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06/21/2021 Agenda
The Quarry Community Development District Board of Supervisors District Staff Stanley T.Omland,Chairman Justin Faircloth,District Manager Lloyd Schliep,Vice Chairman Wes Haber,District Counsel Timothy B.Cantwell,Assistant Secretary Albert Lopez,District Engineer William G.Flister,Assistant Secretary Dean Britt,Assistant Secretary Meeting Agenda Monday June 21,2021 @ 1:00 pm The Quarry Beach Club 8975 Kayak Drive Naples,FL 1. Call to Order 2. Pledge of Allegiance 3. Approval of Agenda 4. Public Comments on Agenda Items 5. Engineer's Report A. Engineer's Written Report B. Revised Lake Assessment& Water Quality Monitoring Proposal C. Update on Design Options/Cost Estimates for FY2022 Lake Bank Repairs 6. District Manager's Report A. Approval of the May 17, 2021 Minutes B. Acceptance of the Financial Report, and Approval of the Check Register and Invoices of May 2021 C. Acceptance of the FY2020 Financial Audit Report D. Consideration of Resolution 2021-07, Designation of Signatories E. Discussion of FY2022 Meeting Schedule F. Follow-up Items i. Status of Resident Complaints ii. Variance Easement Report Update iii. CPH Preserve Inspection Proposal iv. FY2022 Updated Budget 7. Attorney's Report A. Attorney's Written Report 8. Old Business Items A. CPH Preserve Inspection Proposal—Remaining Motion on the Floor B. FEMA Update C. Assessment Methodology—Golf Course Report 9. New Business Items A. QCA Easement Request B. Discussion Concerning Previous Easement Approvals Regarding Recording The Quarry CDD Meeting Agenda June 21, 2021 Page 2 C. Inframark Contract Second Amendment Review i. Inframark Contract Meeting Attendance Discussion 10. Supervisor Requests A. Reports i. Chairman's Report: Mr. Omland ii. Lake &Preserve: Mr. Flister iii. Illinois Pondweed Lake Survey: Mr. Schliep iv. Heritage Bay Umbrella Association Update: Mr. Cantwell 11. Audience Comments 12.Adjournment Next meeting: Monday August 16,2021 If you require a meeting package please access it via the Dropbox: www.dropbox.com Login: nuarryCDD(a gmail.com Pswd: Collier2004 Meeting Location: The Quarry Beach 8975 Kayak Drive Naples,FL NapLri �JaiLj ruifi PART OF THE USA TODAY NETWORK Published Daily Naples, FL 34110 QUARRY CDD %INFRAM ARK 210 N UNIVERSITY DR CORAL SPRINGS, FL 33071-7394 Affidavit of Publication STATE OF WISCONSIN COUNTY OF BROWN Before the undersigned they serve as the authority, personally appeared said legal clerk who on oath says that he/she serves as Legal Clerk of the Naples Daily News, a daily newspaper published at Naples, in Collier County, Florida; distributed in Collier and Lee counties of Florida; that the attached copy of the advertising was published in said newspaper on dates listed. Affiant further says that the said Naples Daily News is a newspaper published at Naples, in said Collier County, Florida, and that the said newspaper has heretofore been continuously published in said Collier County, Florida; distributed in Collier and Lee counties of Florida, each day and has been entered as second class mail matter at the post office in Naples, in said Collier County, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and affiant further says that he has neither paid nor promised any person, or corporation any discount, rebate, commission or refund for the purpose of securing this advertisement for publication in the said newspaper. Published: 09/15/2020 �,L—= Subscribed and sworn to before on September 15,2020: Notary,State of WI,County of Brown TARA MONDLOCH Notary Public State of Wisconsin My commission expires August 6, 2021 Publication Cost:$343.00 Ad No:0004356332 Customer No: 1307330 PO#: FY2021 Meetings #of Affidavits 1 This is not an invoice NOTICE OF MEETINGS THE QUARRY COMMUNITY DEVELOPMENT DISTRICT The Board of Supervisors of The Quarry Community Devel- opment 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 follow- ing dates: October 19,2020 November 16,2020 December 14,2020 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 COV1D- 19 public health emergency, it may be necessary to hold the above referenced meetings utilizing communications me- dia technology in order to protect the health and safety of the public or held at an al- ternative physical location other than the location indi- cated above. To that end, anyone wishing to participate in such meetings should con- tact the District Manager's Of- fice prior to each meeting to confirm the applicable meet- ing access and/or location in- formation. Additionally, in- terested parties may refer to the District's website for the latest information:https://ww w.quarrycdd.org/. There may be occasions when one or more Supervisors may participate via telephone. Any interested person can at- tend the meeting at the above location and be fully in- formed of the discussions tak- ing place. Meetings may be continued to a date, time and location to be specified on the record at the meetings with- out additional publication of notice. Any person requiring special accommodations at these meetings because of a disabil- ity or physical impairment should contact the District Of- fice 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 verba- tim record of the proceedings is made, including the testi- mony and evidence upon which such appeal is to be based. Bob Koncar Manager September 15,2020#4356332 Quarry Community Development District Financial Report May 31, 2021 64I N FRAMARK 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 Page 4 Trend Report-General Fund Pages 5-6 Notes to the Financial Statements Page 7 SUPPORTING SCHEDULES Special Assessments-Collection Schedule Page 8 Cash and Investment Report Page 9 Bank Reconciliation Page 10 QCA Lawsuit Page 11 Payment Register by Bank Account Page 12 Quarry Community Development District Financial Statements (Unaudited) May 31, 2021 Quarry Community Development District Supporting Schedules May 31, 2021 QUARRY Community Development District Governmental Funds Balance Sheet May 31, 2021 204-SERIES 2020 DEBT GENERAL SERVICE ACCOUNT DESCRIPTION FUND FUND TOTAL ASSETS Cash-Checking Account $ 457,249 $ - $ 457,249 Accounts Receivable 13,500 - 13,500 Allow-Doubtful Accounts (829) (2,940) (3,769) Assessments Receivable 829 2,940 3,769 Due From Other Gov'tl Units 214 - 214 Due From Other Funds - 4,622 4,622 Investments: Money Market Account 96,315 - 96,315 Revenue Fund - 360,937 360,937 TOTAL ASSETS $ 567,278 $ 365,559 $ 932,837 LIABILITIES Accounts Payable $ 40,662 $ - $ 40,662 Accrued Expenses 5,417 - $ 5,417 Due To Other Funds 4,622 - 4,622 TOTAL LIABILITIES 50,701 - 50,701 FUND BALANCES Restricted for: Debt Service - 365,559 365,559 Unassigned: 516,577 - 516,577 TOTAL FUND BALANCES $ 516,577 $ 365,559 $ 882,136 TOTAL LIABILITIES&FUND BALANCES $ 567,278 $ 365,559 $ 932,837 1 QUARRY Community Development District General Fund Statement of Revenues, Expenditures and Changes in Fund Balances For the Period Ending May 31, 2021 ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE AS A%OF MAY-21 ACCOUNT DESCRIPTION BUDGET ACTUAL ADOPTED BUD ACTUAL REVENUES Interest-Investments $ 400 $ 168 42.00% $ 16 Golf Course Revenue 18,000 13,500 75.00% 