Coco Palms Community Development District

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

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2016) IV    DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2019) V	ASSESSMENT COMPARISON

PROPOSED BUDGET
COCO PALMS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023 BUDGET	
Administrative Assessments	88,641	
Maintenance Assessments	62,674	
Debt Assessments (2016)	695,856	
Debt Assessments (2019)	400,000	
Developer Contribution - 2019 Debt	0	
Other Revenues	0	
Interest Income	360	
		
TOTAL REVENUES	$	1,247,531	
		
EXPENDITURES		
Administrative Expenditures		
Supervisor Fees	4,000	
Payroll Taxes	306	
Management	32,976	
Legal	12,000	
Assessment Roll	7,800	
Audit Fees	4,800	
Arbitrage Rebate Fee	1,300	
Insurance	6,575	
Legal Advertisements	900	
Miscellaneous	1,100	
Postage	475	
Office Supplies	575	
Dues & Subscriptions	175	
Trustee Fees	7,000	
Continuing Disclosure Fee	1,500	
Website Management	2,000	
Administrative Contingency	200	
		
Total Administrative Expenditures	$	83,682	
		
Maintenance Expenditures		
Annual Engineer's Report/Inspections	1,800	
Field Operations Management	1,200	
Lawn & Landscape Tract Maintenance	13,000	
Entrance Feature Maintenance	2,000	
Irrigation System Maintenance/Upkeep	2,000	
Irrigation System - Water	5,000	
Roadway/Drainage System Maintenance/Upkeep	5,600	
Common Driveway Maintenance/Upkeep	10,000	
Fountain Maintenance/Upkeep	5,000	
FP&L Power/Utility	6,000	
Lake - Aquatic Maintenance	4,200	
Miscellaneous Maintenance	2,614	
Signs	500	
Total Maintenance Expenditures	$	58,914	
		
TOTAL EXPENDITURES	$	142,596	
		
REVENUES LESS EXPENDITURES	$	1,104,935	
		
Bond Payments (2016)	(654,105)	
Bond Payments (2019)	(376,000)	
		
BALANCE	$	74,830	
		
County Appraiser & Tax Collector Fee	(24,943)	
Discounts For Early Payments	(49,887)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover Funds From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
COCO PALMS 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	86,011	84,607	88,641	Expenditures Less Interest/.94	
Maintenance Assessments	66,723	66,723	62,674	Expenditures Less Carryover/.94	
Debt Assessments (2016)	695,856	695,856	695,856	Bond Payments/.94	
Debt Assessments (2019)	547,070	400,000	400,000	Bond Payments/.94	
Developer Contribution - 2019 Debt	0	0	0		
Other Revenues	811	0	0		
Interest Income	3,267	360	360	Interest Projected At $30 Per Month	
					
TOTAL REVENUES	$	1,399,738	$	1,247,546	$	1,247,531		
					
EXPENDITURES					
Administrative Expenditures					
Supervisor Fees	0	0	4,000	Supervisor Fees	
Payroll Taxes	0	0	306	Supervisor Fees * 7.65%	
Management	31,584	32,016	32,976	CPI Adjustment (Capped at 3%)	
Legal	9,393	12,000	12,000	No Change From 2021/2022 Budget	
Assessment Roll	7,800	7,800	7,800	As Per Contract Plus Expansion Area	
Audit Fees	4,400	4,600	4,800	$200 Increase From 2021/2022 Budget	
Arbitrage Rebate Fee	1,300	1,300	1,300	No Change From 2021/2022 Budget	
Insurance	5,645	6,400	6,575	Insurance Estimate	
Legal Advertisements	697	1,200	900	$300 Decrease From 2021/2022 Budget	
Miscellaneous	552	1,300	1,100	$200 Decrease From 2021/2022 Budget	
Postage	86	625	475	$150 Decrease From 2021/2022 Budget	
Office Supplies	231	775	575	$200 Decrease From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	No Change From 2021/2022 Budget	
Trustee Fees	7,000	7,000	7,000	No Change From 2021/2022 Budget	
Continuing Disclosure Fee	1,000	1,500	1,500	No Change From 2021/2022 Budget	
Website Management	2,000	2,000	2,000	No Change From 2021/2022 Budget	
Administrative Contingency	0	1,200	200	Administrative Contingency	
					
Total Administrative Expenditures	$	71,863	$	79,891	$	83,682		
					
Maintenance Expenditures					
Annual Engineer's Report/Inspections	10,085	1,800	1,800	No Change From 2021/2022 Budget	
Field Operations Management	1,200	1,200	1,200	No Change From 2021/2022 Budget	
Lawn & Landscape Tract Maintenance	13,224	13,000	13,000	No Change From 2021/2022 Budget	
Entrance Feature Maintenance	31,125	2,000	2,000	No Change From 2021/2022 Budget	
Irrigation System Maintenance/Upkeep	0	2,000	2,000	No Change From 2021/2022 Budget	
Irrigation System - Water	8,121	5,000	5,000	Irrigation System - Water	
Roadway/Drainage System Maintenance/Upkeep	1,445	5,600	5,600	No Change From 2021/2022 Budget	
Common Driveway Maintenance/Upkeep	280	14,000	10,000	$4,000 Decrease From 2021/2022 Budget	
Fountain Maintenance/Upkeep	0	5,000	5,000	No Change From 2021/2022 Budget	
FP&L Power/Utility	7,419	6,000	6,000	No Change From 2021/2022 Budget	
Lake - Aquatic Maintenance	3,164	4,200	4,200	No Change From 2021/2022 Budget	
Miscellaneous Maintenance	3,178	2,920	2,614	$306 Decrease From 2021/2022 Budget	
Signs	500	0	500	New Line Item	
Total Maintenance Expenditures	$	79,741	$	62,720	$	58,914		
					
