08/17/2020 Agenda The Quarry Community Development District
Board of Supervisors District Staff
Stanley T.Omland,Chairman Bob Koncar,District Manager
Lloyd Schliep,Vice Chairman Wes Haber,District Counsel
Timothy B.Cantwell,Assistant Secretary Albert Lopez,District Engineer
William G.Flister,Assistant Secretary
Rached Karanouh,Assistant Secretary
Meeting Agenda
Monday August 17, 2020 @ 1:00 pm
VIA ZOOM
https://us02web.zoom.us/j/88330865442?pwd=OUNabj BvQ1pJa2hp WGJOOHFUaFQwZz09
Meeting ID: 883 3086 5442
Passcode: 543956
Call in number: 1 646 558 8656
1. Call to Order
2. Approval of Agenda
3. Public Comments on Agenda Items
4. District Manager's Report
A. Update on Action Items from Meeting Notes
B. Approval of the June 15, 2020 Meeting Minutes
C. Acceptance of the Financial Report, and Approval of the Check Register and Invoices of June
D. Acceptance of the Financial FY2019 Audit Report
E. Consideration of Fiscal Year 2021 Meeting Schedule
F. Discussion of Amendments to Website Requirements
5. Public Hearing Fiscal Year 2021 Budget
A. Discussion of the FY2021 Budget
B. Consideration of Resolution 2020-08,Adopting the FY2021 Budget
C. Consideration of Resolution 2020-09, Levying the Assessments
6. Attorney's Report
A. Attorney's Written Report
B. Consideration of Resolution 2020-10, Completion Project
7. Engineer's Report
A. Engineer's Written Report
8. Business Items
A. FEMA Update
9. New Business Items
10. Old Business Items
A. Update of CD101 Book
B. District Website—links &revisions Update
C. Update on Bridge Coverage
D. Resident Inquiry
11.Action Items
12. Supervisor Requests/Reports
Quarry CDD Meeting Agenda
August 17, 2020 Page 2
A. Chairman's Report: Mr. Omland—Page #
B. Lake &Preserve: Mr. Flister
C. Liaison:
o QCA
o HBCDD—Mr. Flister
o HBUA
o Lake Utilization: Mr. Schliep
13. QCA Modification Committee/CDD Easement Requests
A. New and Pending Approvals
14.Audience Comments
15.Adjournment
Next meeting: Monday September 21, 2020
le
Naples 4' Fitt its
PART OF THE USA TODAY NETWORK
Published Daily
Naples, FL 34110
NOTICE OF MEETINGS
THE QUARRY
1NFRAMARK COMMUNITY DEVELOPMENT
210 N UNIVERSITY DR#702 DISTRICT
The Board of Supervisors of
CORAL SPRINGS,FL 33071-7320 The Quarry Community Devel-
opment District will hold their
meetings for Fiscal Year 2020
on the third Monday of every
month at 1:00 p.m. at The
Affidavit of Publication Quarry Beach Club located at
STATE OF WISCONSIN 8975 Kayak Drive, Naples,
Florida 34120, on the follow-
COUNTY OF BROWN ing dates:
October 21,2019
Before the undersigned they serve as the authority, November 18,2019
December 16,2019
personally appeared said legal clerk who on oath says that January 22,2020(Wednesday)
he/she serves as Legal Clerk of the Naples Daily News, a February 19,2020(Wednes-
day)daily newspaper published at Naples, in Collier County,
March 1b
,2020
Florida; distributed in Collier and Lee counties of Florida; April 20,2020
that the attached copy of the advertising was published in May 18,200
June 15,2020
said newspaper on dates listed. Affiant further says that the July 20,2020
August 17,2020
said Naples Daily News is a newspaper published at September 21,2020
Naples, in said Collier County, Florida, and that the said
newspaper has heretofore been continuously published in There may be occasions when
one or more Supervisors may
said participate via telephone.
Collier County, Florida; distributed in Collier and Lee Any interested personcan he
tend the meetings t-
at the
counties of Florida, each day and has been entered as above location and be fully tak-
secondin-
class mail matter at the post office in Naples, in formed of the discussions said Collier County, Florida, for a year
place. Meetings may be
period of one next continued to a dale, time and
preceding the first publication of the attached copy of l to be eet on the
record at the m meetingngs with-
advertisement; and affiant further says that he has neither out additional publication of
paid nor promised any person, or corporation any discount, notice.
rebate, commission or refund for the purpose of securing Any person requiring special
this advertisement for publication in the said newspaper. accommodations at these
meetings because of a disabil-
ity or physical impairment
Published:October 7,2019 should contact the District Of-
lice at (954) 603-0033 at least
48 hours prior to the meeting.
~-<-`*4" - If you are hearing or speech
impaired, please contact the
Florida Relay Service at 7-1-1.
Subscribed and sworn to before on October 7,2019: or 800-957e (
955-8770 (VVoice)), forr aid
in
contacting the District Office.
Each person who decides to
Pa,.r Y vl or �_U.t xti appeal any action taken by
the Board at these meetings is
advised that person will need
Notary,State of WI,County of Brown a record of the proceedings
and accordingly, the person
may need to ensure a verba-
TA RA M O N D I O C H tim record of the proceedings
I
Notary Public is made, including the testi-
monyStract� of Wisconsin and evidence upon
which such appeal is to be
based,
Bob Koncar
My commission expires August 6,2021 Manager
Pub Date:Oct 7,2019
#3800691
Publication Cost:$262.50
Ad No,0003800691
Customer No: 1415307
PO#
Quarry
Community Development District
Financial Report
July 31, 2020
(6) INFRAMARK
INFRASTRUCTURE MANAGEMENT SERVICES
THE QUARRY
Community Development District
Table of Contents
FINANCIAL STATEMENTS
Balance Sheet-All Funds Page 1
Statement of Revenues, Expenditures and Changes in Fund Balance
General Fund Pages 2-3
Debt Service Fund(s) Pages 4-6
Capital Projects Fund(s) Pages 7-8
Notes to the Financial Statements Page 9
SUPPORTING SCHEDULES
Special Assessments-Collection Schedule Page 10
Cash and Investment Report Page 11
Bank Reconciliation Page 12
Reserves-Settlement Page 13
Series 2019(Shoreline Restoration Project) Pages 14- 16
Payment Register by Bank Account Pages 17- 18
Quarry
Community Development District
Supporting Schedules
July 31, 2020
QUARRY
Community Development District Governmental Funds
Balance Sheet
July 31, 2020
201-SERIES 202-SERIES 203-SERIES 301-SERIES 302-SERIES
2015 DEBT 2018 DEBT 2019 DEBT 2018 CAPITAL 2019 CAPITAL
GENERAL SERVICE SERVICE SERVICE PROJECTS PROJECTS
ACCOUNT DESCRIPTION FUND FUND FUND FUND FUND FUND TOTAL
ASSETS
Cash-Checking Account $ 124,903 $ - $ - $ - $ - $ - $ 124,903
Due From Other Funds 2,941 - - - 2,941
Investments:
Money Market Account 680,959 - - - - - 680,959
Acquisition Fund - - -
51 51
Interest Account - - - 558 - - 558
Renewal&Replacement - - -
-
304,666 304,666
Reserve Fund - 464,197 90,121 - - - 554,318
Revenue Fund - 407,074 292,850 88,695 - - 788,619
Prepaid Items 2,163 -
- - - 2,163
TOTAL ASSETS $ 810,966 $ 871,271 $ 382,971 $ 89,253 $ 51 $ 304,666 $ 2,459,178
LIABILITIES
Accounts Payable $ 3,218 $ - $ - $ - $ - $ $ 3,218
Accrued Expenses 5,417 - - - - - 5,417
Due To Other Funds - 1,774 461 706 - - 2,941
TOTAL LIABILITIES 8,635 1,774 461 706 - - 11,576
FUND BALANCES
Nonspendable:
Prepaid Items 2,163 - - - - - 2,163
Restricted for:
Debt Service - 869,497 382,510 88,547 - - 1,340,554
Capital Projects - - - - 51 304,666 304,717
Assigned to:
Reserves-Settlement 541,573 - - - - - 541,573
Unassigned: 258,595 - - - - - 258,595
TOTAL FUND BALANCES $ 802,331 $ 869,497 $ 382,510 $ 88,547 $ 51 $ 304,666 $ 2,447,602
TOTAL LIABILITIES&FUND BALANCES $ 810,966 $ 871,271 $ 382,971 $ 89,253 $ 51 $ 304,666 $ 2,459,178
Page 1
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Community Development District General Fund
Statement of Revenues, Expenditures and Changes in Fund Balances
For the Period Ending July 31, 2020
ANNUAL YTD ACTUAL
ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE($) AS A%OF JUL-20
ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD ACTUAL
REVENUES
Interest-Investments $ - $ - $ 961 $ 961 0.00% $ 178
Hurricane Irma FEMA Refund - - 243 243 0.00% -
Golf Course Revenue - - 13,345 13,345 0.00% 13,345
Interest-Tax Collector - - 1,474 1,474 0.00% 18
Special Assmnts-Tax Collector 579,497 579,497 578,672 (825) 99.86% (829)
Special Assmnts-Discounts (23,180) (23,180) (21,200) 1,980 91.46% -
Settlements - - 99,000 99,000 0.00% -
Other Miscellaneous Revenues - - 69,600 69,600 0.00% 500
TOTAL REVENUES 556,317 556,317 742,095 185,778 133.39% 13,212
EXPENDITURES
Administration
P/R-Board of Supervisors 12,000 10,000 7,000 3,000 58.33% -
FICA Taxes 960 765 536 229 55.83% -
ProfServ-Arbitrage Rebate 600 - - - 0.00% -
ProfServ-Engineering 45,000 37,500 53,016 (15,516) 117.81% 22,304
ProfServ-Legal Services 30,000 25,000 31,205 (6,205) 104.02% 2,539
ProfServ-Legal Litigation 150,000 125,000 65,515 59,485 43.68% -
ProfServ-Mgmt Consulting Sery 70,000 58,330 41,080 17,250 58.69% 6,358
ProfServ-Property Appraiser - - 8,064 (8,064) 0.00% -
ProfServ-Special Assessment 5,000 5,000 - 5,000 0.00%
ProfServ-Trustee Fees 12,000 12,000 11,182 818 93.18% -
ProfServ-Web Site Maintenance 1,500 1,250 388 862 25.87% 388
Auditing Services 5,500 5,500 4,900 600 89.09% 4,900
Contract-Website Hosting - - 776 (776) 0.00% -
Website Compliance - - 1,512 (1,512) 0.00% -
Postage and Freight 900 750 569 181 63.22% 86
Insurance-General Liability 7,500 7,500 - 7,500 0.00% -
Printing and Binding - - 302 (302) 0.00%Legal Advertising 1,400 1,400 3,193 (1,793) 228.07% -
Miscellaneous Services 2,000 1,670 998 672 49.90% 4
Misc-Bank Charges 500 420 98 322 19.60% 62
Misc-Assessmnt Collection Cost 20,282 20,282 11,166 9,116 55.05% -
Office Supplies 1,000 830 116 714 11.60% -
Annual District Filing Fee 175 175 175 - 100.00% -
Total Administration 366,317 313,372 241,791 71,581 66.01% 36,641
Field
R&M-Irrigation - - 31,213 (31,213) 0.00% -
Lake&Preserve Maintenance 140,000 116,670 103,099 13,571 73.64% 8,717
Reserve-Other 50,000 25,000 31,355 (6,355) 62.71% 6,440
Total Field 190,000 141,670 165,667 (23,997) 87.19% 15,157
TOTAL EXPENDITURES 556,317 455,042 407,458 47,584 73.24% 51,798
Page 2
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Community Development District General Fund
Statement of Revenues, Expenditures and Changes in Fund Balances
For the Period Ending July 31, 2020
ANNUAL YTD ACTUAL
ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE($) AS A% JUL-20
ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD ACTUAL
Excess(deficiency)of revenues
Over(under)expenditures - 101,275 334,637 233,362 0.00% (38,586)
Net change in fund balance $ - $ 101,275 $ 334,637 $ 233,362 0.00% $ (38,586)
FUND BALANCE,BEGINNING(OCT 1,2019) 467,694 467,694 467,694
FUND BALANCE,ENDING $ 467,694 $ 568,969 $ 802,331
Page 3
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Community Development District 201-Series 2015 Debt Service Fund
Statement of Revenues,Expenditures and Changes in Fund Balances
For the Period Ending July 31,2020
ANNUAL YTD ACTUAL
ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE($) AS A%OF JUL-20
ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD ACTUAL
REVENUES
Interest-Investments $ 100 $ 80 $ 790 $ 710 790.00% $ 4
Special Assmnts-Tax Collector 1,239,460 1,239,460 1,237,687 (1,773) 99.86% (1,774)
Special Assmnts-Discounts
P (49,578) (49,578) (45,343) 4,235 91.46% -
TOTAL REVENUES 1,189,982 1,189,962 1,193,134 3,172 100.26% (1,770)
EXPENDITURES
Administration
Misc-Assessmnt Collection Cost 43,381 43,381 23,882 19,499 55.05% -
Total Administration 43.381 43,381 23,882 19,499 55.05% -
Debt Service
Principal Debt Retirement 590,000 590,000 590,000 - 100,00% -
Interest Expense 551,449 551,449 563,452 (12,003) 102.18% -
Total Debt Service 1,141,449 1.141,449 1,153,452 (12,003) 101.05% -
TOTAL EXPENDITURES 1,184,830 1,184,830 1,177,334 7,496 99.37% -
Excess(deficiency)of revenues
Over(under)expenditures 5.152 5,132 15,800 10,668 n/a (1,770)
OTHER FINANCING SOURCES(USES)
Contribution to(Use of)Fund Balance 5,152 - - - 0.00% -
TOTAL FINANCING SOURCES(USES) 5,152 - - - 0.00% -
Net change in fund balance $ 5,152 $ 5,132 $ 15,800 $ 10,668 n/a $ (1,770)
FUND BALANCE,BEGINNING(OCT 1,2019) 853,697 853,697 853,697
FUND BALANCE,ENDING $ 858,849 $ 858,829 $ 869,497
Page 4
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Community Development District 202-Series 2018 Debt Service Fund
Statement of Revenues,Expenditures and Changes in Fund Balances
For the Period Ending July 31,2020
ANNUAL YTD ACTUAL
ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE($) AS A%OF JUL-20
ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD ACTUAL
REVENUES
Interest-Investments $ - $ - $ 169 $ 169 0.00% $ 3
Special Assmnts-Tax Collector 322,804 322.804 321.664
Special Assmnts-Discounts
P (12,912) (12,912) (11,784) 1,128 91,26% -
TOTAL REVENUES 309,892 309,892 310,049 157 100.05% (458)
EXPENDITURES
Administration
Misc-Assessmnt Collection Cost 11,298 11,298 6,207 5,091 54.94% -
Total Administration 11,298 11,298 6,207 5,091 54.94% -
Debt Service
Principal Debt Retirement 195,184 195,184 138,794 56,390 71.11% -
Principal Prepayments - - 10,000 (10,000) 0.00% -
Interest Expense 102,062 102,062 103,248 (1,186) 101.16% -
Total Debt Service 297,246 297,246 252,042 45,204 84.79% -
TOTAL EXPENDITURES 308,544 308,544 258,249 50,295 83.70% -
Excess(deficiency)of revenues
Over(under)expenditures 1,348 1.348 51,800 50,452 n/a (458)
OTHER FINANCING SOURCES(USES)
Contribution to(Use of)Fund Balance 1,348 - - - 0.00% -
TOTAL FINANCING SOURCES(USES) 1,348 - - - 0.00% -
Net change in fund balance $ 1,348 $ 1,348 $ 51,800 $ 50,452 n/a $ (458)
FUND BALANCE,BEGINNING(OCT 1,2019) 330,710 330,710 330,710
FUND BALANCE,ENDING $ 332,058 $ 332,058 $ 382,510
Page 5
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Community Development District 203-Series 2019 Debt Service Fund
Statement of Revenues,Expenditures and Changes in Fund Balances
For the Period Ending July 31,2020
ANNUAL YTD ACTUAL
ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE($) AS A%OF JUL-20
ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD ACTUAL
REVENUES
Interest-Investments $ - $ - $ 1,052 $ 1,052 0.00% $ 1
Special Assmnts-Tax Collector 493,118 493,118 492,419
)
Special Assmnts-Discounts (699) 9 .46% (70-
(19,725) (19,725) (18,040) 1,685 91.46% -
TOTAL REVENUES 473,393 473,393 475,431 2,038 100.43% (705)
EXPENDITURES
Administration
Misc-Assessmnt Collection Cost 17,259 17,259 9,502 7,757 55.06% -
Total Administration 17,259 17,259 9,502 7,757 55.06% -
Debt Service
Principal Debt Retirement 292,227 292,227 292,227 - 100.00% -
Interest Expense 163,907 163,907 157,727 6,180 96.23% -
Total Debt Service 456,134 456,134 449,954 6,180 98.65% -
TOTAL EXPENDITURES 473,393 473,393 459,456 13,937 97.06% -
Excess(deficiency)of revenues
Over(under)expenditures - - 15,975 15,975 0.00% (705)
Net change in fund balance $ - $ - $ 15,975 $ 15,975 0.00% $ (705)
FUND BALANCE,BEGINNING(OCT 1,2019) 72,572 72,572 72,572
FUND BALANCE,ENDING $ 72,572 $ 72,572 $ 88,547
Page 6
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Community Development District 301-Series 2018 Capital Projects Fund
Statement of Revenues,Expenditures and Changes in Fund Balances
For the Period Ending July 31,2020
ANNUAL YTD ACTUAL
ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE($) AS A%OF JUL-20
ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD ACTUAL
REVENUES
Interest-Investments $ - $ - $ - $ - 0.00% $
TOTAL REVENUES - - - 0.00%
EXPENDITURES
TOTAL EXPENDITURES - - - 0.00%
Excess(deficiency)of revenues
Over(under)expenditures - - - - 0.00% -
Net change in fund balance $ - $ - $ - $ - 0.00% $
FUND BALANCE,BEGINNING(OCT 1,2019) -
-
51
FUND BALANCE,ENDING $ - $ - $ 51
Page 7
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Community Development District 302-Series 2019 Capital Projects Fund
Statement of Revenues,Expenditures and Changes in Fund Balances
For the Period Ending July 31,2020
ANNUAL YTD ACTUAL
ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE($) AS A%OF JUL-20
ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD ACTUAL
REVENUES
Interest-Investments $ - $ - $ 14.768 $ 14,768 0.00% $ 3
TOTAL REVENUES - - 14,768 14,768 0.00% 3
EXPENDITURES
Construction In Progress
Construction in Progress - - 1,881,941 (1,881,941) 0.00% 80,345
Total Construction In Progress - - 1,881,941 (1,881,941) 0.00% 80,345
TOTAL EXPENDITURES - - 1,881,941 (1,881,941) 0.00% 80,345
Excess(deficiency)of revenues
Over(under)expenditures - - (1,867,173) (1,867,173) 0.00% (80,342)
Net change in fund balance $ - $ - $ (1,867,173) $ (1,867,173) 0.00% $ (80,342)
FUND BALANCE,BEGINNING(OCT 1,2019) - - 2,171,839
FUND BALANCE,ENDING $ - $ - $ 304,666
Page 8
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Quarry
Community Development District
Financial Statements
(Unaudited)
July 31, 2020
QUARRY
Community Development District All Funds
Non-Ad Valorem Special Assessments-Collier County Tax Collector
(Monthly Collection Distributions)
For the Fiscal Year Ending September 30, 2020
ALLOCATION BY FUND
Discount/ Gross Series 2015 Series 2018 Series 2019
Date Net Amount (Penalties) Collection Amount General Debt Service Debt Service Debt Service
Received Received Amount Cost Received Fund Fund Fund Fund
Assessments Levied FY 2019 $ 2,634,211 $ 579,501 $ 1,239,461 $ 322,125 $ 493,125
Allocation% 100.00% 22.00% 47.05% 12.23% 18.72%
Real Estate-Installment
10/31/19 $ 11,639 $ 658 $ 238 $ 12,535 $ 2,758 $ 5,898 $ 1,533 $ 2,347
11/18/19 243,364 10,347 4,967 258,677 56,906 121,714 31,632 48,424
11/29/19 581,543 24,726 11,868 618,137 135,984 290,848 75,589 115,715
12/13/19 636 20 13 669 147 315 82 125
12/27/19 1,546 49 32 1,626 358 765 199 304
01/22/20 5,701 180 116 5,997 1,319 2,822 733 1,123
03/23/20 809 - 17 825 182 388 101 154
04/28/20 7,317 - 149 7,466 1,642 3,513 913 1,398
Real Estate-Current
12/13/19 1,313,019 55,676 26,796 1,395,491 306,995 656,613 170,648 261,236
12/27/19 65,435 2,065 1,335 68,836 15,143 32,389 8,418 12,886
01/22/20 90,694 2,639 1,851 95,184 20,939 44,786 11,640 17,818
02/25/20 58,181 1,073 1,187 60,442 13,297 28,440 7,391 11,315
03/23/20 26,036 133 531 26,700 5,874 12,563 3,265 4,998
04/28/20 40,828 - 833 41,661 9,165 19,603 5,095 7,799
05/27/20 21,077 (626) 430 20,880 4,594 9,825 2,553 3,909
06/05/20 6,680 (199) 136 6,618 1,456 3,114 809 1,239
Real Estate-Delinquent
06/17/20 12,584 (374) 257 12,467 2,743 5,866 1,525 2,334
Tax Collector Refund due to NSF check(s)
07/06/20 (3,769) - - (3,769) (829) (1,774) (461) (706)
TOTAL $2,483,319 $ 96,366 $ 50,757 $ 2,630,442 578,672 1,237,687 321,664 492,419
%COLLECTED 99.86% 99.86% 99.86% 99.86% 99.86%
TOTAL OUTSTANDING $ 3,769 $ 829 $ 1,774 $ 461 $ 706
Report Date: 8/3/2020 Page 10
QUARRY
Community Development District
Cash &Investment Report
July 31, 2020
ACCOUNT NAME BANK NAME YIELD BALANCE
OPERATING FUND
Operating-Checking Account Hancock Whitney 0.00% $ 124,903
Subtotal 124,903
Public Funds MMA Variance Account BankUnited 0.28% 680,959
Subtotal 680,959
DEBT SERVICE AND CAPITAL PROJECT FUNDS
Series 2015 Reserve Acct U.S. Bank 0.01% 464,197
Series 2015 Revenue Fund U.S. Bank 0.01% 407,074
Series 2018 Reserve Acct U.S. Bank 0.01% 90,121
Series 2018 Revenue Acct U.S. Bank 0.01% 292,850
Series 2019 Interest Acct Hancock Whitney 0.01% 558
Series 2019 Revenue Fund Hancock Whitney 0.01% 88,695
Series 2018 Acquisition&Construction Acct U.S. Bank 0.01% 51
Series 2019 Capital Renewal&Replacement Acct Hancock Whitney 0.01% 304,666
Subtotal 1,648,213
Total $ 2,454,075
Report Date: 8/4/2020 Page 11
Quarry CDD
Bank Reconciliation
Bank Account No. 3489 Hancock&Whitney Bank General Fund
Statement No. 07-20
Statement Date 7/31/2020
G/L Balance(LCY) 124,903.33 Statement Balance 137,290.83
G/L Balance 124,903.33 Outstanding Deposits 0.00
Positive Adjustments 0.00
Subtotal 137,290.83
Subtotal 124,903.33 Outstanding Checks 12,387.50
Negative Adjustments 0.00 Differences 0.00
Ending G/L Balance 124,903.33 Ending Balance 124,903.33
Difference 0.00
Posting Document Document Cleared
Date Type No. Description Amount Amount Difference
Outstanding Checks
6/11/2020 Payment 8103 QUARRY COMMUNITY ASSOCIATION 8,000.00 0.00 8,000.00
7/16/2020 Payment 8118 DISASTER LAW&CONSULTING,LLC 4,387.50 0.00 4,387.50
Total Outstanding Checks 12,387.50 12,387.50
Page 12
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Quarry Community Development District
ANNUAL FINANCIAL REPORT
September 30, 2019
Quarry Community Development District
ANNUAL FINANCIAL REPORT
September 30, 2019
TABLE OF CONTENTS
Page
Number
FINANCIAL SECTION
REPORT OF INDEPENDENT AUDITORS 1-2
