VENETIAN COMMUNITY DEVELOPMENT DISTRICT Issuer's Annual Report as of September 30, 2015

Transcription

1 VENETIAN COMMUNITY DEVELOPMENT DISTRICT Issuer's Annual Report as of September 30, 2015 Venetian Community Development District (City of Venice, Florida) $6,355,000 Capital Improvement Revenue and Refunding Bonds, Series 2012A-1; CUSIP No PAE2, No PAF9 and 92264PAG7 $185,000 Taxable Capital Improvement Revenue and Refunding Bonds, Series 2012A-1; and CUSIP No PAC6 and No PAD4 $12,910,000 Capital Improvement Revenue and Refunding Bonds, Series 2012A-2 CUSIP No PAH5 and No PAJ1 Dated May 29, 2012 Each Annual Report shall contain Annual Financial Information with respect to the District: (i) The amount of Assessments levied for the most recent prior Fiscal Year (2014/2015): Series 2012A-1 - $ 462, (net) Series 2012A-2 - $1,008, (net) $1,470, (Total) (ii) The amount of Assessments collected from the property owners during the most recent prior Fiscal Year (2014/2015): Series 2012A-1 - $ 462, Series 2012A-2 - $1,008, $1,470, (Total) (iii) If available, the amount of delinquencies greater than 150 days, and, in the event that delinquencies amount to more than ten percent (10%) of the amounts of Assessments due in any year, a list of deinquent property owners: Not available. (iv) If available, the amount of tax certificates sold, if any, and the balance, if any, remaining for sale from the most recent Fiscal Year: Unknown. (v) All fund balances in all Funds and Accounts for the Bonds as of (The Issuer shall provide any Bondholder with this information no more frequently than annually within thirty (30) days of the written request of the Bondholder): (vi) The total amount of Bonds Outstanding as of : Series 2012 Reserve - $956,142 Series 2012 Revenue - $572, Series 2012A-1 - $6,250,000 Series 2012A-2 - $11,880,000 (vii) The amount of principal and interest to be paid on the Bonds in the current Fiscal Year (2015/2016): Series 2012A-1 - $461,888 Series 2012A-2 - $974,000 (viii) The most recent audited financial statements of the Issuer: The FY audited financial statement is still in progress and will be provided under seperate cover, Attached is the unaudited financial statement. RIZZETTA & COMPANY INCORPORATED

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

3 Balance Sheet As of 9/30/2015 (In Whole Numbers) Debt Service General Fund Reserve Fund Fund Enterprise Fund River Club Reserve Fund Total Governmental Funds General Fixed Assets Account Group General Long-Term Debt Account Group Assets Cash In Bank 117, , , Investments 495,719 50,040 1,528, ,074, Investments - Reserves , , Accounts Receivable Accounts Receivable - Other , , Advances to WCI , , Prepaid Expenses and Inventory 11, , , Deposits 9, , , Due From Other Funds 68, , Due from River Club Operating Amount Available in Debt Service ,528,332 Fund Amount To Be Provided Debt Service ,351,668 Fixed Assets ,640, ,640,000 17,977,203 0 Total Assets 702,432 50,040 1,528,332 6,139, ,535 8,621,769 17,977,203 11,880,000 Liabilities Accounts Payable 43, , , Accrued Expenses Payable 14, , , Sales Tax Payable Deferred Revenue Deposits , , Due To Other Funds , , Due to River Club Reserve Revenue Bonds Payable--Long Term ,250, ,250, ,880,000 Total Liabilities 57, ,663, ,720, ,880,000 Fund Equity & Other Credits Beginning Fund Balance 507, ,532,272 (303,251) 0 1,736,548 17,977,203 0 Net Change in Fund Balance 137,177 50,040 (3,941) (220,397) 201, , Total Fund Equity & Other Credits 644,704 50,040 1,528,332 (523,647) 201,535 1,900,963 17,977,203 0 Total Liabilities & Fund Equity 702,432 50,040 1,528,332 6,139, ,535 8,621,769 17,977,203 11,880,000 See Notes to Unaudited Financial Statements

