FY19/20 Proposed Budget VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
do Special District Services, Inc.
2501 Bums Road, Suite A
Palm Beach Gardens, Florida 33410
(561)630-4922
Fax: (561) 630-4923
April 19,2019
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 2019/2020 Budget(Oct. 1,2019—Sept.30,2020)
If you have any questions or comments,please contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
/ I,
Laura J. Ar er
Enclosure
Verona Walk
Community Development District
Proposed Budget For
Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020
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 2019/2020
OCTOBER 1,2019-SEPTEMBER 30,2020
FISCAL YEAR FISCAL YEAR FISCAL YEAR
201712018 2018/2019 2019/2020
REVENUES ACTUAL BUDGET BUDGET COMMENTS
O&M ASSESSMENTS 311,764 311,297 311,297 Expenditures Less Interest&Carryover/.925
DEBT ASSESSMENTS-SERIES 2013 520,265 518,105 518,105 Bond Payments/.925
DEBT ASSESSMENTS-SERIES 2018 688,808 583,256 583,256 Bond Payments/.925
OTHER REVENUES 0 0 0
INTEREST INCOME 674 420 480 Interest Projected At$40 Per Month
TOTAL REVENUES $ 1,521,511 $ 1,413,078 $ 1,413,138
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 33,562 38000 38,000 No Change From 2018/2019 Budget
VEHICLE-INSURANCE 563 1,000 1,000 No Change From 2018/2019 Budget
VEHICLE-EQUIPMENT(SMALL TOOLS) 0 1,545 1,545 No Change From 2018/2019 Budget
VEHICLE-GAS&MAINTENANCE 331 4,160 3,000$1,160 Decrease From 2018/2019 Budget
LAKE SPRAYING(CLARK) 58,700 65,000 72,500$7,500 Increase From 2018/2019 Budget
LAKE WATER QUALITY TESTING(BENCHMARK) 4,104 6,000 6,000 Lake Water Quality Testing(Benchmark)
LAKE LITTORAL&LAKE BANK PLANTINGS 4,100 20,000 12,500$7,500 Decrease From 2018/2019 Budget
OUTFALL PIPE&STRUCTURE INSPECTION&CLEANING 0 5,000 5,000 Outfall Pipe&Structure Inspection&Cleaning
STORM PIPE&EROSION REPAIRS 37,981 50,000 50,000 Storm Pipe&Erosion Repairs
DREDGING 0 3,640 1,000 Maintenance Mowing&Dredging
MISCELLANEOUS MAINTENANCE 2,820 0 1,000 Miscellaneous Maintenance
TOTAL MAINTENANCE EXPENDITURES $ 140,181 ,3 194,345,$ 191,545
ADMINISTRATIVE EXPENDITURES
SUPERVISOR FEES 1,200 4,000 3,000 Supervisor Fees
PAYROLL TAXES(EMPLOYER) 92 320 240 8%Of Supervisor Fees
ENGINEERING 5,322 17,500 15,500$2,000 Decrease From 2018/2019 Budget
MANAGEMENT 43,512 44,424 45,264 CPI Adjustment
SECRETARIAL 4,200 4,200 4,200 No Change From 2018/2019 Budget
LEGAL 11,183 17,500 17,000 20182019 Expenditures Through Jan 2019 Were$1,882
ASSESSMENT ROLL 10,000 10,000 10,000 As Per Contract
AUDIT FEES3,400 3,5001 3,800 Accepted Amount For 2018/2019 Audit
ARBITRAGE REBATE FEE-SERIES 2013 650 650 650 No Change From 2018/2019 Budget
ARBITRAGE REBATE FEE-SERIES 2018 850 650 650 No Change From 2018/2019 Budget
INSURANCE 5,925 6,518 6,518 Insurance Estimate
LEGAL ADVERTISING 2,604 2,000 1,800 Expenditures Were Higher In 17/18 Due To Refunding
MISCELLANEOUS/CONTINGENCY 1,654 2,500 2,500 No Change From 2018/2019 Budget
POSTAGE 1,825 800 800 Expenditures Were Higher In 17/18 Due To Refunding
OFFICE SUPPLIES 2,906 1,200 1,200 Expenditures Were Higher In 17/18 Due To Refunding
DUES&SUBSCRIPTIONS 175 175 175 No Change From 2018/2019 Budget
WEBSITE MANAGEMENT 1,500 1,500 2,000$500 Increase From 2018/2019 Budget
