Proposed FY18/19 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 19, 2018
VIA CERTIFIED MAIL—
RETURN RECEIPT REQUESTED
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 2018/2019 Fiscal Year Budget (Oct. 1, 2018—Sept. 30, 2019)
If you have any questions or comments, please contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
Vat ,6W
Laura J. Arc E,er
Enclosure
Quarry
Community Development District
Proposed Budget For
Fiscal Year 2018/2019
October 1, 2018 - September go, 2019
CONTENTS
I PROPOSED BUDGET
II DETAILED PROPOSED BUDGET
III DETAILED PROPOSED DEBT SERVICE FUND BUDGET
IV DETAILED PROPOSED 2018 LOAN DEBT SERVICE FUND BUDGET
Draft Budgeted Projected Loan Amount: $3,500,000
Note: This is an estimated maximum loan amount
and is subject to approval by the Board of Supervisors.
If Debt Assessments to secure the Loan are not approved,
all incurred costs, which will not exceed $650,000,
will be assessed as an Operations and Maintenance
(O&M) Assessment, to be assessed to all landowners.
V ASSESSMENT COMPARISON
PROPOSED BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2018/2019
OCTOBER 1,2018-SEPTEMBER 30,2019
FISCAL YEAR
2018/2019
REVENUES BUDGET
O&M ASSESSMENTS 149,801
BOND DEBT ASSESSMENTS 1,240,304
LOAN DEBT ASSESSMENTS 325,532
INTEREST INCOME 0
TOTAL REVENUES $ 1,715,637
EXPENDITURES
SUPERVISOR FEES 0
PAYROLL TAXES(EMPLOYER) 0
ENGINEERING/MAINTENANCE 25,000
MANAGEMENT 38,640
LEGAL 14,000
ASSESSMENT ROLL 5,000
AUDIT FEES 4,300
ARBITRAGE REBATE FEE 600
INSURANCE 7,512
LEGAL ADVERTISING 1,400
BANK SERVICE CHARGES 500
MISCELLANEOUS 1,500
POSTAGE 650
OFFICE SUPPLIES 700
DUES&SUBSCRIPTIONS 175
TRUSTEE FEES 9,000
WEBSITE MANAGEMENT 1,500
RESERVES 28,089
TOTAL EXPENDITURES $ 138,566
REVENUES LESS EXPENDITURES $ 1,577,071
BOND PAYMENTS (1,147,281)
LOAN PAYMENTS (301,117)
BALANCE $ 128,673
COUNTY APPRAISER&TAX COLLECTOR FEE (60,476)
DISCOUNTS FOR EARLY PAYMENTS (68,197)
EXCESS/(SHORTFALL) $ -
CARRYOVER FROM PRIOR YEAR 0
NET EXCESS/(SHORTFALL) $ -
4/19/2016 12:09 PM
DETAILED PROPOSED BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2018/2019
OCTOBER 1,2018-SEPTEMBER 30,2019
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2016/2017 2017/2018 2018/2019
REVENUES ACTUAL BUDGET BUDGET COMMENTS
0&M ASSESSMENTS 105,344 104,805 149,801 Expenditures/.925
BOND DEBT ASSESSMENTS 1,245,237 1,242,572 1,240,304 Payment To Trustee/.925
LOAN DEBT ASSESSMENTS 0 0 325,532 Payment To Trustee/.925
INTEREST INCOME 0 0 0 No Change From 2017/2018 Budget
TOTAL REVENUES $ 1,350,581 $ 1,347,377 $ 1,715,637
EXPENDITURES
SUPERVISOR FEES 0 0 0
PAYROLL TAXES(EMPLOYER) 0 0 0
ENGINEERING/MAINTENANCE 25,731 18,500 25,000$6,500 Increase From 2017/2018 Budget
MANAGEMENT 37,080 37,848 38,640 CPI Adjustment
LEGAL 7,932 7,000 14,000 Fiscal Year 17/18 Expenditures Through January 2018=$6,370
ASSESSMENT ROLL 5,000 5,000 5,000 As Per Contract
AUDIT FEES 3,900 4,100 4,300 Accepted Amount For 2017/2018 Audit
ARBITRAGE REBATE FEE 600 600 600 No Change From 2017/2018 Budget
INSURANCE 6,829 7,512 7,512 Insurance Company Estimate
LEGAL ADVERTISING 1,175 1,400 1,400 No Change From 2017/2018 Budget
