Town of Kindred Community Development District

Transcription

1 Town of Kindred Community Development District Financial Statements (Unaudited) February 28, 2019 Prepared by: Rizzetta & Company, Inc. townofkindredcdd.org rizzetta.com

2 Balance Sheet As of 2/28/2019 (In Whole Numbers) Capital Projects General Fund Debt Service Fund Fund Total Governmental Funds General Fixed Assest Account Group General Long-Term Account Group Assets Cash In Bank 279, , Investments 0 704,217 4, , Accounts Receivable Assessments Receivable 95,410 65, , Prepaid Expenses Deposits 48, , Due From Other Funds Amount Available in Debt Service ,632 Amount To Be Provided Debt Service ,005,368 Fixed Assets ,778,018 0 Total Assets 423, ,632 4,116 1,197,190 6,778,018 7,775,000 Liabilities Accounts Payable 9, , Accrued Expenses Payable 13, , Other Current Liabilities Deferred Revenue Due To Other Funds Revenue Bonds Payable--Long Term ,775,000 Total Liabilities 22, , ,775,000 Fund Equity & Other Credits Beginning Fund Balance 13, ,537 3, ,273 6,778,018 0 Net Change in Fund Balance 387, , , Total Fund Equity & Other Credits 400, ,632 4,116 1,174,192 6,778,018 0 Total Liabilities & Fund Equity 423, ,632 4,116 1,197,190 6,778,018 7,775,000

3 Statement of Revenues and Expenditures 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 Special Assessments Tax Roll 563, , ,392 1,025 (0.18)% Off Roll 170, , ,017 (230) 0.13% Other Miscellaneous Revenues Miscellaneous 15,000 6,250 3,312 (2,938) 77.92% Total Revenues 748, , ,721 (2,143) 1.46% Expenditures Financial & Administrative Administrative Services 4,500 1,875 1, % District Management 22,500 9,375 9, % District Engineer 4,500 1, , % Disclosure Report 6,000 6,000 6, % Trustees Fees 8,620 8,620 8, % Assessment Roll 5,000 5,000 5, % Financial & Revenue Collections 4,000 1,667 1, % Accounting Services 19,068 7,945 7, % Auditing Services 3, % Arbitrage Rebate Calculation 1, % Public Officials Liability 2,723 1,330 1,538 (209) 43.50% Insurance Legal Advertising 2, % Dues, Licenses & Fees (262) (149.46)% Website Fees & Maintenance 2, % Legal Counsel District Counsel 15,000 6,250 5,050 1, % Security Operations Security Services and Patrols 13,464 5,610 4, % Security & Fire Monitoring 1, (364) 26.36% Services Electric Utility Services Utility Services 35,809 14,920 19,873 (4,953) 44.50% Street Lights 45,256 18,857 20,488 (1,631) 54.72% Garbage/Solid Waste Control Services Garbage - Recreation Facility 1, (7) 57.95% Water-Sewer Combination Services Utility Services 140,000 58,333 77,469 (19,135) 44.66% Stormwater Control Fountain Service Repairs & 5,000 2,083 6,570 (4,487) (31.40)% Maintenance Aquatic Maintenance 6,600 2,750 3,950 (1,200) 40.15% Other Physical Environment

4 Statement of Revenues and Expenditures 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 General Liability Insurance 17,239 9,102 10,530 (1,428) 38.91% Entry, Wall, Fence Maintenance % Landscape Maintenance 194,800 81,167 81, % Irrigation Repairs 13,500 5, , % Landscape Replacement Plants, 20,000 8,333 7, % Shrubs, Trees Landscape - Mulch/Pine Straw 22,536 9,390 6,480 2, % Parks & Recreation Management Contract 63,274 26,364 26,665 (301) 57.85% Pool Permits % Access Control Maintenance & 1, ,226 (3,601) (181.72)% Repairs Pool/Fountain Service Contract 31,260 13,025 17,025 (4,000) 45.53% Fitness Equipment Maintenance 1, % & Repairs Pest Control 1, (76) 53.65% Pool Maintenance & Repairs 1, % Sidewalk Maintenance & Repair 1, % Clubhouse Telephone, Fax, 2,700 1,125 1,138 (13) 57.85% Internet Clubhouse Janitorial Service 15,795 6,581 8,969 (2,387) 43.21% Playground Equipment & Maintenance % Clubhouse Furniture Replacement 1, % Athletic/Park Court/Field Repairs % Dog Waste Station Supplies 2, % Special Events Special Events 5,000 2,083 1,033 1, % Total Expenditures 748, , ,655 (26,707) 53.16% Excess Revenues Over/(Under) Expenditures 0 415, ,066 (28,850) 0.00% Fund Balance, Beginning of Period ,378 13, % Fund Balance, End of Period 0 415, ,443 (15,472) 0.00%