13,500 Interest-Tax Collector - 239 0.00% - Special Assmnts-Tax Collector 579,497 576,292 99.45% 1,383 Special Assmnts-Discounts (23,180) (21,469) 92.62% 41 Other Miscellaneous Revenues 40,000 47,500 118.75% 44,500 TOTAL REVENUES 614,717 616,230 100.25% 59,440 EXPENDITURES Administration P/R-Board of Supervisors 12,000 6,000 50.00% 800 FICA Taxes 918 459 50.00% 61 ProfServ-Arbitrage Rebate 600 - 0.00% - ProfServ-Engineering 45,000 22,699 50.44% 2,980 ProfServ-Legal Services 30,000 6,819 22.73% 522 ProfServ-Legal Litigation 25,000 4,686 18.74% (22,701) ProfServ-Mgmt Consulting Sery 57,000 38,000 66.67% 4,750 ProfServ-Other Legal Charges - 47,725 0.00% 43,456 ProfServ-Property Appraiser 8,000 14,453 180.66% - ProfServ-Trustee Fees 9,000 7,189 79.88% - ProfServ-Consultants 20,000 7,500 37.50% 2,500 Auditing Services 4,900 - 0.00% - Contract-Website Hosting 1,550 - 0.00% - Website Compliance 1,515 1,164 76.83% - Postage and Freight 750 694 92.53% 6 Insurance-General Liability 6,655 289 4.34% - Printing and Binding 750 273 36.40% - Legal Advertising 4,000 350 8.75% - Miscellaneous Services 2,000 1,155 57.75% 1,155 Misc-Bank Charges 50 268 536.00% 21 Misc-Special Projects 20,000 6,425 32.13% 3,925 Misc-Assessmnt Collection Cost 11,590 11,096 95.74% 28 Misc-Contingency 1,000 1,591 159.10% - Office Supplies 800 - 0.00% - Annual District Filing Fee 175 175 100.00% - Total Administration 263,253 179,010 68.00% 37,503 2 QUARRY Community Development District General Fund Statement of Revenues, Expenditures and Changes in Fund Balances For the Period Ending May 31, 2021 ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE AS A%OF MAY-21 ACCOUNT DESCRIPTION BUDGET ACTUAL ADOPTED BUD ACTUAL Field Contracts-Preserve Maintenance - 25,958 0.00% - Lake&Preserve Maintenance 140,000 65,071 46.48% 5,417 Miscellaneous Maintenance 111,464 9,790 8.78% 5,070 Capital Projects 50,000 - 0.00% - Total Field 301,464 100,819 33.44% 10,487 Reserves Reserve-Other 50,000 - 0.00% - Total Reserves 50,000 - 0.00% - TOTAL EXPENDITURES&RESERVES 614,717 279,829 45.52% 47,990 Excess(deficiency)of revenues Over(under)expenditures - 336,401 0.00% 11,450 Net change in fund balance $ - $ 336,401 0.00% $ 11,450 FUND BALANCE,BEGINNING(OCT 1,2020) 180,176 180,176 FUND BALANCE,ENDING $ 180,176 $ 516,577 3 QUARRY Community Development District 204-Series 2020 Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balances For the Period Ending May 31, 2021 ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE AS A%OF MAY-21 ACCOUNT DESCRIPTION BUDGET ACTUAL ADOPTED BUD ACTUAL REVENUES Interest-Investments $ - $ 20 0.00% $ 6 Special Assmnts-Tax Collector - 240,365 0.00% 4,579 Special Assmnts-Discounts - (4,423) 0.00% 137 TOTAL REVENUES - 235,962 0.00% 4,722 EXPENDITURES Administration Misc-Assessmnt Collection Cost - 4,719 0.00% 94 Total Administration - 4,719 0.00% 94 Debt Service Principal Debt Retirement - 987,000 0.00% 987,000 Interest Expense - 126,871 0.00% 126,871 Cost of Issuance - 274,006 0.00% - Total Debt Service - 1,387,877 0.00% 1,113,871 TOTAL EXPENDITURES - 1,392,596 0.00% 1,113,965 Excess(deficiency)of revenues Over(under)expenditures - (1,156,634) 0.00% (1,109,243) OTHER FINANCING SOURCES(USES) Interfund Transfer-In - 1,244,820 0.00% - Proceeds of Refunding Bonds - 277,373 0.00% - TOTAL FINANCING SOURCES(USES) - 1,522,193 0.00% - Net change in fund balance $ - $ 365,559 0.00% $ (1,109,243) FUND BALANCE, BEGINNING (OCT 1, 2020) - - FUND BALANCE, ENDING $ - $ 365,559 4 13 11 vevev e a" ve � ev evev eeeeveveeeeveeee e C G 9 0 0 W N O O CO CO 0 0 CO v rn CO 0 ,O CO LOi 00) (O O O O Q) 0f CO07 O u) CO O N O O CO CO O e D C CO Ln M. o O ' r o r O Co 0 0 0 0 0 ' O o 0 0 0 (p 0 (O o O o o 0 0 0 0 (O M 9 O O o Is O O O O O O O (p 0 O O O O o �0 3 v o v _ _ o rn o 0 0 0 0 0 0 o 0 0 0 r , 0 0 0 n o CO c9 L a p) Cp 0 O N to CD of N « '- co- N N M a) -p0 v V .0 �- V CO N h '" N C MI cC a 0v N O O O CO 0 O h O O ' 0 O O (A N (O O ' 0 CO 0 O O CC i0 0 0 t0 CO CO0 0 N et 03 < N O fV 0 < LO O O r co c, O O r Q O o, t0 O N < 0, , CO t Q N Z, CO Oi N < O O ti 0 co LO O 0 n 'n < •- ci N 0 I- LL �- u) o O W mt.0 O O ' 0, ' ' 01 N O < r n O i i O ^ COO 0M0 D '� v N r O 0 0 0 v 0.p) m O h (h Cr C o iL z (9 2 o O o N O) O 00 N ' O O (0 O N 03 COO 0 ` ` 63- < O (7 O 0 0 (0 (0 •.• ' O 1- N COCD N < (n CO O i0 CO CO O t� O O 0 t0 CO04 N CO 0 N 03 O 0 •- 0 H LV O N a (O O N tD < N < I� O ,- 07 m i0 •p § 4- a 69 .0 N o 0 0 m r 0 ` ` m ` m ` ` m ' ` ' m N O r (00 N CO CO r O y a u N v d N 'p O a w ry� 0, v- 1� N CO < t0 V a w C N « 0 n o m (3 uo, 0 m CO U m O Om � n y O N < 05 CO LO CO C O N- _ a` w N a-- N N -0 N O o ' . ,� . , . . 0 . , . . . . v . . , ,n O rNM0 M m oCO V/ m N N CO r V C N ' m M ei CSi v < N IO 'S L M a w U >1 0 O ' CO O O ' O N O t0 (0 ' ' 0 0 ' ' O CO < 0 R COO O 0) LO O� r < 0 N < N 0 C 2 T a r5 « v 0 N N < 0 « oCU CO 0 O) w 41 C 13 0 0, et i0 r o ip ' 8 v rn 8 o ' m (O (^ r) 00 2, 2 c A co o) CO O (O M i�N (h L. 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N Q Q Q O m ? y = L :a U O O O O N C"n h ', 0 c CO C C 0 C7 j 04 re w QUARRY Community Development District All Funds Non-Ad Valorem Special Assessments-Collier County Tax Collector (Monthly Collection Distributions) For the Fiscal Year Ending September 30,2021 ALLOCATION BY FUND Discount/ Gross Series 2015 Series 2018 Series 2019 Series 2020 Date Net Amount (Penalties) Collection Amount General Debt Service Debt Service Debt Service Debt Service Received Received Amount Cost Received Fund Fund Fund Fund Fund Assessments Levied $ 2,498,960 $ 579,501 $ 1,239,461 $ 322,125 $ 357,873 $ - Allocation% 100.00% 23.19% 49.60% 12.89% 14.32% 0.00% Real Estate-Installment 10/29/20 $ 12,923 $ 731 $ 264 $ 13,918 $ 3,227 $ 6,903 $ 1,794 $ 1,993 $ - 12/22/20 1,860 59 38 1,957 454 - - - 1,503 01/22/21 4,724 149 96 4,970 1,152 - - - 3,817 03/22/21 2,872 - 59 2,930 680 - - - 2,251 04/22/21 3,937 (21) 80 3,996 927 - - - 3,069 Real Estate-Current 11/16/20 22,268 947 454 23,669 5,489 11,740 3,051 3,390 - 11/20/20 567,893 24,145 11,590 603,628 139,979 299,394 77,810 86,445 - 11/27/20 622,386 26,462 12,702 661,549 153,411 328,122 85,276 94,740 - 12/10/20 818,188 34,536 16,698 869,422 201,616 431,225 112,072 124,509 - 12/22/20 64,575 2,176 1,318 68,070 15,785 - - - 52,284 01/22/21 95,287 2,795 1,945 100,027 23,196 - - - 76,831 02/19/21 46,743 889 954 48,585 11,267 - - - 37,319 03/22/21 28,570 161 583 29,314 6,798 - - - 22,516 04/22/21 46,446 (270) 948 47,123 10,928 - - - 36,196 05/21/21 6,018 (179) 123 5,962 1,383 - - - 4,579 TOTAL $2,344,690 $ 92,579 $ 47,851 $ 2,485,120 $ 576,292 $ 1,077,384 $ 280,003 $ 311,076 $ 240,365 %COLLECTED 99.45% 99.45% 86.92% 86.92% 86.92% 0.00% TOTAL OUTSTANDING $ 13,840 $ 3,209 $ 162,077 $ 42,122 $ 46,797 $ (240,365) Note: Assessements collected after 12/21/20 bond refinance will be transferred to Series 2020 Revenue Account at U.S.Bank. 8 QUARRY Community Development District Cash & Investment Report May 31, 2021 ACCOUNT NAME BANK NAME YIELD BALANCE OPERATING FUND Operating-Checking Account Hancock Whitney 0.00% $ 457,249 Public Funds MMA Variance Account BankUnited 0.20% 96,315 Subtotal 553,564 DEBT SERVICE AND CAPITAL PROJECT FUNDS Series 2020 Revenue Fund U.S. Bank 