LA COLLINA COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS REGULAR MEETING MARCH 6, 2015

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1 LA COLLINA COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS REGULAR MEETING MARCH 6,

2 LA COLLINA COMMUNITY DEVELOPMENT DISTRICT AGENDA MARCH 6, 2015 at 10:00 a.m. Homes by Westbay Located at 4065 Crescent Park Drive, Riverview, FL District Board of Supervisors Chair John Kraynick Vice-Chair Penny Yanacheck Supervisor Brian Bullock Supervisor Richard Jerman Supervisor Vacant District Manager Meritus Brian Lamb Brian Howell District Attorney Burr Forman, LLP Scott Steady District Engineer Heidt Design, LLC Tim Plate All cellular phones and pagers must be turned off while in the meeting room The District Agenda is comprised of four different sections: The meeting will begin at 10:00 a.m. with the fourth section called Business Items. The business items section contains items for approval by the District Board of Supervisors that may require discussion, motion and votes on an item-by-item basis. If any member of the audience would like to speak on one of the business items, they will need to register with the District Administrator prior to the presentation of that agenda item. Agendas can be reviewed by contacting the Manager s office at (813) at least seven days in advance of the scheduled meeting. Requests to place items on the agenda must be submitted in writing with an explanation to the District Manager at least fourteen (14) days prior to the date of the meeting. The seventh section is called Business Administration. The Business Administration section contains items that require the review and approval of the District Board of Supervisors as a normal course of business The eighth section is called Staff Reports. This section allows the District Administrator, Engineer, and Attorney to update the Board of Supervisors on any pending issues that are being researched for Board action. The final section is called Supervisor Requests and Audience Comments. This is the section in which the Supervisors may request Staff to prepare certain items in an effort to meet residential needs. The Audience Comment portion of the agenda is where individuals may comment on matters that concern the District. Each individual is limited to three (3) minutes for such comment. The Board of Supervisors or Staff is not obligated to provide a response until sufficient time for research or action is warranted. IF THE COMMENT CONCERNS A MAINTENANCE RELATED ITEM, THE ITEM WILL NEED TO BE ADDRESSED BY THE DISTRICT ADMINSTRATOR OUTSIDE THE CONTEXT OF THIS MEETING. Public workshops sessions may be advertised and held in an effort to provide informational services. These sessions allow staff or consultants to discuss a policy or business matter in a more informal manner and allow for lengthy presentations prior to scheduling the item for approval. Typically no motions or votes are made during these sessions. Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this meeting is asked to advise the District Office at (813) , at least 48 hours before the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service at 1 (800) , who can aid you in contacting the District Office. Any person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that this same person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which the appeal is to be based. 2

3 March 6, 2015 Board of Supervisors La Collina Community Development District Dear Board Members: The Regular Meeting of the La Collina Community Development District will be held on Friday, March 6, 2015 at 10:00 a.m. at the offices of Homes by Westbay, located at 4065 Crescent Park Drive., Riverview, FL Following is the Agenda for the Meeting: Call In Number: Access Code: CALL TO ORDER A. Overview of Meeting Procedures and Decorum 2. ROLL CALL 3. PUBLIC COMMENT ON AGENDA ITEMS 4. BUSINESS ITEMS A. Consideration of Resolution ; Assessment Adjustment (Under Separate Cover) B. Consideration of Resolution ; Adopting Proposed FY 2016 Budget & Setting Public Hearing... Tab 01 C. Selection of an Audit Committee 5. BUSINESS ADMINISTRATIVE A. Consideration of Board of Supervisors Meeting Minutes January 13, Tab 02 B. Consideration of Operations and Maintenance Expenditures March Tab 03 C. Review of Financial Statements Month Ending January 31, Tab 04 D. General Matters of the District 6. STAFF REPORTS A. District Counsel B. District Engineer C. District Manager i. Disclosure of Qualified Electors 7. SUPERVISOR REQUESTS AND AUDIENCE COMMENTS 8. ADJOURNMENT We look forward to seeing you at the meeting. In the meantime, if you have any questions, please do not hesitate to call us at (813) Sincerely, Brian Lamb 3

