Adopted Budget
Fiscal Year 2024

Cypress Cove Community Development District

June 6, 2023

Cypress Cove
Community Development District

TABLE OF CONTENTS

Proposed Budget

General Fund
Budget Narrative

Page 1
Page 2-3

Debt Service Fund Budget
Amortization - Series 2023

Page 4
Page 5

Cypress Cove
Community Development District

General Fund

Adopted Budget
	FY 2023	

Actual Thru
	4/30/23	

Projected Next
	5 Months	

Total Projected
	9/30/23	

Adopted Budget
	FY 2024	

 Description	

Revenues

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

$245,075
$72,491
$125
	$77,840 
	$395,531 

$245,978
$72,758
$2,406
	$120,747 
	$441,889 

$0
$0
$0
	$0 
	$0 

$151,075
$72,491
$2,406
	$120,747 
	$346,719 

$157,176
$0
$125
	$90,134 
	$247,435 

Expenditures

Administrative Engineering Fees Attorney Fees 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
$15,914
$1,000
$3,450
$250
$270
$360
$8,310
$1,275
$1,000
$250
$175
$250
$400
$58,008
	$14,483 
	$139,594 

$6,644
$11,910
$0
$9,283
$583
$0
$0
$340
$800
$6,918
$815
$89
$92
$175
$0
$400
$0
	$0 
	$38,050 

$4,746
$8,507
$3,700
$6,631
$417
$3,450
$0
$243
$572
$0
$582
$63
$66
$0
$0
$286
$0
	$0 
	$29,262 

$11,390
$20,417
$3,700
$15,914
$1,000
$3,450
$0
$583
$1,372
$6,918
$1,398
$152
$158
$175
$0
$686
$0
	$0 
	$67,313 

$18,000
$12,500
$3,700
$16,710
$1,000
$3,450
$250
$270
$360
$7,610
$1,275
$1,000
$250
$175
$250
$400
$0
	$0 
	$67,200 

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

$15,500
$4,250
$14,500
$9,000
$4,620
$45,041
$15,000
$20,000
$4,000
$30,026
	$94,000 
	$255,936 

$11,544
$2,384
$7,623
$5,737
$2,695
$26,770
$2,586
$3,600
$0
$0
	$0 
	$62,938 

$3,585
$1,703
$5,445
$4,098
$1,925
$16,875
$1,847
$2,571
$0
$0
	$0 
	$38,048 

$15,128
$4,086
$13,068
$9,834
$4,620
$43,645
$4,433
$6,171
$0
$0
	$0 
	$100,986 

$15,500
$4,250
$14,500
$9,500
$4,620
$45,041
$15,000
$20,000
$4,000
$47,825
	$0 
	$180,236 

TOTAL EXPENDITURES

	$395,530 

	$100,988 

	$67,311 

	$168,299 

	$247,435 

Other Sources and (Uses)

Interfund Transfer (REFINANCING FUNDS)

$0

($146,503)

$58,217

($88,286)

$0

 TOTAL OTHER SOURCES AND USES	

	$0 

	($146,503) 

	$58,217 

	($88,286) 

	$0 

EXCESS REVENUES

	$0 

	$194,398 

	($9,094) 

	$90,134 

	$0 

FY 2022

FY 2023

FY 2024

Page 1

NET ASSESSMENTS DEBT	$72,491
PLUS COLLECTION FEES	$4,627
GROSS ASSESSMENTS DEBT	$77,118
NO. OF UNITS	195
PER UNIT ASSESSMENT DEBT	$395.48

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

$160,389
$10,238
$170,627
195
$875.01

TOTAL GROSS ASSESSMENTS	$1,220.00

$1,732.00

$1,732.00

NET ASSESSMENTS O&M	$151,075
PLUS COLLECTION FEES	$9,643
GROSS ASSESSMENTS O&M	$160,718
NO. OF UNITS	195
PER UNIT ASSESSMENT O&M	$824.20

