Connerton West Community Development District

Transcription

1 Connerton West Community Development District Financial Statements (Unaudited) February 28, 2019 Prepared by: Rizzetta & Company, Inc. connertonwestcdd.org rizzetta.com

2 Balance Sheet As of 2/28/2019 (In Whole Numbers) Debt Service General Fund Reserve Fund Fund Capital Projects Fund Total Governmental Funds General Fixed Assets Account Group General Long-Term Debt Account Group Assets Cash In Bank 183, , Investments 638, ,421,851 3,011,700 5,072, Investments--Reserves 0 287, , Accounts Receivable 165, , ,006, Allowance for Doubtful Accounts Prepaid Expenses 2, , Deposits 18, , Due From Other Funds Amount Available in Debt Service ,262,375 Amount To Be Provided Debt Service ,627,625 Fixed Assets ,364,338 0 Total Assets 1,009, ,760 2,262,375 3,011,700 6,571,425 44,364,338 21,890,000 Liabilities Accounts Payable 28, , Retainage Payable , , Accrued Expenses Payable 28, , Other Current Liabilities Due To Other Funds Debt Service Obligations--Current Revenue Bonds Payable--Long Term ,890,000 Total Liabilities 57, , , ,890,000 Fund Equity & Other Credits Beginning Fund Balance 185, ,207 1,162,685 5,754,849 7,347,155 44,364,338 0 Net Change in Fund Balance 766,278 43,553 1,099,690 (3,112,288) (1,202,768) 0 0 Total Fund Equity & Other Credits 951, ,760 2,262,375 2,642,561 6,144,388 44,364,338 0 Total Liabilities & Fund Equity 1,009, ,760 2,262,375 3,011,700 6,571,425 44,364,338 21,890,000

3 Statement of Revenues and General Fund From 10/1/2018 Through 2/28/2019 (In Whole Numbers) Percent Annual Budget Annual Budget YTD Budget YTD Actual YTD variance Remaining Revenues Interest Earnings Interest Earnings % Special Assessments Tax Roll 1,174,098 1,174,098 1,182,610 8, % Off Roll 115, , , % Total Revenues 1,289,733 1,289,733 1,299,198 9, % Legislative Supervisor Fees 12,000 5,000 3,200 1, % Financial & Administrative Administrative Services 5,400 2,250 2, % District Management 35,500 14,792 14, % District Engineer 30,000 12,500 7,330 5, % Disclosure Report 7,600 7,000 7,250 (250) 4.60% Trustee Fees 9,000 3,230 3, % Assessment Roll 5,000 5,000 5, % Financial & Revenue Collections 5,000 2,083 2, % Accounting Services 21,100 8,792 8, % Auditing Services 5, % Arbitrage Rebate Calculation 1, % Public Officials Liability Insurance 2,260 2,260 2,571 (311) (13.75)% Legal Advertising 5,000 2, , % Miscellaneous Mailings % Dues, Licenses & Fees (325) (65.00)% Website Hosting, Maintenance, Backup (and ) 2, % Legal Counsel District Counsel 60,000 25,000 18,524 6, % Law Enforcement Deputy 9,650 4,021 3, % Electric Utility Services Utility Services 39,000 16,250 16,337 (87) 58.10% Street Lights-Collector Roads 65,000 27,083 24,862 2, % Street Lights-Neighborhood Roads 150,000 62,500 64,591 (2,091) 56.93%

