FY15/16 Proposed Budget QUARRY 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
April 13, 2015
VIA CERTIFIED MAIL— VGV' \ \/66'RETURN RECEIPT REQUESTED f\pR 1 i
Clerk of the Circuit Court
By
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 2015/2016 Fiscal Year Budget(Oct. 1, 2015—Sept. 30,2016)
If you have any questions or comments,please contact our office.
Sincerely,
SPECIAL DIS CT SERVICES, INC.
bitit-- aaIw
aura J. Ar he
Enclosure
Quarry
Community Development District
Proposed Budget For
Fiscal Year 2015/2016
October 1, 2015 - September 30, 2016
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 2015/2016
OCTOBER 1,2015-SEPTEMBER 30, 2016
FISCAL YEAR
2015/2016
REVENUES BUDGET
ON ROLL 0&M ASSESSMENTS 76,278
DEVELOPER DIRECT BILL 0&M ASSESSMENTS 20,997
ON ROLL DEBT ASSESSMENTS-BONDS 1,337,546
DEVELOPER DIRECT BILL DEBT ASSESSMENTS-BONDS 62,180
OTHER REVENUES 0
INTEREST INCOME 0
TOTAL REVENUES $ 1,497,001
EXPENDITURES
SUPERVISOR FEES 0
PAYROLL TAXES(EMPLOYER) 0
ENGINEERING/MAINTENANCE 10,000
MANAGEMENT 36,828
LEGAL 5,000
ASSESSMENT ROLL 5,000
AUDIT FEES 4,100
ARBITRAGE REBATE FEE 500
INSURANCE 7,550
LEGAL ADVERTISING 3,200
MISCELLANEOUS 1,075
POSTAGE 700
OFFICE SUPPLIES 700
DUES&SUBSCRIPTIONS 175
TRUSTEE FEES 5,500
CONTINUING DISCLOSURE FEE 1,000
WEBSITE MANAGEMENT 1,500
CONTINGENCY 8,725
TOTAL EXPENDITURES $ 91,554
REVENUES LESS EXPENDITURES $ 1,405,447
BOND PAYMENTS(A-1 BOND) (1,299,410)
BALANCE $ 106,037
COUNTY APPRAISER&TAX COLLECTOR FEE (49,484)
DISCOUNTS FOR EARLY PAYMENTS (56,553)
EXCESS/(SHORTFALL) $ -
CARRYOVER FROM PRIOR YEAR 0
NET EXCESS/(SHORTFALL) $ -
4/13/2015 12:07 PM
DETAILED PROPOSED BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2015/2016
OCTOBER 1, 2015-SEPTEMBER 30, 2016
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2013/2014 2014/2015 2015/2016
REVENUES ACTUAL BUDGET BUDGET COMMENTS
ON ROLL 0&M ASSESSMENTS 74,420 76,275 76,278#of Platted Lots X$85.01/.925
DEVELOPER DIRECT BILL 0&M ASSESSMENTS 22,698 20,995 20,997#of Unplatted Lots X$85.01
ON ROLL DEBT ASSESSMENTS-BONDS 1,324,392 1,337,546 1,337,546 Payment To Trustee/.925
DEVELOPER DIRECT BILL DEBT ASSESSMENTS-BONDS 82,016 148,130 62,180 Based On Estimated Payment To Trustee
OTHER REVENUES 0 0
INTEREST INCOME 238 0 0 No Change From 2014/2015 Budget
TOTAL REVENUES $ 1,503,764 $ 1,582,946 $ 1,497,001
EXPENDITURES
SUPERVISOR FEES 0 0 0
PAYROLL TAXES(EMPLOYER) 0 0 0
ENGINEERING/MAINTENANCE 7,671 10,000 10,000 Fiscal Year 14/15 Expenditures Through Jan 2015=$4,137
MANAGEMENT 36,000 36,540 36,828 CPI Adjustment
LEGAL 554 4,000 5,000 Fiscal Year 14/15 Expenditures Through Jan 2015=$1,231
ASSESSMENT ROLL 5,000 5,000 5,000 As Per Contract
AUDIT FEES 4,000 4,100 4,100 No Change From 2014/2015 Budget
ARBITRAGE REBATE FEE 500 500 500 No Change From 2014/2015 Budget
INSURANCE 6,695 7,500 7,550 Insurance Company Estimate
LEGAL ADVERTISING 1,174 1,200 3,200 $2,000 Increase From 2014/2015 Budget
MISCELLANEOUS 397 1,075 1,075 No Change From 2014/2015 Budget
POSTAGE 378 800 700 $100 Decrease From 2014/2015 Budget
OFFICE SUPPLIES 335 800 700$100 Decrease From 2014/2015 Budget
DUES&SUBSCRIPTIONS 175 175 175 No Change From 2014/2015 Budget
TRUSTEE FEES 4,713 5,500 5,500 No Change From 2014/2015 Budget
CONTINUING DISCLOSURE FEE 5,000 5,000 1,000 Prager Has Reduced Fee To$1,000
WEBSITE MANAGEMENT 0 0 1,500 Website Management
