Trevesta Community Development District

Transcription

1 Trevesta Community Development District Financial Statements (Unaudited) January 31, 2019 Prepared by: Rizzetta & Company, Inc. trevestacdd.org rizzetta.com

2 Balance Sheet As of 1/31/2019 (In Whole Numbers) General Fund Debt Service Fund Capital Projects Fund Total Government Funds General Fixed Assets Account Group General Long-Term Debt Account Group Assets Cash In Bank 144, , Investments 0 1,413,006 1,030,272 2,443, Accounts Receivable 95,235 91, , Accounts Receivable - Other Prepaid Expenses Deposits 2, , Due From Other Funds 0 7, , Amount Available in Debt Service ,511,849 Amount To Be Provided Debt Service ,738,151 Fixed Assets ,942,273 0 Total Assets 241,416 1,511,849 1,030,272 2,783,537 9,942,273 9,250,000 Liabilities Accounts Payable 6, , Retainage Payable Accrued Expenses Payable 1, , Other Current Liabilities Due to Others 4, , Deferred Revenue Due To Other Funds 7, , Revenue Bonds Payable - Long Term ,250,000 Total Liabilities 19, , ,250,000 Fund Equity & Other Credits Beginning Fund Balance 46,396 1,116, ,162,920 9,942,273 0 Net Change in Fund Balance 175, ,577 1,030,020 1,601, Total Fund Equity & Other Credits 222,182 1,511,849 1,030,272 2,764,303 9,942,273 0 Total Liabilities & Fund Equity 241,416 1,511,849 1,030,272 2,783,537 9,942,273 9,250,000 See Notes to Unaudited Financial Statements

3 Statement of Revenues and Expenditures General Fund From 10/1/2018 Through 1/31/2019 (In Whole Numbers) Annual Budget Percent Annual Budget YTD Budget YTD Actual YTD Variance Remaining Revenues Special Assessments Tax Roll 161, , , (0.18)% Off Roll 154, , ,338 (0) 0.00% Total Revenues 316, , , (0.10)% Expenditures Financial & Administrative Administrative Services 4,500 1,500 1, % District Management 21,400 7,133 7, % District Engineer 7,500 2, , % Disclosure Report 5,000 5,000 6,000 (1,000) (20.00)% Trustees Fees 7,000 3,500 3, % Assessment Roll 5,000 5,000 5, % Financial & Revenue Collections 3,600 1,200 1, % Accounting Services 18,000 6,000 6, % Auditing Services 3, % Arbitrage Rebate Calculation % Public Officials Liability 3,328 3,025 3, % Insurance Legal Advertising 3,000 1,000 6,453 (5,453) (115.08)% Miscellaneous Mailings % Dues, Licenses & Fees % Tax Collector/Property Appraiser Fee % Website Development & Maintenance 1, % Legal Counsel District Counsel 17,500 5,833 5, % Electric Utility Services Utility Services 10,428 3,476 6,846 (3,370) 34.34% Street Lights 8,086 2,695 2,784 (89) 65.56% Water-Sewer Combination Services Utility - Irrigation 22,015 7,338 11,760 (4,422) 46.58% Stormwater Management Fountain Maintenance 1, (451) 33.98% Lake/Pond Bank Maintenance 11,940 3,980 13,615 (9,635) (14.02)% Wetland Monitoring & Maintenance 31,710 10,570 9, % Lake Maintenance - Midge Control 10,620 3, , % Other Physical Environment See Notes to Unaudited Financial Statements

4 Statement of Revenues and Expenditures General Fund From 10/1/2018 Through 1/31/2019 (In Whole Numbers) Annual Budget Percent Annual Budget YTD Budget YTD Actual YTD Variance Remaining General Liability Insurance 2,723 2,475 2, % Property Insurance 5,644 5,131 5,243 (112) 7.10% Landscape Maintenance 74,599 24,866 39,764 (14,898) 46.69% Landscape Replacement Plants, 5,000 1,667 1, % Shrubs, Trees Contingency Miscellaneous Contingency 30,000 10, , % Total Expenditures 316, , ,671 (21,605) 55.51% Excess of Revenues Over (Under) Expenditures 0 197, ,786 (21,298) 0.00% Excess of Rev./Other Sources Over (Under) Expend./Other Uses 0 197, ,786 (21,298) 0.00% Fund Balance, Beginning of Period ,396 46, % Fund Balance, End of Period 0 197, ,182 25, % See Notes to Unaudited Financial Statements

