Two Lakes Community Development District

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

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET (SERIES 2017)

DETAILED FINAL DEBT SERVICE FUND BUDGET (SERIES 2019)

ASSESSMENT COMPARISON

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

REVENUES	
FISCAL YEAR 2020/2021 ACTUAL	
FISCAL YEAR 2021/2022 BUDGET	
FISCAL YEAR 2022/2023 BUDGET	

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

COMMENTS	

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 2020/2021 ACTUAL	FISCAL YEAR 2021/2022 BUDGET	FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	

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
V	7/9/2022 11:44 AM