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FY13/14 Proposed BudgetVERONA WALK COMMUNITY DEVELOPMENT DISTRICT c/o Special District Services, Inc. 2501 Burns Road, Suite A Palm Beach Gardens, Florida 33410 (561) 630 -4922 FM D Fax: (561) 630 -4923 1 2 1,0 11 3 April 29, 2013 VIA CERTIFIED MAIL — RETURN RECEIPT REQUESTED Clerk of the Circuit Court Collier County Courthouse 3315 Tamiami Trail East, #102 Naples, Florida 34112 -5324 Re: Verona Walk 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 Fiscal Year 2013/2014 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. Arc r Enclosure r7 -., I C - -1 -1) Community Development District Proposed Budget For Fiscal Year 2013/2014 October 1, 2013 - September 30, 2014 CONTENTS PROPOSED BUDGET II DETAILED PROPOSED BUDGET III DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2004) IV DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2006) V ASSESSMENT COMPARISON e] PROPOSED BUDGET VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2013/2014 October 1, 2013 - September 30, 2014 Note: Projected Available Funds Balance As Of 9 -30 -13 is $150,000 4?6W 13 12:33 PM FISCAL YEAR 2013/2014 REVENUES BUDGET 0 & M ASSESSMENTS DEBT ASSESSMENTS - SERIES 2004 93 995 DEBT ASSESSMENTS - SERIES 2006 600 579 OTHER REVENUES 693 890 INTEREST INCOME 0 540 TOTAL REVENUES $ 138900 4 EXPENDITURES SUPERVISOR FEES PAYROLL TAXES EMPLOYER 0 ENGINEERING/MAINTENANCE 0 MANAGEMENT 20 000 SECRETARIAL 37 080 LEGAL 4 200 ASSESSMENT ROLL 7 500 AUDIT FEES 10 000 ARBITRAGE REBATE FEE - SERIES 2004 4 500 ARBITRAGE REBATE FEE - SERIES 2006 650 INSURANCE 650 LEGAL ADVERTISING 5 750 MISCELLANEOUS 1 2 50 POSTAGE 200 OFFICE SUPPLIES 500 DUES & SUBSCRIPTIONS 700 TRUSTEE FEES - SERIES 2004 175 TRUSTEE FEES - SERIES 2006 3,500 CONTINUING DISCLOSURE FEE - SERIES 2004 3,600 CONTINUING DISCLOSURE FEE - SERIES 2006 1 000 1 000 TOTAL EXPENDITURES $ 102,755 REVENUES LESS EXPENDITURES $ 1 286 249 PAYMENT TO TRUSTEE SERIES 2004 PAYMENT TO TRUSTEE SERIES 2006 BALANCE $ COUNTY APPRAISER & TAX COLLECTOR ADMINISTRATIVE COSTS DISCOUNTS FOR EARLY PAYMENTS 147902 EXCESS/ SHORTFALL $ CARRYOVER FROM PRIOR YEAR NET EXCESS/ SHORTFALL Is Note: Projected Available Funds Balance As Of 9 -30 -13 is $150,000 4?6W 13 12:33 PM DETAILED PROPOSED BUDGET VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2013/2014 October 1, 2013 - September 30, 2014 REVENUES FISCAL YEAR FISCAL YEAR MSMAL TEAR. . 2011/2012 2012/2013 ACTUAL BUDGET 'T COMMENTS 0 & M ASSESSMENTS 96,451 93,995 93061 Expenditures Less Interest & Carryover/.925 DEBT ASSESSMENTS - SERIES 2004 600,142 600,579-- 5798ondP ants /.925 DEBT ASSESSMENTS - SERIES 2006 692,649 693,890 6$3 Bond Payments/.925 OTHER REVENUES 0 0 INTEREST INCOME 542 540 Interest Projeded At $45 Per Month TOTAL REVENUES $ 1,389,784 $ 1 389 004 EXPENDITURES SUPERVISOR FEES 0 2,400 f! Line Item Eliminated PAYROLL TAXES EMPLOYER 0 1921-: - _. Line Item Eliminated ENGINEERING/MAINTENANCE 11,445 20000 MI DCDDCwnsWaterMa eM &Drain eStnwwms MANAGEMENT 35,412 36,468 - ` - -37 CPI Adiustment SECRETARIAL 4,200 4,200 . - - -' • -' No Change From 2012/2013 Bud et LEGAL 7,208 7,500 _T No Change From 2012/2013 Budget ASSESSMENT ROLL 10,000 10,000 _ As per Contrail AUDIT FEES 4,500 4,500 _ No Cha a From 201212013 Bud et ARBITRAGE REBATE FEE - SERIES 2004 650 650 - ' No Cha a From 2012/2013 Budget ARBITRAGE REBATE FEE - SERIES 2006 650 650 .. 