Adopted Budget
Fiscal Year 2022

Cypress Cove Community Development District

August 10, 2021

Cypress Cove
Community Development District

TABLE OF CONTENTS

Proposed Budget
General Fund Budget Narrative
Amortization - Series 2006

Page 1
Page 2-3
Page 4

Cypress Cove
Community Development District

General Fund

Adopted Budget
 	FY 2021	

Actual Thru
 	6/30/2021	

Projected Next
 	3 Month	

Total Projected
    9/30/2021 

Adopted Budget
 	FY 2022	

 Description	

Revenues

Maintenance Assessments Debt Service Assessments Interest Income
 Carry Forward Surplus	
 TOTAL REVENUES	

$151,075
$72,491
$150
 	$66,147 
 	$289,863 

$151,641
$72,358
$119
 	$99,431 
 	$323,550 

$0
$132
$30
 	$0 
 	$162 

$151,075
$72,491
$149
 	$99,431 
 	$323,146 

$151,075
$72,491
$150
 	$74,866 
 	$298,582 

Expenditures

Administrative Engineering Attorney Annual Audit
Management Fees Website Administration Trustee Fees Telephone
Postage
Printing & Binding Insurance
Legal Advertising Other Current Charges Office Supplies
Dues, Licenses & Subscriptions Capital Outlay
Property Appraiser
Debt Service Payment - Principal
 Debt Service Payment - Interest	
TOTAL  ADMINISTRATIVE

$18,000
$12,500
$3,700
$15,450
$1,000
$3,450
$250
$270
$360
$6,400
$1,275
$1,000
$250
$175
$250
$400
$51,891
 	$20,600 
$137,221

$2,675
$3,308
$3,500
$11,588
$750
$0
$31
$40
$0
$6,218
$523
$594
$18
$175
$0
$400
$0
 	$0 
$29,818

$15,325
$9,193
$0
$3,863
$250
$3,450
$8
$100
$90
$0
$319
$148
$63
$0
$63
$0
$51,891
 	$20,600 
$105,361

$18,000
$12,500
$3,500
$15,450
$1,000
$3,450
$39
$140
$90
$6,218
$841
$742
$81
$175
$63
$400
$51,891
 	$20,600 
$135,179

$18,000
$12,500
$3,700
$15,450
$1,000
$3,450
$250
$270
$360
$6,400
$1,275
$1,000
$250
$175
$250
$400
$54,865
 	$17,626 
$137,221

Field Security Cable Phone Electric
Lake Maintenance Landscape Maintenance Repairs & Maintenance Contingency  Emergency Reserves
 Capital Reserves	
 TOTAL FIELD EXPENDITURES	

$15,500
$3,800
$3,550
$5,000
$4,800
$43,420
$15,000
$29,223
$4,000
 	$28,349 
 	$152,642 

$8,045
$2,903
$4,349
$6,062
$3,285
$27,288
$2,076
$200
$0
 	$0 
 	$54,207 

$2,011
$726
$1,087
$1,515
$1,095
$6,822
$12,924
$28,714
$4,000
 	$0 
 	$58,894 

$10,056
$3,628
$5,436
$7,577
$4,380
$34,109
$15,000
$28,914
$4,000
 	$0 
 	$113,101 

$15,500
$3,800
$5,500
$7,500
$4,800
$43,420
$15,000
$30,794
$4,000
 	$31,047 
 	$161,361 

 TOTAL EXPENDITURES	

 	$289,863 

 	$84,025 

 	$164,255 

 	$248,280 

 	$298,581 

EXCESS REVENUES

$0

$239,525

($164,093)

$74,866

$0

FY 2021

FY 2022

NET ASSESSMENTS O&M PLUS COLLECTION FEES GROSS ASSESSMENTS O&M
NO. OF UNITS PER UNIT ASSESSMENT O&M

$151,075
$9,643

$151,075
$9,643

$160,718
195
$824.20

$160,718
195
$824.20

NET ASSESSMENTS DEBT PLUS COLLECTION FEES
GROSS ASSESSMENTS DEBT
NO. OF UNITS PER UNIT ASSESSMENT DEBT

$72,491
$4,627
$77,118
195
$395.48

$72,491
$4,627
$77,118
195
$395.48

Tax Roll Amount

$1,220

$1,220

Page 1

Cypress Cove
Community Development District

General Fund

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:

Engineering Fees
The District's engineer will be providing general engineering services to the District including attendance and preparation for board meetings, etc.

Attorney
The District's legal counsel will be providing general legal services to the District, i.e., attendance and preparation for monthly meetings, review operating and maintenance contracts, etc.

Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services. These services are further outlined in Exhibit "A" of the Management Agreement.

Website Compliance
Per Section 189.069 F.S., all Districts 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 Statutes.

Trustee Fees
The District issued Series 2006 Special Assessments Bonds which are held with a Trustee at US Bank. The amount of the trustee fees is based on the agreement between US Bank and the District.

Telephone
Telephone and fax machine.

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

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. Alliance specializes in providing insurance coverage to governmental agencies.

Florida Insurance

Page 2

Cypress Cove
Community Development District

General Fund

Administrative: (continued)

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 that are incurred during the year.

Office Supplies
Miscellaneous office supplies.

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

Capital Outlay
Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for District files.

Maintenance: Security
The District has a contract with ASAP Gate Plus, LLC for any security gate related expenses.

Cable
The District has a contract with Comcast for cable services.

Phone
The District has a contract with ATT for phone services.

Utilities
The cost of electricity for Cypress Cove CDD thru FPL.

Lake Maintenance
The District has a contract with Southern Weed Control Management who provide monthly water management services to all the lakes throughout the District.

Landscape/Irrigation Maintenance
The District has contracted with Brightview to provide landscaping and irrigation maintenance services to all the common areas within the District.

Repairs & Maintenance
Unscheduled repairs and maintenance to the District’s facilities through the community.

Capital Expenditures
Represents any new capital expenditures the District may need to make during the Fiscal Year.

Reserves for Capital Repairs and Replacements
This Reserve funding is for the Capital Repairs and Replacements for the District’s capital assets.

Page 3

Cypress Cove
Community Development District

Amortization Schedule
Series 2006 Bonds

Payment Date

Notional

Principal Amount

Interest Amount

Principal + Interest

Rate

7/1/2020
7/1/2021

359,504.99
307,613.79

49,078.98
51,891.20

23,411.86
20,599.64

72,490.84
72,490.84

5.73%
5.73%

7/1/2023
7/1/2024
7/1/2025
7/1/2026

194,740.91
133,408.72
68,562.20
0.00

58,008.31
61,332.19
64,846.52
68,562.20

14,482.53
11,158.65
7,644.32
3,928.61

72,490.84
72,490.84
72,490.84
72,490.81

5.73%
5.73%
5.73%
5.73%

Totals

408,583.97

98,851.88

507,435.85

Page 4

7/1/2022	252,749.22	54,864.57	17,626.27	72,490.84	5.73%