Verona Walk
Community Development District

Final Budget For Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET (SERIES 2013) IV	DETAILED FINAL DEBT SERVICE FUND BUDGET (SERIES 2018) V	ASSESSMENT COMPARISON

FINAL BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019 BUDGET	
O & M ASSESSMENTS	311,297	
DEBT ASSESSMENTS - SERIES 2013	518,105	
DEBT ASSESSMENTS - SERIES 2018	583,256	
OTHER REVENUES	0	
INTEREST INCOME	420	
		
TOTAL REVENUES	$	1,413,078	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
FIELD INSPECTOR	38,000	
VEHICLE - INSURANCE	1,000	
VEHICLE - EQUIPMENT (SMALL TOOLS)	1,545	
VEHICLE - GAS & MAINTENANCE	4,160	
LAKE SPRAYING (CLARK)	65,000	
LAKE WATER QUALITY TESTING (BENCHMARK)	6,000	
LAKE LITTORAL & LAKE BANK PLANTINGS	20,000	
OUTFALL PIPE & STRUCTURE INSPECTION & CLEANING	5,000	
STORM PIPE & EROSION REPAIRS	50,000	
DREDGING	3,640	
TOTAL MAINTENANCE EXPENDITURES	$	194,345	
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISOR FEES	4,000	
PAYROLL TAXES (EMPLOYER)	320	
ENGINEERING	17,500	
MANAGEMENT	44,424	
SECRETARIAL	4,200	
LEGAL	17,500	
ASSESSMENT ROLL	10,000	
AUDIT FEES	3,500	
ARBITRAGE REBATE FEE - SERIES 2013	650	
ARBITRAGE REBATE FEE - SERIES 2018	650	
INSURANCE	6,518	
LEGAL ADVERTISING	2,000	
MISCELLANEOUS/CONTINGENCY	2,500	
POSTAGE	800	
OFFICE SUPPLIES	1,200	
DUES & SUBSCRIPTIONS	175	
WEBSITE MANAGEMENT	1,500	
TRUSTEE FEES - SERIES 2013	4,730	
TRUSTEE FEES - SERIES 2018	4,100	
CONTINUING DISCLOSURE FEE - SERIES 2013	1,000	
CONTINUING DISCLOSURE FEE - SERIES 2018	1,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$	128,267	
		
TOTAL EXPENDITURES	$	322,612	
		
REVENUES LESS EXPENDITURES	$	1,090,466	
		
BOND PAYMENTS (SERIES 2013)	(479,247)	
BOND PAYMENTS (SERIES 2018)	(539,512)	
		
BALANCE	$	71,707	
		
COUNTY APPRAISER & TAX COLLECTOR ADMINISTRATIVE COSTS	(48,737)	
DISCOUNTS FOR EARLY PAYMENTS	(57,212)	
		
EXCESS/ (SHORTFALL)	$	(34,242)	
		
CARRYOVER FROM PRIOR YEAR	34,242	
		
NET EXCESS/ (SHORTFALL)	$	-	

Note: Projected Available Funds Balance As Of 9-30-18 is $350,000

8/23/2018  12:53 PM	I

DETAILED FINAL BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2016/2017 ACTUAL	
FISCAL YEAR 2017/2018 BUDGET	
FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	
O & M ASSESSMENTS	311,958	311,297	311,297	Expenditures Less Interest & Carryover/.925	
DEBT ASSESSMENTS - SERIES 2013	520,265	520,265	518,105	Bond Payments/.925	
DEBT ASSESSMENTS - SERIES 2018	688,808	688,808	583,256	Bond Payments/.925	
OTHER REVENUES	505	0	0		
INTEREST INCOME	543	420	420	Interest Projected At $35 Per Month	
					
