FY14/15 Proposed Budget VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
c/o Special District Services, Inc.
2501 Burns Road, Suite A
Palm Beach Gardens, Florida 33410
(561) 630-4922
Fax: (561) 630-4923
May 9, 2014 N ig re ll U
122 /4
VIA CERTIFIED MAIL— By
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 2014/2015 Budget(Oct. 1, 2014— Sept. 30, 2015)
If you have any questions or comments,please contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
Laura J. Air
Enclosure
Verona Walk
Community Development District
Proposed Budget For
Fiscal Year 2014/2015
October 1, 2014 - September 30, 2015
CONTENTS
I PROPOSED BUDGET
II DETAILED PROPOSED BUDGET
III DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2006)
IV DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2013)
V ASSESSMENT COMPARISON
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PROPOSED BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2014/2015
October 1,2014-September 30,2015
FISCAL YEAR
2014/2015
REVENUES BUDGET
O&M ASSESSMENTS 316,805
DEBT ASSESSMENTS-SERIES 2006 690 220
DEBT ASSESSMENTS-SERIES 2013 536,904
OTHER REVENUES 0
INTEREST INCOME 480
TOTAL REVENUES _ $ 1,544,409
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 31,200
VEHICLE-SMALL TWO DOOR TRUCK 8,600
VEHICLE-INSURANCE 1,000
VEHICLE-EQUIPMENT(SMALL TOOLS) 4,000
VEHICLE-GAS&MAINTENANCE 5,200
LAKE SPRAYING(CLARK) 60,000
LAKE WATER QUALITY TESTING(BENCHMARK) 6,000
LAKE LITTORAL&LAKE BANK PLANTINGS 30,000
OUTFALL PIPE&STRUCTURE INSPECTION&CLEANING 15,000
STORM PIPE&EROSION REPAIRS 15,000
TOTAL MAINTENANCE EXPENDITURES $ 176,000
ADMINISTRATIVE EXPENDITURES
SUPERVISOR FEES 0
PAYROLL TAXES(EMPLOYER) 0
ENGINEERING 20,000
MANAGEMENT 42,000
SECRETARIAL 4,200
LEGAL 15,000
ASSESSMENT ROLL 10,000
AUDIT FEES 4,600
ARBITRAGE REBATE FEE-SERIES 2006 650
ARBITRAGE REBATE FEE-SERIES 2013 650
INSURANCE 6,250
LEGAL ADVERTISING 1,500
MISCELLANEOUS 1,500
POSTAGE 600
OFFICE SUPPLIES 800
DUES&SUBSCRIPTIONS 175
TRUSTEE FEES-SERIES 2006 3,800
TRUSTEE FEES-SERIES 2013 3,800
CONTINUING DISCLOSURE FEE-SERIES 2006 1,000
CONTINUING DISCLOSURE FEE-SERIES 2013 1,000
TOTAL ADMINISTRATIVE EXPENDITURES $ 117,525
TOTAL EXPENDITURES $ 293,525
REVENUES LESS EXPENDITURES $ 1,250,884
BOND PAYMENTS(SERIES 2006) (638,454)
BOND PAYMENTS(SERIES 2013) (496,636)
BALANCE $ 115,794
COUNTY APPRAISER&TAX COLLECTOR ADMINISTRATIVE COSTS (53,265)
DISCOUNTS FOR EARLY PAYMENTS (62,529)
EXCESS/(SHORTFALL) $ -
CARRYOVER FROM PRIOR YEAR 0
NET EXCESS/(SHORTFALL) $ -
Note:Projected Available Funds Balance As Of 9-30-14 is$135,000
5/9/2014 12:12 PM '
DETAILED PROPOSED BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2014/2015
October 1,2014-September 30,2015
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2012/2013 2013/2014 2014/2015
REVENUES ACTUAL BUDGET BUDGET COMMENTS
O&M ASSESSMENTS 95,469 92,815 316,805 Expenditures Less Interest/.925
DEBT ASSESSMENTS-SERIES 2006 689,735 693,890 690,220 Bond Payments/.925
DEBT ASSESSMENTS-SERIES 2013 600,172 536,904 536,904 Bond Payments/.925
OTHER REVENUES 0 0 0
INTEREST INCOME 339 540 480 Interest Projected At$45 Per Month
TOTAL REVENUES $ 1,385,715 $ 1,324,149 $ 1,544,419
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 0 0 31,200 Field Inspector
VEHICLE-SMALL TWO DOOR TRUCK 0 0 8,600 Vehicle-Small Two Door Truck(Lease)
VEHICLE-INSURANCE 0 0 1,000 Vehicle-Insurance
VEHICLE-EQUIPMENT(SMALL TOOLS) 0 0 4,000 Vehicle-Equipment(Small Tools)
VEHICLE-GAS&MAINTENANCE 0 0 5,200$100 Per Week
LAKE SPRAYING(CLARK) 0 0 60,000 Lake Spraying(Clark)