CONTINGENCY 0 9,360 8,725 Contingency
TOTAL EXPENDITURES $ 72,592 $ 91,550 $ 91,554
REVENUES LESS EXPENDITURES $ 1,431,172 $ 1,491,396 $ 1,405,447
BOND PAYMENTS(A-1 BOND) (1,334,968) (1,385,360) (1,299,410) 2016 P&I Payments Less Earned Interest
BALANCE $ 96,204 $ 106,036 $ 106,037
COUNTY APPRAISER&TAX COLLECTOR FEE (38,211) (49,483) (49,484),3.5 Percent Of Total On Roll Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS (48,446) (56,553) (56,553) 4 Percent Of Total On Roll Assessment Roll
EXCESS/(SHORTFALL) $ 9,547 $ - $ -
CARRYOVER FROM PRIOR YEAR 0 0 0 Carryover From Prior Year
NET EXCESS/(SHORTFALL) $ 9,547 $ - _ $ -
4/13/2015 12:07 PM II
DETAILED PROPOSED DEBT SERVICE FUND BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2015/2016
OCTOBER 1, 2015 -SEPTEMBER 30, 2016
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2013/2014 2014/2015 2015/2016
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income 851 0 0 Projected Interest For 2015/2016
NAV Assessment Collection 1,252,952 1,237,230 1,237,230 Net Debt Service Collection
Developer Direct Bill Assessment 82,016 148,130 62,180 Net Developer Direct Debt Service Collection
Total Revenues $ 1,335,819 $ 1,385,360 $ 1,299,410
EXPENDITURES
Principal Payments-Al 400,000 420,000 410,000 Principal Payment Due In 2016
Interest Payments-Al 961,538 927,300 843,700 Interest Payments Due In 2016
A-1 Bond Redemption 25,000 38,060 45,710 Estimated Excess Debt Collections
Total Expenditures $ 1,386,538 $ 1,385,360 $ 1,299,410
Excess/(Shortfall) $ (50,719) $ -
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
4/13/2015 12:07 PM I I I
Quarry Community Development District
Assessment Breakdown 2015/2016
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 $36,852
Debt 401 $895,135
_ Total 401 $931,987
Post Special Bond Redemptions
Number of Units for Total 0&M Grossed up for Fees&
Operation&Maintenance Fiscal Year 2015-2016 Discount(Net O&M X/0.925(
Platted
Coach Homes 64 $5,882
Single Family Homes('55) 55 $5,054
Single Family Homes('67) 108 $9,925
Single Family Homes(75) 178 $16,359
Single Family Homes('90) 24 $2,205
5 Story Condos 0 $0
Total Platted 429 $39,426
Un-Platted
Coach Homes 84 $7,141 •
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 $17,002 •
Total Un-Platted 247 $20,997 •
Total 676 $60,423
Number of Units for Total Debt Grossed up for Fees&
Debt Fiscal Year 2015-2016 Discount(Net Debt X/0.9251
Platted
Coach Homes 64 $44,281
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 429 $442,411
Un-Platted
Coach Homes 32 $20,480 •
Single Family Homes('55) 19 $15,010 •
Single Family Homes('67) 3 $2,610 •
Single Family Homes(75) 8 $8,240
Single Family Homes('90) 8 $15,840
•
5 Story Condos 0 $0
Total Un-Platted 70 $62,180 •
Total 499 $504,591
Total Gross Operating&Maintenance Assessment
Number of Total Units Total Gross Pre Special Redemption Total Gross Post Special Redemption Total Gross O&M Assessments
Gross 0&M Assessments Total 1,077 $36,852.00 $60,423.00 $97,275.00
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 900 $895,135.00 $504,590.81 $1,399,725.81
Operating&Maintenance Assessment Comparison
Number of Total Units Final FY 2014/2015 Proposed FY 2015/2016 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.
4/132015 12:07 PM IV
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