FY17/18 Proposed Budget VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
do Special District Services,Inc.
2501 Burns Road, Suite A
Palm Beach Gardens, Florida 33410
(561) 630-4922
Fax: (561) 630-4923
May 19, 2017 v
,
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 2017/2018 Budget (Oct. 1,2017—Sept.30,2018)
If you have any questions or comments, please contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
is
Laura J. Arch
Enclosure
Verona Walk
Community Development District
Proposed Budget For
Fiscal Year 2017/2018
October 1, 2017 - September 30, 2018
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 2017/2018
OCTOBER 1,2017-SEPTEMBER 30,2018
FISCAL YEAR
REVENUES2017/2018
BUDGET
O&M ASSESSMENTS 311,297
DEBT ASSESSMENTS-SERIES 2006 688,808
DEBT ASSESSMENTS-SERIES 2013 520,265
OTHER REVENUES 0
INTEREST INCOME 420
TOTAL REVENUES $ 1,520,790
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 38,000
VEHICLE-INSURANCE 1,000
VEHICLE-EQUIPMENT(SMALL TOOLS) 1545
VEHICLE-GAS&MAINTENANCE 4,160
LAKE SPRAYING(CLARK) 65 000
LAKE WATER QUALITY TESTING(BENCHMARK) 6,000
LAKE LITTORAL&LAKE BANK PLANTINGS 20,000
OUTFALL PIPE&STRUCTURE INSPECTION&CLEANING 5,000
STORM PIPE&EROSION REPAIRS 50,000
DREDGING 3,640
TOTAL MAINTENANCE EXPENDITURES $ 194,345
ADMINISTRATIVE EXPENDITURES
SUPERVISOR FEES 4,000
PAYROLL TAXES(EMPLOYER) 320
ENGINEERING 20,000
MANAGEMENT 43,512
SECRETARIAL 4,200
LEGAL 17,500
ASSESSMENT ROLL 10,000
AUDIT FEES 3,400
ARBITRAGE REBATE FEE-SERIES 2006 650
ARBITRAGE REBATE FEE-SERIES 2013 650
INSURANCE 6,518
LEGAL ADVERTISING 2,000
MISCELLANEOUS/CONTINGENCY 2,500
POSTAGE 800
OFFICE SUPPLIES 1,200
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 $ 129,025
TOTAL EXPENDITURES $ 323,370
REVENUES LESS EXPENDITURES $ 1,197,420
BOND PAYMENTS(SERIES 2006) (637,147)
BOND PAYMENTS(SERIES 2013) (481,245)
BALANCE $ 79,028
COUNTY APPRAISER&TAX COLLECTOR ADMINISTRATIVE COSTS (52,453)
DISCOUNTS FOR EARLY PAYMENTS (61,575)
EXCESS/(SHORTFALL) $ (35,000)
CARRYOVER FROM PRIOR YEAR 35,000
NET EXCESS/(SHORTFALL) $ _
Note:Projected Available Funds Balance As Of 9-30-17 is$300,000
5/182017 12:03 PM
DETAILED PROPOSED BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2017/2018
OCTOBER 1,2017-SEPTEMBER 30,2018
FISCAL YEAR FISCAL YEAR "--
2015/2016 2016/2017 i 71
REVENUES ACTUAL BUDGET ' ° ¢- COMMENTS
0&M ASSESSMENTS 317,0701 311,297 ) 31 q, Expenditures Less Interest/925
DEBT ASSESSMENTS-SERIES 2006 689,514 688,808 'Bond Payments/.925
DEBT ASSESSMENTS-SERIES 2013 520,265 520,265 ,k. 524'- Bond Payments/.925
OTHER REVENUES 0 0 ." � ',
INTEREST INCOME 454 360 Interest Projected At$35 Per Month
sE
TOTAL REVENUES $ 1,527,303 $ 1,520,730 a' '' '`:
EXPENDITURES M 0
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 31,140 34,800 � :0%$3,200 Increase From 2018/2017 Budget
VEHICLE-INSURANCE 563 1,000 'E 0 No Change From 2016/2017 Budget
VEHICLE-EQUIPMENT(SMALL TOOLS) 0 1,545✓ ,1545 No Change From 2016/2017 Budget
VEHICLE-GAS 8 MAINTENANCE 116 4,160';,x, _ $80 Per Week
LAKE SPRAYING(CLARK) 56,700 65,000 Lake Spraying(Clark)
LAKE WATER QUALITY TESTING(BENCHMARK) 4,230 6,000' - aa i Lake Water Quality Testing(Benchmark)
LAKE LITTORAL&LAKE BANK PLANTINGS 0 27,500 qa«e® Lake Littoral&Lake Bank Plantings
OUTFALL PIPE&STRUCTURE INSPECTION&CLEANING 0 5,000'- s .'' °."� ®"'.r'Outfall Pipe&Structure Inspection&Cleaning