TRUSTEE FEES-SERIES 2013 4,300 4,730 4,730 Trustee(US Bark)Increased Fees In 20182019
TRUSTEE FEES-SERIES 2018 3,715 4,100 4,100 Trustee(US Bank)Increased Fees In 2018/2019
CONTINUING DISCLOSURE FEE-SERIES 2013 1,000 1,000 1,000 No Change From 2018/2019 Budget
CONTINUING DISCLOSURE FEE-SERIES 2018 1,000 1,000 1,000 No Change From 2018/2019 Budget
TOTAL ADMINISTRATIVE EXPENDITURES $ 106,793 $ 128,267 $ 125,927
TOTAL EXPENDITURES 3 248,954 $ 322,612, $ 317,472
REVENUES LESS EXPENDITURES $ 1,274,567 $ 1,090,466 3 1,095,666
BOND PAYMENTS(SERIES 2013) (487,423) (479,247) (479,247)2019 P&I Payments
BOND PAYMENTS(SERIES 2018) (845,319) (539,512) (539,512)2019 P&I Payments
BALANCE $ 141,815 $ 71,707 ,$ 76,907
COUNTY APPRAISER&TAX COLLECTOR ADMINISTRATIVE COSTS (20,816) (48,737) (48,737)Three And One Half Percent Of Total Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS (56,707) (57,212) (57,212)Four Percent Of Total Assessment Roll
EXCESS/(SHORTFALL) $ 64,492 3 (34,242) $ (29,042)
CARRYOVER FROM PRIOR YEAR 0 34,242 29,042 Carryover From Prior Year
NET EXCESS/(SHORTFALL) $ 64,492 3 - $ -
Note:Projected Available Funds Balance As Of 9-30-19 is$420,00C
4/182019 411 PM I
DETAILED PROPOSED BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2019/2020
OCTOBER 1,2019-SEPTEMBER 30,2020
I
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2017/2018 2018/2019 2019/2020
REVENUES ACTUAL BUDGET BUDGET COMMENTS
O&M ASSESSMENTS 311,764 311,297 311,297 Expenditures Less Interest&Carryover/.925
DEBT ASSESSMENTS-SERIES 2013 520,265 518,105 518,105 Bond Payments/.925
DEBT ASSESSMENTS-SERIES 2018 688,808 583,256 583,256 Bond Payments/.925
OTHER REVENUES 0 0 0
INTEREST INCOME 674 420 480 Interest Projected At$40 Per Month
TOTAL REVENUES $ 1,521,511 $ 1,413,078 $ 1,413,138
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 33,562 38,000 38,000 No Change From 2018/2019 Budget
VEHICLE-INSURANCE 563 1,000 1,000 No Change From 2018/2019 Budget
VEHICLE-EQUIPMENT(SMALL TOOLS) 0 1,545 1,545 No Change From 2018/2019 Budget
VEHICLE-GAS&MAINTENANCE 331 4,160 3,000$1,160 Decrease From 2018/2019 Budget
LAKE SPRAYING(CLARK) 56,700 65,000 72,500$7,500 Increase From 2018/2019 Budget
LAKE WATER QUALITY TESTING(BENCHMARK) 4,104 6,000 6,000 Lake Water Quality Testing(Benchmark)
LAKE LITTORAL&LAKE BANK PLANTINGS 4,100 20,000 12,500$7,500 Decrease From 2018/2019 Budget
OUTFALL PIPE&STRUCTURE INSPECTION&CLEANING 0 5,000 5,000 Outfall Pipe&Structure Inspection&Cleaning
STORM PIPE&EROSION REPAIRS 37,981 50,000 50,000 Storm Pipe&Erosion Repairs
DREDGING 0 3,640 1,000 Maintenance Mowing&Dredging
MISCELLANEOUS MAINTENANCE 2,820 0 1,000 Miscellaneous Maintenance
TOTAL MAINTENANCE EXPENDITURES $ 140,161 $ 194,345 $ 191,545
ADMINISTRATIVE EXPENDITURES
SUPERVISOR FEES 1,200 4,000 3,000 Supervisor Fees
PAYROLL TAXES(EMPLOYER) 92 320 240 8%Of Supervisor Fees
ENGINEERING 5,322 17,500 15,500$2,000 Decrease From 2018/2019 Budget
MANAGEMENT 43,512 44,424 45,284 CPI Adjustment
SECRETARIAL 4,200 4,200 4,200 No Change From 2018/2019 Budget
LEGAL 11,163 17,500 17,000 2018/2019 Expenditures Through Jan 2019 Were$1,882
ASSESSMENT ROLL 10,000 10,000 10,000 As Per Contract
AUDIT FEES 3,400 3,500 3,600 Accepted Amount For 2018/2019 Audit
• ARBITRAGE REBATE FEE-SERIES 2013 650 650 650 No Change From 2018/2019 Budget
