Montecito Community Development District, (City of Satellite Beach, Florida)

Transcription

1 , (City of Satellite Beach, Florida) Special Assessment Bonds, Series 2006A, $5,690,000, Cusip: 61237KAA0 (Due May 1, 2037) Special Assessment Bonds, Series 2006B, $21,875,000, Cusip: 61237KAB8 (Due May 1, 2013) Dated: February 8, 2006 Issuer Annual Report as of September 30, The balances in the funds and accounts under the Indenture Account Name Account Number Balance as of as of : 2006A Construction $5,642, A Reserve Fund $163, A Prepayment $1, A Revenue $34, A Sinking Fund $ B Reserve $516, B Prepayment $496, B Revenue $199, Default Expenditure $326, Total: $7,382, The assessed value of lands upon which the Special Assessments securing the Bonds are levied; provided, however, that the District may rely upon the records of the County Property Appraiser for such information: Please see the records of the Brevard County Property Appraiser for the assessed value of the lands upon which the Assessments securing the bonds are levied. 3 The amount of Special Assessments certified by the District to the Tax Collector for the immediately preceding calendar year (Fiscal Year 2014/2015): $264,234 (2006A - net) 4 The amount of Special Assessments collected for the prior year (14/15): $260, (2006A - net) 5 The amount of delinquent Special Assessments: Montecito CDD Holding, Inc., an SPE, has been formed and per the terms of the Tri-Party Agreement dated August 19, 2013, the debt assessments on those lands are being held in abeyance. 6 The dollar amount of tax certificates sold: unknown 7 The debt service schedule for the remaining term of the Bonds: See attached. 8 An update of information contained in the Official Statement under the caption "THE SERIES 2006 PROJECT": N/A The Fiscal Year 2013/2014 audited financial statement was completed and filed. The Fiscal Year 2014/2015 audited financial statement is in process and will be filed by June 30, 2016 in accordance with the requirements of Florida Statutes. To be provided under separate cover when it becomes available. The unaudited financial statement is attached. RIZZETTA & COMPANY INCORPORATED

2 MONTECITO COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS SERIES 2006A (2037 TERM BONDS) DEBT SERVICE SCHEDULE & ANNUAL ASSESSMENTS DEBT SERVICE PAYMENTS NET O/S PERIOD ANNUAL DATE PRINCIPAL PRINCIPAL COUPON INTEREST TOTAL ASSESSMENT 11/01/15 $5,525, % $151,938 $151,938 $303,875 05/01/16 $5,525,000 $120, % $151,938 $271,938 11/01/16 $5,405, % $148,638 $148,638 $420,575 05/01/17 $5,405,000 $125, % $148,638 $273,638 11/01/17 $5,280, % $145,200 $145,200 $418,838 05/01/18 $5,280,000 $135, % $145,200 $280,200 11/01/18 $5,145, % $141,488 $141,488 $421,688 05/01/19 $5,145,000 $140, % $141,488 $281,488 11/01/19 $5,005, % $137,638 $137,638 $419,125 05/01/20 $5,005,000 $150, % $137,638 $287,638 11/01/20 $4,855, % $133,513 $133,513 $421,150 05/01/21 $4,855,000 $155, % $133,513 $288,513 11/01/21 $4,700, % $129,250 $129,250 $417,763 05/01/22 $4,700,000 $165, % $129,250 $294,250 11/01/22 $4,535, % $124,713 $124,713 $418,963 05/01/23 $4,535,000 $175, % $124,713 $299,713 11/01/23 $4,360, % $119,900 $119,900 $419,613 05/01/24 $4,360,000 $185, % $119,900 $304,900 11/01/24 $4,175, % $114,813 $114,813 $419,713 05/01/25 $4,175,000 $195, % $114,813 $309,813 11/01/25 $3,980, % $109,450 $109,450 $419,263 05/01/26 $3,980,000 $205, % $109,450 $314,450 11/01/26 $3,775, % $103,813 $103,813 $418,263 05/01/27 $3,775,000 $220, % $103,813 $323,813 11/01/27 $3,555, % $97,763 $97,763 $421,575 05/01/28 $3,555,000 $230, % $97,763 $327,763 11/01/28 $3,325, % $91,438 $91,438 $419,200 05/01/29 $3,325,000 $245, % $91,438 $336,438 11/01/29 $3,080, % $84,700 $84,700 $421,138 05/01/30 $3,080,000 $255, % $84,700 $339,700 11/01/30 $2,825, % $77,688 $77,688 $417,388 05/01/31 $2,825,000 $270, % $77,688 $347,688 11/01/31 $2,555, % $70,263 $70,263 $417,950 05/01/32 $2,555,000 $285, % $70,263 $355,263 11/01/32 $2,270, % $62,425 $62,425 $417,688 05/01/33 $2,270,000 $305, % $62,425 $367,425 11/01/33 $1,965, % $54,038 $54,038 $421,463 05/01/34 $1,965,000 $320, % $54,038 $374,038 11/01/34 $1,645, % $45,238 $45,238 $419,275 05/01/35 $1,645,000 $340, % $45,238 $385,238 11/01/35 $1,305, % $35,888 $35,888 $421,125 05/01/36 $1,305,000 $355, % $35,888 $390,888 11/01/36 $950, % $26,125 $26,125 $417,013 05/01/37 $950,000 $570, % $26,125 $596,125 $596,125 TOTAL $5,310,000 $7,090,565 $12,400,565 $12,400,565

