Venetian Community Development District

Transcription

1 Venetian Community Development District Proposed Budget for Fiscal Year 2017/2018 Presented by: Rizzetta & Company, Inc Marketplace Road Suite 206 Fort Myers, Florida Phone: rizzetta.com

2 The following are enclosed in this Proposed Budget Packet: General Fund Budget Account Category Descriptions Reserve Fund Budget Account Category Descriptions Debt Service Fund Budget Account Category Descriptions Proposed General Fund Budget worksheets for Fiscal Year 2017/2018 Proposed Enterprise Fund Budget worksheet Proposed Reserve Fund worksheets for Fiscal Year 2017/2018 Proposed Debt Service Fund Budget worksheets for Fiscal Year 2017/2018 Current Fiscal Year versus Proposed Fiscal Year Assessment Charts Proposed Assessments Charts for Fiscal Year 2017/2018 THE BUDGET PROPOSAL PACKET FOR FISCAL YEAR 2017/2018 IS SIMPLY A PROPOSED BUDGET AND PROPOSED LEVEL OF ASSESSMENTS WHICH ARE DONE AS PART OF THE BUDGET PROCESS. THESE ARE NOT FINAL AND SHOULD NOT BE CONSTRUED AS FINAL, UNTIL AFTER THE BOARD OF SUPERVISORS HAS HELD A PUBLIC HEARING ON THE BUDGET AND ADOPTED THE FINAL BUDGET AND LEVIED ASSESSMENTS. 1

3 Proposed Budget Venetian Community Development District General Fund Fiscal Year 2017/2018 Chart of Accounts Classification Budget for 2017/ REVENUES 3 4 Interest Earnings 5 Interest Earnings 6 Special Assessments 7 Tax Roll* $ 1,532,867 8 Off Roll* 9 Other Miscellaneous Revenues 10 Transponder Revenue $ 9, TOTAL REVENUES $ 1,541, Balance Forward from Prior Year $ TOTAL REVENUES AND BALANCE FORWARD $ 1,541, *Allocation of assessments between the Tax Roll and Off EXPENDITURES - ADMINISTRATIVE Legislative Supervisor Fees 23 $ 12, Financial & Administrative 25 Administrative Services $ 8, District Management $ 33, District Engineer $ 30, Disclosure Report $ 1, Trustees Fees $ 4, District Management Meeting Charge $ - 31 Assessment Roll $ 5, Financial & Revenue Collections $ 5, Accounting Services $ 20, Auditing Services $ 6, Arbitrage Rebate Calculation $ Public Officials Liability Insurance $ 2, Legal Advertising $ 2,000 Dues, Licenses & Fees 38 $ Miscellaneous Fees $ 500 Website Hosting, Maintenance, Backup (and ) 40 $ 7, Miscellaneous Mailings $ 2, Legal Counsel 43 District Counsel $ 72, Administrative Subtotal $ 212, EXPENDITURES - FIELD OPERATIONS Security Operations 50 Security Services and Patrols $ 288, Guard & Gate Facility Maintenance $ 15, Gate Transponders $ 7, Electric Utility Services Utility Services 54 $ 29, Water-Sewer Combination Services 56 Utility Services - Effluent and Guardhouse $ 15, Stormwater Control

