FY14/15 Proposed Budget • � cK �
QUARRY COMMUNITY DEVELOPMENT DISTRICT . X
do Special District Services, Inc.
2501 Burns Road, Suite A
Palm Beach Gardens, Florida 33410
2014 MAY 16 AM 8: 29 Fax:(561) 630-94923
CLERK CF C;CURTS
Re.
May 9, 2014 3
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VIA CERTIFIED MAIL—
RETURN RECEIPT REQUESTED _ '
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Clerk of the Circuit Court
Dwight E. Brock
Collier County Courthouse
3315 E. Tamiami Trail, Suite 102
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 2014/2015 Fiscal Year Budget(Oct. 1, 2014—Sept. 30, 2015)
If you have any questions or comments,please contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
Uegli/L91{._.
Laura J. Arch
Enclosure
Quarry
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
IV ASSESSMENT COMPARISON
PROPOSED BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2014/2015
October 1,2014-September 30,2015
FISCAL YEAR
2014/2015
REVENUES BUDGET
ON ROLL 0& M ASSESSMENTS 74,437
DEVELOPER DIRECT BILL 0&M ASSESSMENTS 22,696
ON ROLL DEBT ASSESSMENTS- BONDS 1,323,708
DEVELOPER DIRECT BILL DEBT ASSESSMENTS- BONDS 160,930
OTHER REVENUES 0
INTEREST INCOME 0
TOTAL REVENUES $ 1,581,772
•
EXPENDITURES
SUPERVISOR FEES 0
PAYROLL TAXES (EMPLOYER) 0
ENGINEERING/MAINTENANCE 10,000
MANAGEMENT 36,540
LEGAL 4,000
ASSESSMENT ROLL 5,000
AUDIT FEES 4,100
ARBITRAGE REBATE FEE 500
INSURANCE 7,500
LEGAL ADVERTISING 1,200
MISCELLANEOUS 1,075
POSTAGE 800
OFFICE SUPPLIES 800
DUES&SUBSCRIPTIONS 175
TRUSTEE FEES 5,500
CONTINUING DISCLOSURE FEE 5,000
CONTINGENCY 9,360
TOTAL EXPENDITURES $ 91,551
REVENUES LESS EXPENDITURES $ 1,490,221
BOND PAYMENTS (A-1 BOND) (1,385,360)
BALANCE $ 104,861
COUNTY APPRAISER&TAX COLLECTOR FEE (48,935)
DISCOUNTS FOR EARLY PAYMENTS (55,926)
EXCESS/(SHORTFALL) $ -
CARRYOVER FROM PRIOR YEAR 0
NET EXCESS/(SHORTFALL) $ -
5/9/2014 3:06 PM
DETAILED PROPOSED BUDGET
QUARRY 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
ON ROLL 0&M ASSESSMENTS 61,890 61,387 74,437#of Platted Lots X$85.01/.925
DEVELOPER DIRECT BILL 0&M ASSESSMENTS 34,684 34,767 22,696#of Unplatted Lots X$85.01
ON ROLL DEBT ASSESSMENTS-BONDS 1,184,400 1,182,930 1,323,708 Payment To Trustee/.925
DEVELOPER DIRECT BILL DEBT ASSESSMENTS-BONDS 225,602 291,150 160,930 Based On Estimated Payment To Trustee
OTHER REVENUES 0 0 0
INTEREST INCOME 222 0 0 No Change From 2013/2014 Budget
TOTAL REVENUES $ 1,506,798 $ 1,570,234 $ 1,581,772
EXPENDITURES
SUPERVISOR FEES 0 0 0
PAYROLL TAXES(EMPLOYER) 0 0 0
ENGINEERING/MAINTENANCE 8,227 10,000 10,000 No Change From 2013/2014 Budget
MANAGEMENT 36,000 36,000 36,540 CPI Adjustment
LEGAL 450 5,000 4,000 $1,000 Decrease From 2013/2014 Budget
ASSESSMENT ROLL 5,000 5,000 5,000 As Per Contract
AUDIT FEES 4,000 4,000 4,100$100 Increase From 2013/2014 Budget
ARBITRAGE REBATE FEE 500 1,000 500$500 Decrease From 2013/2014 Budget
INSURANCE 6,500 8,000 7,500 2013/2014 Expenditure Was$6,695
LEGAL ADVERTISING 1,022 1,200 1,200 No Change From 2013/2014 Budget
MISCELLANEOUS 349 1,075 1,075 No Change From 2013/2014 Budget
POSTAGE 328 900 800$100 Decrease From 2013/2014 Budget
OFFICE SUPPLIES 412 900 800$100 Decrease From 2013/2014 Budget
DUES&SUBSCRIPTIONS 175 175 175 No Change From 2013/2014 Budget
TRUSTEE FEES 4,815 5,000 5,500 $500 Increase From 2013/2014 Budget
CONTINUING DISCLOSURE FEE 5,000 5,000 5,000 No Change From 2013/2014 Budget
CONTINGENCY 0 8,300 9,360 Contingency
TOTAL EXPENDITURES $ 72,778 $ 91,550 $ 91,551
REVENUES LESS EXPENDITURES $ 1,434,020 $ 1,478,684 $ 1,490,221
