Two Lakes Community Development District

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

CONTENTS

AMENDED FINAL OPERATING FUND BUDGET

AMENDED FINAL DEBT SERVICE FUND BUDGET - SERIES 2017 III	AMENDED FINAL DEBT SERVICE FUND BUDGET - SERIES 2019

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

REVENUES	FISCAL YEAR 2019/2020 BUDGET 10/1/19 - 9/30/20	AMENDED FINAL BUDGET
10/1/19 - 9/30/20	YEAR TO DATE ACTUAL
10/1/19 - 9/29/20	
Administrative Assessments	93,422	96,406	96,406	
Maintenance Assessments	163,124	164,131	164,131	
Debt Assessments (2017)	1,482,926	1,486,348	1,486,349	
Debt Assessments (2019)	0	355,494	355,494	
Developer Contribution - Debt (2017)	0	0	0	
Capital Funding - Stormwater Management Project	6,000,000	68,850	45,278	
Other Revenue	0	13,000	10,927	
Interest Income - Stormwater	0	650	643	
Interest Income - Operating	120	1,645	1,637	
TOTAL REVENUES	$	7,739,592	$	2,186,524	$	2,160,865	
				
EXPENDITURES				
Supervisor Fees	0	0	0	
Management	36,600	36,600	36,600	
Legal	12,800	11,000	8,686	
Legal - Extraordinary	0	495	495	
Assessment Roll	8,750	8,750	8,750	
Audit Fees	3,900	5,400	5,400	
Arbitrage Rebate Fee	650	650	650	
Insurance	7,200	5,251	5,251	
Legal Advertisements	2,000	1,200	716	
Miscellaneous	1,750	1,000	255	
Postage	600	280	273	
Office Supplies	750	225	195	
Dues & Subscriptions	175	175	175	
Trustee Fees	3,250	6,500	6,500	
Continuing Disclosure Fee	1,000	2,000	2,000	
Administrative Contingency	8,512	1,000	0	
TOTAL ADMINISTRATIVE EXPENDITURES	$	87,937	$	80,526	$	75,946	
				
MAINTENANCE EXPENDITURES				
Annual Engineer's Report & Inspections	2,400	1,000	170	
Engineering - Extraordinary	0	12,000	10,244	
Field Operations Management	1,500	1,500	1,500	
Lawn & Landscape Services - Entrance Roads & Interior Tracts	15,000	1,500	640	
Perimeter Berm - Lawn & Landscape Services	36,000	500	0	
Entrance Roads & Entry Features - MTE	8,400	500	0	
Irrigation System(s) - Interior/Exterior	10,000	500	0	
Roadway/Street Drainage System	8,400	500	0	
Street Lighting - Entry Roads	11,400	500	0	
FP&L Power/Utility Services - Irrigation & Street Lighting	16,000	500	0	
Lake Tract(s)	12,000	4,500	2,904	
Miscellaneous Maintenance	8,400	1,500	782	
Maintenance Contingency	23,837	500	0	
Capital Outlay - Stormwater Management Project	6,000,000	700,000	676,428	
TOTAL MAINTENANCE EXPENDITURES	$	6,153,337	$	725,500	$	692,668	
				
TOTAL EXPENDITURES	$	6,241,274	$	806,026	$	768,614	
				
REVENUES LESS EXPENDITURES	$	1,498,318	$	1,380,498	$	1,392,251	
				
Bond Payments (2017)	(1,393,950)	(1,415,178)	(1,415,178)	
Bond Payments (2019)	0	(355,494)	(355,494)	
				
BALANCE	$	104,368	$	(390,174)	$	(378,421)	
				
County Appraiser & Tax Collector Fee	(34,789)	(16,792)	(16,792)	
Discounts For Early Payments	(69,579)	(66,718)	(66,718)	
				
EXCESS/ (SHORTFALL)	$	-	$	(473,684)	$	(461,931)	
				
Carryover From Prior Year	0	0	0	
				
NET EXCESS/ (SHORTFALL)	$	-	$	(473,684)	$	(461,931)	

O & M FUND BALANCE AS OF 9/30/19	
FY 2019/2020 O & M ACTIVITY	
O & M FUND BALANCE AS OF 9/30/20	

$184,872	
$156,816	
$341,688	

STORMWATER FUND BALANCE AS OF 9/30/19	
FY 2019/2020 STORMWATER ACTIVITY	
STORMWATER FUND BALANCE AS OF 9/30/20	

$706,847	
($630,500)	
$76,347	

I

AMENDED FINAL BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2017
FISCAL YEAR 2019/2020 OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2019/2020 BUDGET 10/1/19 - 9/30/20	AMENDED FINAL BUDGET
10/1/19 - 9/30/20	YEAR TO DATE ACTUAL
10/1/19 - 9/29/20	
Interest Income	500	14,900	14,888	
NAV Assessment Collection	0	0	0	
Miscellaneous Revenue	0	0	0	
Payment By Developer	1,393,950	1,415,178	1,415,178	
				
Total Revenues	$	1,394,450	$	1,430,078	$	1,430,066	
				
EXPENDITURES				
Principal Payments	395,000	385,000	385,000	
Interest Payments	996,163	1,002,419	1,002,419	
Bond Redemption	3287	0	0	
Total Expenditures	$	1,394,450	$	1,387,419	$	1,387,419	
				
Excess/ (Shortfall)	$	-	$	42,659	$	42,647	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$1,653,372	
$42,659	
$1,696,031	

Notes
Reserve Fund Balance = $696,975*. Revenue Fund Balance = $999,056* Revenue Fund Used To Fund 12/15/20 Principal & Interest Payment Of $893,081 (Principal: $395,000 + Interest: $498,081 = $893,081).
* Approximate Amounts

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 9/30/20 =	December 2047

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

II

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

REVENUES	FISCAL YEAR 2019/2020 BUDGET 10/1/19 - 9/30/20	AMENDED FINAL BUDGET
10/1/19 - 9/30/20	YEAR  TO DATE ACTUAL
10/1/19 - 9/29/20	
Interest Income	0	4,610	4,609	
NAV Assessment Collection	0	0	0	
Miscellaneous Revenue	0	992	992	
Payment By Developer	0	355,494	355,494	
				
Total Revenues	$	-	$	361,096	$	361,095	
				
EXPENDITURES				
Principal Payments	0	0	0	
Interest Payments	0	503,616	503,616	
Transfer To Construction Fund	0	4,080	4,080	
Bond Redemption	0	0	0	
Total Expenditures	$	-	$	507,696	$	507,696	
				
Excess/ (Shortfall)	$	-	$	(146,600)	$	(146,601)	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$690,366	
($146,600)	
$543,766	

Notes
Reserve Fund Balance = $542,244*. Revenue Fund Balance = $1,522* 12/15/2020 Principal & Interest Payment Of $725,494
(Principal: $370,000 + Interest: $355,494 = $725,494) To Be Developer Funded.
11/1/19 Interest Payment Was Funded By Capitalized Interest.
* Approximate Amounts

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 9/30/20 =	December 2049

$19,050,000	June 15th & December 15th	
	
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