FY16/17 Proposed Budget D ERONA WALK COMMUNITY DEVELOPMENT DISTRICT
\-i'l ,R T T \\ c/o Special District Services, Inc.
2501 Burns Road, Suite A
t4', j WI@ Palm Beach Gardens, Florida 33410
(561)630-4922
Fax: (561) 630-4923
April 22, 2016
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VIA CERTIFIED MAIL— ►*� -.a
RETURN RECEIPT REQUESTED
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IClerk of the Circuit Court
Collier County Courthouse = , ; ••
3315 Tamiami Trail East, #102 "' o
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 2016/2017 Budget(Oct. 1,2016—Sept. 30,2017)
If you have any questions or comments,please contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
/ /i
OF
Laura J. Arc er
Enclosure
Verona Walk
Community Development District
Proposed Budget For
Fiscal Year 2016/2017
October 1, 2016 - September go, 2017
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
PROPOSED BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2016/2017
OCTOBER 1,2016-SEPTEMBER 30,2017
FISCAL YEAR
2016/2017
REVENUES BUDGET
O&M ASSESSMENTS 311,297
DEBT ASSESSMENTS-SERIES 2006 688,808
DEBT ASSESSMENTS-SERIES 2013 520265
OTHER REVENUES 0
INTEREST INCOME 360
TOTAL REVENUES $ 1,520,730
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 34,800
VEHICLE-SMALL TWO DOOR TRUCK 0
VEHICLE-INSURANCE 1,000
VEHICLE-EQUIPMENT(SMALL TOOLS) 1,545
VEHICLE-GAS&MAINTENANCE 4,160
LAKE SPRAYING(CLARKS_ 65,000
LAKE WATER QUALITY TESTING"(BENCHMARK) _ 6,000
LAKE LITTORAL&LAKE BANK PLANTINGS 27,500
OUTFALL PIPE&STRUCTURE INSPECTION&CLEANING 5,000
STORM PIPE&EROSION REPAIRS 15,000
MAINTENANCE MOWING&DREDGING 7,117
TOTAL MAINTENANCE EXPENDITURES $ 167,122
ADMINISTRATIVE EXPENDITURES
SUPERVISOR FEES 0
PAYROLL TAXES(EMPLOYER) 0
ENGINEERING 20,000
MANAGEMENT 42,624
SECRETARIAL 4,200
LEGAL 15,000
ASSESSMENT ROLL 10,000
AUDIT FEES 3400
ARBITRAGE REBATE FEE-SERIES 2006 650
ARBITRAGE REBATE FEE-SERIES 2013 650
INSURANCE 6,389
LEGAL ADVERTISING 2,000
MISCELLANEOUS/CONTING NCY 2,500
POSTAGE 800
OFFICE SUPPLIES 1,200
DUES&SUBSCRIPTIONS 175
WEBSITE MANAGEMENT 1,500
TRUSTEE FEES-SERIES 2006 3,800
TRUSTEE FEW-SERIES 2013 4,300
CONTINUINGDISCLOSURE FEE-SERIES 2006 1,000
CONTINUING DISCLOSURE FEE-SERIES 2013 1,000
TOTAL ADMINISTRATIVE EXPENDITURES $ 121,188
TOTAL EXPENDITURES 1 288,310
REVENUES LESS EXPENDITURES S 1,232,420
BOND PAYMENTS(SERIES 2006) (637,147}
BOND PAYMENTS(SERIES 2013) (481,245
BALANCE $ 114,028
COUNTY APPRAISER&TAX COLLECTOR ADMINISTRATIVE COSTS 52 453
DISCOUNTS FOR EARLY PAYMENTS _161,575
E CES OR FA ) , 5 -
CARRYOVER FROM PRIOR YEAR 0
NET EXCESS/(SFORTFALL) "0 -
Note:Projected Available Funds Balance As Of 9-30-16 is$185,000
4/2mote 11.30 MA
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DETAILED PROPOSED BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2016/2017
OCTOBER 1,2016-SEPTEMBER 30,2017