MANAGEMENT'S DISCUSSION AND ANALYSIS 3-8
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements:
Statement of Net Position 9
Statement of Activities 10
Fund Financial Statements:
Balance Sheet—Governmental Funds 11
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities 12
Statement of Revenues, Expenditures and Changes in Fund
Balances— Governmental Funds 13
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of Governmental Funds
to the Statement of Activities 14
Statement of Revenues, Expenditures and Changes in Fund
Balances— Budget and Actual —General Fund 15
Notes to Financial Statements 16-29
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN
AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS 30-31
MANAGEMENT LETTER 32-33
INDEPENDENT ACCOUNTANT'S REPORT/COMPLIANCE WITH SECTION
218.415, FLORIDA STATUTES 34
lif3Berger, Toombs, Elam,
Gaines & Frank
Certified Public Accountants PL
600 Citrus Avenue
Suite 200
Fort Pierce, Florida 34950
772/461-6120//461-1155
FAX: 772/468-9278
REPORT OF INDEPENDENT AUDITORS
To the Board of Supervisors
Quarry Community Development District
Collier County, Florida
Report on the Financial Statements
We have audited the accompanying financial statements of Quarry Community Development
District as of and for the year ended September 30, 2019, and the related notes to financial
statements, which collectively comprise the District's basic financial statements as listed in the
table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with accounting principles generally accepted in the United States of
America; this includes the design, implementation, and maintenance of internal control relevant
to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
Accounting Standards, issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity's internal control. Accordingly, we express no such opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Fort Pierce/Stuart
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
cBerger, Toombs, Elam,
-} Gaines& Frank
To the Board of Supervisors
Quarry Community Development District
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities and each major fund of Quarry
Community Development District, as of September 30, 2019, and the respective changes in
financial position and the budgetary comparison for the General Fund for the year then ended in
conformity with accounting principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
Management Discussion and Analysis be presented to supplement the basic financial
statements. Such information, although not a part of the basic financial statements, is required
by the Governmental Accounting Standards Board who considers it to be an essential part of
financial reporting for placing the basic financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the
United States of America, which consisted of inquiries of management about the methods of
preparing the information and comparing the information for consistency with management's
responses to our inquiries, the basic financial statements, and other knowledge we obtained
during our audit of the basic financial statements. We do not express an opinion or provide any
assurance on the information because the limited procedures do not provide us with sufficient
evidence to express an opinion or provide any assurance.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued a report dated June
25, 2020 on our consideration of the District's internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations and contracts. The purpose
of that report is to describe the scope of our testing of internal control over financial reporting
and compliance and the results of that testing, and not to provide an opinion on internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering Quarry Community
Development District's internal control over financial reporting and compliance.
Berger, Toombs, Elam, Gaines & Frank
Certified Public Accountants PL
Fort Pierce, Florida
June 25, 2020
- 2 -
Quarry Community Development District
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2019
Management's discussion and analysis of Quarry Community Development District's (the
"District") financial performance provides an objective and easily readable analysis of the
District's financial activities. The analysis provides summary financial information for the District
and should be read in conjunction with the District's financial statements.
OVERVIEW OF THE FINANCIAL STATEMENTS
The District's basic financial statements comprise three components; 1) Government-wide
financial statements, (including a discretely presented component unit) 2) Fund financial
statements, and 3) Notes to financial statements. The Government-wide financial statements
present an overall picture of the District's financial position and results of operations. The Fund
financial statements present financial information for the District's major funds. The Notes to
financial statements provide additional information concerning the District's finances.
The Government-wide financial statements are the statement of net position and the
statement of activities. These statements use accounting methods similar to those used by
private-sector companies. Emphasis is placed on the net position of governmental activities
and the change in net position. Governmental activities are primarily supported by special
assessments.
The statement of net position presents information on all assets and liabilities of the District,
with the difference between assets and liabilities reported as net position. Net position is
reported in three categories; 1) net investment in capital assets, 2) restricted and 3)
unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.
The statement of activities presents information on all revenues and expenses of the District
and the change in net position. Expenses are reported by major function and program revenues
relating to those functions are reported, providing the net cost of all functions provided by the
District. To assist in understanding the District's operations, expenses have been reported as
governmental activities. Governmental activities financed by the District include general
government, physical environment and interest on long-term debt.
Fund financial statements present financial information for governmental funds. These
statements provide financial information for the major funds of the District. Governmental fund
financial statements provide information on the current assets and liabilities of the funds,
changes in current financial resources (revenues and expenditures), and current available
resources.
- 3-
Quarry Community Development District
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2019
OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Fund financial statements include a balance sheet and a statement of revenues,
expenditures and changes in fund balances for all governmental funds. A statement of
revenues, expenditures, and changes in fund balances — budget and actual, is provided for
the District's General Fund. Fund financial statements provide more detailed information about
the District's activities. Individual funds are established by the District to track revenues that are
restricted to certain uses or to comply with legal requirements.
Governmental funds are used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-
term inflows and outflows of spendable resources, as well as balances of spendable resources
available at the end of the year. Such information may be useful in evaluating a government's
near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements.
By doing so, readers may better understand the long-term impact of the District's near-term
financing decisions. Both the governmental fund balance sheet and the statement of revenues,
expenditures, and changes in fund balances provide reconciliations to facilitate this comparison
between governmental funds and governmental-wide activities.
Notes to financial statements provide additional detail concerning the financial activities and
financial balances of the District. Additional information about the accounting practices of the
District, investments of the District, capital assets, and long-term debt are some of the items
included in the notes to financial statements.
Financial Highlights:
The following are the highlights of financial activity for the year ended September 30, 2019.
• The District's total assets exceeded total liabilities by $48,212,469 (net position).
Unrestricted net position for Governmental Activities was $467,695, restricted net
position was $392,206 and net investment in capital assets was $47,352,568.
• Governmental activities revenues totaled $2,180,052 while governmental activities
expenses totaled $4,312,501.
- 4-
Quarry Community Development District
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2019
OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Financial Analysis of the District
The following schedule provides a summary of the assets, deferred outflows of resources,
liabilities and net position of the District.
Net Position
Governmental Activities
2019 2018
Current assets $ 536,121 $ 625,326
Restricted assets 4,317,604 944,584
Capital assets, net 65,546,449 67,404,712
Total Assets 70,400,174 68,974,622
Current liabilities 2,318,348 1,550,310
Non-current liabilities 19,869,357 17,079,394
Total Liabilities 22,187,705 18,629,704
Net position - net investment in capital assets 47,352,568 49,653,314
Net position - restricted 392,206 673,146
Net position - unrestricted 467,695 18,458
Total Net Position $ 48,212,469 $ 50,344,918
The decrease in current assets is related to the reduction in the due from others account in the
current year.
The increase in restricted assets and total liabilities are related to the new debt issued in the
current year.
The decrease in capital assets is related to depreciation in excess of capital additions in the
current year.
- 5 -
Quarry Community Development District
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2019
OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Financial Analysis of the District(Continued)
The following schedule provides a summary of the changes in net position of the District.
Change in Net Position
Governmental Activities
2019 2018
Program Revenues
Charges for services $ 1,656,345 $ 1,324,368
General Revenues
Investments earnings 20,874 2,566
Miscellaneous revenues 502,833 -
Total Revenues 2,180,052 1,326,934
Expenses
General government 189,175 3,355,304
Physical environment 3,242,813 187,175
Interest and other charges 880,513 625,994
Total Expenses 4,312,501 4,168,473
Change in Net Position (2,132,449) (2,841,539)
Net Position - Beginning of Year 50,344,918 53,186,457
Net Position - End of year $ 48,212,469 $ 50,344,918
The increase in charges for services is related to the increase in special assessments in the
current year.
The increase in miscellaneous revenues is the result of certain settlements the District received
in the current year.
The changes in general government and physical environment are related to the allocation of
depreciation in the current year versus the prior year.
The increase in interest and other charges is related to the interest on the series 2018 Bonds in
the current year and the costs of issuance of the Series 2019 Bonds.
- 6-
Quarry Community Development District
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2019
OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Capital Assets Activity
The following schedule provides a summary of the District's capital assets as of September 30,
2019 and 2018.
Governmental Activities
Description 2019 2018
Construction in progress $ 1,144,390 $ 2,953,181
Infrastructure 98,551,926 95,368,103
Accumulated depreciation (34,149,867) (30,916,572)
Total $ 65,546,449 $ 67,404,712
Depreciation totaled $3,233,295, additions to construction in progress was $1,144,390,
additions to infrastructure were $230,642 and $2,953,181 of construction in progress was
transferred to infrastructure in the current year.
General Fund Budgetary Highlights
Budgeted expenditures exceeded actual expenditures primarily because contingency
expenditures were lower than anticipated.
The September 30, 2019 budget was amended for the settlements received during the year and
to increase contingency expenditures.
Debt Management
Governmental Activities debt includes the following:
• In October 2015, the District issued $16,280,000 Series 2015 Special Assessment
Revenue Refunding Bonds. These bonds were issued to refund the Series 2005A-1
Bonds. The balance outstanding on the Series 2018 Bonds at September 30, 2019 was
$13,925,000.
• In March 2018, the District issued $3,462,082 Series 2018 Special Assessment
Refunding and Improvement Bonds. These bonds were issued to finance portions of the
Hurricane Irma Shoreline Restoration Project. The balance outstanding on the Series
2018 Bonds at September 30, 2019 was $3,457,082.
• In May 2019, the District issued $3,508,296 Series 2019 Special Assessment Bonds.
These bonds were issued to finance portions of the Hurricane Irma Shoreline
Restoration Project. The balance outstanding on the Series 2019 Bonds at September
30, 2019 was $3,508,296.
- 7-
Quarry Community Development District
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2019
OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Economic Factors and Next Year's Budget
Quarry Community Development District does not expect any economic factors to have any
significant effect on the financial position or results of operations of the District in fiscal year
2020.
Request for Information
The financial report is designed to provide a general overview of Quarry Community
Development District's finances for all those with an interest. Questions concerning any of the
information provided in this report or requests for additional information should be addressed to
the Quarry Community Development District, Inframark Infrastructure Management Services,
210 North University Drive, Suite 702, Coral Springs, Florida 33071.
- 8-
Quarry Community Development District
STATEMENT OF NET POSITION
September 30, 2019
Governmental
Activities
ASSETS
Current Assets
Cash and cash equivalents $ 406,105
Other current receivables 113,000
Due from other governments 17,016
Total Current Assets 536,121
Non-current Assets
Restricted assets
Investments 4,317,604
Capital assets, not being depreciated
Construction in progress 1,144,390
Capital assets, being depreciated
Infrastructure 98,551,926
Less: Accumulated depreciation (34,149,867)
Total Non-current Assets 69,864,053
Total Assets 70,400,174
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities 45,233
Contracts/retainage payable 911,928
Bonds payable 1,021,021
Accrued interest 340,166
Total Current Liabilities 2,318,348
Non-current liabilities
Bonds payable 19,869,357
Total Liabilities 22,187,705
NET POSITION
Net investment in capital assets 47,352,568
Restricted for debt service 392,206
Unrestricted 467,695
Total Net Position $ 48,212,469
See accompanying notes to financial statements.
- 9 -
Quarry Community Development District
STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2019
Net (Expense)
Revenues and
Program Changes in
Revenues Net Position
Charges for Governmental
Functions/Programs Expenses Services Activities
Primary Government
Governmental Activities
General government $ (189,175) $ 137,399 $ (51,776)
Physical environment (3,242,813) 6,913 (3,235,900)
Interest and other charges (880,513) 1,512,033 631,520
Total Governmental Activities $ (4,312,501) $ 1,656,345 (2,656,156)
General Revenues
Miscellaneous revenues 502,833
Investment earnings 20,874
Total General Revenues 523,707
Change in Net Position (2,132,449)
Net Position - October 1, 2018 50,344,918
Net Position - September 30, 2019 $ 48,212,469
See accompanying notes to financial statements.
- 10 -
Quarry Community Development District
BALANCE SHEET—
GOVERNMENTAL FUNDS
September 30, 2019
Total
Debt Capital Governmental
General Service Projects Funds
ASSETS
Cash and cash equivalents $ 406,105 $ - $ - $ 406,105
Due from other funds - 7,666 - 7,666
Due from other governments 1,489 15,527 - 17,016
Other current receivables 113,000 - - 113,000
Restricted assets
Investments, at fair value - 1,233,786 3,083,818 4,317,604
Total Assets $ 520,594 $ 1,256,979 $ 3,083,818 $ 4,861,391
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable $ 45,233 $ - $ - $ 45,233
Contracts/retainage payable - - 911,928 911,928
Due to other funds 7,666 - - 7,666
Total Liabilities 52,899 - 911,928 964,827
Fund Balances
Restricted for:
Debt service - 1,256,979 - 1,256,979
Capital projects - - 2,171,890 2,171,890
Assigned for:
Reserves -settlements 276,000 - - 276,000
Unassigned 191,695 - - 191,695
Total Fund Balances 467,695 1,256,979 2,171,890 3,896,564
Total Liabilities and Fund Balances $ 520,594 $ 1,256,979 $ 3,083,818 $ 4,861,391
- 11 -
See accompanying notes to financial statements.
Quarry Community Development District
RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES
TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2019
Total Governmental Fund Balances $ 3,896,564
Amounts reported for governmental activities in the Statement of Net Position
are different because:
Capital asset, construction in progress ($1,144,390), and infrastructure
($98,551,926), net of accumulated depreciation ($(34,149,867)), used in
governmental activities are not current financial resources and therefore,
are not reported at the fund level. 65,546,449
Long-term liabilities, including bonds payable, are not due and payable in the
current period and, therefore, are not reported at the fund level. (20,890,378)
Accrued interest expense for long-term debt is not a current financial use and;
therefore, is not reported at the fund level. (340,166)
Net Position of Governmental Activities $ 48,212,469
See accompanying notes to financial statements.
- 12 -
Quarry Community Development District
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES—GOVERNMENTAL FUNDS
For the Year Ended September 30, 2019
Total
Debt Capital Governmental
General Service Projects Funds
Revenues
Special assessments $ 144,312 $ 1,512,033 $ - $ 1,656,345
Investment earnings 785 3,851 16,238 20,874
Miscellaneous revenues 502,833 - - 502,833
Total Revenues 647,930 1,515,884 16,238 2,180,052
Expenditures
Current
General government 189,175 - - 189,175
Physical environment 9,518 - - 9,518
Capital outlay - - 1,375,032 1,375,032
Debt service
Principal - 600,000 - 600,000
Interest - 661,087 - 661,087
Other - 14,572 136,084 150,656
Total Expenditures 198,693 1,275,659 1,511,116 2,985,468
Excess revenues over expenditures 449,237 240,225 (1,494,878) (805,416)
Other financing sources (uses)
Issuance of long-term debt - 72,212 3,773,772 3,845,984
Net Change in Fund Balances 449,237 312,437 2,278,894 3,040,568
Fund Balances- October 1, 2018 18,458 944,542 (107,004) 855,996
Fund Balances- September 30, 2019 $ 467,695 $ 1,256,979 $ 2,171,890 $ 3,896,564
See accompanying notes to financial statements. - 13 -
Quarry Community Development District
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2019
Net Change in Fund Balances -Total Governmental Funds $ 3,040,568
Amounts reported for governmental activities in the Statement of Activities are
different because:
Governmental funds report capital outlays as expenditures. However, in the
Statement of Activities, the cost of those assets is allocated over their estimated
useful lives as depreciation. This is the amount capital outlay ($1,375,032) was
exceeded by depreciation ($(3,233,295)) in the current period. (1,858,263)
Repayments of bond principal are expenditures in the governmental funds, but the
repayment reduces long-term liabilities in the Statement of Activities. 600,000
The issuance of long-term debt is reflected as an other financing source,
however, at the government-wide level these amounts increase liabilities. (3,845,984)
In the Statement of Activities, interest is accrued on outstanding bonds;
whereas in governmental funds, interest expenditures are reported
when due. This is the net change in accrued interest in the current period. (68,770)
Change in Net Position of Governmental Activities $ (2,132,449)
See accompanying notes to financial statements.
