Proposed Budget FY22/23 VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
c/o Special District Services, Inc.
2501 Burns Road, Suite A
Palm Beach Gardens, Florida 33410 i i'i_ ] 'c_'11 47 CLERK OF COOR°T°S
(561) 630-4922
Fax: (561) 630-4923
May 20, 2022
r.
VIA CERTIFIED MAIL—
RETURN RECEIPT REQUESTED cr
r*^+
Clerk of the Circuit Court =Y;
Collier County Courthouse
3315 Tamiami Trail East, #102
Naples, Florida 34112-5324
Re: Verona Walk Community Development District
To Whom It May Concern:
Pursuant to Florida law, enclosed please find a copy of the following document relative
to the above referenced community development district:
1.) Proposed Fiscal Year 2022/2023 Budget (Oct. 1, 2022— Sept. 30, 2023)
If you have any questions or comments, please contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
LOA/ /1:(/
Laura J. Arc
Enclosure
Verona Walk
Community Development District
Proposed Budget For
Fiscal Year 2022/2023
October 1, 2022 - September 30, 2o23
CONTENTS
I PROPOSED BUDGET
II DETAILED PROPOSED BUDGET
III DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2013)
IV DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2018)
V ASSESSMENT COMPARISON
PROPOSED BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2022/2023
OCTOBER 1, 2022-SEPTEMBER 30, 2023
FISCAL YEAR
2022/2023
REVENUES BUDGET
O&M ASSESSMENTS 311,297
DEBT ASSESSMENTS-SERIES 2013 516,740
DEBT ASSESSMENTS-SERIES 2018 582,655
OTHER REVENUES 0
INTEREST INCOME 480
TOTAL REVENUES $ 1,411,172
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 42,000
VEHICLE-CART 0
VEHICLE-INSURANCE 1,000
VEHICLE-EQUIPMENT(SMALL TOOLS) 1,545
VEHICLE-GAS&MAINTENANCE 2,750
GOLF CART STORAGE 1,200
LAKE SPRAYING(CLARK) 77,500
LAKE WATER QUALITY TESTING(BENCHMARK) 6,000
LAKE LITTORAL PROJECTS 20,000
LAKE BANK MOWING 12,000
OUTFALL PIPE&STRUCTURE INSPECTION&CLEANING 5,000
STORM PIPE&EROSION REPAIRS 50,000
DREDGING 1,000
MISCELLANEOUS MAINTENANCE 1,250
TOTAL MAINTENANCE EXPENDITURES $ 221,245
ADMINISTRATIVE EXPENDITURES
SUPERVISOR FEES 0
PAYROLL TAXES(EMPLOYER) 0
ENGINEERING 14,500
MANAGEMENT 48,348
SECRETARIAL 4,200
LEGAL 16,500
ASSESSMENT ROLL 10,000
AUDIT FEES 3,900
ARBITRAGE REBATE FEE-SERIES 2013 650
ARBITRAGE REBATE FEE-SERIES 2018 650
INSURANCE 7,250
LEGAL ADVERTISING 2,050
MISCELLANEOUS/CONTINGENCY 2,200
POSTAGE 700
OFFICE SUPPLIES 1,075
DUES&SUBSCRIPTIONS 175
WEBSITE MANAGEMENT 2,000
TRUSTEE FEES-SERIES 2013 4,730
TRUSTEE FEES-SERIES 2018 4,100
CONTINUING DISCLOSURE FEE 1,000
TOTAL ADMINISTRATIVE EXPENDITURES $ 124,028
TOTAL EXPENDITURES $ 345,273
REVENUES LESS EXPENDITURES $ 1,065,899
BOND PAYMENTS(SERIES 2013) (477,985)
BOND PAYMENTS(SERIES 2018) (538,956)
BALANCE $ 48,958
COUNTY APPRAISER&TAX COLLECTOR ADMINISTRATIVE COSTS (48,668)
DISCOUNTS FOR EARLY PAYMENTS (57,133)
EXCESS/(SHORTFALL) $ (56,843)
CARRYOVER FROM PRIOR YEAR 56,843
NET EXCESS/(SHORTFALL) $ -
Note:Projected Available Funds Balance As Of 9-30-22 is$560,000
5/192022 4:23 PM
> DETAILED PROPOSED BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2022/2023
OCTOBER 1, 2022-SEPTEMBER 30, 2023
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2020/2021 2021/2022 2022/2023
REVENUES ACTUAL BUDGET BUDGET COMMENTS
O&M ASSESSMENTS 311,569 311,297 311,297 Expenditures Less Interest&Carryover/.925
