Forest Brooke Community Development District

Transcription

1 Forest Brooke Community Development District Financial Statements (Unaudited) February 28, 2019 Prepared by: Rizzetta & Company, Inc. forestbrookecdd.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 296, , Investments 20, ,268, ,289, Investments - Reserves 0 30, , Accounts Receivable 37, , , Accounts Receivable - Other Prepaid Expenses 1, , Deposits 8, , Due From Other Funds 118, , Amount Available in Debt Service ,231,017 Amount To Be Provided Debt Service ,273,983 Fixed Assets ,495,910 0 Total Assets 482,512 30,299 1,349, ,862,411 11,495,910 11,505,000 Liabilities Accounts Payable 1, , Retainage Payable Accrued Expenses Payable 7, , Other Current Liabilities Due To Other Funds , , Revenue Bonds Payable--Long Term ,505,000 Total Liabilities 9, , , ,505,000 Fund Equity & Other Credits Beginning Fund Balance 265,996 20, , ,752 1,657,758 11,495,910 0 Net Change in Fund Balance 207,399 10, ,175 (438,750) 76, Total Fund Equity & Other Credits 473,395 30,299 1,231, ,734,712 11,495,910 0 Total Liabilities & Fund Equity 482,512 30,299 1,349, ,862,411 11,495,910 11,505,000

3 Statement of Revenues and General Fund From 2/1/2019 Through 2/28/2019 (In Whole Numbers) Month Actual Month Budget Month Variance YTD Actual YTD Budget YTD Variance Annual Budget Revenues Interest Earnings Interest Earnings Special Assessments Tax Roll , ,867 1, ,867 Off Roll ,013 75, ,013 Total Revenues , ,880 1, ,880 Legislative Supervisor Fees ,042 1,042 2,500 Financial & Administrative Administrative Services ,875 1, ,500 District Management 1,211 1, ,055 6, ,532 District Engineer ,083 2,078 5,000 Disclosure Report ,000 6, ,000 Trustees Fees ,500 9,500 5,000 9,500 Assessment Roll ,000 5, ,000 Financial & Revenue Collections ,500 1, ,600 Accounting Services 1,500 1, ,500 7, ,000 Auditing Services ,125 Arbitrage Rebate Calculation (83) 1,000 Public Officials Liability ,250 2, ,919 Insurance Legal Advertising (435) 1,000 Dues, Licenses & Fees Website Fees & Maintenance ,200 Legal Counsel District Counsel 1, (313) 5,182 4,167 (1,016) 10,000 Electric Utility Services Utility Services ,304 1,250 (1,054) 3,000 Street Lights 7,120 5,417 (1,704) 35,106 27,083 (8,023) 65,000 Water-Sewer Combination Services Utility Services , ,500 Stormwater Control Lake/Pond Bank Maintenance ,042 1,042 2,500 Aquatic Maintenance 460 1, ,300 6,250 3,950 15,000 Wetland Monitoring & ,500 Maintenance Other Physical Environment General Liability Insurance , (2,250) 500 Property Insurance ,185 5,000 2,815 5,000 Entry & Walls Maintenance ,500 Landscape Maintenance 10,095 10, ,972 52,083 (1,889) 125,000

4 Statement of Revenues and General Fund From 2/1/2019 Through 2/28/2019 (In Whole Numbers) Month Actual Month Budget Month Variance YTD Actual YTD Budget YTD Variance Annual Budget Irrigation Repairs ,964 1,042 (922) 2,500 Landscape - Mulch 0 1,667 1, ,333 8,333 20,000 Landscape Replacement Plants, ,167 4,167 10,000 Shrubs, Trees Field Operations ,000 3, ,200 Parks & Recreation Dog Waste Station Supplies (13) (64) 1,500 Contingency Miscellaneous Contingency ,750 2,137 (613) 5,129 Total 23,767 26,972 3, , ,953 14, ,880 Excess of Revenues Over (Under) (23,753) (26,972) 3, , ,927 15,472 0 Excess of Rev./Other Sources Over (Under) Expend./Other Uses (23,753) (26,972) 3, , ,927 15,472 0

5 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 % Special Assessments Tax Roll 10,000 10, % Total Revenues 10,000 10, % Contingency Capital Reserve 10, , % Total 10, , % Excess of Revenues Over (Under) 0 10,130 10, % Excess Of Rev./Other Sources Over (Under) Expend./Other Uses 0 10,130 10, % Fund Balance, Beginning of Period 0 20,169 20, % Fund Balance, End of Period 0 30,299 30, %

