Verona Walk
Community Development District

Proposed Budget For Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

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 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018 ACTUAL	
FISCAL YEAR 2018/2019 BUDGET	
FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	
O & M ASSESSMENTS	311,764	311,297	311,297	Expenditures Less Interest & Carryover/.925	
DEBT ASSESSMENTS - SERIES 2013	520,265	518,105	518,105	Bond Payments/.925	
DEBT ASSESSMENTS - SERIES 2018	688,808	583,256	583,256	Bond Payments/.925	
OTHER REVENUES	0	0	0		
INTEREST INCOME	674	420	480	Interest Projected At $40 Per Month	
					
TOTAL REVENUES	$	1,521,511	$	1,413,078	$	1,413,138		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
FIELD INSPECTOR	33,562	38,000	38,000	No Change From 2018/2019 Budget	
VEHICLE - INSURANCE	563	1,000	1,000	No Change From 2018/2019 Budget	
VEHICLE - EQUIPMENT (SMALL TOOLS)	0	1,545	1,545	No Change From 2018/2019 Budget	
VEHICLE - GAS & MAINTENANCE	331	4,160	3,000	$1,160 Decrease From 2018/2019 Budget	
LAKE SPRAYING (CLARK)	56,700	65,000	72,500	$7,500 Increase From 2018/2019 Budget	
LAKE WATER QUALITY TESTING (BENCHMARK)	4,104	6,000	6,000	Lake Water Quality Testing (Benchmark)	
LAKE LITTORAL & LAKE BANK PLANTINGS	4,100	20,000	12,500	$7,500 Decrease From 2018/2019 Budget	
OUTFALL PIPE & STRUCTURE INSPECTION & CLEANING	0	5,000	5,000	Outfall Pipe & Structure Inspection & Cleaning	
STORM PIPE & EROSION REPAIRS	37,981	50,000	50,000	Storm Pipe & Erosion Repairs	
DREDGING	0	3,640	1,000	Maintenance Mowing & Dredging	
MISCELLANEOUS MAINTENANCE	2,820	0	1,000	Miscellaneous Maintenance	
TOTAL MAINTENANCE EXPENDITURES	$	140,161	$	194,345	$	191,545		
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISOR FEES	1,200	4,000	3,000	Supervisor Fees	
PAYROLL TAXES (EMPLOYER)	92	320	240	8% Of Supervisor Fees	
ENGINEERING	5,322	17,500	15,500	$2,000 Decrease From 2018/2019 Budget	
MANAGEMENT	43,512	44,424	45,264	CPI Adjustment	
SECRETARIAL	4,200	4,200	4,200	No Change From 2018/2019 Budget	
LEGAL	11,163	17,500	17,000	2018/2019 Expenditures Through Jan 2019 Were $1,882	
ASSESSMENT ROLL	10,000	10,000	10,000	As Per Contract	
AUDIT FEES	3,400	3,500	3,600	Accepted Amount For 2018/2019 Audit	
ARBITRAGE REBATE FEE - SERIES 2013	650	650	650	No Change From 2018/2019 Budget	
ARBITRAGE REBATE FEE - SERIES 2018	650	650	650	No Change From 2018/2019 Budget	
INSURANCE	5,925	6,518	6,518	Insurance Estimate	
LEGAL ADVERTISING	2,604	2,000	1,800	Expenditures Were Higher In 17/18 Due To Refunding	
MISCELLANEOUS/CONTINGENCY	1,654	2,500	2,500	No Change From 2018/2019 Budget	
POSTAGE	1,825	800	800	Expenditures Were Higher In 17/18 Due To Refunding	
OFFICE SUPPLIES	2,906	1,200	1,200	Expenditures Were Higher In 17/18 Due To Refunding	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2018/2019 Budget	
WEBSITE MANAGEMENT	1,500	1,500	2,000	$500 Increase From 2018/2019 Budget	
TRUSTEE FEES - SERIES 2013	4,300	4,730	4,730	Trustee (US Bank) Increased Fees In 2018/2019	
TRUSTEE FEES - SERIES 2018	3,715	4,100	4,100	Trustee (US Bank) Increased Fees In 2018/2019	
CONTINUING DISCLOSURE FEE - SERIES 2013	1,000	1,000	1,000	No Change From 2018/2019 Budget	
CONTINUING DISCLOSURE FEE - SERIES 2018	1,000	1,000	1,000	No Change From 2018/2019 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	106,793	$	128,267	$	125,927		
					