BANK SERVICE CHARGES 298 500 500 Bank Fees Charged By Hancock Bank
MISCELLANEOUS 1,292 1,160 1,500$340 Increase From 2017/2018 Budget
POSTAGE 388 650 650 No Change From 2017/2018 Budget
OFFICE SUPPLIES 539 700 700 No Change From 2017/2018 Budget
DUES&SUBSCRIPTIONS 175 175 175 No Change From 2017/2018 Budget
TRUSTEE FEES 5,026 5,300 9,000 Trustee Fees For Bond&Loan
WEBSITE MANAGEMENT 1,500 1,500 1,500 No Change From 2017/2018 Budget
RESERVES 0 5,000 28,089 Contribution to Reserves
TOTAL EXPENDITURES $ 97,465 $ 96,945 $ 138,566
REVENUES LESS EXPENDITURES $ 1,253,116 $ 1,250,432 $ 1,577,071
BOND PAYMENTS (1,314,396) (1,149,380) (1,147,281)2019 P&I Payments
LOAN PAYMENTS 0 0 (301,117)2019 P&I Payments
BALANCE $ (61,280) $ 101,052 $ 128,673
COUNTY APPRAISER&TAX COLLECTOR FEE (39.441) (47,495) (60,476)3.5 Percent Of Total On Roll Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS (52,759) (53,557) (68,197)4 Percent Of Total On Roll Assessment Roll
EXCESS/(SHORTFALL) $ (153,480) $ - $ -
CARRYOVER FROM PRIOR YEAR 0 0 0 Carryover From Prior Year
NET EXCESS/(SHORTFALL) $ (153,480) $ - $ -
4/19/2018 12:09 PM II
DETAILED PROPOSED BOND DEBT SERVICE FUND BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2018/2019
OCTOBER 1, 2018 -SEPTEMBER 30, 2019
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2016/2017 2017/2018 2018/2019
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income 1,598 0 100 Projected Interest For 2018/2019
NAV Assessment Collection 1,166,911 1,149,380 1,147,281 Maximum Debt Service Collection
Prepaid Bond Collection 32,650 0 0 Prepaid Bond Collection
Total Revenues $ 1,201,159 $ 1,149,380 $ 1,147,381
EXPENDITURES
Principal Payments 525,000 545,000 565,000 Principal Payment Due In 2019
Interest Payments 634,766 600,460 575,438 Interest Payments Due In 2019
A-1 Bond Redemption 100,000 3,920 6,943 Estimated Excess Debt Collections
Total Expenditures $ 1,259,766 $ 1,149,380 $ 1,147,381
Excess/(Shortfall) $ (58,607) $ - $ -
Series 2015 Bond Refunding Information
Original Par Amount= $16,280,000 Annual Principal Payments Due= May 1st
Interest Rate= 3.98% Annual Interest Payments Due= May 1st& November 1st
Issue Date= October 2015
Maturity Date= May 2036
Par Amount As Of 1/1/18 = $15,090,000
4/19/2018 12:09 PM I I I
DETAILED PROPOSED 2018 LOAN DEBT SERVICE FUND BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2018/2019
OCTOBER 1, 2018-SEPTEMBER 30, 2019
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2016/2017 2017/2018 2018/2019
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income 0 0 0 Projected Interest For 2018/2019
NAV Assessment Collection 0 0 301,117 Maximum Debt Service Collection
Total Revenues $ - $ - $ 301,117
EXPENDITURES
Principal Payments 0 0 128,112 Principal Payment Due In 2019
Interest Payments 0 0 173,005 Interest Payments Due In 2019
2018 Loan Redemption 0 0 0 Estimated Excess Debt Collections
Total Expenditures $ - $ - $ 301,117
Excess/(Shortfall) $ - $ - $ -
Draft Budgeted Projected Loan Amount: $3,500,000
Note: This is an estimated maximum loan amount
and is subject to approval by the Board of Supervisors.
