Coral Keys Homes	
Community Development District	

Adopted Budget	
FY 2025	

Table of Contents

1-2

4-5

6

7

	General Fund

	Narratives

	Debt Service Fund Series 2020

	Series 2020 Amortization Schedule

8		Assessment Schedule

Coral Keys Homes	
Community Development District	
Adopted Budget	
General Fund	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2024	6/30/24	3 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments - On Roll	$337,535	$338,941	$-	$338,941	$337,535	
Interest income	-	18,579	6,193	24,773	15,000	
Carry Forward Surplus	165,745	116,877	-	116,877	150,745	

TOTAL REVENUES	$503,280	$474,397	$6,193	$480,590	$503,280	

EXPENDITURES:

Administrative						
Supervisor Fees	$6,000	$800	$1,600	$2,400	$6,000	
PR-FICA	459	61	122	184	459	
Engineering	6,000	1,946	4,054	6,000	6,000	
Attorney Fees	15,000	7,313	3,656	10,969	15,000	
Annual Audit	5,500	4,500	-	4,500	5,500	
Arbitrage Rebate	550	-	550	550	550	
Assessment Roll	2,000	2,000	-	2,000	2,000	
Dissemination Agent	1,500	1,125	375	1,500	1,500	
Trustee Fees	4,100	4,041	-	4,041	4,100	
Management Fees	49,660	37,245	12,415	49,660	52,143	
Computer Time	1,200	900	300	1,200	1,200	
Website Maintenance	1,200	900	300	1,200	1,200	
Telephone	50	-	13	13	50	
Postage & Delivery	750	141	188	328	750	
Printing & Binding	500	13	125	138	500	
Insurance General Liability	7,700	7,127	-	7,127	8,085	
Legal Advertising	1,200	1,350	300	1,650	1,200	
Other Current Charges	1,400	60	350	410	1,400	
Office Supplies	150	0	38	38	150	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Operating Reserves	85,000	-	21,250	21,250	66,607	

TOTAL ADMINISTRATIVE	$190,094	$69,697	$45,635	$115,332	$174,569	

Coral Keys Homes	
Community Development District	
Adopted Budget	
General Fund	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2024	6/30/24	3 Months	9/30/24	FY 2025	

Operations & Maintenance
Field Expenditures

Electric	$3,000	$2,042	$1,021	$3,063	$3,000	
Street Lighting	18,500	14,171	$7,086	21,257	20,000	
General Repairs	6,000	139	1,500	1,639	6,000	
Landscape Maintenance	28,000	11,923	3,974	15,898	28,800	
Plant Replacement	4,000	-	1,000	1,000	5,000	
Janitorial & Porter Services	4,000	-	1,000	1,000	4,000	
Lake Maintenance	7,200	2,250	750	3,000	7,200	
Lake Debris Removal	1,800	-	450	450	1,800	
Entrance Monuments and Wall	12,000	-	3,000	3,000	12,000	
Sidewalk Maintenance	5,000	-	1,250	1,250	5,000	
Mail Kiosk	3,600	-	900	900	3,600	

TOTAL FIELD EXPENDITURES	$93,100	$30,526	$21,931	$52,457	$96,400	

Amenity Expenditures

Management - Clubhouse	$30,000	$22,500	$7,500	$30,000	$30,000	
Management - Clubhouse Attendance	15,000	9,000	3,000	12,000	15,000	
Employee Medical Insurance	1,500	-	375	375	1,500	
Security	65,000	32,464	16,250	48,714	50,000	
Video Surveillance/Monitoring	-		-	-	11,600	
Electricity	15,600	6,434	2,145	8,579	15,600	
Water	7,500	809	1,875	2,684	7,500	
Janitorial & Porter Services	12,000	-	3,000	3,000	12,000	
Property Insurance	17,000	14,965	-	14,965	17,000	
Repairs and Maintenance	6,000	1,350	1,500	2,850	15,000	
Pool Maintenance	14,400	3,825	10,575	14,400	14,400	
Pool Repairs	4,000	4,988	1,000	5,988	4,000	
Basket Ball Court	4,800	-	1,200	1,200	4,800	
Landscape Improvement	3,500	-	875	875	3,500	
Gym Equipment Maintenance/Repairs	3,000	2,009	991	3,000	4,000	
Internet/Cable Services	3,700	3,283	1,094	4,377	3,700	
Toddler Parks	4,000	-	1,000	1,000	4,000	
Picnic Area and Gazebos	4,800	-	1,200	1,200	4,800	
Contingencies	4,286	3,516	1,072	4,588	9,911	
Operating Supplies	4,000	1,262	1,000	2,262	4,000	

TOTAL AMENITY EXPENDITURES	$220,086	$106,405	$55,652	$162,057	$232,311	

TOTAL EXPENDITURES	$503,280	$206,628	$123,218	$329,846	$503,280	

EXCESS REVENUES (EXPENDITURES)	$-	$267,770	$(117,025)	$150,745	$(0)	

Coral Keys Homes	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

REVENUES	

Special Assessments-Tax Roll	
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating expenditures during the Fiscal Year.	
Interest	
The District earns interest on the monthly average collected balance for each of their investment accounts.	

