FY15/16 Proposed Budget VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
c/o Special District Services, Inc.
2501 Burns Road, Suite A 1%.QA ' 11
Palm Beach Gardens, Florida 33410 0 4'23 fr
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April 20, 2015
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 2015/2016 Budget(Oct. 1, 2015—Sept. 30, 2016)
If you have any questions or comments, please contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
("0/111,41111
Laura J. Ar he
Enclosure
Verona Walk
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 (SERIES 2006)
IV DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2013)
V ASSESSMENT COMPARISON
e]
PROPOSED BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2015/2016
OCTOBER 1,2015-SEPTEMBER 30,2016
FISCAL YEAR
2015/2016
REVENUES BUDGET
O&M ASSESSMENTS 316,805
DEBT ASSESSMENTS-SERIES 2006 689,514
DEBT ASSESSMENTS-SERIES 2013 521,885
OTHER REVENUES 0
INTEREST INCOME 360
TOTAL REVENUES $ 1,528,564
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 34,800
VEHICLE-CART 0
VEHICLE-INSURANCE 1,000
VEHICLE-EQUIPMENT(SMALL TOOLS) 4,000
VEHICLE-GAS&MAINTENANCE 5,200
LAKE SPRAYING(CLARK) 65,000
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 42,336
SECRETARIAL 4,200
LEGAL 15,000
ASSESSMENT ROLL 10,000
AUDIT FEES 3,400
ARBITRAGE REBATE FEE-SERIES 2006 650
ARBITRAGE REBATE FEE-SERIES 2013 650
INSURANCE 6,450
LEGAL ADVERTISING 1,600
MISCELLANEOUS 2,000
POSTAGE 800
OFFICE SUPPLIES 1,000
DUES&SUBSCRIPTIONS 175
WEBSITE MANAGEMENT 1,500
TRUSTEE FEES-SERIES 2006 3,800
TRUSTEE FEES-SERIES 2013 4,300
CONTINUING DISCLOSURE FEE-SERIES 2006 1,000
CONTINUING DISCLOSURE FEE-SERIES 2013 1,000
TOTAL ADMINISTRATIVE EXPENDITURES $ 119,861
TOTAL EXPENDITURES $ 295,861
REVENUES LESS EXPENDITURES $ 1,232,703
BOND PAYMENTS(SERIES 2006) (637,800)
BOND PAYMENTS(SERIES 2013) (482,744)
BALANCE $ 112,159
COUNTY APPRAISER&TAX COLLECTOR ADMINISTRATIVE COSTS (52,722)
DISCOUNTS FOR EARLY PAYMENTS (61,892)
EXCESS/(SHORTFALL) $ (2,455)
CARRYOVER FROM PRIOR YEAR 2,455
NET EXCESS/(SHORTFALL) $ -
Note:Projected Available Funds Balance As Of 9-30-15 is$125,000
422015 1229 PM
DETAILED PROPOSED BUDGET
VERONA WALK 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
O&M ASSESSMENTS 93,264 316,805 316,805 Expenditures Less Interest/.925
DEBT ASSESSMENTS-SERIES 2006 690,520 690,220 689,514 Bond Payments/.925
DEBT ASSESSMENTS-SERIES 2013 537,648 536,904 521,885 Bond Payments/.925
OTHER REVENUES 0 0 0
INTEREST INCOME 257 480 360 Interest Projected At$30 Per Month
TOTAL REVENUES $ 1,321,689 $ 1,544,409, $ 1,528,564
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 0 31,200 34,800 Field Inspector
VEHICLE-CART 0 8,600 0 Cart Purchased In 2015
VEHICLE-INSURANCE 0 1,000 1,000 Vehicle-Insurance
VEHICLE-EQUIPMENT(SMALL TOOLS) 0 4,000 4,000 Vehicle-Equipment(Small Tools)
VEHICLE-GAS&MAINTENANCE 0 5,200 5,200 $100 Per Week
LAKE SPRAYING(CLARK) 0 60,000 65,000 Lake Spraying(Clark)
LAKE WATER QUALITY TESTING(BENCHMARK) 0 6,000 6,000 Lake Water Quality Testing(Benchmark)
LAKE LITTORAL&LAKE BANK PLANTINGS 0 30,000 30,000 Lake Littoral&Lake Bank Plantings
OUTFALL PIPE&STRUCTURE INSPECTION&CLEANING 0 15,000 15,000 Outfall Pipe&Structure Inspection&Cleaning
STORM PIPE&EROSION REPAIRS 0 15,000 15,000 Storm Pipe&Erosion Repairs
TOTAL MAINTENANCE EXPENDITURES $ - $ 176,000 $ 176,000