If Debt Assessments to secure the Loan are not approved,
all incurred costs, which will not exceed $650,000,
will be assessed as an Operations and Maintenance
(O&M) Assessment, to be assessed to all landowners.
Series 2018 Loan Information
Estimated Original Par Amount= $3,500,000 Annual Principal Payments Due= November 1st
Interest Rate= 3.05% Annual Interest Payments Due= May 1st&November 1st
Issue Date= April 2018
Maturity Date= November 2033
4/19/2018 12:20 PM IV
/
QUARRY COMMUNITY DEVELOPMENT DISTRICT
ASSESSMENT COMPARISON
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal YearFiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Fis2al Year Fiscal Year
2017/2018 2017/2018 2017/2018 2017/2018 2017/2018 2017/2018 2017/2018
2017/2018 Total 2018/2019 2018/2019 2018/2019 2018/2019 2018/2019 2018/2019 2018/2019
Lot Type it of Units 2018/2019 Total
O&M Bond Debt Loan Debt Total Total Total Bond Total Loan Assessments O&M Bond Debt Loan Debt Total Total Total Bond Total Loan Assessments
Assessment Assessment Assessment Assessment 0&M Debt Debt Assessment Assessment Assessment Assessment 0&M Debt Debt
Coach Homes
26 116.45 $1,502.21 $0.00 $1,618.66 $3,027.70 $39,057.46 $0.00 $42,085.16 166.45 $1,502.21 $207.20 $1,875.86 $4,327.70 $39,057.46 $5,387.20 $48,772.36
19 116.45 $1,550.66 $0.00 $1,667.11 $2,212.55 $29,462.54 $0.00 $31,675.09 166.45 $1,550.66 $207.20 $1,924.31 $3,162.55 $29,462.54 $3,936.80 536,561.89
3 116.45 $1,792.95 $0.00 $1,909.40 $349.35 $5,378.85 $0.00 $5,728.20 166.45 $1,792.95 $207.20 $2,166.60 $499.35 $5,378.85 $621.60 $6,499.80
37 116.45 $2,035.24 $0.00 $2,151.69 $4,308.65 $75,303.88 $0.00 $79,612.53 166.45 $2,035.24 $207.20 $2,408.89 $6,158.65 $75,303.88 $7,666.40 $89,128.93
1 116.45 $2,083.70 $0.00 $2,200.15 $116.45 $2,083.70 $0.00 $2,200.15 166.45 $2,083.70 $207.20 $2,457.35 $166.45 $2,083.70 $207.20 $2,457.35
30 116.45 $2,277.53 $0.00 $2,393.98 $3,493.50 $68,325.90 $0.00 $71,819.40 166.45 $2,277.53 $207.20 $2,651.18 $4,993.50 $68,325.90 $6,216.00 $79,535.40
96 116.45 $620.26 $0.00 $736.71 $11,179.20 $59,544.96 $0.00 $70,724.16 166.45 $620.26 $207.20 $993.91 $15,979.20 $59,544.96 $19,891.20 $95,415.36
Lux Coach Homes
26 116.45 $1,696.03 $0.00 $1,812.48 $3,027.70 $44,096.78 $0.00 $47,124.48 166.45 $1,696.03 $245.00 $2,107.48 $4,327.70 $44,096.78 $6,370.00 $54,794.48
20 116.45 $1,841.41 $0.00 $1,957.86 $2,329.00 $36,828.20 $0.00 $39,157.20 166.45 $1,841.41 $245.00 $2,252.86 $3,329.00 $36,828.20 $4,900.00 $45,057.20