3 MONTECITO COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS SERIES 2006B (2013 TERM BONDS) DEBT SERVICE SCHEDULE & ANNUAL ASSESSMENTS DEBT SERVICE PAYMENTS NET TOTAL O/S PERIOD ANNUAL ANNUAL DATE PRINCIPAL PRINCIPAL COUPON INTEREST TOTAL ASSESSMENT ASSESSMENT 05/01/06 $21,875,000 $ % $257,214 $257,214 08/01/06 $21,875,000 $185, % $2,359 $187,359 $444,572 $444,572 11/01/06 $21,690,000 $ % $553,095 $553,095 02/01/07 $21,690,000 $565, % $7,204 $572,204 05/01/07 $21,125,000 $280, % $538,688 $818,688 08/01/07 $20,845,000 $525, % $6,694 $531,694 $2,475,680 $2,475,680 11/01/07 $20,320,000 $515, % $518,160 $1,033,160 02/01/08 $19,805,000 $415, % $5,291 $420,291 05/01/08 $19,390,000 $305, % $494,445 $799,445 08/01/08 $19,085,000 $685, % $8,734 $693,734 $2,946,630 $2,946,630 11/01/08 $18,400,000 $280, % $469,200 $749,200 02/01/09 $18,120,000 $470, % $5,993 $475,993 05/01/09 $17,650,000 $425, % $450,075 $875,075 08/01/09 $17,225,000 $245, % $3,124 $248,124 $2,348,391 $2,348,391 11/01/09 $16,980,000 $600, % $432,990 $1,032,990 02/01/10 $16,380,000 $870, % $11,093 $881,093 05/01/10 $15,510,000 $220, % $5,610 $225,610 $1,258,600 $1,258,600 08/02/10 $15,290,000 $800, % $10,200 $810,200 11/01/10 $14,490,000 $140, % $3,570 $143,570 02/01/11 $14,350,000 $190, % $2,423 $192,423 05/01/11 $14,160,000 $305, % $361,080 $666,080 $809,650 $809,650 08/01/11 $13,855,000 $585, % $52,211 $637,211 11/01/11 $13,270,000 $95, % $9,690 $104,690 02/01/12 $13,175,000 $90, % $10,328 $100,328 05/01/12 $13,085,000 $50, % $6,375 $56,375 $161,065 $161,065 08/01/12 $13,035,000 $45, % $6,311 $51,311 11/01/12 $12,990,000 $95, % $14,535 $109,535 02/01/13 $12,895,000 $45, % $574 $45,574 05/01/13 $12,850,000 $260, % $6,630 05/01/13 $12,590,000 $12,590, % $321,045 $12,911,045 $13,020,580 $13,020,580 TOTAL $21,875,000 $4,574,937 $26,183,307 $23,465,169 $23,465,169 3/31/2014 PREPARED BY RIZZETTA COMPANY

