Two Lakes Community Development District

Final Budget For Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020 BUDGET	
Administrative Assessments	93,422	
Maintenance Assessments	163,124	
Developer Contribution - O&M	0	
Developer Contribution - Debt	0	
Debt Assessments	1,482,926	
Capital Funding - Stormwater Management Project	6,000,000	
Interest Income - Capital	0	
Interest Income - Operating	120	
		
TOTAL REVENUES	$	7,739,592	
		
EXPENDITURES		
Administrative Expenditures		
Supervisor Fees	0	
Management	36,600	
Legal	12,800	
Assessment Roll	8,750	
Audit Fees	3,900	
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	8,512	
		
Total Administrative Expenditures	$	87,937	
		
Maintenance Expenditures		
Annual Engineer's Report & Inspections	2,400	
Engineering - Extraordinary	0	
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) Maintenance	12,000	
Miscellaneous Maintenance	8,400	
Maintenance Contingency	23,837	
Capital Outlay - Stormwater Management Project	6,000,000	
Total Maintenance Expenditures	$	6,153,337	
		
TOTAL EXPENDITURES	$	6,241,274	
		
REVENUES LESS EXPENDITURES	$	1,498,318	
		
Bond Payments	(1,393,950)	
		
BALANCE	$	104,368	
		
County Appraiser & Tax Collector Fee	(34,789)	
Discounts For Early Payments	(69,579)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

6/11/2019  2:04 PM	I

DETAILED FINAL BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018 ACTUAL	
FISCAL YEAR 2018/2019 BUDGET	
FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	
Administrative Assessments	0	93,558	93,422	Expenditures Less Interest/.94	
Maintenance Assessments	0	163,124	163,124	Expenditures/.94	
Developer Contribution - O&M	77,158	0	0		
Developer Contribution - Debt	510,350	0	0		
Debt Assessments	0	1,482,926	1,482,926	Bond Payments/.94	
Capital Funding - Stormwater Management Project	3,258,692	0	6,000,000		
Interest Income - Capital	2,190	0	0		
Interest Income - Operating	62	120	120	Projected At $10 Per Month	
					
TOTAL REVENUES	$ 3,848,452	$	1,739,728	$	7,739,592		
					
EXPENDITURES					
Administrative Expenditures					
Supervisor Fees	0	0	0		
Management	34,908	35,640	36,600	CPI Adjustment - Includes Website Management/ADA	
Legal	7,381	15,000	12,800	FY 2018/2019 Expenditures Through March 2019 = $3,963	
Assessment Roll	8,750	8,750	8,750	As Per Contract	
Audit Fees	3,200	3,300	3,900	Increased Due To Quarry Shot Rock	
Arbitrage Rebate Fee	650	650	650	Required Due To Bond Issue	
Insurance	5,500	7,200	7,200	Insurance Estimate	
Legal Advertisements	589	2,000	2,000	No Change From 2018/2019 Budget	
Miscellaneous	380	1,750	1,750	No Change From 2018/2019 Budget	
Postage	246	600	600	No Change From 2018/2019 Budget	
Office Supplies	435	750	750	No Change From 2018/2019 Budget	
Dues & Subscriptions	175	175	175	Annual Dues Payment To Dept Of Economic Opportunity	
Trustee Fees	3,325	3,250	3,250	Required Due To Bond Issue	
Continuing Disclosure Fee	1,000	1,000	1,000	No Change From 2018/2019 Budget	
Administrative Contingency	0	8,000	8,512	Administrative Contingency	
					
