Title: VW Final Budget 2023-2024.xlsx
Author: JWalker

Verona Walk
Community Development District

Final Budget For Fiscal Year 2023/2024
October 1, 2023 - September 30, 2024

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET (SERIES 2013)

DETAILED FINAL DEBT SERVICE FUND BUDGET (SERIES 2018)

ASSESSMENT COMPARISON

FINAL BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES

FISCAL YEAR 2023/2024
BUDGET

O & M ASSESSMENTS | 311,297
DEBT ASSESSMENTS - SERIES 2013 | 515,565
DEBT ASSESSMENTS - SERIES 2018 | 581,478
OTHER REVENUES | 0
INTEREST INCOME | 600
TOTAL REVENUES | $	1,408,940
EXPENDITURES |
MAINTENANCE EXPENDITURES |
FIELD INSPECTOR | 42,600
VEHICLE - INSURANCE | 1,000
VEHICLE - EQUIPMENT (SMALL TOOLS) | 1,545
VEHICLE - GAS & MAINTENANCE | 2,750
GOLF CART STORAGE | 1,200
LAKE SPRAYING (SOLITUDE-CLARK) | 77,500
LAKE WATER QUALITY TESTING (BENCHMARK) | 6,000
LAKE LITTORAL PROJECTS | 6,000
LAKE BANK MOWING | 16,500
OUTFALL PIPE & STRUCTURE INSPECTION & CLEANING | 5,000
STORM PIPE & EROSION REPAIRS | 48,000
DREDGING | 1,000
MISCELLANEOUS MAINTENANCE | 1,250
TOTAL MAINTENANCE EXPENDITURES | $	210,345
ADMINISTRATIVE EXPENDITURES |
ENGINEERING | 14,500
MANAGEMENT | 49,788
SECRETARIAL | 4,200
LEGAL | 16,000
ASSESSMENT ROLL | 10,000
AUDIT FEES | 4,100
ARBITRAGE REBATE FEE - SERIES 2013 | 650
ARBITRAGE REBATE FEE - SERIES 2018 | 650
INSURANCE | 7,250
LEGAL ADVERTISING | 2,050
MISCELLANEOUS/CONTINGENCY | 2,000
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 | $	124,968
TOTAL EXPENDITURES | $	335,313
REVENUES LESS EXPENDITURES | $	1,073,627
BOND PAYMENTS (SERIES 2013) | (476,898)
BOND PAYMENTS (SERIES 2018) | (537,867)
BALANCE | $	58,862
COUNTY APPRAISER & TAX COLLECTOR ADMINISTRATIVE COSTS | (48,628)
DISCOUNTS FOR EARLY PAYMENTS | (57,085)
EXCESS/ (SHORTFALL) | $	(46,851)
CARRYOVER FROM PRIOR YEAR | 46,851
NET EXCESS/ (SHORTFALL) | $	-