ARBITRAGE REBATE FEE-SERIES 2018 650 650 650 No Change From 2018/2019 Budget
INSURANCE 5,925, 6,518 8,518 Insurance Estimate
LEGAL ADVERTISING 2,604 2,000 1,800 Expenditures Were Higher In 17/18 Due To Refunding
MISCELLANEOUS/CONTINGENCY 1,654 2,500 2,500 No Change From 2018/2019 Budget
POSTAGE 1,825 800 800 Expenditures Were Higher In 17/18 Due To Refunding
OFFICE SUPPLIES 2,906 1,200 1,200 Expenditures Were Higher In 17118 Due To Refunding
DUES&SUBSCRIPTIONS 175 175 175 No Change From 2018/2019 Budget
WEBSITE MANAGEMENT 1,500 1,500 2,000$500 Increase From 2018/2019 Budget
TRUSTEE FEES-SERIES 2013 4,300 4,730 4,730 Trustee(US Bank)Increased Fees In 2018/2019
TRUSTEE FEES-SERIES 2018 3,715 4,100 4,100 Trustee(US Bank)Increased Fees In 201812019
CONTINUING DISCLOSURE FEE-SERIES 2013 1,000 1,000 1,000 No Change From 2018/2019 Budget
CONTINUING DISCLOSURE FEE-SERIES 2018 1,000 1,000 1,000 No Change From 2018/2019 Budget
TOTAL ADMINISTRATIVE EXPENDITURES $ 106,793 $ 128,267 $ 125,927
TOTAL EXPENDITURES $ 246,954 $ 322,612 $ 317,472
REVENUES LESS EXPENDITURES $ 1,274,557 $ 1,090,466 $ 1,095,666
BOND PAYMENTS(SERIES 2013) (487,423) (479,247) (479,247)2019 P&I Payments
BOND PAYMENTS(SERIES 2018) (645,319) (539,512) (539,512)2019 P&I Payments
BALANCE $ 141,815 $ 71,707 $ 76907
COUNTY APPRAISER&TAX COLLECTOR ADMINISTRATIVE COSTS (20,618) (48,737) (48,737)Three And One Half Percent Of Total Assessment RoN
DISCOUNTS FOR EARLY PAYMENTS (56,707) (57,212), (57,212)Four Percent Of Total Assessment Roll
EXCESS/(SHORTFALL) $ 84,492 $ (34,242) $ (29,042)
CARRYOVER FROM PRIOR YEAR 0 34,242 29,042 Carryover From Prior Year
NET EXCESS/(SHORTFALL) $ 64,492 8 - $ -
Note:Projected Available Funds Balance As Of 9-30-19 is$420,000
II
4/18/2019 4:51 PM
DETAILED PROPOSED DEBT SERVICE (SERIES 2013) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2019/2020
OCTOBER 1,2019-SEPTEMBER 30,2020
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2017/2018 2018/2019 2019/2020
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income 5,018 100 150 Projected Interest For 2019/2020
NAV Collection 487,423 479,247 479,247 Maximum Debt Service Collection
Prepaid Bond Collection 24,184 0 0 Prepaid Bond Collection
Total Revenues $ 516,625 $ 479,347 $ 479,397
EXPENDITURES
Principal Payments(2013A-1) 220,000 220,000 230,000 Principal Payment Due In 2020
Principal Payments(2013A-2) 25,000 25,000 25,000 Principal Payment Due In 2020
Interest Payments(2013A-1) 223,326 214,156 205.931 Interest Payments Due In 2020
I
Interest Payments(2013A-2) 17,750 16,063 14,938 Interest Payments Due In 2020
Bond Redemption 30,000 4,128 3,528 Estimated Excess Debt Collections
Total Expenditures $ 516,076 $ 479,347 $ 479,397
I
Excess/(Shortfall) $ 549 $ - $ -
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 1/1/19= $5,300,000
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 1/1/19= $345,000
III
4/180019 4:51 PM
DETAILED PROPOSED DEBT SERVICE (SERIES 2018) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2019/2020
OCTOBER 1, 2019-SEPTEMBER 30,2020
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2017/2018 2018/2019 2019/2020
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income 621 100 150 Projected Interest For 2019/2020
