Verona Walk
Community Development District

Final Budget For Fiscal Year 2021/2022
October 1, 2021 - September 30, 2022

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 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2021/2022
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	40,500	
VEHICLE - INSURANCE	1,000	
VEHICLE - EQUIPMENT (SMALL TOOLS)	1,545	
VEHICLE - GAS & MAINTENANCE	2,750	
GOLF CART STORAGE	1,200	
LAKE SPRAYING (CLARK)	72,500	
LAKE WATER QUALITY TESTING (BENCHMARK)	6,000	
LAKE LITTORAL SIGNAGE	17,000	
LAKE BANK MOWING	10,000	
OUTFALL PIPE & STRUCTURE INSPECTION & CLEANING	5,000	
STORM PIPE & EROSION REPAIRS	50,000	
DREDGING	1,000	
MISCELLANEOUS MAINTENANCE	1,250	
TOTAL MAINTENANCE EXPENDITURES	$	209,745	
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISOR FEES	0	
PAYROLL TAXES (EMPLOYER)	0	
ENGINEERING	14,500	
MANAGEMENT	46,944	
SECRETARIAL	4,200	
LEGAL	16,500	
ASSESSMENT ROLL	10,000	
AUDIT FEES	3,800	
ARBITRAGE REBATE FEE - SERIES 2013	650	
ARBITRAGE REBATE FEE - SERIES 2018	650	
INSURANCE	6,500	
LEGAL ADVERTISING	2,100	
MISCELLANEOUS/CONTINGENCY	2,400	
POSTAGE	700	
OFFICE SUPPLIES	1,125	
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	$	122,074	
		
TOTAL EXPENDITURES	$	331,819	
		
REVENUES LESS EXPENDITURES	$	1,079,353	
		
BOND PAYMENTS (SERIES 2013)	(477,985)	
BOND PAYMENTS (SERIES 2018)	(538,956)	
		
BALANCE	$	62,412	
		
COUNTY APPRAISER & TAX COLLECTOR ADMINISTRATIVE COSTS	(48,668)	
DISCOUNTS FOR EARLY PAYMENTS	(57,133)	
		
EXCESS/ (SHORTFALL)	$	(43,389)	
		
CARRYOVER FROM PRIOR YEAR	43,389	
		
NET EXCESS/ (SHORTFALL)	$	-	

Note: Projected Available Funds Balance As Of 9-30-21 is $550,000

DETAILED FINAL BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2019/2020 ACTUAL	
FISCAL YEAR 2020/2021 BUDGET	
FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	
O & M ASSESSMENTS	312,162	311,297	311,297	Expenditures Less Interest & Carryover/.925	
DEBT ASSESSMENTS - SERIES 2013	518,236	516,740	516,740	Bond Payments/.925	
DEBT ASSESSMENTS - SERIES 2018	583,404	582,655	582,655	Bond Payments/.925	
OTHER REVENUES	0	0	0		
INTEREST INCOME	746	480	480	Interest Projected At $40 Per Month	
					
TOTAL REVENUES	$	1,414,548	$	1,411,172	$	1,411,172		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
FIELD INSPECTOR	39,909	39,000	40,500	$1,500 Increase From 2020/2021 Budget	
VEHICLE - INSURANCE	578	1,000	1,000	No Change From 2020/2021 Budget	
VEHICLE - EQUIPMENT (SMALL TOOLS)	0	1,545	1,545	No Change From 2020/2021 Budget	
VEHICLE - GAS & MAINTENANCE	813	2,750	2,750	No Change From 2020/2021 Budget	
GOLF CART STORAGE	1,200	1,200	1,200	No Change From 2020/2021 Budget	
LAKE SPRAYING (CLARK)	69,275	72,500	72,500	No Change From 2020/2021 Budget	
LAKE WATER QUALITY TESTING (BENCHMARK)	5,280	6,000	6,000	No Change From 2020/2021 Budget	
LAKE LITTORAL SIGNAGE	0	17,000	17,000	No Change From 2020/2021 Budget	
LAKE BANK MOWING	0	10,000	10,000	No Change From 2020/2021 Budget	
OUTFALL PIPE & STRUCTURE INSPECTION & CLEANING	0	5,000	5,000	No Change From 2020/2021 Budget	
STORM PIPE & EROSION REPAIRS	0	50,000	50,000	No Change From 2020/2021 Budget	
DREDGING	0	1,000	1,000	No Change From 2020/2021 Budget	
MISCELLANEOUS MAINTENANCE	0	1,250	1,250	No Change From 2020/2021 Budget	
TOTAL MAINTENANCE EXPENDITURES	$	117,055	$	208,245	$	209,745		
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISOR FEES	800	3,000	0	Line Item Eliminated	
PAYROLL TAXES (EMPLOYER)	61	240	0	Line Item Eliminated	
ENGINEERING	3,015	14,500	14,500	No Change From 2020/2021 Budget	
MANAGEMENT	45,264	46,296	46,944	CPI Adjustment	
SECRETARIAL	4,200	4,200	4,200	No Change From 2020/2021 Budget	
LEGAL	9,339	16,500	16,500	2020/2021 Expenditures Through Feb 2021 Were $3,648	
ASSESSMENT ROLL	10,000	10,000	10,000	As Per Contract	
AUDIT FEES	3,600	3,700	3,800	Accepted Amount For 2020/2021 Audit	
ARBITRAGE REBATE FEE - SERIES 2013	650	650	650	No Change From 2020/2021 Budget	
ARBITRAGE REBATE FEE - SERIES 2018	650	650	650	No Change From 2020/2021 Budget	
INSURANCE	5,541	6,300	6,500	Insurance Estimate	
LEGAL ADVERTISING	2,327	1,700	2,100	$400 Increase From 2020/2021 Budget	
MISCELLANEOUS/CONTINGENCY	591	2,400	2,400	No Change From 2020/2021 Budget	
POSTAGE	240	750	700	$50 Decrease From 2020/2021 Budget	
OFFICE SUPPLIES	402	1,150	1,125	$50 Decrease From 2020/2021 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2020/2021 Budget	
WEBSITE MANAGEMENT	2,000	2,000	2,000	No Change From 2020/2021 Budget	
TRUSTEE FEES - SERIES 2013	4,730	4,730	4,730	No Change From 2020/2021 Budget	
TRUSTEE FEES - SERIES 2018	3,709	4,100	4,100	No Change From 2020/2021 Budget	
CONTINUING DISCLOSURE FEE - SERIES 2013	1,000	1,000	1,000	No Change From 2020/2021 Budget	
CONTINUING DISCLOSURE FEE - SERIES 2018	0	0	0	Prager Is No Longer Charging For 2018 Bond	
TOTAL ADMINISTRATIVE EXPENDITURES	$	98,294	$	124,041	$	122,074		
					
