Adopted Budget
Fiscal Year 2022

Coconut Cay	
Community Development District	

August 18, 2021

Coconut Cay	
Community Development District	

TABLE OF CONTENTS

General Fund	
Budget	
Budget Narrative	

Page 1	
Page 2-3	

Debt Service Fund

Budget	
Amortization Schedule	

Page 4	
Page 5	

Coconut Cay	
Community Development District	

General Fund

Adopted	
Budget	
 	FY 2021		

Actual	
Thru	
     7/31/2021		

Projected	
Next	
    2 Months		

Total	
Projected	
 	9/30/2021		

Adopted	
Budget	
 	FY 2022		

 Description	

Revenues

Special Assessment - Levy	
Interest Income	
Unassigned Fund Balance	

$108,600	
$0	
$60,969	

$109,106	
$64	
$72,695	

$0	
$13	
$0	

$109,106	
$77	
$72,695	

$108,600	
$0	
$55,122	

 TOTAL REVENUES		 	$169,569  	 	$181,866  	 	$13  	 	$181,879  	 	$163,722  

Expenditures

Administrative	
Supervisor Fees	
FICA Expense	
Engineering Fees	
Arbitrage Calculation	
Dissemination Agent	
Attorney Fees	
Annual Audit	
Trustee Fees	
Management Fees	
Website Compliance	
Telephone	
Postage	
Printing & Binding	
Insurance	
Legal Advertising	
Other Current Charges	
Office Supplies	
Dues, Licenses & Subscriptions	
Monitoring Fee	

$6,000	
$459	
$6,500	
$1,250	
$1,100	
$16,550	
$3,625	
$4,100	
$35,278	
$1,000	
$50	
$850	
$450	
$6,812	
$1,100	
$670	
$75	
$175	
$5,430	

$2,000	
$153	
$3,456	
$0	
$917	
$21,826	
$3,635	
$4,089	
$29,398	
$833	
$0	
$443	
$425	
$6,503	
$355	
$560	
$40	
$175	
$0	

$1,200	
$92	
$691	
$600	
$183	
$4,500	
$0	
$0	
$5,880	
$167	
$15	
$89	
$85	
$0	
$71	
$112	
$8	
$0	
$5,430	

$3,200	
$245	
$4,148	
$600	
$1,100	
$26,326	
$3,635	
$4,089	
$35,278	
$1,000	
$15	
$532	
$510	
$6,503	
$426	
$672	
$49	
$175	
$5,430	

$6,000	
$459	
$6,500	
$1,250	
$1,100	
$27,182	
$3,725	
$4,100	
$35,278	
$1,000	
$50	
$850	
$450	
$7,200	
$1,100	
$770	
$75	
$175	
$5,430	

 TOTAL ADMINISTRATIVE		 	$91,474  	 	$74,809  	 	$19,122  	 	$93,931  	 	$102,694  

Field Maintenance	
Lake Maintenance	
Drainage Maintenance	
Pump Maintenance	

$2,340	
$4,000	
$71,755	

$0	
$0	
$26,131	

$468	
$1,000	
$5,226	

$468	
$1,000	
$31,358	

$2,340	
$4,000	
$54,688	

 	 	 	 	 	
 TOTAL Maintenance		 	$78,095  	 	$26,131  	 	$6,694  	 	$32,826  	 	$61,028  

 TOTAL EXPENDITURES		$169,569	$100,940	$25,817	$126,757	$163,722

 EXCESS REVENUES		 	$0  	 	$80,926  	 	($25,804)	 	$55,122  	 	$0  

FY 2019	FY 2020	FY 2021	FY 2022
$	108,600
$	5,716
$	114,316
543
$	200.00
$	210.53	
Net Assessment	$	108,600	$	108,600	$	108,600		
Plus Collection Fees & Discounts (5%)	$	5,716	$	5,716	$	5,716		
Gross Assessment	$	114,316	$	114,316	$	114,316		
No. of Units	543	543	543		
Net Per Unit Assessment	$	200.00	$	200.00	$	200.00		
Gross Per Unit Assessment	$	210.53	$	210.53	$	210.53		

Page 1

REVENUES:

Special 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.

Interest Income
Interest Income earned from State Board account held for the District.

EXPENDITURES:

Administrative:

Supervisor Fees
The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year

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

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

Arbitrage
The District is required to annually have an arbitrage rebate calculation on the District's Series 2006A Special Assessment Revenue 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. The District has contracted with Prager, Sealy & Company, the District's bond underwriter, to provide this service.

Attorney Fees
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.

Trustee Fees
The District issued Series 2006A Special Assessment Revenue 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.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-South Florida. 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 Statute.

Administrative: (continued)

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 (FIA). FIA specializes in providing insurance coverage to governmental agencies.

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 Economic Opportunity for $175. This is the only expense under this category for the District.

Monitoring Fee
The City Council for the City of Miami Gardens imposes an annual monitoring fee for each Community Development District that is located wholly within the boundaries of the City of Miami Gardens, in the amount of $1,000 per Community Development District, or $10.00 per residential unit, whichever is greater. Based on the assessment methodology, the budgeted amount represents 543 residential units at
$10.00 per residential unit.

Field Maintenance:

Lake Maintenance
Monthly water management services to all the lakes throughout the District.

Drainage Maintenance
Storm Drain Cleaning for all Storm Drains throughout the District.

Pump Maintenance
Routine maintenance and preventative services provided by Hoover throughout the District.

