Verona Walk
Community Development District

Proposed Budget For Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

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 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021
BUDGET	
O & M ASSESSMENTS	311,297	
DEBT ASSESSMENTS - SERIES 2013	518,105	
DEBT ASSESSMENTS - SERIES 2018	583,256	
OTHER REVENUES	0	
INTEREST INCOME	480	
		
TOTAL REVENUES	$	1,413,138	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
FIELD INSPECTOR	39,000	
VEHICLE - INSURANCE	1,000	
VEHICLE - EQUIPMENT (SMALL TOOLS)	1,545	
VEHICLE - GAS & MAINTENANCE	2,750	
LAKE SPRAYING (CLARK)	72,500	
LAKE WATER QUALITY TESTING (BENCHMARK)	6,000	
LAKE LITTORAL SIGNAGE	17,000	
OUTFALL PIPE & STRUCTURE INSPECTION & CLEANING	5,000	
STORM PIPE & EROSION REPAIRS	50,000	
DREDGING	1,000	
MISCELLANEOUS MAINTENANCE	1,250	
TOTAL MAINTENANCE EXPENDITURES	$	197,045	
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISOR FEES	3,000	
PAYROLL TAXES (EMPLOYER)	240	
ENGINEERING	14,500	
MANAGEMENT	46,296	
SECRETARIAL	4,200	
LEGAL	16,500	
ASSESSMENT ROLL	10,000	
AUDIT FEES	3,700	
ARBITRAGE REBATE FEE - SERIES 2013	650	
ARBITRAGE REBATE FEE - SERIES 2018	650	
INSURANCE	6,300	
LEGAL ADVERTISING	1,700	
MISCELLANEOUS/CONTINGENCY	2,400	
POSTAGE	750	
OFFICE SUPPLIES	1,150	
DUES & SUBSCRIPTIONS	175	
WEBSITE MANAGEMENT	2,000	
TRUSTEE FEES - SERIES 2013	4,730	
TRUSTEE FEES - SERIES 2018	4,100	
CONTINUING DISCLOSURE FEE - SERIES 2013	1,000	
CONTINUING DISCLOSURE FEE - SERIES 2018	0	
TOTAL ADMINISTRATIVE EXPENDITURES	$	124,041	
		
TOTAL EXPENDITURES	$	321,086	
		
REVENUES LESS EXPENDITURES	$	1,092,052	
		
BOND PAYMENTS (SERIES 2013)	(479,247)	
BOND PAYMENTS (SERIES 2018)	(539,512)	
		
BALANCE	$	73,293	
		
COUNTY APPRAISER & TAX COLLECTOR ADMINISTRATIVE COSTS	(48,737)	
DISCOUNTS FOR EARLY PAYMENTS	(57,212)	
		
EXCESS/ (SHORTFALL)	$	(32,656)	
		
CARRYOVER FROM PRIOR YEAR	32,656	
		
NET EXCESS/ (SHORTFALL)	$	-	
Note: Projected Available Funds Balance As Of 9-30-20 is $490,000

6/18/2020 12:57 PM	I

DETAILED PROPOSED BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2018/2019 ACTUAL	
FISCAL YEAR 2019/2020 BUDGET	
FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	
O & M ASSESSMENTS	312,167	311,297	311,297	Expenditures Less Interest & Carryover/.925	
DEBT ASSESSMENTS - SERIES 2013	518,185	518,105	518,105	Bond Payments/.925	
DEBT ASSESSMENTS - SERIES 2018	583,347	583,256	583,256	Bond Payments/.925	
OTHER REVENUES	255	0	0		
INTEREST INCOME	1,002	480	480	Interest Projected At $40 Per Month	
					