5 Statement of Revenues and Expenditures Debt Service Fund S2016 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 227, , % Total Revenues 227, , % Expenditures Debt Service Payments Interest 167,066 81,453 85, % Principal 60, , % Total Expenditures 227,066 81, , % Excess of Revenues Over/(Under) Expenditures Exc. Of Rev./Other Sources Over Expend./Other Uses 0 146, , % 0 146, , % Fund Balance, Beginning of Period 0 208, , % Fund Balance, End of Period 0 355, , %

6 Statement of Revenues and Expenditures Debt Service Fund S2017 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 159, , % Off Roll 116, , % Total Revenues 276, , % Expenditures Debt Service Payments Interest 206, , , % Principal 70, , % Total Expenditures 276, , , % Excess of Revenues Over/(Under) Expenditures 0 174, , % Other Expenditures Interfund Transfer Interfund Transfer (746) 0.00% Total Other Expenditures (746) 0.00% Exc. Of Rev./Other Sources Over Expend./Other Uses 0 173, , % Fund Balance, Beginning of Period 0 240, , % Fund Balance, End of Period 0 414, , %

7 Statement of Revenues and Expenditures Capital Projects Fund S2016 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 Revenues Over/(Under) Expenditures Exc. Of Rev./Other Sources Over Expend./Other Uses % % Fund Balance, Beginning of Period 0 1,592 1, % Fund Balance, End of Period 0 1,594 1, %

8 Statement of Revenues and Expenditures Capital Projects Fund S2017 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 Revenues Over/(Under) Expenditures % Other Financing Sources Interfund Transfer Interfund Transfer % Total Other Financing Sources % Exc. Of Rev./Other Sources Over Expend./Other Uses % Fund Balance, Beginning of Period 0 1,766 1, % Fund Balance, End of Period 0 2,522 2, %

9 Town of Kindred CDD Investment Summary February 28, 2019 Balance as of Account Investment February 28, 2019 US Bank Series 2016 Revenue US Bank Managed Money Market $ 238,876 US Bank Series 2016 Reserve US Bank Managed Money Market 111,944 US Bank Series 2017 Revenue US Bank Managed Money Market 215,376 US Bank Series 2017 Reserve US Bank Managed Money Market 138,021 Total Debt Service Fund Investments $ 704,217 US Bank Series 2016 Construction US Bank Managed Money Market $ 1,594 US Bank Series 2017 Construction US Bank Managed Money Market 2,522 Total Capital Project Fund Investments $ 4,116

10 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 DR Horton , /1/2018 Osceola County Tax Collector FY , Total General Fund 95,410.49

11 Summary A/R Ledger Debt Service Fund S2016 From 2/1/2019 Through 2/28/2019 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 Osceola County Tax Collector FY , Total Debt Service Fund S2016 4,209.13

12 Summary A/R Ledger Debt Service Fund S2017 From 2/1/2019 Through 2/28/2019 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 DR Horton , /1/2018 Osceola County Tax Collector FY , Total Debt Service Fund S , Report Balance 160,825.23

13 Aged Payables by Invoice Date Aging Date - 8/1/ General Fund From 2/1/2019 Through 2/28/2019 Vendor Name Invoice Date Invoice Number Invoice Description Current Balance Truly Nolen of America, Inc. 8/28/ Mosquito Commercial Montly 08/ Tri City Electrical Contractors, Inc. 1/4/ Kindred Entry Toho Water Authority 2/16/2019 Water Summary I 02/19 Water Summary I 02/19 6, Security And 2/25/ Patrol Services 02/ Investigation, Inc. Fountain Design Group, Inc. 2/26/ A Installation of A New 10HP Capacitor 1, Access Control Technologies, Inc. 2/27/2019 S Repair Services 02/ Aquatic Weed Control, Inc. Truly Nolen of America, Inc. Boyd Civil Engineering, Inc 2/27/ Monthly Maintenance on 6 Ponds 02/19 2/27/ Pest Monthly Commercial 02/19 3/4/ Engineering Services 02/ Total General Fund 9, Report Total 9,664.25