Expenditures - Administrative	

Supervisors Fees	
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated
$200 per meeting in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending 6 meetings.	
FICA Taxes	
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.	
Engineering	
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.	
Attorney	
The District’s Attorney, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.	
Annual Audit	
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.	
Arbitrage Rebate	
The District is required to annually have an arbitrage rebate calculation on the District's Special Assessment Bonds.	
Assessment Roll Administration	
GMS SF, LLC provides assessment services for closing lot sales, assessment roll services with the local Tax Collector and financial advisory services.	
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.	
Trustee Fees	
The District bonds will be held and administered by a Trustee. This represents the trustee annual fee.	
Management Fees	
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-South Florida, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.	
Information Technology	
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.	
Website Maintenance	
Per Chapter 2014-22, Laws of Florida, all Districts must have a website 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 monthly.	

Coral Keys Homes	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

Expenditures - Administrative (continued)	

Communication - Telephone	
New internet and Wi-Fi service for Office.	
Postage and Delivery	
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.	
Insurance General Liability	
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.	
Printing and Binding	
Copies used in the preparation of agenda packages, required mailings, and other special projects.	
Legal Advertising	
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.	
Other Current Charges	
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.	
Office Supplies	
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.	
Due, Licenses & Subscriptions	
The District is required to pay an annual fee to the Florida Department of Commerce for $175.	
Contingencies	
A contingency for any unanticipated and unscheduled cost to the District.	
Operating Reserves	
Funds for expenditures of the District will be incurred before assessments are collected.	
Expenditures – Field	

Electricity	
FPL provides electricity for Common Area Lighting.	
Street Lighting	
The District has accounts with City for the street lighting surrounding the District and the entryways.	
General Repairs & Maintenance	
Any miscellaneous repairs not included in another budget line item.	
Landscape Maintenance	
Includes monthly cleaning of all District lakes.	
Plant Replacement	
The District will go into contract for the replacement of plants needed along the common areas.	
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.	

Coral Keys Homes	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

Expenditures – Field (continued)	

Entrance Monuments and Wall	
Includes maintenance and repair work needed for the monument signs throughout the common area.	
Sidewalk Maintenance	
Represents pressure washing of the District sidewalks.	
Mail Kiosk	
Includes maintaining the self-service mail kiosk within the District.	

Expenditures – Amenity	

Management - Clubhouse	
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.	
Video Surveillance/Monitoring	
For security and safety purposes, the district will contract a qualified company to monitor and record activities at the clubhouse.	
Electricity	
FPL provides electricity for all Clubhouse areas.	
Water	
Water and sewer cost for the Clubhouse.	
Janitorial & Porter Services	
The District will contract with a qualified company to provide janitorial services for the Amenity Center.	
Property 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.	
Repairs and Maintenance	
Any miscellaneous repairs not included in another budget line item.	
Pool Maintenance	
Cost to maintain the pool, does not include repairs.	
Pool -Repairs	
Cost to make unanticipated repairs to the pool.	
Basket Ball Court	
Estimated cost to maintain the basketball courts.	
Landscape Improvement	
The cost to anticipate any landscape improvements needed to the surrounding areas.	
Gym Equipment Maintenance	
Estimated cost to maintain the fitness equipment.	
Internet/Cable Services	
Estimated cost of cable and internet for the Clubhouse as needed.	
Toddler Parks	
Estimated cost to maintain toddler parks within the District.	
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.	
Operating Supplies	
Supplies needed to run and operate the Clubhouse daily.	

