Adopted Budget	
Fiscal Year 2024	

Coral Keys Homes	
Community Development District	

May 23, 2023

Coral Keys Homes	
Community Development District	

TABLE OF CONTENTS

General Fund	
Budget	
Narrative	

Page 1-2	
Page 3-5	

Debt Service	
Budget	
Amortization Schedule	

Page 6	
Page 7	

Coral Keys Homes	
Community Development District	

FY2023	
Adopted	
	Budget		

Actual	
Thru	
	4/30/2023		

Projected	
Next	
  5 Months 	

Total	
Projected	
  9/30/2023 	

FY2024	
Adopted	
	Budget		

 Description	

Revenues	
Carry Forward	
Maintenance Assessments	
Room Rentals	
Clubhouse Memberships	
Interest	

$85,000	
$337,535	
$0	
$0	
$0	

$0	
$333,188	
$2,500	
$751	
$9,093	

$85,000	
$4,347	
$1,786	
$0	
$6,495	

$150,000	
$337,535	
$4,286	
$751	
$15,588	

$165,745	
$337,535	
$0	
$0	
$0	

 Total Revenues			$422,535 		$345,532 		$97,627 		$508,159 		$503,280 

Expenditures	
Administrative	
Supervisor Fees	
FICA Payable	
Engineering Fees	
Arbitrage Rebate	
Assessmemt Roll	
Dissemination Agent	
Attorney Fees	
Annual Audit	
Trustee Fees	
Management Fees	
Computer Time	
Website Compliance	
Telephone	
Postage	
Printing & Binding	
Insurance	
Legal Advertising	
Other Current Charges	
Office Supplies	
Dues, Licenses	
First Quarter Operations	

$6,000	
$459	
$6,000	
$550	
$2,000	
$1,500	
$15,000	
$5,500	
$3,750	
$40,660	
$1,200	
$1,200	
$50	
$750	
$500	
$7,700	
$1,200	
$1,400	
$150	
$175	
$85,000	

$1,200	
$92	
$350	
$0	
$0	
$875	
$3,125	
$4,400	
$4,041	
$23,718	
$700	
$700	
$0	
$67	
$39	
$6,886	
$225	
$0	
$0	
$175	
$0	

$1,200	
$92	
$2,500	
$550	
$2,000	
$625	
$4,374	
$0	
$0	
$16,942	
$500	
$500	
$21	
$683	
$208	
$0	
$518	
$583	
$25	
$0	
$85,000	

$2,400	
$184	
$2,850	
$550	
$2,000	
$1,500	
$7,499	
$4,400	
$4,041	
$40,660	
$1,200	
$1,200	
$21	
$750	
$248	
$6,886	
$743	
$583	
$25	
$175	
$85,000	

$6,000	
$459	
$6,000	
$550	
$2,000	
$1,500	
$15,000	
$5,500	
$4,100	
$49,660	
$1,200	
$1,200	
$50	
$750	
$500	
$7,700	
$1,200	
$1,400	
$150	
$175	
$85,000	

Total Administrative Expenditures		$180,744 		$46,593 		$116,321 		$162,914 		$190,094 

Field

Field Management	
Electric	
Street Lighting	
General Repairs	
Landscape Maintenance	
Plant Replacement	
Janitorial & Porter	
Lake Maintenance	
Lake Debris Removal	
Entrance Monuments and Wall	
Sidewalk Maintenance	
Mail Kiosk	

$9,000	
$2,400	
$14,400	
$6,000	
$28,000	
$4,000	
$4,000	
$7,200	
$1,800	
$12,000	
$5,000	
$3,600	

$5,250	
$1,386	
$9,326	
$1,410	
$13,180	
$0	
$0	
$1,750	
$0	
$0	
$0	
$0	

$3,750	
$1,386	
$5,074	
$3,000	
$9,414	
$1,667	
$1,667	
$1,250	
$750	
$5,000	
$2,083	
$1,500	

$9,000	
$2,772	
$14,400	
$4,410	
$22,594	
$1,667	
$1,667	
$3,000	
$750	
$5,000	
$2,083	
$1,500	

$0	
$3,000	
$18,500	
$6,000	
$28,000	
$4,000	
$4,000	
$7,200	
$1,800	
$12,000	
$5,000	
$3,600	