18 116.45 $2,325.99 $0.00 $2,442.44 $2,096.10 $41,867.82 $0.00 $43,963.92 166.45 $2,325.99 $245.00 $2,737.44 $2,996.10 $41,867.82 $4,410.00 $49,273.92
Single Family Homes('55)
43 116.45 $1,502.21 $0.00 $1,618.66 $5,007.35 $64,595.03 $0.00 $69,602.38 166.45 $1,502.21 $274.40 $1,943.06 $7,157.35 $64,595.03 $11,799.20 $83,551.58
13 116.45 $1,550.66 $0.00 $1,667.11 $1,513.85 $20,158.58 $0.00 $21,672.43 166.45 $1,550.66 $274.40 $1,991.51 $2,163.85 $20,158.58 $3,567.20 $25,889.63
3 116.45 $1,792.95 $0.00 $1,909.40 $349.35 $5,378.85 $0.00 $5,728.20 166.45 $1,792.95 $274.40 $2,233.80 $499.35 $5,378.85 $823.20 $6,701.40
4 116.45 $2,035.24 $0.00 $2,151.69 $465.80 $8,140.96 $0.00 $8,606.76 166.45 $2,035.24 $274.40 $2,476.09 $665.80 $8,140.96 $1,097.60 $9,904.36
74 116.45 $765.64 $0.00 $882.09 $8,617.30 $56,657.36 $0.00 $65,274.66 166.45 $765.64 $274.40 $1,206.49 $12,317.30 $56,657.36 $20,305.60 $89,280.26
Single Family Homes('67)
9 116.45 $1,696.03 $0.00 $1,812.48 $1,048.05 $15,264.27 $0.00 $16,312.32 166.45 51,696.03 $343.00 $2,205.48 $1,498.05 $15,264.27 $3,087.00 $19,849.32
10 116.45 $1,986.79 $0.00 $2,103.24 $1,164.50 $19,867.90 $0.00 $21,032.40 166.45 $1,986.79 $343.00 $2,49624 $1,664.50 $19,867.90 $3,430.00 $24,962.40
1 116.45 $2,083.70 $0.00 $2,200.15 $116.45 $2,083.70 $0.00 $2,200.15 166.45 $2,083.70 $343.00 $2,593.15 $166.45 $2,083.70 $343.00 $2,593.15
20 116.45 $2,229.08 $0.00 $2,345.53 $2,329.00 $44,581.60 $0.00 $46,910.60 166.45 $2,229.08 $343.00 $2,738.53 $3,329.00 $44,581.60 $6,860.00 $54,770.60
2 116.45 $2,325.99 $0.00 $2,442.44 $232.90 $4,651.98 $0.00 $4,884.88 166.45 $2,325.99 $343.00 $2,835.44 $332.90 $4,651.98 $686.00 $5,670.88
12 116.45 $2,471.37 $0.00 $2,587.82 $1,397.40 $29,656.44 $0.00 $31,053.84 166.45 $2,471.37 $343.00 $2,980.82 $1,997.40 $29,656.44 $4,116.00 $35,769.84
111 116.45 $843.17 $0.00 $959.62 $12,925.95 $93,591.87 $0.00 $106,517.82 166.45 $843.17 $343.00 $1,352.62 $18,475.95 $93,591.87 $38,073.00 $150,140.82
Single Family Homes('75)
22 116.45 $1,792.95 $0.00 $1,909.40 $2,561.90 $39,444.90 $0.00 $42,006.80 166.45 $1,792.95 $457.80 $2,417.20 $3,661.90 $39,444.90 $10,071.60 $53,178.40
12 116.45 $2,083.70 $0.00 $2,200.15 $1,397.40 $25,004.40 $0.00 $26,401.80 166.45 $2,083.70 $457.80 $2,707.95 $1,997.40 $25,004.40 $5,493.60 $32,495.40
1 116.45 $2,180.61 $0.00 $2,297.06 $116.45 52,180.61 $0.00 $2,297.06 166.45 $2,180.61 $457.80 $2,804.86 $166.45 $2,180.61 $457.80 $2,804.86