4 RESOLUTION A RESOLUTION OF THE BOARD OF SUPERVISORS OF LA COLLINA COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR THE LA COLLINA COMMUNITY DEVELOPMENT DISTRICT FOR FISCAL YEAR 2016, SETTING A HEARING FOR PUBLIC CONSIDERATION OF THE SAME WHEREAS, La Collina Community Development District is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within Hillsborough County, Florida (hereinafter the District ); and WHEREAS, the District now believes it appropriate to make reasonable provision with respect to the manner in which the District s Board of Supervisors (hereinafter the Board ) will incur expenses and provide revenues necessary for its operation and any proposed improvement; and WHEREAS, the District Manager has heretofore prepared and submitted to the District s Board, a proposed operating budget for Fiscal Year 2016, and WHEREAS, the Board has considered the proposed budget and now desires to set the required public hearing thereon and NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF LA COLLINA COMMUNITY DEVELOPMENT DISTRICT: Section 1. The Proposed Budget for La Collina Community Development District for Fiscal Year 2016, attached hereto as Exhibit A is hereby approved as the basis for conducting a public hearing to adopt the same. Section 2. A Public Hearing on the proposed budget as approved by the District s Board is hereby declared and set for (date) at (time), at Homes by Westbay, 4065 Crescent Park Drive, Riverview, FL (location.) Section 3. Notice of this Public Hearing shall be published in accordance with Section (2)(a), Florida Statutes. Section 4. The District s Secretary is directed to submit the proposed budget to Hillsborough County not less than sixty (60) days prior to its scheduled final adoption (Public Hearing). Section 5. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED THIS 6th DAY OF MARCH, LA COLLINA COMMUNITY DEVELOPMENT DISTRICT CHAIRMAN ATTEST: SECRETARY 4

5 2016 EXHIBIT A 5

6 SECTION DESCRIPTION PAGE I. BUDGET INTRODUCTION... 1 II. PROPOSED OPERATING BUDGET... 2 III. GENERAL FUND 001 DESCRIPTIONS... 3 IV. DEBT SERVICE FUND... 5 V. SCHEDULE OF ANNUAL ASSESSMENTS... 6 EXHIBIT A 6

7 Background Information The La Collina Community Development District is a local special purpose government authorized by Chapter 190, Florida Statutes, as amended. The Community Development District (CDD) is an alternative method for planning, financing, acquiring, operating and maintaining community-wide infrastructure in master planned communities. The CDD also is a mechanism that provides a solution to the State s needs for delivery of capital infrastructure to service projected growth without overburdening other governments and their taxpayers. CDD s represent a major advancement in Florida s effort to manage its growth effectively and efficiently. This allows the community to set a higher standard for construction along with providing a long-term solution to the operation and maintenance of community facilities. The following report represents the District budget for Fiscal Year 2016, which begins on October 1, The District budget is organized by fund to segregate financial resources and ensure that the segregated resources are used for their intended purpose, and the District has established the following funds. Fund Number Fund Name Services Provided 001 General Fund Operations and Maintenance of Community Facilities Financed by Non-Ad Valorem Assessments 200 Debt Service Fund Collection of Special Assessments for Debt Service on the Series 2015 Capital Improvement Revenue Bonds EXHIBIT A Facilities of the District The District s existing facilities include storm-water management (lake and water control structures), wetland preserve areas, street lighting, landscaping, entry signage, entry features, irrigation distribution facilities, recreational center, parks, pool facility, tennis courts and other related public improvements. Maintenance of the Facilities In order to maintain the facilities, the District conducts hearings to adopt an operating budget each year. This budget includes a detailed description of the maintenance program along with an estimate of the cost of the program. The funding of the maintenance budget is levied as a non-ad valorem assessment on your property by the District Board of Supervisors. 7

