Two Lakes Community Development District

Proposed Budget For Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2017) IV	DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2019) V	ASSESSMENT COMPARISON

PROPOSED BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021
BUDGET	
Administrative Assessments	99,358	
Maintenance Assessments	163,124	
Developer Contribution - Debt	0	
Debt Assessments - Series 2017	1,482,926	
Debt Assessments - Series 2019	1,153,711	
Other Revenue	0	
Other Revenue - Stormwater Storage	0	
Capital Funding - Stormwater Management Project	1,000,000	
Interest Income - Capital	0	
Interest Income - Operating	180	
		
TOTAL REVENUES	$	3,899,299	
		
EXPENDITURES		
Administrative Expenditures		
Supervisor Fees	0	
Management	37,440	
Legal	12,800	
Legal - Extraordinary	0	
Assessment Roll	8,750	
Audit Fees	4,200	
Arbitrage Rebate Fee	1,300	
Insurance	6,800	
Legal Advertisements	2,000	
Miscellaneous	1,750	
Postage	600	
Office Supplies	750	
Dues & Subscriptions	175	
Trustee Fees	6,500	
Continuing Disclosure Fee	2,000	
Appraisal Fee	0	
Administrative Contingency	8,512	
		
Total Administrative Expenditures	$	93,577	
		
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	1,000,000	
Total Maintenance Expenditures	$	1,153,337	
		
TOTAL EXPENDITURES	$	1,246,914	
		
REVENUES LESS EXPENDITURES	$	2,652,385	
		
Bond Payments - Series 2017	(1,393,950)	
Bond Payments - Series 2019	(1,084,488)	
		
BALANCE	$	173,947	
		
County Appraiser & Tax Collector Fee	(57,982)	
Discounts For Early Payments	(115,965)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2018/2019 ACTUAL	
FISCAL YEAR 2019/2020 BUDGET	
FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	
Administrative Assessments	95,840	93,422	99,358	Expenditures Less Interest/.94	
Maintenance Assessments	163,124	163,124	163,124	Expenditures/.94	
Developer Contribution - Debt	880,350	0	0		
Debt Assessments - Series 2017	1,482,926	1,482,926	1,482,926	Bond Payments/.94	
Debt Assessments - Series 2019	0	0	1,153,711	Bond Payments/.94	
Other Revenue	39,874	0	0		
Other Revenue - Stormwater Storage	75,593	0	0		
Capital Funding - Stormwater Management Project	11,500,000	6,000,000	1,000,000		
Interest Income - Capital	3,128	0	0		
Interest Income - Operating	729	120	180	Projected At $15 Per Month	
					
TOTAL REVENUES	$ 14,241,564	$ 7,739,592	$	3,899,299		
					
EXPENDITURES					
Administrative Expenditures					
Supervisor Fees	0	0	0		
Management	35,640	36,600	37,440	CPI Adjustment - Includes Website Management/ADA	
Legal	8,405	12,800	12,800	No Change From 2019/2020 Budget	
Legal - Extraordinary	24,800	0	0	Fiscal Year 2018/2019 Expenditure	
Assessment Roll	8,750	8,750	8,750	As Per Contract	
Audit Fees	3,800	3,900	4,200	Increased Due To Second Bond Issue	
Arbitrage Rebate Fee	650	650	1,300	Increased Due To Second Bond Issue	
Insurance	5,000	7,200	6,800	Insurance Estimate	
Legal Advertisements	2,559	2,000	2,000	No Change From 2019/2020 Budget	
Miscellaneous	266	1,750	1,750	No Change From 2019/2020 Budget	
Postage	548	600	600	No Change From 2019/2020 Budget	
Office Supplies	451	750	750	No Change From 2019/2020 Budget	
Dues & Subscriptions	175	175	175	Annual Dues Payment To Dept Of Economic Opportunity	
Trustee Fees	3,250	3,250	6,500	Increased Due To Second Bond Issue	
Continuing Disclosure Fee	1,000	1,000	2,000	No Change From 2019/2020 Budget	
Appraisal Fee	5,310	0	0	Fiscal Year 2018/2019 Expenditure	
Administrative Contingency	0	8,512	8,512	Administrative Contingency	
					