4 Proposed Budget Venetian Community Development District General Fund Fiscal Year 2017/2018 Chart of Accounts Classification Budget for 2017/2018 Aquatic Maintenance 58 Fountain Service Repairs & Maintenance $ 44, $ 4, Lake/Pond Bank Maintenance $ 5,000 Mitigation Area Monitoring & Maintenance 61 $ 35, Stormwater System Maintenance $ 7, Other Physical Environment 64 Office and Administration $ 4, Staff Salaries Payroll $ 121,500 Telephone, Fax, Internet 66 $ 5, General Liability Insurance $ 4, Property Insurance $ 3, Landscape Maintenance $ 332, Holiday Decorations $ 4, Irrigation Maintenance $ 7,000 Irrigation Repairs 72 $ 16,000 Landscape - Mulch 73 $ 65, Landscape Miscellaneous $ 20, Landscape Replacement Plants, Shrubs, Trees $ 7, Landscape - Pinestraw $ 25, Landscape Flower Program $ 21, Field Services $ 6, General Repairs and Maintenance $ 8, Road & Street Facilities 81 Street/ Parking Lot Sweeping $ 4, Street Light Decorative Light Maintenance $ 2, Street Sign Repair & Replacement/Traffic Enforcement $ 19, Roadway Repair & Maintenance $ 15, Contingency Entry System Upgrade $ 60, Non - Recurring Expenses $ 46, Field Operations Subtotal $ 1,254, Contingency for County TRIM Notice $ 75, TOTAL EXPENDITURES $ 1,541, EXCESS OF REVENUES OVER EXPENDITURES $ -

5 Approved Proposed Budget Venetian Community Development District Reserve Fund Fiscal Year 2017/2018 Chart of Accounts Classification Budget for 2017/ REVENUES 3 4 Revenues 5 Interest Earnings $ - 6 Special Assessments $ - 7 Tax Roll $ 205,615 8 Off Roll $ TOTAL REVENUES $ 205, Balance Forward from Prior Year $ TOTAL REVENUES AND BALANCE FORWARD $ 205, *Allocation of assessments between the Tax Roll and Off EXPENDITURES Contingency 24 Capital Reserves $ 205, Capital Outlay $ TOTAL EXPENDITURES $ 205, EXCESS OF REVENUES OVER EXPENDITURES $ - 30

6 Approved Proposed Budget Venetian Community Development District Enterprise Fund Fiscal Year 2017/2018 Chart of Accounts Classification Budget for 2017/ REVENUES 3 4 Special Assessments $ - 5 Tax Roll $ 1,709,404 6 Off Roll 7 Dues Revenue -Lot Closings $ 4,383 8 Amenity Center Revenue 9 Administration $ 52, Restaurant Revenue $ 613, TOTAL REVENUES $ 2,379, Balance Forward from Prior Year $ TOTAL REVENUES AND BALANCE FORWARD $ 2,379, *Allocation of assessments between the Tax Roll and Off Roll are EXPENDITURES - ADMINISTRATIVE Cost of Goods 23 Tennis Cost of Sales $ 9, Restaurant Cost of Sales $ 246, Salaries and Benefits 26 Salaries and Wages $ 809, Lessons-Fitness $ 24, Employee Benefits $ 300, Employee Education & Training $ Contract Services $ 20, Repairs and Maintenance 32 Chemicals $ 4, Shop & Hand Tools $ Landscape Materials $ 12, Sod & Seed $ - 36 Repairs & Maintenance-Equipment $ 28, Maintenance Contracts $ 149, Building Maintenance $ 18, Office Expense 40 Printing $ Postage $ Telephone $ 14, Office Supplies $ 5, Operating Expense 45 Employee Meals $ 22, Meals & Entertainment $ Equipment Replacement $ 15, Licenses and Fees $ 13, Travel $ 1, Electricity $ 79, Water/Sewer Effluent & Common Guardhouse $ 46, Sanitation Disposal $ 7, Gas, Diesel Fuel and Oil $ 8, Equipment Rental $ 15, Personnel Supplies $ 3, Laundry Music & Entertainment China, Glass, Silver $ 5, Paper/Plastic $ 13, Operating Supplies $ 16, Decorations $ 11, Legal & Professional 63 Legal Fees $ 1, Other Administrative Cost 65 Com Related Promotion/Security $ 14, Bad Debt Expense $ Management Fee $ 72, Employee Relations $ 4, Insurance $ 21, Misc Expense/Credit Card Fees $ 19, Miscellaneous Fees 72 Dues & Subscriptions $ 2, Amenities Marketing $ 21, Contingency 75 Non-Recurring Expenses $ 88, Clubhouse Refurbishment $ 150, Field Operations Subtotal $ 2,379, Contingency for County TRIM Notice TOTAL EXPENDITURES $ 2,379, EXCESS OF REVENUES OVER EXPENDITURES $ -

