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FY19/20 Proposed 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 June 5, 2019 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 2019/2020 Fiscal Year Budget(Oct. 1,2019—Sept.30,2020) If you have any questions or comments,please contact our office. Sincerely, SPECIAL DISTRICT SERVICES, INC. // Laura J. • ler Enclosure -v ry FILED 6 401'19 i344Coll ier Co (, uarry 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 2015 BOND DEBT SERVICE FUND BUDGET IV DETAILED PROPOSED 2018 LOAN DEBT SERVICE FUND BUDGET V DETAILED PROPOSED 2019 LOAN DEBT SERVICE FUND BUDGET VI ASSESSMENT COMPARISON PROPOSED BUDGET QUARRY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020 OCTOBER 1,2019-SEPTEMBER 30,2020 FISCAL YEAR 2019/2020 REVENUES BUDGET 0&M ASSESSMENTS 579,497 BOND DEBT ASSESSMENTS 1,239,460 2018 LOAN DEBT ASSESSMENTS 322,804 2019 LOAN DEBT ASSESSMENTS 493,118 INTEREST INCOME 0 TOTAL REVENUES $ 2,634,879 EXPENDITURES SUPERVISOR FEES 12,000 PAYROLL TAXES(EMPLOYER) 960 ENGINEERING 45,000 LAKE MAINTENANCE 140,000 MANAGEMENT 70,000 LEGAL 30,000 LEGAL-LITIGATION(PHASE 1) 150,000 ASSESSMENT ROLL 5,000 AUDIT FEES 5,500 ARBITRAGE REBATE FEE 600 INSURANCE 7,500 LEGAL ADVERTISING 1,400 BANK SERVICE CHARGES 500 MISCELLANEOUS 2,000 POSTAGE 900 OFFICE SUPPLIES 1,000 DUES&SUBSCRIPTIONS 175 TRUSTEE FEES 12,000 WEBSITE MANAGEMENT 1,500 RESERVES 50,000 TOTAL EXPENDITURES $ 536,035 REVENUES LESS EXPENDITURES $ 2,098,844 BOND PAYMENTS (1,146,501) 2018 LOAN PAYMENTS (298,594) 2019 LOAN PAYMENTS (456,134) BALANCE $ 197,615 COUNTY APPRAISER&TAX COLLECTOR FEE (92,879) DISCOUNTS FOR EARLY PAYMENTS (104,736) EXCESS/(SHORTFALL) $ - CARRYOVER FROM PRIOR YEAR 0 NET EXCESS/(SHORTFALL) 522/2019 3:34 PM DETAILED PROPOSED BUDGET QUARRY 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 0&M ASSESSMENTS 105,559 149,801 579,497 Expenditures/.925 BOND DEBT ASSESSMENTS 1,241,808 1,239,460 1,239,460 Payment To Trustee/.925 2018 LOAN DEBT ASSESSMENTS 0 323,010 322,804 Payment To Trustee/.925 2019 LOAN DEBT ASSESSMENTS 0 0 493,118 Payment To Trustee/.925 INTEREST INCOME 0 0 0 No Change From 2019/2020 Budget TOTAL REVENUES $ 1,347,365 $ 1,712.271 $ 2,634,879 EXPENDITURES SUPERVISOR FEES 0 0 12,000 Supervisor Fees PAYROLL TAXES(EMPLOYER) 0 0 980 Protected At 8%Of Supervisor Fees ENGINEERING 26,623 25,000 45,000$20,000 Increase From 2018/2019 Budget LAKE MAINTENANCE 0 0 140,000 Lake Maintenance MANAGEMENT 37,848 38,640 70,000$31,360 Increase From 2018/2019 Budget LEGAL 15,938 14,000 30,000 Fiscal Year 18/19 Expenditures Through February 2019=$9,811 LEGAL-LITIGATION(PHASE 1) 0 0 150,000 Legal-Litigation(Phase 1) ASSESSMENT ROLL 5,000 5,000 5,000 No Change From 2018/2019 Budget AUDIT FEES 4,100 4,300 5,500 Increased Due to 2018 And 2019 Loans ARBITRAGE REBATE FEE 500 600 600 No Change From 2018/2019 Budget INSURANCE 6,829 7,512 7,500 Insurance Estimate LEGAL ADVERTISING 9,163 1,400 1,400 No Change From 2018/2019 Budget BANK SERVICE CHARGES 365 500 500 Bank Fees Charged By Hancock Bank MISCELLANEOUS 2,392 1,500 2,000$500 