Total Field Expenditures		$97,400 		$32,302 		$36,541 		$68,842 		$93,100 

Coral Keys Homes	
Community Development District	

FY2023	
Adopted	
Budget	

Actual	
Thru	
4/30/2023	

Projected	
Next	
5 Months	

Total	
Projected	
9/30/2023	

FY2024	
Adopted	
Budget	

 Description	

Clubhouse Operating and Maintenance

Management - Clubhouse	
Management - Clubhouse Attendance	
Employee Medical Insurance	
Security	
Electricity	
Water	
Janitorial & Porter	
Property Insurance	
Repairs and Maintenance	
Pool Maintenance	
Pool-Repairs	
Basket Ball Court	
Landscape Inmprovements	
Gym Equipment Maintenance	
Internet/Cable Services	
Toddler Parks	
Picnic Area and Gazeebos	
Contengencies	
Operating Supplies	

$30,000	
$15,000	
$1,500	
$0	
$15,600	
$7,500	
$12,000	
$12,005	
$6,000	
$14,400	
$3,000	
$4,800	
$0	
$3,000	
$3,000	
$4,000	
$4,800	
$6,286	
$1,500	

$17,500	
$7,000	
$0	
$0	
$6,378	
$1,109	
$0	
$10,949	
$3,675	
$2,975	
$2,237	
$0	
$0	
$1,538	
$1,035	
$0	
$0	
$226	
$2,509	

$12,500	
$5,000	
$625	
$0	
$6,378	
$4,375	
$5,000	
$0	
$2,325	
$2,125	
$1,598	
$2,000	
$0	
$1,250	
$1,750	
$1,667	
$2,000	
$3,143	
$1,792	

$30,000	
$12,000	
$625	
$0	
$12,756	
$5,484	
$5,000	
$10,949	
$6,000	
$5,100	
$3,834	
$2,000	
$0	
$2,788	
$2,785	
$1,667	
$2,000	
$3,369	
$4,301	

$30,000	
$15,000	
$1,500	
$65,000	
$15,600	
$7,500	
$12,000	
$17,000	
$6,000	
$14,400	
$4,000	
$4,800	
$3,500	
$3,000	
$3,700	
$4,000	
$4,800	
$4,286	
$4,000	

Total Clubhouse Expenditures	$144,391		$57,131		$53,527		$110,658		$220,086	
										
Total Expenditures	$422,535		$136,026		$206,389		$342,414		$503,280	
										
Fund Balance	$0		$209,507		($108,761)		$165,745		$0	

FY 2024
Net Assessment	$337,535	
Plus Collection Fees & Discounts (5%)	$17,765	
Gross Assessment	$355,300	
# of Units	323	
Gross Per Unit Assessment	$1,100.00	

REVENUES:

Maintenance Assessments
The District will levy a non ad-valorem special assessment on all taxable property within the District to fund all of the General Operating Expenditures for the fiscal year.

EXPENDITURES:

Administrative:

Supervisor Fees
The Florida Statutes allows each board member to receive $200 per meeting no to exceed $4,800.00 in one year. The amount for the fiscal year is based upon all five supervisors attending the estimated 6 meetings.

FICA Expense
Represents the Employer's share of Social Security and Medicare taxes withheld from Board of Supervisors checks.

Engineering Fees
Consists of attendance at scheduled meetings of the Board of Supervisor’s, offering advise and consultation on all matters related to the works of the District, such as bids for yearly contracts, operating policy, compliance with regulatory permits, etc.

Arbitrage
The District is required to annually have an arbitrage rebate calculation on the District's Special Assessment Bonds.

Dissemination Agent
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.

Attorney Fees
Requirements for legal services are estimated and cover such items as attendance at scheduled meetings of the Board of Supervisors, contract preparation and review, etc.

Annual Audit
The District is required to annually conduct an independent examination of its books, records, and accounting procedures. This audit is conducted pursuant to State Law and the rules of the Auditor General.

Trustee Fees
The District Special Assessment Bonds once issued, are held with a Trustee. The amount of the trustee fees is based on the agreement between the trustee and the District.

Management Fees
The District retains the services of a consulting manager, who is responsible for the daily administration of District business, including any and all financial work related to the Operating Funds of the District, and preparation of the minutes of the Board of Supervisor’s meetings. In addition, the District Manager prepares the Annual Budget, implements all policies of the Board of Supervisor’s, and attends all meetings of the Board of Supervisors.

Computer Time
The District processes all its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.

Website Compliance
Per Section 189.069 F. S, all District must have a website by October 1, 2015 to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated as required by the Statute.

Telephone
Telephone and fax machine.

Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.

Administrative: (continued):

Printing & Binding
Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance. Who specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts. The limit of liability is set at $1,000,000.

Legal Advertising
The District is required to advertise various notices for monthly Board meetings, public hearings etc in a newspaper of general circulation.

Other Current Charges
Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies
Miscellaneous office supplies.

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Economic Opportunity for $175. This is the only expense under this category for the District.