Coral Keys Homes	
Community Development District	
Adopted Budget	
Debt Service Series 2020 Special Assessment Refunding Bonds	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2024	6/30/24	3 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments-On Roll	$318,477	$319,761	$-	$319,761	$318,477	
Interest Income	3,000	12,906	4,302	17,208	10,000	
Carry Forward Surplus (1)	123,042	124,949	-	124,949	145,986	

TOTAL REVENUES	$444,518	$457,616	$4,302	$461,918	$474,463	

EXPENDITURES:

Interest - 11/1	$100,466	$100,466	$-	$100,466	$98,884	
Principal - 5/1	115,000	115,000	-	115,000	120,000	
Interest - 5/1	100,466	100,466	-	100,466	98,884	

TOTAL EXPENDITURES	$315,931	$315,931	$-	$315,931	$317,769	

EXCESS REVENUES (EXPENDITURES)	$128,587	$141,685	$4,302	$145,986	$156,694	

Interest Due 11/1/25	$97,234.38	
	$97,234.38	

(1) Carry Forward is Net of Reserve Requirement

Coral Keys Homes	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2020 Special Assessment Refunding Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

11/01/24	5,125,000	2.750%		98,884	317,768.75	
05/01/25	5,125,000	2.750%	120,000	98,884		
11/01/25	5,005,000	2.750%		97,234	319,468.75	
05/01/26	5,005,000	3.125%	125,000	97,234		
11/01/26	4,880,000	3.125%		95,281	315,562.50	
05/01/27	4,880,000	3.125%	125,000	95,281		
11/01/27	4,755,000	3.125%		93,328	316,656.25	
05/01/28	4,755,000	3.125%	130,000	93,328		
11/01/28	4,625,000	3.125%		91,297	317,593.75	
05/01/29	4,625,000	3.125%	135,000	91,297		
11/01/29	4,490,000	3.125%		89,188	318,375.00	
05/01/30	4,490,000	3.125%	140,000	89,188		
11/01/30	4,350,000	4.000%		87,000	319,000.00	
05/01/31	4,350,000	4.000%	145,000	87,000		
11/01/31	4,205,000	4.000%		84,100	318,200.00	
05/01/32	4,205,000	4.000%	150,000	84,100		
11/01/32	4,055,000	4.000%		81,100	317,200.00	
05/01/33	4,055,000	4.000%	155,000	81,100		
11/01/33	3,900,000	4.000%		78,000	321,000.00	
05/01/34	3,900,000	4.000%	165,000	78,000		
11/01/34	3,735,000	4.000%		74,700	319,400.00	
05/01/35	3,735,000	4.000%	170,000	74,700		
11/01/35	3,565,000	4.000%		71,300	317,600.00	
05/01/36	3,565,000	4.000%	175,000	71,300		
11/01/36	3,390,000	4.000%		67,800	320,600.00	
05/01/37	3,390,000	4.000%	185,000	67,800		
11/01/37	3,205,000	4.000%		64,100	318,200.00	
05/01/38	3,205,000	4.000%	190,000	64,100		
11/01/38	3,015,000	4.000%		60,300	320,600.00	
05/01/39	3,015,000	4.000%	200,000	60,300		
11/01/39	2,815,000	4.000%		56,300	317,600.00	
05/01/40	2,815,000	4.000%	205,000	56,300		
11/01/40	2,610,000	4.000%		52,200	319,400.00	
05/01/41	2,610,000	4.000%	215,000	52,200		
11/01/41	2,395,000	4.000%		47,900	320,800.00	
05/01/42	2,395,000	4.000%	225,000	47,900		
11/01/42	2,170,000	4.000%		43,400	321,800.00	
05/01/43	2,170,000	4.000%	235,000	43,400		
11/01/43	1,935,000	4.000%		38,700	322,400.00	
05/01/44	1,935,000	4.000%	245,000	38,700		
11/01/44	1,690,000	4.000%		33,800	322,600.00	
05/01/45	1,690,000	4.000%	255,000	33,800		
11/01/45	1,435,000	4.000%		28,700	322,400.00	
05/01/46	1,435,000	4.000%	265,000	28,700		
11/01/46	1,170,000	4.000%		23,400	321,800.00	
05/01/47	1,170,000	4.000%	275,000	23,400		
11/01/47	895,000	4.000%		17,900	320,800.00	
05/01/48	895,000	4.000%	285,000	17,900		
11/01/48	610,000	4.000%		12,200	324,400.00	
05/01/49	610,000	4.000%	300,000	12,200		
11/01/49	310,000	4.000%		6,200	322,400.00	
05/01/50	310,000	4.000%	310,000	6,200		

Total	$5,125,000	$3,188,625	$8,313,625	

Coral Keys Homes	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2024-2025	

Product Type	O&M Units	Bonds Units
2020	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	

Single Family	

323	

323	

$1,100.00	

$1,100.00	

$0.00	

$1,037.89	

$1,037.89	

$0.00	

$2,137.89	

$2,137.89	

$0.00	
Total	323	323										

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