4 Statement of Revenues and 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 1,375,540 1,375,540 1,417,224 41,684 (3.03)% Off Roll ,662 21, % Other Miscellaneous Revenues Transponder Revenue 10,000 10,000 9,141 (859) 8.59% Total Revenues 1,385,540 1,385,540 1,448,746 63,206 (4.56)% Legislative Supervisor Fees 12,000 12,000 10,900 1, % Financial & Administrative District Management 57,800 57,800 57, % District Engineer 30,000 30,000 37,451 (7,451) (24.83)% Disclosure Report % Trustees Fees 10,000 10,000 4,182 5, % Auditing Services 15,000 15,000 19,000 (4,000) (26.66)% Arbitrage Rebate Calculation 1,200 1, % Insurance 6,515 6,515 5, % Legal Advertising 3,000 3,000 1,017 1, % Dues, Licenses & Fees % Miscellaneous Fees 1,000 1, % Property Taxes % Website Fees & Maintenance 5,000 5,000 5,190 (190) (3.80)% Miscellaneous Mailings 2,200 2, , % Legal Counsel District Counsel 60,000 60,000 57,205 2, % Security Operations Security Services & Patrols 285, , ,612 7, % Guard & Gate Facility Maintenance 18,000 18,000 18,656 (656) (3.64)% Gate Transponders 10,000 10,000 7,991 2, % Electric Utility Services Electricity 35,000 35,000 34, % Water-Sewer Combination Services Water & Sewer 15,000 15,000 14, % Stormwater Control Fountain Service Repairs & 4,000 4,000 2,190 1, % Maintenance Lake/Pond Bank Maintenance 20,000 20,000 35,393 (15,393) (76.96)% Lake Maintenance Contract 33,660 33,660 42,274 (8,614) (25.59)% Mitigation Area Monitoring & Maintenance 42,500 42,500 28,322 14, % See Notes to Unaudited Financial Statements

5 Statement of Revenues and 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 Stormwater System Maintenance 7,000 7,000 7,078 (78) (1.11)% Other Physical Environment Office & Administration 6,000 6,000 4,478 1, % Admin Personnel 117, , ,875 11, % Telephone 8,000 8,000 4,485 3, % Landscape Maintenance 271, , ,636 (6,636) (2.44)% Irrigation Maintenance/Monitoring 32,000 32,000 25,963 6, % Holiday Decorations 4,000 4,000 3, % Landscape- Annual, Replace, Tree Trim 7,000 7,000 12,271 (5,271) (75.29)% Landscape - Pinestraw 100, ,000 62,747 37, % Landscape - Annual Flowers 21,000 21,000 18,970 2, % Landscape - Other 27,000 27,000 20,070 6, % General Repairs & Maintenance 2,500 2,500 7,401 (4,901) (196.02)% Mailbox Repair & Replacement 1,200 1, % Technology Services/Software 3,000 3, , % Upgrades Road & Street Facilities Street/Parking Lot Sweeping 4,740 4,740 4, % Street Light/Decorative Light 6,000 6,000 16,910 (10,910) (181.83)% Maintenance Roadway Repair & Maintenance 10,000 10,000 5,465 4, % Sidewalk Repair & Maintenance 3,000 3,000 10,150 (7,150) (238.33)% Street Sign Repair & Replacement 7,500 7,500 1,200 6, % Contingency Non-Reoccuring Expenses 0 0 9,318 (9,318) 0.00% Miscellaneous Contingency 30,000 30, , % Total 1,335,540 1,335,540 1,261,569 73, % Excess of Revenues Over (Under) 50,000 50, , ,177 (274.35)% Other Financing Sources (Uses) Transfer of Reserves (50,000) (50,000) (50,000) % Excess of Rev./Other Sources Over (Under) Expend./Other Uses , , % Fund Balance, Beginning of Period , , % Fund Balance, End of Period , , % See Notes to Unaudited Financial Statements

6 Statement of Revenues and Reserve 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 % Total Revenues % Contingency Capital Reserve 50, , % Total 50, , % Excess of Revenues Over (Under) (50,000) 40 50,040 (100.08)% Other Financing Sources (Uses) Transfer of Reserves 50,000 50, % Exc. of Rev./Other Sources Over (Under) Expend./Other Uses 0 50,040 50, % Fund Balance, End of Period 0 50,040 50, % See Notes to Unaudited Financial Statements

7 Statement of Revenues and 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 1,470,984 1,445,136 (25,848) (1.75)% Off Roll 0 25,848 25, % Total Revenues 1,470,984 1,471, % Debt Service Payments Interest 1,010,984 1,015,031 (4,048) (0.40)% Principal 460, , % Total 1,470,984 1,475,031 (4,048) (0.28)% Excess of Revenues Over (Under) Exc. of Rev./Other Sources Over (Under) Expend./Other Uses 0 (3,941) (3,941) 0.00% 0 (3,941) (3,941) 0.00% Fund Balance, Beginning of Period 0 1,532,272 1,532, % Fund Balance, End of Period 0 1,528,332 1,528, % See Notes to Unaudited Financial Statements