Note: Projected Available Funds Balance As Of 9-30-23 is $570,000

DETAILED FINAL BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES | FISCAL YEAR 2021/2022 ACTUAL | FISCAL YEAR 2022/2023 BUDGET | FISCAL YEAR 2023/2024 BUDGET | COMMENTS
O & M ASSESSMENTS | 311,423 | 311,297 | 311,297 | Expenditures Less Interest & Carryover/.925
DEBT ASSESSMENTS - SERIES 2013 | 515,777 | 515,565 | 515,565 | Bond Payments/.925
DEBT ASSESSMENTS - SERIES 2018 | 582,893 | 582,655 | 581,478 | Bond Payments/.925
OTHER REVENUES | 0 | 0 | 0 |
INTEREST INCOME | 838 | 480 | 600 | Interest Projected At $500 Per Month
TOTAL REVENUES | $	1,410,931 | $	1,409,997 | $	1,408,940 |
EXPENDITURES | | | |
MAINTENANCE EXPENDITURES | | | |
FIELD INSPECTOR | 43,530 | 42,000 | 42,600 | $600 Increase From 2022/2023 Budget
VEHICLE - INSURANCE | 0 | 1,000 | 1,000 | No Change From 2022/2023 Budget
VEHICLE - EQUIPMENT (SMALL TOOLS) | 0 | 1,545 | 1,545 | No Change From 2022/2023 Budget
VEHICLE - GAS & MAINTENANCE | 248 | 2,750 | 2,750 | No Change From 2022/2023 Budget
GOLF CART STORAGE | 1,200 | 1,200 | 1,200 | No Change From 2022/2023 Budget
LAKE SPRAYING (SOLITUDE-CLARK) | 67,800 | 77,500 | 77,500 | FY 22/23 Expenditure Through April 2023 Was $39,550
LAKE WATER QUALITY TESTING (BENCHMARK) | 4,224 | 6,000 | 6,000 | No Change From 2022/2023 Budget
LAKE LITTORAL PROJECTS | 0 | 20,000 | 6,000 | $14,000 Decrease From 2022/2023 Budget
LAKE BANK MOWING | 16,200 | 12,000 | 16,500 | $4,500 Increase From 2022/2023 Budget
OUTFALL PIPE & STRUCTURE INSPECTION & CLEANING | 0 | 5,000 | 5,000 | No Change From 2022/2023 Budget
STORM PIPE & EROSION REPAIRS | 23,959 | 50,000 | 48,000 | $2,000 Decrease From 2022/2023 Budget
DREDGING | 0 | 1,000 | 1,000 | No Change From 2022/2023 Budget
MISCELLANEOUS MAINTENANCE | 10,851 | 1,250 | 1,250 | No Change From 2022/2023 Budget
TOTAL MAINTENANCE EXPENDITURES | $	168,012 | $	221,245 | $	210,345 |
ADMINISTRATIVE EXPENDITURES | | | |
ENGINEERING | 8,989 | 14,500 | 14,500 | No Change From 2022/2023 Budget
MANAGEMENT | 46,944 | 48,348 | 49,788 | CPI Adjustment (Capped At 3%)
SECRETARIAL | 4,200 | 4,200 | 4,200 | No Change From 2022/2023 Budget
LEGAL | 10,945 | 16,500 | 16,000 | FY 22/23 Expenditures Through Jan 2023 Were $2,466
ASSESSMENT ROLL | 10,000 | 10,000 | 10,000 | As Per Contract
AUDIT FEES | 3,800 | 3,900 | 4,100 | Accepted Amount For 2022/2023 Audit
ARBITRAGE REBATE FEE - SERIES 2013 | 650 | 650 | 650 | No Change From 2022/2023 Budget
ARBITRAGE REBATE FEE - SERIES 2018 | 650 | 650 | 650 | No Change From 2022/2023 Budget
INSURANCE | 6,022 | 7,250 | 7,250 | Insurance Estimate
LEGAL ADVERTISING | 679 | 2,050 | 2,050 | No Change From 2022/2023 Budget
MISCELLANEOUS/CONTINGENCY | 1,155 | 2,200 | 2,000 | $200 Decrease From 2022/2023 Budget
POSTAGE | 526 | 700 | 700 | No Change From 2022/2023 Budget
OFFICE SUPPLIES | 952 | 1,075 | 1,075 | No Change From 2022/2023 Budget
DUES & SUBSCRIPTIONS | 175 | 175 | 175 | No Change From 2022/2023 Budget
WEBSITE MANAGEMENT | 2,000 | 2,000 | 2,000 | No Change From 2022/2023 Budget
TRUSTEE FEES - SERIES 2013 | 4,730 | 4,730 | 4,730 | No Change From 2022/2023 Budget
TRUSTEE FEES - SERIES 2018 | 3,709 | 4,100 | 4,100 | No Change From 2022/2023 Budget
CONTINUING DISCLOSURE FEE | 1,000 | 1,000 | 1,000 | No Change From 2022/2023 Budget
TOTAL ADMINISTRATIVE EXPENDITURES | $	107,126 | $	124,028 | $	124,968 |
TOTAL EXPENDITURES | $	275,138 | $	345,273 | $	335,313 |
REVENUES LESS EXPENDITURES | $	1,135,793 | $	1,064,724 | $	1,073,627 |
BOND PAYMENTS (SERIES 2013) | (486,494) | (476,898) | (476,898) | 2024 Principal & Interest Payments
BOND PAYMENTS (SERIES 2018) | (549,800) | (538,956) | (537,867) | 2024 Principal & Interest Payments
BALANCE | $	99,499 | $	48,870 | $	58,862 |
COUNTY APPRAISER & TAX COLLECTOR ADMINISTRATIVE COSTS | (20,031) | (48,628) | (48,628) | Three And One Half Percent Of Total Assessment Roll
DISCOUNTS FOR EARLY PAYMENTS | (52,909) | (57,085) | (57,085) | Four Percent Of Total Assessment Roll
EXCESS/ (SHORTFALL) | $	26,559 | $	(56,843) | $	(46,851) |
CARRYOVER FROM PRIOR YEAR | 0 | 56,843 | 46,851 | Carryover From Prior Year
NET EXCESS/ (SHORTFALL) | $	26,559 | $	- | $	- |

