FY21/22 Proposed Budget VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
c/o Special District Services, Inc.
2501 Burns Road, Suite A
Palm Beach Gardens,Florida 33410
(561)630-4922
Fax: (561)630-4923
April 16,2021
VIA CERTIFIED MAIL—
RETURN RECEIPT REQUESTED
Clerk of the Circuit Court
Collier County Courthouse
3315 Tamiami Trail East,#102
Naples,Florida 34112-5324
Re: Yaw&Walk Ccm Eounity Development District
To Whom It May Concern:
Pursuant to Florida law, enclosed please find a copy of the following document relative
to the above referenced Community Development District:
1.) Proposed Fiscal Year 2021/2022 Budget(Oct. 1,2021—Sept. 30,2022)
If you have any questions or comments,please contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
Laura J. Ar er
Enclosure
Verona Walk
Community Development District
Proposed Budget For
Fiscal Year 2021/2022
October 1, 2021 - September 30, 2022
CONTENTS
I PROPOSED BUDGET
II DETAILED PROPOSED BUDGET
III DETAILED PROPOSED DEBT SERVICE FUND BUDGET(SERIES 2013)
IV DETAILED PROPOSED DEBT SERVICE FUND BUDGET(SERIES 2018)
V ASSESSMENT COMPARISON
PROPOSED BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2021/2022
OCTOBER 1,2021 -SEPTEMBER 30,2022
FISCAL YEAR
2021/2022
REVENUES BUDGET
0&M ASSESSMENTS 311,2W
DEBT ASSESSMENTS-SERIES 2013 516,740
DEBT ASSESSMENTS-SERIES 2018 582,655
I HER-WEVENUES 0
INTEREST INCOME
480
TOTAL REVENUES $ 1,411,172
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 40,500
VEHICLE-INSURANCE 1,000
VEHICLE-EQUIPMENT(SMALL TOOLS) 1,545
VEHICLE-GAS&MAINTENANCE 2,750
GOLF CART STORAGE 1,200
LAKE SPRAYING(CLARK) 72,500
LAKE WATER QUALITY TESTING(BENCHMARK) 6,000
LAKE LITTORAL SIGNAGE 17,000
LAKE BANK MOWING 10,000
OUTFALL PIPE&STRUCTURE INSPECTION&CLEANING 5,000
STORM PIPE&EROSION REPAIRS 50,000
DREDGING 1,000
MISCELLANEOUS MAINTENANCE 1,250
TOTAL MAINTENANCE EXPENDITURES $ 209,745
ADMINISTRATIVE EXPENDITURES
SUPERVISOR FEES 0
PAYROLL TAXES(EMPLOYER) 0
ENGINEERING 14,500
MANAGEMENT 46 944
SECRETARIAL 4,200
LEGAL 16,500
ASSESSMENT ROLL 10,000
AUDIT FEES 3,800
ARBITRAGE REBATE FEE-SERIES 2013 650
ARBITRAGE REBATE FEE-SERIES 2018 650
INSURANCE 6,500
LEGAL ADVERTISING 2,100
MISCELLANEOUS/CONTINGENCY 2,400
POSTAGE 700
OFFICE SUPPLIES 1,125
DUES&SUBSCRIPTIONS 175
WEBSITE MANAGEMENT 2,000
TRUSTEE FEES-SERIES 2013 4,730
TRUSTEE FEES-SERIES 2018 4,100
-CONTINUING DISCLOSURE FEE-SERIES 2013 1,000
CONTINUING DISCLOSURE FEE-SERIES 2018 0
TOTAL ADMINISTRATIVE EXPENDITURES $ 122,074
TOTAL EXPENDITURES $ 331,819
REVENUES LESS EXPENDITURES $ 1,079,353
BOND PAYMENTS(SERIES 2013) (477,985
BOND PAYMENTS(SERIES 2018) (538,956'
BALANCE $ 62,412
COUNTY APPRAISER 8 TAX COLLECTOR ADMINISTRATIVE COSTS (48,668)
DISCOUNTS FOR EARLY PAYMENTS (67,133)
EXCESS/(SHORTFALL) � (43,389)
CARRYOVER FROM PRIOR YEAR 43,389
NET EXCESS/(SHORTFALL) -
Note:Projected Available Funds Balance As Of 9-30-21 is$550,000
4012021 10:15AM
DETAILED PROPOSED BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2021/2022
OCTOBER 1,2021 -SEPTEMBER 30,2022
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2019/2020 2020/2021 2021/2022
REVENUES ACTUAL BUDGET BUDGET COMMENTS