TOTAL EXPENDITURES	$	151,604	$	142,611	$	142,596		
					
REVENUES LESS EXPENDITURES	$	1,248,134	$	1,104,935	$	1,104,935		
					
Bond Payments (2016)	(662,668)	(654,105)	(654,105)	2023 P & I Payments Less Earned Interest	
Bond Payments (2019)	(521,374)	(376,000)	(376,000)	2023 P & I Payments Less Earned Interest	
					
BALANCE	$	64,092	$	74,830	$	74,830		
					
County Appraiser & Tax Collector Fee	(13,275)	(24,943)	(24,943)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(52,823)	(49,887)	(49,887)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(2,006)	$	-	$	-		
					
Carryover Funds From Prior Year	0	0	0	Carryover Funds From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(2,006)	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2016)
COCO PALMS 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	

66	

25	

25	

Projected Interest For 2022/2023	

NAV Tax Collection	

662,668	

654,105	

654,105	

Maximum Debt Service Collection	

Prepaid Bond Collection	

0	

0	

0		

Total Revenues	

$	662,734	

$	654,130	

$	654,130		

EXPENDITURES					

Principal Payments	

210,000	

205,000	

215,000	

Principal Payment Due In 2023	

Interest Payments	

457,738	

446,394	

437,213	

Interest Payments Due In 2023	

Bond Redemption	

0	

2,736	

1,918	

Estimated Excess Debt Collections	

Total Expenditures	

$	667,738	

$	654,130	

$	654,130		

Excess/ (Shortfall)	

$	(5,004)	

$	-	

$	-		

Series 2016 Bond Information

Original Par Amount =	$10,355,000	Annual Principal Payments Due =	May 1st	
Interest Rate = Issue Date = Maturity Date =	3.75% - 5.00%
February 2016
May 2046	Annual Interest Payments Due =	May 1st & November 1st	

Par Amount As Of 1/1/22 =	
$9,425,000			

DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2019)
COCO PALMS 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	

37	

25	

25	

Projected Interest For 2022/2023	

Payment By Developer	

0	

0	

0		

NAV Tax Collection	

521,374	

376,000	

376,000	

Maximum Debt Service Collection	

Total Revenues	

$	521,411	

$	376,025	

$	376,025		

EXPENDITURES					

Principal Payments	

100,000	

105,000	

110,000	

Principal Payment Due In 2023	

Interest Payments	

273,888	

268,359	

264,463	

Interest Payments Due In 2023	

Bond Redemption	

0	

2,666	

1,562	

Estimated Excess Debt Collections	

Total Expenditures	

$	373,888	

$	376,025	

$	376,025		

Excess/ (Shortfall)	

$	147,523	

$	-	

$	-		

Series 2019 Bond Information
Original Par Amount =	$5,915,000	Annual Principal Payments Due =	June 15th	
Interest Rate = Issue Date = Maturity Date =	3.5% - 5.00%
February 2019
June 2049	Annual Interest Payments Due =	June 15th & December 15th	

Par Amount As Of 1/1/22 =	
$5,715,000			

COCO PALMS COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
2019/2020	2020/2021	2021/2022	2022/2023
	Assessment*	 	Assessment*	 	Assessment*	  Projected Assessment* 

Original Units		
Administrative For Single Family Units	$	82.63	$	82.60	$	82.47	$	86.40	
Maintenance For Single Family Units	$	65.04	$	65.04	$	65.04	$	61.09	
Debt For Single Family Units	$	1,053.00	$	1,053.00	$	1,053.00	$	1,053.00	
Total For Single Family Units	$	1,200.67	$	1,200.64	$	1,200.51	$	1,200.49	

Administrative For Townhome Units	
$	82.63	
$	82.60	
$	82.47	
$	86.40	
Maintenance For Townhome Units	$	65.04	$	65.04	$	65.04	$	61.09	
Debt For Townhomes Units	$	948.00	$	948.00	$	948.00	$	948.00	
Total For Townhomes Units	$	1,095.67	$	1,095.64	$	1,095.51	$	1,095.49	

Administrative For Villa Units	
$	82.63	
$	82.60	
$	82.47	
$	86.40	
Maintenance For Villa Units	$	65.04	$	65.04	$	65.04	$	61.09	
Debt For Villa Units	$	843.00	$	843.00	$	843.00	$	843.00	
Total For Villa Units	$	990.67	$	990.64	$	990.51	$	990.49	

Expansion Area Units					
Administrative For Townhome Units	$	82.63	$	82.60	$	82.47	$	86.40	
Maintenance For Townhome Units	$	65.04	$	65.04	$	65.04	$	61.09	
Debt For Townhomes Units	$	1,474.47	$	1,474.47	$	1,474.47	$	1,474.47	
Total For Townhomes Units	$	1,622.14	$	1,622.11	$	1,621.98	$	1,621.96	

Administrative For Villa Units	
$	82.63	
$	82.60	
$	82.47	
$	86.40	
Maintenance For Villa Units	$	65.04	$	65.04	$	65.04	$	61.09	
Debt For Villa Units	$	1,369.15	$	1,369.15	$	1,369.15	$	1,369.15	
Total For Villa Units	$	1,516.82	$	1,516.79	$	1,516.66	$	1,516.64	

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

Community Information:	
Original Units	Total Units
Single Family Units	181	Original Units	743
Townhomes Units	309	Expansion Area Units	283
Villa Units	253	Total Units	1,026
Total Units	743
Expansion Area Units		Townhomes (Original Units) Information Townhomes Units	119	 Total Units	309
Villa Units	164	Prepayments	1
Total Units	283	Billed For Debt	308

6/15/2022 3:09 PM	V