8 Statement of Revenues and Enterprise 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 1,343,738 1,318,567 (25,171) (1.87)% Off Roll 0 24,630 24, % Lot Closings - O&M 75,803 65,859 (9,944) (13.11)% Amenity Center Revenue Fitness 2,600 3, % Tennis 16,340 18,741 2, % Restaurant Revenue 605, ,176 (21,437) (3.53)% Contributions From Private Sources WCI Deficit Spending Contribution 100, , % Other Miscellaneous Revenues Administration 21,844 21,383 (461) (2.11)% Total Revenues 2,165,938 2,136,586 (29,352) (1.36)% Cost of Goods Tennis 108, , % Fitness 188, ,265 14, % Cost of Goods Sold 810, ,670 (46,385) (5.72)% Financial & Administrative Management Fee 120, , % River Club Transition Expense 0 45,555 (45,555) 0.00% Parks & Recreation Landscape Maintenance 41,699 49,526 (7,827) (18.77)% Facility Expenses 745, ,188 59, % Marketing 12,345 15,862 (3,517) (28.48)% Capital Improvements 139, ,870 (27,096) (19.38)% Total 2,165,938 2,220,862 (54,924) (2.54)% Excess of Revenues Over (Under) 0 (84,276) (84,276) 0.00% Other Financing Sources (Uses) Interfund Transfer 0 (136,120) (136,120) 0.00% Exc. of Rev./Other Sources Over (Under) Expend./Other Uses 0 (220,397) (220,397) 0.00% Fund Balance, Beginning of Period 0 (303,251) (303,251) 0.00% Fund Balance, End of Period 0 (523,647) 86, % See Notes to Unaudited Financial Statements

9 Statement of Revenues and River Club Reserve 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 - Reserve 62,404 61,233 (1,171) (1.87)% Off Roll - Reserve % Lot Closings - Reserve 5,147 2,956 (2,191) (42.56)% Total Revenues 67,551 65,414 (2,137) (3.16)% Parks & Recreation Capital Reserve 67, , % Total 67, , % Excess of Revenues Over (Under) 0 65,414 65, % Other Financing Sources (Uses) Interfund Transfer 0 136, , % Exc. of Rev./Other Sources Over (Under) Expend./Other Uses 0 201, , % Fund Balance, End of Period 0 201, , % See Notes to Unaudited Financial Statements

10 Venetian CDD Investment Summary September 30, 2015 Balance as of Account Investment September 30, 2015 The Bank of Tampa Money Market $ 5,284 The Bank of Tampa ICS Program: Bank of China, New York, NY Money Market 43,567 EagleBank Money Market 245,040 Western Alliance Bank Money Market 201,828 Total General Fund Investments $ 495,719 The Bank of Tampa ICS Program: Iberiabank Money Market $ 6,851 Western Alliance Bank Money Market 43,189 Total Reserve Fund Investments $ 50,040 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 572,190 Total Debt Service Fund Investments $ 1,528,332 The Bank of Tampa ICS Program: Bank of China, New York, NY Money Market $ 201,463 Iberiabank Money Market 28 Total Enterprise Fund Investments - Reserves $ 201,491