6 Statement of Revenues and Debt Service Fund - Series 2014 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 3,999 3, % Special Assessments Tax Roll 391, ,738 1, % Total Revenues 391, ,737 5, % Debt Service Payments Interest 276, , , % Principal 115, ,000 5, % Total 391, , , % Excess of Revenues Over (Under) 0 146, , % Excess Of Rev./Other Sources Over (Under) Expend./Other Uses 0 146, , % Fund Balance, Beginning of Period 0 486, , % Fund Balance, End of Period 0 633, , %

7 Statement of Revenues and Debt Service Fund - Series 2017 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 3,751 3, % Special Assessments Tax Roll 229, , % Off Roll 160, , % Total Revenues 390, ,135 4, % Debt Service Payments Interest 290, , , % Principal 100, , % Total 390, , , % Excess of Revenues Over (Under) 0 151, , % Excess Of Rev./Other Sources Over (Under) Expend./Other Uses 0 151, , % Fund Balance, Beginning of Period 0 446, , % Fund Balance, End of Period 0 597, , %

8 Statement of Revenues and Capital Projects Fund - Series 2014 From 10/1/2018 Through 2/28/2019 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Excess of Revenues Over (Under) % Excess Of Rev./Other Sources Over (Under) Expend./Other Uses % Fund Balance, Beginning of Period % Fund Balance, End of Period %

9 Statement of Revenues and Capital Projects Fund - Series 2017 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 3,819 3, % Total Revenues 0 3,819 3, % Other Physical Environment Improvements Other Than 0 442,568 (442,568) 0.00% Buildings Total 0 442,568 (442,568) 0.00% Excess of Revenues Over (Under) 0 (438,750) (438,750) 0.00% Excess Of Rev./Other Sources Over (Under) Expend./Other Uses 0 (438,750) (438,750) 0.00% Fund Balance, Beginning of Period 0 438, , % Fund Balance, End of Period %

10 Forest Brooke CDD Investment Summary February 28, 2019 Balance as of Account Investment February 28, 2019 The Bank of Tampa Money Market $ 10,213 The Bank of Tampa ICS Program: United Bank Money Market 10,106 Total General Fund Investments $ 20,319 The Bank of Tampa ICS Program: United Bank Money Market $ 30,299 Total Reserve Fund Investments $ 30,299 Wells Fargo Series 2014 Reserve Wells Fargo Advantage Government Money Market $ 197,222 Wells Fargo Series 2014 Revenue Wells Fargo Advantage Government Money Market 510,416 Wells Fargo Series 2014 Sinking Fund Wells Fargo Advantage Government Money Market 6 Wells Fargo Series 2014 Interest Wells Fargo Advantage Government Money Market 8 Wells Fargo Series 2017 Interest Wells Fargo Advantage Government Money Market 25 Wells Fargo Series 2017 Reserve Wells Fargo Advantage Government Money Market 195,962 Wells Fargo Series 2017 Revenue Wells Fargo Advantage Government Money Market 365,042 Wells Fargo Series 2017 Sinking Fund Wells Fargo Advantage Government Money Market 17 Total Debt Service Fund Investments $ 1,268,698 Wells Fargo Series 2014 Construction Wells Fargo Advantage Government Money Market $ 2 Total Capital Project Fund Investments $ 2

11 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 Lennar Homes, LLC , /31/2019 Hillsborough Tax Collector FY , Total General Fund 37,842.65

12 Summary A/R Ledger Debt Service Fund - Series 2014 From 2/1/2019 Through 2/28/2019 Invoice Date Customer Name Invoice Number Current Balance 1/31/2019 Hillsborough Tax Collector FY , Total Debt Service Fund - Series ,663.96

13 Summary A/R Ledger Debt Service Fund - Series 2017 From 2/1/2019 Through 2/28/2019 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 Lennar Homes, LLC , /31/2019 Hillsborough Tax Collector FY , Total Debt Service Fund - Series , Report Balance 118,741.71

14 Aged Payables by Invoice Date Aging Date - 2/1/ General Fund From 2/1/2019 Through 2/28/2019 Vendor Name Invoice Date Invoice Number Invoice Description Current Balance Straley Robin Vericker 2/26/ General Monthly Legal Services through 02/15/19 Ballenger & Company, Inc. 2/27/ Water Use Reporting to State Agency - 02/19 Total General Fund 1, ,541.10

15 Aged Payables by Invoice Date Aging Date - 2/1/ Capital Projects Fund - Series 2017 From 2/1/2019 Through 2/28/2019 Vendor Name Invoice Date Invoice Number Invoice Description Current Balance Lennar Homes, LLC 2/14/2019 CR 14 Lennar CR 14 S , Total Capital Projects Fund - Series , Report Total 444,109.34

