FY18/19 Proposed Budget VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
c/o Special District Services, Inc.
2501 Burns Road, Suite A
Palm Beach Gardens, Florida 33410 1518 ,, ,
(561) 630-4922 2 3 P�t12: 0 7
Fax: (561) 630-4923
May 18, 2018
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 2018/2019 Budget (Oct. 1, 2018—Sept. 30, 2019)
If you have any questions or comments, please contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
Laura J. Archer
Enclosure
Verona Walk
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 (SERIES 2013)
IV DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2018)
V ASSESSMENT COMPARISON
PROPOSED BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2018/2019
OCTOBER 1, 2018-SEPTEMBER 30,2019
FISCAL YEAR
2018/2019
REVENUES BUDGET
O&M ASSESSMENTS 311,297
DEBT ASSESSMENTS-SERIES 2013 518,105
DEBT ASSESSMENTS-SERIES 2018 582,926
OTHER REVENUES 0
INTEREST INCOME 420
TOTAL REVENUES $ 1,412,748
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 38,000
VEHICLE-INSURANCE 1,000
VEHICLE-EQUIPMENT(SMALL TOOLS) 1,545
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 17,500
MANAGEMENT 44,424
SECRETARIAL 4,200
LEGAL 17,500,
ASSESSMENT ROLL 10,000
AUDIT FEES 3,500
ARBITRAGE REBATE FEE-SERIES 2013 650
ARBITRAGE REBATE FEE-SERIES 2018 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 2013 4,730
TRUSTEE FEES-SERIES 2018 4,100
CONTINUING DISCLOSURE FEE-SERIES 2013 1,000
CONTINUING DISCLOSURE FEE-SERIES 2018 1,000
TOTAL ADMINISTRATIVE EXPENDITURES $ 128,267
TOTAL EXPENDITURES $ 322,612
REVENUES LESS EXPENDITURES $ 1,090,136
BOND PAYMENTS(SERIES 2013) (479,247)
BOND PAYMENTS(SERIES 2018) (539,207)
BALANCE $ 71,682
COUNTY APPRAISER&TAX COLLECTOR ADMINISTRATIVE COSTS (48,725)
DISCOUNTS FOR EARLY PAYMENTS (57,199)
EXCESS/(SHORTFALL) $ (34,242)
CARRYOVER FROM PRIOR YEAR 34,242
NET EXCESS/(SHORTFALL) $ -
Note:Projected Available Funds Balance As Of 9-30-18 is$350,000
5/10/2018 10:35 AM
DETAILED PROPOSED BUDGET
VERONA WALK 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
O&M ASSESSMENTS 311,958 311,297 311,297 Expenditures Less Interest&Carryover/.925
DEBT ASSESSMENTS-SERIES 2013 520,265 520,265 518,105 Bond Payments/.925
DEBT ASSESSMENTS-SERIES 2018 688,808 688,808 582,926 Bond Payments/.925
OTHER REVENUES 505 0 0
INTEREST INCOME 543 420 420 Interest Projected At$35 Per Month
TOTAL REVENUES $ 1,522,079 $ 1,520,790 $ 1,412,748
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 34,613 38,000 38,000 No Change From 2017/2018 Budget
VEHICLE-INSURANCE 0 1,000 1,000 No Change From 2017/2018 Budget
VEHICLE-EQUIPMENT(SMALL TOOLS) 0 1,545 1,545 No Change From 2017/2018 Budget
VEHICLE-GAS&MAINTENANCE 451 4,160 4,160$80 Per Week
LAKE SPRAYING(CLARK) 56,700 65,000 65,000 Lake Spraying(Clark)
LAKE WATER QUALITY TESTING(BENCHMARK) 4,600 6,000 6,000 Lake Water Quality Testing(Benchmark)
LAKE LITTORAL&LAKE BANK PLANTINGS 2,000 20,000 20,000 Lake Littoral&Lake Bank Plantings
OUTFALL PIPE&STRUCTURE INSPECTION&CLEANING 0 5,000 5,000 Outfall Pipe&Structure Inspection&Cleaning