Note: Projected Available Funds Balance As Of 9-30-23 is $570,000

DETAILED FINAL DEBT SERVICE (SERIES 2013) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES | FISCAL YEAR 2021/2022 ACTUAL | FISCAL YEAR 2022/2023 BUDGET | FISCAL YEAR 2023/2024 BUDGET | COMMENTS
Interest Income | 1,157 | 25 | 100 | Projected Interest For 2023/2024
NAV Collection | 486,494 | 477,985 | 476,898 | Maximum Debt Service Collection
Prepaid Bond Collection | 0 | 0 | 0 | Prepaid Bond Collection
Total Revenues | $	487,651 | $	478,010 | $	476,998 |
EXPENDITURES | | | |
Principal Payments (2013A-1) | 245,000 | 260,000 | 265,000 | Principal Payment Due In 2024
Principal Payments (2013A-2) | 15,000 | 15,000 | 15,000 | Principal Payment Due In 2024
Interest Payments (2013A-1) | 192,272 | 178,413 | 167,997 | Interest Payments Due In 2024
Interest Payments (2013A-2) | 11,500 | 11,088 | 10,375 | Interest Payments Due In 2024
Bond Redemption | 45,000 | 13,509 | 18,626 | Estimated Excess Debt Collections
Total Expenditures | $	508,772 | $	478,010 | $	476,998 |
Excess/ (Shortfall) | $	(21,121) | $	- | $	- |

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 1/1/23 = | $4,320,000 | |
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 1/1/23 = | $170,000 | |

DETAILED FINAL DEBT SERVICE (SERIES 2018) FUND BUDGET
VERONA WALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES | FISCAL YEAR 2021/2022 ACTUAL | FISCAL YEAR 2022/2023 BUDGET | FISCAL YEAR 2023/2024 BUDGET | COMMENTS
Interest Income | 19 | 25 | 100 | Projected Interest For 2023/2024
NAV Collection | 549,800 | 538,956 | 537,867 | Maximum Debt Service Collection
Prepaid Bond Collection | 0 | 0 | 0 | Prepaid Bond Collection
Total Revenues | $	549,819 | $	538,981 | $	537,967 |
EXPENDITURES | | | |
Principal Payments | 328,000 | 338,000 | 350,000 | Principal Payment Due In 2024
Interest Payments | 215,995 | 199,843 | 187,863 | Interest Payments Due In 2024
Bond Redemption | 0 | 1,138 | 104 | Estimated Excess Debt Collections
Total Expenditures | $	543,995 | $	538,981 | $	537,967 |
Excess/ (Shortfall) | $	5,824 | $	- | $	- |

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 1/1/23 =

May 2037

$6,318,000

Verona Walk Community Development District Assessment Comparison

Lot Size Phase One | | Fiscal Year 2019/2020 Assessment* | Fiscal Year 2020/2021 Assessment* | Fiscal Year 2021/2022 Assessment* | Fiscal Year 2022/2023 Assessment* | Fiscal Year 2023/2024 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 | $	511.00 | $	511.00 | $	511.00 | $	511.00 | $	511.00
| Total | $	673.13 | $	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 | $	577.00 | $	577.00 | $	577.00 | $	577.00 | $	577.00
| Total | $	739.13 | $	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 | $	601.00 | $	601.00 | $	601.00 | $	601.00 | $	601.00
| Total | $	763.13 | $	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 | $	691.00 | $	691.00 | $	691.00 | $	691.00 | $	691.00
| Total | $	853.13 | $	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 | $	759.00 | $	759.00 | $	759.00 | $	759.00 | $	759.00
| Total | $	921.13 | $	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 | 1 | 4
325 | SF | 50' | Oakmont | $	601 | 8 | 0
161 | SF | 60'/65' | Carlyle | $	691 | 0 | 0
32 | SF | 65' | Estate | $	759 | 0 | 0
1019 | | | | | 16 | 0

2 New Bond Prepayers For 2023/2024 Budget (Phase 2 - Oakmont & Garden)

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

7/12/2023 12:53 PM