Total Administrative Expenditures	$	100,604	$	87,937	$	93,577		
					
Maintenance Expenditures					
Annual Engineer's Report & Inspections	3,298	2,400	2,400	No Change From 2019/2020 Budget	
Engineering - Extraordinary	6,630	0	0	Fiscal Year 2018/2019 Expenditure	
Field Operations Management	1,500	1,500	1,500	No Change From 2019/2020 Budget	
Lawn & Landscape Services - Entrance Roads & Interior Tracts	0	15,000	15,000	No Change From 2019/2020 Budget	
Perimeter Berm - Lawn & Landscape Services	0	36,000	36,000	No Change From 2019/2020 Budget	
Entrance Roads & Entry Features - MTE	0	8,400	8,400	No Change From 2019/2020 Budget	
Irrigation System(s) - Interior/Exterior	0	10,000	10,000	No Change From 2019/2020 Budget	
Roadway/Street Drainage System	0	8,400	8,400	No Change From 2019/2020 Budget	
Street Lighting - Entry Roads	0	11,400	11,400	No Change From 2019/2020 Budget	
FP&L Power/Utility Services - Irrigation & Street Lighting	0	16,000	16,000	No Change From 2019/2020 Budget	
Lake Tract(s) Maintenance	2,904	12,000	12,000	No Change From 2019/2020 Budget	
Miscellaneous Maintenance	0	8,400	8,400	No Change From 2019/2020 Budget	
Maintenance Contingency	0	23,837	23,837	No Change From 2019/2020 Budget	
Capital Outlay - Stormwater Management Project	10,872,470	6,000,000	1,000,000		
Total Maintenance Expenditures	$ 10,886,802	$ 6,153,337	$	1,153,337		
					
TOTAL EXPENDITURES	$ 10,987,406	$ 6,241,274	$	1,246,914		
					
REVENUES LESS EXPENDITURES	$ 3,254,158	$ 1,498,318	$	2,652,385		
					
Bond Payments - Series 2017	(2,291,083)	(1,393,950)	(1,393,950)	2021 P & I Payments Less Earned Interest	
Bond Payments - Series 2019	0	0	(1,084,488)	2021 P & I Payments Less Earned Interest	
					
BALANCE	$	963,075	$	104,368	$	173,947		
					
County Appraiser & Tax Collector Fee	(16,723)	(34,789)	(57,982)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(67,977)	(69,579)	(115,965)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	878,375	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	878,375	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE (SERIES 2017) FUND BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 BUDGET	FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	

Interest Income	
30,620	
500	
750	
Projected Interest For 2020/2021	

Developer Contribution - Debt	
880,350	
0	
0		

NAV Tax Collection	
1,410,735	
1,393,950	
1,393,950	
Maximum Debt Service Collection	

Total Revenues	
$2,321,705	
$1,394,450	
$1,394,700		

EXPENDITURES					

Principal Payments	
370,000	
395,000	
410,000	
Principal Payment Due In 2021	

Interest Payments	
1,014,688	
996,163	
983,325	
Interest Payments Due In 2021	

Bond Redemption	
0	
3,287	
1,375	
Estimated Excess Debt Collections	

Total Expenditures	
$1,384,688	
$1,394,450	
$1,394,700		

Excess/ (Shortfall)	
$937,017	
$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 1/1/20 =	November 2047

$20,930,000	June 15th & December 15th	

DETAILED PROPOSED DEBT SERVICE (SERIES 2019) FUND BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 BUDGET	FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	

Interest Income	
0	
0	
500	
Projected Interest For 2020/2021	

Developer Contribution - Debt	
0	
0	
0		

Debt Service Bond Proceeds	
690,366	
0	
0		

NAV Tax Collection	
0	
0	
1,084,488	
Maximum Debt Service Collection	

Total Revenues	
$690,366	
$0	
$1,084,988		

EXPENDITURES					

Principal Payments	
0	
0	
380,000	
Principal Payment Due In 2021	

Interest Payments	
0	
0	
699,888	
Interest Payments Due In 2021	

Bond Redemption	
0	
0	
5,100	
Estimated Excess Debt Collections	

Total Expenditures	
$0	
$0	
$1,084,988		

Excess/ (Shortfall)	
$690,366	
$0	
$0		

Series 2019 Bond Information

Original Par Amount =	$19,050,000	Annual Principal Payments Due:	
Interest Rate =	3.0% - 4.0%	December 15th	
Issue Date =	September 2019	Annual Interest Payments Due:	
Maturity Date =