0.01% 360,937 Total $ 914,501 9 Quarry CDD Bank Reconciliation Bank Account No. 3489 Hancock&Whitney Bank General Fund Statement No. 05-21 Statement Date 5/31/2021 G/L Balance(LCY) 457,248.68 Statement Balance 457,987.48 G/L Balance 457,248.68 Outstanding Deposits 0.00 Positive Adjustments 0.00 Subtotal 457,987.48 Subtotal 457,248.68 Outstanding Checks 738.80 Negative Adjustments 0.00 Differences 0.00 Ending G/L Balance 457,248.68 Ending Balance 457,248.68 Difference 0.00 Posting Document Document Cleared Date Type No. Description Amount Amount Difference Outstanding Checks 4/27/2021 Payment 8254 DEAN A.BRITT 184.70 0.00 184.70 5/18/2021 Payment 8264 TIMOTHY B.CANTWELL 184.70 0.00 184.70 5/18/2021 Payment 8266 STANLEY 9.OMLAND 184.70 0.00 184.70 5/18/2021 Payment 8267 DEAN A.BRITT 184.70 0.00 184.70 Total Outstanding Checks 738.80 738.80 10 QUARRY Community Development District QCA Lawsuit May 31, 2021 Date Vendor Inv# Check# Amount Hours Description 2/29/2020 HGS 113982 8081 $ 728.00 2.8 Wes Haber hours 6/30/2020 HGS 116536 8140 156.00 0.6 Wes Haber hours 8/31/2020 HGS 117756 8165 234.00 0.9 Wes Haber hours 9/30/2020 HGS 118420 8187 78.00 0.3 Wes Haber hours 12/30/2020 HGS 119562 8211 156.00 0.6 Wes Haber hours 1/29/2021 HGS 120217 8223 78.00 0.3 Wes Haber hours 3/1/2021 HGS 121097 8242 78.00 0.3 Wes Haber hours Total $ 1,508.00 5.8 Hopping Green Sams 9/4/2020 GFP 113081 8146 700.00 2.5 Michael Traficante hours 10/8/2020 GFP 113350 8161 814.00 2.2 Michael Traficante hours 11/6/2020 GFP 113573 8177 455.00 1.3 Michael Traficante hours 12/7/2020 GFP 113774 8192 1,290.00 4.8 Michael Traficante hours 1/9/2021 GFP 113909 8234 1,500.00 11.5 Michael Traficante hours 4/10/2021 GFP 114541 8241 210.00 0.6 Michael Traficante hours 5/5/2021 GFP 114688 8263 105.00 0.3 Michael Traficante hours Total $ 5,074.00 23.2 Grant,Fridkin,Pearson Grand Total $ 6,582.00 29.0 11 m 7 4 7 4 ) 8 R R R R a a cLCi) ° ® G 7 7 7 7 ¢ ka 40 *A01 to ® " J \ \ _ \ § § \ Q / g 0 ) o § \ k \ ) ) § \ \ \ ) \ ® 2 k / k = P § = ra r ) G ¥ / { * * K •C CO 6 \ \ \E I- \ ( \ a \ V } » § o z ) e mi re F _ e CO 2 & $ R 0. 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L2 2 a 0 C � \ 3 Ce ea \ Cg g CO \ / \ j $ o CC o \ \ 0 \ \ 0- } e a o = > $ § o@ o w « B = E a / ^ / ° = 5 X m 6 § _ _ _ \ } 2 § 7 k z = 0 b 0 00 ( \ § ] \ Je 0 -J s © t t t ( Z f f f f f f f & t t k ° q > > > > > > > 3 5 5 5 ƒ 0 « # co co co co CO 2 / / / N. / ^ a a $ 0 _ 0 CD CD _ _ CD 0 0 Z i § ■ ^ _ = ) ) § ) ) 2 ) CO ) o a a ƒƒ K t w f # « « # % 3 # _ / 0 / / / / j / 0 0 0 Quarry Community Development District ANNUAL FINANCIAL REPORT September 30, 2020 Quarry Community Development District ANNUAL FINANCIAL REPORT September 30, 2020 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 rrr ,Berger, 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, 2020, 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 c<< Berger,Toombs, Elam, Gaines& Frank fsNAd Public Accounlanb PI 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, 2020, 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 4, 2021 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. ag,40, dOOP1661,0-, Mai/Lto) AVA, Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL Fort Pierce, Florida June 4, 2021 - 2 - Quarry Community Development District MANAGEMENT'S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2020 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, 2020 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, 2020. • The District's total assets exceeded total liabilities $46,288,127 (net position). Unrestricted net position for Governmental Activities was $180,177, restricted net position was $1,312,496 and net investment in capital assets was $44,795,454. • Governmental activities revenues totaled $2,721,050 while governmental activities expenses totaled $4,645,392. - 4 - Quarry Community Development District MANAGEMENT'S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2020 OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED) Financial Analysis of the District The following schedule provides a summary of the assets, liabilities and net position of the District. Net Position Governmental Activities 2020 2019 Current assets $ 220,835 $ 536,121 Restricted assets 2,194,233 4,317,604 Capital assets, net 64,100,436 65,546,449 Total Assets 66,515,504 70,400,174 Current liabilities 2,237,446 2,318,348 Non-current liabilities 17,989,931 19,869,357 Total Liabilities 20,227,377 22,187,705 Net position - net investment in capital assets 44,795,454 47,352,568 Net position - restricted 1,312,496 392,206 Net position - unrestricted 180,177 467,695 Total Net Position $ 46,288,127 $ 48,212,469 The decrease in current assets is related to the reduction in the cash in the current year as expenditures exceeded revenues in the current year at the fund level. The decrease in restricted assets is related to capital outlay and the payment of contracts and retainage payable in the current year. The decrease in capital assets is related to depreciation in excess of capital additions in the current year. The decrease in non-current liabilities is related to the principal payments made in the current year. - 5 - Quarry Community Development District MANAGEMENT'S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2020 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 2020 2019 Program Revenues Charges for services $ 2,534,075 $ 1,656,345 General Revenues Investments earnings 19,421 20,874 Intergovernmental revenues 243 - Miscellaneous revenues 167,311 502,833 Total Revenues 2,721,050 2,180,052 Expenses General government 257,647 189,175 Physical environment 3,539,473 3,242,813 Interest and other charges 848,272 880,513 Total Expenses 4,645,392 4,312,501 Change in Net Position (1,924,342) (2,132,449) Net Position - Beginning of Year 48,212,469 50,344,918 Net Position - End of year $ 46,288,127 $ 48,212,469 The increase in charges for services is related to the budgeted increase in special assessments in the current year. The decrease in miscellaneous revenues is the result of certain settlements the District received in the prior year. The increase in general government is related to increased legal fees and management services costs in the current year. The increase in physical environment is related to the increase in irrigation and lake maintenance in the current year - 6 - Quarry Community Development District MANAGEMENT'S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2020 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, 2020 and 2019. Governmental Activities Description 2020 2019 Construction in progress $ - $ 1,144,390 Infrastructure 101,589,720 98,551,926 Accumulated depreciation (37,489,284) _ (34,149,867) Total $ 64,100,436 $ 65,546,449 Depreciation totaled $3,339,417, additions to infrastructure were $1,893,404 and $1,144,390 of construction in progress was transferred to infrastructure in the current year. General Fund Budgetary Highlights Actual expenditures and transfers exceeded budgeted expenditures and transfers primarily because transfers out were greater than anticipated. The September 30, 2020 budget was not amended. 