5 Statement of Revenues and Expenditures Debt Service Fund Series 2016 From 10/1/2018 Through 1/31/2019 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings 0 5,372 5, % Special Assessments Tax Roll 471, ,922 (144,233) (30.61)% Off Roll 75,057 58,178 (16,879) (22.48)% Prepayments 0 146, , % Total Revenues 546, ,868 (9,344) (1.71)% Expenditures Debt Service Payments Interest 471, , , % Principal 75, ,000 (300,000) (400.00)% Total Expenditures 546, ,122 17, % Excess of Revenues Over/(Under) Expenditures Exc. Of Rev./Other Sources Over Expend./Other Uses 0 7,746 7, % 0 7,746 7, % Fund Balance, Beginning of Period 0 1,116,272 1,116, % Fund Balance, End of Period 0 1,124,018 1,124, % See Notes to Unaudited Financial Statements

6 Statement of Revenues and Expenditures Debt Service Fund Series 2018 From 10/1/2018 Through 1/31/2019 (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 (Uses) Bond Proceeds 0 387, , % Exc. Of Rev./Other Sources Over Expend./Other Uses 0 387, , % Fund Balance, End of Period 0 387, , % See Notes to Unaudited Financial Statements

7 Statement of Revenues and Expenditures Capital Projects Fund Series 2016 From 10/1/2018 Through 1/31/2019 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings % Contributions & Donations From Private Sources Developer Funding 0 14,546 14, % Total Revenues 0 14,548 14, % Expenditures Other Physical Environment Improvements Other Than Buildings 0 14,546 (14,546) 0.00% Total Expenditures 0 14,546 (14,546) 0.00% Excess of Revenues Over/(Under) Expenditures Exc. Of Rev./Other Sources Over Expend./Other Uses % % Fund Balance, Beginning of Period % Fund Balance, End of Period % See Notes to Unaudited Financial Statements

8 Statement of Revenues and Expenditures Capital Projects Fund Series 2018 From 10/1/2018 Through 1/31/2019 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings % Total Revenues % Expenditures Financial & Administrative District Management 0 5,000 (5,000) 0.00% Trustees Fees 0 5,000 (5,000) 0.00% Financial & Revenue Collections 0 35,000 (35,000) 0.00% Printing & Binding 0 1,500 (1,500) 0.00% Underwriter Discount 0 80,900 (80,900) 0.00% Legal Counsel District Counsel 0 38,500 (38,500) 0.00% Trustee Counsel 0 5,000 (5,000) 0.00% Bond Counsel 0 41,500 (41,500) 0.00% Underwriter Counsel 0 38,500 (38,500) 0.00% Other Physical Environment Improvements Other Than Buildings 0 1,650,310 (1,650,310) 0.00% Total Expenditures 0 1,901,210 (1,901,210) 0.00% Excess of Revenues Over/(Under) Expenditures 0 (1,900,360) (1,900,360) 0.00% Other Financing Sources (Uses) Bond Proceeds 0 3,657,477 3,657, % Other Costs 0 (727,099) (727,099) 0.00% Total Other Financing Sources (Uses) 0 2,930,379 2,930, % Exc. Of Rev./Other Sources Over Expend./Other Uses 0 1,030,019 1,030, % Fund Balance, End of Period 0 1,030,019 1,030, % See Notes to Unaudited Financial Statements

