Monterey/Congress Community Development District

Final Budget For Fiscal Year 2017/2018
October 1, 2017 - September 30, 2018

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
MONTEREY/CONGRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	
FISCAL YEAR 2017/2018
BUDGET	
O & M Assessments	73,370	
Debt Assessments	286,397	
Other Revenues	0	
Interest Income	180	
		
TOTAL REVENUES	$	359,947	
		
EXPENDITURES		
Supervisor Fees	6,000	
Payroll Taxes (Employer)	480	
Engineering/Inspections	3,000	
Management	19,668	
Secretarial	3,000	
Legal	7,000	
Assessment Roll	3,000	
Audit Fees	3,100	
Insurance	6,356	
Legal Advertisements	1,300	
Miscellaneous	750	
Postage	250	
Office Supplies	450	
Dues & Subscriptions	175	
Trustee Fee	3,800	
Continuing Disclosure Fee	1,000	
Website Management	1,500	
Reserve	8,320	
		
TOTAL EXPENDITURES	$	69,149	
		
REVENUES LESS EXPENDITURES	$	290,798	
		
Bond Payments	(269,213)	
		
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)	$	-	

5/26/2017  10:19 AM	I

DETAILED FINAL BUDGET
MONTEREY/CONGRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	

FISCAL YEAR 2015/2016
ACTUAL	

FISCAL YEAR 2016/2017
BUDGET	

FISCAL YEAR 2017/2018
BUDGET	

COMMENTS	
O & M Assessments	71,528	71,397	73,370	Expenditures Less Interest & Carryover/.94	
Debt Assessments	288,429	288,368	286,397	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	192	180	180	Interest Projected At $15 Per Month	
					
TOTAL REVENUES	$	360,149	$	359,945	$	359,947		
					
EXPENDITURES					
Supervisor Fees	1,800	6,000	6,000	Supervisor Fees	
Payroll Taxes (Employer)	138	480	480	Projected At 8% Of Supervisor Fees	
Engineering/Inspections	1,000	3,500	3,000	$500 Decrease From 2016/2017 Budget	
Management	19,140	19,272	19,668	CPI Adjustment	
Secretarial	3,000	3,000	3,000	No Change From 2016/2017 Budget	
Legal	6,477	7,000	7,000	No Change From 2016/2017 Budget	
Assessment Roll	3,000	3,000	3,000	No Change From 2016/2017 Budget	
Audit Fees	3,000	3,000	3,100	$100 Increase From 2016/2017 Budget	
Insurance	5,665	6,373	6,356	Insurance Company Estimate	
Legal Advertisements	1,679	1,300	1,300	No Change From 2016/2017 Budget	
Miscellaneous	380	750	750	No Change From 2016/2017 Budget	
Postage	85	250	250	No Change From 2016/2017 Budget	
Office Supplies	234	450	450	No Change From 2016/2017 Budget	
Dues & Subscriptions	175	175	175	No Change From 2016/2017 Budget	
Trustee Fee	3,717	3,800	3,800	No Change From 2016/2017 Budget	
Continuing Disclosure Fee	1,000	1,000	1,000	No Change From 2016/2017 Budget	
Website Management	1,500	1,500	1,500	No Change From 2016/2017 Budget	
Reserve	0	6,444	8,320	Reserve	
					
TOTAL EXPENDITURES	$	51,990	$	67,294	$	69,149		
					
REVENUES LESS EXPENDITURES	$	308,159	$	292,651	$	290,798		
					
Bond Payments	(272,488)	(271,066)	(269,213)	2018 P & I Payments Less Earned Interest	
					
BALANCE	$	35,671	$	21,585	$	21,585		
					
County Appraiser & Tax Collector Fee	(1,622)	(7,195)	(7,195)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(13,069)	(14,390)	(14,390)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	20,980	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Years	
					
NET EXCESS/ (SHORTFALL)	$	20,980	$	-	$	-		

5/26/2017 10:19 AM	II

DETAILED FINAL DEBT SERVICE BUDGET
MONTEREY/CONGRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	FISCAL YEAR 2015/2016 ACTUAL	FISCAL YEAR 2016/2017 BUDGET	FISCAL YEAR 2017/2018 BUDGET	

COMMENTS	

Interest Income	
25	
100	
100	
Projected Interest For 2017/2018	

NAV Tax Collection	
272,488	
271,066	
269,213	
2018 P & I Payments Less Earned Interest	

Total Revenues	
$	272,513	
$	271,166	
$	269,313		

EXPENDITURES					

Principal Payments	
90,000	
95,000	
100,000	
Principal Payment Due In 2018	

Interest Payments	
183,556	
176,166	
169,313	
Interest Payments Due In 2018	

Total Expenditures	
$	273,556	
$	271,166	
$	269,313		

Excess/ (Shortfall)	
$	(1,043)	
$	-	
$	-		

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 =	May 2036			

5/26/2017 10:19 AM	III

Monterey/Congress Community Development District Assessment Comparison

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
Projected	2014/2015	2015/2016	2016/2017	2017/2018	
   Assessment* 	   Assessment* 	   Assessment* 	   Assessment* 	Projected Assessment*	
O & M	$	212.77	$	239.85	$	238.27	$	237.99	$	244.56	
Debt	$	973.37	$	959.37	$	960.95	$	961.23	$	954.66	

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

5/26/2017 10:19 AM	IV