4 Statement of Revenues and General Fund From 10/1/2018 Through 2/28/2019 (In Whole Numbers) Percent Annual Budget Annual Budget YTD Budget YTD Actual YTD variance Remaining Water-Sewer Combination Services Utility Services 1, (205) 44.66% Stormwater Control Mitigation Area Monitoring & Maintenance 32,800 13,667 13,800 (133) 57.92% Stormwater System Maintenance 1, % Stormwater Assessment (38) (69.05)% Aquatic Maintenance 42,360 17,650 17, % Ground Water Testing 12, % Miscellaneous Expenses 1, % Other Physical Environment Field Maintenance Personnel 47,020 19,592 11,950 7, % General Liability Insurance 4,847 4,847 3,676 1, % Property Insurance 10,795 10,795 11,159 (364) (3.37)% Entry & Walls Maintenance 2,500 1, , % Landscape Maintenance 320, , ,044 (2,447) 57.57% Irrigation Maintenance 93,112 38,797 43,108 (4,311) 53.70% Irrigation Phone Line % Irrigation Repairs 30,000 12,500 18,170 (5,670) 39.43% Landscape - Mulch 88,400 36,833 49,548 (12,714) 43.95% Landscape Replacement Plants, Shrubs, Trees, Annuals 70,000 29,167 10,588 18, % Landscape Miscellaneous 3,000 1, , % Landscape Inspections 8,400 3,500 3, % Holiday Decorations 15,000 15,000 15,657 (657) (4.37)% Road & Street Facilities Street Light/Decorative Light Maintenance % Sidewalk Repair & Maintenance 5,000 2, , % Parks & Recreation Fountain Service Contract 3,000 1,250 1, % Fountain Repairs 3,500 1, , % Vehicle Maintenance % Playground Equipment and Maintenance 1, % Boardwalk and Bridge Maintenance 2,500 1, , %

5 Statement of Revenues and General Fund From 10/1/2018 Through 2/28/2019 (In Whole Numbers) Percent Annual Budget Annual Budget YTD Budget YTD Actual YTD variance Remaining Wildlife Management Services 9,600 4,000 4, % Miscellaneous Expenses 1, ,807 (4,307) (300.59)% Contingency Miscellaneous Contingency 7,000 2, , % Total 1,289, , ,921 22, % Excess of Revenue Over (Under) 0 734, ,278 32, % Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses 0 734, ,278 32, % Fund Balance, Beginning of Period , , % Fund Balance, End of Period 0 734, , , %

6 Statement of Revenues and Reserve Fund From 10/1/2018 Through 2/28/2019 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings 0 1,253 1, % Special Assessments Tax Roll 42,300 42, % Total Revenues 42,300 43,553 1, % Contingency Capital Reserve 42, , % Total 42, , % Excess of Revenue Over (Under) 0 43,553 43, % Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses 0 43,553 43, % Fund Balance, Beginning of Period 0 244, , % Fund Balance, End of Period 0 287, , %

7 Statement of Revenues and Debt Service Fund Series 2018A From 10/1/2018 Through 2/28/2019 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings 0 3,567 3, % Special Assessments Tax Roll 628, ,421 4, % Total Revenues 628, ,987 7, % Debt Service Interest 278, , , % Principal 350, , % Total 628, , , % Excess of Revenue Over (Under) 0 477, , % Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses 0 477, , % Fund Balance, Beginning of Period 0 381, , % Fund Balance, End of Period 0 859, , %

8 Statement of Revenues and Debt Service Fund Series 2006/2018 From 10/1/2018 Through 2/28/2019 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings 0 2,312 2, % Special Assessments Tax Roll 29,425 0 (29,425) (100.00)% Off Roll 790, ,734 (65,594) (8.29)% Total Revenues 819, ,046 (92,707) (11.31)% Legal Counsel Bond Counsel (850) 0.00% Debt Service Interest 664, , , % Principal 155, , % Total 819, , , % Excess of Revenue Over (Under) 0 532, , % Other Financing Sources (Uses) Interfund Transfer 0 (202) (202) 0.00% Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses 0 532, , % Fund Balance, Beginning of Period 0 527, , % Fund Balance, End of Period 0 1,060,289 1,060, %

9 Statement of Revenues and Debt Service Fund Series 2015 From 10/1/2018 Through 2/28/2019 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings % Special Assessments Tax Roll 160, ,860 1, % Prepayments 0 188, , % Off Roll 11,947 2,689 (9,257) (77.48)% Total Revenues 172, , , % Debt Service Interest 137,682 73,626 64, % Principal 35, ,000 (155,000) (442.85)% Total 172, ,626 (90,944) (52.67)% Excess of Revenue Over (Under) 0 89,850 89, % Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses 0 89,850 89, % Fund Balance, Beginning of Period 0 253, , % Fund Balance, End of Period 0 342, , %