- 14 -
Quarry Community Development District
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES—BUDGET AND ACTUAL—GENERAL FUND
For the Year Ended September 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues
Special assessments $ 143,809 $ 143,809 $ 144,312 $ 503
Investment earnings - - 785 785
Miscellaneous revenues - 387,000 502,833 115,833
Total Revenues 143,809 530,809 647,930 117,121
Expenditures
Current
General government 115,720 195,720 189,175 6,545
Physical environment 28,089 28,089 9,518 18,571
Total Expenditures 143,809 223,809 198,693 25,116
Net Change in Fund Balances - 307,000 449,237 142,237
Fund Balances -October 1, 2018 - 20,130 18,458 (1,672)
Fund Balances-September 30, 2019 $ - $ 327,130 $ 467,695 $ 140,565
See accompanying notes to financial statements.
- 15 -
Quarry Community Development District
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTE A —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the District have been prepared in conformity with generally
accepted accounting principles (GAAP) as applied to governmental units. The Governmental
Accounting Standards Board (GASB) is the accepted standard-setting body for establishing
governmental accounting and financial reporting principles. The District's more significant
accounting policies are described below.
1. Reporting Entity
The District was established, as a Community Development District, on July 30, 2004,
pursuant to the Uniform Community Development District Act of 1980, Chapter 190,
Florida Statutes, as amended (the "Act"), and by Ordinance 04-53 of the Board of
County Commissioners of Collier County, Florida. The District was established for the
purposes of financing and managing the acquisition, construction, maintenance and
operation of the infrastructure necessary for community development within its
jurisdiction. The District is authorized to issue bonds for the purpose, among others, of
financing, funding, planning, establishing, acquiring, constructing district roads,
landscaping, and other basic infrastructure projects within or without the boundaries of
the Quarry Community Development District. The District is governed by a five-member
Board of Supervisors who are elected on an at large basis by qualified electors of the
District. The District operates within the criteria established by Chapter 190.
As required by GAAP, these financial statements present the Quarry Community
Development District (the primary government) as a stand-alone government. The
reporting entity for the District includes all functions of government in which the District's
Board exercises oversight responsibility including, but not limited to, financial
interdependency, selection of governing authority, designation of management,
significant ability to influence operations and accountability for fiscal matters.
Based upon the application of the above-mentioned criteria as set forth in Governmental
Accounting Standards Board Statement Number 61, The Financial Reporting Entity, the
District has not identified any component units.
2. Measurement Focus and Basis of Accounting
The basic financial statements of the District are composed of the following:
• Government-wide financial statements
• Fund financial statements
• Notes to financial statements
- 16 -
Quarry Community Development District
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTE A —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2. Measurement Focus and Basis of Accounting (Continued)
a. Government-wide Financial Statements
Government-wide financial statements report all non-fiduciary information about the
reporting government as a whole. These statements include all the governmental
activities of the primary government. The effect of interfund activity has been
removed from these statements.
Governmental activities are supported by special assessments and interest.
Program revenues are netted with program expenses in the statement of activities to
present the net cost of each program
In the Government wide financial statement, amounts paid to acquire capital assets
are capitalized as assets, rather than reported as an expenditure.
Proceeds of long-term debt are recorded as liabilities in the government-wide
financial statements, rather than as an other financing source. Amounts paid to
reduce long-term indebtedness of the reporting government are reported as a
reduction of the related liability, rather than as an expenditure.
Proceeds of long-term debt are recorded as liabilities in the government-wide
financial statements, rather than as an other financing source. Amounts paid to
reduce long-term indebtedness of the reporting government are reported as a
reduction of the related liability, rather than as an expenditure.
b. Fund Financial Statements
The underlying accounting system of the District is organized and operated on the
basis of separate funds, each of which is considered to be a separate accounting
entity. The operations of each fund are accounted for with a separate set of self-
balancing accounts that comprise its assets, liabilities, fund equity, revenues and
expenditures or expenses, as appropriate. Governmental resources are allocated to
and accounted for in individual funds based upon the purposes for which they are to
be spent and the means by which spending activities are controlled.
Fund financial statements for the primary government's governmental funds are
presented after the government-wide financial statements. These statements
provide information about major funds.
- 17 -
Quarry Community Development District
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTE A —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2. Measurement Focus and Basis of Accounting (Continued)
b. Fund Financial Statements (Continued)
Governmental Funds
The District classifies fund balance according to the Governmental Accounting
Standards Board Statement 54 — Fund Balance Reporting and Governmental Fund
Type Definitions. The Statement requires the fund balance for governmental funds to
be reported in classifications that comprise a hierarchy based primarily on the extent
to which the government is bound to honor constraints on the specific purposes for
which amounts in those funds can be spent.
The District has various policies governing the fund balance classifications.
Nonspendable Fund Balance—This classification consists of amounts that cannot be
spent because they are either not in spendable form or are legally or contractually
required to be maintained intact.
Restricted Fund Balance — This classification includes amounts that can be spent
only for specific purposes stipulated by the state constitution, external resource
providers, or through enabling legislation.
Assigned Fund Balance — This classification consists of the Board of Supervisors'
intent to be used for specific purposes, but are neither restricted nor committed. The
assigned fund balances can also be assigned by the District's management
company.
Unassigned Fund Balance — This classification is the residual classification for the
government's general fund and includes all spendable amounts not contained in the
other classifications. Unassigned fund balance is considered to be utilized first when
an expenditure is incurred for purposes for which amounts in any of those
unrestricted fund balance classifications could be used.
Fund Balance Spending Hierarchy — For all governmental funds except special
revenue funds, when restricted, committed, assigned, and unassigned fund balances
are combined in a fund, qualified expenditures are paid first from restricted or
committed fund balance, as appropriate, then assigned and finally unassigned fund
balances.
Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. Interest associated with the current fiscal period is considered to be an
accrual item and so has been recognized as revenue of the current fiscal period.
- 18 -
Quarry Community Development District
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTE A —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2. Measurement Focus and Basis of Accounting (Continued)
b. Fund Financial Statements (Continued)
Governmental Funds (Continued)
Governmental funds generally report assets that are available spendable resources
in the near term and liabilities that are payable from "available spendable resources."
Unassigned fund balance may serve as a useful measure of net resources available
for spending at the end of the fiscal year.
Because of their spending measurement focus, expenditure recognition for
governmental fund types excludes amounts represented by non-current liabilities.
Since they do not affect net current assets, such long-term amounts are not
recognized as governmental fund type expenditures or fund liabilities.
Amounts expended to acquire capital assets are recorded as expenditures in the
fund financial statement in the year that resources are expended, rather than as fund
assets. In addition, the proceeds of long-term debt are recorded as an other
financing source rather than as a fund liability. Debt service expenditures are
recorded only when payment is due.
3. Basis of Presentation
a. Governmental Major Funds
General Fund — The General Fund is the District's primary operating fund. It
accounts for all financial resources of the general government, except those required
to be accounted for in another fund.
Debt Service Fund —Accounts for debt service requirements to retire the outstanding
debt of the District.
Capital Projects Fund — The Capital Projects Fund accounts for the construction of
infrastructure improvements within the District.
- 19 -
Quarry Community Development District
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTE A —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4. Assets, Liabilities, and Net Position or Equity
a. Cash and Investments
Florida Statutes require state and local governmental units to deposit monies with
financial institutions classified as "Qualified Public Depositories," a multiple financial
institution pool whereby groups of securities pledged by the various financial
institutions provide common collateral from their deposits of public funds. This pool
is provided as additional insurance to the federal depository insurance and allows for
additional assessments against the member institutions, providing full insurance for
public deposits.
The District is authorized to invest in those financial instruments as established by
Section 218.415, Florida Statutes. The authorized investments consist of:
1. Direct obligations of the United States Treasury;
2. The Local Government Surplus Funds Trust or any intergovernmental investment
pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;
3. Interest-bearing time deposits or savings accounts in authorized qualified public
depositories;
4. Securities and Exchange Commission, registered money market funds with the
highest credit quality rating from a nationally recognized rating agency.
Cash equivalents include time deposits and certificates of deposit with original
maturities of three months or less and held in a qualified public depository as defined
by Florida Statute 280.02.
b. Restricted Net Position
Certain net position of the District is classified as restricted on the statement of net
position because their use is limited either by law through constitutional provisions or
enabling legislation; or by restrictions imposed externally by creditors. In a fund with
both restricted and unrestricted net position, qualified expenses are considered to be
paid first from restricted net position and then from unrestricted net position.
- 20 -
Quarry Community Development District
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTE A —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4. Assets, Liabilities, and Net Position or Equity (Continued)
c. Capital Assets
Capital assets, which include construction in progress and infrastructure are reported
in the governmental activities column.
The District defines capital assets as assets with an initial, individual cost of $5,000
or more and an estimated useful life in excess of two years. The valuation basis for
all assets is historical cost.
The costs of normal maintenance and repairs that do not add to the value of the
asset or materially extend its useful life are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are
constructed.
Depreciation of capital assets is computed and recorded by utilizing the straight-line
method. Estimated useful lives of the various classes of depreciable capital assets
are as follows:
Infrastructure 20-30 years
d. Budgets
Budgets are prepared and adopted after public hearings for the governmental funds,
pursuant to Chapter 190, Florida Statutes. The District utilizes the same basis of
accounting for budgets as it does for revenues and expenditures in its various funds.
The legal level of budgetary control is at the fund level. All budgeted appropriations
lapse at year end. Formal budgets are adopted for the general and debt service
funds.
- 21 -
Quarry Community Development District
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTE B — RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL
STATEMENTS
1. Explanation of Differences Between the Governmental Fund Balance Sheet and
the Government-wide Statement of Net Position
"Total fund balances" of the District's governmental funds, $3,896,564, differs from "net
position" of governmental activities, $48,212,469, reported in the Statement of Net
Position. This difference primarily results from the long-term economic focus of the
Statement of Net Position versus the current financial resources focus of the
governmental fund balance sheet. The effect of the differences is illustrated below.
Capital related items
When capital assets are purchased or constructed, the cost of these assets is reported
as expenditures in governmental funds. However, the Statement of Net Position
includes those capital assets among the assets of the District as a whole.
Construction in progress $ 1,144,390
Infrastructure 98,551,926
Less: Accumulated depreciation (34,149,867)
Total $ 65,546,449
Long-term debt transactions
Long-term liabilities applicable to the District's governmental activities are not due and
payable in the current period and accordingly are not reported as fund liabilities. All
liabilities (both current and long-term) are reported in the Statement of Net Position.
Balances at September 30, 2019 were:
Bonds payable $ (20,890,378)
Accrued interest
Accrued liabilities in the Statement of Net Position differ from the amount reported in
governmental funds due to the accrued interest on bonds.
Accrued interest $ (340,166)
- 22 -
Quarry Community Development District
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTE B — RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL
STATEMENTS (CONTINUED)
2. Explanation of Differences Between the Governmental Fund Operating Statements
and the Statement of Activities
The "net change in fund balances" for governmental funds, $3,040,568, differs from the
"change in net position" for governmental activities, $(2,132,449), reported in the
Statement of Activities. The differences arise primarily from the long-term economic
focus of the Statement of Activities versus the current financial resources focus of the
governmental funds. The effect of the differences is illustrated below.
Capital related items
When capital assets that are to be used in governmental activities are purchased or
constructed, the resources expended for those assets are reported as expenditures in
governmental funds. However, in the statement of activities, the costs of those assets is
allocated over their estimated useful lives and reported as depreciation expense. As a
result, fund balances decrease by the amount of financial resources expended, whereas
net position decrease by the amount of depreciation charged for the year.
Depreciation $ (3,233,295)
Capital outlay 1,375,032
Total $ (1.858,263)
Long-term debt transactions
Repayments of bond principal are reported as expenditures in the governmental funds
and, thus, have the effect of reducing fund balance because current financial resources
have been used. At the government-wide level, these payments reduce bonds payable.
Bond principal payments $ 600.000
Issuance of long-term debt $ (3,845.984)
Some expenses reported in the Statement of Activities do not require the use of current
financial resources, therefore, are not reported as expenditures in governmental funds.
Net change in accrued interest payable $ (68,770)
- 23 -
Quarry Community Development District
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTE C —CASH AND INVESTMENTS
All deposits are held in qualified public depositories and are included on the accompanying
balance sheet as cash and investments.
Custodial Credit Risk— Deposits
Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not
be returned to it. The District does not have a formal deposit policy for custodial credit risk;
however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and
investments. As of September 30, 2019, the District's carrying value was $406,105 and the
bank balance was $406,105. Exposure to custodial credit risk was as follows. The District
maintains all deposits in a qualified public depository in accordance with the provisions of
Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal
Depositors Insurance or collateralized under Chapter 280, Florida Statutes.
As of September 30, 2019, the District had the following investments and maturities:
Investment Maturities Fair Value
Commercial Paper N/A $ 835,370
U S Bank Money Market N/A 325,895
Federated Govt Obligation Fd 33 days* 3,156,339
Total $4,317,604
*Weighted average maturity
The District categorizes its fair value measurements within the fair value hierarchy recently
established by generally accepted accounting principles. The fair value is the price that would
be received to sell an asset, or paid to transfer a liability, in an orderly transaction between
market participants at the measurement date. The hierarchy is based on the valuation inputs
used to measure the fair value of the asset. The District uses a market approach in measuring
fair value that uses prices and other relevant information generated by market transactions
involving identical or similar assets, liabilities, or groups of assets and liabilities.
Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is
based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses
significant other observable inputs when obtaining quoted prices for identical or similar assets,
or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant
unobservable inputs that use the best information available under the circumstances, which
includes the District's own data in measuring unobservable inputs.
Based on the criteria in the preceding paragraph, the investment in Commercial Paper and the
Federated Govt Obligation Fd are Level 1 assets.
- 24-
Quarry Community Development District
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTE C—CASH AND INVESTMENTS (CONTINUED)
Interest Rate Risk
The District does not have a formal investment policy that limits investment maturities as a
means of managing its exposure to fair value losses arising from increasing interest rates.
Credit Risk
The District's investments in treasury funds, commercial paper, and government loans are
limited by state statutory requirements and bond compliance. The District has no investment
policy that would further limit its investment choices. As of September 30, 2019, the District's
investments in Commercial Paper was rated A-1+ and the Federated Govt Obligation Fd was
rated AAAM by Standards & Poor's.
Concentration of Credit Risk
The District places no limit on the amount it may invest in any one fund. The investments in
Commercial Paper are 19%, in Federated Govt Obligation Fd are 73% and in US Bank Money
Market are 8% of the District's total investments.
The types of deposits and investments and their level of risk exposure as of September 30,
2019 were typical of these items during the fiscal year then ended. The District considers any
decline in fair value for certain investments to be temporary.
NOTE D—SPECIAL ASSESSMENT REVENUES
Special assessment revenues recognized for the 2018-2019 fiscal year were levied in August
2018. All taxes are due and payable on November 1 or as soon thereafter as the assessment
roll is certified and delivered to the Tax Collector. Per Section 197.162, Florida Statutes,
discounts are allowed for early payment at the rate of 4% in November, 3% in December, 2% in
January, and 1% in February. Taxes paid in March are without discount.
All unpaid taxes become delinquent as of April 1. Unpaid taxes are collected via the sale of tax
certificates on or prior to, June 1.
- 25 -
Quarry Community Development District
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTE E—CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2019 was as follows:
Beginning Ending
Balance Balance
10/1/2018 Additions Deletions 9/30/2019
Governmental Activities:
Capital assets, not being depreciated
Construction in progress $ 2,953,181 $ 1,144,390 $ (2,953,181) $ 1,144,390
Capital assets, being depreciated
Infrastructure 95,368,103 3,183,823 - 98,551,926
Less accumulated depreciation for:
Infrastructure (30,916,572) (3,233,295) - (34,149,867)
Total Capital Assets Being Depreciated, Net 64,451,531 (49,472) - 64,402,059
Total Capital Assets, Net $67,404,712 $ 1,094,918 $ (2,953,181) $65,546,449
Current year depreciation of$3,233,295 was charged to physical environment.
NOTE F— LONG-TERM DEBT
The following is a summary of activity of the long-term debt of the District for the year ended
September 30, 2019:
Long-term debt at October 1, 2018 $ 17,644,394
Issuance of long-term debt 3,845,984
Principal payments (600,000)
Long-term debt at September 30, 2019 $ 20,890.378
- 26 -
Quarry Community Development District
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTE F—LONG-TERM DEBT (CONTINUED)
Long-term debt is comprised of the following:
Special Assessment Bonds
$16,280,000 Special Assessment Revenue Refunding Bonds,
Series 2015 due in annual principal installments, beginning May 1,
2016. Interest is due semi-annually on May 1 and November 1, at
a rate of 3.98% with a maturity date of May 1, 2036. Current
portion is $590,000. $ 13,925,000
$3,462,082 Special Assessment Refunding and Revenues Bonds,
Series 2018 due in annual principal installments, beginning May 1,
2019. Interest is due semi-annually on May 1 and November 1,
beginning May 1, 2019, at a rate of 3.05% with a maturity date of
November 1, 2033. Current portion is $138,794. 3,457,082
$3,508,296 Special Assessment Bonds, Series 2019 due in
annual principal installments, beginning May 1, 2020. Interest is
due semi-annually on May 1 and November 1, beginning
November 1, 2019, at a rate of 4.875% with a maturity date of
May 1, 2029. Current portion is $292,227. 3,508,296
Bonds Payable at September 30, 2019 $ 20.890,378
The annual requirements to amortize the principal and interest of bonded debt outstanding as of
September 30, 2019 are as follows:
Year Ending
September 30, Principal Interest Total
2020 $ 1,021,021 $ 824,503 $ 1,845,524
2021 1,096,910 793,217 1,890,127
2022 1,147,000 748,187 1,895,187
2023 1,192,290 701,206 1,893,496
2024 1,240,165 653,557 1,893,722
2025-2029 6,991,571 2,455,194 9,446,765
2030-2034 6,046,421 1,124,000 7,170,421
2035-2036 2,155,000 131,470 2,286,470
Totals $ 20,890,378 $ 7,431,334 $ 28,321,712
- 27 -
Quarry Community Development District
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTE F— LONG-TERM DEBT (CONTINUED)
Significant Bond Provisions
The Series 2015, 2018, and 2019 Bonds are subject to redemption at the option of the District
prior to their maturity, in whole or in part, at a redemption price equal to the principal amount of
the Series 2015, 2018, and 2019 Bonds to be redeemed, together with accrued interest to the
date of redemption. The Series 2015, 2018, and 2019 Bonds are subject to extraordinary
mandatory redemption prior to maturity in the manner determined by the Bond Registrar if
certain events occurred as outlined in the Trust Indenture.
The Trust Indenture established certain amounts be maintained in a reserve account. In
addition, the Trust Indenture has certain restrictions and requirements relating principally to the
use of proceeds to pay for the infrastructure improvements and the procedures to be followed
by the District on assessments to property owners. The District agrees to levy special
assessments in annual amounts adequate to provide payment of debt service and to meet the
reserve requirements.
Depository Funds
The bond resolution establishes certain funds and determines the order in which revenues are
to be deposited into these funds. A description of the significant funds, including their purposes,
is as follows:
1. Reserve Fund — The Series 2015 and 2018 Reserve Accounts are funded from the
proceeds of the Series 2015 and 2018 Bonds. Monies held in the reserve accounts will
be used only for the purposes established in the Trust Indenture.
Reserve Reserve
Balance Requirement
Special Assessment Revenue
Refunding Bonds, Series 2015 $ 463,807 $ 463,807
Special Assessment Refunding and
Improvement Bonds, Series 2018 $ 90,107 $ 90,107
NOTE G —RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, damage to and
destruction of assets; errors and omissions; and natural disasters for which the government
carries commercial insurance. Settled claims from these risks have not exceeded commercial
insurance coverage over the past three years.