BOND PAYMENTS(A-1 BOND) (1,346,655) (1,385,360) (1,385,360)2015 P&I Payments Less Earned Interest
BALANCE $ 87,365 $ 93,324 $ 104,861
COUNTY APPRAISER&TAX COLLECTOR FEE (33,541) (43,551) (48,935)3.5 Percent Of Total On Roll Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS (42,641) (49,773) (55,926)4 Percent Of Total On Roll Assessment Roll
EXCESS/(SHORTFALL) $ 11,183 $ - $ -
CARRYOVER FROM PRIOR YEAR 0 0 0 Carryover From Prior Year
NET EXCESS/(SHORTFALL) $ 11,183 $ - $ -
5/9/2014 3:06 PM
DETAILED PROPOSED DEBT SERVICE FUND BUDGET
QUARRY 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 818 0 0 Projected Interest For 2014/2015
NAV Assessment Collection 1,121,053 1,094,210 1,224,430 Net Debt Service Collection
Developer Direct Bill Assessment 225,602 291,150 160,930 Net Developer Direct Debt Service Collection
Total Revenues $ 1,347,473 $ 1,385,360 $ 1,385,360
EXPENDITURES
Principal Payments-Al 380,000 400,000 420,000 Principal Payment Due In 2015
Interest Payments-Al 982,988 952,876 927,300 Interest Payments Due In 2015
A-1 Bond Redemption 0 32,484 38,060 Estimated Excess Debt Collections
Total Expenditures $ 1,362,988 $ 1,385,360 $ 1,385,360
Excess/(Shortfall) $ (15,515) $ -
Series 2005 A-1 Bond Information
Original Par Amount= $57,875,000 Annual Principal Payments Due= May 1st
Interest Rate= 5.50% Annual Interest Payments Due= May 1st&November 1st
Issue Date= October 2005
Maturity Date= May 2036
5/9/2014 3:06 PM I I I
c
Quarry Community Development District
Assessment Breakdown 2014/2015
Pre Special Bond Redemptions
Total Assessment Grossed up for Fees&
Pre Special Redemptions Assessments Number of Units Discount(Net Assessment X/0.9251
Operation&Maintenance 401 $36,851
Debt 401 $895,135
Total 401 $931,986
Post Special Bond Redemptions
Number of Units for Total O&M Grossed up for Fees&
Operation&Maintenance Fiscal Year 2014-2015 Discount(Net O&M X/0.9251
Platted
Coach Homes 44 $4,043
Single Family Homes('55) 55 $5,054
Single Family Homes('67) 108 $9,925
Single Family Homes('75) 178 $16,358
Single Family Homes('90) 24 $2,205
5 Story Condos 0 $0
Total Platted 409 $37,586
Un-Platted
Coach Homes 104 $8,841 *
Single Family Homes('55) 26 $2,210 *
Single Family Homes('67) 33 $2,805 •
Single Family Homes('75) (96) ($8,161) *
Single Family Homes('90) 0 $0 *
5 Story Condos 200 $17,001 •
Total Un-Platted 267 $22,696 •
Total 676 $60,282
Number of Units for Total Debt Grossed up for Fees&
Debt Fiscal Year 2014-2015 Discount(Net Debt X/0.925)
Platted
Coach Homes 44 $30,443
Single Family Homes('55) 55 $46,973
Single Family Homes('67) 108 $101,578
Single Family Homes('75) 178 $198,205
Single Family Homes('90) 24 $51,373
5 Story Condos 0 $0
Total Platted 409 $428,573
Un-Platted
Coach Homes 104 $66,560 •
Single Family Homes('55) 26 $20,540 `
Single Family Homes('67) 33 $28,710 .,
*
Single Family Homes('75) (96) ($98,880)
Single Family Homes('90) 0 $0 *
5 Story Condos 200 $144,000 *
Total Un-Platted 267 $160,930 *
Total 676 $589,503
Total Gross Operating&Maintenance Assessment
Number of Total Units Total Gross Pre Special Redemption Total Gross Post Special Redemption Total Gross 0&M Assessments
Gross O&M Assessments Total 1,077 $36,851.00 $60,282.00 $97,133.00
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 $589,502.97 $1,484,637.97
Operating&Maintenance Assessment Comparison
Number of Total Units Final FY 2012/2013 Proposed FY 201 /2014 1 Year Chance
Gross 0&M Assessment Comparison
Per Unit 1,077 $91.90 $91.90 ($0.00)
Gross O&M Amounts per unit(Total O&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.
5/92014 3:06 PM IV