Coco Palms Community Development District

Proposed Budget For Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
COCO PALMS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019
BUDGET	
Administrative Assessments	74,784	
Maintenance Assessments	37,553	
Developer Contribution	0	
Debt Assessments	696,804	
Other Revenues	0	
Interest Income	240	
		
TOTAL REVENUES	$	809,381	
		
EXPENDITURES		
Administrative Expenditures		
Supervisor Fees	0	
Management	30,312	
Legal	12,000	
Assessment Roll	7,500	
Audit Fees	3,400	
Arbitrage Rebate Fee	650	
Insurance	6,200	
Legal Advertisements	1,300	
Miscellaneous	1,500	
Postage	700	
Office Supplies	800	
Dues & Subscriptions	175	
Trustee Fees	3,500	
Continuing Disclosure Fee	1,000	
Website Management	1,500	
		
Total Administrative Expenditures	$	70,537	
		
Maintenance Expenditures		
Annual Engineer's Report/Inspections/Field Ops Mgt	2,200	
Lawn & Landscape Tract Maintenance	5,000	
Entrance Feature Maintenance	3,600	
Irrigation System Maintenance/Upkeep	2,400	
Roadway/Drainage System Maintenance/Upkeep	3,600	
Common Driveway Maintenance/Upkeep	19,620	
Fountain Maintenance/Upkeep	4,000	
FP&L Power/Utility	6,000	
Lake - Aquatic Maintenance	3,600	
Miscellaneous Maintenance	4,900	
Total Maintenance Expenditures	$	54,920	
		
TOTAL EXPENDITURES	$	125,457	
		
REVENUES LESS EXPENDITURES	$	683,924	
		
Bond Payments	(654,996)	
		
BALANCE	$	28,928	
		
County Appraiser & Tax Collector Fee	(16,182)	
Discounts For Early Payments	(32,366)	
		
EXCESS/ (SHORTFALL)	$	(19,620)	
		
Carryover Funds From Prior Year	19,620	
		
NET EXCESS/ (SHORTFALL)	$	-	

5/7/2018 9:55 AM	I

DETAILED PROPOSED BUDGET
COCO PALMS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2016/2017 ACTUAL	
FISCAL YEAR 2017/2018 BUDGET	
FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	
Administrative Assessments	75,347	74,989	74,784	Expenditures Less Interest/.94	
Maintenance Assessments	37,551	37,553	37,553	Expenditures Less Carryover/.94	
Developer Contribution	12,054	0	0		
Debt Assessments	696,804	696,804	696,804	Bond Payments/.94	
Other Revenues	5,100	0	0		
Interest Income	355	60	240	Interest Projected At $20 Per Month	
					
TOTAL REVENUES	$	827,211	$	809,406	$	809,381		
					
EXPENDITURES					
Administrative Expenditures					
Supervisor Fees	0	0	0		
Management	29,100	29,700	30,312	CPI Adjustment	
Legal	9,058	13,000	12,000	$1,000 Decrease From 2017/2018 Budget	
Assessment Roll	7,500	7,500	7,500	As Per Contract	
Audit Fees	3,200	3,300	3,400	Accepted Amount For 2017/2018 Audit	
Arbitrage Rebate Fee	650	650	650	No Change From 2017/2018 Budget	
Insurance	5,100	5,500	6,200	Insurance Estimate	
Legal Advertisements	493	1,500	1,300	$200 Decrease From 2017/2018 Budget	
Miscellaneous	68	1,500	1,500	No Change From 2017/2018 Budget	
Postage	120	725	700	$25 Decrease From 2017/2018 Budget	
Office Supplies	461	1,000	800	$200 Decrease From 2017/2018 Budget	
Dues & Subscriptions	175	175	175	No Change From 2017/2018 Budget	
Trustee Fees	3,500	3,500	3,500	No Change From 2017/2018 Budget	
Continuing Disclosure Fee	1,000	1,000	1,000	No Change From 2017/2018 Budget	
Website Management	1,500	1,500	1,500	No Change From 2017/2018 Budget	
					
