Venetian Community Development District. Financial Statements (Unaudited) October 31, 2014

Transcription

1 Venetian Community Development District Financial Statements (Unaudited) October 31, 2014 Prepared by Rizzetta & Company, Inc. District Manager

2 Balance Sheet As of 10/31/2014 (In Whole Numbers) General Fund Debt Service Fund Enterprise Fund Total Governmental Funds General Fixed Assets Account Group General Long-Term Debt Account Group Assets Cash In Bank 223, , , Investments 0 1,532,280 54,825 1,587, Investments - Reserves ,438 73, Accounts Receivable 1,353,878 1,445,136 1,379,801 4,178, Accounts Receivable - Other ,120 25, Advances to WCI 0 0 (12,924) (12,924) 0 0 Prepaid Expenses and Inventory 8, ,032 84, Deposits 9, ,400 12, Due From Other Funds 203,069 4, , Due from River Club Operating 0 0 5,126 5, Amount Available in Debt Service Fund ,982,116 Amount To Be Provided Debt Service ,257,884 Fixed Assets 0 0 5,640,000 5,640,000 18,450,610 0 Total Assets 1,798,809 2,982,116 7,555,890 12,336,816 18,450,610 12,240,000 Liabilities Accounts Payable 32, ,521 80, Accrued Expenses Payable 3, , , Deferred Revenue Deposits ,368 15, Due To Other Funds 4, , , Due to River Club Reserve 0 0 5,126 5, Revenue Bonds Payable--Long Term 0 0 6,350,000 6,350, ,240,000 Total Liabilities 41, ,727,512 6,768, ,240,000 Fund Equity & Other Credits Beginning Fund Balance 507,921 1,532,273 (415,082) 1,625,112 18,450,610 0 Net Change in Fund Balance 1,249,537 1,449,844 1,243,460 3,942, Total Fund Equity & Other Credits 1,757,458 2,982, ,378 5,567,952 18,450,610 0 Total Liabilities & Fund Equity 1,798,809 2,982,116 7,555,890 12,336,816 18,450,610 12,240,000

3 Statement of Revenues and Expenditures General Fund (In Whole Numbers) Percent Annual Annual Budget YTD Budget YTD Actual YTD Variance Budget Remaining Revenues Special Assessments Tax Roll 1,375,540 1,375,540 1,353,878 (21,662) 1.57% Off Roll 0 0 3,939 3, % Other Miscellaneous Revenues Transponder Revenue 10, , % Total Revenues 1,385,540 1,376,373 1,358,984 (17,389) 1.92% Expenditures Legislative Supervisor Fees 12,000 1,000 1, % Financial & Administrative District Management 57,800 4,817 4, % Engineering/Inspections (Distr 30,000 2,500 3,713 (1,213) 87.62% Engineer) Continuing Disclosure Fee % Trustees Fees 10,000 6, , % Audit Fees 15, ,000 (10,000) 33.33% Arbitrage Rebate Fee 1, % Insurance (POL & Gen Liability) 6,515 6, , % Legal Advertising 3, % Dues & Subscriptions % Miscellaneous 1, % Property Taxes % Website 5, % Miscellaneous Mailings 2, % Legal Counsel Legal (District Counsel) 60,000 5, , % Other Public Safety Privacy Staffing (Security Contract) 285,000 23,750 20,547 3, % Gatehouse/Gates Repairs & 18,000 1, , % Maintenance Access Transponders 10, % Electric Utility Services Electricity 35,000 2,917 1,400 1, % Water-Sewer Combination Services Water/Sewer Effluent & Common 15,000 1, % Guardhouse Stormwater Management Fountain - Repairs & Maintenance 4, % Lake/Pond Bank Maintenance 20,000 1,667 4,353 (2,687) 78.23% Lake Maintenance Contract 33,660 2,805 9,529 (6,724) 71.69% Mitigation Area Monitoring & 42,500 3, , % Maintenance Stormwater System Maintenance 7, % Other Physical Environment Office & Administration 6, % Admin Personnel 117,000 9,750 8, % Telephone, Fax, Internet 8, %

