Blue Lake Community Development District

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

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
BLUE LAKE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2024/2025 BUDGET	
O&M Assessments	581,132	
Developer Contribution - O&M	0	
Debt Assessments	663,697	
Interest Income	480	
TOTAL REVENUES	$	1,245,309	
		
EXPENDITURES		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	12,000	
Payroll Taxes (Employer)	960	
Management	30,576	
Legal	40,000	
Assessment Roll	4,000	
Audit Fees	4,100	
Arbitrage Rebate Fee	650	
Insurance	13,610	
Legal Advertisements	6,000	
Miscellaneous	2,000	
Postage	700	
Office Supplies	1,050	
Dues & Subscriptions	175	
Trustee Fees	4,050	
Continuing Disclosure Fee	1,000	
Deficit Funding (FY 2022/2023)	41,373	
TOTAL ADMINISTRATIVE EXPENDITURES	$	162,244	
		
MAINTENANCE EXPENDITURES		
Engineering/Inspections	40,000	
Mitigation Monitoring	138,500	
Lake Maintenance	60,000	
Flow Way Inspection Certification	5,000	
Vista Dry Retention Area	0	
Detention Area Maintenance	36,000	
Miscellaneous Maintenance	55,000	
Maintenance Reserve	50,000	
TOTAL MAINTENANCE EXPENDITURES	$	384,500	
		
TOTAL EXPENDITURES	546,744	
		
REVENUES LESS EXPENDITURES	$	698,565	
		
Bond Payments	(623,875)	
		
BALANCE	$	74,690	
		
County Appraiser & Tax Collector Fee	(24,897)	
Discounts For Early Payments	(49,793)	
		
EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
BLUE LAKE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

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

COMMENTS	
O&M Assessments	256,717	466,833	581,132	Expenditures Less Interest/.94	
Developer Contribution - O&M	0	0	0	Developer Contribution - O&M	
Debt Assessments	661,919	663,697	663,697	Bond Payments/.94	
Interest Income	3,924	240	480	Interest Projected At $40 Per Month	
TOTAL REVENUES	$	922,560	$	1,130,770	$	1,245,309		
					
EXPENDITURES					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	0	0	12,000	Turnover To Resident Board Anticipated	
Payroll Taxes (Employer)	0	0	960	Projected At 8% Of Supervisor Fees	
Management	28,824	29,688	30,576	CPI Adjustment (Capped At 3%)	
Legal	11,653	14,000	40,000	Additional Legal Services Anticipated	
Assessment Roll	4,000	4,000	4,000	As Per Contract	
Audit Fees	3,900	4,000	4,100	$100 Increase From 2023/2024 Budget	
Arbitrage Rebate Fee	650	650	650	No Change From 2023/2024 Budget	
Insurance	6,134	6,700	13,610	FY 2023/2024 Expenditure Was $12,219	
Legal Advertisements	5,727	3,500	6,000	$2,500 Increase From 2023/2024 Budget	
Miscellaneous	1,727	950	2,000	$1,050 Increase From 2023/2024 Budget	
Postage	677	300	700	$400 Increase From 2023/2024 Budget	
Office Supplies	865	1,050	1,050	No Change From 2023/2024 Budget	
Dues & Subscriptions	175	175	175	Annual Fee Due Department Of Economic Opportunity	
Trustee Fees	4,031	4,050	4,050	No Change From 2023/2024 Budget	
Continuing Disclosure Fee	1,000	1,000	1,000	No Change From 2023/2024 Budget	
Deficit Funding (FY 2022/2023)	0	0	41,373	Fiscal Year 2022/2023 Operating Deficit Was $41,373.	
TOTAL ADMINISTRATIVE EXPENDITURES	$	69,363	$	70,063	$	162,244		
					