DEBT ASSESSMENTS-SERIES 2013 516,888 516,740 516,740 Bond Payments/.925
DEBT ASSESSMENTS-SERIES 2018 582,787 582,655 582,655 Bond Payments/.925
OTHER REVENUES 0 0 0
INTEREST INCOME 835 480 480 Interest Projected At$40 Per Month
TOTAL REVENUES $ 1,412,079 $ 1,411,172 $ 1,411,172
EXPENDITURES
MAINTENANCE EXPENDITURES
FIELD INSPECTOR 39,999 40,500 42,000$1,500 Increase From 2021/2022Budget
VEHICLE-CART 5,750 0 0 Fiscal Year 2020/2021 Expenditure
VEHICLE-INSURANCE 578 1,000 1,000 No Change From 2021/2022 Budget
VEHICLE-EQUIPMENT(SMALL TOOLS) 0 1,545 1,545 No Change From 2021/2022 Budget
VEHICLE-GAS&MAINTENANCE 142 2,750 2,750 No Change From 2021/2022 Budget
GOLF CART STORAGE 1,200 1,200 1,200 No Change From 2021/2022 Budget
LAKE SPRAYING(CLARK) 90,402 72,500 77,500 FY 21/22 Expenditure Through April 2022 Was$39,550
LAKE WATER QUALITY TESTING(BENCHMARK) 3,168 6,000 6,000 No Change From 2021/2022 Budget
LAKE LITTORAL PROJECTS 0 17,000 20,000$3,000 Increase From 2021/2022 Budget
LAKE BANK MOWING 0 10,000 12,000$2,000 Increase From 2021/2022 Budget
OUTFALL PIPE&STRUCTURE INSPECTION&CLEANING 0 5,000 5,000 No Change From 2021/2022 Budget
STORM PIPE&EROSION REPAIRS 37,219 50,000 50,000 No Change From 2021/2022 Budget
DREDGING 0 1,000 1,000 No Change From 2021/2022 Budget
MISCELLANEOUS MAINTENANCE 6,887 1,250 1,250 No Change From 2021/2022 Budget
TOTAL MAINTENANCE EXPENDITURES $ 185,345 $ 209,745 $ 221,245
ADMINISTRATIVE EXPENDITURES
SUPERVISOR FEES 0 0 0 Line Item Eliminated
PAYROLL TAXES(EMPLOYER) 0 0 0 Line Item Eliminated
ENGINEERING 6,433 14,500 14,500 No Change From 2021/2022 Budget
MANAGEMENT 46,296 46,944 48,348 CPI Adjustment(Capped At 3%)
SECRETARIAL 4,200 4,200 4,200 No Change From 2021/2022 Budget
LEGAL 11,344 16,500 16,500 FY 21/22 Expenditures Through April 2022 Were$5,180
ASSESSMENT ROLL 10,000 10,000 10,000 As Per Contract
AUDIT FEES 3,700 3,800 3,900$100 Increase From 2021/2022 Budget
ARBITRAGE REBATE FEE-SERIES 2013 650 650 650 No Change From 2021/2022 Budget
ARBITRAGE REBATE FEE-SERIES 2018 650 650 650 No Change From 2021/2022 Budget
INSURANCE 5,819 6,500 7,250 Insurance Estimate
LEGAL ADVERTISING 1,533 2,100 2,050$50 Decrease From 2021/2022 Budget
MISCELLANEOUS/CONTINGENCY 650 2,400 2,200$200 Decrease From 2021/2022 Budget
POSTAGE 350 700 700 No Change From 2021/2022 Budget
OFFICE SUPPLIES 427 1,125 1,075$50 Decrease From 2021/2022 Budget
DUES&SUBSCRIPTIONS 175 175 175 No Change From 2021/2022 Budget
WEBSITE MANAGEMENT 2,000 2,000 2,000 No Change From 2021/2022 Budget
TRUSTEE FEES-SERIES 2013 4,730 4,730 4,730 No Change From 2021/2022 Budget
TRUSTEE FEES-SERIES 2018 3,708 4,100 4,100 No Change From 2021/2022 Budget
CONTINUING DISCLOSURE FEE 1,000 1,000 1,000 No Change From 2021/2022 Budget
TOTAL ADMINISTRATIVE EXPENDITURES $ 103,665 $ 122,074 $ 124,028
TOTAL EXPENDITURES $ 289,010 $ 331,819 $ 345,273
REVENUES LESS EXPENDITURES $ 1,123,069 $ 1,079,353 $ 1,065,899
BOND PAYMENTS(SERIES 2013) (487,630) (477,985) (477,985)2023 P&I Payments
BOND PAYMENTS(SERIES 2018) (549,798) (538,956) (538,956)2023 P&I Payments
BALANCE $ 85,641 $ 62,412 $ 48,958
COUNTY APPRAISER&TAX COLLECTOR ADMINISTRATIVE COSTS (18,023) (48,668) (48,668)Three And One Half Percent Of Total Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS (52,708) (57,133) (57,133)Four Percent Of Total Assessment Roll