4 Statement of Revenues and Expenditures General Fund (In Whole Numbers) Percent Annual Annual Budget YTD Budget YTD Actual YTD Variance Budget Remaining Landscape Maintenance 271,000 22,583 18,500 4, % Irrigation - Maintenance Contract 32,000 2,667 5,828 (3,161) 81.78% Holiday Decorations 4,000 2,000 1, % Landscape- Annual, Replace, Tree 7, ,736 (9,153) (39.08)% Trim Pinestraw Installation 100,000 8, , % Landscape - Annual Flowers 21,000 1,750 1, % Landscape - Other 27,000 2, , % General Repairs & Maintenance 2, ,155 (946) 53.81% Mailbox Repair & Replacement 1, (82) % Technology Services/Software 3, % Upgrades Road & Street Facilities Street Sweeping 4, % Street Light/Decorative Light 6, ,432 (2,932) 42.80% Maintenance Roadway Repair & Maintenance 10, % Sidewalk Repair & Maintenance 3, % Street Sign Repair & Replacement 7, % Contingency Contingency 30,000 2, , % Total Expenditures 1,335, , ,447 14, % Excess of Revenues Over (Under) Expenditures 50,000 1,252,800 1,249,537 (3,263) (2,399.07)% Other Financing Sources (Uses) Interfund Transfer Transfer of Reserves (50,000) % Total Other Financing Sources (Uses) (50,000) % Excess of Rev./Other Sources Over (Under) Expend./Other Uses 0 1,252,800 1,249,537 (3,263) 0.00% Fund Balance, Beginning of Period , , % Fund Balance, End of Period 0 1,252,800 1,757, , %

5 Statement of Revenues and Expenditures Debt Service Fund (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings % Special Assessments Tax Roll 1,470,984 1,445,136 (25,848) (1.75)% Off Roll 0 4,700 4, % Total Revenues 1,470,984 1,449,844 (21,140) (1.44)% Expenditures Debt Service Payments Interest 1,010, ,010, % Principal 460, , % Total Expenditures 1,470, ,470, % Excess of Revenues Over (Under) Expenditures Exc. of Rev./Other Sources Over (Under) Expend./Other Uses 0 1,449,844 1,449, % 0 1,449,844 1,449, % Fund Balance, Beginning of Period 0 1,532,273 1,532, % Fund Balance, End of Period 0 2,982,116 2,982, %

6 Statement of Revenues and Expenditures Enterprise Fund (In Whole Numbers) Annual Budget YTD Budget YTD Actual YTD Variance Percent Annual Budget Remaining Revenues Interest Earnings Interest Earnings % Special Assessments Tax Roll 1,429,509 1,429,509 1,379,801 (49,708) 3.47% Lot Closings - O&M 75,803 75,803 5,451 (70,352) 92.80% Amenity Center Revenue Fitness 2, (31) 91.57% Tennis 16,340 1,400 1, % Restaurant 605,613 49,294 51,558 2, % Contributions From Private Sources WCI Deficit Spending Contribution 100,000 8,333 8, % Other Miscellaneous Revenues Administration 21,844 1,671 1,526 (145) 93.01% Total Revenues 2,251,709 1,566,260 1,448,872 (117,389) 35.65% Expenditures Cost of Goods Tennis 108,587 9,535 10,697 (1,162) 90.14% Fitness 188,117 16,628 13,865 2, % Restaurant 810,285 70,466 84,398 (13,932) 89.58% Financial & Administrative Management Contract 120,000 10,000 10, % Parks & Recreation Landscape Maintenance 41,699 9,556 4,485 5, % Facility Expenses 830,902 73,130 67,704 5, % Sales and Marketing 12, % Capital Improvements 139,774 10,378 14,082 (3,704) 89.92% Total Expenditures 2,251, , ,412 (5,504) 90.88% Excess of Revenues Over (Under) Expenditures 0 1,366,352 1,243,460 (122,893) 0.00% Excess of Rev./Other Sources Over (Under) Expend./Other Uses 0 1,366,352 1,243,460 (122,893) 0.00% Fund Balance, Beginning of Period 0 0 (415,082) (415,082) 0.00% Fund Balance, End of Period 0 1,366, ,378 (537,974) 0.00%

