Winding Cypress 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 (SERIES 2015) IV   DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2019) V	ASSESSMENT COMPARISON

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

REVENUES	
FISCAL YEAR 2020/2021 BUDGET	
O & M Assessments	177,811	
Debt Assessments - Series 2015	526,216	
Debt Assessments - Series 2019	311,687	
Interest Income	180	
		
TOTAL REVENUES	$	1,015,894	
		
EXPENDITURES		
Supervisor Fees	1,200	
Payroll Taxes - Employer	96	
Engineering/Inspections	8,000	
Preserve Maintenance	79,700	
Management	36,084	
Legal	15,500	
Assessment Roll	5,000	
Audit Fees	3,900	
Arbitrage Rebate Fee	650	
Insurance	5,900	
Legal Advertisements	1,800	
Miscellaneous	750	
Postage	300	
Office Supplies	600	
Dues & Subscriptions	175	
Trustee Fee	7,800	
Continuing Disclosure Fee	2,000	
TOTAL EXPENDITURES	$	169,455	
		
REVENUES LESS EXPENDITURES	$	846,439	
		
Bond Payments - Series 2015	(486,750)	
Bond Payments - Series 2019	(288,311)	
		
BALANCE	71,378	
		
County Appraiser & Tax Collector Fee	(35,042)	
Discounts For Early Payments	(41,136)	
		
EXCESS/ (SHORTFALL)	$	(4,800)	
		
Carryover Funds From Prior Year	4,800	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
WINDING CYPRESS 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	
O & M Assessments	93,298	177,850	177,811	Expenditures Less Interest & Carryover/.925	
Debt Assessments - Series 2015	518,126	526,216	526,216	Bond Payments/.925	
Debt Assessments - Series 2019	0	311,786	311,687	Bond Payments/.925	
Interest Income	266	180	180	Interest Projected At $15 Per Month	
					
TOTAL REVENUES	611,690	$	1,016,032	$	1,015,894		
					
EXPENDITURES					
Supervisor Fees	0	1,200	1,200	Supervisor Fees	
Payroll Taxes - Employer	0	96	96	Projected At 8% Of Supervisor Fees	
Engineering/Inspections	14,154	5,500	8,000	$2,500 Increase From 2019/2020 Budget	
Preserve Maintenance	0	76,940	79,700	Fiscal Year 2019/2020 Expenditure Was $78,705	
Management	34,632	35,280	36,084	CPI Adjustment	
Legal	5,563	16,000	15,500	FY 2019/2020 Expenditure Through Feb 2020 Was $4,026	
Assessment Roll	5,000	5,000	5,000	As Per Contract	
Audit Fees	3,400	4,400	3,900	Accepted Amount Of 2019/2020 Audit	
Arbitrage Rebate Fee	650	650	650	No Change From 2019/2020 Budget	
Insurance	5,000	6,000	5,900	Insurance Estimate	
Legal Advertisements	7,850	2,000	1,800	Expenditure Was Higher In 2018/2019 Due To Bond Issue	
Miscellaneous	457	750	750	No Change From 2019/2020 Budget	
Postage	534	300	300	Expenditure Was Higher In 2018/2019 Due To Bond Issue	
Office Supplies	1,051	600	600	Expenditure Was Higher In 2018/2019 Due To Bond Issue	
Dues & Subscriptions	175	175	175	No Change From 2019/2020 Budget	
Trustee Fee	3,709	7,800	7,800	Increased Due To Second Bond Issue	
Continuing Disclosure Fee	1,000	2,000	2,000	Increased Due To Second Bond Issue	
TOTAL EXPENDITURES	83,175	$	164,691	$	169,455		
					
REVENUES LESS EXPENDITURES	528,515	$	851,341	$	846,439		
					
Bond Payments - Series 2015	(490,124)	(486,750)	(486,750)	2021 Principal & Interest Payments	
Bond Payments - Series 2019	0	(288,402)	(288,311)	2021 Principal & Interest Payments	
					
BALANCE	38,391	76,189	71,378		
					
County Appraiser & Tax Collector Fee	(6,527)	(35,047)	(35,042)	Three And One Half Percent Of Total Assessment Roll	
Discounts For Early Payments	(20,123)	(41,142)	(41,136)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	11,741	$	-	$	(4,800)		
					
Carryover Funds From Prior Year	0	0	4,800	Carryover Funds From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	11,741	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND (SERIES 2015) BUDGET
WINDING CYPRESS 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	
1,522	
225	
225	
Projected Interest For 2020/2021	