EXCESS/(SHORTFALL) $ 14,910 $ (43,389) $ (56,843)
CARRYOVER FROM PRIOR YEAR 0 43,389 56,843 Carryover From Prior Year
NET EXCESS/(SHORTFALL) $ 14,910 $ - $ -
Note:Projected Available Funds Balance As Of 9-30-22 is$560,000
5/19/2022 4'.23 PM II
DETAILED PROPOSED DEBT SERVICE (SERIES 2013) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2022/2023
OCTOBER 1, 2022-SEPTEMBER 30, 2023
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2020/2021 2021/2022 2022/2023
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income 27 25 25 Projected Interest For 2022/2023
NAV Collection 487,630 477,985 477,985 Maximum Debt Service Collection
Prepaid Bond Collection 10,774 0 0 Prepaid Bond Collection
Total Revenues $ 498,431 $ 478,010 $ 478,010
EXPENDITURES
Principal Payments(2013A-1) 240,000 250,000 260,000 Principal Payment Due In 2023
Principal Payments(2013A-2) 10,000 25,000 15,000 Principal Payment Due In 2023
Interest Payments(2013A-1) 201,378 188,606 178,413 Interest Payments Due In 2023
Interest Payments(2013A-2) 13,463 12,688 11,088 Interest Payments Due In 2023
Bond Redemption 55,000 1,716 13,509 Estimated Excess Debt Collections
Total Expenditures $ 519,841 $ 478,010 $ 478,010
Excess/(Shortfall) $ (21,410) $ - $ -
Series 2013A-1 Bond Refunding Information
Original Par Amount= $6,455,000 Annual Principal Payments Due= May 1st
Interest Rate= 1.1%-4.375% Annual Interest Payments Due= May 1st&November 1st
Issue Date= June 2013
Maturity Date= May 2035
Par Amount As Of 1/1/22= $4,565,000
Series 2013A-2 Bond Refunding Information
Original Par Amount= $650,000 Annual Principal Payments Due= May 1st
Interest Rate= 4.5%-5.0% Annual Interest Payments Due= May 1st&November 1st
Issue Date= June 2013
Maturity Date= May 2035
Par Amount As Of 1/1/22= $220,000
5/19/2022 4:23 PM I I I
DETAILED PROPOSED DEBT SERVICE (SERIES 2018) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2022/2023
OCTOBER 1, 2022 -SEPTEMBER 30, 2023
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2020/2021 2021/2022 2022/2023
REVENUES ACTUAL BUDGET BUDGET COMMENTS
Interest Income 18 25 25 Projected Interest For 2022/2023
NAV Collection 549,798 538,956 538,956 Maximum Debt Service Collection
Prepaid Bond Collection 0 0 0 Prepaid Bond Collection
Total Revenues $ 549,816 $ 538,981 $ 538,981
EXPENDITURES
Principal Payments 317,000 328,000 338,000 Principal Payment Due In 2023
Interest Payments 226,298 210,665 199,843 Interest Payments Due In 2023
Bond Redemption 0 316 1,138 Estimated Excess Debt Collections
Total Expenditures $ 543,298 $ 538,981 $ 538,981
Excess/(Shortfall) $ 6,518 $ - $ -
Series 2018 Bond Refunding Information
Original Par Amount= $7,677,000 Annual Principal Payments Due= May 1st
Interest Rate= 3.25%-5.375% Annual Interest Payments Due= May 1st&November 1st
Issue Date= March 2018
Maturity Date= May 2037
Par Amount As Of 1/1/22= $6,646,000
I `�5/19/2022 4:23 PM
Verona Walk Community Development District
Assessment Comparison
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Lot 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023
Size Assessment* Assessment* Assessment* Assessment* Projected Assessment*
Phase One