STORM PIPE&EROSION REPAIRS 0 15,000 M `.,, '. g :�.Stone Pipe&Erosion Repairs
DREDGING 0 7,117 z Maintenance Mowing&Dredging
TOTAL MAINTENANCE EXPENDITURES $ 92,749 $ 167,122
ADMINISTRATIVE EXPENBITURES . ;
SUPERVISOR FEES 0 0 ° ,-,-;71-Supervisor Fees
PAYROLL TAXES(EMPLOYERS 0 0" 8%Of Supervisor Fees
ENGINEERING 13,264 20,000:' - ,000 No Change From 2016/2017 Budget
MANAGEMENT 42,336_ 42,624 '` ,5t CPI Adjustment
SECRETARIAL 4,200 4,200 '4 2710 No Change From 2016/2017 Budget
LEGAL 6,492 15,000 a r'2016/2017 Expenditures Through Feb 2017 Were$7,785
ASSESSMENT ROLL 10,000' 10,000 ts '�rAs Per Contract
AUDIT FEES 3,400 3,400,^ '1 Accepted Amount For 2016/2017 Audit
ARBITRAGE REBATE FEE-SERIES 2006 650 650 _ >,•.rr No Change•From 2016/2017 Budget
ARBITRAGE REBATE FEE-SERIES 2013 650 650` K No Change From 2016/2017 Budget
INSURANCE 5,810" 8 389 `8 518 Insurance Company Estimate
LEGAL ADVERTISING 1,719
20001',1'' 2,000 No Change From 2016/2017 Budget
MISCELLANEOUS/CONTINGENCY 1,286. 2 500« 2,500 No Change From 2016/2017 Budget
POSTAGE
3561800°` 800 No Change From 2016/2017 Budget
OFFICE SUPPLIES 7091,200 1 No Change From 2016/2017 Budget
DUES&SUBSCRIPTIONS • 175 175 „,k 175 No Change From 2016/2017 Budget
WEBSITE MANAGEMENT 1,500 1,500 f k `' t 500 No Change From 2016/2017 Budget
TRUSTEE FEES-SERIES 2006 3,716 3,800 3 8510 No Change From 2016/2017 Budget
TRUSTEE FEES-SERIES 2013 4,300 4,300 4,300No Change From 2016/2017 Budget
CONTINUING DISCLOSURE FEE-SERIES 2006 1,000 1,000'+ ;. 1,000 No Change From 2016/2017 Budget
CONTINUING DISCLOSURE FEE-SERIES 2013 1,000 1,000> ° - ;,1 !.®+No Change From 2016/2017 Budget
TOTAL ADMINISTRATIVE EXPENDITURES $ 104,563 $ 121,188 3
TOTAL EXPENDITURES $ 197,312 S 288,310
1*
-..'
-%
CONTINUING
REVENUES LESS EXPENDITURES $ 1,329,991 $ 1,232,420
BOND PAYMENTS(SERIES 2006) (642,800) (637,147)• ,, :r , '2018 P&I Payments
BOND PAYMENTS(SERIES 2013) (487,244) (481 245) . a 2018 P&I Payments
BALANCE $ 199,947 $ 114,028 . r 2 %'
COUNTY APPRAISER&TAX COLLECTOR ADMINISTRATIVE COSTS
(40,941)-
1
40,941) (52,453) �"'" m, Three And One Half Percent Of Total Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS (56,555) (61,575) a Four Percent Of Total Assessment Roll
EXCESS/(SHORTFALL) $ 102,451 $ ��4440. i
CARRYOVER FROM PRIOR YEAR 0 0 °�kx Ca over From Prior Year
nY
NET EXCESS/(SHORTFALL) $ 102,461 S ;
Note:Projected Available Funds Balance As Of 9-30-17 is$300,000
I I
5/152017 12:03 PM
DETAILED PROPOSED DEBT SERVICE(SERIES 2006) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2017/2018
OCTOBER 1,2017-SEPTEMBER 30,2018
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2015/2016 2016/2017 2017/2018
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income 40 50 50 Projected Interest For 2017/2018
NAV Collection 642,799 637,147 637,147 Maximum Debt Service Collection
Prepaid Bond Collection 8,191 0 0 Prepaid Bond Collection
Total Revenues $ 651,030 $ 637,197 $ 637,197
EXPENDITURES
Principal Payments 200,000 210,000 225,000 Principal Payment Due In 2018
Interest Payments 439,944 423,550 411,322 Interest Payments Due In 2018
Principal Prepayments 10,000 3,647 875 Principal Prepayments
Total Expenditures $ 649,944 $ 637,197 $ 637,197
Excess!(Shortfall) $ 1,086 $ - $ -
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