LAKE WATER QUALITY TESTING(BENCHMARK) 0 0 6,000 Lake Water Quality Testing(Benchmark)
LAKE LITTORAL&LAKE BANK PLANTINGS 0 0 30,000 Lake Littoral&Lake Bank Plantings
OUTFALL PIPE&STRUCTURE INSPECTION&CLEANING 0 0 15,000 Outfall Pipe&Structure Inspection&Cleaning
STORM PIPE&EROSION REPAIRS 0 0 15,000 Storm Pipe&Erosion Repairs
TOTAL MAINTENANCE EXPENDITURES $ - $ - $ 176,000
ADMINISTRATIVE EXPENDITURES
SUPERVISOR FEES 0 0 0 No Change From 2013/2014 Budget
PAYROLL TAXES(EMPLOYER) 0 0 0 No Change From 2013/2014 Budget
ENGINEERING 21,056 20,000 20,000 No Change From 2013/2014 Budget
MANAGEMENT 36,468 37,080 42,000$4,920 Increase From 2013/2014 Budget
SECRETARIAL 4,200 4,200 4,200 No Change From 2013/2014 Budget
LEGAL 10,868 7,500 15,000 2013/2014 Expenditures Through Feb 2014 Were$10,002
ASSESSMENT ROLL 10,000 10,000 10,000 As Per Contract
AUDIT FEES 4,500 4,500 4,600$100 Increase From 2013/2014 Budget
ARBITRAGE REBATE FEE-SERIES 2006 650 650 650 No Change From 2013/2014 Budget
ARBITRAGE REBATE FEE-SERIES 2013 650 650 650 No Change From 2013/2014 Budget
INSURANCE 5,500 5,750 6,250 2013/2014 Expenditure Was$5,665
LEGAL ADVERTISING 9,739 1,250 1,500$250 Increase From 2013/2014 Budget
MISCELLANEOUS 1,826 800 1,500$700 Increase From 2013/2014 Budget
POSTAGE 839 500 600$100 Increase From 2013/2014 Budget
OFFICE SUPPLIES 1,990 700 800$100 Increase From 2013/2014 Budget
DUES&SUBSCRIPTIONS 175 175 175 No Change From 2013/2014 Budget
TRUSTEE FEES-SERIES 2006 3,231 3,500 3,800 $300 Increase From 2013/2014 Budget
TRUSTEE FEES-SERIES 2013 3,233 3,500 3,800 $300 Increase From 2013/2014 Budget
CONTINUING DISCLOSURE FEE-SERIES 2006 1,000 1,000 1,000 No Change From 2013/2014 Budget
CONTINUING DISCLOSURE FEE-SERIES 2013 1,000 1,000 1,000 No Change From 2013/2014 Budget
TOTAL ADMINISTRATIVE EXPENDITURES $ 116,925 $ 102,755 $ 117,525
TOTAL EXPENDITURES $ 116,925 $ 102,755 $ 293,E
REVENUES LESS EXPENDITURES $ 1,268,790 $ 1,221,394 $ 1,250,884
BOND PAYMENTS(SERIES 2006) (642,348) (641,848) (638,454)2015 P&I Payments
BOND PAYMENTS(SERIES 2013) (556,036) (496,636) (496,636)2015 P&I Payments
BALANCE $ 70,406 $ 82,910 $ 115,794
COUNTY APPRAISER&TAX COLLECTOR ADMINISTRATIVE COSTS (37,208) (45,664) (53,265)Three And One Half Percent Of Total Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS (47,545) (53,606) (62,529) Four Percent Of Total Assessment Roll
EXCESS/(SHORTFALL) $ (14,347) $ (16,360) $ -
CARRYOVER FROM PRIOR YEAR 0 16,360 0 Carryover From Prior Year
NET EXCESS/(SHORTFALL) $ (14,347) $ - $ -
Note:Projected Available Funds Balance As Of 9-30-14 is$135,000
5/92014 12:1 2 PM I I
PROPOSED DETAILED DEBT SERVICE (SERIES 2006) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2014/2015
October 1,2014-September 30,2015
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2012/2013 2013/2014 2014/2015
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income 102 500 500 Projected Interest For 2014/2015
NAV Collection 642,348 641,848 638,454 Maximum Debt Service Collection
Prepaid Bond Collection 0 0 0 Prepaid Bond Collection
Total Revenues $ 642,450 $ 642,348 $ 638,954
EXPENDITURES
Principal Payments 170,000 180,000 190,000 Principal Payment Due In 2015
Interest Payments 470,447 457,144 446,394 Interest Payments Due In 2015
Principal Prepayments 5,000 5,204 2,560 Principal Prepayments
Total Expenditures $ 645,447 $ 642,348 $ 638,954
Excess/(Shortfall) $ (2,997) $ - $ -
Series 2006 Bond Information
Original Par Amount= $9,520,000 Annual Principal Payments Due= May 1st
Interest Rate= 5.375% Annual Interest Payments Due= May 1st&November 1st
Issue Date= May 2006
