KEYS COVE COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE COUNTY REGULAR BOARD MEETING APRIL 25, :30 P.M.

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1 KEYS COVE COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE COUNTY REGULAR BOARD MEETING APRIL 25, :30 P.M. Special District Services, Inc SW 165 th Avenue, Suite 200 Miami, FL Telephone 877.SDS.4922 Toll Free Facsimile

2 AGENDA KEYS COVE COMMUNITY DEVELOPMENT DISTRICT Keys Cove Community Clubhouse 1455 SE 27 th Street Homestead, Florida REGULAR BOARD MEETING April 25, :30 p.m. A. Call to Order B. Proof of Publication.Page 1 C. Establish Quorum D. Additions or Deletions to Agenda E. Comments from the Public for Items Not on the Agenda F. Approval of Minutes 1. January 24, 2018 Regular Board Meeting..Page 2 G. Old Business H. New Business 1. Consider Resolution No Adopting a Fiscal Year 2018/2019 Proposed Budget..Page 4 I. Administrative Matters 1. Financial Update.Page General Election Candidate Qualifying Period Noon June 18 th through Noon June 22 nd 3. Reminder - Statement of Financial Interests Reporting 2017 Form 1 J. Additional Board Member/Staff Comments K. Adjourn

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4 A. CALL TO ORDER KEYS COVE COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING JANUARY 24, 2018 The January 24, 2018, Regular Board Meeting of the Keys Cove Community Development District was called to order at 5:35 p.m. at the Keys Cove Community Clubhouse located at 1455 SE 27 th Street, Homestead, Florida B. PROOF OF PUBLICATION Proof of publication was presented that notice of the Regular Board Meeting had been published in the Miami Daily Business Review on October 10, 2017, as part of the District s Fiscal Year 2017/2018 Regular Meeting Schedule, as legally required. C. ESTABLISH A QUORUM It was determined that the attendance of Chairman Carlos Cabezas, Vice Chairperson Paulette Isaac and Supervisor Mary Wantuck constituted a quorum and it was in order to proceed with the meeting. Staff in attendance included: District Manager Gloria Perez of Special District Services, Inc.; and General Counsel Ginger Wald of Billing, Cochran, Lyles, Mauro & Ramsey, P.A. D. ADDITIONS OR DELETIONS TO AGENDA There were no additions or deletions to the agenda. E. COMMENTS FROM THE PUBLIC FOR ITEMS NOT ON THE AGENDA There were no comments from the public for items not on the agenda. F. APPROVAL OF MINUTES 1. October 25, 2017, Regular Board Meeting Mrs. Perez presented the minutes of the October 25, 2017, Regular Board Meeting, asking if there were any corrections or additions. There being none, a MOTION was then made by Supervisor Wantuck, seconded by Vice Chairperson Isaac and unanimously passed to approve the minutes of the October 25, 2017, Regular Scheduled Board Meeting, as presented. G. OLD BUSINESS 1. Discussion Regarding Fountain Panels Mrs. Perez and District Counsel Wald provided an update regarding a second letter that had been sent to DeAngelo Brothers, LLC d/b/a Aquagenix (Aquagenix) to remedy the problem by replacing the defective fountain panels or the District would take action and have the fountain panels replaced (thereby providing approximate costs) and for Aquagenix to reimburse the District. The District is currently awaiting a response to said correspondence. 1 of 2 Page 2

5 KEYS COVE COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING JANUARY 24, 2018 H. NEW BUSINESS 1. Discussion Regarding HOA Request for Installation of Additional Security Cameras Chairman Cabezas asked if the Board would consider assisting the HOA with the purchase of additional security cameras. A lengthy discussion ensued and District Counsel stated that exact locations for the additional cameras would need to be determined prior to entering into any installations, as this may mean an Amendment to the existing Security Cameras Licensing Agreement. A MOTION was made by Vice Chairperson Isaac, seconded by Chairman Cabezas, approving the purchase and installation of additional security cameras to be installed at locations within the District s boundaries in an amount not to exceed $10,000 and further authorizes amendments to the existing licensing agreement, if necessary; and simultaneously authorizes District Counsel to prepare agreements and authorizing District management to execute on behalf of the District. I. ADMINISTRATIVE MATTERS 1. Financial Update Mrs. Perez presented the Financial Reports through December 2017 and the Assessment Collections, which were provided in the meeting books. Available funds as of December 31, 2017, were $351, J. ADDITIONAL BOARD MEMBER/STAFF COMMENTS There were no additional Board Member or Staff comments. K. ADJOURNMENT There being no further business to come before the Board, a MOTION was made by Vice Chairperson Isaac, seconded by Supervisor Wantuck to adjourn the Regular Board Meeting at 6:11 p.m. The MOTION carried unanimously. ATTESTED BY: Secretary/Assistant Secretary Chairman/Vice-Chair 2 of 2 Page 3