$245,075
$15,643
$260,718
195
$1,337.02

$157,176
$10,033
$167,208
195
$857.48

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

Debt Service Fund
Series 2023

Adopted Budget
	FY 2023	

Actual Thru
	4/30/23	

Projected Next
	5 Months	

Total Projected
	9/30/23	

Adopted Budget
	FY 2024	

 Description	

Revenues

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

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$160,389
$0
$51,554

  TOTAL REVENUES	

	$0 

	$0 

	$0 

	$0 

	$211,944 

Expenditures

  Series 2023	
Interest - 11/1 Interest - 5/1 Principal - 5/1

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$51,554
$45,267
$70,000

  TOTAL EXPENDITURES	

	$0 

	$0 

	$0 

	$0 

	$166,821 

Other Sources and (Uses)

Interfund Transfer (REFINANCING FUNDS) Bond Proceeds
Payment to Escrow Agent

$0
$0
$0

$146,503
$197,567 ($292,516)

$0
$0
$0

$146,503
$197,567 ($292,516)

$0
$0
$0

  TOTAL OTHER SOURCES AND USES	

	$0 

	$51,554 

	$0 

	$51,554 

	$0 

  EXCESS REVENUES	

	$0 

	$51,554 

	$0 

	$51,554 

	$45,122 

Interest Expense - 11/1/24

$43,608

(1) Maximum Annual Debt Service

FY 2024

Page 4

NET ASSESSMENTS		$160,389 PLUS COLLECTION FEES			$10,238  GROSS ASSESSMENTS		$170,627 NO. OF UNITS				195
PER UNIT ASSESSMENT	$875.01

Cypress Cove
Community Development District

Amortization Schedule
Series 2023, Special Assessment Bonds

	DATE	

	BALANCE	

	RATE	

	PRINCIPAL	

	INTEREST	

	TOTAL	

11/01/23
05/01/24
11/01/24
05/01/25
11/01/25
05/01/26
11/01/26
05/01/27
11/01/27
05/01/28
11/01/28
05/01/29
11/01/29
05/01/30
11/01/30
05/01/31
11/01/31
05/01/32
11/01/32
05/01/33
11/01/33
05/01/34
11/01/34
05/01/35
11/01/35
05/01/36
11/01/36
05/01/37
11/01/37
05/01/38
11/01/38
05/01/39
11/01/39
05/01/40
11/01/40
05/01/41

$ 1,910,000
$ 1,910,000
$ 1,840,000
$ 1,840,000
$ 1,770,000
$ 1,770,000
$ 1,695,000
$ 1,695,000
$ 1,615,000
$ 1,615,000
$ 1,530,000
$ 1,530,000
$ 1,440,000
$ 1,440,000
$ 1,350,000
$ 1,350,000
$ 1,255,000
$ 1,255,000
$ 1,155,000
$ 1,155,000
$ 1,050,000
$ 1,050,000

4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%
4.74%

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

- 70,000.00
- 70,000.00
- 75,000.00
- 80,000.00
- 85,000.00
- 90,000.00
- 90,000.00
- 95,000.00
- 100,000.00
- 105,000.00
- 110,000.00
- 115,000.00
- 120,000.00
- 130,000.00
- 135,000.00
- 140,000.00
- 145,000.00
- 155,000.00

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

51,554.08
45,267.00
43,608.00
43,608.00
41,949.00
41,949.00
40,171.50
40,171.50
38,275.50
38,275.50
36,261.00
36,261.00
34,128.00
34,128.00
31,995.00
31,995.00
29,743.50
29,743.50
27,373.50
27,373.50
24,885.00
24,885.00
22,278.00
22,278.00
19,552.50
19,552.50
16,708.50
16,708.50
13,627.50
13,627.50
10,428.00
10,428.00
7,110.00
7,110.00
3,673.50
3,673.50

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

51,554.08
- 158,875.00
- 155,557.00
- 157,120.50
- 158,447.00
- 159,536.50
- 160,389.00
- 156,123.00
- 156,738.50
- 157,117.00
- 157,258.50
- 157,163.00
- 156,830.50
- 156,261.00
- 160,336.00
- 159,055.50
- 157,538.00
- 155,783.50
158,673.50

$
$
$
$
$
$
$
$
$
$
$
$
$
$

940,000
940,000
825,000
825,000
705,000
705,000
575,000
575,000
440,000
440,000
300,000
300,000
155,000
155,000

	Total	

 $ 1,910,000.00 

 $	980,357.08 

 $ 2,890,357.08 

Page 5