10 Statement of Revenues and Capital Projects Fund Series 2018A From 10/1/2018 Through 2/28/2019 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings 0 6,031 6, % Total Revenues 0 6,031 6, % Other Physical Environment Improvements Other Than Buildings 0 7,762 (7,762) 0.00% Total 0 7,762 (7,762) 0.00% Excess of Revenue Over (Under) 0 (1,731) (1,731) 0.00% Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses 0 (1,731) (1,731) 0.00% Fund Balance, Beginning of Period 0 784, , % Fund Balance, End of Period 0 782, , %

11 Statement of Revenues and Capital Projects Fund Series 2006/2018 From 10/1/2018 Through 2/28/2019 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings 0 33,585 33, % Total Revenues 0 33,585 33, % Other Physical Environment Improvements Other Than Buildings 0 3,144,344 (3,144,344) 0.00% Total 0 3,144,344 (3,144,344) 0.00% Excess of Revenue Over (Under) 0 (3,110,759) (3,110,759) 0.00% Other Financing Sources (Uses) Interfund Transfer % Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses 0 (3,110,557) (3,110,557) 0.00% Fund Balance, Beginning of Period 0 4,970,739 4,970, % Fund Balance, End of Period 0 1,860,182 1,860, %

12 Statement of Revenues and Capital Projects Fund Series 2015 From 10/1/2018 Through 2/28/2019 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings % Total Revenues % Excess of Revenue Over (Under) % Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses % Fund Balance, Beginning of Period % Fund Balance, End of Period %

13 Connerton West CDD Investment Summary February 28, 2019 Balance as of Account Investment February 28, 2019 The Bank of Tampa Money Market $ 237,873 The Bank of Tampa ICS: The Huntington National Bank Money Market 155,679 Western Alliance Bank Money Market 245,317 Total General Fund Investments $ 638,869 The Bank of Tampa ICS Reserve: The Huntington National Bank Money Market $ 42,448 United Bank Money Market 245,312 Total Reserve Fund Investments $ 287,760 US Bank Series 2006A-1 Reserve Fidelity Government Portfolio Class 3 $ 72,630 US Bank Series 2006A-2 Reserve Fidelity Government Portfolio Class 3 41,352 US Bank Series 2006 Revenue Fidelity Government Portfolio Class 3 8,677 US Bank Series 2015A-1 Reserve US Bank Money Market 5 79,934 US Bank Series 2015A-2 Reserve US Bank Money Market 5 17,825 US Bank Series 2015A - Revenue US Bank Money Market 5 149,912 US Bank Series 2015A-1 Prepayment US Bank Money Market US Bank Series 2015A-2 Prepayment US Bank Money Market 5 84,272 US Bank Series 2018A-1 Revenue First American Treasury Obligation Fund Class Y 628,615 US Bank Series 2018A-1 Interest First American Treasury Obligation Fund Class Y 1,008 US Bank Series 2018A-2 Interest First American Treasury Obligation Fund Class Y 367 US Bank Series 2018A-1 Reserve First American Treasury Obligation Fund Class Y 123,153 US Bank Series 2018A-2 Reserve First American Treasury Obligation Fund Class Y 65,994 US Bank Series Revenue First American Treasury Obligation Fund Class Y 3 US Bank Series Reserve First American Treasury Obligation Fund Class Y 147,298 Total Debt Service Fund Investments $ 1,421,851 US Bank Series 2015 Acquisition & Construction US Bank Money Market 5 $ 29 US Bank Series 2018A Construction First American Treasury Obligation Fund Class Y 782,350 US Bank Series Construction First American Treasury Obligation Fund Class Y 2,229,321 Total Capital Projects Fund Investments $ 3,011,700

14 Summary A/R Ledger General Fund From 2/1/2019 Through 2/28/2019 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 Pasco County Tax Collector FY , /1/2018 Pasco Development Land 218 LLC , /1/2018 Pasco Investment Land LLC , /28/2019 Connerton Community Association. Inc. OMR Total General Fund 165,802.28

15 Summary A/R Ledger Debt Service Fund Series 2018A From 2/1/2019 Through 2/28/2019 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 Pasco County Tax Collector FY , Total Debt Service Fund Series 2018A 39,967.08

16 Summary A/R Ledger Debt Service Fund Series 2006/2018 From 2/1/2019 Through 2/28/2019 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 Pasco Development Land 218 LLC , /1/2018 Pasco Investment Land LLC , Total Debt Service Fund Series 2006/ ,327.74