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, 2020 was $13,335,000. • 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, 2020 was $3,308,288. • 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, 2020 was $3,216,069. - 7 - Quarry Community Development District MANAGEMENT'S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2020 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 2021. 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, 2020 Governmental Activities ASSETS Current Assets Cash and cash equivalents $ 207,132 Prepaid expenses 2,163 Due from other governments 11,540 Total Current Assets 220,835 Non-current Assets Restricted assets Investments 2,194,233 Capital assets, being depreciated Infrastructure 101,589,720 Less: Accumulated depreciation (37,489,284) Total Non-current Assets 66,294,669 Total Assets 66,515,504 LIABILITIES Current Liabilities Accounts payable and accrued liabilities 34,598 Bonds payable 1,869,426 Accrued interest 333,422 Total Current Liabilities 2,237,446 Non-current liabilities Bonds payable 17,989,931 Total Liabilities 20,227,377 NET POSITION Net investment in capital assets 44,795,454 Restricted for debt service 1,312,496 Unrestricted 180,177 Total Net Position $ 46,288,127 See accompanying notes to financial statements. - 9 - Quarry Community Development District STATEMENT OF ACTIVITIES For the Year Ended September 30, 2020 Net(Expense) Revenues and Program Changes in Revenues Net Position Charges for Governmental Functions/Programs Expenses Services Activities Primary Government Governmental Activities General government $ (257,647) $ 313,808 $ 56,161 Physical environment (3,539,473) 243,664 (3,295,809) Interest and other charges (848,272) 1,976,603 1,128,331 Total Governmental Activities $ (4,645,392) $ 2,534,075 (2,111,317) General Revenues Intergovernmental revenues 243 Miscellaneous revenues 167,311 Investment earnings 19,421 Total General Revenues 186,975 Change in Net Position (1,924,342) Net Position - October 1, 2019 48,212,469 Net Position - September 30, 2020 $ 46,288,127 See accompanying notes to financial statements. - 10 - Quarry Community Development District BALANCE SHEET— GOVERNMENTAL FUNDS September 30, 2020 Total Debt Capital Governmental General Service Projects Funds ASSETS Cash and cash equivalents $ 207,132 $ - $ - $ 207,132 Due from other funds 2,941 - - 2,941 Due from other governments 2,539 9,001 - 11,540 Prepaid expenses 2,163 - - 2,163 Restricted assets Investments, at fair value - 2,194,182 51 2,194,233 Total Assets $ 214,775 $ 2,203,183 $ 51 $ 2,418,009 LIABILITIES AND FUND BALANCES Liabilities Accounts payable $ 34,598 $ - $ - $ 34,598 Due to other funds - 2,941 - 2,941 Total Liabilities 34,598 2,941 - 37,539 Fund Balances Nonspendable-prepaid expenses 2,163 - - 2,163 Restricted for: Debt service - 2,200,242 - 2,200,242 Capital projects - - 51 51 Unassigned 178,014 - - 178,014 Total Fund Balances 180,177 2,200,242 51 2,380,470 Total Liabilities and Fund Balances $ 214,775 $ 2,203,183 $ 51 $ 2,418,009 - 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, 2020 Total Governmental Fund Balances $ 2,380,470 Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets, infrastructure ($101,589,720), net of accumulated depreciation ($(37,489,284)), used in governmental activities are not current financial resources and therefore, are not reported at the fund level. 64,100,436 Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported at the fund level. (19,859,357) Accrued interest expense for long-term debt is not a current financial use and; therefore, is not reported at the fund level. (333,422) Net Position of Governmental Activities $ 46,288,127 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, 2020 Total Debt Capital Governmental General Service Projects Funds Revenues Special assessments $ 557,472 $ 1,976,603 $ - $ 2,534,075 Intergovernmental revenues 243 - - 243 Investment earnings 2,622 2,025 14,774 19,421 Miscellaneous revenues 167,311 - - 167,311 Total Revenues 727,648 1,978,628 14,774 2,721,050 Expenditures Current General government 257,647 - - 257,647 Physical environment 200,056 - - 200,056 Capital outlay - - 1,893,404 1,893,404 Debt service Principal - 1,031,021 - 1,031,021 Interest - 824,427 - 824,427 Other - 30,589 - 30,589 Total Expenditures 457,703 1,886,037 1,893,404 4,237,144 Excess revenues over/(under) expenditures 269,945 92,591 (1,878,630) (1,516,094) Other Financing Sources/(Uses) Transfer in - 850,672 11,463 862,135 Transfer out (557,463) - (304,672) (862,135) Total Other Financing Sources/(Uses) (557,463) 850,672 (293,209) - Net Change in Fund Balances (287,518) 943,263 (2,171,839) (1,516,094) Fund Balances- October 1, 2019 467,695 1,256,979 2,171,890 3,896,564 Fund Balances- September 30, 2020 $ 180,177 $ 2,200,242 $ 51 $ 2,380,470 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, 2020 Net Change in Fund Balances -Total Governmental Funds $ (1,516,094) 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 ($1,893,404) was exceeded by depreciation ($(3,339,417)) in the current period. (1,446,013) Repayments of bond principal are expenditures in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Activities. 1,031,021 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. 6,744 Change in Net Position of Governmental Activities $ (1,924,342) 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Revenues Special assessments $ 556,317 $ 556,317 $ 557,472 $ 1,155 Intergovernmental revenues - - 243 243 Investment earnings - - 2,622 2,622 Miscellaneous revenues - - 167,311 167,311 Total Revenues 556,317 556,317 727,648 171,331 Expenditures Current General government 366,317 366,317 257,647 108,670 Physical environment 190,000 190,000 200,056 (10,056) Total Expenditures 556,317 556,317 457,703 98,614 Excess of revenues over/(under) expenditures - - 269,945 269,945 Other Financing Sources/(Uses) Transfers out - - (557,463) (557,463) Net Change in Fund Balances - - (287,518) (287,518) Fund Balances-October 1, 2019 - - 467,695 467,695 Fund Balances- September 30, 2020 $ - $ - $ 180,177 $ 180,177 See accompanying notes to financial statements. - 15 - Quarry Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2020 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, 2020 NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2. Measurement Focus and Basis of Accounting (Continued) a. Government-wide Financial Statements The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. 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. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collected within the current period or soon thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. - 17 - Quarry Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2020 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, 2020 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, 2020 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, 2020 NOTE A —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 4. Assets, Liabilities, and Net Position or Equity (Continued) c. Capital Assets Capital assets, which include 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, 2020 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, $2,380,470, differs from "net position" of governmental activities $46,288,127, 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. Infrastructure $ 101,589,720 Less: Accumulated depreciation (37,489,284) Total $ 64,100.436 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, 2020 were: Bonds payable $ (19.859,357) 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 $ (333,422) - 22 - Quarry Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2020 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, $(1,516,094), differs from the "change in net position" for governmental activities, $(1,924,342), 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 $ (3,339,417) Capital outlay 1,893,404 Total $ (1.446.013) 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 $ 1.031.021 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 $ 6,744 - 23 - Quarry Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2020 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, 2020, the District's carrying value was $207,132 and the bank balance was $210,693. 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, 2020, the District had the following investments and maturities: Investment Maturities Fair Value Commercial Paper N/A $ 871,279 U S Bank Money Market N/A 383,026 Federated Govt Obligation Fd 42 days* 939,928 Total $2,194,233 *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 Fund are Level 1 assets. - 24- Quarry Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2020 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, 2020, the District's investments in Commercial Paper was rated A-1+ and the Federated Govt Obligation Fund 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 40%, in Federated Govt Obligation Fd are 43% and in US Bank Money Market are 17% of the District's total investments. The types of deposits and investments and their level of risk exposure as of September 30, 2020 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 2019-2020 fiscal year were levied in August 2019. 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, 2020 NOTE E—CAPITAL ASSETS Capital asset activity for the year ended September 30, 2020 was as follows: Beginning Ending Balance Balance 10/1/2019 Additions Deletions 9/30/2020 Governmental Activities: Capital assets, not being depreciated Construction in progress $ 1,144,390 $ - $ (1,144,390) $ Capital assets, being depreciated Infrastructure 98,551,926 3,037,794 - 101,589,720 Less accumulated depreciation for: Infrastructure (34,149,867) (3,339,417) - (37,489,284) Total Capital Assets Being Depreciated, Net 64,402,059 (301,623) - 64,100,436 Total Capital Assets, Net $65,546,449 $ (301,623) $ (1,144,390) $64,100,436 Current year depreciation of$3,339,417 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, 2020: Long-term debt at October 1, 2019 $ 20,890,378 Principal payments (1,031,021) Long-term debt at September 30, 2020 $ 19,859,357 - 26 - Quarry Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2020 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 $615,000. $ 13,335,000 $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 $188,740. 3,308,288 $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 $1,065,686. 3,216,069 Bonds Payable at September 30, 2020 $ 19,859,357 The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2020 are as follows: Year Ending September 30, Principal Interest Total 2021 $ 1,869,426 $ 772,193 $ 2,641,619 2022 1,065,738 710,222 1,775,960 2023 1,107,067 667,202 1,774,269 2024 1,150,787 623,708 1,774,495 2025 1,199,431 575,909 1,775,340 2026-2030 6,399,673 2,113,258 8,512,931 2031-2035 5,967,235 896,286 6,863,521 2036 1,100,000 44,510 1,144,510 Totals $ 19,859,357 $ 6,403,288 $ 26,262,645 - 27- Quarry Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2020 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 $ 464,201 $ 464,201 Special Assessment Refunding and Improvement Bonds, Series 2018 $ 90,123 $ 90,123 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, 2020 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. NOTE I —INTERFUND BALANCES Interfund balances at September 30, 2020, consisted of the following: Payable Fund Receivable Fund Debt Service Fund General Fund $ 2,941 Interfund balances are due to receipts collected by one fund on behalf of another fund and were not repaid as of year-end. NOTE J —INTERFUND TRANSFERS Interfund transfers for the year ended September 30, 2020, consisted of the following: Transfers Out Capital Transfers In General Fund Project Fund Total Debt Service Fund $ 546,000 $ 304,672 $ 850,672 Capital Projects Fund 11,463 - 11,463 Total $ 557,463 $ 304,672 $ 862,135 Interfund transfers were primarily related to the partial redemption of Series 2019 Bonds. NOTE K—SUBSEQUENT EVENT In December 2020, the District issued Special Assessment Refunding Bonds, Series 2020 for $18,110,000, to refund and redeem the Special Assessment Refunding Bonds, Series 2015, Special Assessment Bonds, Series 2018, and Special Assessments Bonds, Series 2019. - 29- cec Berger, 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 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, 2020, and the related notes to the financial statements, and have issued our report thereon dated June 4, 2021. Internal Control Over Financial Reporting In planning and performing our audit, we considered Quarry Community Development District's internal control over financial reporting (internal control) as a basis for designing 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. 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 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 See. Berger,Toombs, Elam, %CY Gaines & Frank Ccnlfed PulAkAccwntinn 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. 31i dOaht 661 )dain,to) Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL Fort Pierce, Florida June 4, 2021 - 31 - cec Berger, Toombs, Elam, "Cr' 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, 2020, and have issued our report thereon dated June 4, 2021. 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 4, 2021, 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 - 32 - Member AICPA Member AICPA Division for CPA Firms Member FICPA Private Companies practice Section c�c�t Berger,Toombs, Elam, 'AY Gaines& Frank Csn)Ad Public Accountants 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.b. 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, 2020. 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. 3i 1x6J 1ottkdi 4 AA, Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL Fort Pierce, Florida June 4, 2021 - 33- rrr Berger, Toombs, Elam, -r 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, 2020. 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, 2020. altit doxylo Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL Fort Pierce, Florida June 4, 2021 Fort Pierce/Stuart - 34- Member AICPA Member AICPA Division for CPA Firms Member FICPA Private Companies practice Section RESOLUTION 2021-07 A RESOLUTION DESIGNATING SIGNATORIES FOR THE QUARRY COMMUNITY DEVELOPMENT DISTRICT WHEREAS, it is the desire of the Board of Supervisors of The Quarry Community Development District to designate certain individuals as signatories for District financial transactions including, but not limited to Bank Accounts, Investments, Cash Management Services, Trust Accounts,and other similar financial transactions. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE QUARRY COMMUNITY DEVELOPMENT DISTRICT 1. The following persons are designated as signatories for the Quarry Community Development District in connection with District financial transactions including,but not limited to Bank Accounts, Investments, Cash Management Services, Trust Accounts, and other similar financial transactions: Signatories: Stephen Bloom, Treasurer Trumaine Easy, Assistant Treasurer Justin Faircloth,District Manager/Secretary Stanley Omland,Chairman Ado ed his 2 d y of June 2021 Ch 'rmann 4/7 cretary 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 2022 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 18,2021 November 15,2021 December 20,2021 January 17,2022 February 21,2022 March 21,2022 April 18, 2022 May 16, 2022—Tentative Budget Presentation June 20,2022 July 18,2022 August 15,2022 September 19,2022 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. Justin Faircloth Manager 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 2022 on the second 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 11,2021 November 8, 2021 December 13,2021 January 10,2022 February 14,2022 March 14,2022 April 11,2022 May 9, 2022—Tentative Budget Presentation June 13,2022 July 11,2022 August 8,2022 September 12, 2022 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. Justin Faircloth Manager 0 ° 00 W 0 > ON N :atN N C t qq Gy W . o Y YW Q d Y. V o.Q .1 N Q / 0 0 1 W O O a Ri. ON ON N OC O o Ea u E II O N O N N N00 U _ p,u a h.E +cd " E z z - < 0- N c aom om m b 6 oa NV a• w u N w .-I .i .q .-I N N .-I .-1 .-I .-1 CO O Ol O .i O .� Ql O O y L' N O Y N rl N N N N ."� N N p > U > U � C g N V E $' O W O O m N Yi 'tIy Z 0 Z — O O. N Q "� a74 To. N Q .N-I .i .Ni N N N .~.1 r Cb N N •O N O ."I Crl O N O N ON 0 9 i E c u i E t > t p, C C no' 6 Z. 'w 'Q'u L° O Z O >- A O Q .n V V Vl In N N N A Op Q cc C t0 Q tx C .I t0 .i N N N .1 n .-1 N N W N V C H Y Y O C 0 ry i C 0 0) 0 O E 0 'N O C N Y -V .O p0 N W 3 O 3 0 >-o (0 o C v N0 0 v 3 `(0 u y c '', 3 w 0 (0 -o a O S. c „ w m Y `w i m a 3 . 5 m O O IX v � Z0� r 3 Qo3 a amoc 3� � ' E if U O !'' O y O u ,- N N ON t0..... E O- Y a m n 3 .� m m` c w 5 x 3�° c 0 a '� a Q 0 Q Q E w S W o E o E E ° a U a. O O .L O p Y C O w Q E ,'p rrp m ° u Eo '=p E u O Z E u E �^ ijl ar o LLWWO V E 'O E =°v oN Y v Q Y Y 01 C .° 7 V 2 A ii C J u E E r « (07. m ` V' Z 2 .a�i v c « > z 5 °� vTa C W O Ol C !- "O c U LL LL , Y m p) Q p00 Q o V O O 0 0 Q Q W E E O N d C N N y y c c > ° ° to E .0 NC h 00 N tO N m tO 01 anN m tO O V m V n m co .-Ion N of m N V N ` .Y m N N N N m 00 00 01 01 Ol 0l 01 01 p0 V N N W O V 'Q a t E (0 t E - C w ° 3 m u o v o G o o z E o z a a'. 01 a R E v z Z A A y d V a a V LL a f O N N N C E Y c l7 g u a 'z QUARRY Community Development District Annual Operating and Debt Service Budget Fiscal Year 2022 Modified Tentative Budget: (Approved at 5/17/2021 Meeting) Prepared by: 6INFRAMARK 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 BudgetNarrative 3-6 Exhibit A-Allocation of Fund Balances 7 DEBT SERVICE BUDGET Series 2020 Summary of Revenues, Expenditures and Changes in Fund Balances 8 Amortization Schedule 9 Budget Narrative 10 SUPPORTING BUDGET SCHEDULE 2022-2021 Comparison of Assessment Rates ................................................................. 11 Quarry Community Development District Operating Budget Fiscal Year 2022 QUARRY Community Development District General Fund Summary of Revenues,Expenditures and Changes in Fund Balances Fiscal Year 2022 Modified Tentative Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL ACTUAL BUDGET THRU JUNE- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2019 FY 2020 FY 2021 MAY-2021 SEPT-2021 FY 2021 FY 2022 REVENUES Interest-Investments $ - $ 1,148 $ 400 $ 168 $ 84 $ 252 $ 200 Hurricane Irma FEMA Refund - 243 - - - Golf Course Revenue - 13,345 18,000 13,500 4,500 18,000 114,911 Interest-Tax Collector 785 1,474 - 239 - 239 - Special Assmnts-Tax Collector 149,804 578,672 579,497 576,292 3,209 579,501 807,621 SpecialAssmnts-Discounts (5,492) (21,200) (23,180) (21,469) - (21,469) (32,305) Settlements 500,000 99,000 - - - - - Other Miscellaneous Revenues 2,833 70,600 40,000 47,500 - 47,500 - TOTAL REVENUES 647,930 743,282 614,717 616,230 7,793 624,023 890,427 EXPENDITURES Administrative P/R-Board of Supervisors - 9,800 12,000 6,000 4,000 10,000 12,000 FICA Taxes - 750 918 459 306 765 918 ProfServ-Arbitrage Rebate 500 - 600 - 600 600 600 ProfServ-Engineering 46,702 57,031 45,000 22,699 29,064 51,763 45,000 ProfServ-Legal Services(District) 33,075 39,511 30,000 6,819 9,547 16,366 21,000 ProfServ-Legal Litigation(Outside Svcs) 24,000 70,427 25,000 4,686 3,347 8,033 25,000 ProfServ-Mgmt Consulting Sery 38,640 51,296 57,000 38,000 19,000 57,000 58,710 ProfServ-Other Legal Charges 2,150 700 - 47,725 - 47,725 - ProfServ-Property Appraiser - 8,064 8,000 14,453 - 14,453 36,245 ProfServ-Special Assessment 5,000 - - - - - - ProfServ-Trustee Fees 8,734 11,182 9,000 7,189 - 7,189 4,041 ProfServ-Consultants 2,063 - 20,000 7,500 - 7,500 - ProfServ-Web Site Maintenance 1,500 - - - - - - Auditing Services 5,050 4,900 4,900 - 4,900 4,900 4,900 Contract-Website Hosting - 1,164 1,550 - - - - Website Compliance - 1,512 1,515 1,164 388 1,552 1,553 Postage and Freight 2,104 673 750 694 347 1,041 600 Insurance-General Liability 5,500 - 6,655 289 - 289 298 Printing and Binding - 309 750 273 137 410 500 Legal Advertising 6,811 6,189 4,000 350 - 350 4,000 Miscellaneous Services - 998 2,000 1,155 - 1,155 2,000 Misc-Bank Charges 328 287 50 268 134 402 500 Misc-Special Projects - 20,000 6,425 - 6,425 20,000 Misc-Assessmnt Collection Cost 1,397 8,627 11,590 11,096 64 11,160 16,152 Misc-Contingency 2,262 - 1,000 1,591 - 1,591 1,000 Office Supplies 3,184 116 800 - - - 250 Annual District Filing Fee 175 175 175 175 - 175 175 Total Administrative 189,175 273,711 263,253 179,010 71,833 250,843 255,441 Field Contracts-Lake Maintenance - - - - - - 65,004 Contracts-Preserve Maintenance - - - 25,958 25,958 51,916 103,832 R&M-General - - - - - - 75,000 R&M-Irrigation - 31,213 - - - - - R&M-Lake - - - - - 200,000 R&M-Street Signs 1,830 - - - - - - R&M-Weed Harvesting - - - - - - 60,000 R&M-Buoys - - - - - - 7,500 Lake&Preserve Maintenance - 126,733 140,000 65,071 21,668 86,739 - Annual Operating and Debt Service Budget Fiscal Year 2022 Page 1 QUARRY Community Development District General Fund Summary of Revenues,Expenditures and Changes in Fund Balances Fiscal Year 2022 Modified Tentative Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL ACTUAL BUDGET THRU JUNE- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2019 FY 2020 FY 2021 MAY-2021 SEPT-2021 FY 2021 FY 2022 Miscellaneous Maintenance 7,688 - 111,464 9,790 - 9,790 6,170 Capital Projects - - 50,000 - - 50,000 Reserve-Other - 42,110 - - - - - Water Quality Testing -- 17,480 - Total Field 9,518 200,056 301,464 100,819 47,626 148,445 584,986 Reserves Reserve-Other - - 50,000 - - 50,000 Total Reserves - 50,000 - - - 50,000 TOTAL EXPENDITURES&RESERVES 198,693 473,767 614,717 279,829 119,459 399,288 890,427 Excess(deficiency)of revenues Over(under)expenditures 449,237 269,515 - 336,401 (111,666) 224,735 - OTHER FINANCING SOURCES(USES) Operating Transfers-Out - (557,463) - - - TOTAL OTHER SOURCES(USES) - (557,463) - - - - - Net change in fund balance 449,237 (287,948) - 336,401 (111,666) 224,735 FUND BALANCE,BEGINNING 18,458 467,695 179,747 179,747 - 179,747 404,482 FUND BALANCE,ENDING $ 467,695 $ 179,747 $ 179,747 $ 516,148. $ (111,666) $ 404,482 $ 404,482 Annual Operating and Debt Service Budget Fiscal Year 2022 Page 2 QUARRY Community Development District General Fund Budget Narrative Fiscal Year 2022 REVENUES Interest-Investments The District earns interest on the monthly average collected balance for their money market account. Golf Course Revenue The District receives yearly revenue from golf course. 