Maturity Date= May 2037
I(I
5/9/2014 12:12 PM
DETAILED PROPOSED DEBT SERVICE (SERIES 2013) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2014/2015
October 1,2014-September 30,2015
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2012/2013 2013/2014 2014/2015
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income 96 500 500 Projected Interest For 2013/2014
NAV Collection 556,036 496,636 496,636 Maximum Debt Service Collection
Prepaid Bond Collection 29,381 0 0 Prepaid Bond Collection
Total Revenues $ 585,513 $ 497,136 $ 497,136
EXPENDITURES
Principal Payments 145,000 220,000 230,000 Principal Payment Due In 2015
Interest Payments 403,943 270,232 265,636 Interest Payments Due In 2015
Principal Prepayments 20,000 6,904 1,500 Principal Prepayments
Total Expenditures , $ 568,943 $ 497,136 $ 497,136
Excess/(Shortfall) $ 16,570 $ - $ -
Series 2013 Bond Refunding Information
Original Par Amount= $7,105,000 Annual Principal Payments Due= May 1st
Interest Rate= 1.1%-5.0% Annual Interest Payments Due= May 1st&November 1st
Issue Date= June 2013
Maturity Date= May 2035
5/9/2014 12:12 PM IV
Verona Walk Community Development District
Assessment Comparison
Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Lot 2011/2012 2012/2013 2013/2014 2014/2015
Size Assessment* Assessment* Assessment* Projected Assessment'
Phase One
Townhome 26' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13
Cayman Debt $ 600.00 $ 600.00 $ 540.00 $ 540.00
Total $ 647.79 $ 647.50 $ 587.50 $ 702.13
Duplex 36' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13
Capri/Carrington Debt $ 600.00 $ 600.00 $ 540.00 $ 540.00
Total $ 647.79 $ 647.50 $ 587.50 $ 702.13
Single Family 50' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13
Oakmont Debt $ 706.00 $ 706.00 $ 635.00 $ 635.00
Total $ 753.79 $ 753.50 $ 682.50 $ 797.13
Single Family 60' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13
Carlyle Debt $ 812.00 $ 812.00 $ 730.00 $ 730.00
Total $ 859.79 $ 859.50 $ 777.50 $ 892.13
Phase Two
Duplex 36'/SF 40' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13
Capri/Carrington Debt $ 600.00 $ 600.00 $ 600.00 $ 600.00
Total $ 647.79 $ 647.50 $ 647.50 $ 762.13
Single Family 40' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13
Garden Debt $ 600.00 $ 600.00 $ 678.00 $ 678.00
Total $ 647.79 $ 647.50 $ 725.50 $ 840.13
Single Family 50' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13
Oakmont Debt $ 706.00 $ 706.00 $ 706.00 $ 706.00
Total $ 753.79 $ 753.50 $ 753.50 $ 868.13
Single Family 60' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13
Carlyle Debt $ 812.00 $ 812.00 $ 812.00 $ 812.00
Total $ 859.79 $ 859.50 $ 859.50 $ 974.13
Single Family 65' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13
Estate Debt $ 812.00 $ 812.00 $ 892.00 $ 892.00
Total $ 859.79 $ 859.50 $ 939.50 $ 1,054.13
*Assessments Include the Following:
4%Discount for Early Payments
2%County Property Appraiser Costs
1.5%County Tax Collector Costs
Community Information:
Phase I Maximum Annual
No.of Units Type Front Footage Name Debt Assessment Bond Prepayments
246 Townhome 26' Cayman $ 540 2
350 Duplex 36' Capri/Carrington $ 540 8
242 Single Family 50' Oakmont $ 635 6
97 Single Family 60' Carlyle $ 730 0
I 935 16
Phase II Maximum Annual
No.of Units Type Front Footage Name Debt Assessment Bond Prepayments
443 Duplex/SF 36'/40' Capri/Carrington $ 600 2
58 Duplex 40' Garden $ 678 0
325 SF 50' Oakmont $ 706 4
161 SF 60'/65' Carlyle $ 812 0
32 SF 65' Estate $ 892 0
1019 6
5/9/2014 12:12 PM V
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