7 Approved Proposed Budget Venetian Community Development District Enterprise Reserve Fund Fiscal Year 2017/2018 Chart of Accounts Classification Budget for 2017/ REVENUES 3 4 Interest Earnings 5 Interest Earnings $ - 6 Special Assessments 7 Tax Roll* $ 152, Off Roll 9 Lot closings 10 TOTAL REVENUES $ 152, Balance Forward from Prior Year $0 13 Interfund transfer $ - 14 TOTAL REVENUES AND BALANCE FORWARD $ 152, *Allocation of assessments between the Tax Roll and Off Roll are EXPENDITURES Contingency 21 Capital Reserves $ 152, Capital Outlay TOTAL EXPENDITURES $ 152, EXCESS OF REVENUES OVER EXPENDITURES $ -

8 Budget Template Venetian Community Development District Debt Service Fiscal Year 2017/2018 Chart of Accounts Classification Series 2012A-1 Series 2012A-2 Budget for 2017/2018 REVENUES Special Assessments Net Special Assessments (1) $462, $1,007, $1,469, TOTAL REVENUES $462, $1,007, $1,469, EXPENDITURES Administrative Financial & Administrative Bank Fees Debt Service Obligation $462, $1,007, $1,469, Administrative Subtotal $462, $1,007, $1,469, TOTAL EXPENDITURES $462, $1,007, $1,469, EXCESS OF REVENUES OVER EXPENDITURES Collection and Discount % applicable to the county: 6.0% Gross assessments $1,563, Notes: Tax Roll Collection Costs for Sarasota County is 6.0% of Tax Roll. Budgeted net of tax roll assessments. See Assessment Table. (1) Maximum Annual Debt Service less Prepaid Assessments received

9 VENETIAN FISCAL YEAR 2017/2018 O&M & DEBT SERVICE ASSESSMENT SCHEDULE CDD O&M BUDGET $1,532, CDD RESERVE BUDGET $205, RIVER CLUB BUDGET $1,709, RIVER CLUB RESERVE BUDGET $152, COLLECTION 6.0% $97, COLLECTION 6.0% $13, COLLECTION 6.0% $109, COLLECTION 6.0% $9, TOTAL CDD O&M ASSESSMENT $1,630, TOTAL CDD RESERVE ASSESSMEN $218, TOTAL RIVER CLUB ASSESSMENT $1,818, TOTAL RIVER CLUB RESERVE ASSESSM $162, ALLOCATION OF CDD O&M ASSESSMENT ALLOCATION OF RIVER CLUB ASSESSMENT PER LOT ANNUAL ASSESSMENT SERIES 2012A-1SERIES 2012A-2 ALLOCATION OF CDD RESERVE ASSESSMENT ALLOCATION OF RIVER CLUB RESERVE ASSESSMENT UNITS ASSESSED (1) DEBT DEBT CDD TOTAL % TOTAL CDD O&M CDD O&M CDD TOTAL % TOTAL CDD RESERVE CDD RESERVE RIVER CLUB TOTAL % TOTAL RIVER CLUB RIVER CLUB RIVER CLUB TOTAL % TOTAL RESERVE RESERVE CDD O&M CDD RIVER CLUB 2012A-1 DEBT2012A-2 DEBT LU PRODUCT TYPE O&M EAU FACTOR SERIES (2) SERIES (2) O&M UNITS EAU's EAU's PER PARCEL PER LOT RESERVE UNITS EAU's EAU's PER PARCEL PER LOT UNITS EAU's EAU's PER PARCEL PER LOT RESERVE UNITS EAU's EAU's PER PARCEL PER LOT & RIVER CLUB RESERVE RESERVE SERVICE (3) SERVICE (3) TOTAL (4) Q Quad % $200, $1, % $26, $ % $213, $1, % $19, $ $2, $ $ $ $ $4, CY Courtyard % $296, $1, % $39, $ % $338, $1, % $30, $ $2, $ $ $ $ $3, V Villa % $483, $1, % $64, $ % $551, $1, % $49, $ $2, $ $ $ $ $3, CL Classic % $434, $1, % $58, $ % $495, $1, % $44, $ $2, $ $ $ $ $3, E Estate % $192, $1, % $25, $ % $219, $1, % $19, $ $2, $ $ $ $1, $4, GC Golf Club % $10, $1, % $1, $ % $0.00 $ % $0.00 $0.00 $1, $ $0.00 $ $1, O Office % $12, $1, % $1, $ % $0.00 $ % $0.00 $0.00 $1, $ $0.00 $ $2, Adjusted for WCI % $0.00 $ % $0.00 $0.00 $0.00 $0.00 $0.00 $ % $1,630, ###### % $218, % $1,818, % $162, LESS: Sarasota County Collection Costs and Early Payment Discount Costs ($97,842.57) ($13,124.36) ($109,110.89) ($9,729.26) Net Revenue to be Collected $1,532, $205, $1,709, $152, (1) Reflects 1 (one) Series 2012A-1 prepayment and 1 (one) Series 2012A-2 prepayment. (2) Reflects the number of total lots with Series 2012A-1 and Series 2012A-2 debt outstanding. (3) Annual debt service assessment per lot adopted in connection with the Venetia Series 2012A-1 and Series 2012A-2 bond issues. Annual assessment includes principal, interest, Sarasota County collection costs and early payment discount costs. (4) Annual assessment that will appear on November 2017 Sarasota County property tax bill. Amount shown includes all applicable collection costs. Property owner is eligible for a discount of up to 4% if paid early.