TOTAL EXPENDITURES	$	246,954	$	322,612	$	317,472		
					
REVENUES LESS EXPENDITURES	$	1,274,557	$	1,090,466	$	1,095,666		
					
BOND PAYMENTS (SERIES 2013)	(487,423)	(479,247)	(479,247)	2019 P & I Payments	
BOND PAYMENTS (SERIES 2018)	(645,319)	(539,512)	(539,512)	2019 P & I Payments	
					
BALANCE	$	141,815	$	71,707	$	76,907		
					
COUNTY APPRAISER & TAX COLLECTOR ADMINISTRATIVE COSTS	(20,616)	(48,737)	(48,737)	Three And One Half Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(56,707)	(57,212)	(57,212)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	64,492	$	(34,242)	$	(29,042)		
					
CARRYOVER FROM PRIOR YEAR	0	34,242	29,042	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	64,492	$	-	$	-		

Note: Projected Available Funds Balance As Of 9-30-19 is $420,000

4/18/2019 4:51 PM	I

DETAILED PROPOSED  BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018 ACTUAL	
FISCAL YEAR 2018/2019 BUDGET	
FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	
O & M ASSESSMENTS	311,764	311,297	311,297	Expenditures Less Interest & Carryover/.925	
DEBT ASSESSMENTS - SERIES 2013	520,265	518,105	518,105	Bond Payments/.925	
DEBT ASSESSMENTS - SERIES 2018	688,808	583,256	583,256	Bond Payments/.925	
OTHER REVENUES	0	0	0		
INTEREST INCOME	674	420	480	Interest Projected At $40 Per Month	
					
TOTAL REVENUES	$	1,521,511	$	1,413,078	$	1,413,138		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
FIELD INSPECTOR	33,562	38,000	38,000	No Change From 2018/2019 Budget	
VEHICLE - INSURANCE	563	1,000	1,000	No Change From 2018/2019 Budget	
VEHICLE - EQUIPMENT (SMALL TOOLS)	0	1,545	1,545	No Change From 2018/2019 Budget	
VEHICLE - GAS & MAINTENANCE	331	4,160	3,000	$1,160 Decrease From 2018/2019 Budget	
LAKE SPRAYING (CLARK)	56,700	65,000	72,500	$7,500 Increase From 2018/2019 Budget	
LAKE WATER QUALITY TESTING (BENCHMARK)	4,104	6,000	6,000	Lake Water Quality Testing (Benchmark)	
LAKE LITTORAL & LAKE BANK PLANTINGS	4,100	20,000	12,500	$7,500 Decrease From 2018/2019 Budget	
OUTFALL PIPE & STRUCTURE INSPECTION & CLEANING	0	5,000	5,000	Outfall Pipe & Structure Inspection & Cleaning	
STORM PIPE & EROSION REPAIRS	37,981	50,000	50,000	Storm Pipe & Erosion Repairs	
DREDGING	0	3,640	1,000	Maintenance Mowing & Dredging	
MISCELLANEOUS MAINTENANCE	2,820	0	1,000	Miscellaneous Maintenance	
TOTAL MAINTENANCE EXPENDITURES	$	140,161	$	194,345	$	191,545		
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISOR FEES	1,200	4,000	3,000	Supervisor Fees	
PAYROLL TAXES (EMPLOYER)	92	320	240	8% Of Supervisor Fees	
ENGINEERING	5,322	17,500	15,500	$2,000 Decrease From 2018/2019 Budget	
MANAGEMENT	43,512	44,424	45,264	CPI Adjustment	
SECRETARIAL	4,200	4,200	4,200	No Change From 2018/2019 Budget	
LEGAL	11,163	17,500	17,000	2018/2019 Expenditures Through Jan 2019 Were $1,882	
ASSESSMENT ROLL	10,000	10,000	10,000	As Per Contract	
AUDIT FEES	3,400	3,500	3,600	Accepted Amount For 2018/2019 Audit	
ARBITRAGE REBATE FEE - SERIES 2013	650	650	650	No Change From 2018/2019 Budget	
ARBITRAGE REBATE FEE - SERIES 2018	650	650	650	No Change From 2018/2019 Budget	
INSURANCE	5,925	6,518	6,518	Insurance Estimate	
LEGAL ADVERTISING	2,604	2,000	1,800	Expenditures Were Higher In 17/18 Due To Refunding	
MISCELLANEOUS/CONTINGENCY	1,654	2,500	2,500	No Change From 2018/2019 Budget	
POSTAGE	1,825	800	800	Expenditures Were Higher In 17/18 Due To Refunding	
OFFICE SUPPLIES	2,906	1,200	1,200	Expenditures Were Higher In 17/18 Due To Refunding	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2018/2019 Budget	
WEBSITE MANAGEMENT	1,500	1,500	2,000	$500 Increase From 2018/2019 Budget	
TRUSTEE FEES - SERIES 2013	4,300	4,730	4,730	Trustee (US Bank) Increased Fees In 2018/2019	
TRUSTEE FEES - SERIES 2018	3,715	4,100	4,100	Trustee (US Bank) Increased Fees In 2018/2019	
CONTINUING DISCLOSURE FEE - SERIES 2013	1,000	1,000	1,000	No Change From 2018/2019 Budget	
CONTINUING DISCLOSURE FEE - SERIES 2018	1,000	1,000	1,000	No Change From 2018/2019 Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	106,793	$	128,267	$	125,927		
					
