FY13/14 Proposed BudgetQUARRY COMMUNITY DEVELOPMENT DISTRICT
c/o Special District Services, Inc.
2501 Burns Road, Suite A
Palm Beach Gardens, Florida 33410
(561) 630 -4922 D
Fax: (561) 630 -4923 nn
It 2
April 19, 2013
VIA CERTIFIED MAIL —
RETURN RECEIPT REQUESTED
Clerk of the Circuit Court
Dwight E. Brock
Collier County Courthouse
3301 E. Tamiami Trail, Building L, 6h Floor
Naples, Florida 34112
Re: Quarry Community Development District
To Whom It May Concern:
Pursuant to Florida law, enclosed please find a copy of the following document relative
to the above referenced Community Development District:
1.) Proposed 2013/2014 Fiscal Year Budget (Oct. 1, 2013 — Sept. 30, 2014)
If you have any questions or comments, please contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
Laura J. er
Enclosure
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I�v
Proposed Budget For
Fiscal Year 2013/2014
October i, 201.3 - September 30, 2014
CONTENTS
PROPOSED BUDGET
DETAILED PROPOSED BUDGET
III DETAILED PROPOSED DEBT SERVICE FUND BUDGET
IV ASSESSMENT COMPARISON
PROPOSED BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2013/2014
October 1, 2013 - September 30, 2014
REVENUES
FISCAL YEAR
2012/2013
ANNUAL BUDGET
ON ROLL 0 & M ASSESSMENTS
61,386
DEVELOPER DIRECT BILL 0 & M ASSESSMENTS
34,767
ON ROLL DEBT ASSESSMENTS - BONDS
1,182,930
DEVELOPER DIRECT BILL DEBT ASSESSMENTS - BONDS
291,150
OTHER REVENUES
0
INTEREST INCOME
0
TOTAL REVENUES
$
1,570 234
EXPENDITURES
SUPERVISOR FEES
0
PAYROLL TAXES EMPLOYER
0
ENGINEERING /MAINTENANCE
10,000
MANAGEMENT
36,000
LEGAL
5,000
ASSESSMENT ROLL
5,000
AUDIT FEES
4,000
ARBITRAGE REBATE FEE
1,000
INSURANCE
8,000
LEGAL ADVERTISING
1,200
MISCELLANEOUS
1,075
POSTAGE
900
OFFICE SUPPLIES
900
DUES & SUBSCRIPTIONS
175
TRUSTEE FEES
5,000
CONTINUING DISCLOSURE FEE
5,000
CONTINGENCY
8,300
TOTAL EXPENDITURES
$
91,560
REVENUES LESS EXPENDITURES
$
1478 684
PAYMENT TO TRUSTEE A -1 BOND
1,385,360
BALANCE
$
93,324
COUNTY APPRAISER & TAX COLLECTOR FEE
(43,551)
DISCOUNTS FOR EARLY PAYMENTS
49,773
EXCESS/ SHORTFALL
$
_
CARRYOVER FROM PRIOR YEAR
0
NET EXCESS/ SHORTFALL
$
_
4/17/2013 11:21 AM
DETAILED PROPOSED BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2013/2014
October 1, 2013 - September 30, 2014
REVENUES
FISCAL YEAR
2011/2012
ACTUAL
FISCAL YEAR
201212013
BUDGET
FISCAL YEAR
2013/2014
BUDGET
COMMENTS
ON ROLL O & M ASSESSMENTS
50,424
49,440
61,386
# of Platted Lots X $85.01 /.925
DEVELOPER DIRECT BILL O & M ASSESSMENTS
45,820
45,818
'34,767.
