Two Lakes 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
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019
BUDGET	
Administrative Assessments	93,558	
Maintenance Assessments	163,124	
Developer Contribution	0	
Debt Assessments	1,482,926	
Capital Funding - Stormwater Management Project	0	
Interest Income - Capital	0	
Interest Income - Operating	120	
		
TOTAL REVENUES	$	1,739,728	
		
EXPENDITURES		
Administrative Expenditures		
Supervisor Fees	0	
Management	35,640	
Legal	15,000	
Assessment Roll	8,750	
Audit Fees	3,300	
Arbitrage Rebate Fee	650	
Insurance	7,200	
Legal Advertisements	2,000	
Miscellaneous	1,750	
Postage	600	
Office Supplies	750	
Dues & Subscriptions	175	
Trustee Fees	3,250	
Continuing Disclosure Fee	1,000	
Administrative Contingency	8,000	
		
Total Administrative Expenditures	$	88,065	
		
Maintenance Expenditures		
Annual Engineer's Report & Inspections	2,400	
Field Operations Management	1,500	
Lawn & Landscape Services - Entrance Roads & Interior Tracts	15,000	
Perimeter Berm - Lawn & Landscape Services	36,000	
Entrance Roads & Entry Features - MTE	8,400	
Irrigation System(s) - Interior/Exterior	10,000	
Roadway/Street Drainage System	8,400	
Street Lighting - Entry Roads	11,400	
FP&L Power/Utility Services - Irrigation & Street Lighting	16,000	
Lake Tract(s)	12,000	
Miscellaneous Maintenance	8,400	
Maintenance Contingency	23,837	
Capital Outlay - Stormwater Management Project	0	
Total Maintenance Expenditures	$	153,337	
		
TOTAL EXPENDITURES	$	241,402	
		
REVENUES LESS EXPENDITURES	$	1,498,326	
		
Bond Payments	(1,393,950)	
		
BALANCE	$	104,376	
		
County Appraiser & Tax Collector Fee	(34,792)	
Discounts For Early Payments	(69,584)	
		
EXCESS/ (SHORTFALL)	$	-	

7/10/2018 6:52 PM	I

DETAILED FINAL BUDGET
TWO LAKES 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	0	0	93,558	Expenditures Less Interest/.94	
Maintenance Assessments	0	0	163,124	Expenditures/.94	
Developer Contribution	91,589	163,583	0		
Debt Assessments	0	0	1,482,926	Bond Payments/.94	
Capital Funding - Stormwater Management Project	21,000,000	10,000,000	0		
Interest Income - Capital	4,826	0	0		
Interest Income - Operating	123	0	120	Projected At $10 Per Month	
					
TOTAL REVENUES	$ 21,096,538	$ 10,163,583	$	1,739,728		
					
EXPENDITURES					
Administrative Expenditures					
Supervisor Fees	0	0	0		
Management	34,200	34,908	35,640	CPI Adjustment - Includes Website Management	
Legal	15,394	15,000	15,000	FY 2017/2018 Expenditures Through March 2018 = $3,622	
Assessment Roll	0	8,750	8,750	As Per Contract	
Audit Fees	0	4,250	3,300	Accepted Amount Of Fiscal Year 2017/2018 Audit	
Arbitrage Rebate Fee	0	0	650	Required Due To Bond Issue	
Insurance	5,000	6,000	7,200	Insurance Estimate	
Legal Advertisements	2,141	3,000	2,000	$1,200 Decrease From 2017/2018 Budget	
Miscellaneous	346	1,500	1,750	$250 Increase From 2017/2018 Budget	
Postage	469	500	600	$100 Increase From 2017/2018 Budget	
Office Supplies	1,079	500	750	$250 Increase From 2017/2018 Budget	
Dues & Subscriptions	0	175	175	Annual Dues Payment To Dept Of Economic Opportunity	
Trustee Fees	0	0	3,250	Required Due To Bond Issue	
Continuing Disclosure Fee	0	1,000	1,000	No Change From 2017/2018 Budget	
Administrative Contingency	0	0	8,000	Administrative Contingency	
					