Total Administrative Expenditures	$	61,925	$	70,550	$	70,537		
					
Maintenance Expenditures					
Annual Engineer's Report/Inspections/Field Ops Mgt	41	2,200	2,200	No Change From 2017/2018 Budget	
Lawn & Landscape Tract Maintenance	0	5,000	5,000	No Change From 2017/2018 Budget	
Entrance Feature Maintenance	0	3,600	3,600	No Change From 2017/2018 Budget	
Irrigation System Maintenance/Upkeep	0	2,400	2,400	No Change From 2017/2018 Budget	
Roadway/Drainage System Maintenance/Upkeep	0	3,600	3,600	No Change From 2017/2018 Budget	
Common Driveway Maintenance/Upkeep	0	0	19,620	Common Driveway Maintenance/Upkeep	
Fountain Maintenance/Upkeep	0	4,000	4,000	No Change From 2017/2018 Budget	
FP&L Power/Utility	0	7,200	6,000	$1,200 Decrease From 2017/2018 Budget	
Lake - Aquatic Maintenance	744	3,600	3,600	No Change From 2017/2018 Budget	
Miscellaneous Maintenance	0	3,700	4,900	$1,200 Increase From 2017/2018 Budget	
Total Maintenance Expenditures	$	785	$	35,300	$	54,920		
					
TOTAL EXPENDITURES	$	62,710	$	105,850	$	125,457		
					
REVENUES LESS EXPENDITURES	$	764,501	$	703,556	$	683,924		
					
Bond Payments	(663,198)	(654,996)	(654,996)	2019 P & I Payments Less Earned Interest	
					
BALANCE	$	101,303	$	48,560	$	28,928		
					
County Appraiser & Tax Collector Fee	(7,784)	(16,186)	(16,182)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(31,252)	(32,374)	(32,366)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	62,267	$	-	$	(19,620)		
					
Carryover Funds From Prior Year	0	17,500	19,620	Carryover Funds From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	62,267	$	17,500	$	-		

5/7/2018 9:55 AM	II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
COCO PALMS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	

FISCAL YEAR

2016/2017

ACTUAL	

FISCAL YEAR

2017/2018

BUDGET	

FISCAL YEAR

2018/2019

BUDGET	

COMMENTS	

Interest Income	

3,218	

0	

500	

Projected Interest For 2018/2019	

Payment By Developer	

313,733	

0	

0		

NAV Tax Collection	

663,198	

654,996	

654,996	

Maximum Debt Service Collection	

Total Revenues	

$	980,149	

$	654,996	

$	655,496		

EXPENDITURES					

Principal Payments	

170,000	

175,000	

185,000	

Principal Payment Due In 2019	

Interest Payments	

556,102	

475,081	

468,331	

Interest Payments Due In 2019	

Bond Redemption	

0	

4,915	

2,165	

Estimated Excess Debt Collections	

Total Expenditures	

$	726,102	

$	654,996	

$	655,496		

Excess/ (Shortfall)	

$	254,047	

$	-	

$	-		

Series 2016 Bond Information

Original Par Amount =	$10,355,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	3.75% - 5.00%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	February 2016			
Maturity Date =

Par Amount As Of 1/1/18 =	May 2046

$10,185,000			

5/7/2018 9:55 AM	III

COCO PALMS COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

	Original	Fiscal Year	Fiscal Year	Fiscal Year	
	Projected	2016/2017	2017/2018	2018/2019	
	   Debt Assessment* 	Assessment*		 	Assessment*		    Projected Assessment* 	

Administrative For Single Family Units	
$	-	$	101.11	
$	100.93	
$	100.66	
Maintenance For Single Family Units	$	-	$	50.54	$	50.54	$	50.54	
Debt For Single Family Units	$	1,053.00	$	1,053.00	$	1,053.00	$	1,053.00	
Total For Single Family Units	$	1,053.00	$	1,204.65	$	1,204.47	$	1,204.20	

Administrative For Townhome Units	
$	-	$	101.11	
$	100.93	
$	100.66	
Maintenance For Townhome Units	$	-	$	50.54	$	50.54	$	50.54	
Debt For Townhomes Units	$	948.00	$	948.00	$	948.00	$	948.00	
Total For Townhomes Units	$	948.00	$	1,099.65	$	1,099.47	$	1,099.20	

Administrative For Villa Units	
$	-	$	101.11	
$	100.93	
$	100.66	
Maintenance For Villa Units	$	-	$	50.54	$	50.54	$	50.54	
Debt For Villa Units	$	843.00	$	843.00	$	843.00	$	843.00	
Total For Villa Units	$	843.00	$	994.65	$	994.47	$	994.20	

* Assessments Include the Following :
4% Discount for Early Payments 1% County Tax Collector Fee
1% County Property Appraiser Fee

Community Information:	

Single Family Units	181	
Townhomes Units	309	
Villa Units	253	
Total Units	743	
Gross Total Covenant Amounts Single Family Units	

$1,207.45	
Townhomes Units	$1,101.07	
Villa Units	$994.68	

5/7/2018 9:55 AM	IV