Two Lakes Community Development District

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

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 2020/2021 OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2020/2021 BUDGET 10/1/20 - 9/30/21	AMENDED FINAL BUDGET
10/1/20 - 9/30/21	YEAR TO DATE ACTUAL
10/1/20 - 9/29/21	
Administrative Assessments	99,358	100,168	100,168	
Maintenance Assessments	163,124	163,462	163,462	
Debt Assessments (2017)	1,482,926	1,486,349	1,486,349	
Debt Assessments (2019)	1,153,711	1,153,852	1,153,852	
Developer Contribution - Debt (2019)	0	725,494	725,494	
Capital Funding - Stormwater Management Project	1,000,000	0	0	
Other Revenue	0	740	740	
Interest Income - Stormwater	0	135	134	
Interest Income - Operating	180	1,910	1,904	
TOTAL REVENUES	$	3,899,299	$	3,632,110	$	3,632,103	
				
EXPENDITURES				
Supervisor Fees	0	0	0	
Management	37,440	37,440	37,440	
Legal	12,800	9,800	8,738	
Assessment Roll	8,750	9,400	9,400	
Audit Fees	4,200	5,500	5,500	
Arbitrage Rebate Fee	1,300	1,300	1,300	
Insurance	6,800	5,513	5,513	
Legal Advertisements	2,000	1,200	598	
Miscellaneous	1,750	500	146	
Postage	600	90	78	
Office Supplies	750	200	162	
Dues & Subscriptions	175	175	175	
Trustee Fees	6,500	6,500	6,500	
Continuing Disclosure Fee	2,000	1,500	1,500	
Administrative Contingency	8,512	1,000	0	
TOTAL ADMINISTRATIVE EXPENDITURES	$	93,577	$	80,118	$	77,050	
				
MAINTENANCE EXPENDITURES				
Annual Engineer's Report & Inspections	2,400	1,600	620	
Field Operations Management	1,500	1,500	1,500	
Lawn & Landscape Services - Entrance Roads & Interior Tracts	15,000	1,000	0	
Perimeter Berm - Lawn & Landscape Services	36,000	1,000	0	
Entrance Roads & Entry Features - MTE	8,400	1,000	0	
Irrigation System(s) - Interior/Exterior	10,000	1,000	0	
Roadway/Street Drainage System	8,400	1,000	0	
Street Lighting - Entry Roads	11,400	1,000	0	
FP&L Power/Utility Services - Irrigation & Street Lighting	16,000	1,000	0	
Lake Tract(s)	12,000	2,904	2,904	
Miscellaneous Maintenance	8,400	1,250	250	
Maintenance Contingency	23,837	2,000	0	
Capital Outlay - Stormwater Management Project	1,000,000	0	0	
TOTAL MAINTENANCE EXPENDITURES	$	1,153,337	$	16,254	$	5,274	
				
TOTAL EXPENDITURES	$	1,246,914	$	96,372	$	82,324	
				
REVENUES LESS EXPENDITURES	$	2,652,385	$	3,535,738	$	3,549,779	
				
Bond Payments (2017)	(1,393,950)	(1,414,867)	(1,414,867)	
Bond Payments (2019)	(1,084,488)	(1,822,348)	(1,822,348)	
				
BALANCE	$	173,947	$	298,523	$	312,564	
				
County Appraiser & Tax Collector Fee	(57,982)	(27,903)	(27,903)	
Discounts For Early Payments	(115,965)	(113,371)	(113,371)	
				
EXCESS/ (SHORTFALL)	$	-	$	157,249	$	171,290	
				
Carryover From Prior Year	0	0	0	
				
NET EXCESS/ (SHORTFALL)	$	-	$	157,249	$	171,290	

FUND BALANCE AS OF 9/30/20	
FY 2020/2021 ACTIVITY	
FUND BALANCE AS OF 9/30/21	

$425,450	
$157,249	
$582,699	

Note
Fund Balance Includes Stormwater Bank Account Balance Of $76,490.

I

AMENDED FINAL BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2017
FISCAL YEAR 2020/2021 OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2020/2021 BUDGET 10/1/20 - 9/30/21	AMENDED FINAL BUDGET
10/1/20 - 9/30/21	YEAR TO DATE ACTUAL
10/1/20 - 9/29/21	
Interest Income	750	166	158	
NAV Assessment Collection	1,393,950	1,414,867	1,414,867	
				
Total Revenues	$	1,394,700	$	1,415,033	$	1,415,025	
				
EXPENDITURES				
Principal Payments	410,000	395,000	395,000	
Interest Payments	983,325	989,744	989,744	
Bond Redemption	1,375	0	0	
Total Expenditures	$	1,394,700	$	1,384,744	$	1,384,744	
				
Excess/ (Shortfall)	$	-	$	30,289	$	30,281	

FUND BALANCE AS OF 9/30/20	
FY 2020/2021 ACTIVITY	
FUND BALANCE AS OF 9/30/21	

$1,696,235	
$30,289	
$1,726,524	

Notes
Reserve Fund Balance = $696,975*. Revenue Fund Balance = $1,029,549* Revenue Fund Used To Fund 12/15/21 Principal & Interest Payment Of $901,663 (Principal: $410,000 + Interest: $491,663 = $901,663).
* 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 9/30/21 =	December 2047

$20,535,000	June 15th & December 15th	

II

AMENDED FINAL BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2019
FISCAL YEAR 2020/2021 OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2020/2021 BUDGET 10/1/20 - 9/30/21	AMENDED FINAL BUDGET
10/1/20 - 9/30/21	YEAR TO DATE ACTUAL
10/1/20 - 9/29/21	
Interest Income	500	98	93	
NAV Assessment Collection	1,084,488	1,096,855	1,096,855	
Payment By Developer	0	725,494	725,494	
				
Total Revenues	$	1,084,988	$	1,822,447	$	1,822,442	
				
EXPENDITURES				
Principal Payments	380,000	370,000	370,000	
Interest Payments	699,888	705,438	705,438	
Transfer To Construction Fund	0	55	51	
Bond Redemption	5,100	0	0	
Total Expenditures	$	1,084,988	$	1,075,493	$	1,075,489	
				
Excess/ (Shortfall)	$	-	$	746,954	$	746,953	

FUND BALANCE AS OF 9/30/20	
FY 2020/2021 ACTIVITY	
FUND BALANCE AS OF 9/30/21	

$543,766	
$746,954	
$1,290,720	

Notes
Reserve Fund Balance = $542,244*. Revenue Fund Balance = $748,476* Revenue Fund Used To Fund 12/15/21 Principal & Interest Payment Of $729,944 (Principal: $380,000 + Interest: $349,944 = $729,944).
December 2020 Principal & Interest Payment Was Developer Funded.
* 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 9/30/21 =	December 2049

$18,680,000	June 15th & December 15th	
	
III