Total Administrative Expenditures	$	58,629	$	75,583	$	88,065		
					
Maintenance Expenditures					
Annual Engineer's Report & Inspections	22,263	1,200	2,400	$1,200 Increase From 2017/2018 Budget	
Field Operations Management	0	0	1,500	Commences When District Goes On Assessment Roll	
Lawn & Landscape Services - Entrance Roads & Interior Tracts	0	10,200	15,000	$4,800 Increase From 2017/2018 Budget	
Perimeter Berm - Lawn & Landscape Services	0	21,000	36,000	$15,000 Increase From 2017/2018 Budget	
Entrance Roads & Entry Features - MTE	0	4,000	8,400	$4,400 Increase From 2017/2018 Budget	
Irrigation System(s) - Interior/Exterior	0	6,000	10,000	$4,000 Increase From 2017/2018 Budget	
Roadway/Street Drainage System	0	2,400	8,400	$6,000 Increase From 2017/2018 Budget	
Street Lighting - Entry Roads	0	7,200	11,400	$4,200 Increase From 2017/2018 Budget	
FP&L Power/Utility Services - Irrigation & Street Lighting	0	15,000	16,000	$1,000 Increase From 2017/2018 Budget	
Lake Tract(s)	5,950	8,400	12,000	$3,600 Increase From 2017/2018 Budget	
Miscellaneous Maintenance	0	6,600	8,400	$1,800 Increase From 2017/2018 Budget	
Maintenance Contingency	0	6,000	23,837	$20,000 Increase From 2017/2018 Budget	
Capital Outlay - Stormwater Management Project	18,020,955	10,000,000	0		
Total Maintenance Expenditures	$ 18,049,168	$ 10,088,000	$	153,337		
					
TOTAL EXPENDITURES	$ 18,107,797	$ 10,163,583	$	241,402		
					
REVENUES LESS EXPENDITURES	$ 2,988,741	$	-	$	1,498,326		
					
Bond Payments	0	0	(1,393,950)	2019 P & I Payments Less Earned Interest	
					
BALANCE	$ 2,988,741	$	-	$	104,376		
					
County Appraiser & Tax Collector Fee	0	0	(34,792)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	0	0	(69,584)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$ 2,988,741	$	-	$	-		

7/10/2018 6:52 PM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET TWO LAKES 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	
1,790	
0	
500	
Projected Interest For 2018/2019	

NAV Tax Collection	
0	
0	
1,393,950	
Maximum Debt Service Collection	

Total Revenues	
$1,790	
$0	
$1,394,450		

EXPENDITURES					

Principal Payments	
0	
0	
385,000	
Principal Payment Due In 2019	

Interest Payments	
0	
0	
1,008,675	
Interest Payments Due In 2019	

Bond Redemption	
0	
0	
775	
Estimated Excess Debt Collections	

Total Expenditures	
$0	
$0	
$1,394,450		

Excess/ (Shortfall)	
$1,790	
$0	
$0		

Series 2017 Bond Information

Original Par Amount =	$21,685,000	Annual Principal Payments Due:	
Interest Rate =	3.25% - 5.0%	November 1st	
Issue Date =	June 2017	Annual Interest Payments Due:	
Maturity Date =

Par Amount As Of 1/1/18 =	November 2047

$21,685,000	May 1st & November 1st	

7/10/2018 6:52 PM	III

Two Lakes Community Development District Assessment Comparison

	Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
	Projected	2015/2016	2016/2017	2017/2018	2018/2019	
	Debt Assessment	Assessment	Assessment	Assessment	Projected Assessment	
	   Before Discount* 	  Before Discount*	  Before Discount*	   Before Discount*	 	Before Discount*		

Administrative	
$0.00	
$0.00	
$0.00	
$0.00	
$95.86	
Maintenance	$0.00	$0.00	$0.00	$0.00	$167.14	
Debt	$1,474.19	$0.00	$0.00	$0.00	$1,474.19	
Total For Villa Units	$1,474.19	$0.00	$0.00	$0.00	$1,737.19	

Administrative	
$0.00	
$0.00	
$0.00	
$0.00	
$95.86	
Maintenance	$0.00	$0.00	$0.00	$0.00	$167.14	
Debt	$1,526.84	$0.00	$0.00	$0.00	$1,526.84	
Total For Townhome Units	$1,526.84	$0.00	$0.00	$0.00	$1,789.84	

Administrative	
$0.00	
$0.00	
$0.00	
$0.00	
$95.86	
Maintenance	$0.00	$0.00	$0.00	$0.00	$167.14	
Debt	$1,579.48	$0.00	$0.00	$0.00	$1,579.48	
Total For Single Family Units	$1,579.48	$0.00	$0.00	$0.00	$1,842.48	

* Assessments Include the Following :	Note: Covenent Amount (After Discounts & Fees) = $248.00
4% Discount for Early Payments	$248.00/.94 = $263.82 1% County Tax Collector Fee
1% County Property Appraiser Fee

Community Information:	

Villa Units	347	
Townhome Units	420	
Single Family Units	209	
Total Area One Units	976	

IV	7/10/2018 6:52 PM