4 Montecito Community Development District Financial Statements (Unaudited) September 30, 2015 Prepared by Rizzetta & Company, Inc. District Manager

5 Balance Sheet As of 9/30/2015 (In Whole Numbers) Capital Projects General Fund Debt Service Fund Fund Total Governmental Funds General Fixed Assets Account Group General Long-Term Debt Account Group Assets Cash In Bank 255, , Investments 52 1,412,152 5,969,939 7,382, Accounts Receivable 7,985 2,601, ,609, Accounts Receivable - Other Allowance for Doubtful Accounts 0 (2,598,057) 0 (2,598,057) 0 0 Prepaid Expenses 10, , Deposits 4, , Due From Other Funds Amount To Be Provided Debt ,083,520 Service Fixed Assets ,548,845 0 Total Assets 278,899 1,415,941 5,969,939 7,664,780 18,548,845 17,083,520 Liabilities Accounts Payable 3, , Accrued Expenses Payable 4, , Other Current Liabilities 11, , Deposits Due To Other Funds Debt Service Obligations--Current 0 15,632, ,632, Revenue Bonds Payable--Long Term ,083,520 Total Liabilities 19,811 15,632, ,652, ,083,520 Fund Equity & Other Credits Beginning Fund Balance (129,832) (14,086,177) 5,660,842 (8,555,167) 18,548,845 0 Net Change in Fund Balance 388,920 (130,157) 309, , Total Fund Equity & Other Credits 259,089 (14,216,334) 5,969,939 (7,987,306) 18,548,845 0 Total Liabilities & Fund Equity 278,899 1,415,941 5,969,939 7,664,780 18,548,845 17,083,520

6 Statement of Revenues and Expenditures General Fund From 10/1/2014 Through 9/30/2015 (In Whole Numbers) Annual Budget Percent Annual Budget YTD Budget YTD Actual YTD Variance Remaining Revenues Interest Earnings Interest Earnings % Special Assessments Tax Roll 110, , , (0.10)% Off Roll 257, , , ,952 (92.78)% Contributions & Donations From Private Sources Developer Contribution ,561 15, % HOA Funding Agreement ,410 32, % Other Miscellaneous Revenues Miscellaneous % Gate & Amenity Access Items % Clubhouse Rental % Total Revenues 367, , , ,837 (78.59)% Expenditures Legislative Supervisor Fees 4,000 4,000 3,000 1, % Financial & Administrative Administrative Services 7,560 7,560 7, % District Management 28,000 28,000 28, % District Engineer 7,000 7,000 1,668 5, % Disclosure Report % Trustees Fees 4,000 4, , % Financial Consulting Services 7,590 7,590 7, % Accounting Services 14,850 14,850 14, % Auditing Services 4,900 4,900 4, % Arbitrage Rebate Calculation % Public Officials Liability 19,000 19,000 17,683 1, % Insurance Legal Advertising 2,000 2,000 2,373 (373) (18.63)% Bank Fees % Dues, Licenses & Fees (15) (8.63)% Legal Counsel District Counsel 25,000 25,000 27,231 (2,231) (8.92)% Security Operations Security Monitoring Services 2,700 2,700 3,307 (607) (22.49)% Electric Utility Services Utility Services 43,000 43,000 30,202 12, % Gas Utility Services Utility - Recreation Facilities %