TOTAL EXPENDITURES	$	246,954	$	322,612	$	317,472		
					
REVENUES LESS EXPENDITURES	$	1,274,557	$	1,090,466	$	1,095,666		
					
BOND PAYMENTS (SERIES 2013)	(487,423)	(479,247)	(479,247)	2019 P & I Payments	
BOND PAYMENTS (SERIES 2018)	(645,319)	(539,512)	(539,512)	2019 P & I Payments	
					
BALANCE	$	141,815	$	71,707	$	76,907		
					
COUNTY APPRAISER & TAX COLLECTOR ADMINISTRATIVE COSTS	(20,616)	(48,737)	(48,737)	Three And One Half Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(56,707)	(57,212)	(57,212)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	64,492	$	(34,242)	$	(29,042)		
					
CARRYOVER FROM PRIOR YEAR	0	34,242	29,042	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	64,492	$	-	$	-		

Note: Projected Available Funds Balance As Of 9-30-19 is $420,000

4/18/2019 4:51 PM	II

DETAILED PROPOSED DEBT SERVICE (SERIES 2013) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
5,018	
100	
150	
Projected Interest For 2019/2020	

NAV Collection	
487,423	
479,247	
479,247	
Maximum Debt Service Collection	

Prepaid Bond Collection	
24,184	
0	
0	
Prepaid Bond Collection	

Total Revenues	
$	516,625	
$	479,347	
$	479,397		

EXPENDITURES					

Principal Payments (2013A-1)	
220,000	
220,000	
230,000	
Principal Payment Due In 2020	

Principal Payments (2013A-2)	
25,000	
25,000	
25,000	
Principal Payment Due In 2020	

Interest Payments (2013A-1)	
223,326	
214,156	
205,931	
Interest Payments Due In 2020	

Interest Payments (2013A-2)	
17,750	
16,063	
14,938	
Interest Payments Due In 2020	

Bond Redemption	
30,000	
4,128	
3,528	
Estimated Excess Debt Collections	

Total Expenditures	
$	516,076	
$	479,347	
$	479,397		

Excess/ (Shortfall)	
$	549	
$	-	
$	-		

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 1/1/19 =	$5,300,000			

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 1/1/19 =	$345,000			

4/18/2019 4:51 PM	III

DETAILED PROPOSED DEBT SERVICE (SERIES 2018) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	621	100	150	
Projected Interest For 2019/2020	

NAV Collection	
645,319	
539,512	
539,512	
Maximum Debt Service Collection	

Prepaid Bond Collection	
0	
0	
0	
Prepaid Bond Collection	

Total Revenues	
$	645,940	
$	539,612	
$	539,662		

EXPENDITURES					

Principal Payments	
225,000	
297,000	
307,000	
Principal Payment Due In 2020	

Interest Payments	
411,322	
241,101	
231,286	
Interest Payments Due In 2020	

Bond Redemption	
0	
1,511	
1,376	
Estimated Excess Debt Collections	

Total Expenditures	
$	636,322	
$	539,612	
$	539,662		

Excess/ (Shortfall)	
$	9,618	
$	-	
$	-		

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 1/1/19 =	May 2037

$7,567,000			

4/18/2019 4:51 PM	IV

Verona Walk Community Development District Assessment Comparison

Lot Size
Phase One		Fiscal Year 2015/2016
Assessment*	Fiscal Year 2016/2017
Assessment*	Fiscal Year 2017/2018
Assessment*	Fiscal Year 2018/2019
Assessment*	Fiscal Year 2019/2020
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	$	511.00	$	511.00	
	Total	$	762.13	$	762.13	$	762.13	$	673.13	$	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	$	577.00	$	577.00	
	Total	$	840.13	$	840.13	$	840.13	$	739.13	$	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	$	601.00	$	601.00	
	Total	$	868.13	$	868.13	$	868.13	$	763.13	$	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	$	691.00	$	691.00	
	Total	$	974.13	$	974.13	$	974.13	$	853.13	$	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	$	759.00	$	759.00	
	Total	$	1,054.13	$	1,054.13	$	1,054.13	$	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
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

4/18/2019 4:51 PM	V