ADMINISTRATIVE EXPENDITURES
SUPERVISOR FEES 0 0 0 No Change From 2014/2015 Budget
PAYROLL TAXES(EMPLOYER) 0 0 0 No Change From 2014/2015 Budget
ENGINEERING 29,009 20,000 20,000 No Change From 2014/2015 Budget
MANAGEMENT 37,080 42,000 42,336 CPI Adjustment
SECRETARIAL 4,200 4,200 4,200 No Change From 2014/2015 Budget
LEGAL 22,938 15,000 15,000 2014/2015 Expenditures Through March 2015 Were$4,481
ASSESSMENT ROLL 10,000 10,000 10,000 As Per Contract
AUDIT FEES 4,500 4,600 3,400 Accepted Amount For 2014/2015 Audit
ARBITRAGE REBATE FEE-SERIES 2006 650 650 650 No Change From 2014/2015 Budget
ARBITRAGE REBATE FEE-SERIES 2013 1,300 650 650 No Change From 2014/2015 Budget
INSURANCE 5,665 6,250 6,450 Insurance Company Estimate
LEGAL ADVERTISING 1,599 1,500 1,600 $100 Increase From 2014/2015 Budget
MISCELLANEOUS 1,534 1,500 2,000 $500 Increase From 2014/2015 Budget
POSTAGE 2,001 600 800 $200 Increase From 2014/2015 Budget
OFFICE SUPPLIES 1,887 800 1,000 $200 Increase From 2014/2015 Budget
DUES&SUBSCRIPTIONS 175 175 175 No Change From 2014/2015 Budget
WEBSITE MANAGEMENT 0 0 1,500 Website Management
TRUSTEE FEES-SERIES 2006 3,231 3,800 3,800 No Change From 2014/2015 Budget
TRUSTEE FEES-SERIES 2013 4,300 3,800 4,300$500 Increase From 2014/2015 Budget
CONTINUING DISCLOSURE FEE-SERIES 2006 1,000 1,000 1,000 No Change From 2014/2015 Budget
CONTINUING DISCLOSURE FEE-SERIES 2013 1,000 1,000 1,000 No Change From 2014/2015 Budget
TOTAL ADMINISTRATIVE EXPENDITURES $ 132,069 $ 117,525 $ 119,861
TOTAL EXPENDITURES $ 132,069 $ 293,525 $ 295,861
REVENUES LESS EXPENDITURES $ 1,189,620 $ 1,250,884 $ 1,232,703
BOND PAYMENTS(SERIES 2006) (644,848) (638,454) (637,800) 2016 P&I Payments
BOND PAYMENTS(SERIES 2013) (499,636) (496,636) (482,744) 2016 P&I Payments
BALANCE $ 45,136 $ 115,794 $ 112,159
COUNTY APPRAISER&TAX COLLECTOR ADMINISTRATIVE COSTS (38,890) (53,265) (52,722)Three And One Hat Percent Of Total Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS (46,445) (62,529) (61,892) Four Percent Of Total Assessment Roll
EXCESS!(SHORTFALL) $ (40,199) $ - $ (2,455)
CARRYOVER FROM PRIOR YEAR 0 0 2,455 Carryover From Prior Year
NET EXCESS/(SHORTFALL) $ (40,199) $ - $ -
Note:Projected Available Funds Balance As Of 9-30-15 is$125,000
4/2/2015 12:29 PM I I
DETAILED PROPOSED DEBT SERVICE (SERIES 2006) FUND BUDGET
VERONA WALK 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 40 500 50 Projected Interest For 2015/2016
NAV Collection 644,848 638,454 637,800 Maximum Debt Service Collection
Prepaid Bond Collection 8,588 0 0 Prepaid Bond Collection
Total Revenues $ 653,476 $ 638,954 $ 637,850
EXPENDITURES
Principal Payments 180,000 190,000 200,000 Principal Payment Due In 2016
Interest Payments 461,175 446,394 435,106 Interest Payments Due In 2016
Principal Prepayments 0 2,560 2,744 Principal Prepayments
Total Expenditures $ 641,175 $ 638,954 $ 637,850
Excess/(Shortfall) $ 12,301 $ - $ -
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 I
4/2/2015 12:29 PM
•
DETAILED PROPOSED DEBT SERVICE (SERIES 2013) FUND BUDGET
VERONA WALK 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 28 500 50 Projected Interest For 2015/2016
NAV Collection 499,636 496,636 482,744 Maximum Debt Service Collection
Prepaid Bond Collection 200,463 0 0 Prepaid Bond Collection
Total Revenues $ 700,127 $ 497,136 $ 482,794
EXPENDITURES