7 Statement of Revenues and Expenditures General Fund From 10/1/2014 Through 9/30/2015 (In Whole Numbers) Annual Budget Percent Annual Budget YTD Budget YTD Actual YTD Variance Remaining Water-Sewer Combination Services Utility - Recreation Facilities 1,200 1,200 2,210 (1,010) (84.12)% Stormwater Control Fountain Service Repairs & 3,000 3, , % Maintenance Aquatic Maintenance 2,700 2,700 2,788 (88) (3.25)% Other Physical Environment General Liability & Property 46,000 46,000 40,123 5, % Insurance Entry & Walls Maintenance 1,000 1, , % Landscape Maintenance 38,000 38,000 21,090 16, % Irrigation Repairs 5,000 5,000 8,613 (3,613) (72.25)% Irrigation Maintenance-Hoover Pumps 10,000 10,000 1,958 8, % Landscape Replacement Plants, Shrubs, Trees 5,000 5,000 2,250 2, % Road & Street Facilities Gate Phone 4,500 4, , % Gate Maintenance 4,000 4, , % Street Light/Decorative Light 3,000 3, , % Maintenance Parks & Recreation Employee - Salaries 23,500 23,500 12,143 11, % Employee - P/R Taxes 3,800 3, , % Employee - Workers' Comp 2,200 2, , % Cell Phone & Mileage % Reimbursement Employee - ADP Fees 2,800 2,800 2, % Amenity Center - Maintenance 3,000 3,000 5,350 (2,350) (78.32)% & Repair Telephone, Fax & Internet 3,050 3,050 3,056 (6) (0.18)% Cable Television 1,100 1, , % Facility A/C & Heating 3,000 3, , % Maintenance & Repair Office Supplies-Amenity Center % Amenity Center - Janitorial Supplies % Amenity Center - Janitorial Service 4,500 4,500 4, % Pool Service Contract/Repairs 9,000 9,000 7,540 1, % Fitness Equipment Maintenance 1,000 1, % & Repairs

8 Statement of Revenues and Expenditures General Fund From 10/1/2014 Through 9/30/2015 (In Whole Numbers) Annual Budget Percent Annual Budget YTD Budget YTD Actual YTD Variance Remaining Pest Control & Termite Bond 1,100 1, % Contingency Miscellaneous Contingency 7,625 7, , % Capital Outlay 5,330 5, , % Total Expenditures 367, , ,047 98, % Excess Of Revenues Over (Under) Expenditures , , % Other Financing Sources (Uses) Prior Year A/P Credits 0 0 1,600 1, % Excess Rev./Other Sources Over (Under) Expend./Other Uses , , % Fund Balance, Beginning of Period 0 0 (129,832) (129,832) 0.00% Fund Balance, End of Period , , %

9 Statement of Revenues and Expenditures Debt Service Fund From 10/1/2014 Through 9/30/2015 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings % Special Assessments Tax Roll 264, , % Prepayments 0 845, , % Off Roll 0 32,310 32, % Total Revenues 264,234 1,142, , % Expenditures Debt Service Interest 154, ,395 (758,161) (491.56)% Principal 110, , % Total Expenditures 264,234 1,022,395 (758,161) (286.93)% Excess of Revenues Over (Under) Expenditures 0 119, , % Other Financing Sources (Uses) Interfund Transfer 0 (250,000) (250,000) 0.00% Excess Rev./Other Sources Over (Under) Expend./Other Uses 0 (130,157) (130,157) 0.00% Fund Balance, Beginning of Period 0 (14,086,177) (14,086,177) 0.00% Fund Balance, End of Period 0 (14,216,334) (14,216,334) 0.00%