TOTAL REVENUES	$	1,522,079	$	1,520,790	$	1,413,078		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
FIELD INSPECTOR	34,613	38,000	38,000	No Change From 2017/2018 Budget	
VEHICLE - INSURANCE	0	1,000	1,000	No Change From 2017/2018 Budget	
VEHICLE - EQUIPMENT (SMALL TOOLS)	0	1,545	1,545	No Change From 2017/2018 Budget	
VEHICLE - GAS & MAINTENANCE	451	4,160	4,160	$80 Per Week	
LAKE SPRAYING (CLARK)	56,700	65,000	65,000	Lake Spraying (Clark)	
LAKE WATER QUALITY TESTING (BENCHMARK)	4,600	6,000	6,000	Lake Water Quality Testing (Benchmark)	
LAKE LITTORAL & LAKE BANK PLANTINGS	2,000	20,000	20,000	Lake Littoral & Lake Bank Plantings	
OUTFALL PIPE & STRUCTURE INSPECTION & CLEANING	0	5,000	5,000	Outfall Pipe & Structure Inspection & Cleaning	
STORM PIPE & EROSION REPAIRS	0	50,000	50,000	Storm Pipe & Erosion Repairs	
DREDGING	0	3,640	3,640	Maintenance Mowing & Dredging	
TOTAL MAINTENANCE EXPENDITURES	$	98,364	$	194,345	$	194,345		
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISOR FEES	1,200	4,000	4,000	Supervisor Fees	
PAYROLL TAXES (EMPLOYER)	92	320	320	8% Of Supervisor Fees	
ENGINEERING	10,102	20,000	17,500	$2,500 Decrease From 2017/2018 Budget	
MANAGEMENT	42,624	43,512	44,424	CPI Adjustment	
SECRETARIAL	4,200	4,200	4,200	No Change From 2017/2018 Budget	
LEGAL	20,850	17,500	17,500	2017/2018 Expenditures Through Feb 2018 Were $6,353	
ASSESSMENT ROLL	10,000	10,000	10,000	As Per Contract	
AUDIT FEES	3,400	3,400	3,500	Accepted Amount For 2017/2018 Audit	
ARBITRAGE REBATE FEE - SERIES 2013	650	650	650	No Change From 2017/2018 Budget	
ARBITRAGE REBATE FEE - SERIES 2018	650	650	650	No Change From 2017/2018 Budget	
INSURANCE	5,925	6,518	6,518	Insurance Company Estimate	
LEGAL ADVERTISING	2,171	2,000	2,000	No Change From 2017/2018 Budget	
MISCELLANEOUS/CONTINGENCY	1,537	2,500	2,500	No Change From 2017/2018 Budget	
POSTAGE	463	800	800	No Change From 2017/2018 Budget	
OFFICE SUPPLIES	1,144	1,200	1,200	No Change From 2017/2018 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2017/2018 Budget	
WEBSITE MANAGEMENT	1,500	1,500	1,500	No Change From 2017/2018 Budget	
TRUSTEE FEES - SERIES 2013	4,300	4,300	4,730	Trustee (US Bank) Increasing Fees In 2018/2019	
TRUSTEE FEES - SERIES 2018	3,715	3,800	4,100	Trustee (US Bank) Increasing Fees In 2018/2019	
CONTINUING DISCLOSURE FEE - SERIES 2013	1,000	1,000	1,000	No Change From 2017/2018 Budget	
CONTINUING DISCLOSURE FEE - SERIES 2018	1,000	1,000	1,000	No Change From 2017/2018 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	116,698	$	129,025	$	128,267		
					
TOTAL EXPENDITURES	$	215,062	$	323,370	$	322,612		
					
REVENUES LESS EXPENDITURES	$	1,307,017	$	1,197,420	$	1,090,466		
					
BOND PAYMENTS (SERIES 2013)	(486,245)	(481,245)	(479,247)	2019 P & I Payments	
BOND PAYMENTS (SERIES 2018)	(643,647)	(637,147)	(539,512)	2019 P & I Payments	
					
BALANCE	$	177,125	$	79,028	$	71,707		
					
COUNTY APPRAISER & TAX COLLECTOR ADMINISTRATIVE COSTS	(42,478)	(52,453)	(48,737)	Three And One Half Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(56,429)	(61,575)	(57,212)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	78,218	$	(35,000)	$	(34,242)		
					
CARRYOVER FROM PRIOR YEAR	0	35,000	34,242	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	78,218	$	-	$	-		

Note: Projected Available Funds Balance As Of 9-30-18 is $350,000

8/23/2018 12:53 PM	II

DETAILED FINAL DEBT SERVICE (SERIES 2013) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 BUDGET	FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	

Interest Income	
1,246	
50	
100	
Projected Interest For 2018/2019	

NAV Collection	
486,245	
481,245	
479,247	
Maximum Debt Service Collection	

Prepaid Bond Collection	
0	
0	
0	
Prepaid Bond Collection	

Total Revenues	
$	487,491	
$	481,295	
$	479,347		

EXPENDITURES					

Principal Payments (2013A-1)	
215,000	
220,000	
220,000	
Principal Payment Due In 2019	

Principal Payments (2013A-2)	
15,000	
15,000	
25,000	
Principal Payment Due In 2019	

Interest Payments (2013A-1)	
228,706	
222,866	
214,156	
Interest Payments Due In 2019	

Interest Payments (2013A-2)	
18,425	
17,713	
16,063	
Interest Payments Due In 2019	

Bond Redemption	
15,000	
5,716	
4,128	
Estimated Excess Debt Collections	

Total Expenditures	
$	492,131	
$	481,295	
$	479,347		

Excess/ (Shortfall)	
$	(4,640)	
$	-	
$	-		

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 4/1/18 =	$5,560,000			

Series 2013A-2 Bond Refunding Information	
Original Par Amount =	$650,000	Annual Principal Payments Due =	May 1st	
Interest Rate =
Issue Date =	4.5% - 5.0%
June 2013	Annual Interest Payments Due =	May 1st & November 1st	
Maturity Date =	May 2035			
Par Amount As Of 4/1/18 =	$370,000			

