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FY20/21 Proposed BudgetVERONA WALK 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 18, 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: 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 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. �G 2J. Arch Enclosure LOW �-cI) VIIMUMIM I'll"I MA Proposed Budget For Fiscal Year 202O/2021 October 1, 2020 - September 30, 2021 CONTENTS 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 2020/2021 OCTOBER 1, 2020 - SEPTEMBER 30, 2021 REVENUES FISCAL YEAR 2020/2021 BUDGET O & M ASSESSMENTS 311,297 DEBT ASSESSMENTS - SERIES 2013 518,105 DEBT ASSESSMENTS - SERIES 2018 583,256 OTHER REVENUES 0 INTEREST INCOME 480 TOTAL REVENUES $ 1,413,138 EXPENDITURES MAINTENANCE FIELD INSPECTOR 39,000 VEHICLE - INSURANCE 1,000 VEHICLE - EQUIPMENT SMALL TOOLS 1,545 VEHICLE - GAS & MAINTENANCE 2,750 LAKE SPRAYING (CLARK) 72,500 LAKE WATER QUALITY TESTING BENCHMARK 6,000 LAKE LITTORAL SIGNAGE 17,000 OUTFALL PIPE & STRUCTURE INSPECTION & CLEANING 5,000 STORM PIPE & EROSION REPAIRS 50,000 DREDGING 1,000 MISCELLANEOUS MAINTENANCE 1,250 TOTAL197,046 ADMINISTRATIVE EXPENDITURES SUPERVISOR FEES 3,000 PAYROLLTAXES EMPLOYER 240 ENGINEERING 14,500 MANAGEMENT 46,296 SECRETARIAL 4,200 LEGAL 16,500 _ ASSESSMENT ROLL 10,000 AUDIT FEES 3,700 ARBITRAGE REBATE FE - SERIES 2013 650 ARBITRAGE REBATE FEE - SERIES 2018 650 INSURANCE 6,300 LEGAL ADVERTISING 1,700 MISCELLANEOUS/CONTINGENCY 2,400 POSTAGE 750 OFFICE SUPPLIES 1,150 DUES & SUBSCRIPTIONS 175 WEBSITE MANAGEMENT 2,000 TRUSTEE FEES - SERIES 2013 4,730 TRUSTEE FEES - SERIES 2018 4,100 CONTINUING DISCLOSURE FEE - SERIES 2013 1,000 CONTINUING DISCLOSURE FEE - SERIES 2018 0 TOTAL4, 4 TOTAL EXPENDITURES $ 6 REVENUES LESS EXPENDITURES $ 5 BOND PAYMENTS SERIES 2013 479,247 BOND PAYMENTS SERIES 2018 539,512 BALANCE $ 73,293 COUNTY APPRAISER & TAX COLLECTOR ADMINISTRATIVE COSTS 48,737 DISC UNTS FOR EARLY PAYMENT 57,212 5 11 CARRYOVER FROM PRIOR YEAR 32,656 EXCESS/NET ( - Note: Projected Available Funds Balance As Of 9-30-20 is $490,000 6/18/2020 12:57 PM DETAILED PROPOSED BUDGET VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 202012021 OCTOBER 1, 2020 - SEPTEMBER 30, 2021 REVENUES FISCAL YEAR 2018/2019 ACTUAL FISCAL YEAR 2019/2020 BUDGET FISCAL YEAR 2020/2021 BUDGET COMMENTS O & M ASSESSMENTS 312,167 311,297 311,297 Expenditures Less Interest & Car over/.92° DEBT ASSESSMENTS - SERIES 2013 518,185 518,105 518,105 Bond Pa ments/.925 DEBT ASSESSMENTS - SERIES 2018 583,347 583,256 583,256 Bond Pa ments/.925 OTHER REVENUES 255 0 0 INTEREST INCOME 1,002 480 480 Interest Projected At $40 Per Month TOTAL REVENUES $ 1,414,956 $ 1,413,138 $ 1,413 138 EXPENDITURES MAINTENANCE EXPENDITURES FIELD INSPECTOR 37,242 38,000 39,000 $1,000 Increase From 2018/2019 Bud el VEHICLE - INSURANCE 563 1,000 1,000 No Change From 2019/2020 Budget VEHICLE - EQUIPMENT SMALL TOOLS 0 1,545 1,545 No Change From 2019/2020 Budget VEHICLE - GAS & MAINTENANCE 375 3,000 2,750 $250 Decrease From 2019/2020 Bud e1 LAKE SPRAYING (CLARK) 65,994 72,500 72,500 No Change From 2019/2020 Budget LAKE WATER QUALITY TESTING BENCHMARK 3,168 6,000 6,000 Lake Water Quality Testing Benchmark LAKE LITTORAL SIGNAGE 0 12,500 17,000 Littoral Zone Signs OUTFALL PIPE & STRUCTURE INSPECTION & CLEANING 0 5,000 5,000 Outfall Pipe & Structure Inspection & Cleaning STORM PIPE & EROSION REPAIRS 44,760 50,000 50,000 Storm Pipe & Erosion