- 28 -
Quarry Community Development District
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTE H —CLAIMS
Certain landowners within the District have made claims against the District alleging that certain
District projects have caused damage to the landowners' properties. The District's
representatives and the District's insurance carrier are handling all matters in relation to such
claims.
- 29 -
cec Berger, Toombs, Elam,
-ce Gaines & Frank
Certified Public Accountants PL
600 Citrus Avenue
Suite 200
Fort Pierce, Florida 34950
772/461-6120//461-1155
FAX: 772/468-9278
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT
OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
To the Board of Supervisors
Quarry Community Development District
Collier County, Florida
We have audited, in accordance with the auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States, the financial
statements of Quarry Community Development District, as of and for the year ended September
30, 2019, and the related notes to the financial statements, and have issued our report thereon
dated June 25, 2020.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered Quarry Community Development District's
internal control over financial reporting to determine the audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinions on the financial statements, but
not for the purpose of expressing an opinion on the effectiveness of Quarry Community
Development District's internal control. Accordingly, we do not express an opinion on the
effectiveness of Quarry Community Development District's internal control over financial
reporting.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to
prevent, or detect and correct misstatements on a timely basis. A material weakness is a
deficiency, or combination of deficiencies, in internal control, such that there is a reasonable
possibility that a material misstatement of the entity's financial statements will not be prevented,
or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a
combination of deficiencies, in internal control that is less severe than a material weakness, yet
important enough to merit attention by those charged with governance.
Our consideration of internal control over financial reporting was for the limited purpose
described in the first paragraph of this section and was not designed to identify all deficiencies
in internal control that might be material weaknesses or significant deficiencies. Given these
limitations, during our audit we did not identify any deficiencies in internal control that we
consider to be material weaknesses. However, material weaknesses may exist that have not
been identified.
Fort Pierce/Stuart
- 30-
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
ce} Berger, Toombs, Elam,
Gaines& Frank
Certfed Nbic AununUnn PL
To the Board of Supervisors
Quarry Community Development District
Compliance and Other Matters
As part of obtaining reasonable assurance about whether Quarry Community Development
District's financial statements are free of material misstatement, we performed tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements,
noncompliance with which could have a direct and material effect on the determination of
financial statement amounts. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an
opinion. The results of our tests disclosed no instances of noncompliance or other matters that
are required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of
the entity's internal control or on compliance. This report is an integral part of an audit
performed in accordance with Government Auditing Standards in considering the entity's
internal control and compliance. Accordingly, this communication is not suitable for any other
purpose.
doonlo
06aiitto) 4 211:24k/j
Berger, Toombs, Elam, Gaines & Frank
Certified Public Accountants PL
Fort Pierce, Florida
June 25, 2020
- 31 -
c Berger, Toombs, Elam,
_ e Gaines & Frank
Certified Public Accountants PL
600 Citrus Avenue
Suite 200
Fort Pierce, Florida 34950
772/461-6120//461-1155
FAX: 772/468-9278
MANAGEMENT LETTER
To the Board of Supervisors
Quarry Community Development District
Collier County, Florida
Report on the Financial Statements
We have audited the financial statements of the Quarry Community Development District as of
and for the year ended September 30, 2019, and have issued our report thereon dated June 25,
2020.
Auditor's Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United
States; the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules
of the Florida Auditor General.
Other Reporting Requirements
We have issued our Independent Auditor's Report on Internal Control over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards and our Independent Auditor's Report on an
examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315,
regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor
General. Disclosures in those reports, which are dated June 25, 2020, should be considered in
conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not
corrective actions have been taken to address findings and recommendations made in the
preceding financial audit report. There were no findings or recommendations made in the
preceding financial audit report.
Fort Pierce/Stuart
Member AICPA Member AICPA Division For CPA Firms Member FICPA
Private Companies Practice Section
c�c} Berger,Toombs, Elam,
- Gaines& Frank
Ce,tlfeJ WWIc,4wun4nb PL
To the Board of Supervisors
Quarry Community Development District
Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply
appropriate procedures and communicate the results of our determination as to whether or not
Quarry Community Development District has met one or more of the conditions described in
Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection
with our audit, we determined that Quarry Community Development District did not meet one of
the conditions described in Section 218.503(1) Florida Statutes.
Pursuant to Sections 10.554(1)(i)5.c. and 10.556(8), Rules of the Auditor General, we applied
financial condition assessment procedures for Quarry Community Development District. It is
management's responsibility to monitor the Quarry Community Development District's financial
condition; our financial condition assessment was based in part on the representations made by
management and the review of the financial information provided by the same as of September
30, 2019.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any
recommendations to improve financial management. In connection with our audit, we did not
have any such recommendations.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate
noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred,
or are likely to have occurred, that have an effect on the financial statements that is less than
material but warrants the attention of those charged with governance. In connection with our
audit, we noted no such findings.
Purpose of this Letter
Our management letter is intended solely for the information and use of the Legislative Auditing
Committee, members of the Florida Senate and the Florida House of Representatives, the
Florida Auditor General, Federal and other granting agencies, the Board of Supervisors, and
applicable management, and is not intended to be and should not be used by anyone other than
these specified parties.
atitP• JOMY661
Berger, Toombs, Elam, Gaines & Frank
Certified Public Accountants PL
Fort Pierce, Florida
June 25, 2020
- 33 -
(j3 Berger, Toombs, Elam,
-cc Gaines & Frank
Certified Public Accountants PL
600 Citrus Avenue
Suite 200
Fort Pierce, Florida 34950
772/461-6120//461-1155
FAX: 772/468-9278
INDEPENDENT ACCOUNTANT'S REPORT/COMPLIANCE
WITH SECTION 218.415, FLORIDA STATUTES
To the Board of Supervisors
Quarry Community Development District
Collier County, Florida
We have examined Quarry Community Development District's compliance with Section
218.415, Florida Statutes during the year ended September 30, 2019. Management is
responsible for Quarry Community Development District's compliance with those requirements.
Our responsibility is to express an opinion on Quarry Community Development District's
compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the
American Institute of Certified Public Accountants and, accordingly, included examining, on a
test basis, evidence about Quarry Community Development District's compliance with those
requirements and performing such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on Quarry Community Development
District's compliance with the specified requirements.
In our opinion, Quarry Community Development District complied, in all material respects, with
the aforementioned requirements during the year ended September 30, 2019.
at/4a, dli911361,51011X,
Berger, Toombs, Elam, Gaines & Frank
Certified Public Accountants PL
Fort Pierce, Florida
June 25, 2020
Fort Pierce/Stuart
Member AICPA Member AICPA Mon For CPA Firms Member FICPA
Private Companies Practice Section
NOTICE OF MEETINGS
THE QUARRY
COMMUNITY DEVELOPMENT DISTRICT
The Board of Supervisors of The Quarry Community Development District will hold their meetings for
Fiscal Year 2021 on the third Monday of every month at 1:00 p.m. *at The Quarry Beach Club located
at 8975 Kayak Drive,Naples,Florida 34120, on the following dates:
October 19, 2020
November 16, 2020
December 21, 2020
January 18,2021
February 15, 2021
March 15, 2021
April 19, 2021
May 17,2021 —Tentative Budget Presentation
June 21,2021
July 19, 2021
August 16, 2021
September 20,2021
*Please note that due to the ongoing nature of the COVID-19 public health emergency, it may
be necessary to hold the above referenced meetings utilizing communications media technology
in order to protect the health and safety of the public or held at an alternative physical location
other than the location indicated above. To that end, anyone wishing to participate in such
meetings should contact the District Manager's Office prior to each meeting to confirm the
applicable meeting access and/or location information. Additionally, interested parties may
refer to the District's website for the latest information: https://www.quarrt'cdd.orM/.
There may be occasions when one or more Supervisors may participate via telephone. Any
interested person can attend the meeting at the above location and be fully informed of the
discussions taking place. Meetings may be continued to a date, time and location to be specified
on the record at the meetings without additional publication of notice.
Any person requiring special accommodations at these meetings because of a disability or physical
impairment should contact the District Office at (954) 603-0033 at least 48 hours prior to the
meeting. If you are hearing or speech impaired,please contact the Florida Relay Service at 7-1-1,
or 800-955-8771 (TTY)/800-955-8770 (Voice), for aid in contacting the District Office.
Each person who decides to appeal any action taken by the Board at these meetings is advised that
person will need a record of the proceedings and accordingly, the person may need to ensure a
verbatim record of the proceedings is made, including the testimony and evidence upon which
such appeal is to be based.
Bob Koncar
Manager
I lopping Green & Sarns
Attorneys and Counselors
MEMORANDUM
TO: District Manager
FROM: HGS Attorney
DATE: July 1, 2020
RE: Amendments to Section 189.069(2)(a),Florida Statutes
The Florida Legislature recently enacted amendments to the website requirements contained
in Section 189.069(2)(a),Florida Statues,effective July 1,2020.The full text of these amendments
is attached to this memorandum as Exhibit A, and the amendments are summarized below:
- The requirement to post the final,complete audit report for the most recent completed fiscal
year and audit reports required by law or authorized by the governing body of the special
district may be satisfied by providing a link to the audit report on the Auditor General's
website.
- The public facilities report is no longer required to be posted.
- Meeting materials accompanying meeting or workshop agendas are no longer required to
be posted. Please note that the agenda itself is still required to be posted.
The amendments do not prevent districts from including these documents on their websites,
but districts may remove them if they so choose. We recommend requesting board direction on a
district-by-district basis.
Please do not hesitate to contact your HGS attorney at (850) 222-7500 if you have any
questions or concerns.
CHAPTER 2020-77
Committee Substitute for Senate Bill No. 1466
An act relating to government accountability; amending s. 189.031, F.S.;
specifying conditions under which board members and public employees of
special districts do not abuse their public positions; amending s. 189.069,
F.S.; revising the list of items required to be included on the websites of
special districts; amending s. 190.007, F.S.; specifying conditions under
which board members and public employees of community development
districts do not abuse their public positions; providing effective dates.
Be It Enacted by the Legislature of the State of Florida:
Section 1. Effective January 1, 2021, subsection (6) is added to section
189.031, Florida Statutes, to read:
189.031 Legislative intent for the creation of independent special
districts; special act prohibitions; model elements and other requirements;
local general-purpose government/Governor and Cabinet creation author-
izations.—
(6) GOVERNANCE.—For purposes of s. 8(h)(2), Art. II of the State
Constitution, a board member or a public employee of a special district does
not abuse his or her public position if the board member or public employee
commits an act or omission that is authorized under s. 112.313(7), (12), (15),
or (16) or s. 112.3143(3)(b), and an abuse of a board member's position does
not include any act or omission in connection with a vote when the board
member has followed the procedures required by s. 112.3143.
Section 2. Paragraph (a) of subsection (2) of section 189.069, Florida
Statutes, is amended to read:
189.069 Special districts; required reporting of information; web-based
public access.—
(2)(a) A special district shall post the following information, at a
minimum, on the district's official website:
1. The full legal name of the special district.
2. The public purpose of the special district.
3. The name, official address, official e-mail address, and, if applicable,
term and appointing authority for each member of the governing body of the
special district.
4. The fiscal year of the special district.
1
CODING: Words fltrickcn are deletions; words underlined are additions.
Ch. 2020-77 LAWS OF FLORIDA Ch. 2020-77
5. The full text of the special district's charter, the date of establishment,
the establishing entity, and the statute or statutes under which the special
district operates, if different from the statute or statutes under which the
special district was established. Community development districts may
reference chapter 190 as the uniform charter but must include information
relating to any grant of special powers.
6. The mailing address, e-mail address, telephone number, and website
uniform resource locator of the special district.
7. A description of the boundaries or service area of, and the services
provided by, the special district.
8. A listing of all taxes, fees, assessments, or charges imposed and
collected by the special district, including the rates or amounts for the fiscal
year and the statutory authority for the levy of the tax, fee, assessment, or
charge. For purposes of this subparagraph, charges do not include patient
charges by a hospital or other health care provider.
9. The primary contact information for the special district for purposes of
communication from the department.
10. A code of ethics adopted by the special district, if applicable, and a
hyperlink to generally applicable ethics provisions.
11. The budget of the special district and any amendments thereto in
accordance with s. 189.016.
12. The final, complete audit report for the most recent completed fiscal
year and audit reports required by law or authorized by the governing body
of the special district. If the special district has submitted its most recent
final, complete audit report to the Auditor General,this requirement may be
satisfied by providing a link to the audit report on the Auditor General's
website.
13. A listing of its regularly scheduled public meetings as required by s.
189.015(1).
14. The public facilitics report, if applicable.
The link to the Department of Financial Services'website as set forth
in s. 218.32(1)(g).
15.E At least 7 days before each meeting or workshop,the agenda of the
event,
excluding`-cen-fiden-t- =d exempt—ififormatien. The information must
remain on the website for at least 1 year after the event.
Section 3. Effective January 1, 2021, subsection (1) of section 190.007,
Florida Statutes, is amended to read:
2
CODING: Words stricken are deletions; words underlined are additions.
Ch. 2020-77 LAWS OF FLORIDA Ch. 2020-77
190.007 Board of supervisors; general duties.—
(1) The board shall employ, and fix the compensation of, a district
manager. The district manager shall have charge and supervision of the
works of the district and shall be responsible for preserving and maintaining
any improvement or facility constructed or erected pursuant to the
provisions of this act, for maintaining and operating the equipment
owned by the district, and for performing such other duties as may be
prescribed by the board. It shall not be a conflict of interest under chapter
112 for a board member or the district manager or another employee of the
district to be a stockholder, officer, or employee of a landowner or of an entity
affiliated with a landowner. The district manager may hire or otherwise
employ and terminate the employment of such other persons, including,
without limitation, professional, supervisory, and clerical employees, as may
be necessary and authorized by the board. The compensation and other
conditions of employment of the officers and employees of the district shall
be as provided by the board. For purposes of s. 8(h)(2), Art. II of the State
Constitution, a board member or a public employee of a district does not
abuse his or her public position if the board member or public employee
commits an act or omission that is authorized under this subsection, s.
112.313(7), (12), (15), or (16), or s. 112.3143(3)(b), and an abuse of a board
member's public position does not include any act or omission in connection
with a vote when the board member has followed the procedures required by
s. 112.3143.
Section 4. Except as otherwise expressly provided in this act, this act
shall take effect July 1, 2020.
Approved by the Governor June 23, 2020.
Filed in Office Secretary of State June 23, 2020.
3
CODING: Words stricken are deletions; words underlined are additions.
REQUEST FOR PROPOSAL—
ANNUAL PRESERVE MAINTENANCE PROGRAM AND PRESERVE RESTORATION FOR
THE QUARRY COMMUNITY DEVELOPMENT DISTRICT
The Quarry Community Development District (QCDD) desires to obtain quotations for an
annual preserve maintenance program and preserve restoration work from suitable
contractors (Contractor).
1. Background Information:
The Quarry Community Development District 860 acre preserve resides within the Big
Cypress Basin, one of two major watershed basins managed by the South Florida Water
Management District (SFWMD). Under the SFWMD Environmental Resources Standard
General Permit No. 11-02234-P10, the QCDD is required to perform regular inspections of
the conservation area at least once a year for the life of the permit. Locations of nuisance
and/or exotics species will be identified for immediate treatment. (The Copy of the referenced
document is available by contacting Alison Bruce at Alison.Brucelnframark.com).
Additionally, a field study (Conservation Status Report, see attached)was recently completed
by CPH, Inc. dated April 2020 identifying restoration work required and contemplated to be
completed over a phased period to be determined.
INSTRUCTIONS TO PROPOSERS
Due Date: Sealed proposals must be received no later than on at the
office of the District Engineer, Albert Lopez, CPH Engineering, Office Manager office:
239.332.5499 (Ext.3207) cell phone 386.518.9175. 2216 Altamont Avenue, Fort Myers,
Florida. 33901. alopezcphcorp.com
Signature on Proposal: In addition to executing all forms, affidavits, and acknowledgements
for which signature and notary blocks are provided, the Proposer must correctly sign the
Acknowledgement of Receipt and Proposal Signature Form. If the proposal is made by an
individual, that person's name and business address shall be shown. If made by a partnership,
the name and business address of an authorized member of the firm or partnership shall be
shown. If made by a corporation, the person signing the proposal shall show the name of the
state under the laws of which the corporation was chartered. In addition, the proposal shall
bear the seal of the corporation. Anyone signing the proposal as agent shall file with the
proposal evidence of his authority to do so.
Familiarity of Laws: The Proposer is assumed to be familiar with all federal, state, and local
laws, ordinances, rules and regulations that in any manner affect the work. Ignorance on the
part of the Proposer will in no way relieve it from responsibility.
Qualifications of the Proposer: Qualified proposers will be required to meet the following
requirements:
• Attend the mandatory pre bid conference when it is scheduled.
• Possess a minimum of three (3) to five years (5) years of professional experience
working in preserve areas in the State of Florida. The minimum requirements
specifically include the following:
A) Have professional personnel that can identify specific species of plants, flora and
fauna. Contract personnel must be able to identify invasive species, exotic
vegetation and protected species
B) The contract, if awarded, will only be awarded to a responsible Proposer who is
qualified by experience to do the work specified herein. The Proposer shall submit
with its proposal satisfactory evidence of experience in similar work and show that
it is fully prepared with the necessary organization, capital, and equipment to
complete the work to the satisfaction of the District. All workers employed by
Proposer shall be experienced in and capable of doing the kind of work assigned
to them. Any worker whom the District may deem incapable of doing the kind of
work assigned to them or who uses profane or abusive language, or who interferes
with the property inspections or disobeys the instructions of the District, shall be
discharged and shall not again be employed on the project.
No proposer shall submit more than one proposal. Proposers shall be disqualified, and their
proposals rejected if District has reason to believe that collusion may exist among the
Proposers,the Proposer has defaulted on any previous contractor is in arrears on any existing
contract, or for failure to demonstrate proper licensure and business organization.
Interpretations and Addenda: All questions about the meaning or intent of the proposal
documents are to be directed in writing to the District Engineer. Interpretations or clarifications
considered necessary by the District Engineer in response to such questions will be issued by
Addenda mailed
or delivered to all parties recorded as having received the proposal documents. Questions
received less than seven (7) days prior to the date of opening of proposals may not be
answered. Only questions by formal written Addenda will be binding. No interpretations will
be given verbally. All questions and answers will be distributed to all Proposers.
Submission of Proposal: Submit 7 copies of the proposal forms, the proposal security and
other requested attachments at the time and place indicated herein, which shall be enclosed
in an opaque sealed envelope, marked with the project title and name and address of the
Proposer and accompanied by the required documents. If the proposal is sent through the
mail or other delivery system, the sealed envelope shall be enclosed in a separate envelope
with a notation (RESPONSE TO PROPOSALS FOR ANNUAL PRESERVE MAINTENANCE
PROGRAM AND PRESERVE RESTORATION FOR THE QUARRY COMMUNITY
DEVELOPMENT DISTRICT PROPOSAL NO. on the face of it.
Modification and Withdrawal: Proposals may be modified or withdrawn by an appropriate
document duly executed and delivered to the place where proposals are to be submitted at
any time prior to the time and date the proposals are due. No proposal may be withdrawn after
opening for a period of sixty (60) days.
Proposal Documents: The Request for Proposal will be available starting at on from the
District Engineer, Albert Lopez, CPH Engineering, I need to add the mailing address and other
contact information
Proposal Form: All blanks on proposal forms must be completed in ink or typewritten. The
proposal shall contain an acknowledgement of all Addenda (the numbers of which must be
filled in on the Acknowledgement Form). In making its proposals, each Proposer represents
that it has read and understands the proposal documents and that the proposal is made in
accordance therewith, including verification of contents of proposal package against the Table
of Contents.
Basis of Award/Right to Reject or Award: The District reserves the right to reject all proposals,
make modifications to the work, and waive any informalities or irregularities in proposals as it
is deemed appropriate.
Contract Award: It is anticipated that within thirty (30) days of receipt of the Notice of Award,
the Proposer will enter and execute the Contract with the District.
