Zephyr Ridge Community Development District

Transcription

1 Zephyr Ridge Community Development District Financial Statements (Unaudited) August 31, 2017 Prepared by: Rizzetta & Company, Inc. zephyrridgecdd.org rizzetta.com

2 Balance Sheet As of 8/31/2017 (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 112, , Investments 0 146,823 7, , Accounts Receivable 17, ,620 31,828 1,043, Allowance for Doubtful Accounts (10,747) (994,620) (31,828) (1,037,195) 0 0 Prepaid Expenses Deposits Due From Other Funds Amount Available in Debt Service Amount To Be Provided Debt Service ,505,000 Fixed Assets ,447,149 0 Total Assets 119, ,823 7, ,188 12,447,149 9,505,000 Liabilities Accounts Payable 2, ,828 34, Accrued Expenses Payable Due To Other Funds Deferred Revenue Debt Service Obligations - Current 0 9,602, ,602, Revenue Bonds Payable--Long Term ,505,000 Total Liabilities 2,550 9,602,078 31,828 9,636, ,505,000 Fund Equity & Other Credits Beginning Fund Balance 89,694 (9,179,190) (24,486) (9,113,981) 12,447,149 0 Net Change in Fund Balance 27,541 (276,065) 237 (248,286) 0 0 Total Fund Equity & Other Credits 117,236 (9,455,255) (24,248) (9,362,268) 12,447,149 0 Total Liabilities & Fund Equity 119, ,823 7, ,188 12,447,149 9,505,000

3 Statement of Revenues and Expenditures General Fund From 10/1/2016 Through 8/31/2017 (In Whole Numbers) Annual Percent Annual YTD YTD Actual YTD Variance Remaining Revenues Special Assessments Off Roll Assessments 179, , ,108 (0) 0.00% Total Revenues 179, , ,108 (0) 0.00% Expenditures Legislative Supervisor Fees 2,400 2,200 3,600 (1,400) (50.00)% Financial & Administrative Administrative Services 4,725 4,331 4, % District Management 23,835 21,849 21, % District Engineer 5,000 4, , % Disclosure Report 5,000 4,583 5,000 (417) 0.00% Trustees Fees 3,500 3, , % Tax Collector Fees (150) 0.00% Financial & Revenue 3,780 3,465 3, % Collections Assessment Roll 5,250 5,250 5, % Accounting Services 15,750 14,438 14, % Auditing Services 4,200 4,200 4, % Arbitrage Rebate Calculation % Public Officials Liability 3,000 3,000 2, % Insurance Legal Advertising 1, ,080 (163) (7.97)% Dues, Licenses & Fees % Website Hosting, Maintenance, 2,400 2,200 1, % Backup (and ) Legal Counsel District Counsel 8,000 7,333 3,999 3, % Electric Utility Services Utility Services 5,000 4,583 12,253 (7,670) (145.05)% Street Lights 20,000 18, , % Stormwater Control Lake/Pond Bank Maintenance 6,000 5,500 5,800 (300) 3.33% Aquatic Contract 3,000 2, , % Other Physical Environment General Liability Insurance 1,000 1, % Property Insurance 1,000 1,000 1,039 (39) (3.90)% Landscape Maintenance 36,440 33,403 44,069 (10,666) (20.93)% Irrigation Inspection 1,503 1, % Maintenance Well Maintenance 3,500 3, , %

4 Statement of Revenues and Expenditures General Fund From 10/1/2016 Through 8/31/2017 (In Whole Numbers) Annual Percent Annual YTD YTD Actual YTD Variance Remaining Contingency Miscellaneous Contingency 3,000 2,750 15,000 (12,250) (400.00)% Special Amenity Center Account 10,000 9, , % Total Expenditures 179, , ,567 14, % Excess Revenues Over/(Under) Expenditures Exc. of Rev./Other Sources Over/(Under) Exp/Other Uses 0 13,361 27,541 14, % 0 13,361 27,541 14, % Fund Balance, Beginning of Period ,694 89, % Fund Balance, End of Period 0 13, , , %

