Coco Palms Community Development District

Proposed Budget For Fiscal Year 2024/2025
October 1, 2024 - September 30, 2025

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2016)

DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2019)

ASSESSMENT COMPARISON

PROPOSED BUDGET
COCO PALMS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2024/2025 BUDGET	
Administrative Assessments	82,451	
Maintenance Assessments	68,723	
Debt Assessments (2016)	695,856	
Debt Assessments (2019)	400,000	
Other Revenues - Cost Share	9,800	
Interest Income	720	
		
TOTAL REVENUES	$	1,257,550	
		
EXPENDITURES		
Administrative Expenditures		
Supervisor Fees	4,000	
Payroll Taxes	306	
Management	34,968	
Legal	12,000	
Assessment Roll	7,800	
Audit Fees	5,200	
Arbitrage Rebate Fee	1,300	
Insurance	8,000	
Legal Advertisements	2,200	
Miscellaneous	900	
Postage	425	
Office Supplies	550	
Dues & Subscriptions	175	
Trustee Fees	7,000	
Continuing Disclosure Fee	1,000	
Website Management	2,000	
Administrative Contingency	200	
		
Total Administrative Expenditures	$	88,024	
		
Maintenance Expenditures		
Annual Engineer's Report/Inspections	2,300	
Field Operations Management	1,200	
Lawn & Landscape Maintenance Contribution	26,000	
Irrigation System Maintenance/Upkeep	2,000	
Irrigation System - Water	5,000	
Roadway/Drainage System Maintenance/Upkeep	7,000	
Common Driveway Maintenance/Upkeep	10,000	
Fountain Maintenance/Upkeep	5,000	
FP&L Power/Utility	13,000	
Lake - Aquatic Maintenance	4,200	
Miscellaneous Maintenance	11,100	
		
Total Maintenance Expenditures	$	86,800	
		
TOTAL EXPENDITURES	$	174,824	
		
REVENUES LESS EXPENDITURES	$	1,082,726	
		
Bond Payments (2016)	(654,105)	
Bond Payments (2019)	(376,000)	
		
BALANCE	$	52,621	
		
County Appraiser & Tax Collector Fee	(24,940)	
Discounts For Early Payments	(49,881)	
		
EXCESS/ (SHORTFALL)	$	(22,200)	
		
Carryover Funds From Prior Year	22,200	
		
NET EXCESS/ (SHORTFALL)	$	-	

3/18/2024 11:06 AM	I

DETAILED PROPOSED BUDGET
COCO PALMS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2022/2023 ACTUAL	
FISCAL YEAR 2023/2024 BUDGET	
FISCAL YEAR 2024/2025 BUDGET	

COMMENTS	
Administrative Assessments	90,246	84,607	82,451	Expenditures Less Interest & Cost Share/.94	
Maintenance Assessments	62,678	66,596	68,723	Expenditures Less Carryover/.94	
Debt Assessments (2016)	695,858	695,856	695,856	Bond Payments/.94	
Debt Assessments (2019)	400,002	400,000	400,000	Bond Payments/.94	
Other Revenues - Cost Share	9,800	5,000	9,800	Cost Share Revenue	
Interest Income	10,260	360	720	Interest Projected At $60 Per Month	
					
TOTAL REVENUES	$	1,268,844	$	1,252,419	$	1,257,550		
					
EXPENDITURES					
Administrative Expenditures					
Supervisor Fees	1,000	4,000	4,000	Supervisor Fees	
Payroll Taxes	77	306	306	Supervisor Fees * 7.65%	
Management	32,976	33,960	34,968	CPI Adjustment (Capped at 3%)	
Legal	12,915	12,000	12,000	No Change From 2023/2024 Budget	
Assessment Roll	7,800	7,800	7,800	No Change From 2023/2024 Budget	
Audit Fees	4,800	5,000	5,200	Accepted Amount For 2023/2024 Audit	
Arbitrage Rebate Fee	1,300	1,300	1,300	No Change From 2023/2024 Budget	
Insurance	6,281	6,800	8,000	Fiscal Year 2023/2024 Expenditure Was $7,428	
Legal Advertisements	938	850	2,200	Costs Will Increase Due To Closing Of The Miami Business Review	
Miscellaneous	320	1,000	900	$100 Decrease From 2023/2024 Budget	
Postage	228	425	425	$25 Decrease From 2023/2024 Budget	
Office Supplies	424	575	550	$25 Decrease From 2023/2024 Budget	
Dues & Subscriptions	175	175	175	No Change From 2023/2024 Budget	
Trustee Fees	7,000	7,000	7,000	No Change From 2023/2024 Budget	
Continuing Disclosure Fee	1,000	1,500	1,000	$500 Decrease From 2023/2024 Budget	
Website Management	2,000	2,000	2,000	No Change From 2023/2024 Budget	
Administrative Contingency	0	200	200	No Change From 2023/2024 Budget	
					
Total Administrative Expenditures	$	79,234	$	84,891	$	88,024		
					
Maintenance Expenditures					
Annual Engineer's Report/Inspections	1,203	2,300	2,300	No Change From 2023/2024 Budget	
Field Operations Management	1,200	1,200	1,200	No Change From 2023/2024 Budget	
Lawn & Landscape Maintenance Contribution	24,192	15,000	26,000	$11,000 Increase From 2023/2024 Budget	
Irrigation System Maintenance/Upkeep	0	2,000	2,000	No Change From 2023/2024 Budget	
Irrigation System - Water	0	5,000	5,000	No Change From 2023/2024 Budget	
Roadway/Drainage System Maintenance/Upkeep	17,825	7,000	7,000	No Change From 2023/2024 Budget	
Common Driveway Maintenance/Upkeep	0	10,000	10,000	No Change From 2023/2024 Budget	
Fountain Maintenance/Upkeep	50,458	5,000	5,000	No Change From 2023/2024 Budget	
FP&L Power/Utility	12,304	13,000	13,000	No Change From 2023/2024 Budget	
Lake - Aquatic Maintenance	3,525	4,200	4,200	No Change From 2023/2024 Budget	
Miscellaneous Maintenance	21,803	9,100	11,100	$2,000 Increase From 2023/2024 Budget	
					