39 116.45 $2,325.99 $0.00 $2,442.44 $4,541.55 $90,713.61 $0.00 $95,255.16 166.45 $2,325.99 $457.80 $2,950.24 $6,491.55 $90,713.61 $17,854.20 $115,059.36
8 116.45 $2,229.08 $0.00 $2,345.53 $931.60 $17,832.64 $0.00 $18,764.24 166.45 $2,229.08 $457.80 $2,853.33 $1,331.60 $17,832.64 $3,662.40 $22,826.64
2 116.45 $2,422.91 $0.00 $2,539.36 $232.90 $4,845.82 $0.00 $5,078.72 166.45 $2,422.91 $457.80 $3,047.16 $332.90 $4,845.82 5915.60 $6,094.32
1 116.45 $3,876.65 $0.00 $3,993.10 $116.45 $3,876.65 $0.00 $3,993.10 166.45 $3,876.65 $457.80 $4,500.90 $166.45 $3,876.65 $457.80 $4,500.90
186 116.45 $998.23 $0.00 $1,114.68 $21,659.70 $185,670.78 $0.00 $207,330.48 166.45 $998.23 $457.80 $1,622.48 $30,959.70 $185,670.78 585,150.80 $301,781.28
Single Family Homes('90)
10 116.45 $2,665.20 $0.00 $2,781.65 $1,164.50 $26,652.00 $0.00 $27,816.50 166.45 $2,665.20 $684.60 $3,516.25 $1,664.50 $26,652.00 $6,846.00 $35,162.50
8 116.45 $3,876.65 $0.00 $3,993.10 $931.60 $31,013.20 $0.00 $31,944.80 166.45 $3,876.65 5684.60 $4,727.70 $1,331.60 $31,013.20 $5,476.80 $37,821.60
1 116.45 $4,118.94 $0.00 $4,235.39 $116.45 $4,118.94 $0.00 $4,235.39 166.45 $4,118.94 $684.60 $4,969.99 $166.45 $4,118.94 $684.60 $4,969.99
32 116.45 $1,918.94 $0.00 $2,035.39 $3,726.40 $61,406.08 $0.00 $65,132.48 166.45 $1,918.94 $684.60 $2,769.99 $5,326.40 $61,406.08 $21,907.20 $88,639.68
2018 Loan Only
Club House $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6,379.80 $6,379.80 $0.00 $0.00 $6,379.80 $6,379.80
Beach Club $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6,379.80 $6,379.80 $0.00 $0.00 $6,379.80 $6,379.80
900 $104,805.00 $1,259,338.26 $0.00 $1,364,143.26 $149,805.00 $1,259,338.26 $325,532.20 $1,734,675.46
Less Eleven Bond Prepayers* 16 766.49 3j19 illi $J. 03,t1
$1,242,571.77 $1,347,376.77 $1,240,303.92 $1,715,641.12
*-Bond Prepayers
Six 75'Single Familys Draft Budgeted Projected Loan Amount: $3,500,000
Three 90'Single Familys Note: This is an estimated maximum loan amount
One 55'Single Familys and is subject to approval by the Board of Supervisors.
One Coach Home If Debt Assessments to secure the Loan are not approved,
Ten Bond Prepayers As Of 2016-2017-675'-390'-155' all incurred costs, which will not exceed $650,000,
One New Bond Prepayer In 2017-2018-Coach Home will be assessed as an Operations and Maintenance
(O&M)Assessment,to be assessed to all landowners.
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