8 Fiscal Year 2015 Final Annual Budget Fiscal Year 2016 Proposed Operating Budget Increase / (Decrease) from FY 2015 to FY 2016 REVENUES Special Assessments Developer Contribution 145, ,775 52,800 Total Revenues $ 145,975 $ 198,775 $ 52,800 EXPENDITURES Financial & Administrative Operations Management 27,000 32,500 5,500 District Engineer 6,000 6,000 - Disclosure Reporting 5,000 3,500 (1,500) Trustee's Fees 7,500 4,000 (3,500) Auditing Services 5,500 5,500 - Arbitrage Rebate Calculation Accounting Services - 3,750 3,750 Financial Services - 3,750 3,750 Postage, Phone, Faxes, Copies 3, (2,900) Public Officials Insurance 3,500 1,800 (1,700) Legal Advertising 1,000 1, Bank Fees Dues, Licenses & Fees Finanacial Advisor Office Supplies Website Administration - 1,500 1,500 Total Financial & Administrative $ 59,175 $ 65,275 $ 6,100 Legal Counsel District Counsel 6,000 6,000 - Total Legal Counsel $ 6,000 $ 6,000 $ - Electric Utility Services Electric Utility Services - Streetlights Electric Utility Services - All Others 20,000 20,000 - Total Electric Utility Services $ 20,000 $ 20,000 $ - Garbage/Solid Waste Control Services Garbage Collection Total Garbage/Solid Waste Control Services $ 500 $ 500 $ - Water-Sewer Combination Services Water Utility Services 2,500 2,500 - Total Water-Sewer Combination Services $ 2,500 $ 2,500 $ - Parks and Recreation Clubhouse Operations - 40,000 40,000 Pool Maintenance 7,500 7,500 - Clubhouse Maintenance 6,500 6,500 - Total Parks and Recreation $ 14,000 $ 54,000 $ 40,000 Other Physical Environment Waterway Management System 6,500 5,000 (1,500) Property & Liability Insurance 6,500 6,500 - Landscape Maintenance - Contract 20,000 30,000 10,000 Miscellaneous Landscape 6,000 5,000 (1,000) Plant Replacement Program 1,200 1, Irrigation Maintenance 3,600 2,500 (1,100) Total Parks and Recreation $ 43,800 $ 50,500 $ 86,700 Road & Street Facilities Pavement & Drainage Repairs & Maintenance Total Road & Street Facilities $ - $ - $ - EXHIBIT A Total Expenditures $ 145,975 $ 198,775 $ 132,800 Excess of Revenues Over (Under) Expenditures $ - $ - $ (80,000) 8

9 Financial & Administrative District Manager The District retains the services of a consulting manager, who is responsible for the daily administration of the District's business, including any and all financial work related to the Bond Funds and Operating Funds of the District, and preparation of the minutes of the Board of Supervisors. In addition, the District Manager prepares the Annual Budget(s), implements all policies of the Board of Supervisors, and attends all meetings of the Board of Supervisors. District Engineer Consists of attendance at scheduled meetings of the Board of Supervisors, offering advice and consultation on all matters related to the works of the District, such as bids for yearly contracts, operating policy, compliance with regulatory permits, etc. Disclosure Reporting On a quarterly and annual basis, disclosure of relevant district information is provided to the Muni Council, as required within the bond indentures. Trustees Fees This item relates to the fee assessed for the annual administration of bonds outstanding, as required within the bond indentures. Auditing Services The District is required to annually undertake an independent examination of its books, records and accounting procedures. This audit is conducted pursuant to State Law and the Rules of the Auditor General. Postage, Phone, Fax, Copies This item refers to the cost of materials and service to produce agendas and conduct day-today business of the District. Public Officials Insurance The District carries Public Officials Liability in the amount of $1,000,000. EXHIBIT A Legal Advertising This is required to conduct the official business of the District in accordance with the Sunshine Law and other advertisement requirements as indicated by the Florida Statutes. Bank Fees The District operates a checking account for expenditures and receipts. Dues, Licenses & Fees The District is required to file with the County and State each year. Miscellaneous Fees To provide for unbudgeted administrative expenses. Office Supplies Cost of daily supplies required by the District to facilitate operations. 9

10 Legal Counsel District Counsel Requirements for legal services are estimated at an annual expenditures on an as needed and also cover such items as attendance at scheduled meetings of the Board of Supervisor's, Contract preparation and review, etc. Electric Utility Services Electric Utility Services This item is for street lights, pool, recreation facility and other common element electricity Garbage/Solid Waste Control Services Garbage Collection This item is for pick up at the recreation facility and parks as needed. Water-Sewer Combination Services Water Utility Services This item is for the potable and non-potable water used for irrigation. Other Physical Environment Waterway Management System This item is for maintaining the multiple waterways that compose the District's waterway management system and aids in controlling nuisance vegetation that may otherwise restrict Property & Casualty Insurance The District carries $1,000,000 in general liability and also has sovereign immunity. Entry & Walls Maintenance This item is for maintaining the main entry feature and other common area walls. Landscape Maintenance The District contracts with a professional landscape firm to provide service through a public bid process. This fee does not include replacement material or irrigation repairs. EXHIBIT A Miscellaneous Landscape This item is for any unforeseen circumstances that may effect the appearance of the landscape Plant Replacement Program This item is for landscape items that may need to be replaced during the year. Irrigation Maintenance Repairs necessary for everyday operation of the irrigation system to ensure its effectiveness. Pool Maintenance This item is necessary to contract with a vendor to maintain the pool within state guidelines for Clubhouse Maintenance This item provides for operations, maintenance, and supplies to the District's Amenity Center. 10