Increase From 2018/2019 Budget POSTAGE 2,513 650 900$250 Increase From 2018/2019 Budget OFFICE SUPPLIES 4,072 700 1,000$300 Increase From 2018/2019 Budget DUES&SUBSCRIPTIONS 175 175 175 No Change From 2018/2019 Budget TRUSTEE FEES 5,025 9,000 12,000 Trustee Fees For Bond&Loans WEBSITE MANAGEMENT 1,500 1,500 1,500 No Change From 2018/2019 Budget RESERVES 0 28,089 50,000 Contribution to Reserves TOTAL EXPENDITURES $ 122,043 $ 138,566 $ 536,035 REVENUES LESS EXPENDITURES $ 1,225,322 $ 1,573.705 $ 2,098.844 BOND PAYMENTS (1,163,210) (1,146,501) (1,146,501)2020 P&I Payments 2018 LOAN PAYMENTS 0 (298,784) (298,594)2020 P&I Payments 2019 LOAN PAYMENTS 0 - (456,134)2020 P&I Payments BALANCE $ 62,112 $ 128,420 $ 197.615 COUNTY APPRAISER&TAX COLLECTOR FEE (16,496) (60,357) (92,879)3.5 Percent Of Total On Roll Assessment Roll DISCOUNTS FOR EARLY PAYMENTS (49,281) (68,063) (104,736)4 Percent Of Total On Roll Assessment Roll EXCESS/(SHORTFALL) $ (3,665) $ - $ - CARRYOVER FROM PRIOR YEAR 0 0 0 Carryover From Prior Year NET EXCESS/(SHORTFALL) $ (3,665) $ - $ - 5/22/2019 3:34 PM II DETAILED PROPOSED 2015 BOND DEBT SERVICE FUND BUDGET QUARRY 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 2,309 100 100 Projected Interest For 2019/2020 NAV Assessment Collection 1,163,210 1,146,501 1,146,501 Maximum Debt Service Collection Prepaid Bond Collection 36,897 0 0 Prepaid Bond Collection Total Revenues $ 1,202,416 $ 1,146,601 $ 1,146,601 EXPENDITURES Principal Payments 545,000 565,000 590,000 Principal Payment Due In 2020 Interest Payments 610;246 575,438 551,449 Interest Payments Due In 2020 A-1 Bond Redemption 90,000 6,163 5,152 Estimated Excess Debt Collections Total Expenditures $ 1,245,246 $ 1,146,601 $ 1,146,601 Excess/(Shortfall) $ (42,830) $ - $ - 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 1/1/19= $14,490,000 5/22/2019 3:34 PM I I I DETAILED PROPOSED 2018 LOAN DEBT SERVICE FUND BUDGET QUARRY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020 OCTOBER 1,2019 -SEPTEMBER 30,2020 1 I FISCAL YEAR FISCAL YEAR i FISCAL YEAR 1 2017/2018 2018/2019 2019/2020 REVENUES ACTUAL BUDGET BUDGET COMMENTS Interest Income 0 0 0 Projected Interest For 2019/2020 NAV Assessment Collection 0 298,784 298,784 Maximum Debt Service Collection Total Revenues $ - $ 298,784 S 298,784 EXPENDITURES Principal Payments 0 139,694 195,164 Principal Payment Due In 2020 Interest Payments 0 158,553 102,062 Interest Payments Due In 2020 2018 Loan Redemption 0 537 1,538 Estimated Excess Debt Collections Total Expenditures $ - $ 298,784 $ 298,784 Excess/(Shortfall) $ - $ - $ - Series 2018 Loan Information Original Par Amount= $3,485,000 Annual Principal Payments Due= November 1st Interest Rate= 3.05% Annual Interest Payments Due= May 1st&November 1st Issue Date= May 2018 Maturity Date= November 2033 Par Amount As Of 1/1/19= $3,485,000 5/22/2019 3:34 PM Iv DETAILED PROPOSED 2019 LOAN DEBT SERVICE FUND BUDGET QUARRY 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 0 0 0 Projected Interest For 2019/2020 NAV Assessment Collection 0 0 456,134 Maximum Debt Service