6 RESOLUTION NO A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE KEYS COVE COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2018/2019; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of Supervisors ( Board ) of the Keys Cove Community Development District ( District ) is required by Chapter , Florida Statutes, to approve a Proposed Budget for each fiscal year; and, WHEREAS, the Proposed Budget including the Assessments for Fiscal Year 2018/2019 has been prepared and considered by the Board. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE KEYS COVE COMMUNITY DEVELOPMENT DISTRICT THAT: Section 1. The Proposed Budget including the Assessments for Fiscal Year 2018/2019 attached hereto as Exhibit A is approved and adopted. Section 2. A Public Hearing is hereby scheduled for June 27, 2018 at 5:30 p.m. in the Keys Cove Community Clubhouse, 1455 SE 27 th Street, Homestead, Florida 33035, for the purpose of receiving public comments on the Proposed Fiscal Year 2018/2019 Budget. PASSED, ADOPTED and EFFECTIVE this 25 th day of April, ATTEST: KEYS COVE COMMUNITY DEVELOPMENT DISTRICT By: Secretary/Assistant Secretary By: Chairman/Vice Chairman Page 4

7 Keys Cove Community Development District Proposed Budget For Fiscal Year 2018/2019 October 1, September 30, 2019 Page 5

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13 Keys Cove Community Development District Financial Report For March 2018 Page 11

14 Keys Cove Community Development District Budget vs. Actual October 2017 through March 2018 Oct '17 - Mar 18 Budget $ Over Budget % of Budget Income Admin Assessment Income 66, , , % Maint Assessment Income 87, , , % Debt Assessment 612, , , % Debt Assessment-Paid To Trustee -584, , , % Assessment Fees -7, , , % Assessment Discounts -27, , , % Interest Income % Total Income 147, , , % Expense Payroll Expense % Supervisor Fees 1, , , % Maintenance/Contingency 4, , , % Storm Drainage Maintenance , , % Maintenance Reserve , , % Fountain Maintenance 1, , , % Holiday Lighting 4, , % Engineering , , % Management Fees 15, , , % Legal Fees 4, , , % Assessment/Tax Roll , , % Audit Fees 1, , , % Arbitrage Rebate Fee % Insurance 5, , % Legal Advertisements % Miscellaneous % Reimbursables , % Dues, License & Subscriptions % Trustee Fees , , % Continuing Disclosure Fee % Website Management , % Total Expense 40, , , % Net Income 107, , % Page 12

15 KEYS COVE COMMUNITY DEVELOPMENT DISTRICT MONTHLY FINANCIAL REPORT MARCH 2018 Year Annual To Date Budget Actual Actual REVENUES 10/1/17-9/30/18 Mar-18 10/1/17-3/31/18 ADMINISTRATIVE ASSESSMENTS 79,835 3,935 66,500 MAINTENANCE ASSESSMENTS 105,915 5,220 87,897 DEBT ASSESSMENTS 737,791 36, ,294 OTHER REVENUES INTEREST INCOME Total Revenues $ 924,021 $ 45,515 $ 767,062 EXPENDITURES MAINTENANCE EXPENDITURES MAINTENANCE CONTINGENCY 36, ,717 STORM DRAINAGE MAINTENANCE 20, MAINTENANCE RESERVE 25, FOUNTAIN MAINTENANCE 10, ,050 HOLIDAY LIGHTING CONTRIBUTION 5,000 4,228 4,228 ENGINEERING/INSPECTIONS 2, TOTAL MAINTENANCE EXPENDITURES $ 99,560 $ 4,228 $ 10,207 ADMINISTRATIVE EXPENDITURES SUPERVISOR FEES 6, ,600 EMPLOYER TAXES MANAGEMENT 30,864 2,572 15,432 REIMBURSABLES (POSTAGE/OFFICE SUPPLIES) 1, LEGAL 10, ,450 ASSESSMENT ROLL 7, AUDIT FEES 3,800 1,500 1,500 ARBITRAGE REBATE FEE INSURANCE 6, ,778 LEGAL ADVERTISING MISCELLANEOUS DUES & SUBSCRIPTIONS TRUSTEE FEES 4, WEBSITE MANAGEMENT 1, CONTINUING DISCLOSURE FEE TOTAL ADMINISTRATIVE EXPENDITURES $ 75,525 $ 4,364 $ 30,572 Total Expenditures $ 175,085 $ 8,592 $ 40,779 REVENUES LESS EXPENDITURES $ 748,936 $ 36,923 $ 726,283 BOND PAYMENTS (693,524) (35,621) (584,512) BALANCE $ 55,412 $ 1,302 $ 141,771 COUNTY APPRAISER & TAX COLLECTOR FEE (18,471) (451) (7,391) DISCOUNTS FOR EARLY PAYMENTS (36,941) (474) (27,378) EXCESS/ (SHORTFALL) $ - $ 377 $ 107,002 CARRYOVER FROM PRIOR YEAR NET EXCESS/ (SHORTFALL) $ - $ 377 $ 107,002 Bank Balance As Of 2/28/18 $ 446, Funds Received: 3/1/18-3/31/18 $ 44, Disbursements: 3/1/18-3/31/18 $ 67, Bank Balance As Of 3/31/18 $ 423, Accounts Payable As Of 3/31/18 $ 40, Accounts Receivable As Of 3/31/18 $ - Reserve For Storm Drainage Maintenance As Of 3/31/18 $ 20, Available Funds As Of 3/31/18 $ 362, Page 13