STORM PIPE&EROSION REPAIRS 0 50,000 50,000 Storm Pipe&Erosion Repairs
DREDGING 0 3,640 3,640 Maintenance Mowing&Dredging
TOTAL MAINTENANCE EXPENDITURES $ 98,364 $ 194,345 $ 194,345
ADMINISTRATIVE EXPENDITURES
SUPERVISOR FEES 1,200 4,000 4,000 Supervisor Fees
PAYROLL TAXES(EMPLOYER) 92 320 320 8%Of Supervisor Fees
ENGINEERING 10,102 20,000 17,500$2,500 Decrease From 2017/2018 Budget
MANAGEMENT 42,624 43,512 44,424 CPI Adjustment
SECRETARIAL 4,200 4,200 4,200 No Change From 2017/2018 Budget
LEGAL 20,850 17,500 17,500 2016/2017 Expenditures Through Feb 2018 Were$6,353
ASSESSMENT ROLL 10,000 10,000 10,000 As Per Contract
AUDIT FEES 3,400 3,400 3,500 Accepted Amount For 2017/2018 Audit
ARBITRAGE REBATE FEE-SERIES 2013 650 650 650 No Change From 2017/2018 Budget
ARBITRAGE REBATE FEE-SERIES 2018 650 650 650 No Change From 2017/2018 Budget
INSURANCE 5,925 6,518 6,518 Insurance Company Estimate
LEGAL ADVERTISING 2,171 2,000 2,000 No Change From 2017/2018 Budget
MISCELLANEOUS/CONTINGENCY 1,537 2,500 2,500 No Change From 2017/2018 Budget
POSTAGE 463 800 800 No Change From 2017/2018 Budget
OFFICE SUPPLIES 1,144 1,200 1,200 No Change From 2017/2018 Budget
DUES&SUBSCRIPTIONS 175 175 175 No Change From 2017/2018 Budget
WEBSITE MANAGEMENT 1,500 1,500 1,500 No Change From 2017/2018 Budget
TRUSTEE FEES-SERIES 2013 4,300 4,300 4,730 Trustee(US Bank)Increasing Fees In 2018/2019
TRUSTEE FEES-SERIES 2018 3,715 3,800 4,100 Trustee(US Bank)Increasing Fees In 2018/2019
CONTINUING DISCLOSURE FEE-SERIES 2013 1,000 1,000 1,000 No Change From 2017/2018 Budget
CONTINUING DISCLOSURE FEE-SERIES 2018 1,000 1,000 1,000 No Change From 2017/2018 Budget
TOTAL ADMINISTRATIVE EXPENDITURES $ 116,698 $ 129,025 $ 128,267
TOTAL EXPENDITURES $ 215,062 $ 323,370 $ 322,612
REVENUES LESS EXPENDITURES $ 1,307,017 $ 1,197,420 $ 1,090,136
BOND PAYMENTS(SERIES 2013) (486,245) (481,245) (479,247)2019 P&I Payments
BOND PAYMENTS(SERIES 2018) (643,647) (637,147) (539,207)2019 P&I Payments
BALANCE $ 177,125 $ 79,028 $ 71,682
COUNTY APPRAISER 8,TAX COLLECTOR ADMINISTRATIVE COSTS (42,478) (52,453) (48,725)Three And One Half Percent Of Total Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS (56,429) (61,575) (57,199)Four Percent Of Total Assessment Roll
EXCESS/(SHORTFALL) $ 78,218 $ (35,000) $ (34,242)
CARRYOVER FROM PRIOR YEAR 0 35,000 34,242 Carryover From Prior Year
NET EXCESS/(SHORTFALL) $ 78,218 $ - $ -
Note:Projected Available Funds Balance As Of 9-30-18 is$350,000
5/10/2018 10:35 AM II
DETAILED PROPOSED DEBT SERVICE (SERIES 2013) FUND BUDGET
VERONA WALK 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 1,246 50 100 Projected Interest For 2018/2019
NAV Collection 486,245 481,245 479,247 Maximum Debt Service Collection
Prepaid Bond Collection 0 0 0 Prepaid Bond Collection
Total Revenues $ 487,491 $ 481,295 $ 479,347
EXPENDITURES
Principal Payments(2013A-1) 215,000 220,000 220,000 Principal Payment Due In 2019
