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FY20/21 Proposed BudgetWINDING CYPRESS 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 May 21, 2020 VIA CERTIFIED MAIL — RETURN RECEIPT REQUESTED Clerk of the Circuit Court Collier County Courthouse 3315 Tamiami Trail East, #102 Naples, Florida 34112-5324 Re: Winding Cypress 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 2020/2021 Budget (Oct. 1, 2020 — Sept. 30, 2021) If you have any questions or comments, please contact our office. Sincerely, SPECIAL DISTRICT SERVICES, INC. Laura J. Arc Enclosure Winding Cypress Community Development District Proposed Budget For Fiscal Year 2020/2021 October 1, 2020 - September 30, 2021 CONTENTS PROPOSED BUDGET II DETAILED PROPOSED BUDGET III DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2015) IV DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2019) V ASSESSMENT COMPARISON PROPOSED BUDGET WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021 OCTOBER 1, 2020 - SEPTEMBER 30, 2021 r REVENUES FISCAL YEAR 2020/2021 BUDGET 4 & m Assessm mks 473 eAA _Debt Assessments - Series 2015 526,216 Debt Assessments - Series 2019 311,687 Interest Income 180 TOTAL REVENUES $ 1,015,894 EXPENDITURES Supervisor Fees 1,200 Payroll Taxes -Employer _ _ 96 Engineering/inspections 8,000 Preserve Maintenance 79,700 Management 36,084 Legal 15,500 Assessment Roll 5,000 Audit Fees 3,900 Arbitrage Rebate Fee 650 Insurance 5,900 Legal Advertisements 1,800 Miscellaneous _ _ 750 Postage 300 Office Supplies 600 Dues & Subscriptions 175 Trustee Fee 7,800 .Continuing Disclosure Fee 2,000 TOTAL EXPENDITURES $ 169,455 REVENUES LESS EXPENDITURES $ 846,439 Bond Payments - Series 2015 486,750 Bond Payments - Series 2019 (288,311) BALANCE 71,378 County raiser & Tax Collector Fee (35,042) Discounts For Early Payments (41,136) EXCESS/ SHORTFALL $ (4,800) Carryover Funds From Prior Year 4,800 NET EXCESS/ SHORTFALL Is 4/12/2020 10:57 AM DETAILED PROPOSED BUDGET WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021 OCTOBER 1, 2020 - SEPTEMBER 30, 2021 REVENUES FISCAL YEAR 2018/2019 ACTUAL FISCAL YEAR FISCAL YEAR 2019/2020 2020/2021 BUDGET BUDGET COMMENTS ID & M Assessments 93 2118 177,850 177.BIlExpendilures Less Interest & Carryoverl.M Debt Assessments - Series 2015 518,126 526,216 526,216 Bond Pa ments/.925 Debt Assessments - Series 2019 0 311,786 311M Bond Pa ments/.925 Interest Income 266 180 180 Interest Projected At $15 Per Month TOTAL REVENUES . 611,690 $ 1,016,032 = 1,015,864 EXPENDITURES Supervisor Fees 0 1,200 1,20 Supervisor Fees Payroll Taxes - Employer 0 96 96 Projected At 8% Of Supervisor Fees Engineering/Inspections 14,154 5,500 8,000 $2,500 Increase From 2019/2020 Budget Preserve Maintenance 0 76,940 79,700 Fiscal Year 2019/2020 Expenditure Was $78,705 Management 34,632 35,280 36,084 CPI Adjustment Legal 5,563 16,000 15,500 FY 2019/2020 Expenditure Through Feb 2020 Was $4,026 Assessment Roll 5,000 5,000 5 000 As Per Contract Audit Fees 3,400 4,400 3,900 Accepted Amount Of 2019/2020 Audit Arbitrage Rebate Fee 650 650 650 No Chan a From 2019/2020 Budget Insurance 5,000 6,000 5 900 Insurance Estimate Legal Advertisements 7,850 2,000 1,800 Expenditure Was Higher In 2018/2019 Due To Bond Issue Miscellaneous 457 750 750 No Change From 2019/2020 Budget Postage 534 300 300 Expenditure Was Higher In 201812019 Due To Bond Issue Office Supplies 1,051 600 600 Expenditure Was Higher In 2018/2019 Due To Bond Issue Dues & Subscriptions 175 175 175 No Change From 2019/2020 Budget Trustee Fee 3,709 7,800 7,800 Increased Due To Second Bond Issue Continuina Disclosure Fee 1,000 2,000 2,000 Increased Due To Second Bond Issue TOTAL EXPENDITURES 83,175 $ 164 691 ------------ $ 169,455 REVENUES LESS EXPENDITURES 528,515 $ 851.341 $ 846 439 Bond Payments - Series 2015 490,124 486,750 486,750 2021 Principal & Interest Payments Bond Payments - Series 2019 0 288,402 (288,311) 2021 Principal & Interest Payments BALANCE 38,391 76,189 71,378 Countv Appraiser & Tax Collector Fee (6,527) 35,047 (35,042) Three And One Half Percent Of Total Assessment Roll Discounts For Early Payments 20,123(41,142)1(41,136) Four Percent Of