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2014/2015 2015/2016 2016/2017
REVENUES.-, ACTUAL BUDGET BUDGET COMMENTS
O&M ASSESSMENTS 317 161 316 805 311 297 Ex ndltures Less Interest/,925
DEBT ASSESSMENTS-SERIES 2006 689 514 689 514 688 808 Bond P :nts/.925
DEBT ASSESSMENTS-SERIES 2013 521 885 521 885 520 265 Bond Pa :nts/,925
OTHER REVENUES 3031 0
, 0
INTEREST INCOME __ r 380 360 Interest P•': ed At$30 Per Month
111...11111111111
TOTAL REVENUES $ _._ 1,531,809 $ 1 526 564 $ 1,520,730
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 25 350 34 800 34 801 No Cha ,e From 2015/2016 Bud,:t
VEHICLE-SMALL TWO DOOR TRUCK 8 775 0 0 Cart Purchased In 2015
VEHICLE-INSURANCE 681 1,000 1,000 No Change From 2015/2016 Budget
VEHICLE-EQUIPMENT(SMALL TOOLS)._ 0 1 545 1 545 No Chan!-From 2015/2016 Bud•:
VEHICLE-GAS&MAINTENANCE 246 5 10 4 180$80 Per Week
LAKE SPRAYINGICLARK) 47 713 65 000 65,000 Lake Spraying1Clark)
LAKE WATER QUALITY TESTING BENCHMARK 4 858 6 000 6 000 Lake Water Quail Tes . Benchmark
LAKE LITTORAL&LAKE BANK PLANTINGS 4,800 30,000 27,500 Lake Littoral&Lake Bank Plantings
OUTFALL PIPE&STRUCTURE INSPECTION&CLEANING 0 15,000 5,000 Outfall Pipe&Structure Inspection&Cleaning
STORM PIPE&EROSION REPAIRS 0 15 000 15 000 Storm Pi•_&Erosion Re.:irs
MAINTENANCE MOWING&DREDGING 5,750 19,600 Maintenance Mowing&Dredging
TOTAL MAINTENANCE EXPENDITURES 90183 $ 193 145
ADMINISTRATIVE EXPENDITURES
SUPERVISOR FEES 0 0 0 No Change From 2015/2016 Budget
PAYROLL TAXES EMPLOYER 0 0 0 No Chan.:From 2015/2016 Bud.:t
ENGINEERING _ 12 184 20 000 20 000 `o an.: rom '1 1-t' 1 1,
MANAGEMENT 42 000 42 336 42 624 CPI Ad ustment u
LEGAL
SECRETARIAL 4,200 4,200 4,200 No Change From 2015/2016 Budget
14,354 15,000 15,000 2015/2016llures Through Feb 2016 Were 52,472
ASSESSMENT ROLL 10 000 10 000 10,000 As Per Contract
AUDIT FEES 3 400 3 400 3,400 •.:.ted Amount For 2015/2016 Audit
ARBITRAGE REBATE FEE-SERIES 2006 650 650 650 No Chan.-From 2015/2016 Bud•et
ARBITRAGE REBATE FEE-SERIES 2013 650 650 650 No Cha .:From 2015/2016 Budget
INSURANCE 5,696 6,450 6,389 Insurance Company Estimate
LEGAL ADVERTISING 5 096 1 600 2 000 400 Increase From 2015/2016 B et
MISCELLANEOUS/CONTINGENCY 2 766 2 000 2 500$500 Increase From 2015/2016 Bu.,et
POSTAGE 516 800 800 No Ch: ,:From 2015/2016 B get
OFFICE SUPPLIES 1,415 1,000 1,200$200 Increase From 2015/2016 Budget
DUES&SUBSCRIPTIONS 175 175 175 No Change From 2015/2016 Budget
WEBSITE MANAGEMENT 0 1,500 1,500 No Change From 2015/2016 Budget
TRUSTEE FEES-SERIES 2006 3,715 3,800 3,800 No Change From 2015/2016 Budget
TRUSTEE FEES-SERIES 2013 4,300 4,300 4,300 No Change From 2015/2016 Budget
CONTINUING DISCLOSURE FEE-SERIES 2006 1,000 1,000 1,000 No Change From 2015/2016 Budget
CONTINUING DISCLOSURE FEE-SERIES 2013 1,000 1,000 1,000 No Change From 2015/2016 Budget
TOTAL ADMINISTRATIVE EXPENDITURES $ 113,117 $ 119,861 $ 121,188