O&M ASSESSMENTS 312,162 311,297 311,297 Expenditures Less Interest&Carryover/.925
DEBT ASSESSMENTS-SERIES 2013 518,236 516,740 516,740 Bond Payments/.925
DEBT ASSESSMENTS-SERIES 2018 583,404 582,655 582,655 Bond Payments/.925
OTHER REVElt UES 1 0 0 0
INTEREST INCOME 746 480 480 Interest Projected At$40 Per Month
TOTAL REVENUES $ 1 41 648 1 411 172
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 39,909 39,000 40,500$1,500 Increase From 2020/2021 Budget
VEHICLE-INSURANCE 578 1 000 1 000 No Chan.e From 2020/2021 Budget
VEHICLE-EQUIPMENT(SMALL TOOLS) • 0 1,545 1,545 No Change From 2020/2021 Budget
VEHICLE-GAS&MAINTENANCE 813 2 750 2 750 No Chan•e From 2020/2021 Bud.-t
GOLF CART STORAGE 1,200 1,200 1,200 No Change From 2020/2021 Budget
LAKE SPRAYING CLAR 69,275 72,500 72 500 No Chan•e From 2020/2021 Budget
LAKE WATER QUALITY TESTING(BENCHMARK) 5,280 6,000 8,000 No Change From 2020/2021 Budget
LAKE LITTORAL SIGNAGE 0 17,000 17,000 No Change From 2020/2021 Budget
LAKE BANK MOWING 0 10 000 10,000 No Change From 2020/2021 Budget
OUTFALL PIPE&STRUCTURE INSPECTION&CLEANING 0 5,000 5,000 No Chan.a From 2020/2021 Budget
STORM PIPE&EROSION REPAIRS 0 50,000 50 000 No Chan.-From 2020/2021 Bud.et
DREDGING 0 1,000 1,000 No Change From 2020/2021 Budget
MISCELLANEOUS MAINTENANCE 0 1,250 1,250 No Change From 2020/2021 Budget
TOTAL MAINTENANCE EXPENDITURES $ 117,056 $ 208,248 $ 209,745
ADMINISTRATIVE EXPENDITURES
SUPERVISOR FEES 800 3,000 0 Line Item Eliminated
PAYROLL TAXES(EMPLOYER) 81 240 0 Line Item Eliminated
ENGINEERING 3,015 14,500 14,500 No Change From 2020/2021 Budget
MANAGEMENT 45,264 46,296 46,944 CPI Adjustment
SECRETARIAL 4,200 4,200 4,200 No Change From 2020/2021 Budget
LEGAL 9,339 16,500 18,500 20202021 Expenditures Through Feb 2021 Were$3,648
ASSESSMENT ROLL 10,000 10 000 10 000 As Per Contract
AUDIT FEES 3,600 3,700 3,800 Acce•ted Amount For 2020/2021 Audit
ARBITRAGE REBATE FEE-SERIES 2013 650 650 650 No Change From 2020/2021 Budget
ARBITRAGE REBATE FEE-SERIES 2018 650 650 650 No Change From 2020/2021 Budget
INSURANCE 5,541 6.300 8,500 Insurance Estimate
LEGAL ADVERTISING 2.327 1,700 2 100 00 Increase From 2020/2021 B get
MISCELLANEOUS/CONTINGENCY 591 2,400 2,400 No Change From 2020/2021 Budget
POSTAGE 240 750 700$50 Decrease From 2020/2021 Budget
OFFICE SUPPLIES 402 1,150 1,125$50 Decrease From 2020/2021 Budget
DUES&SUBSCRIPTIONS 175 175 175 No Change From 2020/2021 Budget
WEBSITE MANAGEMENT 2,000 2,000 2,000 No Change From 2020/2021 Budget
TRUSTEE FEES-SERIES 2013 4 730 4,730 4,730 No Chan.a From 2020/2021 Budget
TRUSTEE FEES-SERIES 2018 3,709 4,100 moo ii :NED No Chan.-From 2020/2021 Bud•et
CONTINUING DISCLOSURE FEE-SERIES 2013 1,000 1 000 1 000 No Chan.e From 2020/2021 Bud.-t
CONTINUING DISCLOSURE FEE-SERIES 2018 0 0 P •er Is No Loner Cha•i •For 2018 Bond
TOTAL ADMINISTRATIVE EXPENDITURES $ 98,294 $ 124,041 $ 122,074
TOTAL EXPENDITURES $ 216,349 $ 332,286 $ 331,819
REVENUES LESS EXPENDITURES $ 1 199 199 $ 1 078 886 $ 1 079 353
BOND PAYMENTS(SERIES 2013) (489,013)IIIIMNEIIIIEqig 2022 P&I Payments
BOND PAYMENTS(SERIES 2018 550 506 2022 P&I Pa ments
BALANCE $ 159,680 $ 61,946 $ 62,412
