Cory Lakes Community Development District - cory lake isles

CORY LAKES COMMUNITY DEVELOPMENT DISTRICTGENERAL FUND RESERVE ANALYSIS-PRELIMINARY DRAFTFOR THE PERIOD ENDING JULY 31, 2013On December 15, 2010, the Board passed a motion to transfer funds in excess of $500,000 in unreserve/unassigned fundbalance to the reserve fund balance. On an annual basis, the District is to evaluate the unassigned fund balance onNovember 30th. The Board's intention is to reserve the balance of funds in excess of $500,000 for the purpose to fund thefirst quarter operating pending the receipt of assessments based on the annual estimated lowest fund balance on November30 of each year.Included in the reserve fund balance is the following:DateDescription Calculation Received/Trsf Amount1) Series 1997 Excess Reserves - Board Directed October 2009 $ 77,970.002) Series 1997 Excess Reserves - Board Directed October 2010 68,000.003) Series 1997 Excess Reserves - Board Directed October 2011 2,500.004) Series 1997 Excess Reserves - Board Directed April 2012 72,000.005) FY 2011 Budget Amendment - Board Directed FY 2011 100,000.006) Excess Unreserve/Unassigned Fund Balance Transfer (642,491-500,000) November 30, 2010 142,491.007) Excess Unreserve/Unassigned Fund Balance Transfer (806,424-500,000) November 30, 2011 306,424.008) Excess Unreserve/Unassigned Fund Balance Transfer (471,528-500,000) November 30, 2012 * -General Fund Reserve Balance $ 769,385.00*The unreserved/unassigned fund balance was less than the $500,000 threshold, therefore, no amount was transferredto reserve/assigned fund balance.