Total Maintenance Expenditures	$	132,510	$	73,800	$	86,800		
					
TOTAL EXPENDITURES	$	211,744	$	158,691	$	174,824		
					
REVENUES LESS EXPENDITURES	$	1,057,100	$	1,093,728	$	1,082,726		
					
Bond Payments (2016)	(662,582)	(654,105)	(654,105)	2025 P & I Payments Less Earned Interest	
Bond Payments (2019)	(380,874)	(376,000)	(376,000)	2025 P & I Payments Less Earned Interest	
					
BALANCE	$	13,644	$	63,623	$	52,621		
					
County Appraiser & Tax Collector Fee	(12,003)	(24,941)	(24,940)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(47,649)	(49,882)	(49,881)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(46,008)	$	(11,200)	$	(22,200)		
					
Carryover Funds From Prior Year	0	11,200	22,200	Carryover Funds From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(46,008)	$	-	$	-		

3/18/2024 11:06 AM	II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2016)
COCO PALMS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	

FISCAL YEAR

2022/2023

ACTUAL	

FISCAL YEAR

2023/2024

BUDGET	

FISCAL YEAR

2024/2025

BUDGET	

COMMENTS	

Interest Income	
28,608	
250	
500	
Projected Interest For 2024/2025	

NAV Tax Collection	
662,582	
654,105	
654,105	
Maximum Debt Service Collection	

Total Revenues	
$	691,190	
$	654,355	
$	654,605		

EXPENDITURES					

Principal Payments	
215,000	
225,000	
235,000	
Principal Payment Due In 2025	

Interest Payments	
442,050	
427,313	
416,963	
Interest Payments Due In 2025	

Bond Redemption	
0	
2,042	
2,642	
Estimated Excess Debt Collections	

Total Expenditures	
$	657,050	
$	654,355	
$	654,605		

Excess/ (Shortfall)	

$	34,140	

$	-	

$	-		

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 1/1/24 =	May 2046

$9,005,000			

3/18/2024 11:06 AM	III

DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2019)
COCO PALMS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	

FISCAL YEAR

2022/2023

ACTUAL	

FISCAL YEAR

2023/2024

BUDGET	

FISCAL YEAR

2024/2025

BUDGET	

COMMENTS	

Interest Income	
18,487	
250	
500	
Projected Interest For 2024/2025	

NAV Tax Collection	
380,874	
376,000	
376,000	
Maximum Debt Service Collection	

Total Revenues	
$	399,361	
$	376,250	
$	376,500		

EXPENDITURES					

Principal Payments	
110,000	
115,000	
120,000	
Principal Payment Due In 2025	

Interest Payments	
266,456	
260,384	
255,900	
Interest Payments Due In 2025	

Bond Redemption	
0	
866	
600	
Estimated Excess Debt Collections	

Total Expenditures	
$	376,456	
$	376,250	
$	376,500		

Excess/ (Shortfall)	

$	22,905	

$	-	

$	-		

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

Par Amount As Of 1/1/24 =	June 2049

$5,500,000			

3/18/2024 11:06 AM	IV

COCO PALMS COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
2021/2022	2022/2023	2023/2024	2024/2025
	Assessment*	 	Assessment*	 	Assessment*	  Projected Assessment* 

Original Units		
Administrative For Single Family Units	$	82.47	$	86.40	$	82.47	$	80.37	
Maintenance For Single Family Units	$	65.04	$	61.09	$	64.91	$	66.99	
Debt For Single Family Units	 $	1,053.00	$	1,053.00	$	1,053.00	$	1,053.00	
Total For Single Family Units	$	1,200.51	$	1,200.49	$	1,200.38	$	1,200.36	
Administrative For Townhome Units	$	82.47	$	86.40	$	82.47	$	80.37	
Maintenance For Townhome Units	$	65.04	$	61.09	$	64.91	$	66.99	
Debt For Townhomes Units	 $	948.00	$	948.00	$	948.00	$	948.00	
Total For Townhomes Units	$	1,095.51	$	1,095.49	$	1,095.38	$	1,095.36	
Administrative For Villa Units	$	82.47	$	86.40	$	82.47	$	80.37	
Maintenance For Villa Units	$	65.04	$	61.09	$	64.91	$	66.99	
Debt For Villa Units	 $	843.00	$	843.00	$	843.00	$	843.00	
Total For Villa Units	$	990.51	$	990.49	$	990.38	$	990.36	
Expansion Area Units					
Administrative For Townhome Units	$	82.47	$	86.40	$	82.47	$	80.37	
Maintenance For Townhome Units	$	65.04	$	61.09	$	64.91	$	66.99	
Debt For Townhomes Units	 $	1,474.47	$	1,474.47	$	1,474.47	$	1,474.47	
Total For Townhomes Units	$	1,621.98	$	1,621.96	$	1,621.85	$	1,621.83	
Administrative For Villa Units	$	82.47	$	86.40	$	82.47	$	80.37	
Maintenance For Villa Units	$	65.04	$	61.09	$	64.91	$	66.99	
Debt For Villa Units	 $	1,369.15	$	1,369.15	$	1,369.15	$	1,369.15	
Total For Villa Units	$	1,516.66	$	1,516.64	$	1,516.53	$	1,516.51	

* 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

3/18/2024 11:06 AM	V