Pre-Proposal Conference: A mandatory pre-bid meeting will be held on we need add this
information
Insurance: All Proposers shall include as part of their proposal a current Certificate of
Insurance detailing the company's insurance coverage including the required minimum
coverages listed below (A). If Proposer is notified of award, it shall provide proof of Insurance
Coverage in accordance with Items (A) & (B) below within fourteen (14) calendar days after
notification or within such approved extended period as the Owner may grant. Failure to
provide proper proof of insurance coverage shall constitute a default. The following minimum
limits must be maintained during the duration of the Contract without exception and failure to
do so shall constitute a default.
• Minimum Limits -
Commercial General Liability:
$2,000,000 per occurrence
Automobile Liability:
$1,000,000 per occurrence
Workers Compensation:
Statutory
Employers Liability:
$1,000,000
• Please include the following on the certificate of insurance.
• Reference the Quarry Community Development District and contract number on the
certificate.
• All coverage must be written with an insurance carrier that has an A.M Best's Key Rating
of at least A and a financial rating of VII.
• State additional insured on certificate and mark box with a "Y"for certificate holder as
additional insured. Additional insured: Quarry Community Development District must be
individually listed as additional insured with respect to all coverage, except workers
compensation and employer's liability.
• General liability must include contractual liability.
• Waiver of subrogation: "A Waiver of subrogation applies in favor of Quarry Community
Development District with respects to all coverage."
• A 30 days' notice of cancellation is required.
• All auto policies need to cover"any Auto" or"Hired, Non-Owned and scheduled."
• An authorized agent must sign the certificate.
• Certificate Holder MUST Read: Quarry Community Development District 210 North
University Drive, Suite 702 Coral Springs, Florida 33071
Indemnification: The successful Proposer shall fully indemnify and hold harmless the
District, the District Manager and the District Engineer, from and against all claims,
damages, costs and losses (including without limitation costs of defending the same and
attorney's fees) arising out of or resulting from performance of the work, furnishing of
services, or furnishing of materials, goods, or equipment (including but not limited to claims
regarding defects in material, goods, or equipment) which is caused, in whole or in part,
from Contractor's negligence or breach of contract, act, or omission of the Proposer, any
subcontractor, anyone directly or indirectly employed by the Proposer or subcontractor or
anyone for whose acts they may be liable.
In all claims against the District, or any of its agents or employees by any employee of the
Proposer, any subcontractor, anyone directly or indirectly employed by any of them or anyone
for whose acts any of them may be liable, the indemnification obligation under this clause shall
not be limited in any way by any limitation on the amount or type of damages, compensation
or benefits payable by or for the Proposer or any subcontractor under any Workers'
Compensation Act, Disability Benefit Act, or other Employee Benefit Act.
The procuring of required insurance policies shall not be construed to limit Proposer's liability
nor to fulfill the indemnification provisions and requirements of this contract.
The duty to defend under this paragraph is independent and separate from the duty to
indemnify, and the duty to defend exists regardless of any ultimate liability of the Proposer,
the District, District's employees, and any indemnified party. The duty to defend arises
immediately upon presentation of a claim by any party and written notice of such claim being
provided to Proposer. Either the District's or Proposer's obligation to indemnify and defend
under this article or other provisions of these documents will survive the expiration or earlier
termination of the agreement until it is determined by final judgment that an action against the
indemnified party for the matter indemnified hereunder is fully and finally barred by the
applicable statute of limitations.
1. Sovereign Immunity: NOTHING IN THIS AGREEMENT SHALL BE DEEMED AS A
WAIVER OF IMMUNITYOR LIMITS OF LIABILITY OF THE DISTRICT BEYOND ANY
STATUTORY LIMITED WAIVER OF IMMUNITY OR LIMITS OF LIABILITY WHICH MAY
HAVE BEEN ADOPTED BY THE FLORIDA LEGISLATURE IN SECTION 768.28,
FLORIDA STATUTES, OR OTHER LAW, AND NOTHING IN THIS REQUEST FOR
PROPOSAL AND SUBSEQUENT CONTRACT SHALL INURE TO THE BENEFIT OF
ANY THIRD PARTY FOR THE PURPOSE OF ALLOWING ANY CLAIM WHICH WOULD
OTHERWISE BE BARRED UNDER THE DOCTRINE OF SOVEREIGN IMMUNITY OR
BY OPERATION OF LAW.
2. General Contractor Requirements
The Contractor shall provide a resume of experience in the field aquatic management, and
document evidence of having at least three years of maintenance and management
experience for a community development district and/or local government entity. See
additional experience requirements in the Instruction to Bidders.
3. Specific Scope of Services:(Base Proposal- Minimum Requirements)
The Contractor shall perform preserve maintenance and restoration services, including but
not limited to the following:
• The Contractor shall traverse the 860 acres at least annually, identifying locations of
nuisance and exotic vegetation for immediate treatment within in the guidelines
established by the government agencies managing the preserves. Treatment to begin
within 30 days of findings. New growth of carolina willow and other nuisance plants will
also be identified and treated. Contractor will have the option of scheduling the work
either on an annual or quarterly basis to best achieve the desired results.
• Invoices must list work performed for the period
• Significant findings discovered during the work will be identified on an area map with
GPS coordinates provided
• Recommendations for findings discovered and work schedule to be provided in writing
• Scope of recommended work if needed, as well as a list of recommended licensed
contractors who can perform the recommended work if the Contractor cannot perform
the work
• The Contractor shall be responsible for performing the restoration work identified in the
CPH Conservation Status Report dated April 2020 (see attached) under sections 4.0
and 5.0 specifically and providing a remediation plan and time line for completing each
of the phases list. Treatment options to best achieve the desired results recommended
within the proposal.
• To be excluded from the proposal is conservation area 5 which is not part of the QCDD
preserve and work already completed in conservation area 2 covering level 1 vegetation
and exotic plants identified in the report for immediate treatment and level 3 carolina
willow in and along the canal and fence line boarding the golf course which were
previously removed and treated as well.
(Alternative Proposals):
For Proposers that wish to provide bids on the two alternatives listed below, please outline
specific experience for alternatives being proposed if not already covered under the instructions
to bidders.
Section One: (Alternative Approaches to Section 3. Scope of Services): Contractors that wish to
provide alternatives to the base bid in terms of how work is accomplished, alternative
approaches and methods, are welcome to do so. When a Proposer desires to present an
alternative proposal to accomplishing the scope of services outline in Section 4, they must do so
in two sections a) base requirements outlined in Section 4 with a cost proposal; b) alternative
approaches with a separate pricing. Alternative proposals must be clearly marked as
alternatives to the base bid, outline how the scope of services will be met and the costs
associated therewith.
Section Two: Lake Maintenance:
The Contractor shall perform general lake maintenance and management services, including
but not limited to the following:
• Ensure that the required water retention and pass through capabilities from the Quarry
watersheds to the downstream estuaries are maintained.
• Maintain lake conditions to provide optimal lake recreation and navigation conditions.
• Maintain acceptable levels (as set forth in the State, Collier County, and SFWMD
requirements) of exotic and invasive weeds, and water quality.
• Maintain healthy lake shoreline vegetative buffers and provide the nutrient fertilization for
the same. This includes existing native weeds and/or littorals.
5. Length of Contract:
QUARRY
Community Development District
Annual Operating and Debt Service Budget
Fiscal Year 2021
Adopted Budget
(Adopted at 8/17/2020 Meeting)
Prepared by:
( INFRAMARK
INFRASTRUCTURE MANAGEMENT SERVICES
QUARRY
Community Development District
Table of Contents
Page#
OPERATING BUDGET
General Fund
Summary of Revenues, Expenditures and Changes in Fund Balances 1-2
Budget Narrative 3-5
Exhibit A-Allocation of Fund Balances 6
DEBT SERVICE BUDGETS
Series 2015
Summary of Revenues, Expenditures and Changes in Fund Balances 7
Amortization Schedule 8
Series 2018
Summary of Revenues, Expenditures and Changes in Fund Balances 9
Amortization Schedule 10
Series 2019
Summary of Revenues, Expenditures and Changes in Fund Balances ... 11
Amortization Schedule 12
Budget Narrative 13
SUPPORTING BUDGET SCHEDULES
2020-2021 Comparison of Assessment Rates 14
Quarry
Community Development District
Operating Budget
Fiscal Year 2021
QUARRY
Community Development District General Fund Fund
Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2021 Adopted Budget
ADOPTED ACTUAL PROJECTED TOTAL ANNUAL
ACTUAL BUDGET THRU AUG- PROJECTED BUDGET
ACCOUNT DESCRIPTION FY 2019 FY 2020 JULY-2020 SEP-2020 FY 2020 FY 2021
REVENUES
Interest-Investments $ - $ - $ 961 $ - $ 961 $ 400
Hurricane Irma FEMA Refund - - 243 - 243 -
Golf Course Revenue - - 13,345 - 13,345 18,000
Interest-Tax Collector - - 1,474 - 1,474 -
Special Assmnts-Tax Collector 149,804 579,497 578,672 -
578,672 579,497
Special Assmnts-Discounts (5,492) (23,180 -(21,200) (21,200) (23,180)
Settlements 387,000 - 99,000 - 99,000 -
Other Miscellaneous Revenues 22,541 - 69,600 - 69,600 40,000
TOTAL REVENUES 553,853 556,317 742,095 - 742,095 614,717
EXPENDITURES
Administrative
P/R-Board of Supervisors - 12,000 7,000 2,000 9,000 12,000
FICA Taxes - 960 536 153 689 918
ProfServ-Arbitrage Rebate 500 600 - 600 600 600
ProfServ-Engineering 53,382 45,000 53,016 4,000 57,016 45,000
ProfServ-Legal Services(District) 33,075 30,000 31,205 6,000 37,205 30,000
ProfServ-Legal Litigation(Outside Svcs) 27,288 150,000 65,515 64,485 130,000 25,000
ProfServ-Mgmt Consulting Sery 38,640 70,000 41,080 10,116 51,196 57,000
ProfServ-Property Appraiser - - 8,064 - 8,064 8,000
ProfServ-Other Legal Charges 2,150 - - - - -
ProfServ-Special Assessment 5,000 5,000 - - - -
ProfServ-Trustee Fees 8,734 12,000 11,182 - 11,182 9,000
ProfServ-Consultants 8,154 - - - - 20,000
ProfServ-Web Site Maintenance 1,500 1,500 388 - 388 -
Auditing Services 5,050 5,500 4,900 - 4,900 4,900
Contract-Website Hosting - - 776 776 1,552 1,550
Website Compliance - - 1,512 - 1,512 1,515
Postage and Freight 2,104 900 569 114 683 750
Insurance-General Liability 5,500 7,500 - 6,050 6,050 6,655
Printing and Binding - - 302 60 362 750
Legal Advertising 11,348 1,400 3,193 - 3,193 4,000
Miscellaneous Services - 2,000 998 1,002 2,000 2,000
Misc-Bank Charges 328 500 98 120 218 50
Misc-Special Projects - - - - - 20,000
Misc-Assessmnt Collection Cost 1,397 20,282 11,166 - 11,166 11,590
Misc-Contingency 2,262 - - - - 1,000
Office Supplies 3,184 1,000 116 23 139 800
Annual District Filing Fee 175 175 175 - 175 175
Total Administrative 209,771 366,317 241,791 95,499 337,290 263,253
Annual Operating and Debt Service Budget
Fiscal Year 2021 Page 1
QUARRY
Community Development District General Fund Fund
Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2021 Adopted Budget
ADOPTED ACTUAL PROJECTED TOTAL ANNUAL
ACTUAL BUDGET THRU AUG- PROJECTED BUDGET
ACCOUNT DESCRIPTION FY 2019 FY 2020 JULY-2020 SEP-2020 FY 2020 FY 2021
Field
R&M-Irrigation - - 31,213 - 31,213 -
R&M-Street Signs 1,830 - - - - -
Lake&Preserve Maintenance - 140,000 103,099 12,601 115,700 140,000
Capital Projects - - - - - 50,000
Miscellaneous Maintenance 7,688 - - - - 111,464
Reserve-Other - 50,000 31,355 18,645 50,000 Total Field 9,518 190,000 165,667 31,246 196,913 301,464
Reserves
Reserve-Other - - - - - 50,000
Total Reserves - - - - - 50,000
TOTAL EXPENDITURES&RESERVES 219,289 556,317 407,458 126,745 534,203 614,717
Excess(deficiency)of revenues
Over(under)expenditures 334,564 - 334,638 (126,745) 207,892 -
OTHER FINANCING SOURCES(USES)
Operating Transfers-Out - - - (545,337) (545,337) -
TOTAL OTHER SOURCES(USES) - - - (545,337) (545,337) -
Net change in fund balance 334,564 - 334,637 (672,082) (337,445) -
FUND BALANCE,BEGINNING 113,000 467,694 467,694 - 467,694 130,249
FUND BALANCE,ENDING $ 467,694 $ 467,694 $ 802,331 $ (672,082) $ 130,249 $ 130,249
Annual Operating and Debt Service Budget
Fiscal Year 2021 Page 2
QUARRY
Community Development District General Fund
Budget Narrative
Fiscal Year 2021
REVENUES
Golf Course Revenue
The District receives yearly revenue from golf course.
Interest-Investments
The District earns interest on the monthly average collected balance for their money market account.
Special Assessments-Tax Collector
The District will levy a Non-Ad Valorem assessment on all the assessable property within the District in order to pay for
the operating expenditures during the Fiscal Year.
Special Assessments-Discounts
Per Section 197.162, Florida Statutes, discounts are allowed for early payment of assessments. The budgeted amount
for the fiscal year is calculated at 4%of the anticipated Non-Ad Valorem assessments.
Miscellaneous Income
Heritage Bay Quarry Umbrella Association.
EXPENDITURES
Administrative
P/R-Board of Supervisors
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated$200 per meeting
at which they are in attendance. The amount for the Fiscal Year is based upon all supervisors attending all the meetings.
Six meetings are scheduled.
Professional Services-Arbitrage Rebate Calculation
The District utilizes a company who specializes in calculating the District's Arbitrage Rebate Liability on the Series of
Benefit Special Assessment Bonds. The budgeted amount for the fiscal year is based on standard fees charged for this
service.
Professional Services-Engineering
The District's engineer provides general engineering services to the District, i.e. attendance and preparation for monthly
board meetings when requested, review of invoices, annual engineer report for compliance purpose and other specifically
requested assignments. Annual engineer's report as required by the bond indenture.
Professional Services-Legal Services (District)
The District's Attorney, Hopping Green & Sams P.A. provides general legal services to the District, i.e., attendance and
preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research as
directed or requested by the Board of Supervisors and the District Manager.
Professional Services-Legal Litigation (Outside Services)
The District's Attorney, Grant, Fridkin, Pearson P.A. provides litigation legal services to the District, i.e., attendance and
preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research as
directed or requested by the Board of Supervisors and the District Manager.
Professional Services-Management Consulting Services
The District receives management, accounting and administrative services as part of a management agreement with
Inframark Infrastructure Management Services. Also includes cost of Information Technology (GASB 54 Compliant
Software System), transcription services, records management and long-term offsite records storage. The budgeted
amount for the fiscal year is based on the contracted fees outlined in Exhibit"A"of the management agreement.
Annual Operating and Debt Service Budget
Fiscal Year 2021 Page 3
QUARRY
Community Development District General Fund
Budget Narrative
Fiscal Year 2021
EXPENDITURES
Professional Services-Property Appraiser
Collier County Non Ad Valorem Tax roll. 1.5% of current fiscal year total assessments less prior year excess fees and/or
adjustments.
Professional Services-Trustee
The District issued these Series of 2015, 2018, and 2019 Special Assessment Bonds that are deposited with a Trustee to
handle all trustee matters. The annual trustee fee is based on standard fees charged plus any out-of-pocket expenses.
Professional Services-Consultants
The District reserve study$10,000 and methodology study$10,000.
Auditing Services
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting
Firm. The budgeted amount for the fiscal year is based on contracted fees from an existing engagement letter.
Contract-Website Hosting
The District contracted with a company to operate the website hosting in order to meet Florida statutes.
Website Compliance
The District contracted with a company to operate the website ADA compliance.
Postage and Freight
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other
correspondence.
Insurance-General Liability
The District's General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance. They
specialize in providing insurance coverage to governmental agencies. The budgeted amount allows for a projected
increase in the premium. A 3%increase is projected.
Legal Advertising
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper
of general circulation.
Miscellaneous Services
The District may incur other unanticipated services.
Misc-Bank Charges
The District may incur unanticipated bank fees..
Misc-Special Projects
The District special projects during the year.
Miscellaneous-Assessment Collection Costs
The District reimburses the Collier County Tax Collector for necessary administrative costs. Per the Florida Statutes,
administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data
processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the
actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The
budget for collection costs was based on a maximum of 2%of the anticipated assessment collections.
Annual Operating and Debt Service Budget
Fiscal Year 2021 Page 4
QUARRY
Community Development District General Fund
Budget Narrative
Fiscal Year 2021
EXPENDITURES
Administrative (continued)
Misc-Contingency
The District may incur unbudgeted expenditures.
Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.
Annual District Filing Fee
The District is required to pay an annual fee of$175 to the Department of Economic Opportunity.
Field
Lake& Preserve Maintenance
District lake and preserve expenditures.
Capital Projects
The District purchase of capital expenditures.
Miscellaneous Maintenance
District other maintenance.
Reserves
Reserve -Other
Planned expenditures the District allocated for future projects.