Repairs DREDGING 0 1,000 1,000 Maintenance Mowing & Dredging MISCELLANEOUS MAINTENANCE 11,400 1,000 1,250 Miscellaneous Maintenance TOTAL MAINTENANCE EXPENDITURES $ 163,502 $ 191,645 $ 197,045 ADMINISTRATIVE EXPENDITURES SUPERVISOR FEES 1,200 3,000 3,000 Supervisor Fees PAYROLL TAXES EMPLOYER 91 240 240 8% Of Supervisor Fees ENGINEERING 3,386 15,500 14,500 $1,000 Decrease From 2019/2020 Bud e1 MANAGEMENT 44,424 45,264 46,296 CPI Adjustment SECRETARIAL 4,200 4,200 4,200 No Change From 2019/2020 Budget LEGAL 7,912 17,000 16,500 2019/2020 Expenditures Through Feb 2020 Were $3,914 ASSESSMENT ROLL 10,000 10,000 10,000 As Per Contract AUDIT FEES 3,500 3,600 3,700 Accepted Amount For 2019/2020 Audit ARBITRAGE REBATE FEE - SERIES 2013 650 650 650 No Change From 2019/2020 Budget ARBITRAGE REBATE FEE - SERIES 2018 650 650 650 No Change From 2019/2020 Budget INSURANCE 5,277 6,518 6,300 Insurance Estimate LEGAL ADVERTISING 931 1,800 1,700 $100 Decrease From 2019/2020 Bud e1 MISCELLANEOUS/CONTINGENCY 754 2,500 2,400 $100 Decrease From 2019/2020 Bud e1 POSTAGE 242 800 750 $50 Decrease From 2019/2020 Bud e1 OFFICE SUPPLIES 465 1,200 1,150 $50 Decrease From 2019/2020 Bud e1 DUES & SUBSCRIPTIONS 175 175 175 No Change From 2019/2020 Budget WEBSITE MANAGEMENT 1,500 2,000 2,000 No Change From 2019/2020 Budget TRUSTEE FEES - SERIES 2013 4,730 4,730 4,730 No Change From 2019/2020 Budget TRUSTEE FEES - SERIES 2018 3,709 4,100 4,100 No Change From 2019/2020 Budget CONTINUING DISCLOSURE FEE - SERIES 2013 1,000 1,000 1,000 No Change From 2019/2020 Budget CONTINUING DISCLOSURE FEE - SERIES 2018 0 1,000 0 Prager Is No Longer Charging For 2018 Bond TOTAL ADMINISTRATIVE EXPENDITURES $ 94,796 $ 125,927 $ 124,041 TOTAL EXPENDITURES $ 268,298 $ 317,472 $ 321,086 REVENUES LESS EXPENDITURES $ 1,156,668 $ 1,096,666 $ 1,092,052 BOND PAYMENTS SERIES 2013 486,830 479,247 479,247 2021 P & I Payments BOND PAYMENTS SERIES 2016 548,049 539,512 539,512 2021 P & I Payments BALANCE $ 121779 $ 76,907 $ 73,293 COUNTY APPRAISER & TAX COLLECTOR ADMINISTRATIVE COSTS 13,173 48,737 48,737 Three And One Half Percent Of Total Assessment Roll DISCOUNTS FOR EARLY PAYMENTS 52.571 57,212 57,212 Four Percent Of Total Assessment Roll EXCESS/ SHORTFALL $ 56,035 $ 29,042 $ (32,656) CARRYOVER FROM PRIOR YEAR 0 29,042 32,656 Carryover From Prior Year NET EXCESS/ SHORTFALL $ 56,035 $ $ Note: Projected Available Funds Balance As Of 9-30-20 is $490,000 6/18/2020 12.57 PM DETAILED PROPOSED DEBT SERVICE (SERIES 2013) FUND BUDGET VERONA WALK 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 8,954 150 150 Projected Interest For 2020/2021 NAV Collection 486,830 479,247 479,247 Maximum Debt Service Collection Prepaid Bond Collection 0 0 0 Prepaid Bond Collection Total Revenues $ 495,784 $ 479,397 $ 479,397 EXPENDITURES Principal Payments 2013A-1 225,000 230,000 240,000 Principal Payment Due In 2021 Principal Payments 2013A-2 25,000 25,000 25,000 Principal Payment Due In 2021 Interest Payments 2013A-1 216,291 205,931 197,494 Interest Payments Due In 2021 Interest Payments 2013A-2 16,625 14,938 13,813 Interest Payments Due In 2021 Bond Redemption 10,000 3,528 3,090 Estimated Excess Debt Collections Total Expenditures $ 492,916 $ 479,397 $ 479,397 Excess/ (Shortfall) $ 2,868 $ - $ 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 1 st & November 1 st Issue Date = June 2013 Maturity Date = May 2035 Par Amount As Of 1/1/20 = $5,075,000 Series 2013A-2 Bond