Adopted Budget	
Fiscal Year 2022	

Coral Keys Homes	
Community Development District	

July 27, 2021

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	

FY2021		Actual		Projected		Total		FY2022	
Adopted		Thru		Next		Projected		Adopted	
 	Budget			    6/30/2021			    3 Months			    9/30/2021			 	Budget		

Revenues	
Maintenance Assessments	

 Description	

$337,535	$337,805	$0	$337,805	$337,535

 Total Revenues	    	$337,535	$337,805	$0	$337,805	$337,535  

Expenditures	
Administrative	

Supervisor Fees	
FICA Payable	
Engineering Fees	
Arbitrage(1)	
Dissemination(1)	
Attorney Fees	
Annual Audit	
Trustee Fees(1)	
Management Fees	
Computer Time	
Website Compliance	
Telephone	
Postage	
Printing & Binding	
Insurance	
Legal Advertising	
Other Current Charges	
Office Supplies	
Dues, Licenses	
Operating Reserves	

$6,000	
$459	
$6,000	
$1,250	
$1,500	
$15,000	
$6,000	
$3,500	
$38,000	
$1,000	
$1,200	
$50	
$750	
$500	
$7,500	
$1,200	
$500	
$150	
$175	
$8,176	

$0	
$0	
$838	
$0	
$0	
$8,035	
$0	
$0	
$28,500	
$750	
$900	
$0	
$41	
$99	
$6,188	
$706	
$371	
$0	
$175	
$80	

$1,500	
$115	
$1,500	
$600	
$375	
$2,678	
$3,500	
$3,500	
$9,500	
$250	
$300	
$13	
$188	
$125	
$0	
$495	
$93	
$25	
$0	
$2,044	

$1,500	
$115	
$2,338	
$600	
$375	
$10,713	
$3,500	
$3,500	
$38,000	
$1,000	
$1,200	
$13	
$228	
$224	
$6,188	
$1,200	
$464	
$25	
$175	
$2,124	

$6,000	
$459	
$6,000	
$1,250	
$1,500	
$15,000	
$6,000	
$3,750	
$38,000	
$1,000	
$1,200	
$50	
$750	
$500	
$7,500	
$1,200	
$500	
$150	
$175	
$7,926	

    
Administrative Expenditures	 	$98,910	$46,682	$26,799	$73,481	$98,910  

Field

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

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

$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	

$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	

$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	

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

    
Field Expenditures	 	$95,000	$0	$0	$0	$95,000  

Coral Keys Homes	
Community Development District	

FY2021		Actual		Projected		Total		FY2022	
Adopted		Thru		Next		Projected		Adopted	
 	Budget			    6/30/2021			    3 Months			    9/30/2021			 	Budget		

 Description	

Clubhouse Operating and Maintenance

Management	
Employee Medical Insurance	
Management - Clubhouse Attendance	
Janitorial & Porter	
Water	
Electricity	
Insurance	
Pool	
Pool-Repairs	
Basket Ball Court	
Gym Equipment Maintenance	
Internet	
Toddler Parks	
Repairs and Maintenance	
Picnic Area and Gazeebos	
Contengencies	

$15,625	
$1,500	
$30,000	
$12,000	
$7,500	
$18,000	
$10,000	
$14,400	
$3,000	
$4,800	
$3,000	
$3,000	
$4,000	
$6,000	
$4,800	
$6,000	

$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	

$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	

$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$0	

$15,625	
$1,500	
$30,000	
$12,000	
$7,500	
$18,000	
$10,000	
$14,400	
$3,000	
$4,800	
$3,000	
$3,000	
$4,000	
$6,000	
$4,800	
$6,000	

Clubhouse Expenditures		 	$143,625  		 	$0  		 	$0  		 	$0  		 	$143,625  	
Total Expenditures		 	$337,535  		 	$46,682  		 	$26,799  		 	$73,481  		 	$337,535  	
 Assigned Fund Balance			 	$0  		 	$337,805  		 	$0  		 	$337,805  		 	$0  	

(1)Expenses related to the issuance of Bonds											

FY 2022	
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.

Employee Medical Insurance
Cost of medical insurance for clubhouse employees.

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

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	

FY2021		Actual		Projected		Projected		FY2022	
Adopted		Thru		Next		thru		Adopted	
 	Budget			     6/30/2021 		 	3 Months			     9/30/2021			 	Budget		

 Description	

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

TOTAL REVENUES	

Expenditures

Series 2020	
Interest - 11/01	
Principal - 05/01	
Interest - 05/01	
TOTAL EXPENDITURES	
	
EXCESS REVENUES	

$0

$318,703	$318,510	
$21	$0	
$37,918	$108,721	
$356,642	$427,231	

$318,510	$318,703	
$0	$16	
$0

$318,510	$37,918

$356,637	

$5
$0

$5

$37,918	$37,918	$0	
$105,000	$105,000	$0	
$105,003	$105,003	$0

$247,921	$247,921	$0

$70,589	$108,716	$5	

$37,918	$103,559
$105,000	$110,000
$105,003	$103,559

$247,921	$317,119

$108,721	$110,112

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

Interest 11/01/22	$102,046.88

  $	102,046.88  

FY 2022	
Net Assessment	$318,510	
Plus Collection Fees & Discounts (5%)	$16,764	
Gross Assessment	$335,274	
# of Units	323	
Gross Per Unit Assessment	$1,038.00	

Coral Keys Homes	
Community Development District	
Series 2020 Special Assessment Bonds	

AMORTIZATION SCHEDULE

 	DATE	

    
PRINCIPAL
BALANCE	RATE	INTEREST	PRINCIPAL	TOTAL

	
11/01/21	$5,465,000.00	2.750%	$103,559.38		$313,562.50	
05/01/22	$5,465,000.00	2.750%	$103,559.38	$110,000.00		
11/01/22	$5,355,000.00	2.750%	$102,046.88		$315,606.25	
05/01/23	$5,355,000.00	2.750%	$102,046.88	$115,000.00		
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	

$3,800,768.75	$5,465,000.00	$9,475,771.88