Monterey/Congress Community Development District

Final Budget For Fiscal Year 2024/2025
October 1, 2024 - September 30, 2025

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL BUDGET
MONTEREY/CONGRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2024/2025 BUDGET	
O & M Assessments	75,326	
Debt Assessments	217,294	
Other Revenues	0	
Interest Income	480	
		
TOTAL REVENUES	$	293,100	
		
EXPENDITURES		
Supervisor Fees	6,000	
Payroll Taxes (Employer)	480	
Engineering/Inspections	2,500	
Management	23,160	
Secretarial	3,000	
Legal	7,000	
Assessment Roll	3,000	
Audit Fees	3,600	
Insurance	7,200	
Legal Advertisements	1,200	
Miscellaneous	750	
Postage	200	
Office Supplies	350	
Dues & Subscriptions	175	
Trustee Fee	4,400	
Website Management	2,000	
Reserve	6,271	
		
TOTAL EXPENDITURES	$	71,286	
		
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 FINAL BUDGET
MONTEREY/CONGRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	

FISCAL YEAR 2022/2023
ACTUAL	

FISCAL YEAR 2023/2024
BUDGET	

FISCAL YEAR 2024/2025
BUDGET	

COMMENTS	
O & M Assessments	75,532	75,326	75,326	Expenditures Less Interest & Carryover/.94	
Debt Assessments	217,382	217,294	217,294	Bond Payments/.94	
Other Revenues	0	0	0		
Interest Income	4,577	300	480	Interest Projected At $40 Per Month	
					
TOTAL REVENUES	$	297,491	$	292,920	$	293,100		
					
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	0	2,500	2,500	No Change From 2023/2024 Budget	
Management	21,840	22,488	23,160	CPI Adjustment (Capped At 3%)	
Secretarial	3,000	3,000	3,000	No Change From 2023/2024 Budget	
Legal	6,357	7,000	7,000	No Change From 2023/2024 Budget	
Assessment Roll	3,000	3,000	3,000	No Change From 2023/2024 Budget	
Audit Fees	3,400	3,500	3,600	$100 Increase From 2023/2024 Budget	
Insurance	6,134	6,600	7,200	Fiscal Year 2023/2024 Expenditure Was $6,594	
Legal Advertisements	905	1,200	1,200	No Change From 2023/2024 Budget	
Miscellaneous	346	775	750	$25 Decrease From 2023/2024 Budget	
Postage	273	175	200	$25 Increase From 2023/2024 Budget	
Office Supplies	337	350	350	No Change From 2023/2024 Budget	
Dues & Subscriptions	175	175	175	No Change From 2023/2024 Budget	
Trustee Fee	4,139	4,400	4,400	No Change From 2023/2024 Budget	
Website Management	2,000	2,000	2,000	No Change From 2023/2024 Budget	
Reserve	0	7,463	6,271	Reserve	
					
TOTAL EXPENDITURES	$	54,705	$	71,106	$	71,286		
					
REVENUES LESS EXPENDITURES	$	242,786	$	221,814	$	221,814		
					
Bond Payments	(207,172)	(204,256)	(204,256)	2025 Principal & Interest Payments	
					
BALANCE	$	35,614	$	17,558	$	17,558		
					
County Appraiser & Tax Collector Fee	(1,905)	(5,853)	(5,853)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(10,945)	(11,705)	(11,705)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	22,764	$	-	$	-		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Years	
					
NET EXCESS/ (SHORTFALL)	$	22,764	$	-	$	-		

DETAILED FINAL DEBT SERVICE BUDGET
MONTEREY/CONGRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	FISCAL YEAR 2022/2023 ACTUAL	FISCAL YEAR 2023/2024 BUDGET	FISCAL YEAR 2024/2025 BUDGET	

COMMENTS	

Interest Income	
4,636	
100	
500	
Projected Interest For 2024/2025	

NAV Tax Collection	
207,172	
204,256	
204,256	
Maximum Debt Service Collection	

Prepaid Bond Collection	
0	
0	
0		

Total Revenues	
$	211,808	
$	204,356	
$	204,756		

EXPENDITURES					

Principal Payments	
154,000	
157,000	
161,000	
Principal Payment Due In 2025	

Interest Payments	
51,088	
46,299	
43,023	
Interest Payments Due In 2025	

Extraordinary Principal Payments	
0	
1,057	
733	
Estimated Excess Debt Collections	

Total Expenditures	
$	205,088	
$	204,356	
$	204,756		

Excess/ (Shortfall)	
$	6,720	
$	-	
$	-		

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 1/1/24 =	May 2036

$2,326,000	May 1st & November 1st	

Monterey/Congress Community Development District Assessment Comparison

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2020/2021	2021/2022	2022/2023	2023/2024	2024/2025	
 Assessment* 	 Assessment* 	 Assessment* 	  Assessment*			Projected Assessment*		

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

IV