0 No Change From 2012/2013 Budget INSURANCE 5,250 5,5 2012/2013 Expenditure Was $5,500 LEGAL ADVERTISING 847 11,250 No Change From 2012/2013 Budget MISCELLANEOUS 667 800 800 No Chanue From 2 01 21201 3 Bud et POSTAGE 302 500 No Change From 2012/2013 Budget OFFICE SUPPLIES 621 700 _ == _- _ -__ ='= No Chance From 2012/2013 Budget DUES & SUBSCRIPTIONS 175 175 _ -- No Change From 2012/2013 Budget TRUSTEE FEES - SERIES 2004 3,233 3,5W No Change From 2012/2013 Bud et TRUSTEE FEES - SERIES 2006 3,231 3,500 - - 3 .... No Change From 2012/2013 Budget CONTINUING DISCLOSURE FEE - SERIES 20W 1,000 1,000 = . 1 OliC No Change From 2012/2013 Budget CONTINUING DISCLOSURE FEE - SERIES 2006 1,000 1,000 `��_ - - iNo Change From 2012/2013 Budget TOTAL EXPENDITURES $ 90,391 $ 104 486 REVENUES LESS EXPENDITURES $ 1,299,393 $ 1204 819 PAYMENT TO TRUSTEE SERIES 2004 (556,036) 555,536 ' 2014 P & I Payments PAYMENT TO TRUSTEE SERIES 2006 642,348 641,848 _ 45y 2014 P & I Payments BALANCE $ 101,009 $ 87,135 5 --- -- T. (37,44 47,902 -- _ _ Three And One Half Percent Of Total Tax Roll DISCOUNTS FOR EARLY PAYMENTS 46,254 56,233 - _ - , Four Percent Of Total Tax Roll EXCESS/ SHORTFALL $ 17000 �- CARRYOVER FROM PRIOR YEAR a17,3O8 17,000 -Car ver From Prior Year NET EXCESS/ SHORTFALL $ Note: Projected Available Funds Balance As Of 9 -30 -13 is $150,000 4(26/2013 12:33 PM DETAILED PROPOSED DEBT SERVICE (SERIES 2004) FUND BUDGET VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2013/2014 October 1, 2013 - September 30, 2014 REVENUES FISCAL YEAR 2011/2012 ACTUAL FISCAL YEAR 201212013 ANNUAL BUDGET FISCAL YEAR 2013/2014 ANNUAL BUDGET COMMENTS Interest Income 57 500 500 Projected Interest For 2013/2014 NAV Collection 556,036 555,536 555,536 Maximum Debt Service Collection Prepaid Bond Collection 22,137 0 0 Prepaid Bond Collection Total Revenues $ 578,230 $ 556,036 $ 556,036 EXPENDITURES Principal Payments 140,000 145,000 155,000 Principal Payment Due In 2014 Interest Payments 412,716 400,287 391,511 Interest Payments Due In 2014 Principal Prepayments 0 10,749 9,525 Principal Prepayments Total Expenditures $ 552,718 $ 556,036 $ 556,036 Excess/ Shortfall $ 25,512 1 $ - $ Series 2004 Bond Information Original Par Amount = $720,000 Annual Principal Payments Due = Interest Rate = 5.85° Annual Interest Payments Due = Issue Date = November 2004 Maturity Date = May 2035 4/26/2013 12:33 PM May 1 st May 1st & November 1st PROPOSED DETAILED DEBT SERVICE (SERIES 2006) FUND BUDGET VERONA WALK 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 201312014 BUDGET COMMENTS Interest Income 59 500 500 Projected Interest For 2 01 312 01 4 NAV Collection 642,348 641,848 641,848 Maximum Debt Service Collection Prepaid Bond Collection 16,538 