Collection Total Revenues $ - $ - $ 456,134 EXPENDITURES Principal Payments 0 0 292,227 Principal Payment Due In 2020 Interest Payments 0 0 163,907 Interest Payments Due In 2020 2018 Loan Redemption 0 0 0 Estimated Excess Debt Collections Total Expenditures $ - $ - $ 456,134 Excess/(Shortfall) I $ - $ - $ - Draft Budgeted Projected 2019 Loan Amount: $3,508,296 Note: This is an estimated maximum loan amount and is subject to approval by the Board of Supervisors. Series 2019 Loan Information Original Par Amount= $3,508,296 Annual Principal Payments Due= November 1st Interest Rate= 4.875% Annual Interest Payments Due= May 1st&November 1st Issue Date= May 2019 Maturity Date= May 2029 5/22/2019 3:34 PM QUARRY COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON FY 1 Y. 15.1 Ten ib 5055 rYol•«r FYOI Mr rid r«r i5d tear fYd r.er 77]4/1017 5011/.11 514/4445 a rid r«. 14114/1077 Final FYsI7w FYui nn He. FYni•w 56145 r«r Meal Veer 1.1 Veer 771a44/S0a 11/114$ -25/045 av/mn 2545/7714 203/2814 an LI 25/020 a45725a f"' ; W TIF 4eru5r1411 Leen 0514/1445Teel TeW 2828 101/1/20111T40,1 201111444 2025 Lon MID 0525/4528 2415/2814 Teel Ma* bemon Oe4 T_ 0a4 Tad40r4 � 431l4. 06x1 51511, 412 Deo Teel T4 Tee14W Ter1011 Tasha A•rar5elw Anemone Aer•�40 ,seererrrur 004 A5•••04et Aeresera Avorer Ams Are.. 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$11,541.5$ 81100.00 $15715.11 $45.. 1120.20 145.11 351111 81,751.20 $41,/7744 S55,14.51 $15,00.31 314,501.14 81113511 4e Ca•S..er MI 5044 OAR. $54104 55,1544 14.311.75 NY.. 11.21611 10,75133 44160 $5, 4 04181 $04311 1135131 1074225 05,010.71 0111.51 31317.11 8717760 28 1035 15,141.43 $1115 $11044 $531110 $55321.31 $43510 501,01720 $54511 8130;1 3050 553144 5.065 $120744 516910 10344. 873944 $531631 25 15.45 31325.9 524510 51,715.4 11515.25 142.742 443.00 441211.52 1443. 52,0539 524.. 310.0 51,151.77 01,5032 815,517. 537444 6µ11.82 51440. 7.54415...5.f55I 35 3144$ 31,0111 52710 82015$ 57.15145 844315.9 5117541 54544134 545.9 $25911 1215. 01315 $239.. 12731737 $4,31515 $117944 $17411. $525511.10 $3 154.33 819844 $27140 523011 81,115. 51156. 5,53144 525,171. $1144 $2,90.44 $271.0 0411.11 5235171 $137057 1284034 $33..0 55,010 5044325 ■ 14033 $1,7129 $57544 $2277414 1033 $5374/$ $51144 $5.45788 303344 51,71.41 $1.0 4405 $5214.31 31,$4447 $37160 312541 !139.0 3137744 4 114.41 51,95.77 33.5 $3,44344 $930 $114345 11311,14 $13075 011559 123914 127544 044.11 $,513.5 $1,575.55 54,14144 $1,01230 $13554 51147110 74 144. 3755.44 0730 $139.01 511117.5 $5115700 $202025 $9,171.11 $41.9 $1044 $27544 1111.25 52,0035 547447m 01657.. 00111.00 35,115. $553014 $455 fMA,00451171 0 161.45 555149 0420 030144 $1,48604 4111431 $531544 $11,01112 44..44 11,00. 34410 5511.11 $1101.11 8111501 111,25117 5355 $4312.11 $2430. 25 10.4 11331.75 $141.45 $2,..024 11345 11531744 $317. 124,0424 14119 $1.30.71 $5410 $520.11 15,0247 10,4030 $1146744 0,4.44 $5,414 11131/71 1 145.45 $3,05.71 $31130 3230115 110.4 $230.71 $5414 $2.50225 159.45 $2,015.71 0010 1511.15 $3,115.79 154345 820110 $34145 $32.11 $1515.70 2$ 5343 8141.45 30530 0,75134 $1513.0 131541. $130.11 514700 41.15 11.22010 14415 $521.9 $5,120.11 $1231744 04.10 51,94.45 1114430 $7431120 2 10341 1132.11 051144 0,51.4 5924 34,051. 