Monterey/Congress Community Development District

Proposed Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
MONTEREY/CONGRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023 BUDGET	
O & M Assessments	75,326	
Debt Assessments	217,294	
Other Revenues	0	
Interest Income	180	
		
TOTAL REVENUES	$	292,800	
		
EXPENDITURES		
Supervisor Fees	6,000	
Payroll Taxes (Employer)	480	
Engineering/Inspections	2,500	
Management	21,840	
Secretarial	3,000	
Legal	7,000	
Assessment Roll	3,000	
Audit Fees	3,400	
Insurance	6,000	
Legal Advertisements	1,250	
Miscellaneous	800	
Postage	175	
Office Supplies	350	
Dues & Subscriptions	175	
Trustee Fee	4,100	
Continuing Disclosure Fee	1,000	
Website Management	2,000	
Reserve	7,916	
		
TOTAL EXPENDITURES	$	70,986	
		
REVENUES LESS EXPENDITURES	$	221,814	
		
Bond Payments	(204,256)	
		
BALANCE	$	17,558	
		
County Appraiser & Tax Collector Fee	(5,853)	
Discounts For Early Payments	(11,705)	
		
EXCESS/ (SHORTFALL)	$	-	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
MONTEREY/CONGRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	

FISCAL YEAR 2020/2021
ACTUAL	

FISCAL YEAR 2021/2022
BUDGET	

FISCAL YEAR 2022/2023
BUDGET	

COMMENTS	
O & M Assessments	72,526	75,325	75,326	Expenditures Less Interest & Carryover/.94	
Debt Assessments	286,304	283,481	217,294	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	390	180	180	Interest Projected At $15 Per Month	
					
TOTAL REVENUES	$	359,220	$	358,986	$	292,800		
					
EXPENDITURES					
Supervisor Fees	5,000	6,000	6,000	Supervisor Fees	
Payroll Taxes (Employer)	383	480	480	Projected At 8% Of Supervisor Fees	
Engineering/Inspections	2,500	2,000	2,500	$500 Increase From 2021/2022 Budget	
Management	20,916	21,204	21,840	CPI Adjustment (Capped At 3%)	
Secretarial	3,000	3,000	3,000	No Change From 2021/2022 Budget	
Legal	8,155	7,000	7,000	No Change From 2021/2022 Budget	
Assessment Roll	3,000	3,000	3,000	No Change From 2021/2022 Budget	
Audit Fees	3,200	3,200	3,400	Accepted Amount For 2021/2022 Audit	
Insurance	5,513	6,000	6,000	Insurance Estimate	
Legal Advertisements	1,252	1,250	1,250	No Change From 2021/2022 Budget	
Miscellaneous	802	750	800	$50 Increase From 2021/2022 Budget	
Postage	97	200	175	$25 Decrease From 2021/2022 Budget	
Office Supplies	290	375	350	$25 Decrease From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	No Change From 2021/2022 Budget	
Trustee Fee	4,089	4,100	4,100	No Change From 2021/2022 Budget	
Continuing Disclosure Fee	1,000	1,000	1,000	No Change From 2021/2022 Budget	
Website Management	2,000	2,000	2,000	No Change From 2021/2022 Budget	
Reserve	2,325	9,252	7,916	Reserve	
					
TOTAL EXPENDITURES	$	63,697	$	70,986	$	70,986		
					
REVENUES LESS EXPENDITURES	$	295,523	$	288,000	$	221,814		
					
Bond Payments	(272,721)	(266,472)	(204,256)	2023 P & I Payments Less Earned Interest	
					
BALANCE	$	22,802	$	21,528	$	17,558		
					
County Appraiser & Tax Collector Fee	(2,553)	(7,176)	(5,853)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(13,570)	(14,352)	(11,705)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	6,679	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Years	
					
NET EXCESS/ (SHORTFALL)	$	6,679	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE BUDGET
MONTEREY/CONGRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR 2020/2021 ACTUAL	FISCAL YEAR 2021/2022 BUDGET	FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	

Interest Income	
20	
25	
25	
Projected Interest For 2022/2023	

NAV Tax Collection	
272,721	
266,472	
204,256	
2023 P & I Payments Less Earned Interest	

Prepaid Bond Collection	
0	
0	
0		

Total Revenues	
$	272,741	
$	266,497	
$	204,281		

EXPENDITURES					

Principal Payments	
120,000	
125,000	
154,000	
Principal Payment Due In 2023	

Interest Payments	
151,709	
141,497	
49,502	
Interest Payments Due In 2023	

Extraordinary Principal Payments	
25,000	
0	
779	
Estimated Excess Debt Collections	

Total Expenditures	
$	296,709	
$	266,497	
$	204,281		

Excess/ (Shortfall)	
$	(23,968)	
$	-	
$	-		

Series 2021 Bond Refunding Information
Original Par Amount =	$2,631,000	Annual Principal Payments Due:	
Interest Rate =	2.060%	May 1st	
Issue Date =	September 2021	Annual Interest Payments Due:	
Maturity Date =

Par Amount As Of 1/1/22 =	May 2036

$2,631,000	May 1st & November 1st	

Monterey/Congress Community Development District Assessment Comparison

Fiscal Year 2018/2019
 Assessment* 	Fiscal Year 2019/2020
 Assessment* 	Fiscal Year 2020/2021
 Assessment* 	Fiscal Year 2021/2022
 Assessment* 	Fiscal Year 2022/2023
	Projected Assessment*		

O & M	
$	
246.37	
$	
255.20	
$	
241.68	
$	
251.11	
$	
251.11	
Debt	$	952.85	$	944.02	$	957.54	$	948.11	$	726.74	
Total	$	1,199.22	$	1,199.22	$	1,199.22	$	1,199.22	$	977.85	

* Assessments Include the Following :	 4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee
Community Information:		 Total Units	300
Prepayments	1 Billed for Debt		299

2/17/2022 3:12 PM	IV