COUNTY APPRAISER It TAX COLLECTOR ADMINISTRATIVE COSTS 111121113148 668 Three And One Half Percent Of Total Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS 11111030011111111MMINEEIMMINEVERM Four Percent Of Total Assessment Roll
EXCESS/(SHORTFALL) $ 86 376 liMnIMMINIEDEDIE111.1
CARRYOVER FROM PRIOR YEAR 0 43 856 Ca over From Prior Year
NET EXCESS/(SHORTFALL), $ 86,375 $ -
Note:Projected Available Funds Balance As Of 9-30-21 is$550,000
a6V2021 10:16 AM II
DETAILED PROPOSED DEBT SERVICE(SERIES 2013) FUND BUDGET
,. VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2021/2022
OCTOBER 1,2021 -SEPTEMBER 30,2022
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2019/2020 2020/2021 2021/2022
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income 3,191 150 25 Projected Interest For 2021/2022
NAV Collection 489,013 477,985 477,985 Maximum Debt Service Collection
Prepaid Bond Collection 13,197 0_ 0 Prepaid Bond Collection
Total Revenues $ 505,401 $ 478,135 $ 478,010
EXPENDITURES
Principal Payments(2013A-1) 235,000 240,000 250,000 Principal Payment Due In 2022
Principal Payments(2013A-2) 25,000 25,000 25,000 Principal Payment Due In 2022
Interest Payments(2013A-1) 209,331 197,494 188,606 Interest Payments Due In 2022
Interest Payments(2013A-2) 15,500 13,813 12,688 Interest Payments Due In 2022
Bond Redemption 0 1,828 1,716 Estimated Excess Debt Collections
Total Expenditures $ 484,831 $ 478,135 $ 478,010 .
Excess/(Shortfall) $ 20,570 $ - $ -
Series 2013A-1 Bond Refunding Information
Original Par Amount= $6,455,000 Annual Principal Payments Due= May 1st
Interest Rate= 1.1%-4.375% Annual Interest Payments Due= May 1st&November 1st
Issue Date= June 2013
Maturity Date= May 2035
Par Amount As Of 1/1/21 = $4,825,000
Series 2013A-2 Bond Refunding Information
Original Par Amount= $650,000 Annual Principal Payments Due= May 1st
Interest Rate= 4.5%-5.0% Annual Interest Payments Due= May 1st&November 1st
Issue Date= June 2013
Maturity Date= May 2035
Par Amount As Of 1/1/21 = $255,000
III 4/6/2021 10:16 AM
DETAILED PROPOSED DEBT SERVICE (SERIES 2018) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2021/2022
OCTOBER 1,2021 -SEPTEMBER 30,2022
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2019/2020 2020/2021 2021/2022
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income 259 150 25 Projected Interest For 2021/2022
NAV Collection 550,506 538,956 538,956 Maximum Debt Service Collection
Prepaid Bond Collection 7,088 0 0 Prepaid Bond Collection
Total Revenues $ 557,853 $ 539,106 $ 538,981
EXPENDITURES
Principal Payments 307,000 317,000 328,000 Principal Payment Due In 2022
Interest Payments 236,275 221,146 210,665 Interest Payments Due In 2022
Bond Redemption 0 960 316 Estimated Excess Debt Collections
Total Expenditures $ 543,275 $ 539,106 $ 538,981
Excess/(Shortfall) $ 14,578 $ - $ -
Series 2018 Bond Refunding Information
Original Par Amount= $7,677,000 Annual Principal Payments Due= May 1st
Interest Rate= 3.25%-5.375% Annual Interest Payments Due= May 1st&November 1st
Issue Date= March 2018
Maturity Date= May 2037
Par Amount As Of 1/1/21 = $6,963,000
4/6I2021 1616 AM I 0t
Verona Walk Community Development District
