Monterey/Congress Community Development District

Proposed Budget For Fiscal Year 2023/2024
October 1, 2023 - September 30, 2024

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
MONTEREY/CONGRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	
FISCAL YEAR 2023/2024 BUDGET	
O & M Assessments	75,326	
Debt Assessments	217,294	
Other Revenues	0	
Interest Income	300	
		
TOTAL REVENUES	$	292,920	
		
EXPENDITURES		
Supervisor Fees	6,000	
Payroll Taxes (Employer)	480	
Engineering/Inspections	2,500	
Management	22,488	
Secretarial	3,000	
Legal	7,000	
Assessment Roll	3,000	
Audit Fees	3,500	
Insurance	6,600	
Legal Advertisements	1,200	
Miscellaneous	775	
Postage	175	
Office Supplies	350	
Dues & Subscriptions	175	
Trustee Fee	4,400	
Continuing Disclosure Fee	0	
Website Management	2,000	
Reserve	7,463	
		
TOTAL EXPENDITURES	$	71,106	
		
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 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	

FISCAL YEAR 2021/2022
ACTUAL	

FISCAL YEAR 2022/2023
BUDGET	

FISCAL YEAR 2023/2024
BUDGET	

COMMENTS	
O & M Assessments	75,378	75,326	75,326	Expenditures Less Interest & Carryover/.94	
Debt Assessments	283,570	217,294	217,294	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	20	180	300	Interest Projected At $25 Per Month	
					
TOTAL REVENUES	$	358,968	$	292,800	$	292,920		
					
EXPENDITURES					
Supervisor Fees	2,600	6,000	6,000	Supervisor Fees	
Payroll Taxes (Employer)	199	480	480	Projected At 8% Of Supervisor Fees	
Engineering/Inspections	4,350	2,500	2,500	No Change From 2022/2023 Budget	
Management	21,204	21,840	22,488	CPI Adjustment (Capped At 3%)	
Secretarial	3,000	3,000	3,000	No Change From 2022/2023 Budget	
Legal	5,928	7,000	7,000	No Change From 2022/2023 Budget	
Assessment Roll	3,000	3,000	3,000	No Change From 2022/2023 Budget	
Audit Fees	3,300	3,400	3,500	Accepted Amount For 2022/2023 Audit	
Insurance	5,706	6,000	6,600	Fiscal Year 2022/2023 Expenditure Was $6,134	
Legal Advertisements	603	1,250	1,200	$50 Decrease From 2022/2023 Budget	
Miscellaneous	428	800	775	$25 Decrease From 2022/2023 Budget	
Postage	151	175	175	No Change From 2022/2023 Budget	
Office Supplies	243	350	350	No Change From 2022/2023 Budget	
Dues & Subscriptions	175	175	175	No Change From 2022/2023 Budget	
Trustee Fee	4,139	4,100	4,400	$300 Increase From 2022/2023 Budget	
Continuing Disclosure Fee	0	1,000	0	Prager Is No Longer Charging Fee	
Website Management	2,000	2,000	2,000	No Change From 2022/2023 Budget	
Reserve	0	7,916	7,463	Reserve	
					
TOTAL EXPENDITURES	$	57,026	$	70,986	$	71,106		
					
REVENUES LESS EXPENDITURES	$	301,942	$	221,814	$	221,814		
					
Bond Payments	(270,230)	(204,256)	(204,256)	2024 Principal & Interest Payments	
					
BALANCE	$	31,712	$	17,558	$	17,558		
					
County Appraiser & Tax Collector Fee	(2,348)	(5,853)	(5,853)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(13,468)	(11,705)	(11,705)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	15,896	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Years	
					
NET EXCESS/ (SHORTFALL)	$	15,896	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE BUDGET
MONTEREY/CONGRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	FISCAL YEAR 2021/2022 ACTUAL	FISCAL YEAR 2022/2023 BUDGET	FISCAL YEAR 2023/2024 BUDGET	

COMMENTS	

Interest Income	
7	
25	
100	
Projected Interest For 2023/2024	

NAV Tax Collection	
270,230	
204,256	
204,256	
Maximum Debt Service Collection	

Prepaid Bond Collection	
0	
0	
0		

Total Revenues	
$	270,237	
$	204,281	
$	204,356		

EXPENDITURES					

Principal Payments	
151,000	
154	
157,000	
Principal Payment Due In 2024	

Interest Payments	
31,917	
49,502	
46,299	
Interest Payments Due In 2024	

Extraordinary Principal Payments	
0	
779	
1,057	
Estimated Excess Debt Collections	

Total Expenditures	
$	182,917	
$	50,435	
$	204,356		

Excess/ (Shortfall)	
$	87,320	
$	153,846	
$	-		

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 1/1/23 =	May 2036

$2,480,000	May 1st & November 1st	

Monterey/Congress Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2019/2020	2020/2021	2021/2022	2022/2023	2023/2024	
 Assessment* 	 Assessment* 	 Assessment* 	 Assessment* 		Projected Assessment*		

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

3/25/2023 3:54 PM	IV