TOTAL EXPENDITURES $ 211,300 $ 313,006 $ 288,310
REVENUES LESS EXPENDITURES $ 1,320,609 $ 1,215,558 $ 1,232,420
BOND PAYMENTS(SERIES 2006) (643,454) (837,800) (637,147)2017 P&I Payments
BOND PAYMENTS(SERIES 2013) (487,754) (482,744) (481,245)2017 P&I Payments
BALANCE $ 189,401 $ 95,014 $ 114,028
COUNTY APPRAISER d TAX COLLECTOR ADMINISTRATIVE COs*s 140,792) (52,722) (52,453)Three And One Half Percent Of Total Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS (56,095) (61,892) (61,575)Four Percent Of Total Assessment Roll
EXCESS/(SHORTFALL) $ 92,514 $ (19,600) $ -
I
CARRYOVER FROM PRIOR YEAR 0 19,600 0 Carryover From Prior Year
NET EXCESS/(SHORTFALL.) $ 92,514 $ $
Note:Projected Available Funds Balance As Of 9-30-16 Is$185,000
.71001E 11.30AM II !
DETAILED PROPOSED DEBT SERVICE (SERIES 2006) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2016/2017
OCTOBER 1,2016-SEPTEMBER 30,2017
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2014/2015 2015/2016 2016/2017
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income40 50 50 Projected Interest For 2016/2017
NAV Collection 643,454 637,800 637,147 Maximum Debt Service Collection
Prepaid Bond Collection 3,795 0 0 Prepaid Bond Collection
Total Revenues $ 647,289 $ 637,850 $ 637,197
EXPENDITURES
Principal Payments 190,000 200,000 210,000 Principal Payment Due In 2017
Interest Payments _ 451,097 435,106 423,550 Interest Payments Due In 2017
Principal Prepayments 25,000 2,744 3,647 Principal Prepayments
Total Expenditures $ 666,097 $ 637,850 $ 637,197
Excess/(Shortfall) $ (18,808) $ - $ -
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
4/21/2016 11:30 AM I I I
DETAILED PROPOSED DEBT SERVICE (SERIES 2013) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 201612017
OCTOBER 1,2016-SEPTEMBER 30,2017
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2014/2015 2015/2016 2016/2017
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income 31 50 50 Projected Interest For 2016/2017
NAV Collection 487,754 482,744 481,245 Maximum Debt Service Collection
Prepaid Bond Collection 21,271 0 0 Prepaid Bond Collection
Total Revenues $ 509,056 $ 482,794 $ 481,295
EXPENDITURES
Principal Payments(2013A-1) 210,000 210,000 215,000 Principal Payment Due In 2017
Principal Payments(2013A-2) 20,000 10,000 15,000 Principal Payment Due In 2017
Interest Payments(2013A-1) 238,016 232,556 228,091 Interest Payments Due In 2017
Interest Payments(2013A-2) 24,775 18,950 18,388 Interest Payments Due In 2017
Principal Prepayments 200,000 11,288 4,816 Principal Prepayments
Total Expenditures $ 692,791 $ 482,794 $ 481,295
Excess/(Shortfall) $ (183,735) $ - $ -
Series 2013A-1 Bond Refunding Information
Original Par Amount= $6,455,000 Annual Principal Payments Due= May 1st
Interest Rate= 1.1%-4.375% Annual Interest Payments Due= May 1st&November 1st