TOTAL REVENUES	$	1,414,956	$	1,413,138	$	1,413,138		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
FIELD INSPECTOR	37,242	38,000	39,000	$1,000 Increase From 2018/2019 Budget	
VEHICLE - INSURANCE	563	1,000	1,000	No Change From 2019/2020 Budget	
VEHICLE - EQUIPMENT (SMALL TOOLS)	0	1,545	1,545	No Change From 2019/2020 Budget	
VEHICLE - GAS & MAINTENANCE	375	3,000	2,750	$250 Decrease From 2019/2020 Budget	
LAKE SPRAYING (CLARK)	65,994	72,500	72,500	No Change From 2019/2020 Budget	
LAKE WATER QUALITY TESTING (BENCHMARK)	3,168	6,000	6,000	Lake Water Quality Testing (Benchmark)	
LAKE LITTORAL SIGNAGE	0	12,500	17,000	Littoral Zone Signs	
OUTFALL PIPE & STRUCTURE INSPECTION & CLEANING	0	5,000	5,000	Outfall Pipe & Structure Inspection & Cleaning	
STORM PIPE & EROSION REPAIRS	44,760	50,000	50,000	Storm Pipe & Erosion Repairs	
DREDGING	0	1,000	1,000	Maintenance Mowing & Dredging	
MISCELLANEOUS MAINTENANCE	11,400	1,000	1,250	Miscellaneous Maintenance	
TOTAL MAINTENANCE EXPENDITURES	$	163,502	$	191,545	$	197,045		
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISOR FEES	1,200	3,000	3,000	Supervisor Fees	
PAYROLL TAXES (EMPLOYER)	91	240	240	8% Of Supervisor Fees	
ENGINEERING	3,386	15,500	14,500	$1,000 Decrease From 2019/2020 Budget	
MANAGEMENT	44,424	45,264	46,296	CPI Adjustment	
SECRETARIAL	4,200	4,200	4,200	No Change From 2019/2020 Budget	
LEGAL	7,912	17,000	16,500	2019/2020 Expenditures Through Feb 2020 Were $3,914	
ASSESSMENT ROLL	10,000	10,000	10,000	As Per Contract	
AUDIT FEES	3,500	3,600	3,700	Accepted Amount For 2019/2020 Audit	
ARBITRAGE REBATE FEE - SERIES 2013	650	650	650	No Change From 2019/2020 Budget	
ARBITRAGE REBATE FEE - SERIES 2018	650	650	650	No Change From 2019/2020 Budget	
INSURANCE	5,277	6,518	6,300	Insurance Estimate	
LEGAL ADVERTISING	931	1,800	1,700	$100 Decrease From 2019/2020 Budget	
MISCELLANEOUS/CONTINGENCY	754	2,500	2,400	$100 Decrease From 2019/2020 Budget	
POSTAGE	242	800	750	$50 Decrease From 2019/2020 Budget	
OFFICE SUPPLIES	465	1,200	1,150	$50 Decrease From 2019/2020 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2019/2020 Budget	
WEBSITE MANAGEMENT	1,500	2,000	2,000	No Change From 2019/2020 Budget	
TRUSTEE FEES - SERIES 2013	4,730	4,730	4,730	No Change From 2019/2020 Budget	
TRUSTEE FEES - SERIES 2018	3,709	4,100	4,100	No Change From 2019/2020 Budget	
CONTINUING DISCLOSURE FEE - SERIES 2013	1,000	1,000	1,000	No Change From 2019/2020 Budget	
CONTINUING DISCLOSURE FEE - SERIES 2018	0	1,000	0	Prager Is No Longer Charging For 2018 Bond	
TOTAL ADMINISTRATIVE EXPENDITURES	$	94,796	$	125,927	$	124,041		
					
TOTAL EXPENDITURES	$	258,298	$	317,472	$	321,086		
					
REVENUES LESS EXPENDITURES	$	1,156,658	$	1,095,666	$	1,092,052		
					
BOND PAYMENTS (SERIES 2013)	(486,830)	(479,247)	(479,247)	2021 P & I Payments	
BOND PAYMENTS (SERIES 2018)	(548,049)	(539,512)	(539,512)	2021 P & I Payments	
					