11 REVENUES Capitalized Interest $ 192,094 EXPENDITURES TOTAL REVENUES $ 192,094 Series 2015 May Bond Interest Payment $ 96,047 Series 2015 November Bond Interest Payment $ 96,047 TOTAL EXPENDITURES $ 192,094 EXCESS OF REVENUES OVER EXPENDITURES $ - ANALYSIS OF BONDS OUTSTANDING Bonds Outstanding - Period Ending 11/1/2015 $ 3,500,000 Principal Payment Applied Toward Series 2015 Bonds $ - Bonds Outstanding - Period Ending 11/1/2016 $ 3,500,000 EXHIBIT A 11

12 Single Family 40' Unit Unit Count O&M Per Unit Debt Service Per Unit TOTAL ANNUAL FEES 83 $ $ $1, DUE IF PAID BY: November 30 December 31 January 31 February 29 $1, $1, $1, $1, Single Family 50' Unit Unit Count O&M Per Unit Debt Service Per Unit TOTAL ANNUAL FEES 52 $ $ $1, DUE IF PAID BY: November 30 December 31 January 31 February 29 $1, $1, $1, $1, Single Family 60' Unit Unit Count O&M Per Unit Debt Service Per Unit TOTAL ANNUAL FEES 108 $ $1, $1, DUE IF PAID BY: November 30 December 31 January 31 February 29 $1, $1, $1, $1, Single Family 70' Unit Unit Count O&M Per Unit Debt Service Per Unit TOTAL ANNUAL FEES 49 $ $1, $2, DUE IF PAID BY: November 30 December 31 January 31 February 29 $2, $2, $2, $2, ** All payments received subsequent to February 29 are due in full. EXHIBIT A 12

13 LA COLLINA COMMUNITY DEVELOPMENT DISTRICT January 13, 2015 Minutes of the Continued Regular Meeting Minutes of the Continued Regular Meeting The Continued Regular Meeting of the La Collina Community Development District was held on Friday, January 13, 2015 at 10:00 a.m. at the Offices of Homes by Westbay, located at 4065 Crescent Park Drive, Riverview, Florida CALL TO ORDER Overview of meeting procedures and decorum Mr. Lamb called the Continued Regular Meeting of the Board of Supervisors of the La Collina Community Development District to order on Friday, January 13, 2015 at 10:00 a.m. and identified the Board Members present. 2. ROLL CALL Board Members Present and Constituting a Quorum at the onset of the meeting: John Kraynick Chairman Richard Jerman Vice Chairman Brian Bullock Supervisor Penny Yanacheck Supervisor Staff Members Present: Brian Lamb District Manager, Meritus Scott Steady District Counsel, Burr Forman, LLP Mr. Steady stated that the purpose of this meeting was to go through and ratify some of the documents that the Chair is going to be signing. The Board had previously adopted a Delegation Resolution which provided the Chair the authority to already sign these documents. Mr. Steady stated he had the construction contract with Kearney with him and presented it to the Board. MOTION TO: MADE BY: SECONDED BY: DISCUSSION: RESULT: DRAFT Ratify the contract with Kearney and authorize the Chair to sign it. Supervisor Yanacheck Supervisor Jerman Would like clarification on the numbers of the contract. The Board discussed this in detail. 4/0 Called to Vote: motion PASSED 3. PUBLIC COMMENT ON AGENDA ITEMS 4. BUSINESS ADMINISTRATIVE A. Consideration of the Landowner s Meeting and Election Minutes, November 7, 2014 B. Consideration of Board of Supervisors Meeting Minutes, November 7, 2014 C. Consideration of Board of Supervisors Meeting Minutes, December 5, 2014 D. General Matters of the District 13