9 Trevesta CDD Investment Summary January 31, 2019 Balance as of Account Investment January 31, 2019 Regions Bank Series 2016 Interest A-1 Fidelity Investments Money Market Government Class I $ 23 Regions Bank Series 2016 Reserve A-1 Fidelity Investments Money Market Government Class I 224,984 Regions Bank Series 2016 Revenue A-1 Fidelity Investments Money Market Government Class I 303,431 Regions Bank Series 2016 Principal A-1 Fidelity Investments Money Market Government Class I 13 Regions Bank Series 2016 Revenue A-2 Fidelity Investments Money Market Government Class I 1,475 Regions Bank Series 2016 Prepayment A-2 Fidelity Investments Money Market Government Class I 293,488 Regions Bank Series 2016 Interest A-2 Fidelity Investments Money Market Government Class I 3,598 Regions Bank Series 2016 Reserve A-2 Fidelity Investments Money Market Government Class I 198,163 Regions Bank Series 2018 Reserve Fidelity Investments Money Market Government Class I 205,762 Regions Bank Series 2018 Cap I Fidelity Investments Money Market Government Class I 182,069 Total Debt Service Fund Investments $ 1,413,006 Regions Bank 2016 Construction A-1 Fidelity Investments Money Market Government Class I $ 2 Regions Bank 2016 Construction A-2 Fidelity Investments Money Market Government Class I 252 Regions Bank Series 2018 COI Fidelity Investments Money Market Government Class I 5,027 Regions Bank 2018 Construction Fidelity Investments Money Market Government Class I 1,024,991 Total Capital Project Fund Investments $ 1,030,272

10 Summary A/R Ledger General Fund From 1/1/2019 Through 1/31/2019 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 Manatee County Tax Collector FY , /29/2018 VK Trevesta, LLC , Total General Fund 95, See Notes to Unaudited Financial Statements

11 Summary A/R Ledger Debt Service Fund Series 2016 From 1/1/2019 Through 1/31/2019 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 Manatee County Tax Collector FY , /18/2019 Pulte Home Corporation , /18/2019 VK Trevesta LLC , Total Debt Service Fund Series , Report Balance 186, See Notes to Unaudited Financial Statements

12 Aged Payables by Invoice Date Aging Date - 3/1/ General Fund From 1/1/2019 Through 1/31/2019 Vendor Name Invoice Date Invoice Number Invoice Description Current Solitude Lake Management Peace River Electric Cooperative, Inc Sun State Landscape Management, Inc. 3/1/2018 PI-A Annual Lake & Pond Maintenance 03/18 1/17/2019 Monthly Summary 01/19 Monthly Electric Summary 01/19 2, , /29/ Tree Removal 01/19 1, Total General Fund 6, Report Total 6,066.15

