Zephyr Ridge Community Development District

Transcription

1 Zephyr Ridge Community Development District Financial Statements (Unaudited) November 30, 2018 Prepared by: Rizzetta & Company, Inc. zephyrridgecdd.org rizzetta.com

2 Balance Sheet As of 11/30/2018 (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 93, , Investments 0 253,077 8, , Other Receivables Accounts Receivable 183,459 1,107, ,291, Allowance for Doubtful Accounts 0 (994,620) 0 (994,620) 0 0 Prepaid Expenses Deposits Due From Other Funds Amount Available in Debt Service Amount To Be Provided Debt Service ,396,131 Fixed Assets ,447,149 0 Total Assets 276, ,253 8, ,878 12,447,149 9,396,131 Liabilities Accounts Payable 4, , Accrued Expenses Payable 1, , Due To Other Funds Deferred Revenue Debt Service Obligations - Current 0 9,623, ,623, Revenue Bonds Payable--Long Term ,396,131 Total Liabilities 6,487 9,623, ,629, ,396,131 Fund Equity & Other Credits Beginning Fund Balance 117,983 (9,266,885) 8,467 (9,140,434) 12,447,149 0 Net Change in Fund Balance 152,466 9, , Total Fund Equity & Other Credits 270,449 (9,256,907) 8,688 (8,977,769) 12,447,149 0 Total Liabilities & Fund Equity 276, ,253 8, ,878 12,447,149 9,396,131

3 Statement of Revenues and Expenditures General Fund From 10/1/2018 Through 11/30/2018 (In Whole Numbers) Annual Percent Annual YTD YTD Actual YTD Variance Remaining Revenues Special Assessments Tax Roll 132, , , (0.17)% Off Roll 80,486 80,486 80,485 (1) 0.00% Total Revenues 212, , , (0.11)% Expenditures Legislative Supervisor Fees 4, ,000 (2,333) 25.00% Financial & Administrative Administrative Services 4, % District Management 23,835 3,973 7,778 (3,806) 67.36% District Engineer 5, ,000 (4,167) 0.00% Disclosure Report 5,000 5, , % Trustees Fees 3,500 3, , % Tax Collector Fees % Financial & Revenue Collections 5, % Assessment Roll 5,250 5,250 5, % Accounting Services 17,220 2,870 2, % Auditing Services 4, % Arbitrage Rebate Calculation % Public Officials Liability Insurance 3, % Legal Advertising 1, (92) 74.16% Dues, Licenses & Fees % Website Hosting, Maintenance, Backup (and ) 2, % Legal Counsel District Counsel 8,000 1,333 4,332 (2,998) 45.85% Electric Utility Services Utility Services 5, % Street Lights 20,000 3,333 4,067 (733) 79.66% Stormwater Control Lake/Pond Bank Maintenance 6,000 1, , % Aquatic Maintenance 3, ,042 (1,542) 31.92% Other Physical Environment General Liability Insurance 1, (261) 59.40% Property Insurance 1,000 1,000 1,521 (521) (52.06)% Landscape Maintenance 40,000 6,667 10,408 (3,741) 73.98% Irrigation Maintenance 1, % Well Maintenance 3, %

4 Statement of Revenues and Expenditures General Fund From 10/1/2018 Through 11/30/2018 (In Whole Numbers) Annual Percent Annual YTD YTD Actual YTD Variance Remaining Special Amenity Center 45,000 7,500 1,727 5, % Contingency Miscellaneous Contingency 3, ,847 (8,347) (194.90)% Total Expenditures 222,112 49,086 60,541 (11,455) 72.74% Excess Revenues Over/(Under) Expenditures (9,337) 163, ,466 (11,223) 1,732.92% Other Financing Sources(Uses) Carry Forward Fund Balance 9,337 9,337 0 (9,337) % Exc. of Rev./Other Sources Over/(Under) Exp/Other Uses 0 173, ,466 (20,560) 0.00% Fund Balance, Beginning of Period , , % Fund Balance, End of Period 0 173, ,449 97, %

5 Statement of Revenues and Expenditures Debt Service Fund From 10/1/2018 Through 11/30/2018 (In Whole Numbers) Annual Current Period Actual To Actual Variance Percent Remaining Revenues Interest Earnings Interest Earnings % Special Assessments Tax Roll 227, ,708 (108,357) (47.72)% Off Roll-Forborne Assessments 0 1,500 1, % Total Revenues 227, ,892 (106,173) (46.76)% Expenditures Legal Counsel Trustee Counsel 0 4,098 (4,098) 0.00% Debt Service Interest 137, ,619 35, % Principal 90, , % Total Expenditures 227, , , % Excess of Revenues Over/(Under) Expenditures 0 15,175 15, % Other Financing Sources (Uses) Interfund Transfer 0 (197) (197) 0.00% SPE Contribution 0 (5,000) (5,000) 0.00% Total Other Financing Sources (Uses) 0 (5,197) (5,197) 0.00% Exc. Of Rev./Other Sources Over/(Under) Expend./Other Uses 0 9,978 9, % Fund Balance, Beginning of Period 0 (9,266,885) (9,266,885) 0.00% Fund Balance, End of Period 0 (9,256,907) (9,256,907) 0.00%

6 Statement of Revenues and Expenditures Capital Projects Fund From 10/1/2018 Through 11/30/2018 (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 8,467 8, % Fund Balance, End of Period 0 8,688 8, %

7 Zephyr Ridge CDD Investment Summary November 30, 2018 Balance as of Account Investment November 30, 2018 US Bank Series 2006A Reserve Fidelity Government Portfolio Class III $ 54,844 US Bank Series 2006B Prepayment Fidelity Government Portfolio Class III 69,209 US Bank Series 2006 Revenue Fidelity Government Portfolio Class III 129,024 Total Debt Service Fund Investments $ 253,077 US Bank Series 2006 Construction Fidelity Government Portfolio Class III $ 1,705 US Bank Series 2006 Custody Fidelity Government Portfolio Class III 6,983 Total Capital Project Fund Investments $ 8,688

8 Summary A/R Ledger General Fund From 11/1/2018 Through 11/30/2018 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 Mike Fasano, Tax Collector FY , /1/2018 Zephyr Ridge Holdings LLC , Total General Fund 183,459.07

9 Summary A/R Ledger Debt Service Fund From 11/1/2018 Through 11/30/2018 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 , /1/2018 Mike Fasano, Tax Collector FY , Total Debt Service Fund 1,107, Report Balance 1,291,255.00

10 Aged Payables by Invoice Date Aging Date - 9/1/ General Fund From 11/1/2018 Through 11/30/2018 Vendor Name Invoice Date Invoice Number Invoice Description Current Balance LLS Tax Solutions, Inc. 9/6/ Rebate Calculation Series 2006A&B PE - 07/31/18 Duke Energy Florida, LLC Genesis Land Maintenance LLC /23/ /18 Utility Service 11/18 2, /8/ Water Management Treatment 4th Quarter 2, Total General Fund 4, Report Total 4,575.60

11 Notes to Unaudited Financial Statements November 30, 2018 Balance Sheet 1. Trust statement activity has been recorded through 11/30/ 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 November 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 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. Summary A/R Ledger Subsequent Collections 6. General Fund - Payment for Invoice FY18-19 totaling $75, was received in December Debt Service Fund Payment for Invoice FY18-19 totaling $67, was received in December 2018.