0 0 Prepaid Bond Collection Total Revenues $ 658,945 $ 642,348 $ 642,348 EXPENDITURES Principal Payments 180,000 170,000 180,000 Principal Payment Due In 2014 Interest Payments 479,988 466,550 457,144 Interest Payments Due In 2014 Principal Prepayments 0 5,798 5,204 Principal Prepayments Total Expenditures $ 659,988 $ 642,348 $ 642,348 Excess/ Shortfall $ 1,043 $ - $ Series 2006 Bond Information Original Par Amount = $9,520,000 Annual Principal Payments Due = Interest Rate = 5.375% Annual Interest Payments Due = Issue Date = May 2006 Maturity Date = May 2037 4262013 12:33 PM IV May 1st May 1st & November 1st Verona Walk Community Development District Assessment Comparison Lot Size Phase One Type Fiscal Year 2010/2011 Assessment' Fiscal Year 2011/2012 Assessment' Maximum Annual Debt Assessment Fiscal Year 201212013 Assessment' Fiscal Year 201312014 Projected Assessmenr Townhome 26' Cayman Administrative Debt Total $ 47.99 $ 600.00 $ 47.79 $ 600.00 $ $ 47.50 600.00 $ 47.50 $ 600.00 $ 647.99 $ 647.79 $ 647.50 $ 647.50 242 Single Family 50' Oakmont $ 706 4 97 Duplex 36' Capri/Cardngton Administrative Debt Total $ 47.99 $ 600.00 $ 47.79 $ 600.00 $ $ 47.50 600.00 $ 47.50 $ 600.00 $ 647.99 $ 647.79 $ 647.50 $ 647.50 Phase II No. of Units Single Family 50' Oakmont Administrative Debt Total $ 47.99 $ 706.00 $ 47.79 $ 706.00 $ $ 47.50 706.00 $ 47.50 $ 706.00 $ 753.99 $ 753.79 $ 753.50 $ 753.50 224 SF 40' Garden $ 600 0 345 Single Family 60' Carlyle Administrative Debt Total $ 47.99 $ 812.00 $ 47.79 $ 812.00 $ $ 47.50 812.00 $ 47.50 $ 812.00 $ 859.99 $ 859.79 $ 659.50 $ 859.50 Phase Two SF 65' Estate $ 812 0 1044 Duplex 36' Capri/Carrington Administrative Debt Total $ 47.99 $ 600.00 $ 47.79 $ 600.00 $ $ 47.50 600.00 $ 47.50 $ 600.00 $ 647.99 $ 647.79 $ 647.50 $ 647.50 Single Family 40' Garden Administrative Debt Total $ 47.99 $ 600.00 $ 47.79 $ 600.00 $ $ 47.50 600.00 $ 47.50 $ 600.00 $ 647.99 $ 647.79 $ 647.50 $ 647.50 Single Family 50' Oakmont Administrative S Total $ 47.99 $ 706.00 $ 47.79 $ 706.00 $ $ 47.50 706.00 $ 47.50 S 706.00 $ 753.99 $ 753.79 $ 753.50 $ 753.50 Single Family 60' Carlyle Administrative Debt Total S 47.99 $ 812.00 $ 47.79 $ 812.00 $ $ 47.50 812.00 $ 47.50 $ 812.00 $ 859.99 $ 859.79 $ 859.50 $ 859.50 Single Family 65' Estate Administrative Debt Total $ 47.99 $ 812.00 $ 47.79 $ 812.00 $ $ 47.50 812.00 $ 47.50 $ 812.00 $ 859.99 $ 859.79 $ 859.50 $ 859.50 * Assessments Include the Following 4% Discount for Early Payments 2% County Tax Collector Costs 1.5% County Tax Collector Costs Communitv Information: Phase I No. of Units Type Front Footage Name Maximum Annual Debt Assessment Bond Prepayments 246 Townhome 26' Cayman $ 600 2 350 Duplex W. Capri/Carrington $ 600 5 242 Single Family 50' Oakmont $ 706 4 97 Single Family 60' Carle $ 812 0 935 11 Phase II No. of Units Type Front Footage Name Maximum Annual Debt Assessment Bond Prepayments 328 Duplex 36' Capri/Carrington $ 600 2 224 SF 40' Garden $ 600 0 345 SF 50' Oakmont $ 706 3 81 SF 60' Carlyle $ 812 0 66 SF 65' Estate $ 812 0 1044 i f 5 4126/2013 12:33 PM V