51181201712:03 PM (II
DETAILED PROPOSED DEBT SERVICE (SERIES 2013) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2017/2018
OCTOBER 1, 2017-SEPTEMBER 30,2018
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2015/2016 2016/2017 201712018
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income 26 50 50 Projected Interest For 2017/2018
NAV Collection 487,244 481,245 481,245 Maximum Debt Service Collection
Prepaid Bond Collection 0 0 0 Prepaid Bond Collection
Total Revenues $ 487,270 $ 481,295 $ 481,295
EXPENDITURES
Principal Payments(2013A-1) 210,000 215,000 220,000 Principal Payment Due In 2018
Principal Payments(2013A-2) 10,000 15,000 15,000 Principal Payment Due In 2018
Interest Payments(2013A-1) 233,781, 228,091 222,866 Interest Payments Due In 2018
Interest Payments(2013A-2) 18,875 18,388 17,713 Interest Payments Due In 2018
Principal Prepayments 40,000 4,816 5,716 Principal Prepayments
Total Expenditures $ 512,656 $ 481,295 $ 481,295
Excess!(Shortfall) $ (25,386) $ - $ -
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
5/18/2017 12.03 PM IV
Verona Walk Community Development District
Assessment Comparison
Fiscal Year Fiscal Year Fiscal Year Fixal Year Focal Year
Lot 2013/2014 2014t2015 2015/2016 2018/2017 2017/2018
Size Assessment' Assessment' Assessment* Assessment' Projected Assessment-
Phase One
Townhome 26' 0&M $ 47.50 $ 162.13 5 162.13 5 162.13 $ 182.13
Cayman Debt $ 540.00 5 540.00 5 540.00 $ 540.00 $ 540.00
Total $ 587.50 $ 702.13 $ 702.13 5 702.13 $ 702.13
Duplex 36' O&M S 47.50 $ 162.13 S 162.13 E 162.13 $ 162.13
Capri/Carrington 293 $ 540.00 $ 540.00 5 540.00 $ 540.00 $ 540.00
Total $ 587.50 $ 702.13 5 702.13 $ 702.13 $ 702.13
Single Family 50' O 8 M $ 47.50 $ 162.13 5 162.13 S 162.13 $ 162.13
Oakmont Qppj $ 635.00 $ 635.00 5 635.00 S 635.00 $ 635.00
Total S 682.50 $ 797.13 $ 797.13 $ 797.13 $ 787.13
Single Family 60' O&M 5 47.50 S 182.13 5 162.13 5 162.13 $ 162.13
Carlyle 121& $ 730.00 $ 730.00 S 730.00 $ 730.00 $ 730.00
Total $ 77750 $ 892.13 5 892.13 $ 892.13 S 892.13
Ph
Duplex 36'/SF 40 0&M S 47.50 5 162.13 S 162.13 $ 162.13 $ 162.13
Capn/Canington ___ S 600.00 $ 600.00 5 800.00 S 600.00 $ 600.00
Total S 647.50 5 762.13,$ 762.13 $ 762.13 S 762.13
Single Family 40' O&M $ 47.50 5 162.13 5 162.13 5 162.13 5 162.13
Garden Debt S 678.00 S 678.00 5 678.00 5 678.00 5 678.00
Total 5 725.50 $ 840.13 S 840.13 $ 840.13 5 840.13
Single Family 50' O&M $ 47.50 S 182.13 $ 162.13 5 162.13 $ 162.13
Oakmont Qat S 706.00 5 706.00 $ 706.00 5 706.00 $ 706.00
Total 5 753.50 $ 868.13 5 868.13 S 868.13 $ 868.13
Single Family BO' O&M S 47.50 S 162.13 5 162.13 5 162.13 $ 162.13
Carlyle 2491 5 812.00 $ 812.00 S 812.00 S 812.00 5 812.00
Total $ 859.50 $ 974.13 5 974.13 $ 974.13 $ 974.13
Single Family 85' O 5 M S 47.50 S 162.13 S 182.13 $ 162.13 $ 162.13
Estate D>:2.1 5 892.00 5 892.00 S 892.00 $ 892.00 S 882.00
Total 5 939.50 5 1,054.13 $ 1,054.13 5 1,054.13 $ 1,084.13
•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
97 Single Family 60' Carlyle $ 730 0 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 36140 Capri/Carrington $ 600 2 -4
58 Duplex 40' Garden $ 678 0 4
325 SF 50' Oakmont $ 706 5 0
161 SF 60165' Carlyle $ 812 0 0
n SF 65' Estate $ 892 Q 2
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
5/162017 12:03 PM V