Principal Payments(2013A-2) 15,000 15,000 25,000 Principal Payment Due In 2019
Interest Payments(2013A-1) 228,706 222,866 214,156 Interest Payments Due In 2019
Interest Payments(2013A-2) 18,425 17,713 16,063 Interest Payments Due In 2019
Bond Redemption 15,000 5,716 4,128 Estimated Excess Debt Collections
Total Expenditures $ 492,131 $ 481,295 $ 479,347
Excess/(Shortfall) $ (4,640) $ - $ -
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
Par Amount As Of 4/1/18= $5,560,000
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
Par Amount As Of 4/1/18= $370,000
5/10/2018 10:35 AM 1 I
Verona Walk Community Development District
Assessment Comparison
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Lot 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019
Size Assessment* Assessment* Assessment* Assessment* Projected Assessment*
Phase One
Townhome 26' O 8 M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Cayman Debt $ 540.00 $ 540.00 $ 540.00 $ 540.00 $ 540.00
Total $ 702.13 $ 702.13 $ 702.13 $ 702.13 $ 702.13
Duplex 36' O&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Capri/Carrington Debt $ 540.00 $ 540.00 $ 540.00 $ 540.00 $ 540.00
Total $ 702.13 $ 702.13 $ 702.13 $ 702.13 $ 702.13
Single Family 50' 0&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Oakmont Debt $ 635.00 $ 635.00 $ 635.00 $ 635.00 $ 635.00
Total $ 797.13 $ 797.13 $ 797.13 $ 797.13 $ 797.13
Single Family 60' 0&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Carlyle Debt $ 730.00 $ 730.00 $ 730.00 $ 730.00 $ 730.00
Total $ 892.13 $ 892.13 $ 892.13 $ 892.13 $ 892.13
Phase Two
Duplex 36'/SF 40' O&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Capri/Carrington Debt $ 600.00 $ 600.00 $ 600.00 $ 600.00 $ 511.00
Total $ 762.13 $ 762.13 $ 762.13 $ 762.13 $ 673.13
Single Family 40' 0&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Garden Debt $ 678.00 $ 678.00 $ 678.00 $ 678.00 $ 577.00
Total $ 840.13 $ 840.13 $ 840.13 $ 840.13 $ 739.13
Single Family 50' 0 8 M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Oakmont Debt $ 706.00 $ 706.00 $ 706.00 $ 706.00 $ 601.00
Total $ 868.13 $ 868.13 $ 868.13 $ 868.13 $ 763.13
Single Family 60' 0&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Carlyle Debt $ 812.00 $ 812.00 $ 812.00 $ 812.00 $ 691.00
Total $ 974.13 $ 974.13 $ 974.13 $ 974.13 $ 853.13
Single Family 65' 0&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Estate Debt $ 892.00 $ 892.00 $ 892.00 $ 892.00 $ 759.00
Total $ 1,054.13 $ 1,054.13 $ 1,054.13 $ 1,054.13 $ 921.13
*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 6 68
350 Duplex 36' Capri/Carrington $ 540 11 0
242 Single Family 50' Oakmont $ 635 6 -35
97 Single Family 60' Carlyle $ 730 0 1
935 I 23 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 5 4
325 SF 50' Oakmont $ 706 6 0
161 SF 60'/65' Carlyle $ 812 0 0
32 SF 65' Estate $ 892 0 0
1019 13 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'/40'rate)
Total Lots Assessed For O&M=1920
5/10/2018 10:35 AM V
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