a . Assessment Comparison
Fiscal Veer Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Lot 2017/2018 2018/2019 2019/2020 2020/2021 2021/2922
Size Assessment' Assessment Assessment Assessment' Projected Assessment*
Phase One
Townhome 26' 0&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 182.13
Cayman Debt S 540.00 $ 540.00 $ 540.00 $ 540.00 $ 840.00
Total $ 702.13 $ 702.13 $ 702.13 $ 702.13 $ 702.13
Duplex 36' 0&M $ 162.13 $ 182.13 $ 162.13 $ 182.13 $ 1112.13
Capri/Carrington DUI $ 540.00 $ 540.00 $ 540.00 $ 540.00 8 840.00
Total $ 702.13 $ 702.13 $ 702.13 $ 702.13 $ 702.13
-
Single Family 50' 0&M $ 162.13 $ 162.13 8 162.13 $ 182.13 3 162.13
Oakmont D>� $ 635.00 $ 835.00 $ 635.00 $ 635.00 $ 838.00
Total $ 797.13 $ 797.13 $ 797.13 $ 797.13 $ 797.13
Single Family 60' 0&M 8 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Carlyle peQt $ 730.00 8 730.00 $ 730.00 $ 730.00 $ 730.00
Total $ 892.13 $ 892.13 $ 892.13 $ 892.13 $ 892.13
Phase Two
Duplex 38'/SF 40' 0&M $ 182.13 $ 162.13 $ 162.13 8 182.13 $ 142.13
Capri/Carrington DUI $ 600.00 $ 511.00 S 511.00 8 511.00 8 511.00
Total $ 762.13 $ 673.13 $ 673.13 $ 673.13 $ 673.13
Single Family 40' 0&M $ 182.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Garden 12241 3 678.00 $ 577.00 S 577.00 $ 577.00 $ 877.00
Total S 840.13 $ 739.13 $ 739.13 S 739.13 $ 739.13
Single Family 50' O&M 8 162.13 $ 182.13 $ 162.13 $ 162.13 $ 162.13
Oakmont Debt $ 708.00 8 601.00 ; 601.00 $ 801.00 $ 801.00
Total $ 868.13 8 763.13 $ 763.13 $ 763.13 $ 763.13
Single Family 60 O&M S 162.13 $ 162.13 $ 162.13 $ 182.13 $ 112.13
Canyle jjg)L $ 812.00 $ 691.00 $ 691.00 $ 691.00 $ 661.00
Total $ 974.13 S 853.13 $ 853.13 8 853.13 8 683.13
Single Family 65' 0&M $ 182.13 $ 162.13 $ 182.13 $ 182.13 $ 182.13
Estate 17.90t $ 892.00 3 759.00 $ 759.00 $ 759.00 $ 789.00
Total $ 1,054.13 $ 921.13 $ 921.13 $ 921.13 $ 921.13
'Assessments Include the Following:
4%Discount for Early Payments
2%County Property Appraiser Costs
1.5%County Tax Collector Costs
Community Information:
Phase I Maximum Annual Lot
No.of Units Type Front Footage Name Debt Assessment Bond Prepayments Differential Prepayment
246 Townhome 26' Cayman 8 540 6 68
350 Duplex 36' Capri/Carrington $ 540 11 0
242 Single Family 50' Oakmont $ 635 7 -35
99/ Single Family 60' Carlyle $ 730 1 1
935 25 34
Phase II Maximum Annual Lot Disclosure
No.of Units Type Front Footage Name Debt Assessment Bond Prepayments Differential Prepayment**
443 Duplex/SF 36'/40' Capri/Carrington $ 511 7 -4
58 Duplex 40' Garden $ 577 0 4
325 SF 50' Oakmont $ 601 7 0
161 SF 60'/65' Carlyle $ 691 0 0
i7 SF 65' Estate $ 759 Q Q
1019 14 0
0 New Bond Prepayers For 2021/2022
•Developer made Bond Prepayment in August 2014 for 34 lot differential(68 Phase 1 Caymans replaced with 34 Oakmonts)
•Developer made Bond Prepayment In November 2014 for 1 lot differential(1 Phase 1 Carlyle replaced with 1 Oakmont)
••Developer built Carrington Homes on Garden Lots(Karina Street)-Debt Assessments for those Iota was$678-now$577.
••Developer made Bond Prepayment in November 2014 for 4 lot disclosure differential(4 40'disclosed at 36'740'rate)
Total Lots Assessed For O&M=1920
4/8r2021 10:16 AM V