Two Lakes	
Community Development District	

Proposed Budget For	
Fiscal Year 2022/2023	
October 1, 2022 - September 30, 2023	

CONTENTS

I	PROPOSED BUDGET	
II	DETAILED PROPOSED BUDGET	
III	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 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR	
	2022/2023	
	BUDGET	
Administrative Assessments	99,094	
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	
Capital Funding - Stormwater Management Project	0	
Interest Income	360	
		
TOTAL REVENUES	$	2,899,215	
		
EXPENDITURES		
Administrative Expenditures		
Supervisor Fees	0	
Management	39,084	
Legal	12,800	
Assessment Roll	9,400	
Audit Fees	5,600	
Arbitrage Rebate Fee	1,300	
Insurance	6,500	
Legal Advertisements	1,600	
Miscellaneous	1,450	
Postage	550	
Office Supplies	750	
Dues & Subscriptions	175	
Trustee Fees	6,500	
Continuing Disclosure Fee	2,000	
Administrative Contingency	5,800	
Total Administrative Expenditures	$	93,509	
		
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) Maintenance	12,000	
Aquatic Maintenance	7,000	
Maintenance Contingency	25,237	
Total Maintenance Expenditures	$	153,337	
		
TOTAL EXPENDITURES	$	246,846	
		
REVENUES LESS EXPENDITURES	$	2,652,369	
		
Bond Payments - Series 2017	(1,393,950)	
Bond Payments - Series 2019	(1,084,488)	
		
BALANCE	$	173,931	
		
County Appraiser & Tax Collector Fee	(57,977)	
Discounts For Early Payments	(115,954)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR	
FISCAL YEAR	
FISCAL YEAR	

COMMENTS	
	2020/2021	2021/2022	2022/2023		
	ACTUAL	BUDGET	BUDGET		
Administrative Assessments	100,168	99,118	99,094	Expenditures Less Interest/.94	
Maintenance Assessments	163,462	163,124	163,124	Expenditures/.94	
Developer Contribution - Debt	725,494	0	0		
Debt Assessments - Series 2017	1,486,349	1,482,926	1,482,926	Bond Payments/.94	
Debt Assessments - Series 2019	1,153,852	1,153,711	1,153,711	Bond Payments/.94	
Other Revenue	740	0	0		
Capital Funding - Stormwater Management Project	0	0	0		
Interest Income	2,038	360	360	Projected At $30 Per Month	
					
TOTAL REVENUES	$	3,632,103	$	2,899,239	$	2,899,215		
					
EXPENDITURES					
Administrative Expenditures					
Supervisor Fees	0	0	0		
Management	37,440	37,956	39,084	CPI Adjustment (Capped At 3%) - Includes Website Management	
Legal	8,738	12,800	12,800	No Change From 2021/2022 Budget	
Assessment Roll	9,400	9,400	9,400	Increased Due To Expansion	
Audit Fees	5,500	5,500	5,600	$100 Increase From 2021/2022 Budget	
Arbitrage Rebate Fee	1,300	1,300	1,300	No Change From 2021/2022 Budget	
Insurance	5,513	6,500	6,500	Insurance Estimate	
Legal Advertisements	598	1,800	1,600	$200 Decrease From 2021/2022 Budget	
Miscellaneous	146	1,600	1,450	$150 Decrease From 2021/2022 Budget	
Postage	78	575	550	$25 Decrease From 2021/2022 Budget	
Office Supplies	162	725	750	$25 Decrease From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	Annual Dues Payment To Dept Of Economic Opportunity	
Trustee Fees	6,500	6,500	6,500	No Change From 2021/2022 Budget	
Continuing Disclosure Fee	1,500	2,000	2,000	No Change From 2021/2022 Budget	
Administrative Contingency	0	6,700	5,800	Administrative Contingency	
Total Administrative Expenditures	$	77,050	$	93,531	$	93,509		
					
Maintenance Expenditures					
Annual Engineer's Report & Inspections	620	2,400	2,400	No Change From 2021/2022 Budget	
Field Operations Management	1,500	1,500	1,500	No Change From 2021/2022 Budget	
Lawn & Landscape Services - Entrance Roads & Interior Tracts	0	15,000	15,000	No Change From 2021/2022 Budget	
Perimeter Berm - Lawn & Landscape Services	0	36,000	36,000	No Change From 2021/2022 Budget	
Entrance Roads & Entry Features - MTE	0	8,400	8,400	No Change From 2021/2022 Budget	
Irrigation System(s) - Interior/Exterior	0	10,000	10,000	No Change From 2021/2022 Budget	
Roadway/Street Drainage System	0	8,400	8,400	No Change From 2021/2022 Budget	
Street Lighting - Entry Roads	0	11,400	11,400	No Change From 2021/2022 Budget	
FP&L Power/Utility Services - Irrigation & Street Lighting	0	16,000	16,000	No Change From 2021/2022 Budget	
Lake Tract(s) Maintenance	2,904	12,000	12,000	No Change From 2021/2022 Budget	
Aquatic Maintenance	0	0	7,000	New Line Item	
Maintenance Contingency	0	23,837	25,237	Maintenance Contingency	
Total Maintenance Expenditures	$	5,024	$	144,937	$	153,337		
					