7 Venetian CDD Investment Summary October 31, 2014 Balance as of Account Investment October 31, 2014 US Bank Series 2012 Reserve First American Government Obligation Fund Class Y $ 956,142 US Bank Series 2012 Revenue First American Government Obligation Fund Class Y 576,138 Total Debt Service Fund Investments $ 1,532,280 The Bank of Tampa Money Market $ 54,825 Total Enterprise Fund Investments $ 54,825 The Bank of Tampa ICS Program: Bank of China, New York, NY Money Market $ 73,438 Total Enterprise Fund Investments - Reserves $ 73,438

8 Summary A/R Ledger Invoice Date Customer Name Invoice Number Current Balance 10/1/2014 Sarasota County Tax Collector FY ,178, Report Balance 4,178,814.71

9 Summary A/P Ledger General Fund Vendor Name Invoice Date Invoice Number Invoice Description Current Balance Aquatic Systems Inc 9/1/ Semi-Annual Aerator Maintenance 09/ Barry R Snyder 10/13/2014 BS Board of Supervisors Meeting 10/13/ Barry R Snyder 10/27/2014 BS Board of Supervisors Meeting 10/27/ Charles W Craychee 10/13/2014 CC Board of Supervisors Meeting 10/13/ Charles W Craychee 10/27/2014 CC Board of Supervisors Meeting 10/27/ Clean Sweep Parking Lot 10/31/ Street Sweeping 10/ Maintenance Inc Crosscreek Environmental Inc. 10/9/ Sodding and sprinkler adjustment 4, Crosscreek Environmental Inc. 10/9/ RET Sodding and sprinkler adjustment balance Florida Power & Light 10/29/2014 Electric Summary FPL Electric Summary 10/14 1, /14 Frontier Lighting, Inc. 10/28/2014 S Candelabra Lamps and Sockets 2, James T Shea 10/13/2014 JS Board of Supervisors Meeting 10/13/ James T Shea 10/27/2014 JS Board of Supervisors Meeting 10/27/ Jerry Jasper 10/13/2014 JJ Board of Supervisors Meeting 10/13/ Jerry Jasper 10/27/2014 JJ Board of Supervisors Meeting 10/27/ Lisa Ross Inc 10/30/ Vendor Registration Letters McDirmit Davis & Company, LLC 10/24/ Audit Services FY , Office Source USA Inc 10/29/ Office Supplies SEL Security 10/23/ DKS Transmitters Thomas W Jones 10/13/2014 TJ Board of Supervisors Meeting 10/13/ Thomas W Jones 10/27/2014 TJ Board of Supervisors Meeting 10/27/ Tri-County Landscape Services Inc 8/28/ Irrigation Repairs 7/31/ Tri-County Landscape Services Inc 11/14/ Irrigation Repairs 10/ Verizon Florida LLC 10/22/ / / Verizon Wireless 10/19/ Wireless Telephone Services 10/ Victory Security Agency II, LLC 10/18/ Security Services 10/12/14-10/18/14 5, Victory Security Agency II, LLC 10/25/ Security Services 10/19/14-10/25/14 5, Vision Landscape Services of Florida, Inc. 10/21/ Materials and Labor for Install and Program SVC Total General Fund 32, Report Balance 32,938.87

10 Notes to Unaudited Financial Statements October 31, 2014 Balance Sheet 1. Trust statement activity has been recorded through 10/31/ See EMMA (Electronic Municipal Market Access) at for Municipal Disclosures and Market Data. Summary A/R Ledger 3. Payment terms for landowner assessments are (a) defined in the FY14-15 Assessment Resolution adopted by the Board of Supervisors, (b) pursuant to Florida Statutes, Chapter 197 for assessments levied via the county tax roll. 4. Payments for Invoice #FY14-15 of $2,117, were received in November Payment for Invoice #FY14-15 for $962, was received in December 2014