TOTAL EXPENDITURES	$	215,349	$	332,286	$	331,819		
					
REVENUES LESS EXPENDITURES	$	1,199,199	$	1,078,886	$	1,079,353		
					
BOND PAYMENTS (SERIES 2013)	(489,013)	(477,985)	(477,985)	2022 P & I Payments	
BOND PAYMENTS (SERIES 2018)	(550,506)	(538,956)	(538,956)	2022 P & I Payments	
					
BALANCE	$	159,680	$	61,945	$	62,412		
					
COUNTY APPRAISER & TAX COLLECTOR ADMINISTRATIVE COSTS	(20,834)	(48,668)	(48,668)	Three And One Half Percent Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(52,471)	(57,133)	(57,133)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	86,375	$	(43,856)	$	(43,389)		
					
CARRYOVER FROM PRIOR YEAR	0	43,856	43,389	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	86,375	$	-	$	-		

Note: Projected Available Funds Balance As Of 9-30-21 is $550,000

DETAILED FINAL DEBT SERVICE (SERIES 2013) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	FISCAL YEAR 2019/2020 ACTUAL	FISCAL YEAR 2020/2021 BUDGET	FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	

Interest Income	
3,191	
150	
25	
Projected Interest For 2021/2022	

NAV Collection	
489,013	
477,985	
477,985	
Maximum Debt Service Collection	

Prepaid Bond Collection	
13,197	
0	
0	
Prepaid Bond Collection	

Total Revenues	
$	505,401	
$	478,135	
$	478,010		

EXPENDITURES					

Principal Payments (2013A-1)	
235,000	
240,000	
250,000	
Principal Payment Due In 2022	

Principal Payments (2013A-2)	
25,000	
25,000	
25,000	
Principal Payment Due In 2022	

Interest Payments (2013A-1)	
209,331	
197,494	
188,606	
Interest Payments Due In 2022	

Interest Payments (2013A-2)	
15,500	
13,813	
12,688	
Interest Payments Due In 2022	

Bond Redemption	
0	
1,828	
1,716	
Estimated Excess Debt Collections	

Total Expenditures	
$	484,831	
$	478,135	
$	478,010		

Excess/ (Shortfall)	
$	20,570	
$	-	
$	-		

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 1/1/21 =	$4,825,000			

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 1/1/21 =	$255,000			

DETAILED FINAL DEBT SERVICE (SERIES 2018) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	FISCAL YEAR 2019/2020 ACTUAL	FISCAL YEAR 2020/2021 BUDGET	FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	

Interest Income	
259	
150	
25	
Projected Interest For 2021/2022	

NAV Collection	
550,506	
538,956	
538,956	
Maximum Debt Service Collection	

Prepaid Bond Collection	
7,088	
0	
0	
Prepaid Bond Collection	

Total Revenues	
$	557,853	
$	539,106	
$	538,981		

EXPENDITURES					

Principal Payments	
307,000	
317,000	
328,000	
Principal Payment Due In 2022	

Interest Payments	
236,275	
221,146	
210,665	
Interest Payments Due In 2022	

Bond Redemption	
0	
960	
316	
Estimated Excess Debt Collections	

Total Expenditures	
$	543,275	
$	539,106	
$	538,981		

Excess/ (Shortfall)	
$	14,578	
$	-	
$	-		

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 1/1/21 =	May 2037

$6,963,000			

Verona Walk Community Development District Assessment Comparison

Lot Size
Phase One		Fiscal Year 2017/2018
Assessment*	Fiscal Year 2018/2019
Assessment*	Fiscal Year 2019/2020
Assessment*	Fiscal Year 2020/2021
Assessment*	Fiscal Year 2021/2022
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	$	511.00	$	511.00	$	511.00	$	511.00	
	Total	$	762.13	$	673.13	$	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	$	577.00	$	577.00	$	577.00	$	577.00	
	Total	$	840.13	$	739.13	$	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	$	601.00	$	601.00	$	601.00	$	601.00	
	Total	$	868.13	$	763.13	$	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	$	691.00	$	691.00	$	691.00	$	691.00	
	Total	$	974.13	$	853.13	$	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	$	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
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	7	-35	
97	Single Family	60'	Carlyle	$	730	1	1	
935					25	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	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 2021/2022

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