Total Assessment Roll EXCESS/ SHORTFALL $ 11,741 $ - $ (4,800) ICarryoverFunds From Prior Year 0 0 4,800 Carryover Funds From Prior Year NET EXCESS/ SHORTFALL $ 11,741 1 $ $ 4/12/2020 10:57 AM DETAILED PROPOSED DEBT SERVICE FUND (SERIES 2015) BUDGET WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021 OCTOBER 1, 2020 - SEPTEMBER 30, 2021 REVENUES FISCAL YEAR 2018/2019 ACTUAL FISCAL YEAR 2019/2020 BUDGET FISCAL YEAR 2020/2021 BUDGET COMMENTS Interest Income 1,522 225 225 Projected Interest For 2020/2021 NAV Tax Collection 490,123 486,750 486,750 Maximum Debt Service Collection Total Revenues 491,646 $ 486,975 $ 486,975 EXPENDITURES Principal Payments 130,000 140,000 145 000 Principal Payment Due In 2021 Interest Payments 350,350 342,350 336,750 Interest Payments Due In 2021 Bond Redemption 0 4 625 5,225 Estimated Excess Debt Collections Total Expenditures 480,350 $ 486,975 $ 486,975 Excess/ Shortfall $ 11 295 $ Series 2015 Bond Information Original Par Amount = $7,535,000 Annual Principal Payments Due = Interest Rate = 4.00% - 5,00% Annual Interest Payments Due = Issue Date = December 2015 Maturity Date = November 2045 Par Amount As Of 1 /1120 = $6,975,000 unrm= 10:57 AM III November 1st May 1st & November 1st DETAILED PROPOSED DEBT SERVICE (SERIES 2019) FUND BUDGET WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021 OCTOBER 1, 2020 - SEPTEMBER 30, 2021 REVENUES FISCAL YEAR 2018/2019 ACTUAL FISCAL YEAR FISCAL YEAR 2019/2020 2020/2021 BUDGET BUDGET COMMENTS Interest Income 409 50 50 Projected Interest For 2020/2021 Debt Service Bond Proceeds 289,830 0 0 NAV Tax Collection 0 288,402 288,311 Maximum Debt Service Collection Total Revenues 290,239 288,452 $ 288,361 EXPENDITURES Principal Payments 1 0 75,000 75,000 Princi al Pa ment Due In 2021 Interest Payments 0 213,156 210,344 Interest Payments Due In 2021 Bond Redemption 0 296 3,017 Estimated Excess Debt Collections Total Expenditures $ - $ 288,452 $ 288,3611 Excess/ Shortfall 290 239 S - $ Series 2019 Bond Information Original Par Amount = $4,470,000 Annual Principal Payments Due = Interest Rate = 3.75% - 5.00% Annual Interest Payments Due = Issue Date = February 2019 Maturity Date = November 2049 Par Amount As Of 1/1/20 = $4,470,000 411=020 1017 as IV November 1st May 1st & November 1st WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON O 8, M For Phaus 1 & 2 SF Villas Debt., Phaus 1 d 2 SF Vedas Total For Phases 1 d 2 3F Villas O S M For Phaus 1 d 2 SF 50' Un9s DDOt Fa Phaus 1 d 2 SF 50' Units Total For Phases 1 d 2 SF 50' Units O d M Far Phaus I d 2 SF 65' Units Debt For Phones 1 d 2 SF SWUM, Total For Phases 1 d 2 SF 63' Units O d M For Phase 3 SF 50' Unks Debt Far Phaw 3 SF 50' Units Total For Phase 3 SF 50' Units O d M For Phase 3 SF 65' Units Debt For Phsse 3 SF 85' Links Total For Phase 3 3F W Units Assesements Include the Folowina 4% Discount for Early Payments 2% County Tea Collector Fee 1.6% County Property Appraiser Fee Community Intormatmn: Phases 1 d 2: 554 Units Phase 3: 212 UnK3 Total: 7t15 Units Flxai Year Fiscal Year Fiscal Year Fiscal Year 2017/2018 20182019 20192020 2020=21 AuasMneld' Maeument' Projected Assessment' Projected Assessmenr i 164.53 $ 164.53 5 232.18 s 23L13 S d35 ^C $35.00 s $49.00 $ 649.00 S 999.53 $ 999.53 $ 1,081.18 S 1.081.13 $164.53 $ 164.53 s 232.18 S 232.13 3 939.rO S 939.00 S 964.09 S Wool S 1.103.63 s 1.103.53 3 1,156.18 i 1,140.13 S 164.53 S 164.53 S 232.18 S 23713 i 1,043.00 f_ 1,043,00 S 1.050.00 S 1,060.00 S 1,207.53 S 1,207.53 S 1,29218 S 1,292.13 S - $ - $ 232.18 5 232.13 ± S s 1,420.00 s 1.429.00 3 s 5 1,881.10 i 1,41,111.113 $ S S 232.18 S 23L13 S $ i 1.644A0 t LS44.00 i - $ - f 1,776.18 $ 1,776.13 Phases 1 d 2: Villas: 152 Unas 50' Lots: 270 Units 65' Lots: 132 Unds Total 554 Units Not.: Changes In Debt Asaessment Rates From 18/19 to 1920 Due To Fees Rate Adjustment In Updated Molvadolooes. Debt Rates Did Not lnor.aw. Property Appra w Few ~. Irrduded In O&M. Phase 3: Voss: 0 Unlit 60' Lets: 136 Units 65' L.ats: 78 Units Total: 212 Units 4/122020 10:57 AM V Not.: Oewlopar made Phase 3 Bond Prepayment in January 2020 M 1 let deerwbd (1 85' Lot Replaced with 1 50' Lot)