Magnolia West Community Development District

Transcription

1 Magnolia West Community Development District Financial Statements (Unaudited) November 30, 2018 Prepared by: Rizzetta & Company, Inc. magnoliawestcdd.org rizzetta.com

2 Balance Sheet As of 11/30/2018 (In Whole Numbers) Debt Service General Fund Reserve Fund Fund Capital Projects Fund Total Governmental Funds General Fixed Assets Account Group General Long-Term Debt Account Group Assets Cash In Bank 106, , Investments 242, ,969 1, , Investments - Reserves 0 33, , Accounts Receivable 236,545 35,000 42, , Accounts Receivable - Other Allowance for Doubtful Accounts Prepaid Expenses Deposits 3, , Due From Other Funds 0 0 7, , Amount Available in Debt Service ,653 Amount To Be Provided Debt Service ,347 Fixed Assets ,703,996 0 Total Assets 588,141 68,719 96,653 1, ,128 3,703, ,000 Liabilities Accounts Payable 4, , Accrued Expenses Payable 1, , Other Current Liabilities Due To Other Funds 7, , Debt Service Obligations- Current Revenue Bonds Payable--Long Term ,000 Total Liabilities 12, , ,000 Fund Equity & Other Credits Beginning Fund Balance 344,858 33,653 97,610 1, ,736 3,703,996 0 Net Change in Fund Balance 230,334 35,066 (957) 0 264, Total Fund Equity & Other Credits 575,192 68,719 96,653 1, ,179 3,703,996 0 Total Liabilities & Fund Equity 588,141 68,719 96,653 1, ,128 3,703, ,000

3 Statement of Revenues and Expenditures General Fund From 10/1/2018 Through 11/30/2018 (In Whole Numbers) Percent Annual Budget Annual Budget YTD Budget YTD Actual YTD Variance Remaining Revenues Interest Earnings Interest Earnings % Special Assessments Tax Roll 235, , , % Off Roll 39,985 39,985 39, % Other Miscellaneous Revenues Miscellaneous % Total Revenues 275, , , (0.23)% Expenditures Legislative Supervisor Fees 4, % Financial & Administrative Administrative Services 3, % District Management 16,800 2,800 2, % District Engineer 5, % Disclosure Report 5, % Trustees Fees 3,500 3, , % Assessment Roll 5,250 5,250 5, % Financial & Revenue Collections 4, % Accounting Services 18,000 3,000 3, % Auditing Services 4, % Arbitrage Rebate Calculation % Public Officials Liability Insurance 2,475 2,475 2, % Legal Advertising 1, % Dues, Licenses & Fees % Miscellaneous Fees % Website Hosting, Maintenance, Backup 1, % Legal Counsel District Counsel 15,000 2,500 2, % Electric Utility Services Utility Services 16,000 2,667 2, % Garbage/Solid Waste Control Services Garbage - Recreation Facility 2, %

4 Statement of Revenues and Expenditures General Fund From 10/1/2018 Through 11/30/2018 (In Whole Numbers) Percent Annual Budget Annual Budget YTD Budget YTD Actual YTD Variance Remaining Water-Sewer Combination Services Utility Services 5, % Stormwater Control Lake/Pond Bank Maintenance 5, % Other Physical Environment General Liability & Property Insurance 9,024 9,024 8, % Landscape & Irrigation Maintenance Contract 29,518 4,920 4, % Irrigation Repairs 3, % Entry Monument & Fence 3, % Maintenance Landscape Replacement Plants, Shrubs, Trees 3, (85) 80.50% Miscellaneous Expense 2, % Road & Street Facilities Amenity Sidewalk Repair & Maintenance 2, % Amenity Parking Lot Repair & Maintenance 2, % Miscellaneous Expense 2, % Parks & Recreation Amenity Management Staffing Contract 29,888 4,981 3,343 1, % Cable Phone & Internet 3, % Amenity Janitorial Service 6,000 1,000 1,062 (62) 82.30% Contract & Supplies Amenity Maintenance Contract & Repairs Pool Service Contract - Maintenance & Chemicals 13,500 2, , % 18,500 3,083 3,085 (2) 83.32% Pest Control & Termite Bond 2, % Access Control Maintenance 2, % & Repair Athletic Court/Playground Maintenance & Repairs 2, % Miscellaneous Expense 2, (308) 71.00% Special Events Special Events 3, %

5 Statement of Revenues and Expenditures General Fund From 10/1/2018 Through 11/30/2018 (In Whole Numbers) Percent Annual Budget Annual Budget YTD Budget YTD Actual YTD Variance Remaining Contingency Capital Outlay 10,000 1, , % Miscellaneous Contingency 7,000 1, , % Total Expenditures 275,510 61,338 45,796 15, % Excess Revenues Over (Under) Expenditures 0 214, ,334 16, % Excess of Rev./Other Sources Over (Under) Expend./Other Uses 0 214, ,334 16, % Fund Balance, Beginning of Period , , % Fund Balance, End of Period 0 214, , , %