Refunding Information Original Par Amount = $650,000 Annual Principal Payments Due = May 1 st Interest Rate = 4.5% - 5.0% Annual Interest Payments Due = May 1 st & November 1 st Issue Date = June 2013 Maturity Date = May 2035 Par Amount As Of 1/1/20 = $320,000 6/18/2020 12:57 PM 111 DETAILED PROPOSED DEBT SERVICE (SERIES 2018) FUND BUDGET VERONA WALK 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 992 150 150 Projected Interest For 2020/2021 NAV Collection 548,049 539,512 539,512 Maximum Debt Service Collection Prepaid Bond Collection 0 0 0 Prepaid Bond Collection Total Revenues $ 549,041 $ 539,662 $ 539,662 EXPENDITURES Principal Payments 297,000 307,000 317,000 Principal Payment Due In 2021 Interest Payments 245,928 231,286 221,146 Interest Payments Due In 2021 Bond Redemption 0 1,376 1,516 Estimated Excess Debt Collections Total Expenditures $ 542,928 $ 539,662 $ 539,662 Excess/ (Shortfall) $ 6,113 $ - $ 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 1/1/20 = $7,270,000 6/18/2020 12'.57 PM I V Verona Walk Community Development District Assessment Comparison Lot Size Phase One Fiscal Year 2016/2017 Assessment* Fiscal Year 2017/2018 Assessment* Fiscal Year 2018/2019 Assessment* Fiscal Year 2019/2020 Assessment* Fiscal Year 2020/2021 Projected Assessment* Townhome 26' Cayman O & M Debt Total $ 162.13 $ 540.00 $ 162.13 $ 540.00 $ 162.13 $ 540.00 $ 162.13 $ 540.00 $ 162.13 $ 540.00 $ 702.13 $ 702.13 $ 702.13 $ 702.13 $ 702.13 Duplex 36' Capri/Carrington O & M Debt Total $ 162.13 $ 540.00 $ 162.13 $ 540.00 $ 162.13 $ 540.00 $ 162.13 $ 540.00 $ 162.13 $ 540.00 $ 702.13 $ 702.13 $ 702.13 $ 702.13 $ 702.13 Single Family 50' Oakmont 0 & M Debt Total $ 162.13 $ 635.00 $ 162.13 $ 635.00 $ 162.13 $ 635.00 $ 162.13 $ 635.00 $ 162.13 $ 635.00 $ 797.13 $ 797.13 $ 797.13 $ 797.13 $ 797.13 Single Family 60' Carlyle O & M Debt Total $ 162A 3 $ 730.00 $ 162.13 $ 730.00 $ 162.13 $ 730.00 $ 162.13 $ 730.00 $ 162.13 $ 730.00 $ 892.13 $ 892.13 $ 892.13 $ 892.13 $ 892.13 Phase Two Duplex 36'/SF 40' Capri/Carrington O & M Debt Total $ 162.13 $ 600.00 $ 162.13 $ 600.00 $ 162.13 $ 511.00 $ 162.13 $ 511.00 $ 162.13 $ 611.00 $ 762.13 $ 762.13 $ 673.13 $ 673.13 $ 673.13 Single Family 40' Garden O & M Debt Total $ 162.13 $ 678.00 $ 162.13 $ 678.00 $ 162.13 $ 577.00 $ 162.13 $ 577.00 $ 162.13 $ 577.00 $ 840.13 $ 840.13 $ 739.13 $ 739.13 $ 739.13 Single Family 50' Oakmont O & M Debt Total $ 162.13 $ 706.00 $ 162.13 $ 706.00 $ 162.13 $ 601.00 $ 162.13 $ - 601.00 $ 162.13 $ 601.00 $ 868.13 $ 868.13 $ 763.13 $ 763.13 $ 763.13 Single Family 60' Carlyle 0 & M Paw Total $ 162.13 $ 812.00 $ 162.13 $ 812.00 $ 162.13 $ 691.00 $ 162.13 $ 691.00 $ 162.13 $ 691.00 $ 974.13 $ 974.13 $ 853.13 $ 853,13 $ 853.13 Single Family 65' Estate 0 & M Debt Total $ 162.13 $ 892.00 $ 162.13 $ 892.00 $ 162.13 $ 759.00 $ 162.13 $ 759.00 $ 162.13 $ 759.00 $ 1,054.13 $ 1,054.13 $ 921.13 $ 921.13 $ 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 No. of Units Type Front Footage Name Maximum Annual Debt Assessment Bond Prepayments Lot 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 23 34 Phase II No. of Units Type Front Footage Name Maximum Annual Debt Assessment Bond Prepayments Lot Disclosure Differential Pre a ment** 443 Duplex/SF 36'/40' 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 32 SF 65' Estate $ 759 0 0 1019 i i i 1 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 6/18/2020 12'57 PM V i-O : U. ln O O 1 tad