10 Statement of Revenues and Expenditures Capital Projects Fund From 10/1/2014 Through 9/30/2015 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings 0 1,686 1, % Total Revenues 0 1,686 1, % Expenditures Financial & Administrative District Engineer 0 12,978 (12,978) 0.00% Trustees Fees 0 27,444 (27,444) 0.00% Legal Counsel District Counsel 0 123,263 (123,263) 0.00% Total Expenditures 0 163,684 (163,684) 0.00% Excess of Revenues Over (Under) Expenditures 0 (161,998) (161,998) 0.00% Other Financing Sources (Uses) Interfund Transfer 0 250, , % Litigation Settlement 0 281, , % SPE Costs 0 (60,035) (60,035) 0.00% Total Other Financing Sources (Uses) 0 471, , % Excess Rev./Other Sources Over (Under) Expend./Other Uses 0 309, , % Fund Balance, Beginning of Period 0 5,660,842 5,660, % Fund Balance, End of Period 0 5,969,939 5,969, %

11 Montecito CDD Investment Summary September 30, 2015 Balance as of Account Investment September 30, 2015 State Board of Administration Local Government Investment Pool $ 52 Total General Fund Investments $ 52 UMB Series 2006A Revenue Fidelity Treasury Fund $ 34,605 UMB Series 2006A Prepayment Fidelity Treasury Fund 1,483 UMB Series 2006A Sinking Fidelity Treasury Fund 5 UMB Series 2006A Reserve Fidelity Treasury Fund 163,813 UMB Series 2006B Prepayment Fidelity Treasury Fund 496,160 UMB Series 2006B Reserve Fidelity Treasury Fund 516,852 UMB Series 2006B Revenue Fidelity Treasury Fund 199,234 Total Debt Service Fund Investments $ 1,412,152 UMB Series 2006 Construction Fidelity Treasury Fund $ 5,642,956 UMB Series 2006 Default Expenditure Fidelity Treasury Fund 326,983 Total Capital Project Fund Investments $ 5,969,939

12 Summary A/R Ledger General Fund From 9/1/2015 Through 9/30/2015 Invoice Date Customer Name Invoice Number Current Balance 10/1/2014 Brevard County Tax Collector FY , /15/2015 Montecito Master Community Association, OM , Inc 9/30/2015 Montecito Master Community Association, Inc OM , Total General Fund 7,985.05

13 Summary A/R Ledger Debt Service Fund From 9/1/2015 Through 9/30/2015 Invoice Date Customer Name Invoice Number Current Balance 3/20/2009 Phoenix Community Developers, Inc. SAI , /20/2009 Satellite Beach Partners, LLC DB , /20/2009 Satellite Beach Partners, LLC SAI , /20/2009 Towns of Montecito Community Dev., LLC SAI , /1/2009 Towns of Montecito Community Dev., LLC ORA-MON , /30/2011 Satellite Beach Partners, LLC DB , /30/2011 Towns of Montecito Community Dev., LLC DB , /31/2014 Satellite Beach Partners, LLC FY09-10 Off Roll 1,015, /1/2014 Brevard County Tax Collector FY , Total Debt Service Fund 2,601, Report Balance 2,609,831.28

14 Summary A/P Ledger General Fund From 9/1/2015 Through 9/30/2015 Vendor Name Invoice Date Invoice Number Invoice Description Current Balance Dewberry Engineers, Inc 2/10/ Engineering Services 01/ Florida Today Payment Center 9/27/ Acct # 6MC817 Legal Advertising 09/ George E. Henson 9/29/2015 EH Board of Supervisors Meeting 09/29/ Bill Beasley 9/29/2015 BB Board of Supervisors Meeting 09/29/ Neon Tree Service 9/30/ Tree Installation 2, Total General Fund 3, Report Balance 3,271.30

15 Notes to Unaudited Financial Statements September 30, 2015 Balance Sheet 1. Trust statement activity has been recorded through 09/30/ See EMMA (Electronic Municipal Market Access) at for Municipal Disclosures and Market Data. 3. Debt Service Obligations-Current represents scheduled Series 2006 Debt Service payments that were not made May 2010 May Statement of Revenue and Expenditures Debt Service Fund 4. The scheduled Series 2006 Debt Service payments that were not made have been accrued, and are reflected in the accompanying Balance Sheet. Summary A/R Ledger 5. 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.