Principal Payments 225,000 230,000 220,000 Principal Payment Due In 2016
Interest Payments 236,492 265,636 251,506 Interest Payments Due In 2016
Principal Prepayments 15,000 1,500 11,288 Principal Prepayments
Total Expenditures $ 476,492 $ 497,136 $ 482,794
Excess/(Shortfall) $ 223,635 $ - $ -
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
I
4/2/2015 12:29 PM
Verona Walk Community Development District
Assessment Comparison
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Lot 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016
Size Assessment' Assessment* Assessment* Assessment* Projected Assessment*
Phase One
Townhome 26' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13 $ 162.13
Cayman Debt $ 600.00 $ 600.00 $ 540.00 $ 540.00 $ 540.00
Total $ 647.79 $ 647.50 $ 587.50 $ 702.13 $ 702.13
Duplex 36' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13 $ 162.13
Capri/Carrington Debt $ 600.00 $ 600.00 $ 540.00 $ 540.00 $ 540.00
Total $ 647.79 $ 647.50 $ 587.50 $ 702.13 $ 702.13
Single Family 50' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13 $ 162.13
Oakmont Debt $ 706.00 $ 706.00 $ 635.00 $ 635.00 $ 635.00
Total $ 753.79 $ 753.50 $ 682.50 $ 797.13 $ 797.13
Single Family 60' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13 $ 162.13
Carlyle Debt $ 812.00 $ 812.00 $ 730.00 $ 730.00 $ 730.00
Total $ 859.79 $ 859.50 $ 777.50 $ 892.13 $ 892.13
Phase Two
Duplex 36'/SF 40' O&M $ 47.79 $ 47.50 $ 47.50 $ 162.13 $ 162.13
Capri/Carrington Debt $ 600.00 $ 600.00 $ 600.00 $ 600.00 $ 600.00
Total $ 647.79 $ 647.50 $ 647.50 $ 762.13 $ 762.13
Single Family 40' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13 $ 162.13
Garden Debt $ 600.00 $ 600.00 $ 678.00 $ 678.00 $ 678.00
Total $ 647.79 $ 647.50 $ 725.50 $ 840.13 $ 840.13
Single Family 50' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13 $ 162.13
Oakmont Debt $ 706.00 $ 706.00 $ 706.00 $ 706.00 $ 706.00
Total $ 753.79 $ 753.50 $ 753.50 $ 868.13 $ 868.13
Single Family 60' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13 $ 162.13
Carlyle Debt $ 812.00 $ 812.00 $ 812.00 $ 812.00 $ 812.00
Total $ 859.79 $ 859.50 $ 859.50 $ 974.13 $ 974.13
Single Family 65' 0&M $ 47.79 $ 47.50 $ 47.50 $ 162.13 $ 162.13
Estate Debt $ 812.00 $ 812.00 $ 892.00 $ 892.00 $ 892.00
Total $ 859.79 $ 859.50 $ 939.50 $ 1,054.13 $ 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 Lot
No.of Units Type Front Footage Name Debt Assessment Bond Prepayments Differential Prepayment*
246 Townhome 26' Cayman $ 540 2 68
350 Duplex 36' Capri/Carrington $ 540 8 0
242 Single Family 50' Oakmont $ 635 6 -35
97 Single Family 60' Carlyle $ 730 0 1
935 16 34
Phase II Maximum Annual Lot Disclosure
No.of Units Type Front Footage Name Debt Assessment Bond Prepayments Differential Prepayment**
443 Duplex/SF 36'/40' Capri/Carrington $ 600 2 -4
58 Duplex 40' Garden $ 678 0 4
325 SF 50' Oakmont $ 706 4 0
161 SF 60'/65' Carlyle $ 812 0 0
32 SF 65' Estate $ 892 0 0
1019 6 0
*Developer made Bond Prepayment in August 2014 for 34 lot differential(68 Phase 1 Caymans replaced with 34 Oakmonts)
*Developer made Bond Prepayment in November 2014 for 1 lot differential(1 Phase 1 Carlyle replaced with 1 Oakmont)
**Developer made Bond Prepayment in November 2014 for 4 lot disclosure differential(4 40'disclosed at 36'/40'rate)
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