Annual Operating and Debt Service Budget
Fiscal Year 2021 Page 5
QUARRY
Community Development District
Exhibit"A"
Allocation of Fund Balances
AVAILABLE FUNDS
Amount
Beginning Fund Balance-Fiscal Year 2021 $ 130,249
Net Change in Fund Balance-Fiscal Year 2021 -
Reserves-Fiscal Year 2021 Additions 50,000
Total Funds Available(Estimated)-9/30/2021 180,249
ALLOCATION OF AVAILABLE FUNDS
Assigned Fund Balance
Operating Reserve-First Quarter Operating Capital 121,179 (1)
Reserves-Settlement(Prior Year) 476,000
Reserves-Settlement(FY 2020) 99,000
Reserves-Settlement(FY 2020 Expenditures) (33,427)
Reserves-Settlement(Funds transfer to Series 2019) (541,573)
Subtotal -
Reserves-Other(FY 2020) 50,000
Reserves-Other(FY 2020 Expenditures) (50,000)
Reserves-Other(FY 2021) 50,000
Subtotal 50,000
Total Allocation of Available Funds 171,179
Total Unassigned(undesignated)Cash $ 9,070
Notes
(1) Represents approximately 3 months of operating
expenditures less$20,000 due to negative unassigned
cash
Annual Operating and Debt Service Budget
Fiscal Year 2021 Page 6
Quarry
Community Development District
Debt Service Budgets
Fiscal Year 2021
QUARRY
Community Development District 201 - Series 2015 Debt Service Fund Fund
Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2021 Adopted Budget
ADOPTED ACTUAL PROJECTED TOTAL ANNUAL
ACTUAL BUDGET THRU AUG- PROJECTED BUDGET
ACCOUNT DESCRIPTION FY 2019 FY 2020 JULY-2020 SEP-2020 FY 2020 FY 2021
REVENUES
Interest-Investments $ 2,956 $ 100 $ 790 $ - $ 790 $ 100
Special Assmnts-Tax Collector 1,239,450 1,239,460 1,237,687 - 1,237,687 1,239,461
Special Assmnts-Discounts (45,444) (49,578) (45,343) - (45,343) (49,578)
TOTAL REVENUES 1,196,962 1,189,982 1,193,134 - 1,193,134 1,189,982
EXPENDITURES
Administrative
Misc-Assessmnt Collection Cost 11,561 43,381 23,882 - 23,882 24,789
Total Administrative 11,561 43,381 23,882 - 23,882 24,789
Debt Service
Principal Debt Retirement 565,000 590,000 590,000 - 590,000 615,000
Principal Prepayments 30,000 - - - - -
Interest Expense 585,322 551,449 563,452 - 563,452 538,104
Total Debt Service 1,180,322 1,141,449 1,153,452 - 1,153,452 1,153,104
TOTAL EXPENDITURES 1,191,883 1,184,830 1,177,334 - 1,177,334 1,177,894
Excess(deficiency)of revenues
Over(under)expenditures 5,079 5,152 15,800 - 15,800 12,089
OTHER FINANCING SOURCES(USES)
Contribution to(Use of)Fund Balance 5,152 - - - 12,089
TOTAL OTHER SOURCES(USES) - 5,152 - - - 12,089
Net change in fund balance 5,079 5,152 15,800 - 15,800 12,089
FUND BALANCE,BEGINNING - 853,697 853,697 - 853,697 869,497
FUND BALANCE,ENDING $ 853,697 $ 858,849 $ 869,497 $ - $ 869,497 $ 881,586
Annual Operating and Debt Service Budget
Fiscal Year 2021 Page 7
QUARRY
Community Development District 2015 Debt Service Fund
Debt Amortization Schedule
Series 2015 Special Assessment Refunding Bonds
Outstanding
Date Par Balance Principal Interest Rate Interest ADS
11/1/2020 $13,335,000 3.980% $271,263.53 $271,263.53
5/1/2021 $13,335,000 $615,000 3.980% $266,840.76 $881,840.76
11/1/2021 $12,720,000 3.980% $258,753.07 $258,753.07
5/1/2022 $12,720,000 $640,000 3.980% $254,534.27 $894,534.27
11/1/2022 $12,080,000 3.980% $245,734.04 $245,734.04
5/1/2023 $12,080,000 $665,000 3.980% $241,727.51 $906,727.51
11/1/2023 $11,415,000 3.980% $232,206.47 $232,206.47
5/1/2024 $11,415,000 $690,000 3.980% $229,682.48 $919,682.48
11/1/2024 $10,725,000 3.980% $218,170.33 $218,170.33
5/1/2025 $10,725,000 $720,000 3.980% $214,613.21 $934,613.21
11/1/2025 $10,005,000 3.980% $203,523.93 $203,523.93
5/1/2026 $10,005,000 $750,000 3.980% $200,205.61 $950,205.61
11/1/2026 $9,255,000 3.980% $188,267.27 $188,267.27
5/1/2027 $9,255,000 $770,000 3.980% $185,197.69 $955,197.69
11/1/2027 $8,485,000 3.980% $172,603.76 $172,603.76
5/1/2028 $8,485,000 $800,000 3.980% $170,727.63 $970,727.63
11/1/2028 $7,685,000 3.980% $156,329.98 $156,329.98
5/1/2029 $7,685,000 $835,000 3.980% $153,781.12 $988,781.12
11/1/2029 $6,850,000 3.980% $139,344.22 $139,344.22
5/1/2030 $6,850,000 $870,000 3.980% $137,072.31 $1,007,072.31
11/1/2030 $5,980,000 3.980% $121,646.49 $121,646.49
5/1/2031 $5,980,000 $900,000 3.980% $119,663.12 $1,019,663.12
11/1/2031 $5,080,000 3.980% $103,338.49 $103,338.49
5/1/2032 $5,080,000 $935,000 3.980% $102,215.24 $1,037,215.24
11/1/2032 $4,145,000 3.980% $84,318.51 $84,318.51
5/1/2033 $4,145,000 $975,000 3.980% $82,943.75 $1,057,943.75
11/1/2033 $3,170,000 3.980% $64,484.84 $64,484.84
5/1/2034 $3,170,000 $1,015,000 3.980% $63,433.46 $1,078,433.46
11/1/2034 $2,155,000 3.980% $43,837.49 $43,837.49
5/1/2035 $2,155,000 $1,055,000 3.980% $43,122.75 $1,098,122.75
11/1/2035 $1,100,000 3.980% $22,376.44 $22,376.44
5/1/2036 $1,100,000 $1,100,000 3.980% $22,133.22 $1,122,133.22
$13,335,000 - $5,014,093 $18,349,093
Annual Operating and Debt Service Budget
Fiscal Year 2021 Page 8
QUARRY
Community Development District 202- Series 2018 Debt Service Fund Fund
Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2021 Adopted Budget
ADOPTED ACTUAL PROJECTED TOTAL ANNUAL
ACTUAL BUDGET THRU AUG- PROJECTED BUDGET
ACCOUNT DESCRIPTION FY 2019 FY 2020 JULY-2020 SEP-2020 FY 2020 FY 2021
REVENUES
Interest-Investments $ 535 $ - $ 169 $ - $ 169 $ 100
Special Assmnts-Tax Collector 322,802 322,804 321,664 - 321,664 322,125
Special Assmnts-Prepayment 7,060 - - - - -
Special Assmnts-Discounts (11,835) (12,912) (11,784) - (11,784) (12,885)
TOTAL REVENUES 318,562 309,892 310,049 - 310,049 309,340
EXPENDITURES
Administrative
Misc-Assessmnt Collection Cost 3,011 11,298 6,207 - 6,207 6,443
Total Administrative 3,011 11,298 6,207 - 6,207 6,443
Debt Service
Principal Debt Retirement - 195,184 138,794 - 138,794 188,740
Principal Prepayments 5,000 10,000 - 10,000 -
Interest Expense 75,765 102,062 103,248 - 103,248 98,024
Total Debt Service 80,765 297,246 252,042 - 252,042 286,765
TOTAL EXPENDITURES 83,776 308,544 258,249 - 258,249 293,207
Excess(deficiency)of revenues
Over(under)expenditures 234,786 1,348 51,800 - 51,800 16,133
OTHER FINANCING SOURCES(USES)
Contribution to(Use of)Fund Balance - 1,348 - - - 16,133
TOTAL OTHER SOURCES(USES) - 1,348 - - - 16,133
Net change in fund balance 234,786 1,348 51,800 - 51,800 16,133
FUND BALANCE,BEGINNING (1) 330,710 330,710 - 330,710 382,510
FUND BALANCE,ENDING $ 330,710 $ 332,058 $ 382,510 $ - $ 382,510 $ 398,643
Annual Operating and Debt Service Budget
Fiscal Year 2021 Page 9
QUARRY
Community Development District 2018 Debt Service Fund
Debt Amortization Schedule
Series 2018 Special Assessment Loan
Outstanding
Date Par Balance Principal Interest Rate Interest ADS
'11/1/2020 $3,308,288 $188,740 3.050% $50,451.39 $239,191.82
5/1/2021 $3,119,547 3.050% $47,573.10 $47,573.10
11/1/2021 $3,119,547 $199,538 3.050% $47,573.10 $247,110.69
5/1/2022 $2,920,010 3.050% $44,530.15 $44,530.15
11/1/2022 $2,920,010 $204,839 3.050% $44,530.15 $249,369.44
5/1/2023 $2,715,171 3.050% $41,406.35 $41,406.35
11/1/2023 $2,715,171 $211,994 3.050% $41,406.35 $253,400.44
5/1/2024 $2,503,176 3.050% $38,173.44 $38,173.44
11/1/2024 $2,503,176 $218,509 3.050% $38,173.44 $256,682.15
5/1/2025 $2,284,668 3.050% $34,841.18 $34,841.18
11/1/2025 $2,284,668 $225,222 3.050% $34,841.18 $260,063.21
5/1/2026 $2,059,446 3.050% $31,406.55 $31,406.55
11/1/2026 $2,059,446 $232,140 3.050% $31,406.55 $263,546.65
5/1/2027 $1,827,306 3.050% $27,866.41 $27,866.41
11/1/2027 $1,827,306 $239,269 3.050% $27,866.41 $267,135.58
5/1/2028 $1,588,036 3.050% $24,217.56 $24,217.56
11/1/2028 $1,588,036 $246,616 3.050% $24,217.56 $270,833.24
5/1/2029 $1,341,421 3.050% $20,456.67 $20,456.67
11/1/2029 $1,341,421 $254,186 3.050% $20,456.67 $274,642.93
5/1/2030 $1,087,235 3.050% $16,580.33 $16,580.33
11/1/2030 $1,087,235 $261,988 3.050% $16,580.33 $278,568.07
5/1/2031 $825,247 3.050% $12,585.01 $12,585.01
11/1/2031 $825,247 $270,027 3.050% $12,585.01 $282,612.18
5/1/2032 $555,220 3.050% $8,467.10 $8,467.10
11/1/2032 $555,220 $273,312 3.050% $8,467.10 $281,778.89
5/1/2033 $281,908 3.050% $4,299.09 $4,299.09
11/1/2033 $281,908 $281,908 3.050% $4,299.09 $286,206.93
$3,308,288 - $755,257 $4,063,545
Annual Operating and Debt Service Budget
Fiscal Year 2021 Page 10
QUARRY
Community Development District 203- Series 2019 Debt Service Fund Fund
Summary of Revenues, Expenditures and Changes in Fund Balances
Fiscal Year 2021 Adopted Budget
ADOPTED ACTUAL PROJECTED TOTAL ANNUAL
ACTUAL BUDGET THRU AUG- PROJECTED BUDGET
ACCOUNT DESCRIPTION FY 2019 FY 2020 JULY-2020 SEP-2020 FY 2020 FY 2021
REVENUES
Interest-Investments $ 359 $ - $ 1,052 $ - $ 1,052 $ 100
Special Assmnts-Tax Collector - 493,118 492,419
492,419 357,873
Special Assmnts-Discounts - (19,725) (18,040) - (18,040) (14,315)
TOTAL REVENUES 359 473,393 475,431 - 475,431 343,658
EXPENDITURES
Administrative
Misc-Assessmnt Collection Cost - 17,259 9,502 - 9,502 7,157
Total Administrative - 17,259 9,502 - 9,502 7,157
Debt Service
Principal Debt Retirement - 292,227 292,227 - 292,227 215,686
Principal Prepayments - - - - 850,000
Interest Expense -
163,907 157,727 157,727 136,065
Total Debt Service - 456,134 449,954 - 449,954 1,201,750
TOTAL EXPENDITURES - 473,393 459,456 - 459,456 1,208,908
Excess(deficiency)of revenues
Over(under)expenditures 359 - 15,975 - 15,975 (865,250)
OTHER FINANCING SOURCES(USES)
Loan/Note Proceeds 72,212 - - - -
Interfund Transfer-In -
-
850,000 850,000
Contribution to(Use of)Fund Balance - - - - - (865,250)
TOTAL OTHER SOURCES(USES) 72,212 - - 850,000 850,000 (865,250)
Net change in fund balance 72,571 - 15,975 850,000 865,975 (865,250)
FUND BALANCE,BEGINNING 1 72,572 72,572 - 72,572 938,547
FUND BALANCE,ENDING $ 72,572 $ 72,572 $ 88,547 $ 850,000 $ 938,547 $ 73,297
Note: Interfund Transfer-In: Transfers from Construction Fund projected account balance of$304,663.08 and General Fund
of$545,336.92
Annual Operating and Debt Service Budget
Fiscal Year 2021 Page 11
QUARRY
Community Development District 2019 Debt Service Fund
Debt Amortization Schedule
Series 2019 Special Assessment Loan
Outstanding
Date Par Balance Principal Interest Interest Rate ADS
11/1/2020 $850,000 $78,392 4.50%
5/1/2021 $ 2,366,069 $215,686 $57,673 4.50% $351,750
11/1/2021 $ 2,150,383 $52,416 4.50%
5/1/2022 $ 2,150,383 $226,200 $52,416 4.50% $331,032
11/1/2022 $ 1,924,183 $46,902 4.50%
5/1/2023 $ 1,924,183 $237,228 $46,902 4.50% $331,032
11/1/2023 $ 1,686,955 $41,120 4.50%
5/1/2024 $ 1,686,955 $248,793 $41,120 4.50% $331,032
11/1/2024 $ 1,438,162 $35,055 4.50%
5/1/2025 $ 1,438,162 $260,922 $35,055 4.50% $331,032
11/1/2025 $ 1,177,240 $28,695 4.50%
5/1/2026 $ 1,177,240 $273,641 $28,695 4.50% $331,032
11/1/2026 $ 903,598 $22,025 4.50%
5/1/2027 $ 903,598 $286,982 $22,025 4.50% $331,032
11/1/2027 $ 616,616 $15,030 4.50%
5/1/2028 $ 616,616 $300,972 $15,030 4.50% $331,032
11/1/2028 $ 315,644 $7,694 4.50%
5/1/2029 $ 315,644 $315,644 $7,694 4.50% $331,032
$2,366,069 $633,938 - $3,000,007
Annual Operating and Debt Service Budget
Fiscal Year 2021 Page 12
QUARRY
Community Development District Debt Service Funds
Budget Narrative
Fiscal Year 2021
REVENUES
Interest-Investments
The District earns interest on the monthly average collected balance for their operating, money market and
certificates of deposit accounts.
Special Assessments-Tax Collector
The District will levy a Non-Ad Valorem assessment on all the assessable property within the District to pay for the debt
service expenditures during the Fiscal Year.
Special Assessments-Discounts
Per Section 197.162, Florida Statues, discounts are allowed for early payment of assessments. The budgeted amount for
the fiscal year is calculated at 4%of the anticipated Non-Ad Valorem assessments.
EXPENDITURES
Administrative
Miscellaneous-Assessment Collection Cost
The District reimburses the Collier County Tax Collector for her or his necessary administrative costs. Per the Florida
Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies,
data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for
the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater.
The budget for collection costs was based on a maximum of 2%of the anticipated assessment collections.
Principal Debt Retirement
The District pays an annual principal amount on 5/1 of each fiscal year.
Interest Expense
The District pays semi-annual interest amounts on 5/1 and 11/1 of each fiscal year.
Annual Operating and Debt Service Budget
Fiscal Year 2021 Page 13
Quarry
Community Development District
Supporting Budget Schedules
Fiscal Year 2021
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RESOLUTION 2020-08
THE ANNUAL APPROPRIATION RESOLUTION OF THE QUARRY
COMMUNITY DEVELOPMENT DISTRICT ("DISTRICT") RELATING
TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGETS
FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2020, AND ENDING
SEPTEMBER 30, 2021; AUTHORIZING BUDGET AMENDMENTS; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the District Manager has, prior to the fifteenth (15th) day in June, 2020,
submitted to the Board of Supervisors("Board")of The Quarry Community Development District
("District")proposed budgets("Proposed Budget")for the fiscal year beginning October 1,2020
and ending September 30, 2021 ("Fiscal Year 2020/2021") along with an explanatory and
complete financial plan for each fund of the District, pursuant to the provisions of Section
190.008(2)(a),Florida Statutes; and
WHEREAS, at least sixty (60) days prior to the adoption of the Proposed Budget, the
District filed a copy of the Proposed Budget with the local governing authorities having
jurisdiction over the area included in the District pursuant to the provisions of Section
190.008(2)(b),Florida Statutes; and
WHEREAS, the Board set a public hearing thereon and caused notice of such public
hearing to be given by publication pursuant to Section 190.008(2)(a),Florida Statutes; and
WHEREAS,the District Manager posted the Proposed Budget on the District's website at
least two days before the public hearing; and
WHEREAS, Section 190.008(2)(a),Florida Statutes, requires that,prior to October 1st of
each year,the Board,by passage of the Annual Appropriation Resolution, shall adopt a budget for
the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray
all expenditures of the District during the ensuing fiscal year; and
WHEREAS, the District Manager has prepared a Proposed Budget, whereby the budget
shall project the cash receipts and disbursements anticipated during a given time period, including
reserves for contingencies for emergency or other unanticipated expenditures during the fiscal
year.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
SUPERVISORS OF THE QUARRY COMMUNITY DEVELOPMENT
DISTRICT:
SECTION 1. BUDGET
a. The Board has reviewed the Proposed Budget, a copy of which is on file with the
office of the District Manager and at the District's Local Records Office, and
hereby approves certain amendments thereto, as shown in Section 2 below.
b. The Proposed Budget, attached hereto as Exhibit "A," as amended by the Board,
is hereby adopted in accordance with the provisions of Section 190.008(2)(a),
Florida Statutes ("Adopted Budget"), and incorporated herein by reference;
provided, however, that the comparative figures contained in the Adopted Budget
may be subsequently revised as deemed necessary by the District Manager to reflect
actual revenues and expenditures.
c. The Adopted Budget, as amended, shall be maintained in the office of the District
Manager and at the District's Local Records Office and identified as "The Budget
for The Quarry Community Development District for the Fiscal Year Ending
September 30, 2021."
d. The Adopted Budget shall be posted by the District Manager on the District's
official website within thirty (30) days after adoption, and shall remain on the
website for at least 2 years.
SECTION 2. APPROPRIATIONS
There is hereby appropriated out of the revenues of the District,for Fiscal Year 2020/2021,
the sum of$ to be raised by the levy of assessments and/or otherwise, which
sum is deemed by the Board to be necessary to defray all expenditures of the District during said
budget year, to be divided and appropriated in the following fashion:
TOTAL GENERAL FUND $
DEBT SERVICE FUND -(SERIES 2015) $
DEBT SERVICE FUND - (SERIES 2018) $
DEBT SERVICE FUND - (SERIES 2019) $
TOTAL ALL FUNDS $
SECTION 3. BUDGET AMENDMENTS
Pursuant to Section 189.016, Florida Statutes, the District at any time within Fiscal Year
2020/2021 or within 60 days following the end of the Fiscal Year 2020/2021 may amend its
Adopted Budget for that fiscal year as follows:
a. The Board may authorize an increase or decrease in line item appropriations within
a fund by motion recorded in the minutes if the total appropriations of the fund do
not increase.
b. The District Manager or Treasurer may authorize an increase or decrease in line
item appropriations within a fund if the total appropriations of the fund do not
increase and if the aggregate change in the original appropriation item does not
exceed$10,000 or 10% of the original appropriation.
c. By resolution,the Board may increase any appropriation item and/or fund to reflect
receipt of any additional unbudgeted monies and make the corresponding change
to appropriations or the unappropriated balance.
d. Any other budget amendments shall be adopted by resolution and consistent with
Florida law.
The District Manager or Treasurer must establish administrative procedures to ensure that
any budget amendments are in compliance with this Section 3 and Section 189.016, Florida
Statutes,among other applicable laws. Among other procedures,the District Manager or Treasurer
must ensure that any amendments to budget under subparagraphs c. and d. above are posted on the
District's website within 5 days after adoption and remain on the website for at least 2 years.
SECTION 4. EFFECTIVE DATE. This Resolution shall take effect immediately upon
adoption.
PASSED AND ADOPTED THIS 17th DAY OF AUGUST, 2020.