16 KEYS COVE CDD TAX COLLECTIONS Tax Collect Receipts Interest Received Commissions Paid Net From Tax Collector Admin Assessment Income (Before Discounts & Fees) Maint Assessment Income (Before Discounts & Fees) Debt Assessment Income (Before Discounts & Fees) Admin Assessment Income (After Discounts & Fees) Maint Assessment Income (After Discounts & Fees) Debt Assessment Income (After Discounts & Fees) Debt Assessment Paid to Trustee # ID# PAYMENT FROM DATE FOR Discount $ 923,541 $ 79,835 $ 105,915 $ 737,791 $ 79,835 $ 105,915 $ 737,791 $ 868,229 $ 75,145 $ 99,560 $ 693,524 $ 75,145 $ 99,560 $ 693,524 $ 693, Miami-Dade Tax Collector 11/20/17 NAV Taxes $ 3, $ (37.67) $ (157.98) $ 3, $ $ $ 3, $ $ $ 2, $ 2, Miami-Dade Tax Collector 11/28/17 NAV Taxes $ 59, $ (573.47) $ (2,389.59) $ 56, $ 5, $ 6, $ 47, $ 4, $ 6, $ 45, $ 45, Miami-Dade Tax Collector 12/08/17 NAV Taxes $ 217, $ (2,084.52) $ (8,685.97) $ 206, $ 18, $ 24, $ 173, $ 17, $ 23, $ 164, $ 164, Miami-Dade Tax Collector 12/26/17 NAV Taxes $ 306, $ (2,942.07) $ (12,061.75) $ 291, $ 26, $ 35, $ 244, $ 25, $ 33, $ 232, $ 232, Miami-Dade Tax Collector 01/03/18 NAV Taxes $ 35, $ (338.89) $ (1,194.81) $ 33, $ 3, $ 4, $ 28, $ 2, $ 3, $ 26, $ 26, Miami-Dade Tax Collector 01/10/18 NAV Taxes $ 29, $ (286.57) $ (905.92) $ 28, $ 2, $ 3, $ 23, $ 2, $ 3, $ 22, $ 22, Miami-Dade Tax Collector 01/29/18 Interest $ $ $ $ $ Miami-Dade Tax Collector 02/08/18 NAV Taxes $ 69, $ (677.11) $ (1,507.56) $ 67, $ 5, $ 7, $ 55, $ 5, $ 7, $ 53, $ 53, Miami-Dade Tax Collector 03/08/18 NAV Taxes $ 45, $ (450.39) $ (474.00) $ 44, $ 3, $ 5, $ 36, $ 3, $ 5, $ 35, $ 35, Miami-Dade Tax Collector 04/10/18 NAV Taxes $ 56, $ $ (566.69) $ (54.57) $ 56, $ 5, $ 6, $ 45, $ 5, $ 6, $ 44, $ 44, $ - $ - 12 $ - $ - 13 $ - $ - 14 $ - $ - 15 $ - $ - 16 $ - $ - 17 $ - 18 $ - 19 $ - 20 $ - 21 $ - $ 822, $ $ (7,957.38) $ (27,432.15) $ 788, $ 71, $ 94, $ 657, $ 68, $ 90, $ 629, $ 629, Note: $923,541, $79,835, $105,915 and $737,791 are 2017/2018 Budgeted assessments before discounts and fees. Note: $868,229, $75,145, $99,560 and $693,524 are 2017/2018 Budgeted assessments after discounts and fees. $ 822, $ $ 788, $ (71,556.67) $ (68,502.71) $ (94,383.77) $ (90,324.70) $ (657,473.67) $ (629,197.17) $ - $ - Page 14