17 Summary A/R Ledger Debt Service Fund Series 2015 From 2/1/2019 Through 2/28/2019 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 Pasco County Tax Collector FY , Total Debt Service Fund Series , Report Balance 1,006,326.14

18 Aged Payables by Invoice Date Aging Date - 3/1/ General Fund From 2/1/2019 Through 2/28/2019 Vendor Name Invoice Date Invoice Number Invoice Description Current Balance Stewart Gibbons 3/5/2018 SG Board of Supervisors Meeting 03/05/18 Stewart Gibbons 4/2/2018 SG Board of Supervisors Meeting 04/02/18 Stewart Gibbons 10/1/2018 SG Board of Supervisors Meeting 10/01/18 Cardno, Inc. 2/15/ Quarterly Mitigation V1 & Monthly Maint V2 Ph 1 01/19 Cardno, Inc. 2/15/ Monthly Lake Management 01/19 Clearview Land Design, P. L. Times Publishing Company , , /15/ Engineering Services 01/19 3, /22/ /22/19 Acct# Legal Advertising 02/22/19 Hopping Green & Sams 2/25/ General Counsel/Monthly Meeting 01/19 Pasco County 2/27/2019 Pasco Water Summary 02/19 Ballenger & Company, Inc. Ballenger & Company, Inc , Water Summary 02/ /27/ Irrigation Maintenance 02/19 7, /27/ SWFWMD Meter Reading/Irrig Pump Station 02/19 1, Total General Fund 28, Report Total 28,928.04

19 Construction Account Activity Through February 28, 2019 CONNERTON WEST COMMUNITY DEVELOPMENT DISTRICT Capital Improvement Revenue Bonds Series 2018A Inflows: Debt Proceeds $ 957, Underwriter's Discount 120, Total Debt Proceeds: 1,077, Interest Earnings 10, Total Inflows: $ 1,088, Outflows: Requisitions Requisition Requisition Status with Trustee Date Number Contractor Amount as of 02/28/19 4/3/18 COI Underwriter's Discount $ (120,600.00) Cleared 4/3/18 COI Nabors, Giblin, Nickerson PA (50,000.00) Cleared 4/3/18 COI Bryant Miller Oliver (37,500.00) Cleared 4/3/18 COI Rizzetta & Co., Inc. (20,000.00) Cleared 4/3/18 COI Greenberg Traurig (2,750.00) Cleared 4/3/18 COI Causey Demgen & Moore P.C (2,000.00) Cleared 4/3/18 COI US Bank - Trustee Fees (5,500.05) Cleared 4/3/18 COI MBS Capital Markets (10,000.00) Cleared 4/3/18 COI Image Master (1,250.00) Cleared 4/3/18 COI Hopping, Green and Sams, PA (42,175.89) Cleared 8/31/18 COI Standards & Poor's Financial Services, LLC (6,500.00) Cleared Total COI : (298,275.94) 2/28/19 CR1 Clearview Land Design, PL (6,706.95) Cleared 2/28/19 CR2 Hopping, Green and Sams, PA (1,055.50) Cleared Total Requisitions : (7,762.45) Total Requisitions & COI: (306,038.39) Total Outflows: (306,038.39) Series 2018 Construction Fund Balance at February 28, 2019 $ 782,350.34