ATTEST: THE QUARRY COMMUNITY
DEVELOPMENT DISTRICT
iliA-/?"04, 4077,W
By:
Secretary/Assistant Secretary
Its: Stanley Omland, Chairman
Exhibit A: Fiscal Year 2020/2021 Budget
RESOLUTION 2020-09
A RESOLUTION OF THE BOARD OF SUPERVISORS OF
THE QUARRY COMMUNITY DEVELOPMENT DISTRICT
MAKING A DETERMINATION OF BENEFIT AND
IMPOSING SPECIAL ASSESSMENTS FOR FISCAL YEAR
2020/2021; PROVIDING FOR THE COLLECTION AND
ENFORCEMENT OF SPECIAL ASSESSMENTS;
CERTIFYING AN ASSESSMENT ROLL; PROVIDING FOR
AMENDMENTS TO THE ASSESSMENT ROLL;
PROVIDING A SEVERABILITY CLAUSE; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, The Quarry Community Development District("District") is a local unit of
special-purpose government established pursuant to Chapter 190,Florida Statutes,for the purpose
of providing, operating and maintaining infrastructure improvements, facilities and services to the
lands within the District; and
WHEREAS,the District is located in Collier County, Florida("County"); and
WHEREAS,the District has constructed or acquired various infrastructure improvements
and provides certain services in accordance with the District's adopted capital improvement plan
and Chapter 190,Florida Statutes; and
WHEREAS, the Board of Supervisors ("Board") of the District hereby determines to
undertake various operations and maintenance and other activities described in the District's
budget ("Adopted Budget")for the fiscal year beginning October 1, 2020 and ending September
30, 2021 ("Fiscal Year 2020/2021"), attached hereto as Exhibit "A" and incorporated by
reference herein; and
WHEREAS, the District must obtain sufficient funds to provide for the operation and
maintenance of the services and facilities provided by the District as described in the Adopted
Budget; and
WHEREAS, the provision of such services, facilities, and operations is a benefit to lands
within the District; and
WHEREAS, Chapter 190,Florida Statutes,provides that the District may impose special
assessments on benefitted lands within the District; and
WHEREAS, it is in the best interests of the District to proceed with the imposition of the
special assessments for operations and maintenance in the amount set forth in the Adopted Budget;
and
WHEREAS, the District has previously levied an assessment for debt service, which the
District desires to collect for Fiscal Year 2020/2021; and
WHEREAS,Chapter 197,Florida Statutes,provides a mechanism pursuant to which such
special assessments may be placed on the tax roll and collected by the local tax collector
("Uniform Method"), and the District has previously authorized the use of the Uniform Method
by, among other things, entering into agreements with the Property Appraiser and Tax Collector
of the County for that purpose; and
WHEREAS, it is in the best interests of the District to adopt the Assessment Roll of the
Quarry Community Development District ("Assessment Roll") attached to this Resolution as
Exhibit"B"and incorporated as a material part of this Resolution by this reference, and to certify
the Assessment Roll to the County Tax Collector pursuant to the Uniform Method; and
WHEREAS, it is in the best interests of the District to permit the District Manager to
amend the Assessment Roll, certified to the County Tax Collector by this Resolution, as the
Property Appraiser updates the property roll for the County,for such time as authorized by Florida
law.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD
OF SUPERVISORS OF THE QUARRY COMMUNITY
DEVELOPMENT DISTRICT:
SECTION 1. BENEFIT & ALLOCATION FINDINGS. The Board hereby finds and
determines that the provision of the services, facilities,and operations as described in Exhibit"A"
confers a special and peculiar benefit to the lands within the District, which benefit exceeds or
equals the cost of the assessments. The allocation of the assessments to the specially benefitted
lands, as shown in Exhibits "A" and "B," is hereby found to be fair and reasonable.
SECTION 2. ASSESSMENT IMPOSITION. Pursuant to Chapters 190 and 197, Florida
Statutes, and using the procedures authorized by Florida law for the levy and collection of special
assessments, a special assessment for operation and maintenance is hereby imposed and levied on
benefitted lands within the District, and in accordance with Exhibits "A" and "B." The lien of
the special assessments for operations and maintenance imposed and levied by this Resolution
shall be effective upon passage of this Resolution. Moreover, pursuant to Section 197.3632(4),
Florida Statutes, the lien amount shall serve as the "maximum rate" authorized by law for
operation and maintenance assessments.
SECTION 3. COLLECTION. The collection of the operation and maintenance special
assessments and previously levied debt service assessments shall be at the same time and in the
same manner as County taxes in accordance with the Uniform Method, as indicated on Exhibits
"A"and "B." The decision to collect special assessments by any particular method—e.g., on the
tax roll or by direct bill — does not mean that such method will be used to collect special
assessments in future years, and the District reserves the right in its sole discretion to select
collection methods in any given year,regardless of past practices.
SECTION 4. ASSESSMENT ROLL. The Assessment Roll, attached to this Resolution as
Exhibit "B," is hereby certified to the County Tax Collector and shall be collected by the County
Tax Collector in the same manner and time as County taxes. The proceeds therefrom shall be paid
to the District.
SECTION 5. ASSESSMENT ROLL AMENDMENT. The District Manager shall keep
apprised of all updates made to the County property roll by the Property Appraiser after the date
of this Resolution,and shall amend the Assessment Roll in accordance with any such updates, for
such time as authorized by Florida law, to the County property roll. After any amendment of the
Assessment Roll, the District Manager shall file the updates in the District records.
SECTION 6. SEVERABILITY. The invalidity or unenforceability of any one or more
provisions of this Resolution shall not affect the validity or enforceability of the remaining portions
of this Resolution, or any part thereof
SECTION 7. EFFECTIVE DATE. This Resolution shall take effect upon the passage and
adoption of this Resolution by the Board.
PASSED AND ADOPTED this 17th day of August, 2020.
ATTEST: THE QUARRY COMMUNITY
DEVELOPMENT DISTRICT
.14,/t/
ag
By: Ck
Secretary/Assistant Secretary Stanley Omland, Chairman
Its:
Exhibit A: Budget
Exhibit B: Assessment Roll
QUARRY COMMUNITY DEVELOPMENT DISTRICT
DISTRICT COUNSEL REPORT
June 15, 2020 MEETING
1. I worked with Inframark in connection with the resolutions adopting the budget and
levying O&M assessments.
2. I worked with Inframark, CPH and Omland in connection with the project completion
resolution and use of excess funds and settlement proceeds to redeem bonds.
3. I corresponded with Flister regarding RFP for preserve maintenance.
4. I worked with Inframark and Omland to address request for the deposition of the
District's corporate representative concerning lake maintenance and repair.
RESOLUTION 2020-10
A RESOLUTION OF THE BOARD OF SUPERVISORS OF
THE QUARRY COMMUNITY DEVELOPMENT DISTRICT
ACCEPTING THE CERTIFICATION OF THE DISTRICT
ENGINEER THAT THE 2018 AND 2019 PROJECTS ARE
COMPLETE; DECLARING THE 2018 AND 2019 PROJECT
COMPLETE; FINALIZING THE SPECIAL ASSESSMENTS
SECURING THE DISTRICT'S SPECIAL ASSESSMENT
REFUNDING AND IMPROVEMENT BONDS, SERIES 2018
AND ITS SPECIAL ASSESSMENT BONDS, SERIES 2019;
PROVIDING FOR A SUPPLEMENT TO THE
IMPROVEMENT LIEN BOOK; PROVIDING FOR THE
REDEMPTION OF THE 2019 BONDS WITH THE
AMOUNTS OBTAINED BY THE DISTRICT THROUGH
THE SETTLEMENT OF CERTAIN CLAIMS RELATED TO
THE 2018 PROJECT; PROVIDING FOR SEVERABILITY,
CONFLICTS, AND AN EFFECTIVE DATE.
WHEREAS, the Quarry Community Development District ("District") is a local unit of
special-purpose government established pursuant to the Uniform Community Development
District Act of 1980, as codified in Chapter 190,Florida Statutes, and by Ordinance No. 2004-53,
(the "Ordinance")of the Board of County Commissioners of Collier County, Florida; and
WHEREAS, pursuant to that certain Master Trust Indenture between the Quarry
Community Development District and U.S. Bank National Association dated March 1, 2018, as
supplemented by that certain Second Supplemental Trust Indenture between the Quarry
Community Development District and U.S. Bank National Association dated May 1, 2018
(collectively the "2018 Indenture") the District previously issued its Series 2018 Special
Assessment Refunding and Improvement Bonds in the par amount of $3,485,000 (the "2018
Bonds"); and
WHEREAS, pursuant to that certain Trust Indenture between the Quarry Community
Development District and Hancock Whitney Bank dated May 1, 2019 (the"2019 Indenture")the
District previously issued its Series 2019 Special Assessment Bonds in the par amount of
$3,508,296.00 (the "2019 Bonds"); and
WHEREAS, the 2018 Bonds were issued to fund the pond bank reconstruction project
described in that certain Supplemental Engineer's Report for Infrastructure Improvements, dated
April 15, 2018 (the"2018 Project"); and
WHEREAS,the 2018 Bonds were able to fund only a portion of the 2018 Project; and
WHEREAS, for the purpose of completing the 2018 Project and making certain repairs to
portions of the 2018 Project that were paid for with the proceeds of the 2018 Bonds, the District
approved the project described in that certain Supplemental Engineer's Report for Phase I, II and
1
III Infrastructure Improvements dated,as revised,April 16,2019 (the"2019 Project"),which was
funded with the proceeds of the 2019 Bonds; and
WHEREAS, in connection with the issuance of the 2018 Bonds, on May 21, 2018, the
District, after notice and public hearing, met as an Equalizing Board pursuant to the provisions of
Section 170.08, Florida Statutes, and adopted Resolution 2018-12, authorizing the 2018 Project,
equalizing and levying special assessments to defray the total project costs and providing that the
levy shall be a lien on the property so assessed co-equal with the lien of all state, county, district,
municipal or other governmental taxes, all in accordance with Section 170.08, Florida Statutes;
and
WHEREAS, Resolution 2018-12, set forth the terms of the Series 2018 Bonds, confirms
the lien of the levy of special assessments securing the Series 2018 Bonds (the "Series 2018
Assessments"), and adopts the Final Assessment Methodology Report for Special Assessment
Refunding and Improvement Bonds, Series 2018, dated April 17, 2018 (the "Series 2018
Assessment Report"); and
WHEREAS, in connection with the issuance of the 2019 Bonds, on May 22, 2019, the
District, after notice and public hearing, met as an Equalizing Board pursuant to the provisions of
Section 170.08, Florida Statutes, and adopted Resolution 2019-05, authorizing the 2019 Project,
equalizing and levying special assessments to defray the total project costs and providing that the
levy shall be a lien on the property so assessed co-equal with the lien of all state, county, district,
municipal or other governmental taxes, all in accordance with Section 170.08, Florida Statutes;
and
WHEREAS, Resolution 2019-05, set forth the terms of the Series 2019 Bonds, confirms
the lien of the levy of special assessments securing the Series 2018 Bonds (the "Series 2019
Assessments"), and adopts the Supplemental Assessment Methodology Report for Special
Assessment Bonds, Series 2019(Shoreline Restoration Project), dated April 16,2019(the"Series
2019 Assessment Report"); and
WHEREAS, pursuant to Chapter 170, Florida Statutes, the 2018 Indenture, and 2019
Indenture, the District Engineer executed and delivered a Certificate of the Engineer dated July
22, 2020 ("Engineer's Certification"), attached hereto as Exhibit A, wherein the District
Engineer certified the 2018 and 2019 Projects complete; and
WHEREAS, upon receipt of and in reliance upon the Engineer's Certification evidencing
the completion date of the 2018 and 2019 Projects, the Board desires to certify the 2018 and 2019
Projects complete in accordance with the 2018 Indenture and the 2019 Indenture respectively; and
WHEREAS, the District expended all available construction proceeds from the 2018
Bonds to pay for a portion of the 2018 Project resulting in a zero balance in the 2018 Acquisition
and Construction Account; and
WHEREAS, the 2019 Capital Renewal and Replacement Fund Account ("2019
Construction Account")was funded with funds to be used for the 2019 Project; and
2
WHEREAS, the total cost of the 2019 Project totaled $3,026,331.00, which resulted in
$304,663.00 remaining in the 2019 Construction Account (the "2019 Remaining Amounts") to
be transferred to the Bond Redemption Fund and applied to redeem the 2019 Bonds in accordance
with Section 6.05 of the 2019 Indenture; and
WHEREAS, Chapter 170, Florida Statutes, requires that upon completion of the 2018
Project and 2019 Project, the District is to credit each of the Series 2018 Assessments and Series
2019 Assessments the difference, if any, between the amount assessed and the actual cost of the
improvements; and
WHEREAS,in addition to the 2019 Remaining Amounts,the District desires to use funds
in the net amount of $545,337.00, which the District recovered from the settlement of certain
claims related to the 2018 Project (the "Settlement Amounts"), to redeem the 2019 Bonds in
accordance with Section 8.01(a-2) of the 2019 Indenture.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
SUPERVISORS OF THE QUARRY COMMUNITY DEVELOPMENT
DISTRICT:
SECTION 1. RECITALS.The recitals so stated are true and correct and by this reference
are incorporated into and form a material part of this Resolution.
SECTION 2. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted
pursuant to the provisions of Florida law, including Chapters 170, 190 and 197, Florida Statutes,
and in accordance with the provisions of Resolution 2018-12 and Resolution 2019-05.
SECTION 3. ACCEPTANCE AND CERTIFICATION OF COMPLETION OF
THE SERIES 2015 PROJECT. The Board hereby accepts the Engineer's Certification attached
hereto as Exhibit A, certifying the 2018 and 2019 Projects complete and in reliance thereon,
certifies the 2018 and 2019 Projects complete,in accordance with Resolution 2018-12,Resolution
2019-05,the 2018 Indenture and the 2019 Indenture.
SECTION 4. FINALIZATION OF SPECIAL ASSESSMENTS SECURING SERIES
2015 REFUNDING BONDS. Pursuant to Section 170.08,Florida Statutes and Resolution 2018-
12, the Series 2018 Assessments on all developable land within the District are to be credited the
difference in the Series 2018 Assessment as originally made, approved, and confirmed and a
proportionate part of the actual project costs of the Series 2018 Project. Based on the zero balance
of the 2018 Acquisition and Construction Account at the time of receipt of the Engineer's
Certification, the Series 2018 Assessment Report accurately reflects the amount of Series 2018
Assessments after the closing of the Construction Account. The Series 2018 Assessments levied
pursuant to Resolution 2018-12 also correctly reflect an amount of debt assessment equal to the
amount being finalized. Therefore, pursuant to Section 170.08, Florida Statutes, and Resolution
2018-12, the Series 2018 Assessments on parcels specially benefitted by the Series 2018 Project
are hereby finalized in the amount of the outstanding debt due on the 2018 Bonds in accordance
with the Series 2018 Assessment Report, and is apportioned in accordance with the methodology
described in the Series 2018 Assessment Report, upon the specially benefitted lands indicated in
3
the District's Assessment Lien Roll attached hereto, and incorporated herein, as Exhibit B, and
reflects the finalized assessments due on the parcels benefitted by the 2018 Bonds.
Pursuant to Section 170.08, Florida Statutes and Resolution 2019-05, the Series 2019
Assessments on all developable land within the District are to be credited the difference in the
Series 2019 Assessment as originally made, approved, and confirmed and a proportionate part of
the actual project costs of the Series 2019 Project. In light of the 2019 Remaining Amounts being
used to redeem a portion of the 2019 Bonds, the Series 2019 Assessments levied pursuant to
Resolution 2019-05 are hereby adjusted as reflected on the Assessment Lien Roll attached hereto
as Exhibit B. Pursuant to Section 170.08, Florida Statutes, and Resolution 2019-05, the Series
2019 Assessments on parcels specially benefitted by the Series 2019 Project are hereby finalized
in the amount of the outstanding debt due on the 2019 Bonds in accordance with Exhibit B, and
is apportioned in accordance with the methodology described in the Series 2019 Assessment
Report, upon the specially benefitted lands indicated on Exhibit B, and reflects the finalized
assessments due on the parcels benefitted by the 2019 Bonds,as further adjusted for the Settlement
Amounts as set forth in Section Five below.
SECTION 5. SETTLEMENT PROCEEDS. The District recovered the Settlement
Amounts in the net amount of$545,000, from the settlement of certain claims related to the 2018
Project. The District desires to use the Settlement Amounts to redeem the 2019 Bonds in
accordance with Section 8.01(a-2) of the 2019 Indenture. The assessments reflected on Exhibit
B reflect the use of the Settlement Amounts used for the redemption of the 2019 Bonds.
SECTION 6. IMPROVEMENT LIEN BOOK. Immediately following the adoption of
this resolution these special assessments as reflected herein shall be recorded by the Secretary of
the Board in the District's "Improvement Lien Book." The special assessment or assessments
against each respective parcel shall be and shall remain a legal,valid and binding first lien on such
parcel until paid and such lien shall be coequal with the lien of all state,county,district,municipal
or other governmental taxes and superior in dignity to all other liens,titles, and claims.
SECTION 7. SEVERABILITY. If any section or part of a section of this Resolution is
declared invalid or unconstitutional, the validity, force and effect of any other section or part of a
section of this Resolution shall not thereby be affected or impaired unless it clearly appears that
such other section or part of a section of this Resolution is wholly or necessarily dependent upon
the section or part of a section so held to be invalid or unconstitutional.
SECTION 8. CONFLICTS. This Resolution is intended to supplement Resolutions
2018-12 and 2019-05,which remain in full force and effect. This Resolution,Resolution 2018-12
and Resolution 2019-05 shall be construed to the maximum extent possible to give full force and
effect to the provisions of each resolution. All District resolutions or parts thereof in actual conflict
with this Resolution are, to the extent of such conflict, superseded and repealed.
SECTION 9. EFFECTIVE DATE. This Resolution shall take effect immediately upon
its adoption.
4
PASSED AND ADOPTED this 17th day of August, 2020.
ATTEST: QUARRY COMMUNITY
DEVELOPMENT DISTRICT
111A/4161-C, 1Ckg
Secretary By: y7•
Its: Stanley Omland, Chairman
Exhibit A: Engineer's Certificate of Completion
Exhibit B: Assessment Lien Roll
5
CERTIFICATE REGARDING COMPLETION OF CONSTRUCTION
QUARRY COMMUNITY DEVELOPMENT DISTRICT
SERIES 2018 AND 2019 PROJECTS
July_, 2020
Quarry Community Development District
210 North University Drive, Suite 702
Coral Springs, Florida 33071
Re: Certification of Completion
Quarry Community Development District—Series 2018 and 2019 Projects
This certificate is furnished in accordance with that certain Master Trust Indenture
between the Quarry Community Development District and U.S. Bank National
Association dated March 1, 2018, as supplemented by that certain Second Supplemental
Trust Indenture between the Quarry Community Development District and U.S. Bank
National Association dated May 1, 2018 (the "2018 Indenture") and that certain Trust
Indenture between the Quarry Community Development District and Hancock Whitney
Bank dated May 1, 2019 (the "2019 Indenture" and together with the 2018 Indenture the
"Indenture"), and is intended to evidence the completion of the 2018 and 2019 Projects
undertaken by the Quarry Community Development District. The 2018 Project is
described in more detail in that certain Supplemental Engineer's Report for Infrastructure
Improvements, dated April 15, 2018 and the 2019 Project is described in more detail in
that certain Supplemental Engineer's Report for Phase I, II and III Infrastructure
Improvements dated, as revised, April 16, 2019.
I. The 2018 Project and the 2019 Project (collectively the "Projects") have been
completed in substantial compliance with the specifications therefore and all
labor, services, materials, and supplies used in the Projects have been paid for and
acknowledgments of such payments have been obtained from all contractors and
suppliers.
II. All other facilities necessary in connection with the Projects have been
constructed, acquired, and installed in accordance with the specifications
therefore and all Costs and expenses incurred in connection therewith have been
paid or adequate provision has been made for such payment by the District.
III. All plans, permits and specifications necessary for the operation and maintenance
of the improvements made pursuant to the Projects are complete and on file with
the District Engineer or have been transferred to the appropriate governmental
entity having charge of such operation and maintenance.
1
IV. The total Cost of the 2018 Project was greater than the amount deposited in the
Acquisition and Construction Fund resulting in no excess proceeds from the
Series 2018 Bonds in the Acquisition and Construction Account. The total Cost
of the 2019 Project was $3,026,331.00, which resulted in $304,663.00 in excess
proceeds from the Series 2019 Bonds remaining in the Acquisition and
Construction Account.
This Certificate is given without prejudice to any rights against third parties which exist
as of the date of this Certificate or which may subsequently come into being.
Dated: July , 2020
CPH, Inc.
By: Jeffrey M. Satfield, P.E., District Engineer
STATE OF FLORIDA
COUNTY OF COLLIER
The foregoing instrument was acknowledged before me this day of
, 2020, by Jeffrey M. Satfield, P.E., District Engineer of the Quarry
Community Development District, who is personally known to me or who has produced
identification, and did [ ] or did not [ ] take the oath.
Notary Public, State of Florida
Print Name:
Commission No.:
My Commission Expires:
2
GRANT
FRIDKIN
PEARSON MICHAEL T.TRAFICANTE
Attorney at Law
Attorneys&Counselors at Law Reply to.Naples
�i FT
239.514.1000 Ext.2032
239.514.0377
mtraficante@gfpac.com
August 7, 2020
Via email WesH@figslaw.com
Quarry Community Development District
Attn: Robert Koncar, District Manager
do Wesley S. Haber, Esq.