10 Venetian Community Development District FISCAL YEAR 2017/2018 O&M & DEBT SERVICE ASSESSMENT SCHEDULE 2017/2018 O&M and River Club Budget $3,242, Sarasota Co. 6% Collection Cost: 6% $206, /2018 Total: $3,449, /2018 CDD Reserve Budget $205, Sarasota Co. 6% Collection Cost: 6% $13, /2018 Total: $218, /2018 River Club Reserve Budget $152, Sarasota Co. 6% Collection Cost: 6% $9, /2018 Total: $162, /2017 O&M/River Club/Reserve Budget $3,139, /2018 O&M/River Club/Reserve Budget $3,600, Total Difference: $460, PER UNIT ANNUAL ASSESSMENT Proposed Increase / Decrease 2016/ /2018 $ % Series 2012A-1 Debt Service - Quad $ $ $ % Series 2012A-2 Debt Service - Quad $ $ $ % CDD O&M and River Club - Quad $2, $2, $ % CDD Reserve - Quad $ $ $ % River Club Reserve - Quad $ $ $ % Total $3, $4, $ % Series 2012A-1 Debt Service - Courtyard $ $ $ % Series 2012A-2 Debt Service - Courtyard $ $ $ % CDD O&M and River Club - Courtyard $2, $2, $ % CDD Reserve - Courtyard $ $ $ % River Club Reserve - Courtyard $ $ $ % Total $3, $3, $ % Series 2012A-1 Debt Service - Villa $ $ $ % Series 2012A-2 Debt Service - Villa $ $ $ % CDD O&M and River Club - Villa $2, $2, $ % CDD Reserve - Villa $ $ $ % River Club Reserve - Villa $ $ $ % Total $3, $3, $ % Series 2012A-1 Debt Service - Classic $ $ $ % Series 2012A-2 Debt Service - Classic $ $ $ % CDD O&M and River Club - Classic $2, $2, $ % CDD Reserve - Classic $ $ $ % River Club Reserve - Classic $ $ $ % Total $3, $3, $ % Series 2012A-1 Debt Service - Estate $ $ $ % Series 2012A-2 Debt Service - Estate $1, $1, $ % CDD O&M and River Club- Estate $2, $2, $ % CDD Reserve - Estate $ $ $ % River Club Reserve - Estate $ $ $ % Total $3, $4, $ %

