Crestview West Community Development District

Proposed Budget For Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

PROPOSED BUDGET
CRESTVIEW WEST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021 BUDGET	
Administrative Assessments	50,088	
Maintenance Assessments	2,234	
Debt Assessments	168,769	
Other Revenues	0	
Interest	48	
		
TOTAL REVENUES	$	221,139	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Engineering - Annual Report/Inspections	900	
Special Projects	600	
Miscellaneous Maintenance	600	
TOTAL MAINTENANCE EXPENDITURES	$	2,100	
		
ADMINISTRATIVE EXPENDITURES		
Management	18,756	
Legal	7,000	
Assessment Roll	5,000	
Audit Fees	3,600	
Insurance	5,800	
Legal Advertisements	900	
Miscellaneous	600	
Postage	200	
Office Supplies	400	
Dues & Subscriptions	175	
Trustee Fee	3,000	
Continuing Disclosure Fee	350	
Website Management	1,450	
Administrative Contingency	900	
TOTAL ADMINISTRATIVE EXPENDITURES	$	48,131	
		
TOTAL EXPENDITURES	$	50,231	
		
REVENUES LESS EXPENDITURES	$	170,908	
		
Bond Payments	(158,643)	
		
BALANCE	$	12,265	
		
County Appraiser & Tax Collector Fee	(4,421)	
Discounts For Early Payments	(8,844)	
		
EXCESS/ (SHORTFALL)	$	(1,000)	
		
Carryover From Prior Year	1,000	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
CRESTVIEW WEST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2018/2019 ACTUAL	
FISCAL YEAR 2019/2020 BUDGET	
FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	
Administrative Assessments	50,638	50,099	50,088	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	2,234	2,234	2,234	Expenditures/.94	
Debt Assessments	168,769	168,769	168,769	Bond Payments/.94	
Other Revenues	0	0	0		
Interest	68	48	48	Estimated At $4 Per Month	
					
TOTAL REVENUES	$	221,709	$	221,150	$	221,139		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Engineering - Annual Report/Inspections	0	900	900	No Change From 2019/2020 Budget	
Special Projects	0	600	600	No Change From 2019/2020 Budget	
Miscellaneous Maintenance	0	600	600	No Change From 2019/2020 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	-	$	2,100	$	2,100		
					
ADMINISTRATIVE EXPENDITURES					
Management	18,000	18,336	18,756	CPI Adjustment	
Legal	6,900	7,000	7,000	No Change From 2019/2020 Budget	
Assessment Roll	4,500	4,750	5,000	Discounted From Contract Amount ($6,500)	
Audit Fees	3,700	3,800	3,600	Accepted Amount For 2019/2020 Audit	
Insurance	5,000	5,750	5,800	Insurance Estimate	
Legal Advertisements	998	700	900	$200 Increase From 2019/2020 Budget	
Miscellaneous	311	700	600	$100 Decrease From 2019/2020 Budget	
Postage	108	200	200	No Change From 2019/2020 Budget	
Office Supplies	344	400	400	No Change From 2019/2020 Budget	
Dues & Subscriptions	175	175	175	No Change From 2019/2020 Budget	
Trustee Fee	2,500	2,500	3,000	Regions Bank Is Increasing Fees In 2020/2021	
Continuing Disclosure Fee	350	480	350	Dissemination Agent Fee (Small District)	
Website Management	1,300	1,450	1,450	No Change From 2019/2020 Budget	
Administrative Contingency	0	900	900	Administrative Contingency	
TOTAL ADMINISTRATIVE EXPENDITURES	$	44,186	$	47,141	$	48,131		
					
TOTAL EXPENDITURES	$	44,186	$	49,241	$	50,231		
					
REVENUES LESS EXPENDITURES	$	177,523	$	171,909	$	170,908		
					
Bond Payments	(161,278)	(158,643)	(158,643)	2021 P & I Payments Less Interest	
					
BALANCE	$	16,245	$	13,266	$	12,265		
					
County Appraiser & Tax Collector Fee	(2,138)	(4,422)	(4,421)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(7,682)	(8,844)	(8,844)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	6,425	$	-	$	(1,000)		
					
Carryover From Prior Year	0	0	1,000	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	6,425	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
CRESTVIEW WEST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 BUDGET	FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	

Interest Income	
3,216	
100	
200	
Projected Interest For 2020/2021	

NAV Tax Collection	
161,278	
158,643	
158,643	
Maximum Debt Service Collection	

Total Revenues	
$	164,494	
$	158,743	
$	158,843		

EXPENDITURES					

Principal Payments	
46,000	
50,000	
52,000	
Principal Payments Due In 2021	

Interest Payments	
111,470	
108,630	
106,630	
Interest Payments Due In 2021	

Bond Redemption	
0	
113	
213	
Estimated Excess Debt Collections	

Total Expenditures	
$	157,470	
$	158,743	
$	158,843		

Excess/ (Shortfall)	
$	7,024	
$	-	
$	-		

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 1/1/20 =	$2,238,000			

Crestview West Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2016/2017	2017/2018	2018/2019	2019/2020	2020/2021	
 	Assessment*		 	Assessment*		 	Assessment*		 	Assessment*		    Projected Assessment* 	

Administrative	
$	397.25	
$	395.62	
$	439.83	
$	439.47	
$	
439.37	
Maintenance	$	7.00	$	8.59	$	19.60	$	19.60	$	19.60	
Debt	$	1,480.43	$	1,480.43	$	1,480.43	$	1,480.43	$	1,480.43	
Total	$	1,884.68	$	1,884.64	$	1,939.86	$	1,939.50	$	1,939.40	

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

3/3/2020  10:57 AM	IV