Hopping Green & Sams, P.A.
119 South Monroe Street,Suite 300
Tallahassee, FL 32301
Dear Mr. Koncar:
This letter will confirm that our law firm is being engaged by Quarry Community Development District
("QCDD")to prepare the corporate representative of QCDD and attend the deposition of the corporate
representative in that certain lawsuit styled: Quarry Community Association, Inc. v Centex Real Estate
Company, LLC et al. Collier County, Case No. 2017-CA-0855.
I will be the primary attorney overseeing this matter. We will invoice you on a monthly basis for
services rendered calculated at our standard hourly rates. My current hourly rate is $370.00. A copy
of our billing policies and procedures is attached and is part of the terms of our engagement. Where
consistent with your best interests, I will utilize other attorneys having necessary expertise in this
matter, and/or paralegals or legal assistants working under the supervision of an attorney.
Our invoices for services rendered and out-of-pocket expenses are billed monthly and due upon
receipt. At this time we do not require a security deposit. We reserve the right to require a security
deposit as a condition to continued engagement in the event that the anticipated time commitment of
this matter becomes substantially greater than currently envisioned, in the event litigation becomes
necessary, and/or in the event of delinquency in payment.
In addition to our fees for services rendered,we will bill you for out-of-pocket expenses incurred such
as extraordinary copying and postage and Federal Express charges. Routine postage, long distance
telephone and routine copying charges will not be billed to you and are included in our standard hourly
rate.
Please confirm your agreement to these terms and conditions of engagement by signing in the space
provided below and returning a copy of this engagement letter to me. Until such time as we have
received this executed engagement letter, our law firm shall not be considered to represent the
Company's interests with respect to this matter.
We appreciate your confidence in the firm and the opportunity to be of service to you in this matter
and we look forward to working with you.
We often find that electronic communication, typically in the form of e-mail, is efficient. Of course, e-
mail presents some potential adverse consequences. For instance, sometimes the receipt of e-mail
is undependable or delayed. Our practice is to promptly acknowledge any e-mail communication sent
to us. Accordingly, if you do not receive an acknowledgment to an e-mail that you sent to us, please
assume we did not receive the message and contact us through other means. If, at any time, you do
not want us to utilize e-mail communications on this matter, please let us know and we will proceed
GRANT FRIDKIN PEARSON,PA. 5551 Ridgewood Drive, Ste.501 5237 Summerlin Commons Boulevard 239.514.1000
Naples,Florida 34108 Ste.329,Fort Myers,Florida 33907 www.gfpac.com
Quarry Community Development District
Attn: Robert Koncar, District Manager
c/o Wesley S. Haber, Esq.
Page 2
with more traditional means,such as U.S. post office delivery. Our firm assumes that you are the only
individual with access to your e-mail account. As such, it is not our firm's practice to password protect
e-mails sent to you by our firm. If, at any time, you would like e-mails sent to you by our firm to be
password protected, please let us know.
Very truly yours,
Michael T. Traficante
MTT/tf
I, Robert Koncar, District Manager for Quarry Community Development District, have read and
reviewed the foregoing terms and conditions of this engagement letter and agree to be bound
hereby.
Quarry Community Development District
By:
Robert Koncar, District Manager
GRANT
FRIDKIN
PEARSON
is
TERMS OF ENGAGEMENT AND BILLING POLICIES
FEES
Unless otherwise agreed upon, our fees are based upon the amount of time devoted to handling the matter by the
shareholders, associates and legal assistants of the firm working on it at established firm billing rates. Our current
hourly rates are attached as Schedule A.We reserve the right to periodically increase those rates.
BILLING FREQUENCY
We typically bill for our services on a monthly basis. However, in certain matters our firm may render an invoice upon
the completion of a transaction or at the time certain work is completed.
OTHER CHARGES AND EXPENSES
In addition to fees for our services, we bill for out-of-pocket expenditures and overhead charges such as express mail
or delivery services,third party copy charges,computer research charges,estate administration licensing, closing and
file storage fees,title searches and other database searches,escrow and trust accounting services,and staff overtime
necessitated by client requirements. Bills for third party costs, including transcripts, mediation, arbitration, appraisals,
expert witness fees and the like, may be transmitted directly to the client and it is expected that these bills will be paid
by the client upon receipt.We do not bill for routine charges for postage, long distance telephone calls, facsimiles and
in-house copying.
LATE FEES
All invoices are due upon receipt. In the event an invoice submitted is not paid within thirty(30) days from the date
submitted, interest at the highest legal rate shall be added to the invoice and will be charged for each month thereafter
in which payment is not made. Imposition of interest does not permit the deferral of payment of the amount of the
invoice.
RETAINERS
It is our policy to require an advance payment or retainer at the time of accepting engagement to handle certain matters.
Where required, it will not be considered to be earned and will be deposited to and held in our general trust account as
security for payment of our invoices. Unless otherwise agreed, it will be retained until conclusion of the matter and
applied against the final invoice for our services and costs. Any unused portion will be refunded to the client.
Additionally,we reserve the right to require supplemental retainers,advance cost deposits and/or to submit fee invoices
in advance of monthly billing periods where we reasonably anticipate major cost advances or time commitments.These
invoices will also be due upon receipt.
QUESTIONS ABOUT INVOICES
If a client questions a particular invoice, we ask that it be promptly brought to our attention. If no question is raised
within thirty(30)days from submission, the client will be deemed to have accepted the invoice.
MULTIPLE MATTERS
In the event we receive a payment from a client at a time when more than one invoice is outstanding on any one or
more matters for that client,we will apply that payment to any of the invoice(s)in our discretion,unless the payment is
accompanied by the remittance copies of the invoice(s)being paid or by some other written indication from the client
directing how the payment is to be applied.
RESPONSIBILITY
In no event is payment of our fees contingent or in any way dependent on the outcome of the matter or the results
obtained. Legal matters frequently take courses that cannot be predicted or anticipated Accordingly, no guarantees
can be given concerning the outcome or the total legal fees to be incurred in arriving at that outcome.
TERMINATION OF SERVICES
Every client has the right to terminate our representation at any time for any reason.We reserve the same right to the
full extent permitted by the rules governing The Florida Bar upon giving the client reasonable notice so that
arrangements can be made by the client to obtain alternate representation
GRANT FRIDKIN PEARSON_P A 5551 Ridgewood Drive ,Jite 501 I 5237 Summerlin Commons Blvd I 239 514 1000
Naples Florida 34108 Suite 329,Fort Myers,Florida 33907 www gfpac corn
In litigation matters, we reserve the right to petition the court or administrative agency to withdraw from handling any
matter. Following termination by us, we will continue to provide representation in the matter until arrangements can be
made for alternate representation, but in no event more than thirty (30) days after we have sent written notice of
termination. During such thirty(30)day period,however,our services will consist of only those necessary to protect the
client's interests and prevent prejudice.
Upon termination by either party, the client must sign all papers and documents which we believe necessary for us to
accomplish that termination of our representation.
• Regardless of when or by whom the representation is terminated, and until such time as all outstanding fees which are
owed to the firm (whether billed or unbilled)have been paid in full:
(i) we reserve the right to retain all of our files concerning the client and to hold all documents,monies,or other
property of the client then in our possession; and
(ii) we will have a lien on all judgments, awards, damages or other assets or the proceeds thereof and/or all
other monies which are recoverable or distributable to the client as a result of any settlement,compromise,
or court award then or thereafter obtained or achieved on the client's behalf in the matter,whether by the
client, by us,or by any other attorneys who may succeed us in the matter.
COSTS OF COLLECTION
In the event of legal proceedings arising out of this engagement, the prevailing party shall be entitled to recover all
costs and expenses, including reasonable attorneys'fees, incurred in connection with such proceedings.
FUTURE CONFLICTS WAIVER
We expect that a client ordinarily will consent to our representation of another client if that representation merely
involves the rule against representing one client in a matter indirectly adverse to any existing client, provided we have
not represented the client in that or a substantially related matter and do not have confidential information of the client
that could be used against its interest, and provided further that the adverse representation does not involve the
assertion against the client or any controlled entity of a claim alleging fraud, misrepresentation or other dishonest
conduct. We would expect the client to provide that consent in writing at our request, subject to our obtaining consent
from the adverse party to our continued representation of the client in unrelated matters.
JOINT REPRESENTATION
We may jointly represent clients, including but not limited to joint representation of business partners, business entities
with multiple investors or owners, where one or more, but not all may be clients, spouses, different generations of a
family, current and future beneficiaries or fiduciaries and beneficiaries. At the time of such representation, we
understand that although there is a potential for conflict, there is no actual conflict of interest. If an actual conflict of
interest does arise between jointly represented clients of such a nature that in our judgment, it is impossible for us to
perform our obligation to all parties,we shall withdraw as the attorneys for all such parties.
CLIENT FILE RETENTION AND RETURN OF RECORDS
We will retain client files at an appropriate offsite facility for up to six (6) years after the end of our services or such
longer period as we deem appropriate or as required by law or applicable rules of The Florida Bar.After that time,we
reserve the right to destroy such records without further notice. Please contact us at the completion of our services if
you wish to have any records provided to you.
ANCILLARY SERVICES
Our firm has a wholly owned subsidiary, GFPAC Services, LLC, which we sometimes use to provide services that do
not involve the practice of law to our clients.As an example,when we are engaged to create a business entity such as
a corporation, limited liability company, or a limited partnership for a client, we may designate GFPAC Services, LLC
as the registered agent for the entity. We will do this only with approval by the client. The client has the right to use
anyone it wishes who is qualified under the law to provide this service. If GFPAC Services, LLC is used the client will
be advised of its fees and charges Our firm benefits from fees and charges paid to GFPAC Services LLC in view of
our ownership of it
2
GRANT FRIDKIN PEARSON.P.A 5551 Ridgewood Drive,Suite 501 I 5237 Summerlin Commons Blvd 239 514 1000
Naples Florida 34108 Suite 329.Fort Myers,Florida 33907 I www gfpac corn
GRANT
FRIDKIN
PEARSON
SCHEDULE A
Standard Hourly Billing Rates
Effective March 1, 2020
ATTORNEYS Hourly Rate
David G. Budd $500
Marcie A. Charles $315
Alexandra D. Gabel $260
Jeffrey D. Fridkin $540
Richard C. Grant $540
Cheryl L. Hastings $390
M. Travis Hayes $450
William M. Pearson $525
Michael T. Traficante $370
Charles C. Whittington $295
D. Keith Wickenden $425
Christina S. Woods $330
LEGAL ASSISTANTS Hourly Rate
Jamie L. Bookman $150
Jacqueline C. Cohane $150
Patricia A. DeStefano $170
Sarah V. DuRant $150
Christine M. Flagg $150
Sharon A. Foster $195
Tara R. Friedman $150
Deborah A. Miller $170
Colleen M. Mueller $170
Jennifer M. Stevenson $125
Administrative Costs
Estate Administration Licensing, Closing and Storage Fee $250
Escrow Account Fee $650
Please note that we do not bill clients for routine postage, long
distance phone calls, facsimiles, and internal copy charges.
GRANT FRIDKIN PEARSON,P A 5551 Ridgewood Drive,Suite 501 I 5237 Summerlin Commons Blvd I 239,514 1000
Naples,Florida 34108 Suite 329,Fort Myers.Florida 33907 www gfpac corn
GRANT
FRIDKIN
PEARSON
Attorneys&Comwloo in Law
r. r1:,
WIRE TRANSFER POLICY NOTIFICATION FORM
This notification is to make our clients and others with whom we deal with aware of Grant Fridkin
Pearson, P.A.'s ("GFP") policies with respect to funds being wire transferred to GFP by our clients or
others, and funds being wire transferred by us to our clients or third parties by GFP. These policies
are to protect all concerned from third-party fraud involving wire transfers.
GFP will never request that any funds be wire transferred to GFP or to any other company, person or
entity by facsimile, e-mail, text or any other electronic method of communication without first verbally
communicating such a request to the client. Specifically, all requests for wire transferred funds will be
first made by verbal communication from the lawyer or staff member assisting the lawyer directly
working with the client or other party on that particular transaction and will be followed up by written
wire transfer instructions provided by that attorney or staff member to the client by secure means
(including, but not limited to, encrypted e-mail, facsimile or hand delivery). The wire instructions
provided by GFP will be on GFP letterhead and will only be for an account under the name of GFP. If
you have any questions about the authenticity of the wire instructions, please contact our office
immediately.
Where applicable, GFP may need to provide a client with wire transfer instructions for another party
such as a specific real estate company or another law firm that will be holding funds with respect to a
particular transaction, as may be provided in an applicable sales contract, settlement agreement, or
other legal document. GFP will verify the wire transfer instructions with the intended wire transfer
recipient prior to providing such wire transfer instructions to the client by secure means.
GFP will not initiate a wire transfer based on a request or wire transfer instructions received by
facsimile,e-mail,text or any other electronic method of communication without first verbally confirming
such request and/or wire transfer instructions with the client and/or the intended recipient of the wire
transfer.
8/19/18-GFP Wire Transfer Policy Notification docx
GRANT FRIDKIN PEARSON,P A 5551 Ridgewood Drive,Suite 501 I 5237 Summerlin Commons Blvd I 239 514 1000
Naples,Florida 34108 Suite 329,Fort Myers.Florida 33907 I www gfpac corn
@ollD
4,1
2216 Altamont Avenue
Fort Myers,Florida 33901
Phone:239.332.5499
Fax:239.332.2955
www.cphcorp.corn
The Quarry CDD — Engineers Report
August 2020
Variances approvals
• Two Variances were submitted for approval during the month of June. Both were
reviewed and recommended for approval.
Home Owners Issues
• Non reported
Pending contracts
• Engineers Annual Stormwater Report
• Water Quality Testing
QUARRY COMMUNITY DEVELOPMENT DISTRICT
CHAIRMAN'S REPORT SINCE LAST MEETING
FOR AUGUST 17, 2020 CDD MEETING
I. FEMA Update:
a. Continued phone and email discussions occur with FEMA occurred since
the last CDD meeting. We have moved up one level in review and are
slowly making progress.
b. STO continues to follow-up every 7-14 days with FEMA and less often
with Congressman. Diaz-Balart.
II. Resident issues
a. Inquiries continue from residents about status of weed cutting on Stone
Lake.
III. Numerous discussions with the Quarry Golf Club ensued since last meeting,
culminating in an executed Memorandum of Understanding (MOU), whose sole
purpose is to affirm the CDD's assumption of the QCA's prior year's lake
maintenance. Payment for Q1-Q3 was made.
IV. A significant crack was reported by a homeowner on Spinner Cove within the
prior concrete bulkhead repair project undertaken in 2019 by Copeland Southern
Enterprises Inc. We reported the defect to Scott Copeland on June 15th and the
repair was completed by Copeland in early July at no cost to the CDD. Copeland
took full responsibility for the repair.
V. Issued community-wide Summer update on July 31 regarding Shoreline Phase li
and III projects and their budget performances, settlement totals, FEMA status
and bond re-amortization plan.
VI. Ongoing coordination with District Engineer and District Counsel on Bond re-
amortization progress.
Stanley T. Omland. PE, PP, CME, LEED AP
Chair, Quarry Community Development District
06.08.20
Quarry Community Development District
Lake and Preserve Report since last meeting
for August 17, 2020
Discussed IPW in Boulder Lake with Ed Hubbard Supervisor with the Heritage Bay CDD. He
provided a copy of the maintenance program established for the Heritage lakes which was then
forwarded to Bob Koncar, Inframark. A copy will be made available to any homeowner inquiring
about Boulder Lake and weed remediation.
Met with Les Stephens Aquatic Weed Control to undertake a final walk through on the
remediation underway under the Preserve Maintenance Service Agreement dated May 26,
2020. Sent Bob Koncar results to initiate payment. All requirements of the contract were
achieved in a satisfactory manner.
Received still photos and videos from Jack Whigham who installed a trail camera at the head of
the canal located at the northern boundary of the preserve between CREW and QCDD. The
camera faced south along the east-to-west trail and captured a fair amount of vehicular and
equestrian traffic. Confirmed with CREW if was not associated with any of their operations and
later Ed Hubbard of Heritage who stated the HB and BB access lane would be difficult to
transgress. That leaves the Collier easement from Lee County or from Immokalee the likely
entry point. Collier County requires the easements from Logan and Immokalee remain
accessible due to private property located along the easement. We would need to explore if
there is an entry point further past Heritage on the trail just to rule it out.
Collier Sheriff Dept. can only respond if trespassing signage meets the state mandate (min 500
ft apart) and we execute a legal No Trespassing document with them. We have signage but it
doesn't cover the perimeter of all 860 acres. Some of it is not accessible. They would then only
respond to reports of"active"trespassing. It should be noted they do not have vehicles
equipped to operate within the preserves. FWC would only respond if it involved
hunting. Options proposed included fencing, which is expensive, a trail cam with phone alert
capabilities or blocking off the entry points other than the Collier service road.
The Quarry Golf Club provided Golden Canna plants growing near hole 10 and with the
assistance of several homeowners, removed and transplanted around several ponds within the
community. Also, bare root Spike Rush was transplanted from seedlings growing in the beach
sand. If successful, look to expand the program in the Spring.
CES has completed cutting and harvesting along the beach and herbicide treatment is now
underway. Currently reassessing the canals in Stone Lake and the northern shoreline for level
of treatment required.
The Heritage Golf field maintenance team notified Bob Koncar, Inframark, of pepper trees
growing within the perimeter of the preserve along Cypress holes 15 and 16. Ed Hubbard,
HBCDD, and William Flister examined the area and confirmed pepper trees growing along a
section of the preserves approximately 800 to 1,000 yards in length. Plants were well
established some 30 feet tall and over several years old. The field study undertaken earlier in
the year did not note them in the report or on the map covering conservation area one. CPH
was contacted for clarification. The permit requires immediate removal of all exotic plants within
the preserves.
Heritage Bay Umbrella Association Meeting with Heritage Commons Commercial Association
June 10,2020 Meeting Notes submitted by Tim Cantwell
Present were Laura Severance,Tim Cantwell,Jack Hubbard,Jack Ulrich (NCH Facilitites Director), and
Phil Dutcher, C.O.O. NCH and President Heritage Bay Commons Assoc.
In preparation for the June 10 meeting, Laura Severance held a Zoom meeting with Phil Dutcher and
Jack Ulrich.The following provides highlights of that meeting:
1. Introduction of how the HBUA was formed,why it exists and its relationship with the three
communities: HBG&CC, QCA&HB Commons.
2. Discussed the QCDD's Field Study Report and Preserve Area 5, specifically that the HBUA
believes the HB Commons owns that area and is responsible for its maintenance.
3. The two ROW permit letters that the QCA and HBCDD received were shared with them to
communicate that HBUA believes the HB Commons is responsible for assuring two bridges and
the West Outflow.
HBUA requested that yearly HBUA fees be collected and then returned to the HB Commons
Association.They seemed agreeable to such a relationship. Vickie (Association manager for both
associations) is going to research how the two communities collect the HBUA fees.
They are also researching further their ownership of Preserve Area 5 as well as any record of
maintenance having been done in the area, as well as the West Outflow.
June 10 Meeting Highlights:
Overall,the meeting was very positive.The commercial association are eager to be a "partner"
with both CDD's, and both HOA's formed under the common PUD.
A plan will be put into place orchestrated by Vicki to begin collecting association fees from the
commercial property members. No retroactive fees will be collected.
The commercial association want to do their part to remediate any problematic issues related to
the preserves under their jurisdiction. Earthtech is their service provider and have been
inspecting, and servicing the preserves.Vicki will provide maps and guidance to assure that they
are aware of the extent of their responsibilities.
Discussion regarding the need to service the out-flows and drains followed.Vicki will provide
guidance and a map to assure that all drainage is properly serviced. HBUA made the commercial
properties aware of the potential for emergency assessments in the event of a disaster or failure
that occurs within their boundaries.
The net impact of the commercial properties paying dues to HBUA does not directly affect
QCDD's budget. It will however provide a formal mechanism for HBUA to formally collect and
return funds to the commercial association to assure that the stormwater drainage and
preserves are properly maintained in the future.