Crestview West Community Development District

Final Budget For Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
CRESTVIEW WEST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020 BUDGET	
Administrative Assessments	50,099	
Maintenance Assessments	2,234	
Debt Assessments	168,769	
Other Revenues	0	
Interest	48	
		
TOTAL REVENUES	$	221,150	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Engineering - Annual Report/Inspections	900	
Special Projects	600	
Miscellaneous Maintenance	600	
TOTAL MAINTENANCE EXPENDITURES	$	2,100	
		
ADMINISTRATIVE EXPENDITURES		
Management	18,336	
Legal	7,000	
Assessment Roll	4,750	
Audit Fees	3,800	
Insurance	5,750	
Legal Advertisements	700	
Miscellaneous	700	
Postage	200	
Office Supplies	400	
Dues & Subscriptions	175	
Trustee Fee	2,500	
Continuing Disclosure Fee	480	
Website Management	1,450	
Administrative Contingency	900	
TOTAL ADMINISTRATIVE EXPENDITURES	$	47,141	
		
TOTAL EXPENDITURES	$	49,241	
		
REVENUES LESS EXPENDITURES	$	171,909	
		
Bond Payments	(158,643)	
		
BALANCE	$	13,266	
		
County Appraiser & Tax Collector Fee	(4,422)	
Discounts For Early Payments	(8,844)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
CRESTVIEW WEST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018 ACTUAL	
FISCAL YEAR 2018/2019 BUDGET	
FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	
Administrative Assessments	45,773	50,140	50,099	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	979	2,234	2,234	Expenditures/.94	
Debt Assessments	168,769	168,769	168,769	Bond Payments/.94	
Other Revenues	0	0	0		
Interest	61	48	48	Estimated At $4 Per Month	
					
TOTAL REVENUES	$	215,582	$	221,191	$	221,150		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Engineering - Annual Report/Inspections	850	900	900	No Change From 2018/2019 Budget	
Special Projects	0	600	600	No Change From 2018/2019 Budget	
Miscellaneous Maintenance	0	600	600	No Change From 2018/2019 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	850	$	2,100	$	2,100		
					
ADMINISTRATIVE EXPENDITURES					
Management	16,800	18,000	18,336	CPI Adjustment	
Legal	7,089	7,000	7,000	No Change From 2018/2019 Budget	
Assessment Roll	3,750	4,500	4,750	Discounted From Contract Amount ($6,500)	
Audit Fees	3,700	3,700	3,800	$100 Increase From 2018/2019 Budget	
Insurance	5,750	6,325	5,750	FY 2018/2019 Expenditure Was $5,000	
Legal Advertisements	513	700	700	No Change From 2018/2019 Budget	
Miscellaneous	339	700	700	No Change From 2018/2019 Budget	
Postage	145	200	200	No Change From 2018/2019 Budget	
Office Supplies	373	400	400	No Change From 2018/2019 Budget	
Dues & Subscriptions	175	175	175	No Change From 2018/2019 Budget	
Trustee Fee	2,500	2,500	2,500	Regions Bank Annual Fee	
Continuing Disclosure Fee	350	480	480	Dissemination Agent Fee (Small District)	
Website Management	1,300	1,300	1,450	$150 Increase From 2018/2019 Budget	
Administrative Contingency	0	1,200	900	Administrative Contingency	
TOTAL ADMINISTRATIVE EXPENDITURES	$	42,784	$	47,180	$	47,141		
					
TOTAL EXPENDITURES	$	43,634	$	49,280	$	49,241		
					
REVENUES LESS EXPENDITURES	$	171,948	$	171,911	$	171,909		
					
Bond Payments	(161,512)	(158,643)	(158,643)	2020 P & I Payments Less Interest	
					
BALANCE	$	10,436	$	13,268	$	13,266		
					
County Appraiser & Tax Collector Fee	(2,082)	(4,422)	(4,422)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(7,162)	(8,846)	(8,844)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	1,192	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	1,192	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET
CRESTVIEW WEST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
1,842	
50	
100	
Projected Interest For 2019/2020	

NAV Tax Collection	
161,512	
158,643	
158,643	
Maximum Debt Service Collection	

Total Revenues	
$	163,354	
$	158,693	
$	158,743		

EXPENDITURES					

Principal Payments	
44,000	
48,000	
50,000	
Principal Payments Due In 2020	

Interest Payments	
113,270	
110,550	
108,630	
Interest Payments Due In 2020	

Bond Redemption	
0	
143	
113	
Estimated Excess Debt Collections	

Total Expenditures	
$	157,270	
$	158,693	
$	158,743		

Excess/ (Shortfall)	
$	6,084	
$	-	
$	-		

Series 2014 Bond Information

Original Par Amount =	$2,462,000	Annual Principal Payments Due =	November 1st	
Interest Rate = Issue Date = Maturity Date =	4% - 5.00%
November 2014
November 2044	Annual Interest Payments Due =	May 1st & November 1st	
Par Amount As Of 1/1/19 =	$2,286,000			

Crestview West Community Development District Assessment Comparison

Original
Projected	
Fiscal Year	
Fiscal Year	
Fiscal Year	
Fiscal Year	
Assessment	2016/2017	2017/2018	2018/2019	2019/2020	
    (Methodology)*		 	Assessment*		 	Assessment*		 	Assessment*		     Projected  Assessment*		

Administrative	
$	-	$	397.25	
$	395.62	
$	439.83	
$	
439.47	
Maintenance	$	-	$	7.00	$	8.59	$	19.60	$	19.60	
Debt	$	1,480.43	$	1,480.43	$	1,480.43	$	1,480.43	$	1,480.43	
Total	$	1,480.43	$	1,884.68	$	1,884.64	$	1,939.86	$	1,939.50	

* Assessments Include the Following :	 4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee
Community Information:	Total Units	114

6/3/2019 2:08 PM	IV