Contingencies
A contingency for any unanticipated and unscheduled cost to the District.

Operating Reserves
These funds are the first quarter of the following FY of expenses the District will incur before assessments are collected.

Field Expenditures:

Landscaping and Fertilization Maintenance:
The district has contracted with Trim All Lawn Service to provide landscaping and fertilization maintenance.

Plants Replacement
The District will go into contract for the replacement of plants needed along the common areas.

Entrance Monuments and Wall
Includes maintenance and repair work needed for the monument signs throughout the common area.

General Repairs & Maintenance
Any miscellaneous repairs not included in another budget line item.

Janitorial & Porter Services
The District will contract with a qualified company to provide janitorial services for the Amenity Center.

Lake Maintenance
Includes monthly cleaning of all District lakes.

Lake Debris Removal
Includes monthly debris removal from all lakes.

Streetlights
The District has accounts with City for the street lighting surrounding the District and the entryways.

Sidewalk Maintenance
Represents pressure washing of the District sidewalks.

Mail Kiosk
Includes maintaining the self-service mail kiosk within the District.

Field Management
The supervision and on-site management of Coral Keys Homes CDD. The responsibilities include reviewing contracts and other maintenance related items.

Clubhouse Expenditures:

Management
Onsite management fees for the clubhouse.

Management - Clubhouse Attendance
Salary and cost associated with the payroll for the Clubhouse manager.

Employee Medical Insurance
Cost of medical insurance for clubhouse employees.

Security
Night watch as needed.

Janitorial & Porter
The District will contract with a qualified company to provide janitorial services for the Amenity Center.

Water
Water and sewer cost for the Club.

Electricity
Electricity costs for the Club.

Insurance
The cost to the District for its Amenity Center property insurance policy; Florida Insurance Alliance (FIA) specializes in providing insurance coverage to governmental agencies.

Pool
Cost to maintain the pool, does not include repairs.

Pool-Repairs
Cost to make unanticipated repairs to the pool.

Basketball Court
Estimated cost to maintain the basketball courts.

Gym Equipment Maintenance
Estimated cost to maintain the fitness equipment.

Internet
Estimated cost of internet for the Club as needed.

Toddler Parks
Estimated cost to maintain toddler parks within the District.

Repairs and Maintenance
Any miscellaneous repairs not included in another budget line item.

Picnic Area and Gazebos
Estimated cost of the repairs for the gazebo and trellis repairs and maintenance.

Contingencies
A contingency for any unanticipated and unscheduled cost to the District.

Coral Keys Homes	
Community Development District	

Debt Service Fund	
Series 2020 Special Assessment Bonds	

FY2023	
Adopted	
	Budget		

Actual	
Thru	
  4/30/2023		

Projected	
Next	
  5 Months		

Projected	
thru	
	9/30/2023		

FY2024	
Adopted	
	Budget		

 Description	

Revenues	
Special Assessments - On Roll	
Interest Income	
Carry Forward Surplus (1)	

$318,477	$314,048	
$0	$6,962	
$111,185	$111,724	

$4,428	
$4,973	
$0	

$318,477	
$11,935	
$111,724	

$318,477	
$3,000	
$123,042	

TOTAL REVENUES

$429,661		$432,734	

$9,401		$442,135	$444,518	

Expenditures

Series 2020	
Interest - 11/01	
Principal - 05/01	
Interest - 05/01	

$102,047	
$115,000	
$102,047	

$102,047	
$0	
$0	

$0	
$115,000	
$102,047	

$102,047	
$115,000	
$102,047	

$100,466	
$115,000	
$100,466	

TOTAL EXPENDITURES		$319,094		$102,047		$217,047		$319,094	$315,931	

		
EXCESS REVENUES		$110,567		$330,687		($207,645)		$123,042	$128,587	

Interest 11/01/24	

$98,884.38	

(1) Carry forward surplus is net of the reserve requirement.

$	98,884.38

FY 2024
Net Assessment	$318,477	
Plus Collection Fees & Discounts (5%)	$16,762	
Gross Assessment	$335,238	
# of Units	323	
Gross Per Unit Assessment	$1,037.89	

Coral Keys Homes	
Community Development District	
Series 2020 Special Assessment Bonds	