Issue Date= June 2013
Maturity Date= May 2035
Series 2013A-2 Bond Refunding Information
Original Par Amount= $650,000 Annual Principal Payments Due= May 1st
Interest Rate= 4.5%-5.0% Annual Interest Payments Due= May 1st&November 1st
Issue Date= June 2013
Maturity Date= May 2035
4/21/2016 1130AM Iv
Verona Walk Community Development District
Assessment Comparison
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Lot 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017
Size Assessment' Assessment' Assessment' Assessment' Projected Assessment'
Phase Qn$
Townhome 26' 0 8 M $ 47.50 $ 47.50 $ 162,13 $ 162.13 $ 162.13
Cayman Q6 $ 600.00 $ 540.00 S 540.00 S 540.00 $ 540,00
Total $ 647.50 $ 587.50 $ 702.13 $ 702.13 $ 702.13
Duplex 36' 0&M S 47.50 $ 47.50 $ 162.13 $ 182.13 $ 162.13
Capri/Carrington 11.0121 $ 600.00 S 540.00 S 540.00 S 540.00 $ 540.00
Total 5 647.50 $ 587.50 $ 702.13 $ 702.13 5 702.13
Single Family 50' 0&M $ 47.50 $ 47.50 $ 162.13 5 162.13 S 162.13
Oakmont P_O.4t S 706.00 $ 635.00 $ 635.00 S 635.00 $ 635.00
Total $ 753.50 $ 882.50 $ 797.13 S 797.13 5 797.13
Single Family 60' O&M $ 47.50 S 47.50 $ 162.13 $ 162.13 S 162.13
Carlyle at 5 812.00 5 730.00 $ 730.00 S 730.00 $ 730.00
Total $ 859.50 $ 777.50,5 892.13 $ 892.13 $ 892.13
Phase TwQ
Duplex 36'/SF 40' 0&M S 47.50 S 47.50 5 162.13 5 162.13 $ 182.13
Capri/Carrington 12241 $ 600.00 $ 600.00 S 600.00 $ 600.00 5 600.00
Total S 647.50 5 647.50 5 762.13 $ 762.13 5 762.13
Single Family 40' 0 8 M $ 47.50 5 47.50 5 162.13 S 162.13 S 162.13
Garden 12141 5 600.00 $ 678.00 $ 678.00 5 678.00 $ 678.00
Total $ 647.50 $ 725.50 S 840.13 $ 840.13 $ 840.13
Single Family 50' 0 8 M $ 47.50 5 47.50 $ 162.13 $ 162.13 $ 162.13
Oakmont 2141 S 706.00 9 706.00 $ 706.00 $ 706.00 $ 706.00
Total $ 753.50 $ 753.50 $ 868.13,$ 868.13 $ 888.13
S,ngle Family 60' 0&M S 47.50 $ 47.50 S 162.13 S 162.13 $ 162.13
Carlyle QOM $ 812.00 $ 812.00 $ 812.00 S 812.00 $ 812.00
Total S 859.50 5 859.50 $ 974.13 $ 974.13 S 974.13
Single Family 65' 0&M $ 47.50 5 47.50 $ 162.13 S 162.13 S 162.13
Estate Debt 5 812.00 S 892.00 S 892.00 S 892.00 S 892.00
Total 5 859.50 $ 939.50 $ 1,054.13 S 1,054.13 S 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 5 68
350 Duplex 36' Capri/Carrington $ 540 8 0
242 _ Single Family 50' Oakmont $ 635 6 -35
21 Single Family 60' Carlyle $ 730 - Q 1
935 _ 19 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 5 706 5 0
161 SF 60165' Carlyle $ 812 0 0
„U SF 65' Estate $ 892 Q Q
1019 _ 7 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 built Carrington Homes on Garden Lots(Karina Street)-Debt Assessments for those lots is$678.00.
"Developer made Bond Prepayment in November 2014 for 4 lot disclosure differential(4 40'disclosed at 36'140'rate)
Total Lots Assessed For O&M=1920
4121/2016 11,30 AM Y.
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