Townhome 26' 0&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Cayman Debt $ 540.00 $ 540.00 $ 540.00 $ 540.00 $ 540.00
Total $ 702.13 $ 702.13 $ 702.13 $ 702.13 $ 702.13
Duplex 36' O&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Capri/Carrington Debt $ 540.00 $ 540.00 $ 540.00 $ 540.00 $ 540.00
Total $ 702.13 $ 702.13 $ 702.13 $ 702.13 $ 702.13
Single Family 50' 0&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Oakmont Debt $ 635.00 $ 635.00 $ 635.00 $ 635.00 $ 635.00
Total $ 797.13 $ 797.13 $ 797.13 $ 797.13 $ 797.13
Single Family 60' 0&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Carlyle Debt $ 730.00 $ 730.00 $ 730.00 $ 730.00 $ 730.00
Total $ 892.13 $ 892.13 $ 892.13 $ 892.13 $ 892.13
Phase Two
Duplex 36'/SF 40' O&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Capri/Carrington Debt $ 600.00 $ 511.00 $ 511.00 $ 511.00 $ 511.00
Total $ 762.13 $ 673.13 $ 673.13 $ 673.13 $ 673.13
Single Family 40' 0&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Garden Debt $ 678.00 $ 577.00 $ 577.00 $ 577.00 $ 577.00
Total $ 840.13 $ 739.13 $ 739.13 $ 739.13 $ 739.13
Single Family 50' 0&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Oakmont Debt $ 706.00 $ 601.00 $ 601.00 $ 601.00 $ 601.00
Total $ 868.13 $ 763.13 $ 763.13 $ 763.13 $ 763.13
Single Family 60' 0&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Carlyle Debt $ 812.00 $ 691.00 $ 691.00 $ 691.00 $ 691.00
Total $ 974.13 $ 853.13 $ 853.13 $ 853.13 $ 853.13
Single Family 65' 0&M $ 162.13 $ 162.13 $ 162.13 $ 162.13 $ 162.13
Estate Debt $ 892.00 $ 759.00 $ 759.00 $ 759.00 $ 759.00
Total $ 1,054.13 $ 921.13 $ 921.13 $ 921.13 $ 921.13
*Assessments Include the Following
4%Discount for Early Payments
2%County Property Appraiser Costs
1.5%County Tax Collector Costs
Community Information:
Phase I Maximum Annual Lot
No.of Units Type Front Footage Name Debt Assessment Bond Prepayments Differential Prepayment*
246 Townhome 26' Cayman $ 540 6 68
350 Duplex 36' Capri/Carrington $ 540 11 0
242 Single Family 50' Oakmont $ 635 7 -35
97 Single Family 60' Carlyle $ 730 1 1
935 25 34
Phase II Maximum Annual Lot Disclosure
No.of Units Type Front Footage Name Debt Assessment Bond Prepayments Differential Prepayment**
443 Duplex/SF 36'/40' Capri/Carrington $ 511 7 -4
58 Duplex 40' Garden $ 577 0 4
325 SF 50' Oakmont $ 601 7 0
161 SF 60'/65' Carlyle $ 691 0 0
32 SF 65' Estate $ 759 0 0
1019 14 0
0 New Bond Prepayers For 2022/2023 Budget
*Developer made Bond Prepayment in August 2014 for 34 lot differential(68 Phase 1 Caymans replaced with 34 Oakmonts)
*Developer made Bond Prepayment in November 2014 for 1 lot differential(1 Phase 1 Carlyle replaced with 1 Oakmont)
**Developer built Carrington Homes on Garden Lots(Karina Street)-Debt Assessments for those lots was$678-now$577.
**Developer made Bond Prepayment in November 2014 for 4 lot disclosure differential(4 40'disclosed at 36'/40'rate)
Total Lots Assessed For O&M=1920
5/19/2022 4:23 PM V
Q
7021 1970 .01 9987 2487 \Zit)
3 O CD n
° ror v
s N 7
Mill�z <v n.
f':i
W
r .
et
r; n
O O Co
isd Kxx
n
.,_ N
I
I, m C <C 17
I-
- ' x hJ 7
^ C N
%.4t•4il.' J' C.4
Ih tii~1„1
D0
onor UNrr
M
o S�
�-rwu
O CD 71 IQ-
0
w o W Ili
co N_ k 0
A CDX
N wr RI
O N O te
rI:uIn:, it \I 11r."1riiT T n—!rrr,
J.WI ILA.-1U S0.k_I 10 L.m._p L.L.c LI_P.,)