11 Series 2012A-2 Debt Service - Golf Club $ $ $ % CDD O&M - Golf Club $1, $1, $ % CDD Reserve - Golf Club $ $ $ % Total $1, $1, $ % Series 2012A-2 Debt Service - Office $ $ $ % CDD O&M - Office $1, $1, $ % CDD Reserve - Office $ $ $ % Total $2, $2, $ %

12 GENERAL FUND BUDGET ACCOUNT CATEGORY DESCRIPTION The General Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all General Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference. REVENUES: Interest Earnings: The District may earn interest on its monies in the various operating accounts. Tax Roll: The District levies Non-Ad Valorem Special Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County s Tax Roll, to be collected with the County s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County. Off Roll: For lands not on the tax roll and that is by way of a direct bill from the District to the appropriate property owner. Miscellaneous Revenues: The District may receive monies for the sale or provision of electronic access cards, entry decals etc. EXPENDITURES ADMINISTRATIVE: Supervisor Fees: The District may compensate its supervisors within the appropriate statutory limits of $ maximum per meeting within an annual cap of $4, per supervisor. Administrative Services: The District will incur expenditures for the day to today operation of District matters. These items include but are not limited to mailing and preparation of agenda packages, overnight deliveries, facsimiles and long distance phone calls. Also, each Board Supervisor and the District Staff are entitled to reimbursement for travel expenses per Florida Statutes (8). Finally, this line item also includes a cost for the storage of all the District s official records, supplies and files. District Management: The District as required by statute, will contract with a firm to provide for management and administration of the District s day to day administrative needs. The cost to maintain the minutes of all Board meetings, preparing various resolutions and all other secretarial duties requested by the District throughout the year is also reflected in this amount. 2

13 District Engineer: The District s engineer provides general engineering services to the District. Among these services are attendance at and preparation for monthly board meetings, review of construction invoices and all other engineering services requested by the district throughout the year. Disclosure Report: The District is required to file quarterly and annual disclosure reports, as required in the District s Trust Indenture, with the specified repositories. This is contracted out to a third party in compliance with the Trust Indenture. Trustee s Fees: The District will incur annual trustee s fees upon the issuance of bonds for the oversight of the various accounts relating to the bond issues. Assessment Roll: The District will contract with a firm to maintain the assessment roll and annually levy a Non-Ad Valorem assessment for operating and debt service expenses. Financial & Revenue Collections: Services include, but are not limited to responding to bondholder questions, prepayment analysis, long term pay-offs and true-up analysis. This line item also includes the fees incurred for a Collection Agent to collect the funds for the principal and interest payment for its shortterm bond issues and any other bond related collection needs. These funds are collected as prescribed in the Trust Indenture. The Collection Agent also provides for the release of liens on property after the full collection of bond debt levied on particular properties. Accounting Services: The District has contracted for maintenance of accounting records. These services include, but are not limited to accounts payable, accounts receivable and preparation of financial reports for the district. This also includes all preparations necessary for the fiscal year end audits to be done. Auditing Services: The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting firm, once it reaches certain revenue and expenditure levels, or has issued bonds and incurred debt. Arbitrage Rebate Calculation: The District is required to calculate the interest earned from bond proceeds each year pursuant to the Internal Revenue Code of The Rebate Analyst is required to verify that the District has not received earnings higher than the yield of the bonds. Public Officials Liability Insurance: insurance for the Board and Staff. The District will incur expenditures for public officials liability Legal Advertising: The District will incur expenditures related to legal advertising. The items for which the District will advertise include, but are not limited to meeting schedules, special meeting notices, and public hearings, bidding etc. for the District based on statutory guidelines Dues, Licenses & Fees: The District is required to pay an annual fee to the Department of Economic Opportunity, along with other items which may require licenses or permits, etc. Miscellaneous Fees: The District could incur miscellaneous throughout the year, which may not fit into any standard categories. 3