16 Forest Brooke Community Development District Special Assessment Revenue Bonds- Series 2014 Construction Account Activity Through February 28, 2019 Inflows: Debt Proceeds $ 5,487, Underwriters Discount 148, Total Bond Proceeds: 5,635, Interest Earnings Total Inflows: $ 5,635, Outflows: Requisition Requisition Status with Trustee Date Number Contractor Amount As of 02/28/19 10/16/14 COI Underwriters Discount $ (148,500.00) Cleared 10/16/14 COI Image Master (1,250.00) Cleared 10/16/14 COI Gray Robinson (37,500.00) Cleared 10/16/14 COI Greenberg Traurig (46,550.00) Cleared 10/16/14 COI Straley & Robin (35,500.00) Cleared 10/16/14 COI Wells Fargo (7,000.00) Cleared 10/16/14 COI Rizzetta & Co (30,000.00) Cleared 05/26/15 COI Clearview Land Design, P.L. (7,500.00) Cleared Total COI Expenses: $ (313,800.00) 11/04/14 1 Lennar (1,808,825.36) Cleared 11/11/14 2 QGS Development, Inc. (362,628.71) Cleared 11/25/14 3 QGS Development, Inc. (297,715.23) Cleared 12/31/14 4 QGS Development, Inc. (271,793.42) Cleared 01/31/15 5 QGS Development, Inc. (442,045.68) Cleared 02/28/15 6 QGS Development, Inc. (708,243.97) Cleared 03/20/15 7 Clearview Land Design, P.L. (1,250.00) Cleared 03/31/15 8 QGS Development, Inc. (468,436.17) Cleared 03/31/15 9 Clearview Land Design, P.L. (1,250.00) Cleared 04/30/15 10 QGS Development, Inc. (55,581.26) Cleared 04/30/15 11 QGS Development, Inc. (501,057.80) Cleared 10/21/15 12 Lennar (382,439.32) Cleared Total Requisitions: $ (5,301,266.92) Total COI & Requisitions: (5,615,066.92) Transfer to Interest Account (20,701.76) Total Outflows: (5,635,768.68) Capital Projects Fund at February 28, 2019 $ 2.31

17 Forest Brooke Community Development District Special Assessment Revenue Bonds- Series 2017 Construction/COI Account Activity Through February 28, 2019 Inflows: Debt Proceeds $ 5,640, Underwriters Discount 135, Total Bond Proceeds: 5,775, Interest Earnings 38, Total Inflows: $ 5,813, Outflows: Requisition Requisition Status with Trustee Date Number Contractor Amount As of 02/28/19 03/15/17 COI Underwriters Discount $ (135,000.00) Cleared 03/15/17 COI Greenberg Traurig (48,000.00) Cleared 03/15/17 COI Gray Robinson (38,000.00) Cleared 03/15/17 COI Feldman & Mahoney (15,000.00) Cleared 03/15/17 COI Rizzetta & Co (36,000.00) Cleared 03/15/17 COI Holland & Knight (5,250.00) Cleared 03/15/17 COI Straley Robin & Vericker (35,500.00) Cleared 03/15/17 COI Clearview Land Design, P.L. (4,907.50) Cleared 03/15/17 COI Wells Fargo (10,000.00) Cleared 03/15/17 COI Image Master (1,250.00) Cleared Total COI Expenses: (328,907.50) 03/22/17 1 Lennar Homes, LLC (709,674.50) Cleared 04/26/17 2 Lennar Homes, LLC (454,335.30) Cleared 04/26/17 3 Lennar Homes, LLC (126,127.50) Cleared 08/21/17 4 Lennar Homes, LLC (50,325.00) Cleared 09/26/17 5 Clearview Land Design (190.00) Cleared 09/26/17 6 Lennar Homes, LLC (32,000.00) Cleared 09/30/17 7 Lennar Homes, LLC (801,108.72) Cleared 12/31/17 8 Lennar Homes, LLC (1,239,843.36) Cleared 03/01/18 9 Greenberg Traurig PA (310.71) Cleared 03/01/18 10 Lennar Homes, LLC (510,500.24) Cleared 03/12/18 11 Lennar Homes, LLC (1,077,012.64) Cleared 04/17/18 12 Lennar Homes, LLC (12,025.20) Cleared 08/24/18 13 Lennar Homes, LLC (29,026.55) Cleared 02/27/19 14 Lennar Homes, LLC (442,568.24) Cleared Total Requisitions: (5,485,047.96) Total COI & Requisitions: (5,813,955.46) Transfer to Interest Account: (2.63) Total Outflows: (5,813,958.09) Capital Projects Fund Balance at February 28, 2019 $ -

18 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.