13 Construction Account Activity Through January 31, 2019 TREVESTA COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS - SERIES 2016A-1 Inflows: Debt Proceeds $ 4,403, Underwriter Discount 98, Total Bond Proceeds: 4,502, Outflows: Interest Earnings 2, Overpayment Refunded Total Inflows: $ 4,505, Requisition Requisition Status with Trustee Date Number Contractor Amount As of 01/31/19 03/29/16 COI Underwriter Discount $ (98,500.00) Cleared 03/29/16 COI Gray Robinson PA (22,500.00) Cleared 03/29/16 COI Squire Patton Boggs LLP (3,000.00) Cleared 03/29/16 COI Greenburg Traurig (28,200.00) Cleared 03/29/16 COI Rizzetta & Company (21,000.00) Cleared 03/29/16 COI Hopping Green & Sams (22,500.00) Cleared 05/02/16 COI Regions Bank (5,000.00) Cleared Total COI: (200,700.00) 03/30/16 Wire 1 Central Site Development (513,551.87) Cleared 03/31/16 Wire 2 VK Trevesta, LLC (371,632.35) Cleared 04/15/16 Wire 3 Imagemaster LLC (912.54) Cleared 04/15/16 2 Hopping Green & Sams (352.00) Cleared 04/15/16 3 Imagemaster LLC (150.00) Cleared 04/15/16 4 Morris Engineering & Consulting LLC (9,057.50) Cleared 05/05/16 5 VK Trevesta, LLC (36,799.22) Cleared 05/27/16 6 Central Site Development (643,560.48) Cleared 05/27/16 7 Hopping Green & Sams (9,546.26) Cleared 05/27/16 8 Morris Engineering & Consulting LLC (742.50) Cleared 05/31/16 9 Central Site Development (534,237.96) Cleared 07/22/16 10 Cardno, Inc. (28,106.00) Cleared 07/22/16 11 Central Site Development (596,465.37) Cleared 07/22/16 12 Hopping Green & Sams (4,693.50) Cleared 07/22/16 13 Morris Engineering & Consulting LLC (5,812.50) Cleared 07/26/16 14 Forterra Pipe & Precast, LLC (196,874.48) Cleared 07/26/16 15 Hayes Pipe Supply, Inc. (359,448.92) Cleared 07/26/16 16 Mack Industries, Inc. (250,105.00) Cleared 07/31/16 17 Central Site Development (64,041.35) Cleared 07/31/16 18 Hopping Green & Sams (2,879.83) Cleared 07/31/16 19 Morris Engineering & Consulting LLC (1,275.00) Cleared 08/31/16 20 Central Site Development (300,245.26) Cleared 08/31/16 21 Hayes Pipe Supply, Inc. (329,768.57) Cleared 08/31/16 22 Mack Industries, Inc. (35,574.00) Cleared 08/31/16 23 Morris Engineering & Consulting LLC (975.00) Cleared 09/30/16 24 Cardno, Inc. (7,695.84) Cleared Total Requisitions: (4,304,503.30)

14 Construction Account Activity Through January 31, 2019 TREVESTA COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS - SERIES 2016A-1 Total COI and Requisitions: (4,505,203.30) Transfer to Debt Service Interest (1.11) Total Outflows: (4,505,204.41) Series 2016 A-1 Construction Fund Balance as of January 31, 2019 $ 2.03

15 Construction Account Activity Through January 31, 2019 TREVESTA COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS - SERIES 2016A-2 Inflows: Debt Proceeds $ 2,871, Underwriter Discount 67, Total Bond Proceeds: 2,938, Outflows: Interest Earnings 6, Developer Irrigation Costs 321, Total Inflows: $ 3,266, Requisition Requisition Status with Trustee Date Number Contractor Amount As of 01/31/19 03/29/16 COI Underwriter Discount $ (67,000.00) Cleared 03/29/16 COI Gray Robinson PA (15,000.00) Cleared 03/29/16 COI Squire Patton Boggs LLP (2,000.00) Cleared 03/29/16 COI Greenburg Traurig (18,800.00) Cleared 03/29/16 COI Rizzetta & Company (14,000.00) Cleared 03/29/16 COI Hopping Green & Sams (15,000.00) Cleared 05/02/16 COI Regions Bank (5,000.00) Cleared Total COI: (136,800.00) 04/15/16 Wire 3 Imagemaster LLC (337.46) Cleared 09/19/16 1 VK Trevesta LLC (33,015.00) Cleared 09/19/16 2 VK Trevesta LLC (258,437.82) Cleared 09/30/16 3 Cardno (17,845.86) Cleared 09/30/16 4 Revised Central Site Development (166,580.14) Cleared 10/31/16 5 Hopping Green & Sams (177.50) Cleared 10/31/16 6 Morris Engineering and Consulting LLC (9,678.56) Cleared 11/21/16 7 Cardno (26,662.80) Cleared 11/21/16 8 Hopping Green & Sams (4,015.68) Cleared 11/21/16 9 Morris Engineering and Consulting LLC (12,712.74) Cleared 11/21/16 10 Central Site Development (359,886.12) Cleared 11/30/16 11 Cornerstone Solutions Group (48,654.40) Cleared 11/30/16 12 Cornerstone Solutions Group (93,260.41) Cleared 12/28/16 13 Central Site Development (416,028.99) Cleared 12/28/16 14 Central Site Development (662,499.50) Cleared 12/31/16 15 Cardno (625.00) Cleared 12/31/16 16 Forterra Pipe & Precast, LLC (61,047.68) Cleared 12/31/16 17 Mack Industries (3,184.00) Cleared 12/31/16 18 Morris Engineering and Consulting LLC (10,353.75) Cleared 01/17/17 19 Cornerstone Solutions Group (104,051.98) Cleared 01/17/17 20 Hopping Green & Sams (525.00) Cleared 01/17/17 21 Morris Engineering and Consulting LLC (14,496.45) Cleared 02/21/17 22 Central Site Development (133,686.08) Cleared 02/28/17 23 Cardno (25,541.70) Cleared 02/28/17 24 Cornerstone Solutions Group (87,657.52) Cleared 02/28/17 25 Hopping Green & Sams (8,541.03) Cleared 02/28/17 26 Morris Engineering and Consulting LLC (11,354.33) Cleared 03/22/17 27 Central Site Development (75,320.36) Cleared 03/22/17 28 Cornerstone Solutions Group (136,589.01) Cleared 03/22/17 29 Morris Engineering and Consulting LLC (8,850.00) Cleared