14 Website Hosting, Maintenance and The District may incur fees as they relate to the development and ongoing maintenance of its own website along with possible services if requested. District Counsel: The District s legal counsel provides general legal services to the District. Among these services are attendance at and preparation for monthly board meetings, review of operating and maintenance contracts and all other legal services requested by the district throughout the year. EXPENDITURES - FIELD OPERATIONS: Security Services and Patrols: The District may wish to contract with a private company to provide security for the District. Electric Utility Services: The District will incur electric utility expenditures for general purposes such as irrigation timers, lift station pumps, fountains, etc. Street Lights: The District may have expenditures relating to street lights throughout the community. These may be restricted to main arterial roads or in some cases to all street lights within the District s boundaries. Water-Sewer Utility Services: The District will incur water/sewer utility expenditures related to district operations. Utility - Reclaimed: The District may incur expenses related to the use of reclaimed water for irrigation. Aquatic Maintenance: Expenses related to the care and maintenance of the lakes and ponds for the control of nuisance plant and algae species. Fountain Service Repairs & Maintenance: The District may incur expenses related to maintaining the fountains within throughout the Parks & Recreational areas Lake/Pond Bank Maintenance: The District may incur expenditures to maintain lake banks, etc. for the ponds and lakes within the District s boundaries, along with planting of beneficial aquatic plants, stocking of fish, mowing and landscaping of the banks as the District determines necessary. Mitigation Area Monitoring & Maintenance: The District may be required to provide for certain types of monitoring and maintenance activities for various mitigation areas by other governmental entities. General Liability Insurance: The District will incur fees to insure items owned by the District for its general liability needs Property Insurance: The District will incur fees to insure items owned by the District for its property needs Landscape Maintenance: The District will incur expenditures to maintain the rights-of-way, median strips, recreational facilities including pond banks, entryways, and similar planting areas within the District. These services include but are not limited to monthly landscape maintenance, fertilizer, pesticides, annuals, mulch, and irrigation repairs. 4

15 Irrigation Maintenance: The District will incur expenditures related to the maintenance of the irrigation systems. Irrigation Repairs: The District will incur expenditures related to repairs of the irrigation systems. Landscape Replacement: Expenditures related to replacement of turf, trees, shrubs etc. Field Services: The District may contract for field management services to provide landscape maintenance oversight. Street/Parking Lot Sweeping: The District may incur expenses related to street sweeping for roadways it owns or are owned by another governmental entity, for which it elects to maintain. Sidewalk Repair & Maintenance: Expenses related to sidewalks located in the right of way of streets the District may own if any. Roadway Repair & Maintenance: Expenses related to the repair and maintenance of roadways owned by the District if any. Miscellaneous Contingency: Monies collected and allocated for expenses that the District could incur throughout the year, which may not fit into any standard categories. Capital Outlay: improvements. Monies collected and allocated for various projects as they relate to public 5

16 RESERVE FUND BUDGET ACCOUNT CATEGORY DESCRIPTION The Reserve Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Reserve Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference. REVENUES: Tax Roll: The District levies Non-Ad Valorem Special Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County s Tax Roll, to be collected with the County s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County. Off Roll: For lands not on the tax roll and that is by way of a direct bill from the District to the appropriate Miscellaneous Revenues: The District may receive monies for the sale or provision of electronic access cards, entry decals etc. EXPENDITURES: Capital Reserve: Monies collected and allocated for the future repair and replacement of various capital improvements such as club facilities, swimming pools, athletic courts, roads, etc. Capital Outlay: improvements. Monies collected and allocated for various projects as they relate to public 6

17 DEBT SERVICE FUND BUDGET ACCOUNT CATEGORY DESCRIPTION The Debt Service Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Debt Service Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference. REVENUES: Special Assessments: The District may levy special assessments to repay the debt incurred by the sale of bonds to raise working capital for certain public improvements. The assessments may be collected in the same fashion as described in the Operations and Maintenance Assessments. EXPENDITURES ADMINISTRATIVE: Bank Fees: The District may incur bank service charges during the year. Debt Service Obligation: This would a combination of the principal and interest payment to satisfy the annual repayment of the bond issue debt. 7