AMORTIZATION SCHEDULE

	DATE	

    
PRINCIPAL
BALANCE	RATE	INTEREST	PRINCIPAL	TOTAL

11/01/23	$5,240,000.00	2.750%	$100,465.63		$317,512.50	
05/01/24	$5,240,000.00	2.750%	$100,465.63	$115,000.00		
11/01/24	$5,125,000.00	2.750%	$98,884.38		$314,350.00	
05/01/25	$5,125,000.00	2.750%	$98,884.38	$120,000.00		
11/01/25	$5,005,000.00	2.750%	$97,234.38		$316,118.75	
05/01/26	$5,005,000.00	3.125%	$97,234.38	$125,000.00		
11/01/26	$4,880,000.00	3.125%	$95,281.25		$317,515.63	
05/01/27	$4,880,000.00	3.125%	$95,281.25	$125,000.00		
11/01/27	$4,755,000.00	3.125%	$93,328.13		$313,609.38	
05/01/28	$4,755,000.00	3.125%	$93,328.13	$130,000.00		
11/01/28	$4,625,000.00	3.125%	$91,296.88		$314,625.00	
05/01/29	$4,625,000.00	3.125%	$91,296.88	$135,000.00		
11/01/29	$4,490,000.00	3.125%	$89,187.50		$315,484.38	
05/01/30	$4,490,000.00	3.125%	$89,187.50	$140,000.00		
11/01/30	$4,350,000.00	4.000%	$87,000.00		$316,187.50	
05/01/31	$4,350,000.00	4.000%	$87,000.00	$145,000.00		
11/01/31	$4,205,000.00	4.000%	$84,100.00		$316,100.00	
05/01/32	$4,205,000.00	4.000%	$84,100.00	$150,000.00		
11/01/32	$4,055,000.00	4.000%	$81,100.00		$315,200.00	
05/01/33	$4,055,000.00	4.000%	$81,100.00	$155,000.00		
11/01/33	$3,900,000.00	4.000%	$78,000.00		$314,100.00	
05/01/34	$3,900,000.00	4.000%	$78,000.00	$165,000.00		
11/01/34	$3,735,000.00	4.000%	$74,700.00		$317,700.00	
05/01/35	$3,735,000.00	4.000%	$74,700.00	$170,000.00		
11/01/35	$3,565,000.00	4.000%	$71,300.00		$316,000.00	
05/01/36	$3,565,000.00	4.000%	$71,300.00	$175,000.00		
11/01/36	$3,390,000.00	4.000%	$67,800.00		$314,100.00	
05/01/37	$3,390,000.00	4.000%	$67,800.00	$185,000.00		
11/01/37	$3,205,000.00	4.000%	$64,100.00		$316,900.00	
05/01/38	$3,205,000.00	4.000%	$64,100.00	$190,000.00		
11/01/38	$3,015,000.00	4.000%	$60,300.00		$314,400.00	
05/01/39	$3,015,000.00	4.000%	$60,300.00	$200,000.00		
11/01/39	$2,815,000.00	4.000%	$56,300.00		$316,600.00	
05/01/40	$2,815,000.00	4.000%	$56,300.00	$205,000.00		
11/01/40	$2,610,000.00	4.000%	$52,200.00		$313,500.00	
05/01/41	$2,610,000.00	4.000%	$52,200.00	$215,000.00		
11/01/41	$2,395,000.00	4.000%	$47,900.00		$315,100.00	
05/01/42	$2,395,000.00	4.000%	$47,900.00	$225,000.00		
11/01/42	$2,170,000.00	4.000%	$43,400.00		$316,300.00	
05/01/43	$2,170,000.00	4.000%	$43,400.00	$235,000.00		
11/01/43	$1,935,000.00	4.000%	$38,700.00		$317,100.00	
05/01/44	$1,935,000.00	4.000%	$38,700.00	$245,000.00		
11/01/44	$1,690,000.00	4.000%	$33,800.00		$317,500.00	
05/01/45	$1,690,000.00	4.000%	$33,800.00	$255,000.00		
11/01/45	$1,435,000.00	4.000%	$28,700.00		$317,500.00	
05/01/46	$1,435,000.00	4.000%	$28,700.00	$265,000.00		
11/01/46	$1,170,000.00	4.000%	$23,400.00		$317,100.00	
05/01/47	$1,170,000.00	4.000%	$23,400.00	$275,000.00		
11/01/47	$895,000.00	4.000%	$17,900.00		$316,300.00	
05/01/48	$895,000.00	4.000%	$17,900.00	$285,000.00		
11/01/48	$610,000.00	4.000%	$12,200.00		$315,100.00	
05/01/49	$610,000.00	4.000%	$12,200.00	$300,000.00		
11/01/49	$310,000.00	4.000%	$6,200.00		$318,400.00	
05/01/50	$310,000.00	4.000%	$6,200.00	$310,000.00		
11/01/50		4.000%			$316,200.00	

$3,389,556.25	$5,240,000.00	$8,846,603.13