NAV Tax Collection	
490,123	
486,750	
486,750	
Maximum Debt Service Collection	

Total Revenues	
$	491,645	
$	486,975	
$	486,975		

EXPENDITURES					

Principal Payments	
130,000	
140,000	
145,000	
Principal Payment Due In 2021	

Interest Payments	
350,350	
342,350	
336,750	
Interest Payments Due In 2021	

Bond Redemption	
0	
4,625	
5,225	
Estimated Excess Debt Collections	

Total Expenditures	
$	480,350	
$	486,975	
$	486,975		

Excess/ (Shortfall)	

$	11,295	

$	-	

$	-		

Series 2015 Bond Information

Original Par Amount =	$7,535,000	Annual Principal Payments Due =	November 1st	
Interest Rate = Issue Date = Maturity Date =	4.00% - 5.00%
December 2015
November 2045	Annual Interest Payments Due =	May 1st & November 1st	

Par Amount As Of 1/1/20 =	
$6,975,000			

DETAILED PROPOSED DEBT SERVICE (SERIES 2019) FUND BUDGET
WINDING CYPRESS 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	
409	
50	
50	
Projected Interest For 2020/2021	

Debt Service Bond Proceeds	
289,830	
0	
0		

NAV Tax Collection	
0	
288,402	
288,311	
Maximum Debt Service Collection	

Total Revenues	
$	290,239	
$	288,452	
$	288,361		

EXPENDITURES					

Principal Payments	
0	
75,000	
75,000	
Principal Payment Due In 2021	

Interest Payments	
0	
213,156	
210,344	
Interest Payments Due In 2021	

Bond Redemption	
0	
296	
3,017	
Estimated Excess Debt Collections	

Total Expenditures	
$	-	
$	288,452	
$	288,361		

Excess/ (Shortfall)	

$	290,239	

$	-	

$	-		

Series 2019 Bond Information

Original Par Amount =	$4,470,000	Annual Principal Payments Due =	November 1st	
Interest Rate = Issue Date = Maturity Date =	3.75% - 5.00%
February 2019
November 2049	Annual Interest Payments Due =	May 1st & November 1st	

Par Amount As Of 1/1/20 =	
$4,470,000			

WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

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

O & M For Phases 1 & 2 SF Villas	$	164.53	$	164.53	$	232.18	$	232.13	
Debt For Phases 1 & 2 SF Villas	$	835.00	$	835.00	$	849.00		$	849.00	
Total For Phases 1 & 2 SF Villas	$	999.53	$	999.53	$	1,081.18		$	1,081.13	
O & M For Phases 1 & 2 SF 50' Units	$	164.53	$	164.53	$	232.18		$	232.13	
Debt For Phases 1 & 2 SF 50' Units	$	939.00	$	939.00	$	954.00		$	954.00	
Total For Phases 1 & 2 SF 50' Units	$	1,103.53	$	1,103.53	$	1,186.18		$	1,186.13	
O & M For Phases 1 & 2 SF 65' Units	$	164.53	$	164.53	$	232.18		$	232.13	
Debt For Phases 1 & 2 SF 65' Units	$	1,043.00	$	1,043.00	$	1,060.00		$	1,060.00	
Total For Phases 1 & 2 SF 65' Units	$	1,207.53	$	1,207.53	$	1,292.18		$	1,292.13	
O & M For Phase 3 SF 50' Units	$	-	$	-	$	232.18		$	232.13	
Debt For Phase 3 SF 50' Units	$	-	$	-	$	1,429.00		$	1,429.00	
Total For Phase 3 SF 50' Units	
$	-	$	-	$	1,661.18		$	1,661.13	
O & M For Phase 3 SF 65' Units	$	-	$	-	$	232.18		$	232.13	
Debt For Phase 3 SF 65' Units	$	-	$	-	$	1,544.00		$	1,544.00	
Total For Phase 3 SF 65' Units	
$	-	$	-	$	1,776.18		$	1,776.13	
* Assessments Include the Following :	
Note:				
4% Discount for Early Payments	Changes In Debt Assessment				
2% County Tax Collector Fee	Rates From 18/19 to 19/20 Due To				
1.5% County Property Appraiser Fee	Fees Rate Adjustment In				
	Updated Methodologies.  Debt Rates				
	Did Not Increase.  Property Appraiser				
	Fees Were Included In O&M.				

Community Information:	
Phases 1 & 2:		
Phase 3:		

Note:	
Phases 1 & 2: 554 Units	Villas:	152 Units	Villas:	0 Units	Developer made Phase 3 Bond Prepayment	
Phase 3:	212 Units	50' Lots:	270 Units	50' Lots:	136 Units	in January 2020 for 1 lot differential	
Total:	766 Units	65' Lots:	132 Units	65' Lots:	76 Units	(1 65' Lot Replaced with 1 50' Lot)	
		Total:	554 Units	Total:	212 Units