11 Summary A/P Ledger General Fund From 9/1/2015 Through 9/30/2015 Vendor Name Invoice Date Current Invoice Number Invoice Description Balance AMF Mark Mobile Welding, LLC 10/2/ Weld Mailbox Barry R Snyder 7/13/2015 BS Board of Supervisors Meeting 07/13/ Barry R Snyder 7/30/2015 BS Board of Supervisors Meeting 07/30/ Barry R Snyder 8/10/2015 BS Board of Supervisors Meeting 08/10/ Barry R Snyder 8/24/2015 BS Board of Supervisors Meeting 08/24/ Barry R Snyder 9/14/2015 BS Board of Supervisors Meeting 09/14/ Barry R Snyder 9/28/2015 BS Board of Supervisors Meeting 09/28/ Charles W Craychee 7/13/2015 CC Board of Supervisors Meeting 07/13/ Charles W Craychee 7/30/2015 CC Board of Supervisors Meeting 07/30/ Charles W Craychee 8/10/2015 CC Board of Supervisors Meeting 08/10/ Charles W Craychee 8/24/2015 CC Board of Supervisors Meeting 08/24/ Charles W Craychee 9/14/2015 CC Board of Supervisors Meeting 09/14/ Charles W Craychee 9/28/2015 CC Board of Supervisors Meeting 09/28/ Clean Sweep Parking Lot Maintenance Inc 9/30/ Street Sweeping 09/ Comcast Communications 9/21/ /15 Gatehouse Internet 10/ FireMaster 9/23/ Annual Maintenance Florida Power & Light 9/29/2015 Electric Summary FPL Electric Summary 09/15 2, /15 Harry Orenstein 7/13/2015 HO Board of Supervisors Meeting 07/13/ Harry Orenstein 7/30/2015 HO Board of Supervisors Meeting 07/30/ Harry Orenstein 8/10/2015 HO Board of Supervisors Meeting 08/10/ Harry Orenstein 9/14/2015 HO Board of Supervisors Meeting 09/14/ Harry Orenstein 9/28/2015 HO Board of Supervisors Meeting 09/28/ James T Shea 7/13/2015 JS Board of Supervisors Meeting 07/13/ James T Shea 7/30/2015 JS Board of Supervisors Meeting 07/30/ James T Shea 8/10/2015 JS Board of Supervisors Meeting 08/10/ James T Shea 8/24/2015 JS Board of Supervisors Meeting 08/24/ James T Shea 9/14/2015 JS Board of Supervisors Meeting 09/14/ James T Shea 9/28/2015 JS Board of Supervisors Meeting 09/28/ JCR Carpentry, LLC 8/31/ JCR Guardhouse Repairs 9, Carpentry Jerry Jasper 7/13/2015 JJ Board of Supervisors Meeting 07/13/ Jerry Jasper 7/30/2015 JJ Board of Supervisors Meeting 07/30/ Jerry Jasper 8/10/2015 JJ Board of Supervisors Meeting 08/10/ Jerry Jasper 8/24/2015 JJ Board of Supervisors Meeting 08/24/ Jerry Jasper 9/14/2015 JJ Board of Supervisors Meeting 09/14/ Jerry Jasper 9/28/2015 JJ Board of Supervisors Meeting 09/28/ Lisa Ross Inc 9/16/ Venetian Day Passes Office Source USA Inc 9/21/ Office & Cleaning Supplies Office Source USA Inc 9/22/ Office & Cleaning Supplies 6.69 Persson & Cohen P.A. 10/1/2015 Venetian 09/15 Legal Services 09/15 4, Schappacher Engineering LLC 10/9/2015 S14283 Engineering Services 09/15 3, Seabreeze Electric, Inc 9/23/2015 SVCINV Transformer Repair T3F Ventures, Inc. 9/16/ No Trespassing Signs UPS 9/26/ W59E2395 Delivery Service 09/21/ Venetian Golf & River Club 9/30/ Effluent Water Use 09/

12 Summary A/P Ledger General Fund From 9/1/2015 Through 9/30/2015 Vendor Name Invoice Date Current Invoice Number Invoice Description Balance Verizon Florida LLC 9/10/ /15 Verizon Florida LLC 9/22/ / / / Verizon Wireless 9/19/ Wireless Telephone Services 09/ Victory Security Agency II, LLC 9/19/ Security Services 09/13/15-09/19/15 5, Victory Security Agency II, LLC 9/26/ Security Services 09/20/15-09/26/15 5, /27/ Irrigation Repair /3/ Hand Watering of New Plants /10/ Irrigation Repair /15/ Installation of Flowers /15/ Pest Control 08/ /17/ Installation of Fall Flowers 1, /28/ Supplemental Fertilizer Application /28/ Installation of Plants-Martellago Way /28/ Installation of Plants-Asti Court /28/ Installation of Plants-Lerida Court /28/ Installation of Plants-Bellini Court /28/ Installation of Plants-Palazzo Court /28/ Installation of Plants-Pesaro Drive Lift Station /28/ Installation of Plants-Avalini Way /28/ Installation of Plants /28/ Installation of Plants /28/ Installation of Plants-Vicenza North /28/ Installation of Plants-Cipriani Way /28/ Installation of Plants

13 Summary A/P Ledger General Fund From 9/1/2015 Through 9/30/2015 Vendor Name Invoice Date Current Invoice Number Invoice Description Balance 10/6/ Credit Memo (25.00) Water Boy Inc 9/29/ Water Delivery Water Boy Inc 9/30/ Qtrly Cooler Rental Report Balance 43,151.76

14 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. $50,040 of the General Fund Balance is reserved for future Capital as appropriated from the General Fund Budget and is reflected in the Reserve Fund. Current YTD funding is $50,000.