Par Amount As Of 1/1/20 =	December 2049

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

Two Lakes Community Development District Assessment Comparison

	Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
	Projected	2017/2018	2018/2019	2019/2020	2020/2021	
	Debt Assessment	Assessment	Assessment	Assessment	Projected Assessment	
	   Before Discount* 	  Before Discount*	     Before Discount* 	  Before Discount* 	 	Before Discount*		

Original Units						
Administrative For Villa Units	$0.00	$0.00	$95.86	$95.72	$59.54	
Maintenance For Villa Units	$0.00	$0.00	$167.14	$167.14	$97.94	
Debt For Villa Units	$1,474.19	$0.00	$1,474.19	$1,472.00	$1,472.00	
Total For Villa Units	$1,474.19	$0.00	$1,737.19	$1,734.86	$1,629.48	

Administrative For Townhome Units	
$0.00	
$0.00	
$95.86	
$95.72	
$59.54	
Maintenance For Townhome Units	$0.00	$0.00	$167.14	$167.14	$97.94	
Debt For Townhome Units	$1,526.84	$0.00	$1,526.84	$1,524.50	$1,524.50	
Total For Townhome Units	$1,526.84	$0.00	$1,789.84	$1,787.36	$1,681.98	

Administrative For Single Family Units	
$0.00	
$0.00	
$95.86	
$95.72	
$59.54	
Maintenance For Single Family Units	$0.00	$0.00	$167.14	$167.14	$97.94	
Debt For Single Family Units	$1,579.48	$0.00	$1,579.48	$1,577.00	$1,577.00	
Total For Single Family Units	$1,579.48	$0.00	$1,842.48	$1,839.86	$1,734.48	

Expansion Units						
Administrative For Villa Units	$0.00	$0.00	$0.00	$0.00	$59.54	
Maintenance For Villa Units	$0.00	$0.00	$0.00	$0.00	$97.94	
Debt For Villa Units	$1,555.00	$0.00	$0.00	$0.00	$1,555.00	
Total For Villa Units	$1,555.00	$0.00	$0.00	$0.00	$1,712.48	

Administrative For Townhome Units	
$0.00	
$0.00	
$0.00	
$0.00	
$59.54	
Maintenance For Townhome Units	$0.00	$0.00	$0.00	$0.00	$97.94	
Debt For Townhome Units	$1,658.00	$0.00	$0.00	$0.00	$1,658.00	
Total For Townhome Units	$1,658.00	$0.00	$0.00	$0.00	$1,815.48	

Administrative For Single Family Units	
$0.00	
$0.00	
$0.00	
$0.00	
$59.54	
Maintenance For Single Family Units	$0.00	$0.00	$0.00	$0.00	$97.94	
Debt For Single Family Units	$1,866.00	$0.00	$0.00	$0.00	$1,866.00	
Total For Single Family Units	$1,866.00	$0.00	$0.00	$0.00	$2,023.48	

* Assessments Include the Following :	Note: Covenant Amount (After Discounts & Fees)
4% Discount for Early Payments	For Original Units = $248.00
1% County Tax Collector Fee	$248.00/.94 = $263.82
1% County Property Appraiser Fee
Covenant Amount (After Discounts & Fees) For Expansion Units = $262.00
Community Information - Original Units (Original):			$262.00/.94 = $278.72 Villa Units	347
Townhome Units	420	 Total Units As Of 1/1/2020	
Single Family Units	209	Original Units:	982
Total Area One Units	976	Expansion Units:	687
Total Units:	1,669
Community Information - Original Units (Current):			Community Information - Expansion Units: Villa Units	407		Villa Units	246
Townhome Units	372	Townhome Units	248
Single Family Units	203	Single Family Units	193
Total Area One Units	982	Total Area One Units	687
V	3/10/2020 2:07 PM