30410 15.50. $51505 22310 041.00 5520.15 3145137 $1447.75 $5,09.14 $452.0 $1311.0 1735214 11 01.41 $237237 $14140 $1,94. $147. 5001.4 24.020 51174244 $0415 $1,47117 $4130 00.19 $3373.45 37.728.4 011355.4 24351.00 4414244 07717.4 III 144. 54117 14145 113.32 515375.9 03351.51 $57,0515 314,0452 5459 5453.17 $4111 010.13 0,3435 $71,071.7, $950137 07351.50 857,74109 52400171 454.50$.64.1'711 11 144.45 $2,79215 W5. $1414.4 $531144 1934150 811315.5 09,14. 34411 $17941 14530 09.51 5139.02 314519.5 59,44.50 $11,01044 115100 $75,571.4 22 1045 $145179 341311 517015 5101... $25445.45 11315.5 34235130 144.31 $3,05.75 $415.5 155155 15379.17 57755.45 3334444 81411.0 31.522.4 1..31405 1 50.41 82,5041 5415.45 514520 $04.9 8121141 $455.45 14,452.0 10031 52,10.01 54144 005.51 1195.14 01588 515031 54905 140.14 3131144 Si 114.45 030.14 005510 12347.4 $5,1115 $14711.01 $17,143.0 51115011 0941 22325.55 $33544 095.58 34,111-33 31113111 19,71531 317,745. $37,010.12 11143..4 1 1440 51001.5 1455.45 $1µ51.44 517510 117,1314 15,540.0 121315.24 044105 517044 14530 49.41 $432155 $5,15111 1111524 $5,440.01 $3,50.4 $32,3124 2 111.45 $2,422.51 1335.45 55454.45 $152.14 5431531 $11040 $1.4111.12 544145 41,..141 $455.5 $91.44 81315.55 51211.15 5444142 $145 $1557.44 1/314.11 1 144.41 $5375.05 $450.0 11,15.38 $14544 15445.5 149.00 14,04.14 $415.0 $5315.9 145.5 10508 $5411.12 550.45 59.0345 5410.45 195.0 553012 151 10.45 150.5 149. 31415.$5 S11.N1.. $05371.75 143044 1.1,210.41 345. 0554.3 $49.45 195. $1,745.71 1115,14114 8141070.5 104,1... $123315. 3515470.20 reFoe.Ho.f.1 45 511.33 82,1110.20 $514. 1131115 51445. 128,0325 54.30 $1131.30 $45.5 03020 5550 51,09.9 35328.0 KA... 8131442.0 513544 7110170 $141444 I 1005 $5571.4 $45.01 $4725.4 $23410 8514444 15311,45 52774.4 $14.11 $54x.0 $445.0 $1,0..37 11,4031 $5,15111 $5115.05 $13«44 $5332.15 $33,.7.25 1 455.41 54,124.4 54400 00500 514445 24,1144 $45.0 $4355.. 441.11 340234 $011 523...37 25,41121 1.1.88 $501134 110.00 8131437 $013.2., 52 1035 $13144 SOS.. 1171543 15321. $11401.01 5117044 M.G. $43. $1411.4 $44144 $1040.57 14.70.20 87,04,33 S01µ0.0 $217044 $973114 511732.40 156 alt..0.5 5e355 $44 5145 1134. $345 4444 Hr 1134445 15.5445 4444 5140 $.8010 517555 $114135 2110 $r 1134445 44,731114 1454149! Or 1144 $1.r $34414 $.2451 $0.0 $44 51354.44 514411 $444 f1. $344. $72141 $1441345 5144 8434 313410 10,114.01 $11,1154.101 3. 510405// 512515518 1521,8510 31,73140/1/ $953510 111.335.5 53,91.. 549,121.40 1105311.92 1.1 5150 02)/7015 man 121 70O443551' 3316112 51..4 12/605.11 11537741 WEEN 12141111 8121/2973 $321455.10 $1,712378.75 $119,01.71 $523415.10 1041444141 •-12 Bond Preoavors Six 75'Single Familys Three 90'Single Familys •-2 Loan Preoaver5 Draft Budgeted Projected 2019 Loan Amount: $3,508,296 One 5S'Single Famih 167'Single Family Note:This is an estimated maximum loan amount One 67'Single Family 1Ironstone Coach and is subject to approval by the Board of Supervisors. One Coach Home VI