Total Administrative Expenditures	$	66,539	$	88,065	$	87,937		
					
Maintenance Expenditures					
Annual Engineer's Report & Inspections	0	2,400	2,400	No Change From 2018/2019 Budget	
Engineering - Extraordinary	3,839	0	0	Fiscal Year 2017/2018 Expenditure	
Field Operations Management	0	1,500	1,500	No Change From 2018/2019 Budget	
Lawn & Landscape Services - Entrance Roads & Interior Tracts	0	15,000	15,000	No Change From 2018/2019 Budget	
Perimeter Berm - Lawn & Landscape Services	0	36,000	36,000	No Change From 2018/2019 Budget	
Entrance Roads & Entry Features - MTE	0	8,400	8,400	No Change From 2018/2019 Budget	
Irrigation System(s) - Interior/Exterior	0	10,000	10,000	No Change From 2018/2019 Budget	
Roadway/Street Drainage System	0	8,400	8,400	No Change From 2018/2019 Budget	
Street Lighting - Entry Roads	0	11,400	11,400	No Change From 2018/2019 Budget	
FP&L Power/Utility Services - Irrigation & Street Lighting	0	16,000	16,000	No Change From 2018/2019 Budget	
Lake Tract(s) Maintenance	1,221	12,000	12,000	No Change From 2018/2019 Budget	
Miscellaneous Maintenance	0	8,400	8,400	No Change From 2018/2019 Budget	
Maintenance Contingency	0	23,837	23,837	No Change From 2018/2019 Budget	
Capital Outlay - Stormwater Management Project	3,258,692	0	6,000,000		
Total Maintenance Expenditures	$ 3,263,752	$	153,337	$	6,153,337		
					
TOTAL EXPENDITURES	$ 3,330,291	$	241,402	$	6,241,274		
					
REVENUES LESS EXPENDITURES	$	518,161	$	1,498,326	$	1,498,318		
					
Bond Payments	(510,350)	(1,393,950)	(1,393,950)	2020 P & I Payments Less Earned Interest	
					
BALANCE	$	7,811	$	104,376	$	104,368		
					
County Appraiser & Tax Collector Fee	0	(34,792)	(34,789)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	0	(69,584)	(69,579)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	7,811	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	7,811	$	-	$	-		

6/11/2019 2:04 PM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET TWO LAKES COMMUNITY DEVELOPMENT DISTRICT   FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
10,830	
500	
500	
Projected Interest For 2019/2020	

Developer Contribution - Debt	
510,350	
0	
0		

Capitalized Interest	
473,491	
0	
0		

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

Total Revenues	
$994,671	
$1,394,450	
$1,394,450		

EXPENDITURES					

Principal Payments	
0	
385,000	
395,000	
Principal Payment Due In 2020	

Interest Payments	
983,841	
1,008,675	
996,163	
Interest Payments Due In 2020	

Bond Redemption	
0	
775	
3,287	
Estimated Excess Debt Collections	

Total Expenditures	
$983,841	
$1,394,450	
$1,394,450		

Excess/ (Shortfall)	
$10,830	
$0	
$0		

Series 2017 Bond Information

Original Par Amount =	$21,685,000	Annual Principal Payments Due:	
Interest Rate =	3.25% - 5.0%	December 15th	
Issue Date =	June 2017	Annual Interest Payments Due:	
Maturity Date =

Par Amount As Of 1/1/19 =	November 2047

$21,315,000	June 15th & December 15th	

6/11/2019 2:04 PM	III

Two Lakes Community Development District Assessment Comparison

	Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
	Projected	2016/2017	2017/2018	2018/2019	2019/2020	
	Debt Assessment	Assessment	Assessment	Assessment	Projected Assessment	
	   Before Discount* 	 Before Discount*	  Before Discount*	  Before Discount*	 	Before Discount*		

Administrative	
$0.00	
$0.00	
$0.00	
$95.86	
$95.72	
Maintenance	$0.00	$0.00	$0.00	$167.14	$167.14	
Debt	$1,474.19	$0.00	$0.00	$1,474.19	$1,472.00	
Total For Villa Units	$1,474.19	$0.00	$0.00	$1,737.19	$1,734.86	

Administrative	
$0.00	
$0.00	
$0.00	
$95.86	
$95.72	
Maintenance	$0.00	$0.00	$0.00	$167.14	$167.14	
Debt	$1,526.84	$0.00	$0.00	$1,526.84	$1,524.50	
Total For Townhome Units	$1,526.84	$0.00	$0.00	$1,789.84	$1,787.36	

Administrative	
$0.00	
$0.00	
$0.00	
$95.86	
$95.72	
Maintenance	$0.00	$0.00	$0.00	$167.14	$167.14	
Debt	$1,579.48	$0.00	$0.00	$1,579.48	$1,577.00	
Total For Single Family Units	$1,579.48	$0.00	$0.00	$1,842.48	$1,839.86	

* 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 (Original):	

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

Community Information (Current):	

Villa Units	407	
Townhome Units	372	
Single Family Units	203	
Total Area One Units	982	

IV	6/11/2019 2:04 PM