# of Un latted Lots X $85.01
ON ROLL DEBT ASSESSMENTS -BONDS
1,057,056
1,057,070
1162,930
Payment To Trustee L925
DEVELOPER DIRECT BILL DEBT ASSESSMENTS -BONDS
348,934
407,570
291,150
Based On Estimated Payment To Trustee
OTHER REVENUES
0
0
0'
INTEREST INCOME
181
0
0
No Change From 2011/2012 Budget
TOTAL REVENUES
$ 1,502,415
$ 1,559,898
$ 1,570,234
EXPENDITURES
SUPERVISOR FEES
0
0
0
PAYROLLTAXES EMPLOYER
0
0
0
ENGINEERING /MAINTENANCE
8,525
10,000
10 000
No Change From 2012/2013 Budget
MANAGEMENT
36,000
36,000
_ 36,000
$3,000 Per Month As Per Contract
LEGAL
900
5,000
5;000
No Change From 2012/2013 Bud et
ASSESSMENT ROLL
5,000
5,000
5,000
As Per Contract
AUDIT FEES
4,000
4,000
4,000
No Change From 2012/2013 Budget
ARBITRAGE REBATE FEE
500
1,000
1,000
No Change From 2012/2013 Budget
INSURANCE
7,728
8,200
8,000
2012/2013 Expenditure Was $6,500
LEGAL ADVERTISING
826
1,200
1,200
No Change From 2012/2013 Budget
MISCELLANEOUS
458
1,075
1`,075
No Change From 201212013 Budget
POSTAGE
266
1,000
900
$100 Decrease From 2012/2013 Budget
OFFICE SUPPLIES
436
1,000
900
$100 Decrease From 2012/2013 Budget
DUES & SUBSCRIPTIONS
175
175
175
No Change From 2012/2013 Budget
TRUSTEE FEES
4,917
5,000
5,000
No Change From 2012/2013 Budget
CONTINUING DISCLOSURE FEE
5,000
4,000
5,000
$1,000 Increase From 2012/2013 Budget
CONTINGENCY
0
8,900
8,300
Contingency
TOTAL EXPENDITURES
$ 74,731
$ 91,550
$ 91 „550:
REVENUES LESS EXPENDITURES
$ 1,427,684
$ 1,468,348
$ 1,478,684'
PAYMENT TO TRUSTEE A -1 BOND
1,349,420
1,385,360
1,385,360
2013 Payment to Trustee
BALANCE
$ 78,264
$ 82,988
$ 93,324
COUNTY APPRAISER & TAX COLLECTOR FEE
29,854
(38,7281
43;551
3.5 Percent Of Total On Roll Tax Roll
DISCOUNTS FOR EARLY PAYMENTS
37,841
44,260
49,773
4 Percent Of Total On Roll Tax Roll
EXCESS/ SHORTFALL
$ 10,569
$
$ -
CARRYOVER FROM PRIOR YEAR
0
0
0
Carryover From Prior Year
NET EXCESS/ SHORTFALL
$ 10,569
$
$ -
4/17/2013 11:21 AM
DETAILED PROPOSED DEBT SERVICE BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2013/2014
October 1, 2013 - September 30, 2014
REVENUES
FISCAL YEAR
201112012
ACTUAL
FISCAL YEAR
2012/2013
BUDGET
FISCAL YEAR
201312014
BUDGET
COMMENTS
Interest Income
825
0
0
Projected Interest For 2013/2014
NAV Assessment Collection
1,000,486
977,790
1,094,210
Net Debt Service Collection
Developer Direct Bill Assessment
348,934
407,570
291,150
Net Developer Direct Debt Service Collection
Total Revenues
$ 1,350,245
$ 1,385,360
$ 1,385,360
EXPENDITURES
Principal Payments - Al
390,000
375,000
400,000
Principal Payment Due In 2014
Interest Payments - Al
1,004,644
974,188
952,876
Interest Payments Due In 2014
A -1 Bond Redemption
0
36,172
32,484
Estimated Excess Debt Collections
Total Expenditures
$ 1,394,644
$ 1,385,360
$ 1,385,360
Excess/ Shortfall
$ 44,399
$ -
Series 2005 A -1 Bond Information
Original Par Amount = $57,875 Annual Principal Payments Due =
Interest Rate = 5.50% Annual Interest Payments Due =
Issue Date = October 2005
Maturity Date = May 2036
4/17/2013 11:21 AM I I I
May 1st
May 1st & November 1st
Pre Special Bond Redemptions
Pre Special Redemotions Assessments Number of Units
Operation & Maintenance 401
Debt 401
Total 401
Post Special Bond Redemptions
Quarry Community Development District
Assessment Breakdown 2013 -2014
Total Assessment Grossed up for Fees &
Discount (Net Assessment X/0.9251
$36,851
$895,135
$931,986