14 TOWN OF KINDRED COMMUNITY DEVELOPMENT DISTRICT Special Assessment Revenue Bonds - Series 2016 Construction Account Activity Through February 28, 2019 Inflows: Debt Proceeds $ 3,187, Underwriter Discount 70, Total Bond Proceeds: 3,257, Transfer from S16 Cap I Interest Earnings Total Inflows: $ 3,257, Outflows: Requisition Date Number Contractor Amount Status As of 02/28/19 9/28/2016 COI Underwriter Discount $ (70,000.00) Cleared 9/28/2016 COI Holland & Knight (5,250.00) Cleared 9/28/2016 COI Rizzetta & Company (35,000.00) Cleared 9/28/2016 COI Bryan Miller Olive (35,000.00) Cleared 9/28/2016 COI Hopping Green & Sams (30,835.94) Cleared 9/28/2016 COI US Bank (5,800.00) Cleared 9/30/2016 COI Akerman LLP (43,000.00) Cleared 9/30/2016 COI Image Master LLC (1,250.00) Cleared Total COI: (226,135.94) 9/28/ Hopping Green & Sams, P.A. (19,436.40) Cleared 9/28/ DR Horton, Inc. (2,991,929.28) Cleared 2/21/ Hopping Green & Sams, P.A. (11,628.44) Cleared 6/22/ Hopping Green & Sams, P.A. (528.00) Cleared 11/29/ Hopping Green & Sams, P.A. (2,159.50) Cleared 1/24/ Hopping Green & Sams, P.A. (144.00) Cleared 1/24/ Hopping Green & Sams, P.A. (1,439.00) Cleared 5/31/ Hopping Green & Sams, P.A. (1,110.00) Cleared 6/30/ Hopping Green & Sams, P.A. (1,254.00) Cleared 7/31/ Hopping Green & Sams, P.A. (144.00) Cleared 9/12/ Hopping Green & Sams, P.A. (48.00) Cleared Total Requisitions: (3,029,820.62) Total COI and Requisitions: (3,255,956.56) Total Outflows: (3,255,956.56) Funds Available in Construction Account at February 28, 2019 $ 1,593.92

15 TOWN OF KINDRED COMMUNITY DEVELOPMENT DISTRICT Special Assessment Revenue Bonds - Series 2017 Construction Account Activity Through February 28, 2019 Inflows: Debt Proceeds $ 3,918, Underwriter Discount 86, Transferred to Construction from COI 1, Transferred out from COI (1,763.66) Total Bond Proceeds: 4,004, Transferred to Construction from Cap I Interest Earnings Total Inflows: $ 4,005, Outflows: Requisition Date Number Contractor Amount Status As of 02/28/19 9/29/2017 COI Underwriter Discount $ (86,600.00) Cleared 9/29/2017 COI Holland & Knight (5,250.00) Cleared 9/29/2017 COI Rizzetta & Company (35,000.00) Cleared 9/29/2017 COI Bryan Miller Olive (35,000.00) Cleared 9/29/2017 COI Hopping Green & Sams (40,000.00) Cleared 9/30/2017 COI District Engineer (5,000.00) Cleared 9/30/2017 COI Bond Counsel (41,000.00) Cleared 10/31/2017 COI Trust Fee (5,750.00) Cleared 10/31/2017 COI Image Masters (1,250.00) Cleared Total COI: (254,850.00) 9/29/ DR Horton (3,748,196.96) Cleared Total Requisitions: (3,748,196.96) Total COI and Requisitions: (4,003,046.96) Total Outflows: (4,003,046.96) Funds Available in Construction Account at February 28, 2019 $ 2,522.02

16 Notes to Unaudited Financial Statements February 28, 2018 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. Summary A/R Ledger-Payment Terms 3. 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.