5 Statement of Revenues and Expenditures Debt Service Fund From 10/1/2016 Through 8/31/2017 (In Whole Numbers) Annual Current Period Actual To Actual Variance Percent Remaining Revenues Interest Earnings Interest Earnings % Special Assessments Off Roll-Forborne Assessments 0 23,587 23, % Total Revenues 0 24,073 24, % Expenditures Financial & Administrative Trustees Fees 0 4,950 (4,950) 0.00% Legal Counsel Trustee Counsel 0 9,380 (9,380) 0.00% Debt Service Interest 0 205,594 (205,594) 0.00% Principal 0 80,000 (80,000) 0.00% Total Expenditures 0 299,924 (299,924) 0.00% Excess of Revenues Over/(Under) Expenditures 0 (275,851) (275,851) 0.00% Other Financing Sources (Uses) Interfund Transfer 0 (214) (214) 0.00% Bondholder Funding 0 674, , % Majority Bondholder Repayment 0 (674,203) (674,203) 0.00% Total Other Financing Sources (Uses) 0 (214) (214) 0.00% Exc. Of Rev./Other Sources Over/(Under) Expend./Other Uses 0 (276,065) (276,065) 0.00% Fund Balance, Beginning of Period 0 (9,179,190) (9,179,190) 0.00% Fund Balance, End of Period 0 (9,455,255) (9,455,255) 0.00%

6 Statement of Revenues and Expenditures Capital Projects Fund From 10/1/2016 Through 8/31/2017 (In Whole Numbers) Annual Current Period Actual To Actual Variance Percent Remaining Revenues Interest Earnings Interest Earnings % Total Revenues % Excess of Revenues Over/(Under) Expenditures % Other Financing Sources (Uses) Interfund Transfer % Exc. Of Rev./Other Sources Over/(Under) Expend./Other Uses % Fund Balance, Beginning of Period 0 (24,486) (24,486) 0.00% Fund Balance, End of Period 0 (24,248) (24,248) 0.00%

7 Zephyr Ridge CDD Investment Summary August 31, 2017 Balance as of Account Investment August 31, 2017 US Bank Series 2006A Reserve Money Market Account - Managed $ 54,063 US Bank Series 2006B Prepayment Money Market Account - Managed 69,209 US Bank Series 2006 Revenue Money Market Account - Managed 23,551 Total Debt Service Fund Investments $ 146,823 US Bank Series 2006 Construction Money Market Account - Managed $ 696 US Bank Series 2006 Custody Money Market Account - Managed 6,884 Total Capital Project Fund Investments $ 7,580

8 Summary A/R Ledger General Fund From 8/1/2017 Through 8/31/2017 Invoice Date Customer Name Invoice Number Current Balance 11/11/2014 J&T Zephyr, LLC , /15/2015 J&T Zephyr, LLC , /1/2016 J&T Zephyr, LLC , Total General Fund 17,276.00

9 Summary A/R Ledger Debt Service Fund From 8/1/2017 Through 8/31/2017 Invoice Date Customer Name Invoice Number Current Balance 10/1/2008 Zephyr Ridge of Pasco County LLC DB , /18/2009 Zephyr Ridge of Pasco County LLC SAI , /1/2009 Zephyr Ridge of Pasco County LLC ORA-ZR , Total Debt Service Fund 994, Report Balance 1,011,895.88

10 Aged Payables by Invoice Date Aging Date - 12/1/ General Fund From 8/1/2017 Through 8/31/2017 Vendor Name Invoice Date Invoice Number Invoice Description Current Balance Duke Energy Florida, 8/23/ /17 Utility Service 08/17 2, LLC LLS Tax Solutions, Inc. 8/24/ Rebate Calculation Series A&B PE - 07/31/17 Duke Energy Florida, LLC 9/1/ /17-1 Utility Service 08/ Total General Fund 2,549.65

11 Aged Payables by Invoice Date Aging Date - 12/1/ Capital Projects Fund From 8/1/2017 Through 8/31/2017 Vendor Name Invoice Date Invoice Number Invoice Description Current Balance Figurski & Harrill 12/1/2009 CR 136 Figurski CR 136 8, Zephyr Ridge CDD 12/1/2009 CR 138 Zephyr CR , Straley Robin Vericker 12/23/2009 CR 139 straley CR , Total Capital Projects Fund 31, Report Total 34,377.63

12 Notes to Unaudited Financial Statements August 31, 2017 Balance Sheet 1. Trust statement activity has been recorded through 08/31/ 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 2009 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-Payment Terms 5. Payment terms for landowner assessments are (a) defined in the FY16-17 Assessment Resolution adopted by the Board of Supervisors, (b) pursuant to Florida Statutes, Chapter 197 for assessments levied via the county tax roll.