TOTAL EXPENDITURES	$	82,074	$	238,468	$	246,846		
					
REVENUES LESS EXPENDITURES	$	3,550,029	$	2,660,771	$	2,652,369		
					
Bond Payments - Series 2017	(1,414,867)	(1,393,950)	(1,393,950)	2023 P & I Payments Less Earned Interest	
Bond Payments - Series 2019	(1,822,348)	(1,084,488)	(1,084,488)	2023 P & I Payments Less Earned Interest	
					
BALANCE	$	312,814	$	182,333	$	173,931		
					
County Appraiser & Tax Collector Fee	(27,903)	(57,978)	(57,977)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(113,371)	(115,955)	(115,954)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	171,540	$	8,400	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	171,540	$	8,400	$	-		

DETAILED FINAL DEBT SERVICE (SERIES 2017) FUND BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR	
FISCAL YEAR	
FISCAL YEAR	

COMMENTS	
	2020/2021	2021/2022	2022/2023		
	ACTUAL	BUDGET	BUDGET		

Interest Income	
167	
25	
25	
Projected Interest For 2022/2023	

NAV Tax Collection	
1,414,867	
1,393,950	
1,393,950	
Maximum Debt Service Collection	

Total Revenues	
$1,415,034	
$1,393,975	
$1,393,975		

EXPENDITURES					

Principal Payments	
395,000	
420,000	
435,000	
Principal Payment Due In 2023	

Interest Payments	
989,744	
970,000	
956,350	
Interest Payments Due In 2023	

Bond Redemption	
0	
3,975	
2,625	
Estimated Excess Debt Collections	

Total Expenditures	
$1,384,744	
$1,393,975	
$1,393,975		

Excess/ (Shortfall)	
$30,290	
$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 1/1/22 =	November 2047

$20,125,000	June 15th & December 15th	

DETAILED FINAL DEBT SERVICE (SERIES 2019) FUND BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR	
FISCAL YEAR	
FISCAL YEAR	

COMMENTS	
	2020/2021	2021/2022	2022/2023		
	ACTUAL	BUDGET	BUDGET		

Interest Income	
99	
25	
25	
Projected Interest For 2022/2023	

Developer Contribution - Debt	
725,494	
0	
0		

NAV Tax Collection	
1,096,855	
1,084,488	
1,084,488	
Maximum Debt Service Collection	

Total Revenues	
$1,822,448	
$1,084,513	
$1,084,513		

EXPENDITURES					

Principal Payments	
370,000	
395,000	
405,000	
Principal Payment Due In 2023	

Interest Payments	
705,438	
688,488	
676,638	
Interest Payments Due In 2023	

Transfer To Construction Fund	
54	
0	
0		

Bond Redemption	
0	
1,025	
2,876	
Estimated Excess Debt Collections	

Total Expenditures	
$1,075,491	
$1,084,513	
$1,084,513		

Excess/ (Shortfall)	
$746,956	
$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 1/1/22 =	December 2049

$18,300,000	June 15th & December 15th	

Two Lakes Community Development District Assessment Comparison

	Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
	Projected	2019/2020	2020/2021	2021/2022	2022/2023	
	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	$95.72	$59.54	$59.39	$59.38	
Maintenance For Villa Units	$0.00	$167.14	$97.94	$97.94	$97.94	
Debt For Villa Units	$1,474.19	$1,472.00	$1,472.00	$1,472.00	$1,472.00	
Total For Villa Units	$1,474.19	$1,734.86	$1,629.48	$1,629.33	$1,629.32	

Administrative For Townhome Units	
$0.00	
$95.72	
$59.54	
$59.39	
$59.38	
Maintenance For Townhome Units	$0.00	$167.14	$97.94	$97.94	$97.94	
Debt For Townhome Units	$1,526.84	$1,524.50	$1,524.50	$1,524.50	$1,524.50	
Total For Townhome Units	$1,526.84	$1,787.36	$1,681.98	$1,681.83	$1,681.82	

Administrative For Single Family Units	
$0.00	
$95.72	
$59.54	
$59.39	
$59.38	
Maintenance For Single Family Units	$0.00	$167.14	$97.94	$97.94	$97.94	
Debt For Single Family Units	$1,579.48	$1,577.00	$1,577.00	$1,577.00	$1,577.00	
Total For Single Family Units	$1,579.48	$1,839.86	$1,734.48	$1,734.33	$1,734.32	

Expansion Units						
Administrative For Villa Units	$0.00	$0.00	$59.54	$59.39	$59.38	
Maintenance For Villa Units	$0.00	$0.00	$97.94	$97.94	$97.94	
Debt For Villa Units	$1,555.00	$0.00	$1,555.00	$1,555.00	$1,555.00	
Total For Villa Units	$1,555.00	$0.00	$1,712.48	$1,712.33	$1,712.32	

Administrative For Townhome Units	
$0.00	
$0.00	
$59.54	
$59.39	
$59.38	
Maintenance For Townhome Units	$0.00	$0.00	$97.94	$97.94	$97.94	
Debt For Townhome Units	$1,658.00	$0.00	$1,658.00	$1,658.00	$1,658.00	
Total For Townhome Units	$1,658.00	$0.00	$1,815.48	$1,815.33	$1,815.32	

Administrative For Single Family Units	
$0.00	
$0.00	
$59.54	
$59.39	
$59.38	
Maintenance For Single Family Units	$0.00	$0.00	$97.94	$97.94	$97.94	
Debt For Single Family Units	$1,866.00	$0.00	$1,866.00	$1,866.00	$1,866.00	
Total For Single Family Units	$1,866.00	$0.00	$2,023.48	$2,023.33	$2,023.32	

* 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			
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 Expansion Units	687