Zephyr Ridge Community Development District Financial Statements (Unaudited) November 30, 2018 Prepared by: Rizzetta & Company, Inc. zephyrridgecdd.org rizzetta.com
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 93,477 0 0 93,477 0 0 Investments 0 253,077 8,688 261,766 0 0 Other Receivables 0 0 0 0 0 0 Accounts Receivable 183,459 1,107,796 0 1,291,255 0 0 Allowance for Doubtful Accounts 0 (994,620) 0 (994,620) 0 0 Prepaid Expenses 0 0 0 0 0 0 Deposits 0 0 0 0 0 0 Due From Other Funds 0 0 0 0 0 0 Amount Available in Debt Service 0 0 0 0 0 0 Amount To Be Provided Debt Service 0 0 0 0 0 9,396,131 Fixed Assets 0 0 0 0 12,447,149 0 Total Assets 276,937 366,253 8,688 651,878 12,447,149 9,396,131 Liabilities Accounts Payable 4,576 0 0 4,576 0 0 Accrued Expenses Payable 1,912 0 0 1,912 0 0 Due To Other Funds 0 0 0 0 0 0 Deferred Revenue 0 0 0 0 0 0 Debt Service Obligations - Current 0 9,623,160 0 9,623,160 0 0 Revenue Bonds Payable--Long Term 0 0 0 0 0 9,396,131 Total Liabilities 6,487 9,623,160 0 9,629,647 0 9,396,131 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 9,978 221 162,665 0 0 Total Fund Equity & Other Credits 270,449 (9,256,907) 8,688 (8,977,769) 12,447,149 0 Total Liabilities & Fund Equity 276,937 366,253 8,688 651,878 12,447,149 9,396,131
Statement of Revenues and Expenditures 001 - 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 132,289 132,289 132,522 233 (0.17)% Off Roll 80,486 80,486 80,485 (1) 0.00% Total Revenues 212,775 212,775 213,007 232 (0.11)% Expenditures Legislative Supervisor Fees 4,000 667 3,000 (2,333) 25.00% Financial & Administrative Administrative Services 4,725 788 788 0 83.33% District Management 23,835 3,973 7,778 (3,806) 67.36% District Engineer 5,000 833 5,000 (4,167) 0.00% Disclosure Report 5,000 5,000 0 5,000 100.00% Trustees Fees 3,500 3,500 0 3,500 100.00% Tax Collector Fees 150 0 0 0 100.00% Financial & Revenue Collections 5,004 834 834 0 83.33% Assessment Roll 5,250 5,250 5,250 0 0.00% Accounting Services 17,220 2,870 2,870 0 83.33% Auditing Services 4,200 0 0 0 100.00% Arbitrage Rebate Calculation 650 650 500 150 23.07% Public Officials Liability Insurance 3,000 335 335 0 88.83% Legal Advertising 1,000 167 258 (92) 74.16% Dues, Licenses & Fees 175 175 175 0 0.00% Website Hosting, Maintenance, Backup (and Email) 2,400 400 350 50 85.41% Legal Counsel District Counsel 8,000 1,333 4,332 (2,998) 45.85% Electric Utility Services Utility Services 5,000 833 54 779 98.92% Street Lights 20,000 3,333 4,067 (733) 79.66% Stormwater Control Lake/Pond Bank Maintenance 6,000 1,000 0 1,000 100.00% Aquatic Maintenance 3,000 500 2,042 (1,542) 31.92% Other Physical Environment General Liability Insurance 1,000 145 406 (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 1,503 251 0 251 100.00% Well Maintenance 3,500 583 0 583 100.00%
Statement of Revenues and Expenditures 001 - 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 5,773 96.16% Contingency Miscellaneous Contingency 3,000 500 8,847 (8,347) (194.90)% Total Expenditures 222,112 49,086 60,541 (11,455) 72.74% Excess Revenues Over/(Under) Expenditures (9,337) 163,689 152,466 (11,223) 1,732.92% Other Financing Sources(Uses) Carry Forward Fund Balance 9,337 9,337 0 (9,337) 100.00% Exc. of Rev./Other Sources Over/(Under) Exp/Other Uses 0 173,026 152,466 (20,560) 0.00% Fund Balance, Beginning of Period 0 0 117,983 117,983 0.00% Fund Balance, End of Period 0 173,026 270,449 97,423 0.00%
Statement of Revenues and Expenditures 200 - 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 0 684 684 0.00% Special Assessments Tax Roll 227,064 118,708 (108,357) (47.72)% Off Roll-Forborne Assessments 0 1,500 1,500 0.00% Total Revenues 227,064 120,892 (106,173) (46.76)% Expenditures Legal Counsel Trustee Counsel 0 4,098 (4,098) 0.00% Debt Service Interest 137,064 101,619 35,445 25.86% Principal 90,000 0 90,000 100.00% Total Expenditures 227,064 105,717 121,348 53.44% Excess of Revenues Over/(Under) Expenditures 0 15,175 15,175 0.00% 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 9,978 0.00% 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%
Statement of Revenues and Expenditures 300 - 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 0 24 24 0.00% Total Revenues 0 24 24 0.00% Excess of Revenues Over/(Under) Expenditures 0 24 24 0.00% Other Financing Sources (Uses) Interfund Transfer 0 197 197 0.00% Exc. Of Rev./Other Sources Over/(Under) Expend./Other Uses 0 221 221 0.00% Fund Balance, Beginning of Period 0 8,467 8,467 0.00% Fund Balance, End of Period 0 8,688 8,688 0.00%
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
Summary A/R Ledger 001 - 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 FY18-19 126,346.41 10/1/2018 Zephyr Ridge Holdings LLC 265-19-01 57,112.66 Total 001 - General Fund 183,459.07
Summary A/R Ledger 200 - 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 DB1008-1 274,535.00 3/18/2009 Zephyr Ridge of Pasco County LLC SAI0309-1 158,796.00 10/1/2009 Zephyr Ridge of Pasco County LLC ORA-ZR-2009-1 561,288.88 10/1/2018 Mike Fasano, Tax Collector FY18-19 113,176.05 Total 200 - Debt Service Fund 1,107,795.93 Report Balance 1,291,255.00
Aged Payables by Invoice Date Aging Date - 9/1/2018 001 - General Fund From 11/1/2018 Through 11/30/2018 Vendor Name Invoice Date Invoice Number Invoice Description Current Balance LLS Tax Solutions, Inc. 9/6/2018 001539 Rebate Calculation Series 2006A&B PE - 07/31/18 Duke Energy Florida, LLC Genesis Land Maintenance LLC 500.00 10/23/2018 80274 71403 11/18 Utility Service 11/18 2,033.35 11/8/2018 3387 Water Management Treatment 4th Quarter 2,042.25 Total 001 - General Fund 4,575.60 Report Total 4,575.60
Notes to Unaudited Financial Statements November 30, 2018 Balance Sheet 1. Trust statement activity has been recorded through 11/30/18. 2. See EMMA (Electronic Municipal Market Access) at https://emma.msrb.org 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 2018. 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 $75,136.27 was received in December 2018. 7. Debt Service Fund 200 - Payment for Invoice FY18-19 totaling $67,304.06 was received in December 2018.