BALANCE	$	121,779	$	76,907	$	73,293		
					
COUNTY APPRAISER & TAX COLLECTOR ADMINISTRATIVE COSTS	(13,173)	(48,737)	(48,737)	Three And One Half Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(52,571)	(57,212)	(57,212)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	56,035	$	(29,042)	$	(32,656)		
					
CARRYOVER FROM PRIOR YEAR	0	29,042	32,656	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	56,035	$	-	$	-		

Note: Projected Available Funds Balance As Of 9-30-20 is $490,000

6/18/2020 12:57 PM	II

DETAILED PROPOSED DEBT SERVICE (SERIES 2013) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 BUDGET	FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	

Interest Income	
8,954	
150	
150	
Projected Interest For 2020/2021	

NAV Collection	
486,830	
479,247	
479,247	
Maximum Debt Service Collection	

Prepaid Bond Collection	
0	
0	
0	
Prepaid Bond Collection	

Total Revenues	
$	495,784	
$	479,397	
$	479,397		

EXPENDITURES					

Principal Payments (2013A-1)	
225,000	
230,000	
240,000	
Principal Payment Due In 2021	

Principal Payments (2013A-2)	
25,000	
25,000	
25,000	
Principal Payment Due In 2021	

Interest Payments (2013A-1)	
216,291	
205,931	
197,494	
Interest Payments Due In 2021	

Interest Payments (2013A-2)	
16,625	
14,938	
13,813	
Interest Payments Due In 2021	

Bond Redemption	
10,000	
3,528	
3,090	
Estimated Excess Debt Collections	

Total Expenditures	
$	492,916	
$	479,397	
$	479,397		

Excess/ (Shortfall)	
$	2,868	
$	-	
$	-		

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 1/1/20 =	$5,075,000			

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 1/1/20 =	$320,000			

6/18/2020 12:57 PM	III

DETAILED PROPOSED DEBT SERVICE (SERIES 2018) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	FISCAL YEAR 2018/2019 ACTUAL	FISCAL YEAR 2019/2020 BUDGET	FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	

Interest Income	992	150	150	
Projected Interest For 2020/2021	

NAV Collection	
548,049	
539,512	
539,512	
Maximum Debt Service Collection	

Prepaid Bond Collection	
0	
0	
0	
Prepaid Bond Collection	

Total Revenues	
$	549,041	
$	539,662	
$	539,662		

EXPENDITURES					

Principal Payments	
297,000	
307,000	
317,000	
Principal Payment Due In 2021	

Interest Payments	
245,928	
231,286	
221,146	
Interest Payments Due In 2021	

Bond Redemption	
0	
1,376	
1,516	
Estimated Excess Debt Collections	

Total Expenditures	
$	542,928	
$	539,662	
$	539,662		

Excess/ (Shortfall)	
$	6,113	
$	-	
$	-		

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 1/1/20 =	May 2037

$7,270,000			

6/18/2020 12:57 PM	IV

Verona Walk Community Development District Assessment Comparison

Lot Size
Phase One		Fiscal Year 2016/2017
Assessment*	Fiscal Year 2017/2018
Assessment*	Fiscal Year 2018/2019
Assessment*	Fiscal Year 2019/2020
Assessment*	Fiscal Year 2020/2021
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	$	511.00	$	511.00	$	511.00	
	Total	$	762.13	$	762.13	$	673.13	$	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	$	577.00	$	577.00	$	577.00	
	Total	$	840.13	$	840.13	$	739.13	$	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	$	601.00	$	601.00	$	601.00	
	Total	$	868.13	$	868.13	$	763.13	$	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	$	691.00	$	691.00	$	691.00	
	Total	$	974.13	$	974.13	$	853.13	$	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	$	759.00	$	759.00	$	759.00	
	Total	$	1,054.13	$	1,054.13	$	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
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

6/18/2020 12:57 PM	V