14 LA COLLINA COMMUNITY DEVELOPMENT DISTRICT Minutes of the Continued Regular Meeting January 13, 2015 Page CONSIDERATION OF FINANCE DOCUMENTS A. Matters Relating to Finance B. Ratify Documents for Bond Issuance Mr. Steady stated that in the Delegation Resolution there was an attached indenture which is basically an agreement with the Bond holders and authorization of the Chair to sign all the closing documents that he will be signing today including those agreements that are in front of the Board. Mr. Williams, Bond Counsel, confirmed with Mr. Steady that the indenture that was attached to the Resolution is substantially the same and he did not feel that it needed to be ratified at this meeting. Mr. Steady went over want did need to be ratified, the Agreement to Convey, the Completion Agreement, the Collateral Assignment Agreement, the Lien of Record, the Declaration of Consent and the True Up Agreement. Mr. Steady stated those should reflect all the changes that have been reviewed and approved by the private attorneys representing the property owner and the developer. MOTION TO: Approve all six agreements. MADE BY: Supervisor Jerman SECONDED BY: Supervisor Yanacheck DISCUSSION: None Further RESULT: 4/0 Called to Vote: motion PASSED Mr. Steady stated he had one other issue for the Board s consideration regarding levying the assessments. What was anticipated in that Resolution that levied the assessments that once we knew what the bonds were the Board would come back and adopt a subsequent Resolution that would bring down and finalize those assessments officially. Mr. Steady said that Mr. Lamb had the actual numbers of the methodology with him that will reflect the bond sizing that will be finalized today and issued tomorrow. He also said that the Resolution that had been adopted levying the assessment said that within 60 days the Board will come back and have a subsequent Resolution approving this and modifying the assessments that were levied to accurately reflect what the bond amount was. Mr. Steady asked if Mr. Lamb would hand that out to the Board and for the Board to adopt it and at the next meeting adopt a Resolution that clearly adopts it officially so that the District s records in the lien book will reflect these numbers. DRAFT The Board discussed everything in detail that Mr. Steady presented and he answered all questions they had. MOTION TO: Receive and file. MADE BY: Supervisor Jerman SECONDED BY: Supervisor Yanacheck DISCUSSION: None Further RESULT: 4/0 Called to Vote: motion PASSED 6. STAFF REPORTS A. District Counsel B. District Engineer C. District Manager 7. SUPERVISOR REQUESTS AND AUDIENCE COMMENTS 14

15 LA COLLINA COMMUNITY DEVELOPMENT DISTRICT Minutes of the Continued Regular Meeting January 13, 2015 Page ADJOURNMENT MOTION TO: Recess with a mandatory adjournment today of 2:00. MADE BY: Supervisor Yanacheck SECONDED BY: Supervisor Kraynick DISCUSSION: None Further RESULT: 4/0 Called to Vote: motion PASSED *Please note the entire meeting is available on disc. *These minutes were done in a summary format. *Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based. Meeting minutes were approved at a meeting by vote of the Board of Supervisors at a publicly noticed meeting held on. Signature Signature Printed Name Printed Name Title: Title: Chair Secretary Vice Chair Assistant Secretary DRAFT Recorded by Records Administrator Signature Date Official District Seal 15

16 March 2015 Meeting Vendor Monthly Contract La Collina Community Development District Summary of Operations and Maintenance Invoices Invoice/Account Number Amount Vendor Total Monthly Budget Comments/Description Meritus Districts 6821 $6$$4, Management Services January & February Meritus Districts ,252, $6, $2, Management Services - March Monthly Contract Sub-Total $6, Variable Contract Burr & Forman $ Professional Services thru 01/31 - General Variable Contract Sub-Total $ Utilities Utilities Sub-Total $ 0.00 Regular Services Tampa Bay Times $1, Notice of Various Meeting Topics 11/05 11/14 Tampa Bay Times Notice of Regular Board Meeting 01/03 Regular Services Sub-Total $1, Additional Services Meritus Districts 6542 $6$$ Notice of Regular Board Meeting 10/03 Meritus Districts 6794 $4, $4, Organization Meeting September 2014 Alphagraphics $60.12 District Stamp 01/19 Kaeser & Blair $93.02 (250) Checks 01/28 Additional Services Sub-Total $5, TOTAL: $14, Approved (with any necessary revisions noted): 16

17 March 2015 Meeting La Collina Community Development District Summary of Operations and Maintenance Invoices Vendor Invoice/Account Number Amount Vendor Total Monthly Budget Comments/Description Signature Printed Name Title (check one): [ ] Chairman [ ] Vice Chairman [ ] Assistant Secretary 17

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38 La Collina Community Development District Financial Statements (Unaudited) Period Ending January 31, 2015 Meritus Districts 5680 West Cypress Street ~ Suite A ~ Tampa, Florida Phone (813) ~ Fax (813)