NAV Collection 645,319 539,512 539,512 Maximum Debt Service Collection
Prepaid Bond Collection 0 0 0 Prepaid Bond Collection
Total Revenues $ 645,940 $ 539,612 $ 539,662
EXPENDITURES
Principal Payments 225,000 297,000 307,000 Principal Payment Due In 2020
Interest Payments 411,322 241,101 231,286 Interest Payments Due In 2020
Bond Redemption 0 1,511 1,376 Estimated Excess Debt Collections
Total Expenditures $ 636,322 $ 539,612 $ 539,662
Excess/(Shortfall) $ 9,618 $ - $ -
Series 2018 Bond Refunding Information
Original Par Amount= $7,677,000 Annual Principal Payments Due= May 1st
Interest Rate= 3.25%-5.375% Annual Interest Payments Due= May 1st&November 1st
Issue Date= March 2018
Maturity Date= May 2037
Par Amount As Of 1/1/19= $7,567,000
4/182019 4:51 PM IV
Verona Walk Community Development District
Assessment Comparison
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Lot 2015/2018 2016/2017 2017/2018 2018/2019 2019/2020
Size Assessment' Assessment* Assessment Assessment Projected Assessment'
phase One
Townhome 26' O&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Cayman DAS $ 540.00 $ 540.00 $ 540.00 S 540.00 $ 640.00
Total $ 702.13 $ 702.13 5 702.13 $ 702.13 $ 702.13
Duplex 36' O&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 132.13
Capri/Carrington Q $ 540.00 $ 540.00 $ 540.00 $ 540.00 $ 640.00
Total $ 702.13 $ 702.13 $ 702.13 $ 70213 $ 702.13
Single Family 50' 0&M 8 162.13 $ 162.13 $ 182.13 $ 162.13 $ 162.13
Oakmont j20.1 $ 635.00 $ 635.00 $ 835.00 $ 635.00 $ 635.00
Total $ 797.13 $ 797.13 $ 797.13 $ 797.13 $ 797.13
Sktgle Family 60 0&M $ 162.13 $ 16213 $ 162.13 $ 16213 $ 162.13
Carlyle Ret $ 730.00 $ 730.00 $ 730.00 $ 730.00 $ 730.00
Total $ 892.13 $ 892.13 $ 892.13 1 892.13 $ 892.13
phase Twq
Duplex 36'/SF 40' O&M $ 162.13 $ 18213 $ 162.13 $ 162.13 $ 162.13
Capri/Carrington Qat $ 600.00 $ 800.00 $ 600.00 $ 511.00 $ 811.00
Total $ 762.13 $ 762.13 $ 782.13 $ 873.13 $ 873.13
Single Family 40 O&M 9 162.13 $ 162.13 $ 16213 $ 162.13 $ 162.13
Garden 2141 $ 678.00 $ 678.00 $ 678.00 S 577.00 1 677.00
Total $ 840.13 $ 840.13 $ 840.13 1 739.13 $ 739.13
Single Family 50 0&M $ 162.13 $ 162.13 $ 162.13 $ 182.13 $ 182.13
Oakmont 20 $ 708.00 $ 708.00 $ 708.00 S 601.00 $ 601.00
Total $ 868.13 $ 868.13 3 868.13 $ 763.13 $ 763.13
Single Family 60 O&M $ 182,13 3 162.13 $ 182.13 S 162.13 $ 111213
Carlyle PADS $ 812.00 $ 812.00 $ 812.00 $ 691.00 $ 691.00
Total $ 974.13 $ 974.13 $ 974.13 $ 853.13 $ 863.13
Single Family 65' 0 8 M S 162.13 S 16213 $ 182.13 $ 162.13 $ 132.13
Estate ROCS S 892.00 $ 892.00 $ 892.00 $ 759.00 S 7811.00
Total $ 1,054.13 $ 1,054.13 1 1,054.13 1 921.13 $ 621.13
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
27_ Single Family 60' Carlyle $ 730 Q 1
935 23 34
Phase 11 Maximum Annual Lot Disclosure
No.of Units Type Front Footage Name Debt Assessment Bond Prepayments Differential Prepayment**
443 Duplex/SF 36740' Capri/Carrington $ 511 7 -4
58 Duplex 40' Garden $ 577 0 4
325 SF 50' Oakmont $ 601 6 0
161 SF 60765' Carlyle $ 691 0 0
912 SF 65' Estate $ 759 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 was$678-now$577.
••Developer made Bond Prepayment in November 2014 for 4 lot disclosure differential(4 40'disclosed at 36740'rate)
Total Lots Assessed For O&M 1920
V
4118/2019 4:51 PAA