Total O &M Grossed up for Fees &
Discount (Net 0 &M X10.9251
$2,205
$4,227
$6,432
$9,465
$2,205
$0
$24,535
$10,541
$2,975
$6,035
($1,785)
$0
$17,001
$34,767
$59,302
Total Debt Grossed up for Fees &
Discount INet Debt X10.9251
$16,605
$39,286
$65,838
$114,692
$51,373
$0
$287,795
$79,360
$27,650
$61,770
($21,630)
$0
$144,000
$291,150
$578,945
Total Gross Operating & Maintenance Assessment
Number of Total Units Total Gross Pre Special Redemption Total Gross Post Special Redemption Total Gross O &M Assessmerdr
Gross O & M Assessments Total 1,077 $36,851.00 $59,302.00 $96,153.00
Total Gross Debt Assessment
Number of Total Units Total Gross Pre Special Redemption Total Gross Post special Redemption Total Gross Debt Assessments
Gross Debt Assessment Total 1,077 $895,135.00 $578,944.59 $1,474,079.59
Operating & Maintenance Assessment Comparison
Number of Total Units Final FY 2012/2013 Proposed FY 2013/2014 1 Year Change
Gross 0 & M Assessment Comparison
Gross O &M Amounts per unit (Total 0 &M Expenditures / 1,077 Lots / 0.925 D &F)) = $91.90
'Note: No Fees or Discounts have to be Collected for Un- Platted Direct Billed Assessments.
V172013 11:21 AM IV
Number of Units for
Operation & Maintenance
Fiscal Year 2013.2014
Platted
Coach Homes
24
Single Family Homes ('55)
46
Single Family Homes ('67)
70
Single Family Homes ('75)
103
Single Family Hones ('90)
24
5 Story Condos
0
Total Platted
267
Un- Platted
Coach Homes
124
Single Family Homes ('55)
35
Single Family Homes ('67)
71
Single Family Homes ('75)
(21)
Single Family Homes ('90)
0
5 Story Condos
200
Total Un-Platted
409
Total
676
Number of Units for
Debt
Fiscal Year 2013.2014
Platted
Coach Hones
24
Single Family Homes ('55)
46
Single Family Homes ('67)
70
Single Family Homes ('75)
103
Single Family Homes ('90)
24
5 Story Condos
0
Total Platted
267
Un- Platted
Coach Hones
124
Single Family Homes ('55)
35
Single Family Homes ('67)
71
Single Family Homes ('75)
(21)
Single Family Homes ('90)
0
5 Story Condos
200
Total Un- Platted
409
Total
676
Quarry Community Development District
Assessment Breakdown 2013 -2014
Total Assessment Grossed up for Fees &
Discount (Net Assessment X/0.9251
$36,851
$895,135
$931,986
Total O &M Grossed up for Fees &
Discount (Net 0 &M X10.9251
$2,205
$4,227
$6,432
$9,465
$2,205
$0
$24,535
$10,541
$2,975
$6,035
($1,785)
$0
$17,001
$34,767
$59,302
Total Debt Grossed up for Fees &
Discount INet Debt X10.9251
$16,605
$39,286
$65,838
$114,692
$51,373
$0
$287,795
$79,360
$27,650
$61,770
($21,630)
$0
$144,000
$291,150
$578,945
Total Gross Operating & Maintenance Assessment
Number of Total Units Total Gross Pre Special Redemption Total Gross Post Special Redemption Total Gross O &M Assessmerdr
Gross O & M Assessments Total 1,077 $36,851.00 $59,302.00 $96,153.00
Total Gross Debt Assessment
Number of Total Units Total Gross Pre Special Redemption Total Gross Post special Redemption Total Gross Debt Assessments
Gross Debt Assessment Total 1,077 $895,135.00 $578,944.59 $1,474,079.59
Operating & Maintenance Assessment Comparison
Number of Total Units Final FY 2012/2013 Proposed FY 2013/2014 1 Year Change
Gross 0 & M Assessment Comparison
Gross O &M Amounts per unit (Total 0 &M Expenditures / 1,077 Lots / 0.925 D &F)) = $91.90
'Note: No Fees or Discounts have to be Collected for Un- Platted Direct Billed Assessments.
V172013 11:21 AM IV