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 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. 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. FICA Taxes Payroll taxes on Board of Supervisors compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor's payroll expenditures. 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. Annual Operating and Debt Service Budget Fiscal Year 2022 Page 3 QUARRY Community Development District General Fund Budget Narrative Fiscal Year 2022 EXPENDITURES Administrative (continued) 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. 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 this Series 2020 Special Assessment Bond that is 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. 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. Website Compliance The District contracted with a company to operate the website ADA compliance to meet Florida statutes. 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. Printing and Binding Copies used in the preparation of agenda packages, required mailings,and other special projects. 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. Annual Operating and Debt Service Budget Fiscal Year 2022 Page 4 QUARRY Community Development District General Fund Budget Narrative Fiscal Year 2022 EXPENDITURES Administrative (continued) 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. 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 Contracts-Lake Maintenance Monthly service for$5,417 for lake and littoral maintenance with Collier Environmental Services,A/K/A Peninsula Improvement Corporation. Contracts-Preserve Maintenance Quarterly preserve contract with Collier Environmental Services,A/K/A Peninsula Improvement Corporation. R&M-General General expenditures that may incur for the District. R&M-Lake Other lake expenditures that may incur for the District. R&M-Weed Harvesting Lake weed work for the District. R&M-Buoys Seven buoys planned for the District. Miscellaneous Maintenance District other maintenance. Capital Projects The District purchase of capital expenditures. Water Quality Testing Based on 40%of$43,700 proposed by CPH. Annual Operating and Debt Service Budget Fiscal Year 2022 Page 5 QUARRY Community Development District General Fund Budget Narrative Fiscal Year 2022 EXPENDITURES Reserves Reserve -Other Planned expenditures the District allocated for future projects Annual Operating and Debt Service Budget Fiscal Year 2022 Page 6 QUARRY Community Development District Exhibit"A" Allocation of Fund Balances AVAILABLE FUNDS Amount Beginning Fund Balance-Fiscal Year 2022 $ 404,482 Net Change in Fund Balance-Fiscal Year 2022 - Reserves-Fiscal Year 2022 Additions 50,000 Total Funds Available(Estimated)-9/30/2022 454,482 ALLOCATION OF AVAILABLE FUNDS Assigned Fund Balance Operating Reserve-First Quarter Operating Capital 177,314 (1) Reserves-Other(FY 2021) 50,000 Reserves-Other(FY 2022) 50,000 Subtotal 100,000 Total Allocation of Available Funds 277,314 Total Unassigned(undesignated)Cash $ 177,168 Notes (1) Represents approximately 3 months of operating expenditures Annual Operating and Debt Service Budget Fiscal Year 2022 Page 7 Quarry Community Development District Debt Service Budget Fiscal Year 2022 QUARRY Community Development District 204- Series 2020 Debt Service Fund Summary of Revenues, Expenditures and Changes in Fund Balances Fiscal Year 2022 Modified Tentative Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU JUNE- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2020 FY 2021 MAY-2021 SEPT-2021 FY 2021 FY 2022 REVENUES Interest-Investments $ - $ - $ 20 $ - $ 20 $ - Special Assmnts-Tax Collector - - 240,365 10,630 250,995 1,608,706 Special Assmnts-Discounts - - (4,423) - (4,423) (64,348) TOTAL REVENUES - - 235,962 10,630 246,592 1,544,358 EXPENDITURES Administrative Misc-Assessmnt Collection Cost - - 4,719 213 4,932 32,174 Total Administrative - - 4,719 213 4,932 32,174 Debt Service Principal Debt Retirement - - 987,000 - 987,000 1,166,000 Principal Prepayments - - - - - - Interest Expense - - 126,871 - 126,871 332,186 Cost of Issuance - - 274,006 - 274,006 - Total Debt Service - - 1,387,877 - 1,113,871 1,608,275 TOTAL EXPENDITURES - - 1,392,596 213 1,118,803 1,640,449 Excess(deficiency)of revenues Over(under)expenditures - - (1,156,634) 10,417 (872,211) (96,091) OTHER FINANCING SOURCES(USES) Interfund Transfer-In - - 1,244,820 - 1,244,820 - Proceeds of Refunding Bonds - - 277,373 - 277,373 - Contribution to(Use of)Fund Balance - - - - - (96,091) TOTAL OTHER SOURCES(USES) - - 1,522,193 - 1,522,193 (96,091) Net change in fund balance - - 365,559 10,417 649,982 (96,091) FUND BALANCE,BEGINNING - - - - - 649,982 FUND BALANCE,ENDING $ - $ - $ 365,559 $ 10,417 $ 649,982 $ 553,891 Annual Operating and Debt Service Budget Fiscal Year 2022 Page 8 BOND DEBT SERVICE The Quarry Community Development District Special Assessment Refunding Bonds,Series 2020 Refunding of Special Assessment Refunding Bonds,Series 2019 (Private Placement-Hancock Bank) Period Annual Debt Ending Par Outstanding Principal Coupon Interest Debt Service Service 11/1/2021 17,123,000 166,093 166,093.10 5/1/2022 17,123,000 1,166,000 1.940% 166,093 1,332,093.10 1,498,186.20 11/1/2022 15,957,000 154,783 154,782.90 5/1/2023 15,957,000 1,188,000 1.940% 154,783 1,342,782.90 1,497,565.80 11/1/2023 14,769,000 143,259 143,259.30 5/1/2024 14,769,000 1,212,000 1.940% 143,259 1,355,259.30 1,498,518.60 11/1/2024 13,557,000 131,503 131,502.90 5/1/2025 13,557,000 1,235,000 1.940% 131,503 1,366,502.90 1,498,005.80 11/1/2025 12,322,000 119,523 119,523.40 5/1/2026 12,322,000 1,260,000 1.940% 119,523 1,379,523.40 1,499,046.80 11/1/2026 11,062,000 107,301 107,301.40 5/1/2027 11,062,000 1,285,000 1.940% 107,301 1,392,301.40 1,499,602.80 11/1/2027 9,777,000 94,837 94,836.90 5/1/2028 9,777,000 1,309,000 1.940% 94,837 1,403,836.90 1,498,673.80 11/1/2028 8,468,000 82,140 82,139.60 5/1/2029 8,468,000 1,336,000 1.940% 82,140 1,418,139.60 1,500,279.20 11/1/2029 7,132,000 69,180 69,180.40 5/1/2030 7,132,000 1,070,000 1.940% 69,180 1,139,180.40 1,208,360.80 11/1/2030 6,062,000 58,801 58,801.40 5/1/2031 6,062,000 1,091,000 1.940% 58,801 1,149,801.40 1,208,602.80 11/1/2031 4,971,000 48,219 48,218.70 5/1/2032 4,971,000 1,112,000 1.940% 48,219 1,160,218.70 1,208,437.40 11/1/2032 3,859,000 37,432 37,432.30 5/1/2033 3,859,000 1,134,000 1.940% 37,432 1,171,432.30 1,208,864.60 11/1/2033 2,725,000 26,433 26,432.50 5/1/2034 2,725,000 891,000 1.940% 26,433 917,432.50 943,865.00 11/1/2034 1,834,000 17,790 17,789.80 5/1/2035 1,834,000 908,000 1.940% 17,790 925,789.80 943,579.60 11/1/2035 926,000 8,982 8,982.20 5/1/2036 926,000 926,000 1.940% 8,982 934,982.20 943,964.40 17,123,000 2,532,554 19,655,554 19,655,554 Page 9 QUARRY Community Development District Debt Service Fund Budget Narrative Fiscal Year 2022 REVENUES 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. 