Monterey/Congress 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

ASSESSMENT COMPARISON

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

REVENUES	
FISCAL YEAR 2019/2020
BUDGET	
O & M Assessments	76,556	
Debt Assessments	283,205	
Other Revenues	0	
Interest Income	180	
		
TOTAL REVENUES	$	359,941	
		
EXPENDITURES		
Supervisor Fees	6,000	
Payroll Taxes (Employer)	480	
Engineering/Inspections	3,000	
Management	20,448	
Secretarial	3,000	
Legal	7,000	
Assessment Roll	3,000	
Audit Fees	3,300	
Insurance	6,356	
Legal Advertisements	1,250	
Miscellaneous	750	
Postage	250	
Office Supplies	400	
Dues & Subscriptions	175	
Trustee Fee	4,100	
Continuing Disclosure Fee	1,000	
Website Management	2,000	
Landscape Lighting Maintenance	1,000	
Reserve	8,634	
		
TOTAL EXPENDITURES	$	72,143	
		
REVENUES LESS EXPENDITURES	$	287,798	
		
Bond Payments	(266,213)	
		
BALANCE	$	21,585	
		
County Appraiser & Tax Collector Fee	(7,195)	
Discounts For Early Payments	(14,390)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

5/27/2019 2:40 PM	I

DETAILED FINAL BUDGET
MONTEREY/CONGRESS 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	
O & M Assessments	73,399	73,910	76,556	Expenditures Less Interest & Carryover/.94	
Debt Assessments	286,427	285,854	283,205	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	240	180	180	Interest Projected At $15 Per Month	
					
TOTAL REVENUES	$	360,066	$	359,944	$	359,941		
					
EXPENDITURES					
Supervisor Fees	2,800	6,000	6,000	Supervisor Fees	
Payroll Taxes (Employer)	214	480	480	Projected At 8% Of Supervisor Fees	
Engineering/Inspections	1,000	3,000	3,000	No Change From 2018/2019 Budget	
Management	19,668	20,076	20,448	CPI Adjustment	
Secretarial	3,000	3,000	3,000	No Change From 2018/2019 Budget	
Legal	6,054	7,000	7,000	No Change From 2018/2019 Budget	
Assessment Roll	3,000	3,000	3,000	No Change From 2018/2019 Budget	
Audit Fees	3,000	3,200	3,300	$100 Increase From 2018/2019 Budget	
Insurance	5,778	6,356	6,356	Insurance Estimate	
Legal Advertisements	928	1,300	1,250	$50 Decrease From 2018/2019 Budget	
Miscellaneous	451	750	750	No Change From 2018/2019 Budget	
Postage	81	250	250	No Change From 2018/2019 Budget	
Office Supplies	198	425	400	$25 Decrease From 2018/2019 Budget	
Dues & Subscriptions	175	175	175	No Change From 2018/2019 Budget	
Trustee Fee	3,717	4,100	4,100	Trustee (US Bank) Increased Fees In 2018/2019	
Continuing Disclosure Fee	1,000	1,000	1,000	No Change From 2018/2019 Budget	
Website Management	1,500	1,500	2,000	$500 Increase From 2018/2019 Budget	
Landscape Lighting Maintenance	0	0	1,000	Landscape Lighting Maintenance	
Reserve	0	8,044	8,634	Reserve	
					
TOTAL EXPENDITURES	$	52,564	$	69,656	$	72,143		
					
REVENUES LESS EXPENDITURES	$	307,502	$	290,288	$	287,798		
					
Bond Payments	(273,066)	(268,703)	(266,213)	2020 P & I Payments Less Earned Interest	
					
BALANCE	$	34,436	$	21,585	$	21,585		
					
County Appraiser & Tax Collector Fee	(2,270)	(7,195)	(7,195)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(13,416)	(14,390)	(14,390)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	18,750	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Years	
					
NET EXCESS/ (SHORTFALL)	$	18,750	$	-	$	-		

5/27/2019 2:40 PM	II

DETAILED FINAL DEBT SERVICE BUDGET
MONTEREY/CONGRESS 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	
4,017	
100	
200	
Projected Interest For 2019/2020	

NAV Tax Collection	
273,028	
268,703	
266,213	
2020 P & I Payments Less Earned Interest	

Total Revenues	
$	277,045	
$	268,803	
$	266,413		

EXPENDITURES					

Principal Payments	
100,000	
105,000	
110,000	
Principal Payment Due In 2020	

Interest Payments	
171,597	
163,803	
156,413	
Interest Payments Due In 2020	

Extraordinary Principal Payments	
15,000	
0	
0		

Total Expenditures	
$	286,597	
$	268,803	
$	266,413		

Excess/ (Shortfall)	
$	(9,552)	
$	-	
$	-		

Series 2005 Bond Information

Original Par Amount =	$4,045,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	5.375%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	October 2005			
Maturity Date =

Par Amount As Of 1/1/19 =	May 2036

$3,070,000			

5/27/2019 2:40 PM	III

Monterey/Congress Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
Projected	2016/2017	2017/2018	2018/2019	2019/2020	
   Assessment* 	   Assessment* 	   Assessment* 	   Assessment* 	Projected Assessment*	
O & M	$	212.77	$	237.99	$	244.56	$	246.37	$	255.20	
Debt	$	973.37	$	961.23	$	954.66	$	952.85	$	944.02	

Total

$	1,186.14

$	1,199.22

$	1,199.22

$	1,199.22	$

1,199.22

* Assessments Include the  Following :	      4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee
Community Information:		                          Total Units	300

5/27/2019 2:40 PM	IV