MAINTENANCE EXPENDITURES					
Engineering/Inspections	32,111	29,500	40,000	Additional Engineering Services Anticipated	
Mitigation Monitoring	131,722	138,500	138,500	No Change From 2023/2024 Budget	
Lake Maintenance	48,005	60,000	60,000	No Change From 2023/2024 Budget	
Flow Way Inspection Certification	2,500	5,000	5,000	No Change From 2023/2024 Budget	
Vista Dry Retention Area	0	45,000	0	Line Item Eliminated	
Detention Area Maintenance	32,768	36,000	36,000	No Change From 2023/2024 Budget	
Miscellaneous Maintenance	0	55,000	55,000	No Change From 2023/2024 Budget	
Maintenance Reserve	0	0	50,000	Maintenance Reserve	
TOTAL MAINTENANCE EXPENDITURES	$	247,106	$	369,000	$	384,500		
					
TOTAL EXPENDITURES	316,469	439,063	546,744		
					
REVENUES LESS EXPENDITURES	$	606,091	$	691,707	$	698,565		
					
Bond Payments	(635,676)	(623,875)	(623,875)	2025 Principal & Interest Payments	
					
BALANCE	$	(29,585)	$	67,832	$	74,690		
					
County Appraiser & Tax Collector Fee	(1,036)	(22,611)	(24,897)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(35,689)	(45,221)	(49,793)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(66,310)	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
BLUE LAKE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

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

COMMENTS	

Interest Income	
20,687	
100	
500	
Projected Interest For 2024/2025	

NAV Tax Collection	
635,676	
623,875	
623,875	
Maximum Debt Service Collection	

Total Revenues	
$	656,363	
$	623,975	
$	624,375		

EXPENDITURES					

Principal Payments	
205,000	
210,000	
220,000	
Principal Payment Due In 2025	

Interest Payments	
422,163	
411,313	
403,238	
Interest Payment Due In 2025	

Bond Redemption	
-	
2,662	
1,137	
Estimated Excess Debt Collections	

Transfer To Construction Fund	
9,657	
0	
0	
Transfer To Construction Fund	

Total Expenditures	
$	636,820	
$	623,975	
$	624,375		

Excess/ (Shortfall)	
$	19,543	
$	-	
$	-		

Series 2019 Bond Information

Original Par Amount =	$10,400,000	Annual Principal Payments Due =	June 15th	
Interest Rate =	3.50% - 4.5%	Annual Interest Payments Due =	June 15th & December 15th	
Issue Date =	May 2019			
Maturity Date =	June 2049			

Par Amount As Of 1/1/24 =	$9,625,000

Blue Lake Community Development District Assessment Comparison

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

O & M Assessment For 50' Single Family Units	

$	337.66	

$	599.77	

$	1,103.63	

$	

1,373.84	
Debt Assessment For 50' Single Family Units	$	1,330.00	$	1,330.00	$	1,330.00	$	1,330.00	
Total For 50' Single Family Units	$	1,667.66	$	1,929.77	$	2,433.63	$	2,703.84	

O & M Assessment For 60' Single Family Units	
$	337.66	
$	599.77	
$	1,103.63	
$	1,373.84	
Debt Assessment For 60' Single Family Units	$	1,596.00	$	1,596.00	$	1,596.00	$	1,596.00	
Total For 60' Single Family Units	$	1,933.66	$	2,195.77	$	2,699.63	$	2,969.84	

O & M Assessment For 75' Single Family Units	
$	337.66	
$	599.77	
$	1,103.63	
$	1,373.84	
Debt Assessment For 75' Single Family Units	$	1,995.00	$	1,995.00	$	1,995.00	$	1,995.00	
Total For 75' Single Family Units	$	2,332.66	$	2,594.77	$	3,098.63	$	3,368.84	

* Assessments Include the Following :			
4% Discount for Early Payments 1% County Tax Collector Fee
1% County Property Appraiser Fee			
Community Information:			
50' Single Family Units	182		
60' Single Family Units	148		
75' Single Family Units	93		
Total Units	423		

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