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W Wm O(O V N W m M W ,-W(D(O w w U. U 9 U)w ww w w w U) U)U)U)w 67,69671 w w U) U)w w U)U)H U9 W MW w O) O eeeeeee 0 0 e e 0 0 0 0 e e 0 0 e e e 0 U)U)U)U U)W U) MMM NNNNN 0000000 00000000 V V V V Z Z U N.r n•r 1\n n• 00000 U)U)U)(N U)U)U) 0 0 O O M O O m 0.1 Op N (h(`�M N mu N N N N° W cod W W W W W W m m m m e O m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m 8 8 0 ....... ... ..... ....... ........ 00. v N M M N N M N M M M M (o M M M M M N N N M N N M M M M M M M M M M M M m } m A LL °) U_ U y NNNNNNN W W W 0000000 W 0 0 0 0 0 0 0 (0 O U)(0 '� Vr (y (1.p(1-p N 1-N 1'NN QN QN N W(p0O W(p0O(p0O {0000000{ ( ( ( ( M(`�('�M 8 S W Q N N.W W N W W A N N N.N- W W W 8 W W§ O O O O O O O O N N N N woo w -O W W(W r t I� t9 N w w w w w w w w w w w w w w w w w w w w w - - 0 C L w w w w w w w w w w w w 0 W O -0 Ifii u U o U o Q E a uo no 8 n rs ' c o o m a O 8 a 0 cn cc cocoN U m Q iL QUARRY COMMUNITY DEVELOPMENT DISTRICT DISTRICT COUNSEL REPORT June 21, 2021 MEETING 1. Confer with Omland and counsel for QCA regarding QCA capital project and request for easement and review and revise easement. 2. Prepare agreement with golf club for pond repair. SECOND AMENDMENT TO THE MANAGEMENT SERVICES MASTER AGREEMENT BETWEEN QUARRY COMMUNITY DEVELOPMENT DISTRICT AND INFRAMARK, LLC THIS SECOND AMENDMENT is made and entered into this 21st day of June 2021 by and between: Quarry Community Development District, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statues, located in Charlotte County, Florida, whose address is 210 N. University Drive, Suite 702, Coral Springs, Florida 33071 (the "District") and INRAMARK, Inc., a Texas Corporation with offices located at 210 North University Drive, Suite 702, Coral Springs, Florida 33071 (the "Service Company"). WHEREAS, on October 1, 2019, the District and the Service Company entered into the Management Services Master Agreement ("Agreement") whereby the Service Company agreed to provide certain management financial and account advisory services for the District; and WHEREAS,on June 15, 2020,the District and the Service Company amended the Agreement to adjust the pricing for the services provided by Service Company ; and WHEREAS, both parties now wish to amend the Agreement to add a quarterly field service inspection to the services; and NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree to amend the Agreement as follows: 1. RECITALS. The recitals so stated are true and correct and by this reference are incorporated into and form a material part of this Second Amendment. 2. AMENDMENT TO THE SERVICES. Both parties agree that the following shall be added to Services set forth in Schedule A of the Agreement as Section X: X. FIELD INSPECTION Service Company shall perform a field inspection quarterly and provide a report to the District. This inspection excludes the preserves and will require the District to make available a golf cart for said inspections to Service Company. 3. AMENDMENT TO THE BASE FEE. Pursuant to the provisions of the Agreement, the Service Company's Base Fee is hereby increased by$416.67 per month.The Base Fee shall be increased to $59,500.00 for the period of June 1, 2021 through September 30, 2021. 4. EFFECTIVE DATE.This Second Amendment shall be effective as of the 1st day of June 2021. DocuSign Envelope ID:83EC4D9A-E618-46D9-B450-7F48B367D671 5. AFFIRMATION THE MANAGEMENT AGREEMENT. Other than the terms set forth herein of this Second Amendment, the Agreement is hereby affirmed and continues to constitute a valid and binding agreement between the parties. In the event of a conflict between the terms of this Original Amendment and any other terms of the Agreement,the terms of this Second Amendment shall prevail. IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed as of the date and year first written above. QUARRY COMMUNITY DEVELOPMENT DISTRICT BY: / • Stan! y Otnland - Cha rperson ATTEST: INFRAMARK, L 'DocuSigned by: CIA,'ts 1) tst- 4 &JbBJ(❑CB41j... Chris Tarase:Vice i resid'ent ATTEST: ,- DocuSigned by: t, (v<ain,.GS ..--J`J/bJCJU4'JJU400... 1OAi QUARRY COMMUNITY DEVELOPMENT DISTRICT CHAIRMAN'S ACTIVITY REPORT SINCE LAST MEETING FOR JUNE 21, 2021 MEETING 1. FEMA Update: a. Ongoing email communications with FEMA and Tony Ettore, Esq. our specialized attorney. b. Expect positive feedback from FEMA this upcoming month 2. Resident issues: a. None to Chair 3. Review and process invoices through AVID 4. Ongoing discussions and conference calls with Golf Club and its contractor on upcoming Pilot Project for shoreline stabilization. 5. Numerous meetings with QCA on potential swap of land necessary to implement their Beach Club Master Plan. 6. Discussions with Wes Haber on requirements and procedure of potential land swap with QCA Stanley T. Omland, PE, PP, CME, LEED AP 06.14.21 Quarry Community Development District update since May Meeting PRESERVES Dylan Humenay Environmental Analyst and Environmental Resource Compliance person for the South Florida Water Management District along with Elizabeth Quinter Environmental Analyst examined the Marsh area in conservation area 2 today May 19th at our request. The QCDD is concerned with the expansion of the Carolina Willow in the marsh area. Email address:dhumenay(a�sfwmd.gov and phone(239)338-2929 Ext. 7755 The marsh area was found to be healthy with an acceptable balance of Carolina Willow. Recommendation was to maintain as is but not allow further expansion. The willow would not be classified as a nuisance at this point requiring thinning. Continue to keep area along the fence line clear of willow and allow grasses to fill in the space. Dylan comments about the lack of littorals on the detention pond banks which would be beneficial both for erosion control and water quality. Their experience with fluctuating water levels would be Cana at the top, arrowhead mid- level, and rush at the bottom. Cana need to be out of the water for a least six months to perform well. The deposits on the IPW is most likely calcium carbonate marl. It was suggested adding lime to the herbicide at the time of treatment. It would dissolve the marl and allow the herbicide to penetrate the weed. Dylan is replacing Emma Fay and will be our point person for the preserves. LAKES AND PONDS Most of the lake and pond banks have been treated for weeds. The ponds, specifically those numbered in the thirties, are scheduled for treatment this month. Pond 55 has some hydrilla which will be treated again shortly. The second phase of IPW cutting is almost complete with the beach area currently underway.