16 Construction Account Activity Through January 31, 2019 TREVESTA COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS - SERIES 2016A-2 03/22/17 30 Sunstate Nursery & Landscaping (167,025.50) Cleared 03/31/17 31 Mack Industries (1,021.00) Cleared 03/31/17 32 Newburg Irrigation, Inc. (15,460.96) Cleared 03/31/17 33 Newburg Irrigation, Inc. (59,848.52) Cleared 03/31/17 34 Newburg Irrigation, Inc. (58,564.61) Cleared 04/20/17 35 Cornerstone Solutions Group (35,503.03) Cleared Total Requisitions: (3,129,040.49) Total COI and Requisitions: (3,265,840.49) Transfer to Debt Service Interest (1.05) Total Outflows: (3,265,841.54) Series 2016 A-2 Construction Fund Balance as of January 31, 2019 $

17 Construction Custody Account Activity Through January 31, 2019 TREVESTA COMMUNITY DEVELOPMENT DISTRICT CONSTRUCTION CUSTODY ACCOUNT Special Assessment Revenue Bonds Series 2016 Inflows: Developer Contribution $ 1,179, Total Inflows: $ 1,179, Outflows: Requisition Requisition Status with Trustee Date Number Contractor Amount As of 01/31/19 04/27/17 CUS 36 Cornerstone Solutions Group $ (80,179.71) Cleared 04/27/17 CUS 37 Hopping Green & Sams (1,141.67) Cleared 04/27/17 CUS 38 Morris Engineering & Consulting LLC (6,175.00) Cleared 04/27/17 CUS 39 Newberg Irrigation, Inc. (48,456.01) Cleared 04/27/17 CUS 40 Sun State Landscape Management, Inc. (276,620.33) Cleared 05/24/17 CUS 41 Cardno, Inc. (59,802.90) Cleared 05/24/17 CUS 42 Cornerstone Solutions Group (49,974.35) Cleared 05/24/17 CUS 43 Hopping Green & Sams (436.17) Cleared 05/24/17 CUS 44 REV Morris Engineering & Consulting LLC (9,250.00) Cleared 05/24/17 CUS 45 Sun State Landscape Management, Inc. (68,086.50) Cleared 06/16/17 CUS 46 Hopping Green & Sams (3,884.35) Cleared 06/16/17 CUS 47 Morris Engineering & Consulting LLC (3,900.00) Cleared 06/16/17 CUS 48 Newberg Irrigation, Inc. (14,116.50) Cleared 06/16/17 CUS 49 Sun State Landscape Management, Inc. (4,540.00) Cleared 07/27/17 CUS 50 Cardno, Inc. (1,000.00) Cleared 07/27/17 CUS 51 Cornerstone Solutions Group (36,003.09) Cleared 07/27/17 CUS 52 Hayes Pipe Supply, Inc. (6,364.96) Cleared 07/27/17 CUS 53 Morris Engineering & Consulting LLC (6,225.00) Cleared 08/31/17 CUS 54 Central Site Development (151,776.70) Cleared 08/31/17 CUS 54 Central Site Development (28,256.58) Cleared 08/31/17 CUS 55 Morris Engineering & Consulting LLC (10,675.00) Cleared 09/30/17 CUS 56 Central Site Development (155,000.00) Cleared 09/30/17 CUS 57 Morris Engineering & Consulting LLC (11,575.00) Cleared 10/31/17 CUS 58 Morris Engineering & Consulting LLC (7,934.00) Cleared 12/01/17 CUS 59 Morris Engineering & Consulting LLC (7,750.00) Cleared 03/01/18 CUS 60 Morris Engineering & Consulting LLC (16,736.00) Cleared 03/31/18 CUS 61 Morris Engineering & Consulting LLC (6,750.00) Cleared 04/30/18 CUS 62 Cardno, Inc. (25,541.70) Cleared 04/30/18 CUS 63 Morris Engineering & Consulting LLC (5,675.00) Cleared 04/30/18 CUS 64 Newberg Irrigation, Inc. (21,827.40) Cleared 04/30/18 CUS 65 Cardno, Inc. (16,822.20) Cleared 06/14/18 CUS 66 Morris Engineering & Consulting LLC (8,425.00) Cleared 08/13/18 CUS 67 Morris Engineering & Consulting LLC (2,100.00) Cleared 09/17/18 CUS 68 Morris Engineering & Consulting LLC (12,087.50) Cleared 11/08/18 CUS69 Cardno, Inc (12,471.32) Cleared 11/08/18 CUS70 Morris Engineering & Consulting LLC (2,075.00) Cleared Total Requisitions: (1,179,634.94) Total Outflows: (1,179,634.94) Construction Custody Account Fund Balance at January 31, 2019 $ 0.00