Adopted	
Budget	
 	FY 2021		

 Description	

Revenues	
Special Assessments - A Bonds (1)	
Interest Income	
Carry Forward Surplus (2)	

    TOTAL REVENUES	

Actual	
Thru	
    7/31/2021 	

Projected	
Next	
    2 Months		

Total	
Projected	
    9/30/2021		

Adopted	
Budget	
 	FY 2022		

$466,328	$468,278	$0	$468,278
$300	$17	$17	$34
$130,356	$148,484	$0	$148,484

 	$596,984  	 	$616,779  	

                $17  	 	$616,796  	

$466,328.40	
$100	
$137,114.23	
 	$603,543  

Debt Service Fund	
Series 2006A Special Assessment Revenue Bonds	

TOTAL OTHER FINANCING	
 	SOURCES AND USES		

11/22 Interest 2006A	

$121,206	
	$121,206	

Expenditures

Series 2006A	
Interest - 11/01	
Interest - 05/01	
Principal - 05/01	

$132,225	
$132,225	
$200,000	

$132,225	
$132,225	
$200,000	

$0		$132,225	
$0		$132,225	
$0		$200,000	

$126,850	
$126,850	
$210,000	

    TOTAL EXPENDITURES		 	$464,450  

Other Financiang Sources and Uses		 	$464,450  		 	$0  		 	$464,450  		 	$463,700  	
Interfund Transfer (3)	($15,232)		($6,410)		($8,822)		($15,232)		($10,247)	

 	($15,232)		
 	($6,410)		
 	($8,822)		
 	($15,232)		
 	($10,247)	
EXCESS REVENUES	$117,303		$145,919		($8,805)		$137,114		$129,596	

Parcel	Unit Count	Gross	Total
$490,872	
Single Family	543	$904.00		
Total	543	$490,872	

Net Assessment	$466,328	
Plus Collection Fees & Discounts (5%)	 	$24,544  	
Gross Assessment	$490,872	

(1) Based on Assessment Methodology from the Series 2006A Special Assessment Revenue Bonds.	
(2) Carry forward surplus is net of the reserve requirement.	
(3) After November 1, 2006, interest income earned on the Reserve Account is transferred to the Construction/Acquisition Account until Completion of the	
Project. After Completion to Deferred Costs, and if no deferred costs, to the Revenue Account. Excess Reserves are also transferred to the	
construction account until completion of the project. Also, excess revenues from the Revenue account get transferred to the Construction account.	

DATE	
BALANCE	
RATE	
PRINCIPAL	
INTEREST	TOTAL	
11/01/21	$	4,720,000	5.375%	$	-	$	126,850.00	$	459,075.00	
05/01/22	$	4,720,000	5.375%	$	210,000.00	$	126,850.00	$	-	
11/01/22	$	4,510,000	5.375%	$	-	$	121,206.25	$	458,056.25	
05/01/23	$	4,510,000	5.375%	$	220,000.00	$	121,206.25	$	-	
11/01/23	$	4,290,000	5.375%	$	-	$	115,293.75	$	456,500.00	
05/01/24	$	4,290,000	5.375%	$	235,000.00	$	115,293.75	$	-	
11/01/24	$	4,055,000	5.375%	$	-	$	108,978.13	$	459,271.88	
05/01/25	$	4,055,000	5.375%	$	250,000.00	$	108,978.13	$	-	
11/01/25	$	3,805,000	5.375%	$	-	$	102,259.38	$	461,237.50	
05/01/26	$	3,805,000	5.375%	$	260,000.00	$	102,259.38	$	-	
11/01/26	$	3,545,000	5.375%	$	-	$	95,271.88	$	457,531.25	
05/01/27	$	3,545,000	5.375%	$	275,000.00	$	95,271.88	$	-	
11/01/27	$	3,270,000	5.375%	$	-	$	87,881.25	$	458,153.13	
05/01/28	$	3,270,000	5.375%	$	290,000.00	$	87,881.25	$	-	
11/01/28	$	2,980,000	5.375%	$	-	$	80,087.50	$	457,968.75	
05/01/29	$	2,980,000	5.375%	$	305,000.00	$	80,087.50	$	-	
11/01/29	$	2,675,000	5.375%	$	-	$	71,890.63	$	456,978.13	
05/01/30	$	2,675,000	5.375%	$	325,000.00	$	71,890.63	$	-	
11/01/30	$	2,350,000	5.375%	$	-	$	63,156.25	$	460,046.88	
05/01/31	$	2,350,000	5.375%	$	340,000.00	$	63,156.25	$	-	
11/01/31	$	2,010,000	5.375%	$	-	$	54,018.75	$	457,175.00	
05/01/32	$	2,010,000	5.375%	$	360,000.00	$	54,018.75	$	-	
11/01/32	$	1,650,000	5.375%	$	-	$	44,343.75	$	458,362.50	
05/01/33	$	1,650,000	5.375%	$	380,000.00	$	44,343.75	$	-	
11/01/33	$	1,270,000	5.375%	$	-	$	34,131.25	$	458,475.00	
05/01/34	$	1,270,000	5.375%	$	400,000.00	$	34,131.25	$	-	
11/01/34	$	870,000	5.375%	$	-	$	23,381.25	$	457,512.50	
05/01/35	$	870,000	5.375%	$	425,000.00	$	23,381.25	$	-	
11/01/35	$	445,000	5.375%	$	-	$	11,959.38	$	460,340.63	
05/01/36	$	445,000	5.375%	$	445,000.00	$	11,959.38	$	456,959.38	

Amortization Schedule	
Series 2006A, Special Assessment Bonds	

 	Total	

  $	4,720,000.00  

  $	2,281,418.75  

  $	7,333,643.75