6 Statement of Revenues and Expenditures Reserve Fund From 10/1/2018 Through 11/30/2018 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings % Special Assessments Tax Roll 23,333 23, % Off Roll 11,667 11, % Total Revenues 35,000 35, % Expenditures Contingency Capital Reserve 35, , % Total Expenditures 35, , % Excess of Revenues Over/(Under) Expenditures 0 35,066 35, % Excess Of Rev./Other Sources Over (Under) Expend./Other Uses 0 35,066 35, % Fund Balance, Beginning of Period 0 33,653 33, % Fund Balance, End of Period 0 68,719 68, %

7 Statement of Revenues and Expenditures Debt Service Fund From 10/1/2018 Through 11/30/2018 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings % Special Assessments Tax Roll 49,684 49, % Total Revenues 49,684 49, % Expenditures Debt Service Payments Interest 34,684 15,916 18, % Principal 15,000 35,000 (20,000) (133.33)% Total Expenditures 49,684 50,916 (1,233) (2.48)% Excess of Revenues Over/(Under) Expenditures 0 (961) (961) 0.00% Other Financing Sources (Uses) Interfund Transfer % Transfer From SPE % Total Other Financing Sources (Uses) % Excess Of Rev./Other Sources Over (Under) Expend./Other Uses 0 (957) (957) 0.00% Fund Balance, Beginning of Period 0 97,610 97, % Fund Balance, End of Period 0 96,653 96, %

8 Statement of Revenues and Expenditures Capital Projects Fund From 10/1/2018 Through 11/30/2018 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings % Total Revenues % Excess of Revenues Over/(Under) Expenditures % Other Financing Sources (Uses) Interfund Transfer 0 (4) (4) 0.00% Excess Of Rev./Other Sources Over (Under) Expend./Other Uses % Fund Balance, Beginning of Period 0 1,615 1, % Fund Balance, End of Period 0 1,615 1, %

9 Investment Summary November 30, 2018 Balance as of Account Investment November 30, 2018 Bank of Tampa Money Market Business Money Market $ 242,445 Total General Fund Investments $ 242,445 Bank of Tampa ICS Mutual of Omaha Bank Business Money Market $ 33,719 Total Reserve Fund Investments $ 33,719 US Bank Series 2006 Revenue Fidelity Gov't Port CI III/First Am Gov't Ob Fd Cl Y $ 5,983 US Bank Series 2006 Reserve Fidelity Gov't Port CI III/First Am Gov't Ob Fd Cl Y 37,807 US Bank Series 2006 Prepayment Fidelity Gov't Port CI III/First Am Gov't Ob Fd Cl Y 3,174 US Bank Series 2006 Bond General Fidelity Gov't Port CI III/First Am Gov't Ob Fd Cl Y 5 Total Debt Service Fund Investments $ 46,969 US Bank Series 2006 Deferred Cost Fidelity Gov't Port CI III $ 1,615 Total Capital Project Fund Investments $ 1,615

10 Summary A/R Ledger General Fund From 11/1/2018 Through 11/30/2018 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 Clay County Tax Collector FY , /1/2018 DR Horton, Inc , Total General Fund 236,545.26

11 Summary A/R Ledger Reserve Fund From 11/1/2018 Through 11/30/2018 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 Clay County Tax Collector FY , /1/2018 DR Horton, Inc , Total Reserve Fund 35,000.00

12 Summary A/R Ledger Debt Service Fund From 11/1/2018 Through 11/30/2018 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 Clay County Tax Collector FY , Total Debt Service Fund 42, Report Balance 313,750.08

13 Aged Payables by Invoice Date Aging Date - 11/1/ General Fund From 11/1/2018 Through 11/30/2018 Vendor Name Invoice Date Invoice Number Invoice Description Current Balance First Coast CMS, LLC 11/4/ Reimbursement for Purchases 11/18 Clay Electric Cooperative, Inc. Florida Department of Revenue 11/27/ / Canyon Falls Amenity 11/18 1, , /1/2018 Sales Tax 11/18 Sales Tax 11/ Hopping Green & Sams 12/21/ Monthly Legal Services 10/18 1, Total General Fund 4, Report Total 4,270.32

14 Notes to Unaudited Financial Statements November 30, 2018 Balance Sheet 1. Trust statement activity has been recorded through 11/30/ See EMMA (Electronic Municipal Market Access) at for Municipal Disclosures and Market Data. 3. For presentation purposes, the Reserves are shown in a separate fund titled Reserve Fund. Summary A/R Ledger-Payment Terms 4. Payment terms for landowner assessments are (a) defined in the FY Assessment Resolution adopted by the Board of Supervisors, (b) pursuant to Florida Statutes, Chapter 197 for assessments levied via the county tax roll. Summary A/R Ledger Subsequent Collections 5. General Fund Payment for Invoice FY in the amount of $180, was received in December General Fund-Payment for Invoice in the amount of $14, was received in December Reserve Fund Payment for Invoice in the amount of $11, was received in December Debt Service Fund Payment for Invoice FY in the amount of $39, was received in December 2018.