18 Construction Account Activity Through January 31, 2019 TREVESTA COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS - SERIES 2018 Inflows: Debt Proceeds $ 3,576, Underwriter Discount 80, Total Bond Proceeds: 3,657, Outflows: Interest Earnings Total Inflows: $ 3,658, Requisition Requisition Status with Trustee Date Number Contractor Amount As of 01/31/19 12/19/18 COI Underwriter Discount $ (80,900.00) Cleared 12/19/18 COI Rizzetta & Company Inc (40,000.00) Cleared 12/19/18 COI Regions Bank (5,000.00) Cleared 12/19/18 COI Greenberg Traurig PA (41,500.00) Cleared 12/19/18 COI Hopping Green & Sam (38,500.00) Cleared 12/19/18 COI Squire Patton Boggs LLP (5,000.00) Cleared 12/19/18 COI Gray Robinson Attorneys at Law (38,500.00) Cleared 01/30/19 COI Imagemaster (1,500.00) Cleared Total COI: (250,900.00) 12/19/18 CR2 VK Trevesta, LLC (727,098.55) Cleared 12/19/18 CR3 VK Trevesta, LLC (1,638,805.31) Cleared 01/23/19 CR4 Cardno, Inc (347.98) Cleared 01/23/19 CR5 Morris Engineering (11,156.21) Cleared Total Requisitions: (1,650,309.50) Total COI and Requisitions: (1,901,209.50) Total Outflows: (1,901,209.50) Other Costs: (727,098.55) Series 2018 Construction Fund Balance as of January 31, 2019 $ 1,030,018.52

19 Notes to Unaudited Financial Statements January 31, 2019 Balance Sheet 1. Trust statement activity has been recorded through 01/31/ 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. Summary A/R Ledger Subsequent Collections 1. General Fund - Payment for Invoice FY18-19 in the amount of $ was received in February General Fund - Payment for Invoice in the amount of $38, was received in February Debt Service Fund Payment for Invoice FY18-19 in the amount of $1, was received in February Debt Service Fund Payment for Invoice in the amount of $14, was received in February 2019.