20 Construction Account Activity Through February 28, 2019 CONNERTON WEST COMMUNITY DEVELOPMENT DISTRICT Capital Improvement Revenue Bonds Series 2018 Inflows: Debt Proceeds $ 5,869, Underwriter's Discount 169, Total Debt Proceeds: 6,039, Interest Earnings 39, Transfer from Interest to Construction Total Inflows: $ 6,078, Outflows: Requisitions Requisition Requisition Status with Trustee Date Number Contractor Amount as of 02/28/19 8/8/18 COI Underwriter's Discount $ (169,600.00) Cleared 8/8/18 COI Nabors, Giblin, Nickerson PA (50,000.00) Cleared 8/8/18 COI Bryant Miller Oliver (37,500.00) Cleared 8/8/18 COI Rizzetta & Co., Inc. (26,000.00) Cleared 8/8/18 COI Greenberg Traurig (13,000.00) Cleared 8/8/18 COI US Bank - Trustee Fees (4,755.15) Cleared 8/8/18 COI Image Master (1,750.00) Cleared 8/8/18 COI Hopping, Green and Sams, PA (50,000.00) Cleared Total COI : (352,605.15) 8/31/18 CR1 Clearview Land Design, PL (3,837.50) Cleared 8/31/18 CR2 Stahl & Associates (5,035.00) Cleared 8/31/18 CR3 Deeb Construction & Development Co (243,808.32) Cleared 8/31/18 CR4 Fergusion Enterprises, Inc. (3,533.41) Cleared 8/31/18 CR5 Hopping, Green and Sams, PA (1,453.70) Cleared 8/31/18 CR6 Mack Concrete Industries, Inc. (25,907.00) Cleared 8/31/18 CR7 M.C Building Services, LLC (4,925.00) Cleared 9/30/18 CR8 Deeb Construction & Development Co (273,786.14) Cleared 9/30/18 CR9 Fergusion Enterprises, Inc. (4,693.04) Cleared 9/30/18 CR10 Hopping, Green and Sams, PA (1,641.50) Cleared 9/30/18 CR11 Mack Concrete Industries, Inc. (1,749.00) Cleared 10/31/18 CR12 Clearview Land Design, PL (1,817.50) Cleared 10/31/18 CR13 Deeb Construction & Development Co (357,360.97) Cleared 10/31/18 CR14 Fergusion Enterprises, Inc. (30,078.72) Cleared 10/31/18 CR15 Hopping, Green and Sams, PA (1,550.60) Cleared 11/30/18 CR16 Clearview Land Design, PL (425.00) Cleared 11/30/18 CR17 Deeb Construction & Development Co (428,747.81) Cleared

21 CONNERTON WEST COMMUNITY DEVELOPMENT DISTRICT Capital Improvement Revenue Bonds Series 2018 Construction Account Activity Through February 28, /30/18 CR18 Fergusion Enterprises, Inc. (66,294.32) Cleared 11/30/18 CR19 Hopping, Green and Sams, PA (1,097.50) Cleared 11/30/18 CR20 Mack Concrete Industries, Inc. (21,472.00) Cleared 11/30/18 CR21 Southern Precast Concrete Corp. (16,532.00) Cleared 12/31/18 CR22 Clearview Land Design, PL (1,137.50) Cleared 12/31/18 CR23 Deeb Construction & Development Co (559,715.19) Cleared 12/31/18 CR24 Fergusion Enterprises, Inc. (60,104.42) Cleared 12/31/18 CR25 Hopping, Green and Sams, PA (664.00) Cleared 12/31/18 CR26 Pasco Development Land 218, LLC (725,620.21) Cleared 1/31/19 CR27 Clearview Land Design, PL (837.50) Cleared 1/31/19 CR28 Deeb Construction & Development Co (328,688.89) Cleared 1/31/19 CR29 Fergusion Enterprises, Inc. (24,191.31) Cleared 1/31/19 CR30 Mack Concrete Industries, Inc. (275.00) Cleared 1/31/19 CR31 Stahl & Associates (10,000.00) Cleared 2/15/19 CR32 Clearview Land Design, P.L (200.00) Cleared 2/15/19 CR33 Deeb Construction & Development Co. (287,585.73) Cleared 2/15/19 CR34 Hopping Green and Sams (1,936.40) Cleared Total Requisitions : (3,496,702.18) Total Requisitions & COI: (3,849,307.33) Retainage Payable (369,138.84) Total Outflows: (4,218,446.17) Series 2018 Construction Fund Balance at February 28, 2019 $ 1,860, Outstanding Contracts net of Retainage: Deeb Construction & Development CO $ 1,428, Contract Sub Total: 1,428, Uncommitted Funds Available $ 431,270.06

22 Notes to Unaudited Financial Statements February 28, 2019 Balance Sheet 1. Trust statement activity has been recorded through 02/28/ See EMMA (Electronic Municipal Market Access) at for Municipal Disclosures and Market Data. 3. For presentation purposes, the Reserves are shown in a separate fund titled Reserve Fund. Summary A/R Ledger Payment Terms 4. Payment terms for landowner assessments are (a) defined in the FY18-19 Assessment Resolution adopted by the Board of Supervisors, (b) pursuant to Florida Statutes, Chapter 197 for assessments levied via the county tax roll.