Redemption	
0	
3,259	
1,231	
Estimated Excess Debt Collections	

Total Expenditures	
$	731,998	
$	726,853	
$	727,253		

Excess/ (Shortfall)	
$	17,298	
$	-	
$	-		

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 =	March 2021			
Maturity Date =

Par Amount As Of 1/1/24 =	May 2034

$7,000,000			

Cutler Cay Community Development District Assessment Comparison

	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
	2021/2022	2022/2023	2023/2024	2024/2025	
Lot	Assessment	Assessment	Assessment	Projected Assessment	
Size	Before Discount*	Before Discount*	Before Discount*	Before Discount*	

60	
Administrative	
$	173.50	$	195.83	$	202.10	
$	
221.35	
	Maintenance - Operating	$	1,091.05	$	1,772.54	$	1,470.45	$	1,428.05	
	Restoration Project Loan	$	-	$	-	$	295.82	$	-	
	Debt - 2004 Bond/2014 Refunding	$	1,472.84	$	1,472.84	$	1,472.84	$	1,472.84	
	Sub-Total For Lot Size 60	$	2,737.39	$	3,441.21	$	3,441.21	$	3,122.24	
75	Administrative	$	173.50	$	195.83	$	202.10	$	221.35	
	Maintenance - Operating	$	1,091.05	$	1,772.54	$	1,470.45	$	1,428.05	
	Restoration Project Loan	$	-	$	-	$	295.82	$	-	
	Debt - 2004 Bond/2014 Refunding	$	1,532.45	$	1,532.45	$	1,532.45	$	1,532.45	
	Sub-Total For Lot Size 75	$	2,797.00	$	3,500.82	$	3,500.82	$	3,181.85	
125	Administrative	$	173.50	$	195.83	$	202.10	$	221.35	
	Maintenance - Operating	$	1,091.05	$	1,772.54	$	1,470.45	$	1,428.05	
	Restoration Project Loan	$	-	$	-	$	295.82	$	-	
Debt - 2004 Bond/2014 Refunding	$	1,704.37	$	1,704.37	$	1,704.37	$	1,704.37	
Sub-Total For Lot Size 125	$	2,968.92	$	3,672.74	$	3,672.74	$	3,353.77	

* 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