39 La Collina CDD Balance Sheet As of 1/31/2015 (In Whole Numbers) General Fund Debt Service - Series 2015 Capital Projects- Series 2015 General Long-Term Debt Assets Cash In Bank 9, Investments 0 629,057 2,679,308 0 Amount Available In Debt Service ,057 Amount To Be Provided Debt Service ,870,943 Total Assets 9, ,057 2,679,308 3,500,000 Liabilities Accounts Payable 11, Revenue Bonds Payable--Long ,500,000 Term Total Liabilities 11, ,500,000 Fund Equity & Other Credits Beginning Fund Balance (4,500) Net Change In Fund Balance 3, ,057 2,679,308 0 Total Fund Equity & Other Credits (1,276) 629,057 2,679,308 0 Date: 2/25/15 11:18:14 AM Page: 1 39

40 La Collina CDD Statement of Revenues and Expenditures General Fund From 10/1/2014 Through 1/31/2015 (In Whole Numbers) Total Budget - Original Current Period Actual YTD Budget Variance - Original Percent Total Budget Remaini. Origina Revenues Special Assessments - Capital Improvements Operations & Maintenance Assmts-Off Roll 145,975 0 (145,975) (100)% Contributions & Donations From Private Sources Developer Contributions 0 15,000 15,000 0 % Total Revenues 145,975 15,000 (130,975) (90)% Expenditures Financial & Administrative District Manager 27,000 9,000 18, % District Engineer 6, , % Disclosure Report 5, , % Trustees Fees 7, , % Auditing Services 5, , % Postage, Phone, Faxes, Copies 3, , % Public Officials Insurance 3, , % Legal Advertising 1,000 1,647 (647) (65)% Bank Fees % Dues, Licenses & Fees % Office Supplies % Legal Counsel District Counsel 6, , % Electric Utility Services Electric Utility Services 20, , % Garbage/Solid Waste Control Services Garbage Collection % Water-Sewer Combination Services Water Utility Services 2, , % Other Physical Environment Waterway Management Program 6, , % Date: 2/25/15 11:19:03 AM Page: 1 40

41 La Collina CDD Statement of Revenues and Expenditures General Fund From 10/1/2014 Through 1/31/2015 (In Whole Numbers) Total Budget - Original Current Period Actual YTD Budget Variance - Original Percent Total Budget Remaini. Origina Property & Casualty Insurance 6, , % Club Facility Maintenance 6, , % Landscape Maintenance - 20, , % Contract Landscape Maintenance - 6, , % Other Plant Replacement Program 1, , % Irrigation Maintenance 3, , % Pool Maintenance 7, , % Total Expenditures 145,975 11, , % Date: 2/25/15 11:19:03 AM Page: 2 41

42 La Collina CDD Statement of Revenues and Expenditures Debt Service - Series 2015 From 10/1/2014 Through 1/31/2015 (In Whole Numbers) Total Budget - Original Current Period Actual YTD Budget Variance - Original Percent Total Budget Remaini. Origina Revenues Debt Proceeds Bond Proceeds 0 629, ,057 0 % Total Revenues 0 629, ,057 0 % Excess Revenues Over (Under) Expenditures 0 629, ,057 0 % Date: 2/25/15 11:04:59 AM Page: 1 42

43 La Collina CDD Statement of Revenues and Expenditures Capital Projects- Series 2015 From 10/1/2014 Through 1/31/2015 (In Whole Numbers) Total Budget - Original Current Period Actual YTD Budget Variance - Original Percent Total Budget Remaini. Origina Revenues Debt Proceeds Bond Proceeds 0 2,800,943 2,800,943 0 % Total Revenues 0 2,800,943 2,800,943 0 % Expenditures Debt Service Payments District Manager 0 30,000 (30,000) 0 % Trustees Fees 0 5,200 (5,200) 0 % District Counsel 0 37,500 (37,500) 0 % Trustee Counsel 0 5,185 (5,185) 0 % Transcript Fees 0 1,250 (1,250) 0 % Underwriter's Counsel 0 35,000 (35,000) 0 % Developer's Counsel 0 7,500 (7,500) 0 % Total Expenditures 0 121,635 (121,635) 0 % Excess Revenues Over (Under) Expenditures 0 2,679,308 2,679,308 0 % Date: 2/25/15 11:07:42 AM Page: 1 43

44 La Collina CDD Reconcile Cash Accounts Reconciliation Date: 1/31/2015 Cash Account: Cash-Operating Account Bank Balance 9, Less Outstanding Checks/Vouchers Plus Deposits in Transit 0.00 Plus or Minus Other Cash Items 0.00 Plus or Minus Suspense Items Reconciled Bank Balance 9, Balance Per Books 9, Unreconciled Difference 0.00 Date: 2/25/15 10:55:51 AM Page: 1 44

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