8/23/2018 12:53 PM	III

DETAILED FINAL DEBT SERVICE (SERIES 2018) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 BUDGET	FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	

Interest Income	1,805	50	100	
Projected Interest For 2018/2019	

NAV Collection	
643,647	
637,147	
539,512	
Maximum Debt Service Collection	

Prepaid Bond Collection	
0	
0	
0	
Prepaid Bond Collection	

Total Revenues	
$	645,452	
$	637,197	
$	539,612		

EXPENDITURES					

Principal Payments	
210,000	
225,000	
297,000	
Principal Payment Due In 2019	

Interest Payments	
428,656	
411,322	
241,101	
Interest Payments Due In 2019	

Bond Redemption	
0	
875	
1,511	
Estimated Excess Debt Collections	

Total Expenditures	
$	638,656	
$	637,197	
$	539,612		

Excess/ (Shortfall)	
$	6,796	
$	-	
$	-		

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 =

Par Amount As Of 4/1/18 =	May 2037

$7,677,000			

8/23/2018 12:53 PM	IV

Verona Walk Community Development District Assessment Comparison

Lot Size
Phase One		Fiscal Year 2014/2015
Assessment*	Fiscal Year 2015/2016
Assessment*	Fiscal Year 2016/2017
Assessment*	Fiscal Year 2017/2018
Assessment*	Fiscal Year 2018/2019
Projected Assessment*	
Townhome 26'	O & 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'	O & 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'	O & 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	$	600.00	$	600.00	$	600.00	$	511.00	
	Total	$	762.13	$	762.13	$	762.13	$	762.13	$	673.13	
							
Single Family 40'	O & M	$	162.13	$	162.13	$	162.13	$	162.13	$	162.13	
Garden	Debt	$	678.00	$	678.00	$	678.00	$	678.00	$	577.00	
	Total	$	840.13	$	840.13	$	840.13	$	840.13	$	739.13	
							
Single Family 50'	O & M	$	162.13	$	162.13	$	162.13	$	162.13	$	162.13	
Oakmont	Debt	$	706.00	$	706.00	$	706.00	$	706.00	$	601.00	
	Total	$	868.13	$	868.13	$	868.13	$	868.13	$	763.13	
							
Single Family 60'	O & M	$	162.13	$	162.13	$	162.13	$	162.13	$	162.13	
Carlyle	Debt	$	812.00	$	812.00	$	812.00	$	812.00	$	691.00	
	Total	$	974.13	$	974.13	$	974.13	$	974.13	$	853.13	
							
Single Family 65'	O & M	$	162.13	$	162.13	$	162.13	$	162.13	$	162.13	
Estate	Debt	$	892.00	$	892.00	$	892.00	$	892.00	$	759.00	
	Total	$	1,054.13	$	1,054.13	$	1,054.13	$	1,054.13	$	921.13	

* Assessments Include the Following 4% Discount for Early Payments
2% County Property Appraiser Costs 1.5% County Tax Collector Costs

Community Information:
Phase I
No. of Units	
Type	
Front Footage	
Name	Maximum Annual
Debt Assessment	
Bond Prepayments	Lot
Differential Prepayment*	
246	Townhome	26'	Cayman	$	540	6	68	
350	Duplex	36'	Capri/Carrington	$	540	11	0	
242	Single Family	50'	Oakmont	$	635	6	-35	
97	Single Family	60'	Carlyle	$	730	0	1	
935					23	34	

Phase II
No. of Units	
Type	
Front Footage	
Name	Maximum Annual
Debt Assessment	
Bond Prepayments	Lot Disclosure
Differential Prepayment**	
443	Duplex/SF	36'/40'	Capri/Carrington	$	511	7	-4	
58	Duplex	40'	Garden	$	577	0	4	
325	SF	50'	Oakmont	$	601	6	0	
161	SF	60'/65'	Carlyle	$	691	0	0	
32	SF	65'	Estate	$	759	0	0	
1019					13	0	

* Developer made Bond Prepayment in August 2014 for 34 lot differential (68 Phase 1 Caymans replaced with 34 Oakmonts)
* Developer made Bond Prepayment in November 2014 for 1 lot differential (1 Phase 1 Carlyle replaced with 1 Oakmont)
** Developer built Carrington Homes on Garden Lots (Karina Street) - Debt Assessments for those lots was $678 - now $577.
** Developer made Bond Prepayment in November 2014 for 4 lot disclosure differential (4 40' disclosed at 36'/40' rate) Total Lots Assessed For O&M = 1920

8/23/2018 12:53 PM	V